The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1875-04-29

obtv third. the amount Of its guaEaIf 9ynrth the
laSVy - Id snecial reserve fund' Iou aetl ~
,,t ~ tha capital of the company, aAu anTl,To
tarest at the rate of seven Pc, d II the said
VoI A.; mount of the capital, anu - - a;noa
upon Cno 4-ar time shall have elapseu $40
~ I+ ,,roccedinc cash dividend; anu Vno S71h
shall constitute the net surplus ol Iu id finds as
iect tn an equal division between 'n0 s"-N
herein provided e any, extensive confagra-
tion or conhagratons whereby on9 IF It's cant
such company shall exceed tIle r1,s fnd nrovd-
al etocT and of the guaranty SUI I'll 49, tfI +ba
Vai Va, this oct the said company sna lo ~; 80
orotaryof state of the fact VINO slSf ia o,a1,y
1oa 10 he made an examlnatioil " a1 bIrisg
80 eb all issue his certificate OF the loau i So af
anu oL If capital of guaranty surplus iuhu, u
a1 reserve fund of reinsurance ia go ~
Ptt aeeets and upon his issuing huoil oen d
in duplicate one copy TO pe denatmet the
10 he recorded in the insurance ~ ~
o reserve fund shall be immediately ~ "
Drofect all policy-holders OF salu IL '+a Or
Than such as claimants upoi ~ ~
sllob as became such clalnlallts ~ C N dd,rI +fo
SUI SUI @" ooH8sorotion OF CONGREGATIONS; anu tne
aYoo1nt of said special reserve Iuno anu a."
7ol tn fhe unearned premiums OF sucn ~ p,
10 he ascertained hereinbetofe l'roSioeo, ans,r
" Iit11to +bn canita1 and assets OF sucn company
f fe nrotection of policy-holders other than slch
claimants and for the further condueG VI It pua-
go and such official certificate OF the secretary
ny ebaII he binding and conclusive upon all
1,orfies interested in such company, W1eInel a9
stockholders, creditors, or pohcy-nole'9iLs, @n1
mon tbe paymcnt to the claimants, 1oF LOSSES -
~ orvvise existing at the time OF or causeu ny sum
'@roi CONFEDERATION or CONGREGATIONS, OF the
s7ouut to which they are respectively enldtlGu, ~
proportion to their several cla1ms Oh Inc Itlu sun
of the capital of such company, ana OF 1Is 9qara.y
eurIlus fund, and of its assets, excepting otJ SuS
sprcial reserve fund, and an amount OF lts assets
canal to the liability Of the company tor uheaFneo
1rpnima as so certified by the secretary OF state,
such company shall be forever discharged from any
and All further liability to such claimants and to
each Of them; and the said superintendent, small,
after issuing his said certificate, upon the demand
OF such company transfer to it all such securities as
shall have been deposited with him by such com
many as such special reserve fund; and II the
5Jn0unt Of such special reserve fund DC less IMAM
nfy ner cent of the full amount Of the capital OF
The company, a rcquisltlon shall be issued by the
said secretary of estate upon the stockholders TIC
make I'D such capital to that proportion OF It's full
amount in the manner now provided by law IN the
case of companies with impaired capitals And
provided further, That any capital so impaired
SHAH be made up to at least the sum Of two hundred
Thousand dollars (S2LO,00C); and IN case SAID com
Dany, after such requsltlon, shall tan 10 make lG
catal to at least said amount OF S2O0OOO, as therein
detected said special reserve fund snail stll De hel(
AN slcuiity and liable for any and all losses occur
ring upon policies of such company after sucl
couHagration CONGREGATIONS. such compan.
shall in its annual statement to the insurance de
parent of this state, set forth the amount OF sucl
special reserve fund and of it's guaranty surplu
fund.
Sec. 8. If at any time after said special reserv
fund shall have been accumulated ny any company
it shall appear, upon examination by the said sec
rotary of state that the capital of such compan
has in the absence of any such extensive confagra
tiOu become impaired so as to cause him to order
cali upon the stockholders to make up such impair
luent, the board of directors OF such company ma
either comply with such order and require tn
necessary payment by the stockholders or at thei
option, they may apply for that purpose so niue
Of said special reserve fund as will make such i'm
pairnent good No company doing business unde
This act shall insure amy larger amount upon an
single risk than is permitted by law to a compan
possessing the same amount of capital irrespectiy
Of tho funds hereby provided for.
See. 0. This act shall take effect from and aftt
its passage and publication.
Approved March s. 1878.