and to whom such payment is to be made; but such time shall not be less than twenty days nor more than thirty days from the date of such notice. *149. Enforcing assessments-director's default. § 14. Suits at law may be brought against any member of such company who shall neglect or refuse to pay any assessment made upon him by the provisions of this act; and the directors of any company so formed, who shall willfully refuse or neglect to perform the duties imposed upon them by the provisions of this act shall be liable in their individual capacity to the person sustaining such loss. Suits at law may also be brought and maintained against any such company by members thereof for losses sustained, if payment is withheld after such losses have become due. *150. Annual statement. § 15. It shall be the duty of the secretary to prepare an annual statement showing the condition of such company on the thirty-first day of December, and present the same at the annual meeting of the company. *151. Withdrawing from company. § 16. Any member of such company may withdraw therefrom by surrendering his policy for cancelation at any time while the company continues the business for which it was formed by giving notice in writing to the secretary thereof and paying his share of all claims then existing against said company: Provided, that by the withdrawal of any such member, the number of members remaining in the company shall not be reduced below the original number of incorporators, or that the assets will not be reduced below the amount at the time of the organization: Provided, further, that the company shall have power to cancel or terminate any policy by giving the insured notice to that effect: Be it provided, further, that any person removing his insured stock beyond the limits of this State may surrender his policy and receive from the company the unearned premium or rate charged, if any, less twenty-five per cent. This provision shall also apply to any policy canceled by notice from the company. *152. Annual report -examination. § 17. It shall be the duty of the president and secretary of every such company on the first day of January of each year, or within one month thereafter, to prepare, under their oath, and transmit to the auditor.of public accounts a statement of the condition of the company on the thirty-first day of December then next preceding, in such form as the auditor may direct. If, upon examination, he is of the opinion that such company is doing business correctly in accordance with the provisions of this act, he shall thereupon furnish the company his certificate, which shall be deemed authority to continue business the ensuing year, subject, however, to subsequent provisions of this act. For such examination and certificate the company shall pay one dollar. Each company shall pay, at the time of organization, ten dollars for the auditor's services, all of which shall be paid into the State treasury and applied to the insurance fund. *153. Dissolution. § 18. Any such company may be proceeded against and dissolved in the manner and upon the same conditions as provided in case of other insurance companies incorporated in this State. [*614] 8. When contracts between citizens o erned by the laws of this State- 3. 5. 4. Eight per cent. may be contracted for. 9. Construction. Computation of time. Corporation not to plead usury. 6. Penalty for contracting for more than 12. Repeal. 13. 7. Usury must be pleaded. Gas companies to pay interest on deposits. AN ACT to revise the law in relation to the rate of interest, and to repeal certain acts therein named. [Approved May 24, 1879. In force July 1, 1879. L. 1879, p. 184.] *1. On loan or forbearance of money, etc. SEC. I. