Company established. Capital stock. Names of commissioners. &c. CHAPTER LIX. WHITE CLOUD INSURANCE COMPANY. AN ACT to Incorporate the White Cloud Insurance Company. Be it enacted by the Governor and Legislative Assembly of the Territory of Kansas: SECTION 1. That an insurance company shall be established in the town of White Cloud, in the county of Doniphan, Territory of Kansas, with a capital of fifty thousand dollars, which may be increased at the will of the stockholders owning a majority of the stock, from time to time, to any amount not exceeding five hundred thousand dollars, divided into shares of one hundred dollars each, to be subscribed and paid for by individuals, companies [or] corporators, in the manner hereinafter specified. SEO. 2. That W. D. Barber, Cornelius Dorhamd, C. F. Jennings, Ozias Bailey, B. B. Frazer, C. W. Williams, Solomon Miller, James L. Birkley, John H. Utt, James Foster, H. W. Peter, or any three of them, be, and they are hereby constituted To open books, commissioners to open books of subscription in said town of White Cloud, for the capital stock of said company, on the first day of March, 1858, and keep them open every day from ten o'clock A.M. to three o'clock P.M., for the space of ten days, or until all the stock be subscribed for, when they shall be closed; and within a reasonable time thereafter, the subscribers shall meet and choose their directors, the commissioners first giving at least ten days notice, in one or more newspapers printed in Kansas Territory, of the time and place of such meeting. Name of company. Powers con SEC. 3. That the subscribers for the stock of said company, their associates, successors and assignees, shall, and they are hereby created and declared [a] body corporate and politic, by the name and style of the White Cloud Insurance Company, and shall so continue for the term of twenty-five years; and by that Ford's thereon, name, they and their associates shall have perpetual succession, and shall [be,] and [are] hereby made capable in law of contracting and being contracted with, of suing and being sued, of impleading and being impleaded, of answering and being answered unto, of defending and being defended against in all courts and pleas whatsoever, in all manner of actions, suits, complaints and cases; and they and their successors may have and use a common seal, and the same change and alter at pleasure, and shall have power to abitrate, compromise, and all other powers necessary and proper for an insurance company, and which may be useful and necessary to carry into complete effect purpose of this Act. Power to make surance. SEC. 4. That the company hereby created shall have full power winds of in and authority to make all kinds of insurance against loss on ships, steamboats or other vessels, their cargoes, goods, wares, merchandize, produce, gold and silver bullion and coin, freight, wages, property of every kind in the course of transportation by land and water; to make insurance against loss or damage by fire, on land or water, on every description of property or merchandize; to make all kinds of insurance upon lives, and to make such other insurance as they judge expedient, and generally to do and perform all necessary matters and things relating to or in connection with the said objects, or either of them. The said company may also have the privilege of insuring themselves against all maritime and other risks, and upon the interest they may have in any vessel or vessels, goods or merchandize; against all losses they may incur by reason of any insurance made by said company on any life or lives, or against losses by fire, the perils of the sea, or inland navigation and transportation. tors and their SEC. 5. That the stock and officers of said corporation shall of the direcbe managed and controlled by seven directors, who [shall] be election. stockholders of said company. They shall, after the first year, be elected on the first Monday of December, in each year, at the offices of the company in White Cloud, within such hours as the board of directors for the time being shall appoint; and shall hold their offices for one year, and until others shall be chosen to supply their places, and no longer. Ten days notice of such election shall be given, and it shall be holden under the inspection of three stockholders, appointed by the board of directors, and shall be made by ballot, by a plurality of the votes of the stockholders voting, allowing one vote for every share; and stockholders not personally present may vote by proxy, made in writing, directed to the person representing them at such election. In case that it should at any time happen that one election of directors should not be made on any day when, pursuant to this Act, it ought to have been made, the said corporation shall not for that cause be dissolved; but it shall be lawful on any other day to hold and make an election of directors, in such manner as shall be regulated by the by-laws of the company. and his duties. SEC. 6. That the directors regularly chosen by the stockholders The president of said company, as soon as may be after every annual election, Stock considered personal property. Powers of directors. [shall] proceed to choose out of their body one person to be president, who shall preside and hold his office for the same period for which the directors are elected, and shall require a majority of all the directors for such choice; and in case of a vacancy by death, resignation, non-residence, or other cause, of the president, directors, or other officers of the company, such a vacancy shall be filled