Dodgeville chronicle. [volume] (Dodgeville, Wis.) 1862-current, 1870-04-29
LAWS OF WISCONSIN.
OFFICIALLY
rpublished March u, 1901
n1IADrFR h6-GENERAL.

CHAPTER o6--GENERAL-
ann 70 nroyide for the incorporation nd gov
AN AZ ~ fire and inland navigation insurance
companies
The people of the state OF Wisconsin, represented
in senate and assembly, do enact as toiioFs:-
o.ction / ANY number of persons not less than /
fifteen may associate and form an incorporated
company for the purposes, to-wit: 10 make ihsur-
ance dwellings, stores and an KINGS 81 Du ,r
ings and upon household furniture and other pro- |
rgr. y against loss damage by ire and the risks
OF ii land navigation and transportation. any ana
a in surance companies hereafter Incorporated IN
der tlle provisions of this act which shall In the
dec AZ alton and charter provided to be hled nave
expr an intention to make insurance, or whch
shall nave power to make insurance against loss OF
damage by the risks of inland Navigation or trans
nortation shall have power to make insurance up
on vessels, boats, cargoes, goods, Inerchanolse'
freiots and other property, against loss and DAM
age by all or any OF the risks OF lake, rSer oaii'i
and inland navigation and transportation.
Sec D. Any company organized under THIS act
shall have power to effect reinsurance OF any rsAs
taken by them respectively. oesoo 90 +ta
secretary of state declaration signed by all the
corporators, expressing their lntentlon 70 lotln
company for the purpose o. ~ . sat Section
of this act which declaration shall also comprise a
copy of the charter proposed to be adopted by
them, and shall publish notice OF such, their IN
tenton once in each week for at least four weeks In
all public newspapers published in the county
where such insurance company is proposed to be
located.
tion shall set forth the of the company, the
place where the principal office for the TRANSACTION
of its business shall be located, the manner anu
mode in which the corporate powers granted by TINS
act shall be exercised, the manner and mode OF
electing directors or trustees, majority Oh whom
shall be citizens of this state, and OF filling Vacan-
cies (but each director or trustee OF o STOCK COM
pany shall be the owner of at least five hundred
dollars worth of the stock OF the company, IN MS
own right at its par value; the period Tor me com,
roencement and termination of its fiscal year, ana
the amount of capital to be employed in the trans
action of its business. And the secretary OF state
shall have the right to reject any name or ltie OF
any company applied for, when ne snail deem the
name too similar to already appropriated, or
likely to mislead the people in any respect. >,
Sec. s. Nocompany formed under this act shall,
directly or indirectly, deal or trade in buying or
selling any goods, wares, merchandise or otner
commodities whatever, excepting suca goods or
articles as may have been insured by sucn COM
pany, and are claimed to be damaged oy nre or
Sec. 6. No joint stock company shall be incor-
porated under this act in any incorporated clty nor
Shall any company incorporated under TINS act es-
fatIish an agency for the transaction OF business
in any city with smaller capital than one hundred
thousand dollars actually paid in in cash, nor else
where outside of any incorporated city in the state
with less capital than fifty thousand dollars actu-
ally paid in in cash, nor shall any company formed
for the purpose of doing business OF IRE and IN
land navigation insurance On the plan OF mutual
insurance, commence business until agreements
have been entered into for insurance With at least
three hundred applicants. the premiums ON which
shall amount to not less than one hundred ana nifty
thousand dollars of which at least thirty tb ousand
dollars shall have been paid in in cash. and notes
of solvent parties founded on actual and bona Jde
applications for insurance shall have been received
for the remainder; nor shall any company formed
for the purpose of doing business OF FIRE insurance
only, on the plan of mutual insurance, commence
business until at least one hundred and fifty appi-
cants have entered into agreements for insurance.
