Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1870-04-19
Laws of Wisconsin.
tPubllshed March p, 1870.
CHPTER 5G--GesshAL.

Senate and Assembly, 90 enact as ioEONas
sEcrox /. Any number Of persons, not LEES than |
,iteen may associate and form incorporated COM
,any for the purpose to-wit 10 make inst rance on
sWengs stores and all kinds Of buildings and upon
household furniture and other property against oss or
,aage by Are and the risks OF inland navigation and
transportation Any and all insurance companies
hereafter incorporated under the provisions OF this act
which shall In the declaration and charter provided
70 be hled have expressed al intention 70 make in
suranee or which shall have power 20 make iussrance
aganSt loss or damage BY the risks ~ inland nayga
hon transportation, sha have poser 10 make In
alranco upon us5.ls ooas, cargoqs goods. meTclan-
age W an any - she RISKS Of lake. river, canal end
inland nAyisat.oa and trans portation.
sac .. Any companies organized uad,v this act
shall have power % edcet reinsurance ~ any rs@
takcu by then respectively
SIC 3 Surh per-cps shall file Ia the Office oi tie
Eecrefarv Of stat declaration si-aed by 10 = cuf.
p4rators EXPIRE sci their Int uoa 10 form .oilpa
~ for the pirpOs OF ransactiug the tusne.s OF ir-
tursnce as expressed ia The first section oi tEs ac
which declaration shall also comprise copy ~ hc
charter proposed be adopted by the a1d -hsll pun
llsh a notice OF sucn their lnteAiun, chce In cab
for at least four weeks, Ia all tn puoiie newspA-
pers published "a the county where such insurance.
company Il proposed 20 be located
Ssc 1. The charter comprised Ia such declaration
shall be set forth n the name Of the company, the
place where the principal office Tor the transaction Of
lts busi shall be located the manner d mode in
which the corporate powers granted by th. act sha,
be exercised the manner aud mode eecting directors
or trustees majority Of whom shall be citizens ~ this
State, and Ofhlng vacancies (but each director or
trustee Of stock company shall BE- the owner Of at
least i've hundred dollars worth ofthe stock 81 the
company Ia his own right, al Its par valued the peri
cd for the commeac ment srd termination rs fiscal
year, aud the amount capital 10 be emp ed - The
transaction Of Tvs business And the Secretary of the
State shall have the right reject any title Of
any company applied for when he shall deem the
TOO similar 10 already appropriated likely 10
mslead the public in any respect
SIC. 3. No company formed under this act shall
directly indirectly deal trade IN buying or sell.
ing any goods, wares, merchandise or other commod
Ties whatever excepting such goods articles may
nave been insured by such company ami are claimed
10 be damaged BY Gre or water.
Syc. o, No joint stock company shall be- incOpora-
Ted under this act In any incorporated city nor shall
any company Incorporated under this act establish an
agency Tor the transaction Of business in any city
With n smaller capital than one hundred thousand
dollars actually paid In in cash, elsewhere outside
OF any Incorporated city in the State with less cant
tai than fifty thousand dollars actually paid Ia In cash
nor shall any company formed for the purpose ofdo
Ing business OF fire and inland navigation insur
on the plan OF mutual Insurance, commence business
until agreements have been entered into for insurance
With at least three hundred applicants the remiums
on which shall amount 10 not less than one hundred
and hhy thousand dollars, of which az least thirty
thousand dollsrs shall have been paid in In cash ana
notes OF solvent parties founded actual aud bona
me applications for Insurance shall have beeu receiy-
ed Tor tbe remainder; nor shall any company formed
Tor the purpose Of doing business OF fire insurance on
~ on the plan OF mutual insurance, commence bust.
