« ForrigeFortsett »
said, and are deemed and taken as members thereof, and all such persons as shall at any time hereafter insure in or with said company, or be allowed so to do, shall be deemed and taken as members thereof during the period they shall remain insured by the said company, and no longer.
§ 6. Any person entering for insurance shall deposit Manner of ob. with the secretary of the company his,'her or their promis- fance. sory note, payable in part or in whole at any time when the directors shall deem the same requisite for the payment of losses by fire, or for such incidental expenses as may be necessary for transacting the business of the company, for a sum equal to one and one-half per cent. on the amount of the property insured, according to the scale of rates established by the company, and shall receive in return a policy of insurance, signed by the president, and attested and signed by the secretary. And for the purpose of raising a contingent fund for the payment of losses, and other objects of the company, it shall and may be lawful for the said company to exact from its members interest, at a rate not exceeding six per cent. per annum, on the amount of said promissory note or deposit note, as in their judgment the company may require it. Such interest shall be paid to the treasurer upon the day of each annual meeting; and every payment of interest so made shall be entered to the credit of the proper persou on the books of the company, and be applicable, as far as the same may go, to the liabilities of the company, and shall so remain; but upon the withdrawal of any member, or the canceling of a policy, from any cause, the deposit note, with all unappropriated interest thereon, or clear profits to which the member may be entitled, shall be given up to the depositor, or his legal representative. And in case any assured, named in any Assignment. policy or contract of insurance made by the said company, shall sell, convey or assign the subject insured, it shall and may be lawful for such assured persons to convey and deliver to the purchaser such policy or contract of insurance; and such aasignee shall have all the benefits of such policy or contract of insurance, and may bring and maintain suits at law, and be proceeded against in his own name: Provi. Proviso. ded, that he shall first obtain the consent of the president and secretary to such assignment, and have the same endorsed on or annexed to said policy or contract of insu
$ 7. This insurance shall be subject to adjustment when either the company or parties may require, otherwise the policy will not require renewal.
§ 8. All and every member of this company who shall Losses. sustain any loss or damage by fire, shall give immediate notice thereof to the president or secretary of said company, at their office, of such business transaction, to the end that they may notify the board of directors; and the said board
Losses binding on any member.
Suits at law.
may inquire into the same, and direct the proper appraisers to view the premises and determine the actual loss sustained, and make report within ten days. And in cases where the individual sustaining a loss shall be dissatisfied with the estimate of his loss, made by the appraisers, at his request the same may be submitted to three disinterested persons, each party to choose one, and they the third, whose report shall be conclusive.
§ 9. Upon the reception of the report of appraisers or referees, the directors shall proceed, in case there shall not be money enough in the treasury to pay the same, to levy such pro rata tax as shall, together with the sum in the treasury, be equal to the adjudged loss or damage and cost of collecting. They may publish the same in such manner as they shall see fit; they may employ a collector, if necessary, to collect the
pay it over to the treasurer within thirty days; and the president shall give the assured an order on the treasurer for the amount due to him, which must be paid within sixty days from the occurrence of the fire, otherwise the company shall be liable for interest.
§ 10. Every member of said company shall be bound to pay for the losses and necessary expenses accruing in and to said company, in proportion to his note or deposit, or taxable property on the books thereof; and suits at law may be maintained by said company, in its corporate name, against any of its members, for the collection of said deposit note, or any assessment thereon, or for any cause relating to the business of said company; also suits at law may be maintained by any member against said company, (in its own name,) for losses or damages by fire, if payment is withheld more than ninety days after said company is duly notified of such losses. The said corporation may have and use a common seal, and, at their pleasure, alter or change the same.
§ 11. If any member shall neglect or refuse to pay the regular installments of interest on his, her or their deposit note, the directors, for the time being, may debar or exclude such member from any benefit or advantage from his, her or their insurance, respectively, until the same is paid ; and if any member, for the space of thirty days after the demand, by the treasurer or collector, shall neglect or refuse to pay the sum assessed upon him as his proportion of any loss, as aforesaid, the directors may, in the corporate name of said company, sue for and recover the whole amount of his deposit note, with costs of suit; and the amount thus collected shall remain in the treasury of said company till the next annual meeting, when, if any balance remain, it shall be returned to the party from whom collected, upon demand being made, and the policy be canceled.
$ 12. The privileges hereby granted or intended to be granted by this act, shall continue in force for the space of
Refusal to pay installment of interest.
Duration of char
thirty years; but if it shall appear at any time, to the legislature of this State, that these privileges are injurious to the public welfare, the power to repeal this act shall not on any account be denied or impaired; but such repeal shall not on any account affect any contracts to which said company may have been party previously thereto. And the said company shall have a reasonable time to bring their accounts to a final settlement and termination.
§ 13. This act shall be deemed a public act, shall be liberally construed for the purposes herein expressed, and shall take effect from and after its passage.
APPROVED February 16, 1863.
SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That Edward L. Baker and David L. Phillips, and their associates, successors and assigns, are hereby created a body corporate and politic, under and by the name, style and title of * The Illinois Journal Company," with perpetual succession; and by that name shall be and are hereby made capable, in law and equity, to sue and be sued, plead and be impleaded, defend and be defended, in all courts of law or equity, in this State or elsewhere; to make, have and use a common seal, and the same to renew or alter at pleasure; and shall be and are hereby vested with all the powers, privileges and immunities which are or may
into effect the purposes and objects of this act. The capital stock Capital stock. of said company shall be fifty thousand dollars; the same to be divided into shares of one hundred dollars each; which capital shall be used, mainly, in the printing, publishing and binding business, in the city of Springfield, Sangamon county, and State of Illinois, and be invested in such engines, printing presses, machinery, types, paper,
fixtures, and such other articles as may be necessary to carry on the printing, publishing and binding business.
§ 2. The said company shall, also, have power to manu- Objects of comfacture, in the city of Springfield or elsewhere, paper and such other articles as they may use in the business of printing, publishing and binding, as aforesaid; and shall have power to purchase and hold so much real estate or water power as may be necessary to carry out the provisions of this section.
§ 3. The said company shall have power, to purchase Purchase of real and hold so much real estate and lots in the said city of Springfield, and to erect suitable buildings thereon ; the
Lease of property.
Rules and regu. lations.
same to be used, mainly, in the printing, publishing, binding and manufacturing business, as aforesaid. And
all real estate purchased under the provisions of this section and section two may be sold, aliened and conveyed, at the pleasure of said Journal Company. All deeds of real estate shall be made to said Journal Company. And deeds and conveyances made by said company shall be authorized by vote of the stockholders who own or legally represent at least two-thirds of the shares of the stock of said company. And said deeds and conveyances shall be signed by the president and secretary of said company, and be attested by the corporate seal thereof.
§ 4. Said Journal Company shall have power, to lease such real estate and buildings as may be necessary to carry on the business of said company; and said company may sub-let or lease to others such apartments or rooms in their own buildings, leased by them, as may not be needed in the printing, publishing and binding business, as aforesaid.
§ 5. The said company shall have power to make all needful and necessary rules for the regulation and direction of its affairs; and, when so made, they shall be binding upon the stockholders of said company; and said rules, thereafter, shall not be altered, changed or amended, except by vote of the stockholders owning or legally representing at least two-thirds of the shares of the stock of the said company, at some regular meeting; of which due notice shall be given, in writing or otherwise, to all of said stockholders, at
least ten days before said meeting. Organization. § 6. Whenever stock to the amount of twenty thousand
dollars shall have been subscribed and fifty per cent, thereof shall have been paid, it shall be lawful for the stockholders to commence business, under this act; and they may elect and appoint a president, secretary and treasurer, and such other officers and servants as they may deem necessary, and fix their compensation and term of office, by such by-laws as they may make and establish; and the said stockholders shall be liable, in proportion to the amount of stock severally held by them, for all debts contracted by the said corporation during the time they were stockholders aforesaid and for six months after the assignment of the stock so held
by them respectively. To keep journal. § 7. Said company shall, by its secretary, keep a jour
nal, in which the proceedings of all meetings of the stockholders shall be recorded, which record, with all other books, papers, and vouchers shall be subject to the inspection of any stockholder, at all reasonable times.
$ 8. This act shall take effect and be in force from and after its passage.
APPROVED February 16, 1863.
MANUFACTURING COMPANIES-MILL DAMS.
AN ACT to amend an act entitled “An act to incorporate the Aurora Gas In force February Light Company,” approved February 20th, 1861.
SECTION 1. Be it enacted by the People of the State of Minois, represented in the General Assembly, That the Au- Power to issue rora Gas Light Company,” incorporated by an act entitled bonds. the Aurora Gas Light Company, approved February 20th, 1861, shall have, in addition to powers recited therein, the power to issue bonds of the company and borrow money thereon, to any amount not exceeding thirty thousand dollars, payable at any time not exceeding twenty years from the date of issue. Said bonds to be a first lien upon the real estate and fixtures of said Aurora Gas Light Company.
§ 2. This act to take effect and be in force from and after its
passage. APPROVED Februry 20, 1863.
AN ACT to authorize Caleb W. Brown to build a dam across the Pecatonica In force February
river, in the county of Stephenson.
SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That Caleb Power to build W. Brown, of the town of Silver Creek, in the county of dem. Stephenson, his heirs and assigns, be and are hereby authorized to construct, build, maintain and continue a dam across the Pecatonica river, on that part now owned by him of the northeast fractional quarter of section one, town twenty-six north, of range eight east of the 4th p. m., in the town of Silver Creek, in the county of Stephenson, to the height of six feet above low water mark: Provided, that said grant shall not be construed so as to prevent the State from improving said Pecatonica river, at that place by locks or any other mode, at any time hereafter, for the purpose of slack water navigation or otherwise.
$ 2. This act to take effect from and after its passage. APPROVED February 2, 1863.
AN ACT to determine the width of chute required in the Rockford Water In force February Power Company's dam, at Rockford.
SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That the Rock- Width of chute. ford Water Power Company shall only be required
to provide in their dam across Rock river, at Rockford, in Winne