Adjustment of los Nonpayment of notes. quire the surrender of the policy, and shall return to the insured his deposit note, after deducting his just proportion of all expenses and losses prior to such surrender. § 13. Any member of this company, who shall sustain any loss or damage by fire, shall give immediate notice. thereof to the secretary of the company, at their office; and the directors, upon a view of the same, or in such other way as they may deem proper, ascertain and determine the amount of said loss or damage. In case the member sustaining such loss or damage shall be dissatisfied with the estimate of his loss, made by the directors, on his request the same may be submitted to three disinterested persons, chosen by the parties, whose report shall be conclusive. § 14. The directors shall, after having determined the amount of loss or damage sustained by any member, pay to the assured the amount of such loss or damage out of the accumulated funds of the company; and in case there shall not be a sufficient sum of money in the treasury to pay the same, the directors shall proceed to make an assessment upon the deposit notes, for the purpose of paying such loss or damage and creating a new fund for the payinent of future losses; and they shall publish the said assessment in such manner as they shall see fit or as the by-laws may prescribe; and the sum to be paid by each member shall always be in proportion to the original amount of his deposit note or notes, and shall be paid to the treasurer, within thirty days after the publication of such notice. The directors may employ a collector, if necessary, to collect such assessment and pay it over to the treasurer; and they shall give to the assured an order on the treasurer, signed by the president and secretary, for the amount of such loss or damage, which must be paid within sixty days from the occurrence of the fire, otherwise the company shall be liable for interest. $15. If any member shall, for the space of thirty days, after notice of an assessment shall have been given, as mentioned in the preceding section, neglect or refuse to pay the sum assessed upon him, the directors may debar or exclude such member from any benefit of his insurance; and they may, also, in the corporate name of said company, sue for and recover the whole amount of the deposit note, with costs of suit; and the amount thus collected shall remain in the treasury of said company, subject to the payment of losses and expenses, until the next annual meeting of the company, when, if any balance remain, it shall be returned to the party from whom collected, on demand, and the policy be canceled. And suits at law may be instituted and prosecuted by any member against said company for losses or damages by fire, if payment is withheld more than ninety days after said company is duly notified of such losses. § 16. In all suits by or against said company any mem- Suits at law. ber thereof shall be a competent witness, except in suits in which such member shall be a party, in his individual capacity, provided he be not otherwise disqualified. 817. The records of said company, or copies thereof duly authenticated by the president and secretary, shall bo competent evidence in any suit between the corporation and a member or members thereof. laws. § 18. At the annual meeting of the company for the Rules and election of directors, as provided for in this act, and at other general meetings, which may be held whenever called for by the directors, from time to time, the members of said company may make all by-laws, rules and regulations, necessary for the proper management of the affairs of the company, that shall not be inconsistent with the constitution and laws of this state or of the United States. by § 19. The operations and business of the company shall Place of business be carried on at such place in the town of Jerseyville, county of Jersey, as the directors shall designate or the by-laws of the company provide. § 20. All policies of insurance issued by this company shall be valid and binding only from the time when the amount of all the sums insured thereby shall reach the sum of fifty thousand dollars. 21. The privileges hereby granted by this act shall continue for the period of thirty years; and this act shall take effect and be in force from and after its passage. APPROVED February 21, 1861. AN ACT to incorporate the Mascoutah Eavings and Insurance Company. In force February 20, 1561. SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That Philip H. Postel, Ausby Fike, Alexander Ross, G. C. Eisenmeyer, Narcisse Penconneau, Elisha Bagsby, Peter Frees, Nathan Land, P. H. Eisenmeyer, Fred Matzanback, John Curtis, T. H. Deichman, B. H. Nelson, Geo. Swaggard, Andrew Eisenmeyer, and Theo. Engleman, and all other persons as shall hereafter become stockholders in this corporation, are hereby created a body politic and corporate, by the name and style of "The Mascoutah Savings and Insurance Company," to be located in the town of Mascoutah, St. Clair Corporate nam county, with power to establish agencies in any other part of said county, or any other county in this state, whenever said corporation may desire so to do. This corporation may continue and be in force until the first day of January, one thousand eight hundred and ninety-six, and shall have pow and powers. tal stock. er to adopt a common seal, and alter the same at pleasure; and in that name and style shall transact and do its business, and have succession; may sue and be sued, answer, prosecute and defend in all courts of justice having competent jurisdiction. Amount of capi- § 2. The capital stock of this corporation shall be one hundred thousand dollars, and be divided into shares of fif ty dollars each; but this corporation shall be entitled to enjoy all its franchises whenever fifty thousand dollars shall be subscribed and ten per cent. is paid, in cash-the balance secured to the satisfaction of the board of directors, by mortgage on real estate or personal security. No mortgage to be taken for more than two-thirds of the cash value of any real estate. The capital stock of the corporation may be increased, at any time hereafter, to the further sum of three hundred thousand dollars, at the discretion of a majority of the board of directors of said corporation. Subscriptions. ustody of money and records. 