Directors to ren

neglect or refuse to keep in good repair or order any dam or lock of their own construction, or shall neglect to remove any obstacles which may occur therein, so that boats cannot safely navigate said river, when not obstructed by ice or other unavoidable cause, said company, for any such offence, shall pay the sum of fifty dollars to any person prosecuting therefor.

§ 24. The directors of said company shall cause full der accounts. and fair accounts to be kept of all their receipts and expenditures, and shall annually submit the same to the stockholders at the annual meetings; and any three stockholders who shall have been such for one whole year previous, may at any time demand an inspection of the books of the company, and thereupon shall be allowed to inspect the same in the office of the company.

Tolls
Proviso

Burther proviso.

§25. The directors, at the annual meeting of the stockholders, shall exhibit a balance sheet of all the officers [affairs] of the company, to be verified by the oath of the secretary, and exhibiting a statement of all the receipts and expenditures, profits and losses, for the year preceding the 30th of April, inclusive, prior to such meeting; and at such meeting the said directors shall strike and publish a fair dividend of actual profits, if any, for the said previous year, which shall be paid on or before the first day of July next ensuing.

§ 26. The said company may at all times reserve a resonable surplus fund, to meet all contingent expenses, accidents and repairs, and may invest the same as to the directors shall seem expedient. The said company may, by loan, at such rates of interest, on such securities, and on such terms as may be convenient, borrow any sum or sums of money as may be necessary to the completion or repair of its works; and the obligations of the company, issued for such purpose, shall be a valid lien, in the order of their issue, on all the stock and effects of said company, which may be enforced accordingly by any court of competent jurisdiction; but nothing in this section, nor in this act contained, shall be deemed or taken to authorize the said company to exercise any banking powers whatever.

§ 27. The directors of said company shall have full power to fix the the amount of tolls and water rents: Provided, however, that the legislature may at any time provide for the appointment of a board of commissioners to regulate said tolls on the works of the company: Provided, also, that no regulation shall be made whereby the tolls fixed by the directors of the company shall be reduced below the customary rates of tolls on similar works in other states.

§ 28. The said company may from time to time increase its capital stock to an amount not exceeding in the whole two hundred thousand dollars, as the same may become ne

cessary for the more complete and extensive navigation of the Embarrass river.

§ 29.

This act shall be deemed and taken to be a public act in all courts of justice in this state, and shall be in force from and after its passage.

APPROVED Feb. 15, 1851.

AN ACT to establish the Galena Insurance Company.

In force Feb.15,

ed.

1851.

SECTION 1. Be it enacted by the people of the State of Illinois, represented in the General Assembly, That there shall be and hereby is established in the city of Galena an Company forminsurance company, to be known by the name and style of the "Galena Insurance company," with a capital stock of Style. one hundred thousand dollars, divided into shares of fifty Capital stock. dollars each, which may be increased at the will of the directors to any amount not exceeding five hundred thousand dollars, to be subscribed and paid for in the manner hereinafter specified.

§ 2. Wm. Hempstead, Fred. Stahl, H. Newhall, Jos. Commissioners. P. Hoge, N. Dowling, Jas. Carter and Henry Corwith, or any three of them, be und they are hereby authorized to open books of subscription in said city for the capital stock of said company, at such time and place as they shall think proper, after giving twenty days' notice of the same in either of the public newspapers in said city; said books to be kept open for the space of five days, and until at least one hundred shares shall be subscribed, when the same may be closed and said subscribers may, after six days' notice being given by said commissioners, in manner aforesaid, meet, and, under the inspection of said commissioners, choose their directors, who may at any time after ten days' public Directors. notice given, cause the subscription books to be re-opened and continue open until the whole amount of said stock shall have been taken.

§ 3. The subscribers of said stock, their associates, Corporation. successors and assigns, shall be and they are hereby declar

ed a body politic and corporate, by the name and style of

the "Galena Insurance company," and shall be capable in General powers. law of contracting and being contracted with, suing and being sued, pleading and being impleaded, answering and being answered unto, defend and being defended against, in all courts and places whatsoever, in all manner of actions, suits, complaints and causes.

§ 4. The said corporation may have and use a common Powers. seal, which they may change, alter or break at pleasure,

Objects of corporation.

Payments of stock.

Directors.

tion.

and may also make, establish and put in execution such bylaws, ordinances and regulations as shall in their opinion be necessary for the good government and management of the affairs of said corporation, and which are not repugnant to the laws and constitution of this state or of the United States.

§ 5. The corporation hereby created shall have full power and authority to take all marine risks, of any and every kind, nature and description, and to make insurance upon inland navigation and transportation, and against losses by fire of buildings and all other property whatsoever, and to make all kinds of insurances upon lives, and all such other insurances as they may deem proper; and also to receive moneys on deposit, and to loan the same, and their surplus or unemployed capital or money, on personal, real or other security, at such rates of interest as may be done under the existing laws of this state; and to lend money upon respondentia and bottomry, to companies, corporations and individuals, upon such security as they shall think proper. They may also cause themselves to be insured or re-insured against all or any risks upon which they may have made insurance; and, also, upon all property of every kind, or any interest therein owned by said company, or held by them as security, and generally to do and perform all necessary matters and things relating to or connected with these objects, or either of them.

