provided, further, that said corporation shall not in any case use any portion of such savings, trust funds, or deposits in the payment of any loss or losses arising from insurance, or any fire or marine risks it may take; And provided, further, that all such funds or valuable commodities shall not be paid out or removed from such deposit except on the order of the president, countersigned by the secretary, or a return of the receipt or obligation given to such depositor; And provided. further, that the stockholders shall be held individually and personally liable for the faithful discharge of all such trust, payment, or agency, as is created by this act. The real and personal property of each in ividual stockholder, shall be held as a lien and liable for the payment of the dues of the corporation, to the amount and value of each individual share or shares held or owned in this corporation; which lien shall attach from the time of subscribing the stock, and from the time of the transfer thereof to the transferee, and a description of the land or property and the value thereof, and of its location, shall be filed and entered of record on the books of the corporation, and made under octh of the stockholder or transferee, at the time of subscribing or transferring the stock; which books shall at all times be open and subject to inspection by persons interested therein. And the directors shall from time to time examine and enquire into the sufficiency of the lien herein intended to secure the dues of the corporation, and publish the same quarter yearly, with a full statement of all its stocks, business, and dividends. The stockholders shall be liable individually as above herein provided, for all its dues of any kind whatsoever. And the legislature reserves the right to alter or amend any of the provisions of this act from time to time. § 15. This act shall take effect from its passage and be deemed a public act, and be liberally construed for all purposes herein contained by the courts of justice in this state. APPROVED February 12, 1549. In force, April 13, 1812. AN ACT to incorporate the Jacksonville Mutual Life Insurance Company. SECTION 1. Be it enacted by the people of the state of Illinois, Incorporators. represented in the general assembly, That Nathaniel Coffin, Joseph W. King, John W. Lathrop, D. A. Bulkley, J. D. Ames, and the persons who may be insured under this act, and their associates, successors, and assigns, be, and they hereby are, constituted a corName and style. poration by the name of the "New England Mutual Life Insurance Company," for the purpose of making insurance upon lives, with all the powers and privileges and subject to all the duties contained in an act passed in eighteen hundred and thirty three-chapter eighty-three. Capital stock. § 2. Be it further enacted, that there shall be an original guaranty capital stock subscribed to the said corporation, which shall be $50,000, to be divided into shares by the corporation, half of which shall be paid in, in cash, before the said corporation shall go into operation for the purpose of making insurance, the other half of said stock may be called for by the directors, from time to time, when they deem it necessary or expedient, and shall be paid in by the holders of stock, which shall always stand pledged to the corporation for all such assessments so called for. § 3. Be it further enacted, That at the first meeting of the corpo- Meeting. ration, a number of directors, not less than eight, shall be chosen by the subscribers to the said guaranty stock, who shall hold their offices for one year and until others are chosen in their stead; at all subsequent elections of directors, the number shall be such as may be provided for by a previous vote of the directors or by-law of the corporation; and in case of no provision on this subject, the number shall be the same as at the first election, one half of whom shall be elected by the stockholders, and the other half by the assured, voting in separate bodies. The directors shall be either stockholders or assured, and on ceasing to be such shall cease to hold said office. The directors may choose a president from their own number, or from the stockholders or the assured, in which case he shall be a director ex officio. They shall also choose a secretary, who shall be under oath, and they shall appoint all such officers and servants to transact the business of the corporation as they see fit. Each share of the guaranty capital stock shall entitle the holder to one vote, and each assured shall be entitled to one vote in the election of directors. In case of vacancies in the board of directors, so as to reduce the number to less than six, meetings of the corporation shall be held, and the vacancies shall be filled so as to make the board consist of a greater number than six. § 4. Be it further enacted, That except the election of directors, Directors. and except the vote of the assured provided for in the sixth section, the whole business and affairs of the corporation shall be under