Sidebilder
PDF
ePub

board of directors: Provided, a note is given for the cash premium, or any part thereof, in consideration of any policy of insurance, such policy shall be in full force, provided such note is paid when due; if not paid when due, the policy shall be void. Vacancies occurring in the board of directors, by the death, resignation or removal of any directors, may be filled, for the remaining term, by a majority of the board of directors remaining.

$ 9. Said company shall organize, under the provisions - organi.

of this act, within two years from the passage of this act, and, failing or neglecting so to do, this act shall be void and of no effect.

§ 10. Said company may take, in one risk, an amount not to exceed five thousand dollars; and may cause themselves to be reinsured in any other company, upon the whole or any part of any risk which said company may have issued a policy of insurance.

§ 11. All contained in this act—to which this act is an amendment, conflicting with the provisions of this act, is hereby repealed; and this act, together with the act to which this act is an amendment, are hereby made public acts, and to be liberally construed for the purposes therein mentioned.

$ 12. This act to take effect and be in full force and effect, from and after its passage.

APPROVED February 21, 1863.

risks.

June 10,

AN ACT to incorporate the “State Insurance Company."

SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That James Mitchell, Jerry Pattison, Thomas Long, John R. Rosebrough, Andrew P. Young, and their associates, successors

and assigns, be and they are hereby created a body corporate e name. and politic, by the name and style of the “State Insurance

Company;" and by that name shall have and enjoy all the rights, privileges and immunities that other insurance companies have for insurance purposes; but nothing contained

in this act shall authorize said company to engage in any hibited. banking business or to issue any notes, to circulate as money

or currency.

§ 2. The said company shall have power to make insurance and take risks on all kinds of property, and may take any kind of risk that they may deem proper, and charge and receive such premiums therefor as may he agreed by

and between the parties, either upon mutual or stock prinnds. ciple, or both, and may use, invest or loan its capital or

surplus funds, in such way and manner as the directors may judge that the interest and welfare of the company require, at such rates as private persons may legally do by the laws of this State, and may divide the business or risks into two or more classes, upon such conditions as may be regulated by the by-laws.

§ 3. Said company may establish agencies, either in or Agencies. out of this State, and do all acts, not inconsistent with the constitution and laws of this State or of the United States, as may seem necessary or convenient to carry out the full objects of this act; and may make such by-laws, ordinances and resolutions, as may seem necessary or convenient, for their regulation and government, and for the management of their affairs.

§ 4. Said company may sue and be sued, appear, prose- Suits at law. cute and defend, in any court of record or other court or place whatsoever, and shall be recognized as a corporation, in all courts.

§ 5. This act shall be void, unless the directors organize Time to organize. the company at Freeport, in the county of Stephenson, within one year from its passage; but the directors are authorized to carry on and conduct the business of the company at any place in this State.

$ 6. This act shall be deemed a public act, and shall take effect and be in force from and after its passage.

APPROVED, June 10, 1863.

AN ACT to amend the charter of the Rock River Insurance Company.

[blocks in formation]

tors reduced.

SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That at the next annual meeting for the election of directors of the Rock River Insurance Company, [the said company) may elect five directors, in place of fifteen, as now authorized ; Number of direcand, upon the election of the said five directors, the terms of the present directors shall expire, and the five so elected shall enter immediately upon their duties and hold their offices for one year, and until others are elected in their places, in accordance with the by-laws of the company.

§ 2. The home office of said Rock River Insurance Company may Company shall continue to be in Rockford, but the said company may establish agencies and do business at any other place deemed proper, and may insure all classes of property against loss or damage by fire, lightning, wind, or storm, including the risk of inland navigation and transportation, life or other risks, deemed proper by the directors of said company

establish cies.

agen.

etc.

Directors shall 3. The directors shall determine the rates of all classes

rates, of rieks, to be paid in whole or in part by premium notes,

subject to assessments, whenever deemed necessary by the directors, or in whole or part in cash. All notes taken by said company, for insurance, shall be a lien on the property of the assured, as mentioned in section 8, of the charter of said company.

$ 4. A majority of the directors shall constitute a quorum, for the transaction of business, and may choose an executive committee, of three or more, with full power to act when the board is not in session.

§ 5. This act shall be in force from and after its passage. APPROVED June 10, 1863.

as mentionee, shall beh. All acessary booties,

Quorum.

In force February AN ACT to amend the charter of the American Insurance Company, of Free18, 1863.

port, Illinois.

against

light

Assessments.

SECTION 1. Be it enacted by the People of the State of

Illinois, represented in the General Assembly, That the said May take risks company may, in addition to insuring against loss or damage ning.

light. by fire, insure against loss or damage by lightning or any

other risk that may be deemed proper, except to engage in the business of life insurance of persons. Any person receiving a policy of insurance from said company shall be bound by the provisions of this act, and the charter to which this act is an amendment.