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That the rate of interest upon the loan or forbearance of any money, goods, or thing in action, shall continue to be six dollars ($6) upon one hundred ($100) dollars for one year, and after that rate for a greater or less sum, or for a longer or shorter time, except as herein provided. [R. S. 1845, p. 294, § 1; Stokes v. Frazier, 72 Ill. 428; Barker v. International Bank, 80 Ill. 96; Haworth v. Huling, 87 Ill. 23; Convey v. Sheldon, 1 Brad 555; Ford v. Hixon, 49 Ill. 142; Madison Co. v. Bartlett, 1 Scam. 70; Pekin v. Reynolds, 31 Ill. 530: City of Chicago v. People, 56 Ill. 334: Co. of Pike v. Hosford, 11 III 170; Walker v. Kimball, 22 ill. 537; Storr v. Richmond, 30 Ill. 276; Etuyre v. McDaniel, 28 Ill. 202; Taylor v. Coffing, 18 Ill. 429; McFadden v. Fortier, 20 Ill. 509; Hunter v. Hatch, 45 Ill. 184; Leonard v. Villars, 23 Ill. 380; Baker v. Scott, 62 Ill. 88; Story v. Livingston, 13 Peters (U. S.), 359. *2. On money after due, etc. § 2. Creditors shall be allowed to receive at the rate of six (6) per centum per annum, for all moneys after they become due on any bond, bill, promissory note, or other instrument of writing; on money lent or advanced for the use of another, on money due on the settlement of account from the day of liquidating accounts between the parties and ascertaining the balance, on money received to the use of another, and retained without the owner's knowl edge, and on money withheld by an unreasonable and vexatious delay of payment. [R S. 1845, p. 294, § 2; Daniels v. Osborn, 75 Ill. 615: Dobbins v. Higgins, 78 Ill. 440 Stearns v. Sweet, 78 Ill. 446; Chapman v. Burt, 77 Ill. 337; Edgmon v. Ashelby, 76 III. 162; Cease v. Cockle, 76 Ill. 484: Becker v. Becker, 79 Ill. 532: Chicago v. Allcock. 86 Ill. 384: Heiman v. Schroeder, 74 Ill. 159: Illinois C. R. R. Co. v Cobb, etc., 72 Ill. 149; Knickerbocker Ins. Co. v. Gould, 80 Ill. 388: Moltman v. Williamson, 69 III. 423: Clark v. Dutton, 69 Ill. 521: Tucker v. Page, 69 Ill. 182; Scroggs v. Cun ningham, 81 Ill. 113;Warren v. Tyler. 81 Ill. 15; City of Chicago v. Barbiau, 80 Ill. 482; Bedell v. Janney, 4 Gilm. 193; Tindall v. Meeker. 1 Scam. 137; Lurton v. Gill iam, 1 Scam. 577: Bishop Hill, etc., v. Edgerton, 26 Ill. 54; Flake v. Carson, 33 III. 518; Casey v. Carver, 42 Ill. 225; Underhill v. Graff, 48 Ill. 202; LaSalle v. Simmons, 5 Gilm. 513; Bourland v. Peoria, 16 !ll. 546; Higgs v. French, 1611. 343; Walker v. 49 Ill. 142; Derby v. Gage, 38 Ill. 27; Robbins v. Laswell, 58 Ill. 203; King v. Ham- 27 V. *3. On judgment, award, report, verdict. § 3. Judgments recovered before any court or magistrate shall draw interest at the rate of six (6) per centum per annum, from the date of the same until satisfied. When judgment is entered upon any award, report or verdict, interest shall be computed at the rate aforesaid, from the time when made or rendered to the time of rendering judgment upon the same, and made a part of the judgment. [R. S. 1845, P. 294, 82; Barker v. Int. Bank of Chicago, 80 Ill. 96; Haas v. Ch. Building Society, 80 Ill. 248; Moss v. McCall, 75 Ill. 190; Lombard v. Ch. Sinai Congregation, 75 Ill. 271: Western U. R. R. Co. v. Smith, 75 Ill. 496; Deenis v. Deenis, 79 Ill. 74; Race v. Sullivan, 1 Brad. 94: Etuyre v. McDaniel, 28 Ill. 201: T. P. & W. Ry. Co. v. Johnson, 74 III. 83; Mason v. Eakle, Breese, 83; Aldrich v. Sharp, 3 Scam. 263; White v. Haffaker, 27 Ill. 351; Wayman v. Cochrane, 35 Ill. 155; Wayman v. Crozier, 35 Ill. 156. *4. Eight per cent. may be contracted for. § 4. In all written contracts it shall be lawful for the parties to stipulate or agree that eight (8) per cent. per annum, or any less sum of interest, shall be taken and paid upon every one hundred ($100) dollars of money loaned, or in any manner due and owing from any person or corporation to any other person or corporation in this State, and after that rate for a greater or less sum, or for a longer or shorter time, except as herein provided. [L. 1849, p. 98, § 1; L. 1857, P. 45. §1; Warren v. Tyler, 81 Ill. 18; Ballinger v. Bourland, 87 Ill. 513: Gramer v. Joder, 65 Ill. 314; Goodwin v. Goodwin, 65 Ill. 498; Bradford v. Hoiles, 66 Ill. 518: Hamill v. Mason, 51 Ill. 488; Austin v. Bainter, 50 Ill. 308 Kinsey v. Nisley, 23 Ill. 505; Seegar v. Seegar, 19 Ill. 121; Farwell v. Meyer, 35 Ill. 40; Parmelee v. Lawrence, 44 Ill. 415; Hunter v. Hatch, 45 Ill. 178; Parmelee v. Lawrence, 48 Ill. 331; Drake v. Latham, so Ill. 273; Herring v. Woodhull, 29 Ill. 93; Nichols v. Stewart, 21 Ill. 106; McGill v. Ware, 4 Scam. 21; Matthias v. Cook, 31 Ill. 83; Convey v. Sheldon, 1 Brad. 555. *5. No greater rate shall be contracted for. § 5. No person or corporation shall directly or indirectly, accept or receive, in money, goods, discounts, or thing in action, or