« ForrigeFortsett »
thereof given to the person or party assessed, in accordance
with the by-laws of the company, if such person or party Refusal to pay as- refuses or neglects to pay such assessment, for a period of
thirty days after such notice given, the person or party so refusing or neglecting, shall, at the option of the directors, be excluded and debarred, and shall lose all benefit and advantage of his, her or their insurance or insurances, respectively, for and during the term of such default or non-payment, and, notwithstanding, shall be liable and obliged to pay all assessments that shall be made during the continuance of his, her or their policies of insurance, pursuant to
this act and the act to which this act is an amendment; and Collect'n of notes the directors may proceed to sue for and collect the entire
amount of the deposit note or notes, so assessed and remaining unpaid, together with the costs of suit; and the money so collected shall remain in the treasury of the company, subject to the payment of such losses and expenses as have or may thereafter accrue and be chargeable against such person or party; and the remainder, with interest thereon from date of collection, shall, on demand made to the treasurer of the company, be returned to the person or party from whom it was collected, at the expiration of the term of such person or party's insurance.
$ 2." This company may divide its business into two departments, to be designated as “Stock Department” and
Mutual Department;" and, when so divided, each department shall be separate and distinct from the other; and the directors are hereby authorized to open, at the office of this company, in the city of Quincy, Illinois, and at such other place or places in this State as they may determine, either through themselves or their agents, books of subscription to the stock capital of this company; which stock shall be divided into shares of fifty dollars each, and deemed personal property, transferable only on the books of the company. Ten days' notice of the opening of such books of subscription shall be given in one of the newspapers published in
said city; and the books of subscription shall remain open Subscription to until the sum of twenty thousand dollars is subscribed and
paid to the treasurer of the company, in such way as may be agreed upon, or secured in a manner satisfactory to the directors, when the directors may proceed to issue policies of insurance, based on such capital; and the directors may, under said notice, and in the manner aforesaid, continue to receive subscriptions of stock, until the whole sum subscribed shall amount to one million of dollars. Ten per cent. of each share of stock shall be paid at the time of making the subscription, and the remainder in installments, on demand of the directors; but installments shall not be called for oftener than once in thirty days. Any subscriber refusing or neglecting to pay the installments on his stock subscribed, as called for by the directors, for a period exceeding
"son, for upon the and make shall have and of thompa
thirty days from the date of such call, the directors may sue for and recover judgment for the entire amount of the subscriptions remaining unpaid. Dividends on the capital paid in shall be declared once in six months; and all dividends on stock not fully paid up may be applied in the payment of any balance on said stock then due the company.
§ 3. Under the special and general powers granted this company by an act of the Legislature of this Štate, incorporating the “Farmers' and Merchants' Insurance Company,” approved February 22d, A. D., 1861, and of this act, amendatory thereof, this company shall have full power and authority to take risks, and make insurance with any per- Life insurance. son or persons, upon their life or lives, or upon the life of any person, for the benefit of any other person having any pecuniary interest in the insured person's life, as creditors, guarantee, surety, or interested by marital or other relation; may grant, sell or make and contract for annuities and endowments, and do all other acts and things necessary and incidental to the transaction of a life insurance and annuity business, upon the mutual plan; may issue policies, for such length of time, and upon such terms and conditions, as may be agreed upon by the directors; they may, also, cause themselves to be re-insured against loss upon any or all risks so taken.
$ 4. It shall be lawful for any married woman, by her- Women to insure self and in her name, or in the name of any third person, with his consent, as her trustee, to cause to be insured, for her sole use, the life of her husband, for any period, or for the term of his life, when the premium so paid does not exceed five hundred dollars per annum, which may be paid by or from the estate or funds of her said husband; or a policy in his name and by him obtained may be made payable to his wife, or to her and to her children, or to either; and, in case of her surviving her husband, the sum or net amount Widow's insurof the insurance becoming due and payable by the terms of in the insurance, shall be payable to her, to and for her own empt from use, free from the claims of the representatives of her hus- creditors. band or any of his creditors, other than this corporation. In case of the death of the wife, before the decease of her husband, the amount of the said insurance may be made payable, after such death, to her children, for their use, or to such other persons as may be agreed upon in the policy of insurance. No life insurance policy shall be issued by the directors of this company until applications for such insurance has been received to the amount of fifty thousand dollars.
5. The moneys, notes and securities, of every kind whatsoever, paid to or received by this company, for life insurance or annuities, and all profits derived from said business, and all the losses, salaries, fees, and other incidental expenses of conducting said business, shall be entirely free
ance on hus. band's life ex
erty of the con pany.
