vidual or corporation, in this state or in any other state, and to use the same as they may think best for the promotion of their business, in order to facilitate exchange, and to do and perform all acts as may be required in the transacting of the affairs of this corporation, which may not conflict with the laws of this state.

11. It shall be lawful for the corporation to receive on Deposits. deposit, any money, notes, or other evidence of debts, from any individual or person appointed by any court in this state, such as executors, administrators, guardians, conservators or commissioners, or from any city, county or corporation, and to allow for the use of the same, such rates of interest as are now or may hereafter be allowed by the laws of this state; and also authorized to loan, on mortgage or personal security, any of the funds of said corporation to any such individual, person, city, county or corporation, for any term, as may be agreed upon by the president and directors and such parties, for such rates of interest as not to conflict with the laws of this state. All policies of insurance or other engagements of said corporation shall be signed by the president and countersigned by the secretary, with or without seal, and shall be binding upon the corporation. And on all such policies and engagements, held by any individual, company or corporation, in case of loss and refusal to pay such losses or damages, they may, thereupon, maintain an action of debt, covenant or on the case, against this corporation, in any court of this state having competent jurisdiction.

§ 12. It shall be the duty of the president and directors Annual statement of this corporation to make out a complete and perfect statement of the condition and affairs of this corporation and report the same to the stockholders, at their annual meeting, and on the first Monday in April and September in each year; in default of which a majority of the shareholders may demand their immediate resignation, by motion, at the first term of any court of record in the county of St. Clair; and each and every such director shall be subject to a fine of not less than five hundred nor more than two thousand dollars; which may be collected by judgment of court and paid and added to the assets of this corporation. The board of directors shall, on the days stated in this section, in the months of April and September, in each year, make such dividend of as much of the profits of the said corporation as to them shall appear advisable, but in no case shall they declare a dividend that shall impair the capital stock or infringe thereon; and in case of losses, at any time, that shall lessen the capital stock, no dividend shall be made until the same is fully restored to the original amount; nor shall any premiums received be counted as profits until the risk for which it was taken shall have fully terminated.

Transfer of stock.

Money on depos

$ 13. The stock in this corporation shall be considered personal property, and may be transferred, at pleasure, by the owner, on the books of the company; but in no case shall there be any transfer allowed while the holder is indebted to the corporation on the same. The mode of transfer and alienating the stock, and the form of policies, orders, receipts and certificates, or other papers necessary to be used by the company, shall be regulated and determined by the by-laws of the board of directors of the company. The real and personal property of each individual shareholder shall be held liable for any and all liability or loss of the company, to the amount of stock subscribed or held by him or them, not actually paid in, in all cases of loss exceeding the means of said corporation.

§14. This corporation shall have power to perform the duties and functions of a savings institution, and may receive money, bullion or other valuable commodities and give certificates for the keeping, return, remittance or investment of the same, from any individual, company or corporatin, and allow such rate of interest as the board of directors may agree upon, the same not to exceed the rates allowed by the laws of this state: Provided, always, that this company Savings account. shall open and keep separate accounts, called savings, dedeposit, and trust account, in which all commissions, interest or compensation paid or received shall be kept and entered in the same; and no part of which shall at any time or in any way be used, merged or connected, other than deposited with the other affairs of this company: Provided, further, that this corporation shall not use any portion of any such saving, trust funds or deposits of same, in the payment of any loss or losses arising from insurance, in any way; and further, that all such funds and valuable commodities shall not be paid out or removed, except on the order of the president, countersigned by the secretary, or a return of the certificate or obligation given such depositor.

§ 15. This act to take effect and be in force from and after its passage, and be liberally construed, for all perposes therein contained, by the courts of this state: Provided, that nothing herein contained shall be so construed as to authorize this corporation to issue bills or notes or other evidence on paper, representing the circulation of money; but may deal in foreign and domestic exchange.

APPROVED February 20, 1861.

AN ACT to incorporate the Merchants' Insurance Company.

In force February

18, 1861.

and powers.

SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That Frederick Tuttle, Henry W. King, Joel C. Walter, Wm. E. Daggett, John V. Farwell, Calvin C. Parks, Edwin R. Harmon, Chauncey Bowen, Henry C. Durand, Cyrus H. McCormick and Henry W. Hinsdale, their associates and successors, and all such persons as shall become stockholders, be and they are hereby created a body corporate and politic, by the name and style of "The Merchants' Insurance Corporate name Company." The corporation may have a common seal, and power to appoint all such servants and agents as it may deem necessary; and may make and ordain and establish such by-laws, rules and regulations, for the management of its affairs, as it may think proper, not inconsistent with the laws and constitution of the United States and the state of Illinois, and again, at its pleasure, to amend, alter and repeal the same, and to have process and enjoy all those rights, privileges and immunities, of any and all other like corporations, and to be recognized in all its rights and powers, without pleading the same, in all the courts of the state of Illinois.

tal stock.

§ 2. The capital stock of this company shall be one mil- Amount of capilion of dollars, with power to increase the same to any sum not exceeding five millions of dollars, by a vote of a majority in interest of the paid stock at the date of such vote, which shall be divided into shares of one hundred dollars each, and which shall be deemed personal property and transferable on the books of the company only, under such regulations as may be adopted by the company.

tors.