ness until at least one hundred aud nifty applicants
have entered into agreements for insurance. the pre-
miums on which shall amount 10 not less than one
hundred thousand dollars OF which twenty thousand
dollars at least shall have been paid Ia In cash and
netes Of solvent parties founded actual and bona
Hd6 applications for Insurance for the remainder
shall have been received. No one OF the notes re-
ceved az above shall amount % more than five hun
dred dollars aud no two shall be given for the same
Risk o. he made Tor the same person or firm except
where the whole amount o. such notes shall not exceed
I've hundred dollars nor ena any such note be repre-
9ented ~ capital stock unless policy De received
upon the saroe within thirty days after the orcanlga-
Hon % the company upon risk which shall be Tor no
shorter period Than twelve months Each OF said notes
shell NE payable, IN parts or IN whole a. Rny time
when The directors shall deem the same requisite for
che payment oiosses by FIRE or inland navigation aud
such incidental expenses - may DE necessary for the
tFanaaction ~ the business Of the company aud no
note shall De accepted part OF such capital stock
Gnles3 the same shall be Gccomp aned BIZ CERT hcate
o. thc county JudBe IN tc county where the person
MAKING such note sall reside, that the person making
ihe same Is Ia his opinion pecuniarily good and re.
spondblo Tor the same and such note shall be sur.
rendered during the life Of the policy for which II was
even. 70 JOINT sock hre Insurance company, organ.
Used under this act or transactlng business in this
state sall expose itself 70 any loss any fire or in
iAln Navigation risk Or hazard, to en- amount exceed
Ing ten per sent. Of its paid up capital
SIC. z. Il shall aud may lawful FOR the indiydl-
ais associated for the purpose ~ organizing any com
pauy under this act after having published tho notice
aud hled the declaration aud charter as required by
the thrd section of this 8ct, and also on nng in The
ONCE % iho Secretary 81 State proof OF such pubca.
ton, by The affidavit oi the publisher Of such news.
paper t0 open books for suhscrnlon 10 the canitol
stock ofthe company 20 Intended 20 De- niEed and
20 keep The open until the whole atsun, gteelN,d
IN the charter Il subscribed IN case the business Is
proposed 90 be conducted the plan Of mutual sur
suce then % Qpeu books receive uroposition. AMI
cnt lnto agreements ia he manner and 90 the extent
specified ia the sixth section this act
SIC s. II shall be lswfnl Tor any INSURANCE com.
pany organized under this &C. or Incorporated under
thc las - this Stsio 80 invest IL, capital and the
funds accumulated the course of It's busine.s pr IN,
Part hereof, In bonds Aui mortgages or improved uni
numbered real estate within tile state ~ Wis,on ia
worth ~ less 9 ~ ner cent more th1 Tie sum loaned
thereon exclusive ~ buildings unless such buidius
are inaufcd and he nolicy transferred 20 said comp1
ny and also IA tic gtocss ofihis STATE or those II any
city, county ~ town authorized O. Ne i..ued by M
legislature, also ~ The stocks and Treasury note. of
the United States, AID 20 lead the sam. Or any p,r
thereof ON the security VI such stock bonds sr treau
~ notes, or upon bonds and mortgages AZ Aoiesaid
Snd 70 change and reiuvest the same ~ occasion
Hotn tlme 70 time may require but any surplus money
over and above the capital stock Of such fire and in
lana navigation Insurance companies or any ins,tr
ahce company incorporated under the laws Of this
state may be invested IN or loaned upon the pledge
OF the public stock bonds Of the Unitsd States or
any one OF the States the stock bonds or other
evidences on Indebtedness Of any solvent dividend pay
ing lnstutona incorporated under the laws Of this
state OF the United States, except their own stock
pr0Dided 0IgdyS that the mar ket value OF such stock
bonds or other evidences OF debt shall be al an times
during the continuance of such loans az least ten per
cent above orinore than the sum loaned thereon
sPc. y. No company organized by or under this act
,hA purchase, hold or convey real estate excepting
~ the purposes aud IN the manner herein SET forth
towit such ~ shall be necessary for its convenient
accommodation in the transaction OF its business or
such a. may have been morgaged 10 IL In good faith
nv way OF security for loans previously contracted or
Tor money due, such shall have been convened 20
II Tor debts previously contracted IN It's legitimate
business or Tor money due, or such have been pur
chased NJ sales upon judgments DEGREES or mortgages
obtained made Tor such debts and all such real e.
