Source: http://mdh.contentdm.oclc.org/cdm/ref/collection/molaws/id/44740/
Timestamp: 2020-06-05 13:55:04
Document Index: 286630293

Matched Legal Cases: ['§ 10', '§ 12', '§ 13', '§ 14', '§ 10', '§ 11', '§ 12', '§ 13', '§ 14']

Previous 203 of 332 Next
INSURANCE   COMPANIES. 205
ing said books, in one or more newspapers printed in this state; and it shall
be lawful for any idividual, company or corporation to subscribe for any number of shares, and at the time of subscribing, pay to said commissioners one
dollar on each share subscribed, and nine dollars more to the directors before
the company goes into operation. And it shall be the duty of said commissioners as soon as five hundred shares are subscribed to give thirty days notice in one or more newspapers printed in this state, ofthe time and place for
the stockholders to meet and elect nine directors, and the board ofdirectors
thus elected shall constitute the first board, and shall continue in office until
the next annual election.
§ 10. As soon as the board of directors are elected, it shall be the duty of
the commissioners to pay over to said board, all moneys that may be in their
hands belonging to said company, and deliver over to them all books and
papers belonging to the same; and it shall be the duty of the directors before
they proceed to make any policies of insurance, to demand and receive of
each stockholder, the residue of the amount of the stock by them respectively
subscribed, which payments shall be made in cash or secured to be made by
giving real or personal security, to the satisfaction of the directors; and if any
stockholder shall fail to make such payment, or give such security within
thirty days after the election for directors, such stockholder shall forfeit the
amount paid on such stock at the time of subscribing.
on an kind of property real or personal against loss or damage by fire or
may be on life or lives, it shall be lawful to charge such premium as may be
§ 12. Whenever any property real or personal, on which a policy may
be lawful for the vendor or vendors to assign such policy to the vendee or
benefit thereof; Provided, that before any loss happens, notice shall be given
said company of said assignment; and, provided, said company when so notified shall be at liberty to return a rateable proportion of the premium and
therefrom be exonerated.
§ 13. Whenever said corporation shall be notified of any loss sustained
policy within sixty days after being so notified; Provided, there shall have
been no violation of the condition of the policy, on the part of the insured.
§ 14. Upon the complaint of any person interested, alledging that said
corporation has violated any of the provisions of its charter, and that the
same has become thereby forfeited, it shall be lawful for the circuit court of
Pike county to issue a scire facias, which shall state with precision the violations alledged to have been made, and upon return of the same the issues
joined shall be tried by a jury, and if by the verdict of the jury it is ascertained that the provisions of the charter -have' been violated, the court shall
Approved, Jan. 2, 1837.
Identifier LAWS_9th_1836-1838_0205.tif
Transcript INSURANCE COMPANIES. 205 ing said books, in one or more newspapers printed in this state; and it shall be lawful for any idividual, company or corporation to subscribe for any number of shares, and at the time of subscribing, pay to said commissioners one dollar on each share subscribed, and nine dollars more to the directors before the company goes into operation. And it shall be the duty of said commissioners as soon as five hundred shares are subscribed to give thirty days notice in one or more newspapers printed in this state, ofthe time and place for the stockholders to meet and elect nine directors, and the board ofdirectors thus elected shall constitute the first board, and shall continue in office until the next annual election. § 10. As soon as the board of directors are elected, it shall be the duty of the commissioners to pay over to said board, all moneys that may be in their hands belonging to said company, and deliver over to them all books and papers belonging to the same; and it shall be the duty of the directors before they proceed to make any policies of insurance, to demand and receive of each stockholder, the residue of the amount of the stock by them respectively subscribed, which payments shall be made in cash or secured to be made by giving real or personal security, to the satisfaction of the directors; and if any stockholder shall fail to make such payment, or give such security within thirty days after the election for directors, such stockholder shall forfeit the amount paid on such stock at the time of subscribing. § 11. When said company shall grant any policy or policies of insurance on an kind of property real or personal against loss or damage by fire or any other cause, whether on the land or on the water, and whenever they may be on life or lives, it shall be lawful to charge such premium as may be agreed upon by the parties. § 12. Whenever any property real or personal, on which a policy may have been effected, shall be sold during the existence of the policy, it shall be lawful for the vendor or vendors to assign such policy to the vendee or vendees of such property, and such assignee or assignees shall have the full benefit thereof; Provided, that before any loss happens, notice shall be given said company of said assignment; and, provided, said company when so notified shall be at liberty to return a rateable proportion of the premium and therefrom be exonerated. § 13. Whenever said corporation shall be notified of any loss sustained or incurred in any policy of insurance granted or issued by the same, it shall be the duty of said corporation to pay the amount so lost or incurred on such policy within sixty days after being so notified; Provided, there shall have been no violation of the condition of the policy, on the part of the insured. § 14. Upon the complaint of any person interested, alledging that said corporation has violated any of the provisions of its charter, and that the same has become thereby forfeited, it shall be lawful for the circuit court of Pike county to issue a scire facias, which shall state with precision the violations alledged to have been made, and upon return of the same the issues joined shall be tried by a jury, and if by the verdict of the jury it is ascertained that the provisions of the charter -have' been violated, the court shall adjudge the same to be forfeited and annulled. Approved, Jan. 2, 1837.