stock. Subscription of 2. The executive committee of said company are hereby appointed commissioners for procuring said stock capital; and when fifty thousand dollars shall have been subscribed and one dollar on each share of stock paid on subscription to said commissioners, they shall call a meeting of the directors of said company, when the directors shall vote for the amendment or against the amendment; and if a majority shall vote for the amendment said company shall be entitled to all the benefits of the provisions of this act. Capital stock. Suits at law. Premium notes. § 3. When the board of directors shall have accepted this amendment, as provided in section two, they shall call in, by personal or public notice, of at least ten days, such an amount of the stock capital as they may deem expedient, not exceeding nine dollars on each share, which, together with the amount paid to the commissioners, shall constitute the first installment on the stock capital, and shall require the residue of said stock to be secured by good and legal stock notes, secured to the satisfaction of the executive committee of said company; and if, at any time, the directors or executive committee shall consider any of the stock notes insecure they shall have power to require additional security on the same, after notice, under such penalties and forfeitures as they may provide in their by-laws. 4. The capital of said company shall consist of the capital stock and the premium notes held by said company as part consideration of policies of insurance, issued by said company; and said company may issue policies of insurance, not exceeding one-tenth the amount of the capital of said company in any one risk, and charge and receive such premiums therefor as may be agreed by and between the parties, either upon the mutual or stock principle, or both, and may cause themselves to be reinsured against any risk on which they have made insurance. § 5. Suits at law may be maintained by this company by a member or members against any of its members or stockholders; and suits may also be maintained by any member or stockholder against this company; and in any suit against this company any member or stockholder shall be admitted as a competent witness for and in behalf of this company, except in suits in which he or she shall be directly a party. § 6. Whenever an assessment is made on any premium note given to this company for any risk taken by this company, or as a consideration for any policy issued or to be issued by this company and an action is brought for the recovery of such assessment or note the certificate of the secretary of said company, under the seal thereof, specifying such assessment or note and the amount due said company on such note or notes, shall be taken and received as prima facie evidence thereof, in all courts and places whatsoever. 7. Every person or persons insured in and by said company, upon the mutual plan, shall be deemed members of said company; but those insured upon the stock plan shall not be members. So much of the act to which this is an amendment as is inconsistent with this act be and the same is hereby repealed. ting. § 8. At the election for directors each member shall be Elections and voentitled to one vote for each mutual policy held, and in force, by him, her or them; and each stockholder shall be entitled to one vote for each share of stock held by him, her or them, either in person or by proxy; but said company may determine, by their by-laws, the amount of evidence to be required in the execution of proxies. The directors shall be stockholders at the time of their election and residents of this state, and shall hold their office until others are chosen to supply their places. losses. 9. The directors shall, after receiving notice of any Adjustment of loss or damage upon property insured in and with said company or after the rendition of any judgment against said company, for such loss or damage, provided the cash fund received for insurance by the said company in the class in which said loss or damage occured should not be sufficient to pay said loss or damage, the directors shall settle and determine the sums to be paid by the several members belonging to the class in which the loss occurred as their respective proportion of such loss or damage; and the sum to be paid by each member shall be in proportion to the original amount of his, her or their premium note or notes; and in case the cash premiums, together with the premium notes received for insurance, shall not be sufficient to pay all losses and expenses, in either class or department, the stock capital shall be applied to make up the deficit; and in case of any loss or losses, whereby the stock capital of said company shall be lessened before all installments are paid in, each stockholder's estate shall be held accountable for the installments that remain unpaid on his, her or their share or shares at the time of such loss or losses taking place, and no more; and no subsequent dividend shall be made until the sum arising from the profits of the business or additional installments on the stock capital shall be paid said company, equal to such diminution. Any director, agent or other person who shall collect or receive any money or other valuables and shall not account for and pay over the same, when requested by said company, any such director, agent or other person, on conviction of the same, shall be deemed guilty of embezzlement. § 10. The corporate name of this company shall here- Corporate name. after be "The Stephenson Insurance Company;" and by that name and style shall be capable in law or equity of pleading and being impleaded; and shall have perpetual succession, in all cases, courts and places whatsoever. All Real estate. Dividends. Board of directors. Taxes. premium notes or other demands or judgments payable to or in favor of the Stephenson County Mutual Fire Insur ance Company shall be and are hereby made payable to the Stephenson Insurance Company, but nothing herein contained shall affect the rights or privileges of those insured in said company before the passage of this act or impair the obligation of any contracts made or entered into by and with said original corporation. § 11. Said corporation may purchase and hold such real estate as may be convenient for the transaction of its business, and also to have and hold any real estate as security, by mortgage or otherwise, to secure the payment of debts, due in good faith to said company, either for shares of stock, capital or otherwise; also to purchase real estate, at any sale, in virtue of any judgment at law, decree in equity, or deeds of trust, in favor of said company. 