Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1907-08-08
No. 9SS, AL Published June %, 1907.
CHAPTER 439. LAWS OF 1907.


CHAPTER 439, LAWS OF 1907.
AN ACT to amend section 1927 of the
statutes as amended, relating to organl-
cation Of town insurance companies.
The people Of the State of Wisconsin, repre-
sented in Senate and Assembly, do enact
Section /. Section 1927 of the statutes,
as amended by chapter POP, laws Of 1901,
is amended to read Section 1927. I. Amy
number OF persons, not less than twenty
five, residing in the same town or in adj
joining towns, not exceeding thirty
In number, except in cases where any county
contains a larger number, when all the
towns therein may be included, who col
lectively own nsurable property of not less
than twenty-five thousand dollars In value
which they desire to have insured, may
form themselves into a corporation for NUT
ual insurance against loss or damage by
fire or lightning by complying with the for
lowing conditions, namely: They shall sign
articles Of organization which shall be sub
stantially In the following form:
2. The undersigned, residents Of the town
below named and owners OF more than
twenty-five thousand dollars worth of prop
erty therein which we desire to insure do
hereby associate for the purpose of forming
mutual IRE insurance corporation to dc such
insurance In the towns Of (here Insert the
name Of each town in which such corpora
tton proposes to do business and the names
of the counties In which they.are situated(,
under the provisions Of sections 1927 to 1941,
inclusive, of the Wisconsin statutes. The
name Of such corporation shall be the
. . .
The officers shall be board Of d.
rectors .............. (insert number, not
less than FIVE nor more than eleven), pre-
sident secretary and treasurer and sucB
others as may be provided for in the by
laws of such corporation, and the office OF
such corporation shall be in the town from
which said directors shall elect their sec
rotary, In the county OF .....:...,.. Jnd
following named persons shall constitute
the first board of directors and shall hold
their respective Offices for one year and I'M
the names). In witness whereof we have
hereuntO subscribed our names, this ''.'''
ia Such articles Of o. ORGANIZATION z9Hc shall be
subscribed by at least twenty-five persons,
residents Of the towns therein named ana
who are owners Of at least twenty-five
thousand dollars worth Of property which
shall be insured by such corporation, and
when so signed shall be filed and recorded
In the office OF the clerk Of the county In
which the Office of such corporation Is to
be or Is situated, and q copy of the bylaws
of such corporation shall, at the same time,
be filed In said office with the names OF the
officers Of said corporation, and thereupOH
the persons subscribing said articles end
such as shall afterwards become insured
thereby, shall be corporation by the name
mentioned in said articles with the usuai
powers and subject to the usual duties and
liabilities of a corporation for the purpose
hereinafter mentioned.
4. The words "Town Insurance Company"
shall form part of the name Of every Sucn
corporation hereafter organized and no cor
poration not organized under this section
shall be entitled to use a name embodytng
said words, except that corporations now
existing may continue their present names.
8. Corporations organized under this sec
ton may change their name to conform
hereto.
6. The subsequent division of tho terri
tory of the towns mentioned in the arti-
Giles into new towns shall not impair any
power, duty or liability of such corpora
ton.
z. A copy of the articles, bylaws, policy,
and of each blank used by any such COM
pany shall be furnished to and filed and
preserved by the commissioner Of insurance.