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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 to. wards satisfaction of any debt previously due to said corporation, and to hold the same until they can conveniently and advantageously sell and convert the same into money or other property.
Sec. 12. That said corporation shall have full power and May deposite authority to deposite any portion of their unemployed capital funds. 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.
SEC. 13. The expenses incurred by the commissioners in Expenses. 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.
Sec. 14. All policies of insurance by them made, shall be, Policies. 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 Losses, how arising under any policy so subscribed and sealed may be ad- paid. justed and settled by the board of directors, or such other person or persons as said board may appoint for such purpose. · Sec. 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 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.
SEC. 16. If a greater number of shares shall be subscribed and for than is contemplated in the second section of this act the ment of shares 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 apportioned by said directors.
Sec. 17. This act shall be, and hereby is declared to be a Act declared public act, and the same shall be construed liberally for the public. ; beneficial purposes berein granted, and the corporation hereby created shall take effect and be in force from and after the
Charter in passage thereof, and shall continue in force for the term of force for 2017
* twenty years and no longer. years. Final settle- SEC. 18. Notwithstanding the expiration of the time for ment. which the said corporation is created, it shall be lawful to use
the corporate name, style and capacity for the final settlement and liquidation of the affairs and accounts of the said corpo. ration in all cases and for the sale and disposition of their estate real or personal.
Sec. 19. ' This act shall not be so construed as to authorize Circulating medium.
the said company to issue paper as a circulating medium or in any way to exercise banking powers, and any violation of
this section shall work a forfeiture of its charter. Right reserv. SEC. 20. The legislature hereby reserves to itself the right
to repeal, alter or amend this charter, if the public good shall require it.
Approved, February 26, 1841.
An ACT 10 incorporate the Western Marine and Fire Insurance ComIn force, Feb.
pany. 27, 1841.
Sec. 1. Be it enacted by the People of the State of Nlinois, represented in the General Assembly, That there shall be estab lished in the city of Alton, an insurance company, to be called “The Western Marine and Fire Insurance Company."
Sec. 2. All such persons as shall hereafter be stockholders
of said company shall be, and they are here by declared to be Name & style. a body corporate and politic, by the name and style of “The
Western Marine and Fire Insurance Company," and to con. tinue for twenty years from and after the passage of this act,
and by that name and style, shall be competent to contract Powers.
and be contracted with, and to 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
places, and in all matters whatsoever. Further pow. Sec. 3. That said corporation may have and use a com
mon seal, which they may alter, change, or break at pleasure, and may put in execution such by-laws, ordinances and regulations as shall in their opinion be necessary for the good government of said company, and the prudent and efficient mangement of its affairs; Provided, No by-laws, ordinances, and regulations of said company shall be in anywise contrary to the Constitution and laws of this State, or of the United
States. Capital stock. Sec. 4. The capital stock of said company shall be ope
hundred thousand dollars, exclusive of premiums, notes and profits arising from the business of said company, and shall be divided into shares of fifty dollars each, to be paid in such in. stalments as the president and directors, chosen under this act, may from time to time direct; and under such penalties as the said president and directors may in their discretion appoint, order, and prescribe. The said capital stock may hereafter
from time to time be increased to an amount not exceeding five hundred thousand dollars, in the discretion of a majority of the board of directors of said incorporation to be subscribed for, and taken under such regulations, restrictions and conditions as the president and directors may prescribe by any person or persons whomsoever, in the same manner as is provided for the subscription to the original capital stock. The stock of said corporation shall be deemed personal property and shall be assignable and transferable according to such rules Stock transas shall be prescribed, and adopted in that behalf by the bylaws and ordinances thereof; Provided, No stockholder indebted to said corporation shall be pernitted to make any transfer of any stock owned by him in said corporation until such debt be paid or secured to the satisfaction of the directors thereof.
SEC. 5. The corporation hereby created shall have pow. Insurances. er and authority to make insurance against fire, flood or other destructive elements, on vessels of all descriptions, on freight, moneys, goods and merchandize, bottomry, respondentia, interest and on all marine risks, and inland navigation and transportation, and on any dwelling houses or other buildings, or other property and effects within the United States of America; and also to make insurance on lives by sea or by land, on such terms and conditions as may be agreed upon by the parties, and to fix the premiums and terms of payment for said insurance; and also to receive money on deposite and allow interest therefor, and loan the same on bottomry, respondentia, or otherwise, at such rates of interest as may now be done by the existing laws of this State; and they may also cause themselves to be reinsured against any marine risks upon which they have made insurance, and upon the interest which they may have in any vessels, goods, merchandize, houses, or other buildings, whether on bottomry, respondentia or otherwise, on such terms and conditions as may be agreed upon by the
SEC. 6. All polices of insurance by them made shall be policies , subscribed by the president, or in case of his death or absence, by any two of the directors, and countersigned by the secretary and sealed with the common seal of said corporation, which shall be binding and obligatory on said company, and any losses duly arising under any policy so subscribed and sealed shall be adjusted and settled by the president and board of directors of said company, and shall be binding on said company.