§ 3. When a subscription to the capital stock, of not Board of direeless than one hundred thousand dollars, shall have been made, and five per cent. thereof actually paid, in cash, the subscribing shareholders may meet and choose a board of nine directors, in whom all the powers of the corporation, not otherwise herein specially limited and provided, shall be vested. The board of directors may choose one of their number a president and another a vice-president, also a secretary and a treasurer, and such other officers and agents as they may deem necessary, and whose qualifications, duties and compensation may be fixed and prescribed in the bylaws, regulations and resolutions of the board of directors, from time to time. The board of directors shall hold their offices for one year, and until their successors are elected and qualified. The term of office of the secretary, treasurer and other employees shall be fixed by the board of directors. The home office of this corporation shall be at the city of Chicago, in Cook county, Illinois.

§ 4. The said company shall have power to make insu- Insurances. rance against loss by fire on any and all kinds of property,

Dividends.

Investment funds.

of

houses and fixtures; to make insurances, and take all and any marine risks, and to take all risks and make insurance of lives, and to fix, charge and receive such rates of premium therefor, as may be agreed upon between the parties; and any or either of the risks and insurances, fire, marine or life, may be done upon the mutual or stock principle or upon both together.

85. The corporation may declare dividends; but all dividends shall be applied in payment of the capital stock subscribed until the amount subscribed by each shareholder shall have been paid up, in full, by the dividends declared upon the stock; and so of the stock subscribed, from time to time; and the capital stock may be called in as may be required by the by-laws.

6. The company may invest any surplus capital or other money on hand in any kind of stocks or other securities, deemed safe, or in real estate, bonds and mortgages, or may loan the same, at any rate of interest, not exceeding ten per cent., and may discount the interest reserved out of such loan; and they [may] also buy and sell bullion and coin and exchange, notes, bonds, mortgages or other securities. The company may own such real estate as may be needful to transact its business, and may take, hold, sell and convey such other real estate as it may be necessary to secure any loan or debt due, by judgment or otherwise. In all cases of loss, exceeding the property and paid stock of the company, each shareholder shall be liable, pro rata, on the Manner of con- amount and to the amount of unpaid stock due from each. 87. Said company may establish agencies, and do all such acts by and through them, according to the powers herein granted, as may be authorized by the by-laws and regulations. The board of directors may fix, "determine and prescribe, in the by-laws, the manner of making applications, and the terms and conditions of the policy, and the manner of adjusting losses. The board of directors may prescribe the manner in which the unpaid stock shall be secured. This act shall take effect from its passage. APPROVED February 18, 1851.

ducting the busi

ness.

In force February AN ACT to charter the People's Mutual Fire Insurance Company of Aurora. 22, 1861.

SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That L. D. Brady, Levi Jenks, Albert Huntington, Charles Wheaton, W. V. Plum, Clarke Wilder, W. H. Hawkins, W. B. Allen, F. B. Rice, and all other persons who may hereafter become members of said company, in the manner herein prescribed, be and they hereby are incorporated and made a body poli

of the company.

tic, for the term of twenty years, from the passage of this act, by the name of "The People's Mutual Insurance Name and objects Company of Aurora," for the purpose of insuring their dwelling houses, stores, shops and other buildings, household furniture and merchandise, against loss or damage by fire, whether the same shall happen by accident, lightning or any other means, excepting that of design in the insured, or by the invasion of an enemy, or insurrection of the citizens of this or any of the United States; and by that name may sue and be sued, plead and be impleaded, appear, prosecute and defend, in any court of record or other place whatever; may have the use of a common seal, may purchase and hold such real and personal estate as may be necessary to effect the object of their association, and the same may sell and convey, at pleasure, provided such real estate shall not exceed one hundred and sixty acres; may make, establish and put into execution such by-laws, ordinances and resolutions, not being contrary to the laws of this state or of the United States, as may seem necessary or convenient for their regulation and government and for the management of their affairs; and do and execute all such acts and things as may be necessary to carry into full effect the purposes intended by the charter.

§ 2. That all and every person or persons who shall at any time become interested in said company, by insuring therein, and also their respective heirs, executors, administrators and assigns, continuing to be insured therein, as hereafter provided, shall be deemed and taken to be members thereof, for and during the time specified in their respective policies and no longer, and shall at all times be concluded and bound by the provisions of this act.

of directors.

3. That there shall be a meeting of said company at Annual election Aurora, in the county of Kane, on the first Tuesday of May, and on such other days as said company may hereafter determine; at which first annual meeting shall be chosen, by a majority vote of the members present and by proxy, a board of directors, consisting of not more than fifteen nor less than nine members, who shall continue in office until others have been chosen and accept the trust in their stead. In all vacancies happening in said board, whether by removing from the state, dying or refusing or neglecting to act, for and during the space of three months successively, then and in every such case another director shall be chosen in place of director so removing, dying, refusing or neglecting to act, as aforesaid, by a majority of the directors present at any monthly meeting; which director, so chosen, shall remain in office until the next general election of directors; and a majority of said board shall constitute a quorum for the tran-action of business. At the first regular meeting the board of directors shall class themselves, by lot, into three classes, of an equal number each; the term of whose