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of president for the said corporation; the said directors shall also have power to choose and appoint a secretary and trea
Secretary and surer, and such other officers and agents to conduct and other officers. promote the business of said corporation as they shall deem necessary and proper, and prescribe their duties from time to time, in any way said directors may think best. The said directors shall cause to be kept duly recorded in books to be Record of proprovided and kept for the purpose, minutes of all their pro- ceedings. ceedings and regular accounts of all their transactions, as also minutes of the proceedings of the stockholders, at each of their meetings, which book may at any time be inspected by any of the stockholders. The said directors shall have President power, for good cause, to be spread at large, together with may be remothe proof in support thereof, upon the minutes aforesaid, to remove the president from office. They shall have power also to supply any vacancy which may occur in the office of presi
how filled. dent or in their own body, and the president and directors thus chosen shall hold his (their) office until the next succeeding annual election for such Officers. Sec, 5. The directors may from time to time at any
Instalments. meeting assess and require payment of such suin of money not exceeding twenty per cent. upon each share of the capital stock, as shall be deemed by them necessary for the purposes of the corporation, to be paid into the hands of the treasurer, and if after the publication of notice in a newspaper once a week for two months after the time of payment of any proportion or instalment of said capital stock, if any stockholder shall fail to pay his instalment of said capital stock at the time specified in such notice, the amount paid by Forfeiture of such delinquent stockholder previously sh:]I be forfeited to the company, and his stock may be sold to any person at such price as may be agreed upon between said company and the purchasers.
Sec. 6. The dividends of the nett profits of said company Dividends shall be made at such time as shall be decermined by the stockholders in general meeting, which dividend shall be paid to the person entitled to the same on demand made ten days after making and declaring such dividend. Such declaration and amount of said dividends shall be published once or more by written notices posted up at three of the most public places, or in the nearest public newspaper in said county.
Sec. 7. The treasurer of said company within thirty days Treasurer 10 after the appointment, shall enter into honds for the faithful give bond. discharge of his duty, in such manner as shall be designated by the hourd of directors, and with such securities as said board may approve, and all money accruing to the company ind filling into the hands of said treasurer, shall be by him cept and placed to the credit of said company. Said money Monies how hall only be drawn by order of the clerk, countersigned by he president of the corporation.
Sec. 8. The stock of said company shall be deemed per. personal
sonal estate, and pass as such to the legal representatives of Proviso
each stockholder: Provided, That the real estate which may be held by said corporation when they may think proper, so to dispose according to the forms and in the manner prescri. bed by the law conveying real estate. The president of the
company, the acknowledgment in behalf of the corporaFurther pro- tion: And provided further, That the said corporation du
ring the period of its existence which shall terminate at the expiration of twenty years from the passage of this act, shall
not purchase and hold any greater quantity of land than one Rights reserv- thousand acres, and the Legislature hereby reserves the
right to alter, amend and modify said charter when the public good requires it.
Approved, February 27, 1841.
An ACT to amend the act entitled "An act to incorporate the Jo Daviess In force, Feb.
Marine and Fire Insurance Company. 17, 1841.
Sec. 1. Be it enacted by the People of the State of Ilinois, Commission represented in the General Assenbly, That John Atchison.
Henry J. Morrison, R. J. Taylor, Å. W. Brush and T. B. Farnsworth, be, and they are hereby appointed commissioners for superintending subscriptions to the capital stock of said company, and the said commissioners shall open one or more subscription books for said stock at such time and place in the town of Galena as they shall direct, within twelve months from and after the
of this act. Sec. 2. That notice shall be given in one of the papers Notice.
published in the town of Galena, setting forth the time and place, and at least thirty days previous to the opening of the said books of subscription.
Sec. 3. The election of directors of said company shall Annual elec
be conducted as heretofore provided, and shall hold their of fices until the first Monday in June, one thousand eight hundred and forty-two, and until others are elected in their stead, and the directors for every subsequent year shall be elected
on the first Monday in June. Forfeiture of Sec. 4. The charter of the said coinpany hereby amended, charter.
shall be void and of no effect unless the stock shall be subscribed and the company commence operations within two years from and after the passage of this act; and the twentysecond section of the act to which this is amendatory, as well as every other part of said act conflicting herewith, and the amendatory act passed February nineteenth, one thousand eight hundred and thirty-nine, is hereby repealed. The corporate powers and existence of said company sball expire at the termination of twenty years from the passage of this act.
Approved, February 17, 1841.
An ACT to amend an act entitled “An act to incorporate the Tazewell
County Commercial and Fire Insurance Company,” approved, March 2, 1839.
In force Feb.
18, 1841. Sec. 1. Be it enacted by the People of the State of Ilinois, represented in the General Assembly, That the corporate name Name changof the “Tazewell County Commercial and Fire Insurance ed Company,” be, and the same is hereby changed, and hereafter it shall be known and styled “the Pekin Insurance Name & siyle Company,” and by that name it may contract and be contracted with, sue and be sued, plead and be impleaded, and transact all other business authorized by the act to which this is an amendment.
Sec. 2. The capital stock of said company may be loan- Stock may be ed by said company on personal security: Provided, No greater rate of interest shall be demanded or taken than is authorized by the tenth section of the act to which this is an amendment.
Approved, February 18, 1841.
An ACT to incorporate the Peoria Marine and Fire Insurance Company.