SEC. 7. That said company shall not take any risk or sub- Amount paid scribe any policy by virtue of this act, until one-eighth part 1 ohipre sunt of the capital stock shall have been actually paid in. cies.
SEC. 8. That said company shall not directly or indirectly Company not deal or trade in buying or selling any goods, wares or mer- to deal in chandize whatever; but the president and directors may, at Ti
their option, vest the capital stock of said corporation in the capital stock of any incorporated bank, trust company, public funds of the Unitej States, or in the public funds of any State in the Union. They shall have power also to loan to any citizen of this State, any portion of their capital stock, not exexceeding five thousand dollars to any one individual, on bond and mortgage, or on promissory notes and mortgage of real estate, or other satisfactory security, at their discretion, at such rates of interest as muy now be allowed by the existing laws
of this State. Real estate Sec. 9. The said corporation may purchase and hold such held. real estate as may be deemed necessary for the transaction of
business, and to an amount at any one time not exceeding ten thousand dollars, and may take and hold any real estate as security, mortgaged or pledged to said company to secure the payment of any debt due or that may become due to said corporation, and also to purchase on sales made by virtue of any judgment at law, or any decree of a court of equity or other
wise; to take and receive any real estate in payment, or toLands to be wards satisfaction of any debt previously contracted, or due sold.
to the said corporation, and to hold the same until they can conveniently and advantageously sell and convert the same into money, or other personal property, and to sell and convey said real estate, or any part thereof; said conveyance when made to be signed by the president and secretary of the corporation, and to have the common seal of the company attached thereto.
SEC. 10. That Isaac Prickett, William Montgomery, Nathaniel Buck master, Benjamin K. Hart, William Martin, John James, James Reynolds, Curtis Blakeman, and John Ander
son, are hereby appointed commissioners for procuring subSubscriptions. scriptions to said capital stock, and said commissioners shall
open one or more subscription books for said stock, on such days and at such places as they shall deem expedient, and shall give at least four weeks' previous notice in some public newspaper printed in the city of Altun, of the times and places, when and where said subscription books shall be opened; the said subscription books shall be kept open until the whole of the stock shall have been taken; and the sum of two dollars on each share subscribed for, shall be paid to said commissioners in specie, or in the notes of specie paying banks at the time of making such subscription. The books may be closed whenever the whole of said stock shall be subscribed; and whenever a board of directors shall be duly elected, the said commissioners shall deliver over to the said board of directors, said books, and shall pay over to said board the whole
amount of money by them respectively or jointly received, Espenges.
except so much as shall be retained for the expenses incurred
by them in executing the duties imposed on them by this act; Provigo. Provided always, That a majority of said commissioners may,
at any time that they may desire to do so, appoint other per.
sons to act in conjunction with the commissioners hereby appointed.
Sec. 11. In case of the death, resignation, or absence of Vacancies, any of the commissioners named in this act of incorporation, how filled. it shall and may be lawful for any three of them to form a quorum and proceed to business, whose duties shall be the same in the premises as those prescribed to the whole of said commissioners by this act of incorporation named, and their acts as such shall be legal.
SEC. 12. The stock, property, effects, and concerns of Management. said incorporation shall be managed and conducted by nine directors, who shall hold their offices until the first day of May following the time of the first election, and until others shall be chosen, and no longer; and shall at the time of their election, be citizens of this State and holders respectively of not less than ten shares of the capital stock of said company. SEC. 13. The first election of directors under this act shall First election
"of directors be held at such time and place in the city of Alton as shall be directed by the said commissioners, or a majority of them, who, or a majority of whom, are hereby appointed inspectors of said election, and the persons thus elected as directors shall hold their offices until the first day of May following said election, as prescribed in the twelfth section of this act.
Sec. 14. ' The directors for every subsequent year shall be Election of dielected on the first Monday of May in each year, at such rect time of the day, and at such place within the city of Alton, and under the direction of such persons as a majority of the directors for the time being shall appoint by a resolution to be entered on their minutes.
Sec. 15. All elections shall be by ballot, allowing one vote All elections to each share of capital stock, and the nine persons who shall by ballot. have the greatest number of votes shall be directors; and if at any election two or more persons shall have an equal number of votes, so as to leave their election undecided, then the directors who have been duly elected, shall proceed by ballot, and by a plurality, determine which of said persons, so having an equal number of votes, shall be director or directors, so as to complete the whole number of directors; and when any vacancy shall happen in the office of president, or director, from death or other cause, such vacancy shall be filled for the remainder of the year in which it shall happen, by the directors for the time being, or a majority of them; the said commissioners shall certify under their hands and seals, the persons elected, and deliver such certificate to the persons elected or to some one of them; and if through any unavoidable accident said directors shall not be chosen on the first Monday of May of each year, as contemplated in the fourteenth section of this act, it shall be lawful to choose them on any other day in the manner therein prescribed.
Sec. 16. The directors when chosen, shall meet as soon Eleciion of as may be after every election, and shall choose out of their president.