River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1878-05-02
Approved March 10, 1878.
Published March Q, 1873. !
CHAPTER 255.

0HAI1t S)0.
AN ACT to authorize the formation Of manu-.
facturers' and millers' mutual insurance
companies.
The people of the State of Wisconsin, repre-,
selited in Senate and Assembly, do exact as
follows:
Section l. Any number Of persons, not less
than nine, actual residents OF the State, and
who are engaged in the milling or manufac'
turing business within this State, and wh1
collectively own property not less IN value
than one hundred thousand dollars, may form
an incorporated mutual insurance company
for the purpose OF insuring mills and manu-
factories against loss or damage by fire.
Section q The incorporators of any COM
pany organized under this act shall be direc-
tors of such company until the first annual
meeting.
Section 3. No policy shall be issued by
any company organized under the provisions
of this act until at least twenty-five applica-
tions for insurance of one thousand dollars
each are obtained. II, at any time after such
company is organized and doing buslness, ana
the number Of policies in force should be-
come less than twenty five Of one thousand
dollars each, it shall be the duty oil the
officers of such company to notify the secre-
tary of State, who shall proceed 10 WIND up
the affairs of said company.
Section 4. Such persons shall nle in the
office OF Secretary Of State a declaration OF
their intention to form a company for the pur,
poses expressed in the preceding sections,
which declaration shall be signed by all the
corporators, and shall contain a copy OF the
charter proposed to be adopted by them.
Such charter shall set forth the name OF The
corporation proposed to be formed, the object
and intention of the company, the city, town
or village in which the business Office Of said
company is to be located, the intended dura
ton of said company, and if the said proposed
charter is found TO be conformable ato the
laws and constitution Of this State the Secre-
tary Of State shall thereupon deliver To such
persons a certified copy of the charter, which
on beng filed in the office OF the county CLERK
of the county where the Office Of such com
pany is to be located shall be their authority
to organize and commence business; proFld-
ed, that such charter so obtained snail pc SUD
iect to the control of and modification by the
legisl Stature.
Section 5. The number OF directors shall be
nine five of whom shall constitute quorum
to do business. They shall be elected by bal
lot and hold their offices for three years ana
until their SUCCESSORS are elected and quaiined.
At the first election OF the board OF directors,
three directors shall be elected for one year,
three for two years, and three for three years.
At annual elections thereafter. three directors
shall be elected for the full term OF three years.
Vacancies in the board OF directors, occurring
during the year, can be filed by the directors,
but such appointments SHAH be SUBJECT 10
confirmation by the company at the annual
meeting The annual meeting snail be held
once In each year, at q time agreed upon bY
the directors, Every person insured shall be
entitled to one vote for each i've hundred DOL
lars that he may be insured in the company
and NAV cast the same in person or by proxy.
Section g. The directors shall elect from
their number a president and treasurer, and
shall also elect secretary, who may or may not
be a member Of the company, all ofwhom shall
hold their Office for one year, and until their
successors are elected and qualified.
Section 2 The secretary and treasury shall
each give bonds TO the company foT the faith
fsI performance Of their duties ia such
amounts as shall he prescribed BY the board oil
directors.
Section s. Such corporation and its board
Of directors shall possess the usual powers
and he subiect to all the usual duties Of cor
porations and directors thereof, and may make
such bylaws. not inconsistent with the con-
sfittrtf0n or laws of this State. as may be
deemed necessary for the management Of IFS
affairs in accordance with the provisions OF
This act; also to prescribe the duties OF us
officers and fix their compensation, and 70 al
Ter and amend its bylaws. when necessary.
Section o. Such company may issue policies
an mills manufactures and the property con-
tanned in and about such mills and manniac-
tories for any time not exceeding five years,
ard not to extend beyond TIE time limited
duration Of the charter. and for an amount not
t. exceed ten Thousand dollars on any one
risk All persons 50 insured snail give tIeir
ahIisrafjon to the company, binding themselves
their heirs and assigns to pay their pro rata
II The company ofthe necessary expenses and
fasses fy fire which may be sustained BY any
rr,sn.faef thereof during the time for which
their respectiyc policies ere written, anG they
sI.aIl als0. 1T the time Of effeeting The lnsuT-
ance, pay such per centage n cash, ana such