In force Feb. Sec. 1. Be it enacted by the People of the State of Illinois, 20, 1841. represented in the General Assembly, That Isaac Underhill, Francis Voris, William Frisby, Andrew Gray and Charles Kettelle, be, and they and all persons who may hereafter become members, are hereby incorporated as a body politic and corporate by the name and style of the Peoria Marine and Fire Insurance Company,” and said company shall pos
Name & style sess all the powers, privileges, rights, and immunities that are granted to the Mount Carmel marine and fire insurance company by the act incorporating said company, approved, ,
and March second, one thousand eight hundred and thirty-seven, privileges and shall be organized and conducted according to the provisions of said act of incorporation so far as the same are or can be applicable to this company.
Sec. 2. The capital stock shall be fifty thousand dollars Capital stock and may be increased to one hundred thousand, in the discretion of a majority of the directors of said company, to be divided into shares of one hundred dollars.
Sec. 3. The said commissioners, or a majority of them, Time of openshall
ing books open one or more subscription books for said stock on the first Monday in May next, or so soon thereafter as practicable and convenient, at the court house in the town of Peoria, and if the books for subscriptions to stock shall not be opened on the said first Monday in May, ten days' notice shall be given by a majority of said commissioners of the time and place of opening the same.
Sec. 4. The first election of directors under this act shall First election be held at such time and place in the town of Peoria as a majority of the said commissioners shall direct, or in defaultof such
direction, then it shall be competent for the subscribers to fix upon the time of said election at the court house in said town of Peoria by a majority of shares subscribed.
Approved, February 20, 1841.
In force, Feb.
Company. 23, 1841.
Sec. 1. Be it enacted by the People of the State of Illinois,
represented in the General Assembly, That there shall be esName & style tablished in the city of Springfield, an insurance company,
to be called the "Springfield Marine and Fire Insurance Company."
Sec. 2. All such persons as shall hereafter be stockholders
of said company, shall be and they are hereby declared to be Term of act. a body corporate and politic, by the name and style of the
“Springfield Marine and Fire Insurance Company," and to continue twenty years from and after the passage of this act, and by that name and style shall be competent to contract and be contracted with, and be capable in law and equity to sue and be sued, to plead and be impleaded, answer and be answered unto, defend and be defended, in all courts and pla
ces, in all matters whatsoever. Corporate
Sec. 3. The said corporation may have and use a common powers
seal which they may alter, change or break at pleasure, and may also make and establish, and put in execution such bylaws, ordinances and regulations as shall, in their opinion, be necessary for the good government of said corporation, and the prudent and efficient management of its affairs; no bylaws, ordinances and regulations of the same, shall be in anywise contrary to the Constitution and laws of the United
States, or of this State. Capital stock
Sec. 4. The capital stock of said company shall be one hundred thousand dollars, to be divided into shares of fifty dollars each, to be paid in such instalments as the directors chosen under this act may, from time to time direct, under
such penalties as the president and directors inay in their Stock increa- discretion appoint and order. The said capital stock may sed
hereafter be increased to an amount not exceeding five hundred thousand dollars, in the discretion of a majority of the directors of said incorporation, to be subscribed for and taken under the direction and superintendence of the president and directors aforesaid, or by any person or persons duly appointed by a majority of said directors in the same
manner as is provided for the subscription to the original capStock assign-ital stock. The stock of said corporation shall be assignable able and transferable according to such rules as siall be adopted
in that behalf by the by-laws and ordinances thereof. To make in- Sec. 5. The corporation hereby created shall have pow
er and authority to make marine insurance upon vessels, goods and merchandize, freights, monies, bottomry, respondentia, interest, and on all marine risks and inland navigation and transportation, and against all losses by fire, of any building or houses whatsoever, and vessels on the stocks; and also to receive monies on deposite, and to loan the same May, receive on bottomry and respondentia or otherwise, at such rates of monies on deinterest as may now or hereafter be done by the existing posite laws of this State; and they may also cause themselves to be reinsured against any maritime risks upon which they have made insurance, and upon the interest which they may have May be ingu. in any vessels, goods or merchandize, or houses in virtue of any such insurance, whether on bottomry, respondentia, or
Premiums & otherwise, on such terms or conditions as may be agreed up times of payon by the parties, and to fix the premiums and times of payment
Sec. 6. All policies of insurance by them made, shall be
Policies subscribed by the president, or in case of his death or absence, by the vice-president, and countersigned and sealed by the secretary of said company; and all losses arising under any policies so subscribed and sealed, may be adjusted and settled by the president and board of directors.
Sec. 7. The said corporation shall not take any risk nor Policies may subscribe any policy by virtue of this act until one-fourth be issued part of the capital stock thereof shall have bcen actually paid in. The said company shall not directly nor indirectly Shall not deal deal or trade in buying or selling any goods, wares or mer
in trade chandize whatsoever; but the president and directors may, at their option, vest the capital stock of said corporation in the stock of any incorporated bank, trust company, or public funds of the United States, or any Slate in the Union. They shall have power also to loan to any citizen of this State, any
May loan caportion of the capital stock, not exceeding ten thousand dolpital stock lars to one individual, on bottomry, bond, mortgage of real estate, or other satisfactory security, at their discretion, at such rate of interest or discount, (according to bank usage of discount) as any individual is now, or may hereafter be authorized to loan by contract.
Sec. 8. The said corporation may purchase and hold such May hold real real estate as may be deemed necessary for the transaction of its business, and an amount at any time not exceeding thirty thousand dollars, and to take and hold any real estate or securities, mortgaged or pledged, of the said corporation to secure the payment of any debt due or to become due to it; and also to purchase on sales made by virtue of any judgment at law, or any decree of a court of equity, or otherwise; to take and receive any real estate in payment or towards satisfaction of any debt previously contracted or due to the corporation, and to hold the same until they can Lands held to conveniently and advantageously sell and convert the same be sold into money or other personal prope ty, and to sell and convey said real estate or any part thereof.