the control and management of the directors. § 5. Be it further enacted, That whenever the net surplus receipts Surplus of the corporation over their losses and expenses, and after provi- ceipts. ding for risks, shall be sufficient for the purpose, the stockholders shall be entitled to an annual dividend of seven per centum, or to such less dividend as may be agreed upon at the time of subscribing the stock, and in the case of such dividend not being made in any one year, it shall be made good at a subsequent period, when the net resources of the company shall be sufficient for paying the same. re § 6. Be it further enacted. That after providing for risks, losses, Reserved fund incidental expenses, and dividends as aforesaid, the directors shall set apart one quarter of the estimated surplus funds and receipts as a reserved fund, to be applied to the redemption of the guaranty stock, and whenever, after the expiration of ten years from the time of organising the company, the amount of such reserved fund shall be sufficient for the purpose, and the assured shall vote to redeem the said guaranty stock, the same shall be redeemed. § 7. Be it further enacted, That upon the redemption and extinguishment of the guaranty stock under the provision in section sixth, the directors shall be chosen by the assured. every period Funds reim. bursed in tive § 8. Be it further enacted, That at the expiration of of five years from the time of the organisation of the company, years!? the remaining three quarters of the estimated surplus funds and receipts shall be reimbursed to and among the assured, in manner following, namely: to the holders of policies for entire lives, each of which is insured at a uniform annual premium for the whole life, in the proportion of the whole amount of premiums paid during the preceding five years, and in a corresponding and equivalent proportion upon policies made otherwise than at such uniform rate of premium; that is to say, the reimbursement shall be made in the same proportion as if each policy subsisting at the end of each five years had been made at its commencement, for an entire life at an uniform annual premium; Provided, however, that the reimbursement to the holder of any policy shall not be estimated upon a greater amount than shall have been actually paid in on such policy; Provided, further, that in consideration of any existing policies having at the expiration of any such period of five years contributed, directly or indirectly, to the fund for the redemption of the guaranty stock, a provision may be made allowing a greater proportion of reimbursement on such policies, and preferring those of an older date before those of a more recent date, so that each policy shall, so far as may be consistently with the circumstances of the company, be reimbursed for the amount contributed as aforesaid to the redemption of the guaranty stock. § 9. Be it further enacted, That the said corporation shall, on the third Monday in January of every year, pay over to the trustees of the Illinois institution for the education of the blind onetenth of the net profits, if any, which shall have arisen from insurance on lives, made during the preceding year. § 10. Be it further enacted, That the circuit judicial courts shall hear and determine in equity all questions arising between the said corporation and any stockholder or assured. APPROVED February 12, 1849. In force April 13, 1849. AN ACT to authorise William R. Bishop to peddle goods. SECTION 1. Be it enacted by the people of the state of Illinois, represented in the general assembly, That William R. Bishop, a citizen of Macoupin county, being crippled and deformed, and unable to earn a livelihood by any ordinary occupation, be, and he is hereby, authorised in his own proper person, to peddle goods, wares, or Inerchandise (liquors and playing cards excepted,) in any county in this state during his natural life time, anything in the laws relative to license to the contrary notwithstanding. APPROVED February 9, 1849. In force, Feb. 12, 1849. AN ACT to authorise William Pate to peddle goods, &c. SECTION 1. Be it enacted by the people of the state of Illinois, represented in the general assembly, That William Pate, be, and he is hereby, authorised to peddle and retail goods in the counties of Washington and Jefferson for the term of four years from and af- AN ACT to construct a plank road from Oswego, in Kendall county, to the In force, Indiana line, by the way of Joliet, Will county. Feb. 12, 1849. SECTION 1. Be it enacted by the people of the state of Illinois, rep- Incorporators. resented in the general assembly, That all such persons as shall become stockholders agreeably to the provisions of this act, in the corporation hereby created, shall be and continue to be a body corporate and politic, under the name of the "Oswego and Indiana Plank Road Company," and by that name shall have succession Name and style the same at pleasure, may make by-laws, rules, and regulations By-laws. § 2. Said corporation shall have power and the right