§ 2. Assessments upon any premium or deposit note may be made at any time the directors of said company may deem necessary for the payment of losses and expenses of said company; and all premium or deposit notes shall be liable for their proportion of losses and expenses accruing in and to said company during the time for which the policy was issued, unless the policy be surrendered to the company; and in that case assessment shall be paid to the date of canceliug of policy; and the person or persons giving a premium or deposit note shall not be exempt from payment of their proportion of losses and expenses, notwithstanding his, her or their policy may have expired previous to receiving notice of the amount assessed. Premium notes shall be delivered to the person or persons giving such notes, on demand, at the end of the term for which the policy was issued, by the payment of all assessments for losses and expenses of the said company for and during the term for which the policy was issued, or to the date of canceling of

policy for which the note was given. Notice of assess- § 3. It shall be sufficient notice to any member of said

company of the amount assessed upon his, her or their pre

ments.

mium or deposit note, to deposit in the post office at Freeport, a printed or written notice, inclosed in an envelope and directed to his, her or their post office address, as written on his, her or their application for insurance, such notice to be post paid; and in case an action is brought for the recovery of any assessment due said company, the certificate of the president or secretary of said company, under the seal of the said company, stating the amount of such assessment and mailing of notice, shall be taken and received as prima facie evidence in all courts and places whatsoever. The records of said company, or copies thereof, duly authenticated by the signature of the president or secretary, under seal of the company, shall be competent evidence in any suit in which said company may be a party

§ 4. For the security and safe keeping of the books, Security of panotes and papers of the said company, it shall be lawful for pers, books, etc. the directors to build, or cause to be built, a fire-proof building, with a good and substantial fire-proof vault, and pay for the same in the manner provided for the payment of losses and expenses of the said company, such building to be the property of the said company, and may be converted into money, and applied in payment of losses and expenses of the company.

$ 5. This act and the charter of said American Insurance Company, shall be public acts, and liberally construed for the purposes therein mentioned. This act shall take effect and be in force from and after its passage.

APPROVED February 13, 1863.

AN ACT to amend an act entitled “An act to incorporate the Tornado In force February Insurance Company.

12, 1863.

SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That the first section of the act to which this is an amendment be and the Change of name. same is hereby so amended, that the name “Tornado Insurance Company,” be and the same is hereby changed to “Fire and Tornado Insurance Company;" and that said company may make insurance on all descriptions of property against loss or damage by fire and lightning, in addition to loss or damage by tornadoes, storms and wind, and may cause themselves to be reinsured upon the whole or any part of any risk on which they may have made insurance.

§ 2. The business of this company shall be divided into Business classitwo classes, which shall be kept entire and distinct from fled. each other; and no money or premium notes received for

Capital stock

[ocr errors]

Election of direc. tors.

surance.

insurance against loss or damage by fire or lightning shali be used or assessed to pay any loss or damage occasioned by tornadoes, storms and winds; and no member insured against loss or damage by tornadoes, storms and wind shall be assessed to pay any loss or damage occasioned by fire or lightning

§ 3. That the fifth section of said act be and the same what to consist is hereby so amended that the capital stock of said company

shall consist of the premium notes and cash premiums taken by said company, together with the ten per cent. lien said company has, by virtue of this charter, against the members

thereof. Election of direc. § 4. If it shall at any time happen that the election of

directors shall not be held or made on a day when, pursuant to the charter of this company, it ought to have been held or made, this corporation shall not for that cause be deemed to be dissolved, but it shall be lawful on any other day to hold and make an election of directors, notice of which shall be given in a manner prescribed by the by-laws of this

company. Application for. § 5. This company may receive applications for, and and rates of, in- issue policies of insurance against, loss or damage by fire

and lightning, for any term, not exceeding five years. The rates of such insurance may be fixed and regulated by a majority of the board of directors, or by the executive committee; and premium notes may be received from the insured, which shall be paid at such time or times, and in such sum or sums as the directors shall require for the payment of the losses and expenses of the company. The directors or executive committee may, also, fix the amount that each party shall pay at the time of insuring; and any party applying for insurance, so electing, may pay a definite sum of money in full for such insurance, and in lieu of a premium note.

§ 6. That the fourteenth section of said act be and the same is hereby so amended that the board of directors may also appoint, (unless otherwise provided by the by-laws of this company,) an executive committee, to consist of three members of the board; and such committee, when the board is not in session, may exercise all the powers vested in this company, except where the company have, by its by-laws, otherwise provided. Said executive committee to hold their office one year, or longer, as may be provided by the by-laws of this company.

§ 7. The directors of this company may levy an assess. Assessments.

ment upon the premium notes, at any time they may deem it necessary, for the payment of the losses and expenses of the company.

§ 8. The members of this company shall be and are hereby bound to pay their proportion of all losses and

com.

Bxecutive mittee.

Payment of losses.

« ForrigeFortsett »