abe premiums which shall amount to. not less
than one hundred thousand dollars, OF VIII ich TWEEN
ty Thousand dollars at least shall have been paid IN
In cash. and notes of solvent parties founded on
actual and bona fde applications for insurance for
the remainder, shall have been received. No one
of the notes received as above shall amount to more
than five hundred dollars; and no two shall be
given for the same risk or be made by the same
person or firm, except where the whole amount of
such notes shall not exceed five hundred dollars,
nor shall any such note be represented as capital
stock unless policy be received upon the same
within thirty days after the organization OF the
company upon risk which shall be for no shorter
period than twelve months Each OF said notes
shall be payable in parts or in whole, at any time
when the directors shall deem the same requisite
for the payment of losses by fire or inland navga-
tion and such incidental expenses as may De neces-
sary for the transaction of the business OF the COM
pany; and note shall be accepted as part OF such
capital stock unles the same shall be accompanied
by certificate of the county judge in the county
where the person making such note shall reside
thai The person making the same 1s In his opinion
pecuniarily good and responsible for the same and
no such note shall be surrendered during the me
of the policy for which it was given. No joint
stock fire insurance company organized Under tins
act or transactng business in this state shall ex-
pose itself to any loss any fire or inland naviga
ion risk or hazard to an amount exceeding ten per
cent. of its paid up capital.
Sec 7. 1t shall and may be lawful for the indi-
viduals assocatedsfor the purpose of organizing
any company under this act after having published
the notice and filed the declaration and charter as
required by the third section of this act and also
of such publication, by the affidavit of the pub
Usher of such newspaper, to open books for sub
scription TO the capital stock OF the company so
intended to be organized, and TO keep the same
open until the whole amount specified in the char
ter is subscribed; or in the business Is pro-
posed to be conducted on the plan OF mutual in
surance, then to open books to receive PROPOSE
lions and enter into agreements in the manner and
to the extent specified in the sixth section of this
act.
Sec g. 1t shall be lawful for any insurance
Apany organized under this act or incorporated I'M
der the laws of this state to invest its capital and
the funds accumulated in the course OF its bust
ness or any part thereof in bonds and mortgages
or improved unincumbered real estate within the
state of Wisconsin, worth at least fifty per cent.
more than the sum loaned thereon, exclusive OF
buildings, unless such buildings are insured and
the policy transferred to said company, and also in
the stocks of this state those of any city, county
or town authorized to be issued by tho legislature,
also In the stocks and treasury notes of the United
States and to lend the same or any part thereof on
the security of such Stock bonds or treasury notes.
or upon bonds and mortgages as aforesaid, and to
change and reingest the same as occasion from
time to time may require; but any surplus money
over and above the capital stock of such fire and
inland navigation insurance companies or any in
surance company incorporated under the laws OF
this state, may be invested in or loaned upon the
pledge of the public stock or bonds of the United
States, or any of the states, or on the stock,
bonds or other evidences OF Indebtedness OF any
solvent dividend paying institutions incorporated
under the laws of this state or the United States,
except their own stock: provided always that the
market value of such Stock bonds or other evil
dences of debt, shall be at all times during the
a~rs nj or Ian mar
above or more than the sum loaned thereon.
Secs9 No company organized by or under this
act shall purchase, hold or convey real estate, ex
cepting for the purposes and in the manner herein
set forth to-wi such as shall be necessary for its
convenient accommodation in the transaction of its
business, or such as may have been mortgaged to
it in good faith by way of security for loans pre-
ylously contracted or for moneys due, or such as
shall have been conveyed to it for debts previously
contracted in its legitimate business or for money
DUE or such as have been purchased at sales upon
judgments, DEGREES mortgages obtained or made
for such debts; and all such real estate as may be
ACQUIRED as aforesaid, and shall not be 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 company
shall have acquired title thereto, unless such COM
pany shall procure certificate from the secretary
of state that such company will suffer materially
from forced sale thereof, in which event the sale
may be postponed for such period as the secretary
of state may direct in the certiicate and the said
secretary of state may also give such certificate,
and extend the time for holding real estate in the
like circumstances on the application OF any insur
ance company heretofore incorporated.
Sc. 10. The charter and proof of publication
herein required to be filed by every such company
shall be examined by the attorney general, and If
found consistent with this act and conformable to
the constitution laws of this state shall be GER
tilted by him to the secre airy of state, who shall
thereupon cause eXarGination to be made, either
by himself or by disnterested person specially
Amounted by him for that purpose, who shall GER
thy under oath that the capital herein required of
the company named in the charter according to the