by the board of directors; and in case of the absence of the president, the board of directors shall have power to appoint a president pro tem., who shall perform all the duties. of the president regularly chosen. SEC. 7. That the stock of said company shall be considered. personal property, and shall be assignable and transferable according to such rules and regulations as the board of directors shall from time to time make and establish, subject, however, to the general laws of the Territory. SEC. 8. That the major part of the directors of said company shall constitute a board, and shall be competent [for] to the transaction of the business of the corporation, and they shall have the power to appoint a secretary, and such clerks, agents, assistants, and other servants, as they may deem expedient, and also from time to time appoint one or more persons from their own body, to assist in the performance of the business of the company, with such salaries and allowances as they may think proper, to insure against all risks authorized by this Act, to receive for the amount of the premiums, and to regulate such notes, endorsed and payable in such manner, and at such times as they may deem proper, in conformity to such regulations and by-laws as shall be made on the subject; to declare and make dividends yearly of so much of the profits, arising from the business of the company, as shall appear to the board of directors advisable; but the money received and notes taken for premiums, and guarantees or risks, which shall not have been expressed at the time of making such dividend, shall not be considered as forming a part of the profits of said company; to settle, adjust and pay down all losses for which the company may become liable, according to the rules and regulations which shall be prescribed by the bylaws. They may, however, confide to the president and secretary, or any two of the directors, the power of insuring risks, fixing and receiving premiums and guarantees, adjusting and paying losses to such amount as they may think prudent; to make and prescribe such regulations, rules and by-laws as to them shall seem proper, touching the business and interest of said company, and to have power generally to do and perform all acts necessary and convenient for the government of the affairs of said corporation, and to carry into effect the powers and purposes of this Act. and hold real SEC. 9. That it shall be lawful for said company to purchase May purchase and hold such real estate as may be convenient for the transac- estate, &c. tion of its business, and also to take and hold any real estate as a security, or in mortgage or pledge, to secure the payment of debts due said company, either for shares of the stock company or otherwise, and also to purchase and hold real estate at any sale made in virtue of any judgment at law, or decree in equity in favor of said company, previously contracted in the course ef its dealings; any real estate, and to hold all such real estate so long only as may be necessary to enable said company to make sale of the same for money, or on such other. terms as they shall deem most for the interest of the company; but it shall not be lawful for said company to employ any of its stock funds or money in buying or selling goods, wares and merchandize, to execute any notes or bills; nor shall it be lawful for said company to make any for the payment of the money in the line of the ordinary business of said company. signed, &c. SEC. 10. That all policies or contracts of insurance and in- Policies to be struments of guarantee made by said company, shall be subscribed by the president or president pro tem. of stock. SEC. 11. That the payment of the stock subscribed shall be of the payment made and corporated by the subscribers respectively at the time and in the manner following: that is to say, at the time of subscribing, there shall be paid five dollars on each share; after the election of directors, and before the company shall go into operation, there shall be paid the further sum of five dollars on each [share,] and the balance shall be subject to the call of the board of directors; and said company shall not be authorized to make any contracts, policies of insurance, or guarantee, until the whole amount of capital stock subscribed shall be actually paid, or satisfactorily secured, to be paid on demand, by approved notes, hypothecated stocks, or mortgages on real estate. SEC. 12. That the board of directors of said company shall convene according to their by-laws, or whenever required by the president, or any two of the directors. This Act shall take effect and be in force from and after its Act repealed. CHAPTER LX. KANSAS VALLEY BANK. An ACT repealing An Act, entitled "An Act to Incorporate the Kansas Valley Be it enacted by the Governor and Legislative Assembly of SEC. 1. That An Act entitled "An Act to Incorporate the Kansas Valley Bank," approved February nineteenth, one thousand eight hundred and fifty-seven, be, and the same is hereby repealed. This Act to take effect and be in full force from and after its passage. [Signed,] G. W. DEITZLER, Speaker of House of Representatives. President of the Council. Approved, February 3, 1858. J. W. DENVER, Acting Governor. Exempt from provisions of a CHAPTER LXI. KANSAS VALLEY BANK BRANCH. AN ACT for the relief of the Kansas Valley Bank Branch at Atchinson. Be it enacted by the Governor and Legislative Assembly of the Territory of Kansas: SECTION 1. That the Kansas Valley Bank Branch at Atchinbill repealing son, be, and the same is hereby exempted from the provisions of &c. |