3. The incorporators named in section one of this act, or any five of them, shall have power to open books, at such time and place, in the town of Mascoutali, and other place, for subscription to the capital stock, as they may appoint, not to exceed nine months from the passage of this act, by giving ten days' notice in one or more newspapers printed in the county of St. Clair that such books will be opened for subscriptions to the capital stock, and that they will remain open until fifty thousand dollars shall be subscribed. And so soon as the sum of fifty thousand dollars is subscribed and ten per cent. is paid, as stated in the preceding section, the incorporation shall, within ten days, proceed to call a meeting of the stockholders, by public notice in some newspaper published in the county of St. Clair, stating the time. and place for the, stockholders to meet, in the town of Mascoutah, to elect a board of directors. The election of the first board of directors shall be superintended and managed by the incorporators that have acted in opening books for subscription to the capital stock of said corporation. § 4. It shall be the duty of the incorporators that have acted in opening books for subscription to the capital stock of this corporation, so soon as a board of directors is chosen by the stockholders, and such board is fully organized, to pay over and deliver unto the board of directors of the company, all moneys collected by them, together with books in which the stock is subscribed, and all other papers in their possession, belonging to said corporation, and may demand and receive from the president and directors such receipt and vouchers, so as to fully relieve them of any further responsibility arising from the trust imposed upon such incorporators by this act. The stock, funds and business of this corporation shall be managed by a board of directors, chosen by the stockholders, which shall consist of not more than nine nor less than five, out of which number shall be chosen elections the president. At all meetings of the board of directors, a § 6. The corporation hereby created shall have power to Insurances. make all kinds of insurance against fire, and to make marine insurance upon vessels, boats and water crafts, employed in inland lakes, rivers or canal navigation, produce or property transported thereon, and upon bottomry, respondentia interest, upon all lakes, rivers and inland navigation or transportation, and risks of every kind soever, and upon moneys transported by mail or otherwise. 87. The board of directors shall, so soon as fully organ- Rules ized, adopt by-laws, establish rules and regulations, by which laws. its members shall be governed; which may be altered or amended by them or any subsequent board: Provided, that such by-laws, rules and regulations shall not, in any way, conflict with the laws of the state. The board of directors of said corporation may, at any time thereafter, open books for subscription, to fill up such portion or all of the unsubscribed stock, as in their opinion may be of interest to said corporation. The board of directors shall have power to call in such installments of the capital stock, at such times and as they may deem advisable, by first giving 60 days' notice, in some newspaper published in the county of of and by Paying of install ments. Real estate. Mode of Insuring. St. Clair: Provided, no such call shall be made to exceed ten per cent. on each share of the capital stock subscribed at any one time, nor oftener than once in sixty days; which amounts, as collected, shall be credited on each individual stock note held by the board of directors. 8. If, after a public call for installment is made, agreeable to the preceding section, any shareholder shall neglect and refuse to pay any such installment called, on the day stated in the notice or for ten days thereafter, the president or such other person that may be authorized by the board of directors may advertise for ten days, by publication, and proceed to sell so much of the stock of such delinquent shareholder, at public auction, to the highest bidder, for cash, and apply the proceeds of the same to the amount called for, first deducting all expenses contingent to such sale. All sales, made in conformity to this act, shall be held good and valid to all intents and purposes: Provided, that all balances remaining, if any, shall be held for or paid over to such shareholder. 9. This corporation shall not deal in real or personal estate, property, or merchandise, except so much as may be deemed necessary and for the security of the transaction of its business; and that all real estate acquired in fee by this corporation, by operation of its business, other than what shall be necessary for its occupation, and not held in trust or as security, shall not be held by said corporation longer than five years; and shall then be sold, at either public or private sale, so as to divest the said corporation of all title therein. All deeds, mortgages and bonds made to this corporation, shall be made to the president and directors of said corporation, and their successors in office, and all deeds, mortgages or bonds, for the conveyance of real estate, made and acknowledged by this corporation, shall be made by the president or such other person as the board may appoint; but in no case shall any such deed, mortgage or bond be made by the president or agent of this corporation, without a special order of said board of directors so to do; and, in all cases, such order shall be copied in and made a part of all such deeds, mortgages or bonds. § 10. This corporation may conduct its insurance business, in part or entirely, upon the principle of mutual insurance, if preferred by its customers and directors: Provided, always, that all risks are assessed at their cash value, or its equivalent, when the policy is issued. They may, also, cause themselves to be insured or reinsured against all or any risk upon which they may have made insurance, and also upon all property of every kind, owned or held by them in trust, or on deposit, or as security. This corporation, by the president and directors, are hereby authorized to deposit any portion of their unemployed capital or other funds or assets, owned by said corporation, with any indi |