tate as may be acquired rs aforesaid, aud shall not
necessary for the accommodation OF such company in
the transaction Of Its business shall be sold and dis.
posed Of within four years after such comparv shall
have acquired TUE thereto, uuless such company shall
procure certificate from the Secretary Of State that
such company viii suffer materially nom forced sale
thereof, In such event the sale may be postponed for
such period as the Secretary Of State may direct in the
certihcate and the said Secretary Of State NAV also
give such certificate and extend the time for hedinp
rel estate in the like circnmsanc on the application
OF any insurance company heretofore incorporated
shE. 10 The charter and proof Of publication here
In required 20 be filed by every such company shall be
examined BY the Attorney General, and II found con.
sIent with this act and conformable 60 the constiu
ton Flaws Of this state, shall he certified hy him 10
the Secretary Of state who shall thereupon cause I'm
examination TO he made either by himself or tisin.
terestcd person especially appointed by him for tho,
pSrpose who shall certify under oath that the canits
herein required ofthe company named IN the charter
according % the nature Of the business proposed 20 be
transacted by such company has been paid and pos
Hessed by u tn money, or In such stocks bonds and
mortgages as are required by the sth section Of this
act or n mutual company, that Il hiss received aud
is 10 sexual possession Of the cRpital preuiums or
coma Fd6 engagements o. Insurance or securities 10
The full extent and the value required by The sixth
section 81 this act, and the name and residence the
maker ol esch pFenluu note FORMING part Of the capi.
tai aud the Rmouni of such note shall W. returned 10
the hetretary Of state; ard the cororaors or ocers
" such company shall b. required 70 certify under
9Mh That TIE capital exhibited to this person, Il
coma GGd the property Of the company. such
certificate shall be fled In the Office or the Secretary OF
eate, who thercupon shall deliver Is such company
cereed copy 81 the charter and of said sertAcnies
Hmch on being fled In She cice OF the clerk Of the
Circuit lCourt ofthe county where the company Is
locates shall be their Authority commence business
and policies. And such certified copy of charter and
CERTIFICATES may be used In evidence for or against the
company With the zane effect ss the originals
SIC. IL The cofpora'ors, trustees or directors OF
my c1mpan organized under ,hs act shall have A
corporate seal, and they their successors NAV alter
or chsnge thc design q The same no pleasure. they
shall also have power to make such by.laws as will not
Etaie. " ''"S
sEc. r. T. shall uoi b. Lawful f5rthe dlrce,ors.
trustees or manages % any IRE Insurance conranv t
make any dividends except from TIE surplus profits
Nlang rom their business, and IN estimating such
hohls eft shall he reserved thereronl su eqral 10
we whole arQurt " premiums on uucNpired M snd
policies which arr hereby declared N i, unrnr1e1
premiums and also there shall g. reserved ali ,rns
que the corporation On bonds ana rogsces s,5ck ana
eocA accounts, OK when par o. the interest or
Plnepal there on has been pnid during the lac var
Ahd Tor which no sit or foreclosure has been com.
nehcea Tor collection, or which, afer Judgment the-r.
on ohtAhed shall hays remained NOR, than two vea~s
Hnssushed, ant ou which Interest shan not have been
pad, and also, there sAl he reserved az nterest ,r
or accrued and remaining unpaid rraridef Gjrrf,,s
that any company may declare dividends NOT exceed.
Inc ten per cent s capital stock In any one wear
tha, shall have accumulated and be In posscsaon oil
fund "a addition g. the smount o. ts api 81 s,c anu
90 such diyidefids and al actual oft sfautiMs abt