to construct, To construct and during its continuance, to maintain a plank road of such width plank road. as may be deemed advisable by the directors of said company, and upon the usual and best mode of constructing the same, with such appendages as may be deemed necessary for the convenient use of the same, from Oswego, in Kendall county, by the best and most direct route by way of Plainfield and Joliet, in Will county, to such point on the line of the state of Indiana as shall be determined by the directors of said company as most favorable to the interests of the same, with the right to construct branch roads from such proper and convenient points, as in the judgment of the said directors shall best promote the interests of said company. § 3. The capital of said company shall be one hundred Capital stock. thousand dollars, which shall be considered personal property, and divided into shares of one hundred dollars each. § 4. That John W. Chapman, George W. Bradly, Gavion D. A. Commissioners Parks, Uri Osgood, and Hamilton D. Risley, or a majority of them, shall be commissioners for receiving such subscriptions to the cap- Subscriptions. ital stock of said company, who shall by notices in a public newspaper or papers in Will county, and also by affixing notices in three of the most [public] places on the line of said road, and also three notices in the town of Oswego, and three in the town of Lockport, setting forth when and where the books will be opened for receiving subscription to the capital stock of said corporation, at least thirty days before the opening of said books. The books Directors to Toll-gates. shall be opened at least one day in Joliet, one day in Lockport, one day in Plainfield, and one day in Oswego, as shall be designated by said notices. § 5. The said commissioners may solicit and receive subscriptions from time to time at their pleasure, after opening said books at their different places designated, until they shall have subscriptions of shares of said stock to the amount of twenty thousand dollars. When this amount shall be subscribed, the said commissioners shall notify the said subscribers, by a written or printed notice left at the place of residence of each subscriber, setting forth that the amount of twenty thousand dollars of the stock of said company has been subscribed, and that he is notified to attend (at a day and place fixed in said notice at least thirty days from the time of giving said notice) to elect five directors by a majority of subscribers, to be styled a board of directors to manage the affairs of the Oswego and Indiana Plank Road Company, a majority of whom shall form a quorum to do business. sum of § 6. When any subscription to the capital stock of said company is made, it shall be the duty of the said commissioners receiving the same, to have printed blank notes in readiness for subscribers to said stock to sign; which said notes shall read read as follows: " I, A. B., (as the case may be,) in consideration of the effort now mak ing to construct a plank road from Oswego, Kendall county, to the Indiana state line, by way of Joliet, do hereby agree to pay the to the treasurer of the Oswego and Indiana Plank Road Company; ten per cent. of which I agree to pay forty days after there has been twenty thousand dollars of the capital stock of said Oswego and Indiana Plank Road Company subscribed, and thereafter ten per cent. of the whole sum above mentioned, each three months, until the amount is fully paid. In default of any of the above payments after I have been notified of such payment having become due, as above, the treasurer of said company is hereby authorised and empowered to confess a judgment for me and in my name in any court having jurisdiction, which may and shall be as effectual and as good in law against me and my property as if I confessed the same in my own proper person. Given under my hand and seal, this A. D. 184. [L. s."] § 7. In all cases where there is a default in the payment of stock notes as above, the affidavit of the treasurer of said company that the pay was due according to the provisions of such stock note presented for judgment, shall be sufficient evidence to allow the confession of judgment on said note against the maker thereof. § 8. Immediately after the election of directors and the organisation of said board, the commissioners shall deliver to said directors or their treasurer the whole amount of money and notes received by them on subscription to said stock. day of § 9. The said corporation is authorised, as soon as the board of deliver money. directors are elected as aforesaid, to commence the construction of said road, and as soon as any three miles of said road are completed, said corporation may erect gates thereon, and collect the tolls allowed by this act. And it shall be the duty of the said corporation when said road shall have been completed and gates erected thereon, to keep it in good order and repair, and whenever the said road, from any cause, shall have been injured, the said corporation Toll. |