12. It shall be lawful for said company to make dividends of the interest received from the investment of their stock capital or cash surplus, also to make dividends of so much of their profits arising from the business of said company as to them shall seem advisable. 13. The affairs of said company shall be managed by a board of directors, consisting of not more than forty nor less than five stockholders; and said company may determine, by their by-laws, the number of directors that shall constitute a quorum for the transaction of business. § 14. The capital paid in on the stock and the real and personal property of said company shall be liable for the payment of taxes in the town or city where the same may be located; but no stockholder shall be liable for the payment of taxes on the same stock held by him which shall have been assessed to said company. This amendment shall be void and of no effect, unless the stock capital shall be taken and the amendment accepted, as provided in section two of this act, within two years after the passage of this act. All process against said company shall be served upon the president or secretary of said company. The records of said company or copies thereof, duly authenticated, by the signature of the president and secretary, shall be competent evidence in any suit in which said company may be a party. § 15. This act and the act to which this is an amendment shall be and they are hereby declared to be public acts; and the same shall be construed liberally, for all the purposes therein granted. This act shall take effect and be in force from and after its passage. APPROVED February 20, 1861. AN ACT to incorporate the Tornado Insurance Company. WHEREAS Our state and county has, during the last few years, been visited with extensive and destructive tornadoes, destroying large amounts of property for our citizens; and whereas there are no insurance companies doing business in this state, organized for the purpose of issuing policies of indemnity against loss by tornadoes, storms and wind; therefore, In force February 22. 1861. objects SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That Loyal L. Munn, James Mitchell, George F. De Forest, Henry H. Taylor, Thomas J. Turner and John R. Lemon, and their associates, successors and assigns, be and they are hereby incorporated into a body corporate and politic, by the name and style of "The Tornado Insurance Company," and for Name, the term of fifty years, from the passage of this act, for the and privileges. purpose of insuring buildings and other property against loss or damage by tornadoes, storms and wind; 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 whatsoever; may have and use a common seal; may purchase and hold such real and personal estate as may be necessary or convenient to effect the objects of their association, and they may sell and convey the same, at pleasure; and may make, establish and put in execution such by-laws, ordinances and resolutions as may seem necessary or convenient for their regulation any 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 this charter. § 2. That all and every person or persons, who shall at Members of the any time become interested in said company, by insuring company. therein, and also their respective heirs, executors, administrators and assigns, continuing to be insured therein, shall be deemed and taken to be members thereof, for and during the term of five years, from the date of the commencement of their respective policies, and shall be bound to pay their proportion of all losses and expenses, as hereinafter provided; but any member may, at any time, surrender his policy and have the same canceled, by paying his proportion of all losses and expenses up to the time of such surrender, and be released from any further liabilities. paid in. 3. Each member of said company shall, at the time of Amount applying for insurance, pay forty cents on each one hundred dollars insured, and is also hereby bound to pay his proportion of all losses and expenses happening or accruing in and to said company during the time specified in their respective policies: Provided, however, that such losses and expenses shall not exceed ten per cent. of the amount insured, in addition to the forty cents on each one hundred to be dollars paid at the time of insuring. And all buildings aforesaid. § 4. When any property insured by this company shall be alienated, by sale or otherwise, this policy shall thereupon be void; but in such cases it shall be lawful for such assured to assign and deliver to the purchaser or purchasers such policy of insurance, and such assignee or assignees shall have all the benefits of such policy, and may bring and maintain a suit thereon, in his, her or their own names: Provided, that before any loss happens he, she or they shall obtain consent, in writing, of the secretary of said company to such assignment, and have the same indorsed on or annexed to the said policy of insurance. § 5. The capital stock of said company shall consist of the ten per cent. lien said company has, by virtue of this charter, against the members thereof. § 6. The board of directors may invest and employ the funds of said company in such a way and manner as the interest and welfare of the company may require: Provided, they do not engage in any banking operations. 87. The business of said company shall be carried on at such place in the city of Freeport as the directors may determine, and at such other places, by agency, as said company may elect. 8. Said company may insure property at its full cash value, and if the property is not insured at its full cash value this company shall not be liable to pay any greater proportion of the loss or damage than the amount insured thereon shall bear to the whole value of the property insured and at risk at the time of the loss or damage; but if insured at its full cash value said company shall pay the full amount of the loss or damage within or at the end of ninety days after the receipt of full and satisfactory proofs; or said company may rebuild or repair the building or buildings, within a reasonable time, and replace the articles lost or damaged with others of the same kind and equal goodness, by giving notice of their intentions so to do within thirty days after having received the preliminary proofs of the loss; and if the party is not satisfied with the determination of the directors in relation to his, her or their loss, he, she or they shall bring an action against said company for said loss or damage, at the next court to be holden in and for the county of Stephenson, and not afterwards, unless said court shall be holden within sixty days after said determination; but if holden within that time then at the next ! |