Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1870-04-27
LAWS CT WISCONSIN.
0FfICIAL.l
Published March %, 1870, ]
CHAPTI.2- sR- Gr,-rn,n

fifteen may associate and form an incorporated
company for the purposes, to-wit: TO make insur-
ance on dwellings, stores and all kinds of build
ings, and upon household furniture and other pro
perty, against loss damage by fire and the risks
of inland navigation and transportation. Any and
all insurance companies hereafter incorporated
der the provisions of this act, which shall in the
declaration and charter provided TO be filed, have
expressed an intention 70 make insurance, which
shall have power to make insurance against loss or
damage by the risks OF inland navigation trans
portation, shall have power to make insurance up
on vessels, boats, cargoes, goods, merchandise,
freights and ether property, against loss and dam
age by all any of the risks of lake, river canal
and inland navigation and transportation.
Sec 2. Any company organized under this act
shall have power TO effect reinsurance of any risks
taken by them respectively.
Sec s. such persons shall file in the office Of the
secretary of sta.e declaration signed by all the
corpOrators expressing their intention to form a
company for the purpose of transacting the bust
nesso insurance, as expressed III the first section
of this act, which declaration shall also comprise
copy Of the charter proposed to he adopted by
them, and shall publish notice of such, their in
tention once each week for at least four weeks in
all public newspapers published in the cOunty
where such insurance company is proposed to be
located.
Sec f. The charter comprised in such declara-
ton shall set forth the of the company, the
place where the principal Office for the transaction
OF its business shall be located, the manner and
mode In which the corporate powers granted by this
act shall be exercised, the manner and mode of
eLecun9 directors or trustees, majority of whom
shall be citizens Of this state and Of filling
eles tbut each director trustee OF n stock COM
panv shall be The owner of at least FIVE hundred
dollars worth OF the stock of the company, in his
own right, at its par vaiue the period for the COM
fnencemeut and termination of its fiscal wear 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 or title of
any company applied for, when he shall deem the
name too similar to already appropriated, or
likely to mislead the people in any respect.
Sec 5. No company formed under this act shall,
directly or Indirectly deal or trade in buying or
selling any goods, wares, merchandise other
commodities whatever, excepting such goods or
articles may have been insured by such COM
pany, and are claimed to be damaged by fire or
water.
porated under this act III any incorporated city nor
shall any company Incorporated under this act es-
tablish 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 fire and in
land navigation insurance the plan of mutual
s 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 and fifty
thousand dollars of which at least thirty thousand
dollars shall have been paid in IN cash. and notes
of solvent parties founded actual and bona tide
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 appl-
cants have entered into agreements for insurance
abe premiums on which shall amount to not less
than one hundred thousand dollars. of which tWen-
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, snail have been received. No one
of the notes received as above shall amount to ore
than FIVE hundred dol.ars 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
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 a 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 naviga-
ton, and such incidental expenses may be neces-
sary for the transaction of the business of the COM
pany; and note shall be accepted as part of srch
capital stock unless the same shall be accoupanied
by certificate of the county judge in the county
where the person making such note shall reside,
that the person making the same is in his opinion
pecuniarily good and responsible for the same and
no such note shall be surrendered during lhe life
of the policy for which it was given. No Joint
stock fire insurance company organized under this
act or transacting business in this state shall e
pose itself to any loss anF fire or inland naviga-
tion 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-
Vlduals associated for the purpose OF organizing
any company under this act after having published
+he notice and filed the declaration and charter as
required by the third section Of this act and also
fling in the Office of the secretary of state rroof
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 10 keep the same
open until the whole amount specified in the char
ter is subscribed; in case the business is pro-
posed to be conducted on the plan of mutual in
surauee, then to open books to receive proposi-
tions and enter INTO agreements in the manner and
to the extent specified in the sixth section of this
act.
Sec. s. 1t shall be lawful for any insurance com
pany organized under this act or incorporated un-
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, III bonds and mortgages
CT improved unincumbered real estate within the
state of Wisconsin. worth at least fifty per cent
more than the 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
town authorized 10 be issued by tn legislature
also in the stocks and treasury notes Of the United
States, and to lend the same any part thereof on
the security of such ock, bonds treasury notes.
or upon bonds and mortgages as aforesaid, and TO
change and reinvest the same 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 bonds of the United
States, or any one of the states, on the stock
bonds 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: proolded GJl0ays, that the
market value of such stock, bonds or other eyi-
dences of debt, shall be at all times during the
continuance of such loans at least ten per cent
above more than the sum loaned thereon.
Sec 9. No company organized by or under this
act shall purchase, hold or convey real estate,
cepting for the purposes and in the manner herein
set FORTH te-wit such shall be necessary for its
convenient accommodation In the transaction of its
business, or such may have been mortgaged to
it in good faith by way Of security for loans pre-
viously contracted or for moneys due, or such as
4
contracted in its legitimate business, or for money
due, o. such as have been purchased at sales upon
judgments, DEGREES or mortgages obtained or made
for such debts; and all such real estate NAV be
acquired as aforesaid and shall not be necessary
fer 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
pany shall procure certificate from the secretary
of state that such company VIII 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 certificate; and the said
cretary of state may also give such certificate,
an extend the time for holding 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 or laws OF this state, shall be GER
titled by him to the secre ary of state, who shall
thereupon cause examination to be made, either
by himself by a disinterested person specially
appointed by him for that purpose, who shall GER
tify under oath that the capital herein required of
the company named in the charter according to the
nature OF the business proposed to be transacted
by such company has been paid in and is possessed
by it in money, orin such stocks, bonds and mort
cages required by the Sth section of this act
if mutual company, that it has received and is
in actual possession of the capital premiums or
bona ttde engagements of insurance securities to
the full extent and of the value required by the
sixth section of this act, and the name and resi-
dence of the maker of each premium note forming
part of the capital, and the amount OF such note
shall be returned to the secretary of state; and the
corporators or officers of such company shall be
required to certify under oath that the capital
hibited to this person is bona de the property OF
the company. Such certificate shall he filed in the
office Of the secretary of state, who thereupon shall
deliver to such company certified copy OF the
charter aud of said certificates, which being
fled in the office of the clerk of the circuit court
of the county where the company is located, shall
be their authority to commence business and issue
policies. And such certified copy of charter and
Certificates may be used in evdsnce for or against
the company with the effect the originals
See IL The corporators, trustees or directors OF