§ 6. The payment of the stock subscribed for shall be made by the subscribers, respectively, at the time and in the manner following, that is to say: at the time of subscribing there shall be paid on each share one dollar, and the balance due upon each share shall be subject to the call of the directors, under such penalties as the board of directors may appoint and order, and shall be secured to be paid on demand by approved notes, hypothecated stocks, mortgages on real estate, or other satisfactory security.

7. The stock and affairs of said company or corporation aforesaid shall be managed and conducted by seven directors, who shall be stockholders of said corporation. Manner of elec- They shall, after the first year, be elected on the first Tuesday in June in each year, at such time and place in the city of Galena as the board of directors for the time being shall appoint, and shall hold their offices for one year and until others shall be chosen to supply their places, and no longer; ten days' public notice of said election shall be previously given, and the election shall be held under the inspection of three stockholders, to be previously appointed by the board of directors for that purpose, and shall be made by ballot, by plurality of the stock represented, allowing one vote for every share, and stockholders not personally present may vote by proxy, mailed in writing direct

ly to the person representing them at such election. In case that it shall happen at any time that an election of directors should not be made on any day when pursuant to this act it ought to have been made, the said corporation shall not, for that cause, be deemed to be dissolved, but it shall and may be lawful, on any other day, to make and hold an election of directors, in such manner as shall be regulated by the by-laws and ordinances of said company.

pre

8. The directors of said company shall, as soon as President. may be after their election in each year, proceed to choose out of their body one person to be president, who shall side until the next annual election thereafter; and in case of the death or resignation of the president or any director, Vacancy. the vacancy may be filled by the board of directors, and in case of the absence of the president the board of directors shall have power to appoint a president pro tem., who shall have all the powers and perform all the duties of the president regularly chosen.

§ 9. The directors may, by the ordinances or by-laws By-laws. of said company, order what number of directors shall constitute a board or quorum, and be competent for the trans- Quorum. action of the business of the corporation, and they shall have power, subject to said by-laws, to appoint from their own. body one or more persons to act and assist in the performance of the business of the company, with such salaries and allowances as they may think proper, and also to appoint a secretary and such clerks and other servants as they Secretary. may deem expedient; they shall have power to declare and nake dividends of the profits arising from the business of said corporation, but all contracts, certificates and other instruments in writing of said company shall be signed by the president and secretary thereof, or either of them, as may be provided by the by-laws of said company.

Dividends.

10. The stock of said corporation shall be considered Stock to be perpersonal property, and shall be assignable and transferable sonal property. according to such rules and restrictions as the board of di

rectors shall, from time to time, make and establish.

11. The said corporation may purchase, hold, sell Real estate. and convey, at their pleasure, all such real estate as may

be deemed necessary for the transaction of its business, not

exceeding at any one time twenty thousand dollars, and to Limitation. take and hold any real estate mortgaged or pledged as security for the payment of any debt due or that may become due to it, and also to purchase on sale, in virtue of any judgment at law, or any decree of a court of equity, or otherwise; to take and receive any real estate or other property in payment or towards satisfaction of any debt previously due to said corporation, and to hold the same. until they can conveniently and advantageously sell anu convert the same into money or other property.

Deposit.

§ 12. That said corporation shall have full power and authority to deposit any portion of their unemployed capital, or other funds at any time in their possession, with any corporation, company or individual in any sections of the United States, and to use the same as they may think proper, in order to facilitate exchanges, and to do and perform all such acts and things as may be requisite in all such transactions and for the best interest of said corporation. Expenses, how § 13. The expenses incurred by the commissioners in executing duties required by this act shall be paid out of moneys received by them of the subscribers to the capital stock, and may be retained by them for such purposes, and the balance so received shall be paid over to the directors after they shall have been chosen.

paid.

Policies of insu

rance.

Losses,

Apportionment.

Proviso.

Place of business.

rance.

§ 14. All policies of insurance by them made shall be subscribed by the president, or in case of his death or absence, by such other person as may be authorized, and countersigned and sealed by the secretary of said company; and all losses arising under any policy so subscribed and sealed may be adjusted and settled by the board of directors, or such other person or persons as said board may appoint for such purpose.

§ 15. In case of any loss or losses whereby the capital stock of said company may be lessened before all the instalments are paid in, each proprietor's or stockholder's estate shall be held accountable for the instalments that may remain unpaid on his share or shares at the time of such loss or losses taking place, and no subsequent dividend shall be made until the sum arising from the profits of the business or by advance of the stockholders, to make good said capital stock, shall have been added thereto.

§ 16. If a greater number of shares shall be subscribed for than is contemplated in the second section of this act, the same shall be apportioned amongst the subscribers in such equitable manner as the said commissioners shall appoint: Provided, such subscriptions take place before the election of directors, and if after their election, then the same shall be appointed by said directors.

§ 17. The business of the company shall be carried on at such place in the city of Galena, or elsewhere by agency, as the directors shall direct, and at such agencies as they may establish.

Mutual insu- § 18. This corporation may conduct its insurance business, in part or entirely, upon the principle of mutual insurance, if preferred by its stockholders or directors: Provided, always, that all risks are assessed at their cash value of hazards, and the premiums shall be paid in cash or its equivalent, when the policy is issued.

Proviso.

Construction of act.

§ 19. This act shall be and is hereby declared to be a public act, and the same shall be construed liberally, for the