Source: http://mdh.contentdm.oclc.org/cdm/ref/collection/molaws/id/44749/
Timestamp: 2019-09-17 07:22:36
Document Index: 486475836

Matched Legal Cases: ['§ 7', '§ 8', '§ 7', '§ 8', '§ 9', '§ 10', '§ 11', '§ 12']

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214 INSURANCE   COMPANIES.
any proposition submitted, and entered into the journal of their proceedings
They shall, at least twice in each year, make and declare such dividends of
the profits resulting from their business, as shall not impair or lessen the cap;.
tal stock of said company, and cause the same to be paid to the stockholders-
Provided, That no such dividend shall be paid on any stock that has not been
fully paid for, but shall be passed to the creditof such stock as part payment
§ 7. All policies of insurance which shall be made or entered into by said
company, shall be subscribed by the president or president pro tempore, or
by such other officer as shall be designated for that purpose by its by-laws
and attested by the secretary or clerk, and being so signed and attested, shall
be binding and obligatory on said company. It shall be the duty of the secretary, at every annual election or other general meetingof the stockholders
to lay before them a correct and particular statement of the condition and
affairs of said company.
§ 8. The stock of said company shall be assignable and transferrable on
the books of the same, or otherwise, according to such rules and by-laws, and
subject to such restrictions and limitations as may be established by the di-
rectors, and all such stock shall be held and considered as personal property.
shall be opened by and under the direction of Theodore Labeaume, Christopher Rhodes, John W. Johnston, Daniel Lamont, Thomas Jefferson Stewart,
Hardage Lane, Wm. G. Petttis, Thos. Andrews, John Ford, Wm. L. Sublette,
and John Shade, or such other persons as any three of them may appoint,
whose duty it shall be, or any three of them, to give thirty days notice of the
times and places of opening said books for subscription, in one or more newspapers printed in this state; and it shall be lawful for any individual, 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, of the time aud place for the stockholders to meet and
elect thirteen directors, and the board of directors thus elected, shall continue in office until the next annual election.
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
each stockholder the residue of the amount of the stock by them respectively
subscribed, which payment shall be made in cash, or secured to be made by
giving real or personal security to the satisfaction ofthe directors, and if any
on any kind of property, rieal or personal, against loss or damage by fire, or
have been effected, shall be sold during the existence ofthe policy,it shallbe
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 bene-
Identifier LAWS_9th_1836-1838_0214.tif
Transcript 214 INSURANCE COMPANIES. any proposition submitted, and entered into the journal of their proceedings They shall, at least twice in each year, make and declare such dividends of the profits resulting from their business, as shall not impair or lessen the cap;. tal stock of said company, and cause the same to be paid to the stockholders- Provided, That no such dividend shall be paid on any stock that has not been fully paid for, but shall be passed to the creditof such stock as part payment thereof. § 7. All policies of insurance which shall be made or entered into by said company, shall be subscribed by the president or president pro tempore, or by such other officer as shall be designated for that purpose by its by-laws and attested by the secretary or clerk, and being so signed and attested, shall be binding and obligatory on said company. It shall be the duty of the secretary, at every annual election or other general meetingof the stockholders to lay before them a correct and particular statement of the condition and affairs of said company. § 8. The stock of said company shall be assignable and transferrable on the books of the same, or otherwise, according to such rules and by-laws, and subject to such restrictions and limitations as may be established by the di- rectors, and all such stock shall be held and considered as personal property. § 9. The books for the subscription to the capital stock of said company, shall be opened by and under the direction of Theodore Labeaume, Christopher Rhodes, John W. Johnston, Daniel Lamont, Thomas Jefferson Stewart, Hardage Lane, Wm. G. Petttis, Thos. Andrews, John Ford, Wm. L. Sublette, and John Shade, or such other persons as any three of them may appoint, whose duty it shall be, or any three of them, to give thirty days notice of the times and places of opening said books for subscription, in one or more newspapers printed in this state; and it shall be lawful for any individual, 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, of the time aud place for the stockholders to meet and elect thirteen directors, and the board of directors thus elected, 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 payment shall be made in cash, or secured to be made by giving real or personal security to the satisfaction ofthe 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 any kind of property, rieal 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 ofthe policy,it shallbe 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 bene-