Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1878-04-18
Published April 8, ls7S.
CHAPTER 2S5

AN AL 70 dutOOIlze the I0rn3TlOQ OF p1anu1ac-
turers' and millers' mutual Insurance companies
The people of the state OF Wisconsin REPRESENTED H.
senate and Assembly, do enact as toilous:
nine actual residents of the state and Who are en-
gagged in the milling or manufacturing business
ty less in value than one hundred thousand dol
lars may form an Incorporated mutual insurance
mannfaetories against loss OF damage BY hre anu
Section The Incorporates of any COMPANY or
Company until the first annual meeting
Section ). No policy shall be Issued by any COM
pany organized under the provisions of this
until at least twenty-five applications for insur
ance of one thousand dollars each are obtained.
II. az any time after such company IS organized
and doing business, and the number of policies in
thousand olafs eaeh il shal be the duty Of the
ofhcerS OF such company TO notify the secretary OF
Sections Such persons shall file in the office of
ton TO form company for the purposes expressed
IN the nreGeding sections which Geeiara5on snail
aeopy of the charter proposed to be adopted by
corporation proposed to be formed. the object and
Intention OF the company the city, town or village
be located, the intended duration of said company.
ana II the SAID proposed charter Is found 70 be con-
the secretary of state shall thereupon deliver TO
on being filed in the office of the county clerk of
the county where the Office of such company Is to
commence business; provided that such charter
obtained shall be subject 10 the control of any
~
Section ). The number of directors shall be nine.
five of whom shall constitute quorum to do bust
their oceS for three years and until their success
S are o ana 6 5e a 6
elected for one year. three for two years. and three
three directors Shall be elected for the full term OF
three years. Vacancies in the board of directors,
recors, but such appointments shall be subject to
confirmation by the company at the annual meet.
each year, at a time agreed upon by the directors
for each five hundred dollars that he may be inSur
ed in the company. and may cast the same In per-
son or by proxy
Section s. The directors shall elect from their
number president and treasurer and shnll also
elect a secretary, who may or may not be men,
Der of the company, all of whom shall hold their
office for one year, and until their successors are
elected and qualified.
Section T. The secretary and treasurer shall each
give bonds to the company for the faithful per-
be prescribed by the board of directors.
Section s.. Such corporation and its board of di-
rectorS shall possess the usual powers and be sub
ject to all the usual duties of corporations and d
rectors thereof, and may make sneh bylaws, not
state, as may be deemed necessary for the manage
ment of its affairs i'll accordance with the proyfs
officers and fix their compensation, and TO alter
and amend its bylaws, when necessary.
mills anufastorisy aG Tie PTSRerty contained n
time not exceetiinr tiye Years and not to extend
beyond the time limited duration of the charter.
and for an amount not to exceed ten thousand dol
lars any one risk. All persons SO insured shall
give their obligation to the company binding
themselves their heirs and assigns to pay their
pro rata to the company of the necessary expenses
and losses by fire which may be sustained by any
respective policies written, and they shall also
at the time ct effectng the Insurance pay such per
required by the bylaws of the company:
Section 10. ANY such company may classify the
property insured therein at the time of issuing
policies thereon. under different rates, correspond
ing nearly as may be To the greater or less fSk
from fire and loss which may attach each of the
several buildings insured.
may sustain loss by fire. shall Immediately notify
the secretary, who shall proceed at once, to deter
bic, make settlement. If the party sustaining loss
snail not acqulesGe IN inc deGslol tne claiH snail
whose award shall be hnal. III the amount award
awarded by the company, The company shall bear
the expense OF the reference II less the party pro-
curing the reference shall bear the expense
Section T. Whenever the amount of any loss has
been ascertained which requires an assessment to
be made then the president and the officers Of the
company shall make an assessment upon all the,
property insured to the amount for which each
several piece OF property is insured, taken III con-
sideratOn with the rate of premiums under which
Section H. It shall be the duty of the secretary
whenever any such assessment shall have been
composing such company, by letter sent to his usui
al postoflce address, OF the fact of loss. tho
share thereof, and of the time when and 10 whom
such payment is to be made but such time of pay
ment shall no5 be less than thirty, nor more than
sixty days from the date of such notice.
Section H. II che assured neglect payment Of
any assessments within sixty days from date OF
notice. then his policy shall be null and void until
said assessment is paid and also the assessments
which may be levied during the suspension of the
policy on account of the non-payment OF preyi-
Section Is. Suits at law may be brought against
any member Of such company who shall refuse or
neglect to pay any assessment made upon them by
the provisions of this act and directors of any
company formed, who shall wilfully neglect or re-
tnse TO perform the duties imposed upon tnem by
Individual capacity to the persons sustaining such
loss.
Section L. The certified copy of the charter pro-
vided for in section two OF this act may be used "a
evidence for and against said company with the
same effect as the original.
Section IL. 1t shall be the duty or the secretary
TO prepare an annual statement, showing the con-
dition of such company on the 3lst day of Decem-
Der in each year. and present the same TO the an
nuaI meeting -,
and secretary OF every such company on the LIST day
of January in each year TO transmit to the secre-
tary OF state verified statement Of the condition
OF the company on the 3lst day OF December, then
next preceding, in such form as the said secretary
nnSon f6at sncb i Gnnp bnsiness cor
recty. and in accordance with law. he shall there
shall be deemed authority to continue business for
the ensuing year. For such examination and GER
compa I shall bav at the e of organization for
services of secretary of state the sum of ten dol
lars.
Section 49, Any company organized under the
provisions of this act may be proceeded against
conditions as provided for in case OF other insur-
ance companies Incorporated in this state
Section % Any member of any such company
may withdraw therefrom by giving notice. ia
writing to the secretary thereof and paying up all
fire suffered by such company up the date OF his
withdrawal. The officers shall have power to an.
effect to the holder thereof, and paying all dues
which may appear to be due to such member.
Section q. This act shall be in force from and
after its passage and pr',icatiOn.
Approved March Is, 1873
Published April g. 1881