Year: 1868

Sec |. Be it enacted 6y the Genera


Asse'nbly Of the State Of Io,ca, Tha


hereafter when any number Of persons


associate themselves together for the


purpose of forming an insurance com pa


ny, for any other purpose than life In


surance. under the provisions Of chapte


ffty-two Of the Revision of 1860 and al
acts amendatory and Supplementary,
thereto, they shall publish notice O
such intention once in each week foul
weeks In some public newspaper in the
county in which such insurance compa.
NY is proposed to be located, and they
shall also make certificate, under
their hands, specifying the name as.
sumed by such company, and by which
it shall be known. the object for which
said comp6ny shall be formed, the
amount Of its capital stock, and the
place where the principal office of said
company shall be located, which certifi.
cate shall be acknowledged before, attl
certified by some notary public or clerk
of court of record, aud forwarded to the
Auditor of State, who shall submit the
same to the Attorney General for exam
ination, and II It shall be found by the
said Attorney General to be in accord
ance with, the provisions of this act,
and not in conflict with the constitution
and laws of the United States and OF
this State, he shall make certificate OF
the facts and return it to the Auditor of
State, who shalt reject the name or title
applied for by any company when he
shall deem the same too similar to any
one already appropriated by any other
company, or likely to misiead the pub
| lie. -. 'f' " aa


| a. When the said certificate of the
said company shall have received the
approval Of the Attorney General and
t Auditor of State, the said company
shall cause the same to be recorded as
| now required by law for recording arti.
| when Incorporated, and having in all
respects complied with the provisions of
this act, are hereby authorized to carry
on the business Of insurance, as named
in such certificate of Incorporation,
and by the name and style provided
therein, and shall he deemed body
corporate with succession: they and
their associates, successors, and assigns
to have the same general corporate pow-
ers, and be subject to all the obligations
and restrictions of said chapter fifty-two
Of the Revision Of 1860, and of such acts
as may be a'nendatory or supplementary
thereto, except as may be herein other
wise provided.


s3. Nojoint stock company shall be
, incorporated under the provision of this
act with smaller capital than fifty
thousand dollars, nor more than one
million dollars, as may be specified i'm
the certificate of Incorporation, which
stock shall he divided into shares of one
hundred dollars each of which capital
not less than twenty-five per cent.
thereof and in no case less than twenty
five thousand dollars shall be paid up in
cash. The balance of the capital Of said
company may consist Of the bonds or
notes OF the stockholders; nor shall any
company, on the plan of mutual insur-
ance, commence business in this State
until agreements have been entered in
to for insurance with ut least two hun
dred applicants, the premiums upon
which shall amount to not less than
twenty-five thousand dollars, of which
at least five thousand dollars shall have
been paid in actual cash, and for the re-
mainder of which notes of solvent par
ties, founded upon actual and bona tide
application for Insurance, shall have
been received. No one of the notes re-
ceived as aforesaid shall amount to more
than five hundred dollars; and no two
thereof shall be given for the same risk,
or made by the same person or firm,
except where the whole amount of
such notes does not exceed the sum of
five hundred dollars; nor shall any note
he regarded or represented rs capital
stock unless policy be issued upon the
same within thirty days after the or
ganization of the company taking the
same. upon risk for no shorter period
than twelve months. Each Of said notes
shall be payable, in whole or in part, at
any time when the directors shall deem
the same requisite for the payment of
losses by firelor inland navigation, and
such incidental expenses as may be
necessary in transacting the business Of
said company. And no note shall be
accepted as part of such capital stock
unless the same shall be accompanied
by certificate of a justice of the peace
Notary public, or clerk of the District
Court Of the county In which the per-
son executing such note shall reside,
that the person making the same Is, in
his opinion. pecuniarily good and re-
sponsible for the same in property
not exempt from execution by the laws
of their State; and no such note shall be


Was wheilse eeent the eeodiinaess iiniss e, f,
force. 's7-ss


"A. Having published the notice and
filed publishers affidavit of publication
thereof with the Auditor Of State, to-
gether With the certificate as required by
the first section Of this act, the persons
named In the certificate Of incorporation
or . majority of them, shall be commits
sioners to open books for the subscrip-
ton of stock to the company at sucl,
times and places as to them may seem
convenient and proper, and shall keep
the same open until the full amount
specified in the certificate, is subscribed:
or in case the business of such company
Is proposed IT, he conducted on the plan
of mutual Insurance, then open books
to receive propositions and enter into
agreements in the manner and to the
extent specified in the third section OF
this act.


IS. The affairs of any company, or
ganized under the provisions Of this act.
shall be managed by not more than
twenty-one nor by fewer than five Di-
Tectore, all of whom shall be stockhold-
ers. Within thirty [days] after the
subscription book shall have been filled,
majority Of the subscribers shall hold q
meeting for the election of DIRECTOR
each share en- titling the holder thereof
to one vote; and the Directors then
elected shall continue in Office until
their successors have been duly chosen
and have accepted the trust.


Ia II sha1l ha law fir1 fnr auv 3r.,,r.