The Superior times. [volume] (Superior, Wis.) 1870-1912, 1899-05-20
which the corporate powers granted In this

winch the corporate powers granted In THIS
chapter shall be exercised.
Section 8. Said articles shall be- by the
commissioner Of insurance, submitted to
the attorney general, and if found in con
formity with law he shall so certify to said
commissioner of insurance. who shall
thereupon examine or cause an eXamina-
ton to be made, and If he shall find that
such corporation has received and is in act
ual possession Of the five hundred bona tide
applications for Insurance. he shall deliver
to said corporation a patent recitiug the
articles of organization and declaring such
corporation duly organized and empowered
to transact the business of insurance MS
therein defined. Within thirty days there
after, the incOrporators shall cause the
articles Of incorporation to be recorded in
office OF the register Of deeds Of the
county wherein such corporation shall have
its principal office.
Section l. The number OF directors Of
such corporation shall be at least five, and
they shall be elected from among the mem
berS Of the company by the persons in
sured, except the first board of directors
ana shall hold office for term OF three
years or until their successors are elected
and qualified. Election of directors. except
TO iii vacancies shall occur at the annual
meeting of such company which shall be
held on the third Tuesday of April Of each
year, and each person insured shall be en-
titled to one vote, and may cast the same
either in person or 10y proxy.
Section ). The directors shall elect from
among their number president, vice
president, secretary, and treasurer, all or
whom shall hold their Office Tor one year
and until their successors are elected and
qualified. The secretary and treasurer
shall each give bond for the faithful per
tOrmalCe OF their duties in such amount as
shall be prescribed by the board of di-
rectors
Section G Such corporation and such di-
reCtors shall possess the usual powers and
be subject to the usual duties of corpora
ton and directors thereof. and may make
such laws as may be deemed necessary for
the management Of its affairs in accord
ance with the provisions Of this act, ana
may prescribe the duties Of its officers and
agents, and fix their compensation, and
alter and amend its bylaws when neccS-
sary. Such corporation shall, in its by
laws, limit the amount to be used for cN-
penScS exclusive of the sums paid to agents
for obtaining such insurance, 10 sum not
exceeding fifty per cent. of the receipts
and such sum shall be maintained intact
only during the life of the membership for
which it is paid, aud shall provide for a
release Of pulicyholdcrS from further as
seSsment liability in excess Of an amount
not less than twice the amount of the cash
premiums us fixed by the directors at the
time Of the issuance of the policy.
Section !. Such corporation may Issue
policies on bicycles, or any vehicle pro
PEELED and managed by the rider, for a
term not to exceed one year, and for an
amount not to exceed fifty per cent. Of its
actual value. All persons insured shall pay
such premiums Mt such times, in such
amounts ana under such conditions as may
be provided ana required by the apphca-
ton for membership, and the bylaws Of
the corporation. The bicycle or vehicle in
Surcd shall be classified at the time poll
cies thereon are issued and different rates,
corresponding as nearly as may be to the
greater or less risk thereon, may be fixed.
Section s. Any person owning an inSUr-
able interest in a bicycle or vehicle in this
state may become member of such cor
poratiOn by insuring therein. but no non
resident of this state shall become a di-
rector OF such corporation Every member
who may sustain loss shall give such
notice To the corporation ana be required
To furnish such proofs of such loss as may
be demanded by the bylaws.
Section 9. Whenever the amount OF any
loss exceeds the cash funds Of the corpora
ton the board of directors shall make an
assessment upon all of the insured mem
bers at such uniform rate as they shall
deem necessary TO meet the payment Of
losses, and notice Of such assessment shall
be given to each member in such manner
as the bylaws provide for.
Section 10. ANY member of such corpora
ton may withdraw therefrOm by suTren-
dering his policy for cancellation at any
time while the corporation continues the
business for which it was formed, by Civ
ing notice in writing to the secretary and
paying his share OF all claims then exist. Z
against it: and such corporation may can
eel any policy by giving the insured due
notice to that effect. In case of the with
drawal Of a member or the cancellation Of
policy the corporation shall return the
uncarncd premium, If any, less than thirty
per cent.
Section H. On or before the first day OF
March Of each year the president and sec
Rotary Of such corporation shall prepare.
under their oathS aud transmit to the com
missioner of insurance Il statement of the
condition of the corporation on the thirty
first day of December then next preceding
and shall, ut the time Of filing such annual
statement pay to the commissioner of iu-
license fee Of i've dollars
which shall be in lieu of all other fees and
taxes.
Section r. All acts and parts Of acts In
are hereby repealed.
Section 13. This act shall take effect and
be in force from and after its passage and
publication.
Approved April u. 1899.