of the purpose o directors of this money as may be
and distinctly separate from those arising from any other
business conducted by this company; and the moneys, Funds and prop
m. notes, and securities received by this company, in conduct
ing the said life insurance and annuity business, shall never be responsible in any way for any losses or expenses accru
ing to this company in conducting any other business. Time of holding $ 6. From and after the next annual election of direc
tors for this company, all other elections therefor shall be held on the first Wednesday in May, of each alternate year. Every person mutually insured in this company, and also their administrators, executors and assignees, (and none others,) shall be members thereof; and, at all elections for directors, shall be allowed one vote for each policy of insurance held by them. And all persons, who are subscribers to the stock capital of this company, shall be allowed one vote for each share of stock owned by them, and on which
all the installments called for by the directors have been Filling of vacancy paid. Any vacancy occurring in the board of directors shall
be filled by the remaining members, at the next regularly called meeting of the board, after such vacancy is known; and such director or directors, so appointed, shall serve until
the next regular election therefor. Borrowing of $7. For the purpose of securing the prompt payment of
losses and expenses, the directors of this company are authorized to borrow such sum or sums of money as may be required for such purpose; and, in making the next assessment, the interest accruing thereon, and also all necessary incidental expenses, shall be included in such assessment. Any director, agent or other person, who shall collect or receive any money or other valuables, belonging to this company, and shall not account for and pay over the same, on demand of said company, any such director, agent or other person, on conviction of the same, shall be deemed guilty of embezzlement, and punished as provided for by
the statutes of this State. Lightning risks. $ 8. This company may inake insurance against the de
struction of property by lightning, in connection with its insurance against fire, charging such rates therefor as the
directors may determine. Copies of records. $ 9. A copy of any record of this company, under the
seal of the company, and certified to by the secretary, shall be taken as prima facie evidence thereof, in any court tribunal in this State, upon the subject matter contained
therein. Vote upon the ac. & 10. This act shall be submitted to the members of the
company, at the next regular meeting for the election of directors, or at a special meeting, called for that purpose, after giving ten days' notice, in one of the daily papers published in the city of Quincy, Illinois, for their adoption or rejection; and if voted for by a majority of the members voting at said meeting, by proxy or in person, the order of accept
ny, and shall not other valuab, who shall collemen
ceptance of this act.
ance shall be spread upon the records of the company; and, from the date thereof, this act and all its provisions shall be binding on all officers, members and stockholders in the company, and all other persons and parties interested, as completely as though it formed a portion of the original act of incorporation; or, if this act is voted against by a majority of the members voting at said meeting, it shall not take effect.
$ 12. Everything in the act of which this act is an amendment, inconsistent with the provisions of this act, is hereby repealed.
APPROVED February 13, 1863.
AN ACT to incorporate the “Big Rock Farmers' Mutual Fire Insurance
In force Februa
SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That Isaac Hatch, Timothy Hodgman, J. R. Rhodes, P.'s. Winslow, A. W. Chapman, J. A. H. Brady, Wm. Waterman, Jerome Holsted, N. M. Hendrick, together with such other persons as may hereafter be associated with them, shall be and they are hereby created a body politic and corporate, by the name, style and title of “The Big Rock Farmers' Mutual Fire In- Name and style. surance Company,” for the purpose of insuring their respective dwelling houses, stores, shops, barns and other buildings, household furniture, merchandise, produce and live stock, against loss or damage by fire; whether the same shall happen by accident, lightning or any other means, except that of design in the assured, or by the invasion of an enemy, or insurrection of the citizens of this or any of the United States; and they and their successors are hereby declared a body corporate and politic, in part and in law, with all the legal incidents to a corporation aggregate.
§ 2. The affairs of the company shall be managed by a Directors. board of nine directors, to be elected at the annual meeting of the members, as hereinafter directed, to continue in office for the term of one year, or until their successors are chosen. The said directors shall have power to perform such duties as are hereinafter provided, or as may be directed by the by-laws of the company made in conformity to this act. They shall elect a president, vice president, secretary and treasurer, from their own body, and such other officers as may be necessary to conduct the affairs of the company.
§ 3. On any day, to be fixed by said parties named in Annual elections. the first section of this act, said parties may call a meeting of said company and the members thereof, and annually, on
of the memm of one wall have po as may be
the same day of the month, thereafter, said members of said company shall convene for the purpose of electing directors, and for the transaction of such other business as by said company shall be deemed necessary; notice of which meeting shall be given for at least twenty days previous, in a public newspaper printed in Kane county; and, until their successors are chosen, the individuals named in the first section of this act shall be the directors of said company, with powers to transact all business hereinafter enjoined on the directors of said company; and all elections for directors, and their officers, shall be by ballot, from among the members present, allowing each member one vote, to be conducted by three judges, chosen from among the members not directors, who shall certify, under their hands, the result of said election; and said certificate shall be filed with the papers and entered upon the records of said. company. General meetings of the company may also be held, whenever called by the directors, or whenever requested by twelve members; and the members may, at such general meeting, make all by-laws, rules and regulations necessary for the well government of the affairs of said company, that may not be inconsistent with the constitution and laws of this State.
§ 4. The directors shall hare full power on behalf of said company to make insurance against loss by fire on any building or other property mentioned in the first section of this act, and of such kind or description, and within such limits as may be permitted in the by-laws of said company, and to make, execute and perfect so many contracts, bargains, agreements and policies, and other instruments, as shall or may be necessary, or as the nature of the case shall reqnire; and every such bargain, agreement, contract or policy, made by said company, shall be in writing, or in part writing and part print, and shall be ander the seal of said company, signed by the president and attested by the secretary, and also by the party insured : Provided, that it shall not be lawful for the said company to take any one single risk that shall exceed five per cent. on the total amount on the books of said company: And provided, further, that no policy shall be issued by said company until the amount of entries shall come up to or exceed thirty
thousand dollars. Rates of insu- $ 5. Any person applying for admission, and holding
any property within the boundaries of the company of such description as may be insured therein, may, agreeable to the by-laws for the admission of members, enter their property to be insured, with the valuation thereof, on the books of the company; and when any property so entered shall be destroyed by fire, such valuation shall be made the basis of a tax to remunerate the loss; and all such persons as are now associated together under the corporate náme afore