in any other way, any greater sum or greater value for the loan, forbearance or discount of any money, goods or thing in action, than as above prescribed, [R. S. 1845, p. 295, $3: Downey v. Beach, 78 Ill. 53; Wilson v. Kirby, 88 Ill. 566; Withrow y. Briggs, 67 Ill. 96; Bane v. Gridley, 67 Ill. 388; Puterbaugh v. Farrell, 73 Ill. 213; Mitchell v. Lyman, 77 Ill. 526; Reinbach v. Crabtree, 77 Ill. 182; McGill v. Ware, 4 Scam. 21; Delano v. Rood, 1 Gilm. 697; Shirley v. Wilty, 19 Ill. 625: Ferguson y. Sutphen, 3 Gilm. 547; Bishop v. Williams, 18 Ill. ror; Davis v. Hopkins, 15 Ill. 519; Earll v. Mitchell, 22 Ill. 530; Nickerson v. Babcock, 23 Ill. 561; Osborn v. CHAP. 74. INTEREST. McCowan, 25 Ill. 218; Davis v. Rider, 53 Ill. 416; Delano v. Rood, 1 Gilm. 690; *6. Penalty for contracting for more than eight per cent. 6. If any person or corporation in this State shall contract to receive a greater rate of interest or discount than eight (8) per cent. upon any contract, verbal or written, such person or corporation shall forfeit the whole of said interest so contracted to be received, and shall be entitled only to recover the principal sum due to such person or corporation; and all contracts executed after this act shall take effect, which shall provide for interest or compensation at a greater rate than herein specified, on account of non-payment at maturity, shall be deemed usurious, and only the principal sum due thereon shall be recoverable. [L. 1857. P. 46, § 3; Reinback v. Crabtree, 77 Ill. 182; Mitchell v. Lyman, 77 Ill. 525: Driscoll v. Tannock, 76 Ill. 154; Tooke v. Newman, 75 Ill. 215; Peddicord v. Connard, 85 Ill. 102; Sonner v. Smith, 89 Ill. 123; McGill v. Ware, 4 Scam. 21; Goodrich v. Reynolds, 31 Ill. 491; Hamill v. Mason, 51 Ill. 488; Stevenson v. Unkefer, 14 Ill. 103: Partlow v. Williams, 19 lll. 132; Hefner v. Vandolah, 62 Ill. 483; Heacock v. Swartwout, 28 Ill. 298; Maps v. Sharp, 32 11. 14; Snyder v. Griswold, Cushman v. Sutphen, 42 Ill. 260; Hawhe v. Snydaker, 86 Ill. 197. 37 223; [*615] *7. Usury must be pleaded. 7. The defense of usury shall not be allowed in any suit, unless the person relying upon such defense shall set up the same by plea, or file in the cause a notice in writing, stating that he intends to defend against the contract sued upon or set off, on the ground that the contract is usurious. [Puterbaugh v. Farrell, 73 Ill. 213; Hamill v. Mason, 51 Ill. 488; Murray v. Crocker. 1 Scam. 212; Smith v. Whitaker, 23 Ill. 367: Hancock v. Hodgson, 3 Scam. 330: Moir v. Harrington, 22 Ill. 40; Saylor v. Daniels, 37 Ill. 331; Durham v. Tucker, 40 Ill. 519; Hemenway v. Cropsey. 37 Il 357; Stockham v. Munson, 28 Ill. 51; Frank v. Morris, 57 Ill. 138; Partlow v. Williams, 19 Ill. 132; Bates v. Bulkley, 2 Gilm. 389; Nichols v. Stewart, 21 Ill. 106; Safford v. Vail, 22 Ill. 327; Adams v Robertson, 37 Ill. 45; Conkling v. Underhill, 3 Scam. 388; Hawhe v. Snydaker, 86 Ill. 200. *8. When contracts between citizens of this and other States governed by the laws of this State - penalty. § 8. When any written contract, wherever payable, shall be made in this State, or between citizens or corporations of this State, or a citizen or corporation of this State, and a citizen or corporation of any other State, territory or country, (or shall be secured by mortgage or trust deed on lands in this State), such contract may bear any rate of interest allowed by law, to be taken or contracted for by persons or corporations in this State, or which is or may be allowed by law on any contract for money due or owing in this State: Provided, however, that such rate of interest shall not exceed eight per cent. per annum, and if any such person or corporation shall contract to receive a greater rate of interest or discount than eight per cent. upon any such contract, such person or corporation shall forfeit the whole of said interest so contracted to be received, and shall be entitled only to recover the principal sum due to such person or corporation. [Phinney v. Baldwin, 16 Ill. 108; Palmer v. Marshall, 60 Ill. 289; Barnes v. Whitaker. 22 I. 606; Prince v. Lamb, Breese, 379; Warren v. McCarthy, 25 Ill. 95; Hall v. Kimball, 58 I. 58; McAllister v. Smith, 17 Ill. 328; Adams v. Robertson, 37 Ill. 45; Sherman v. Gassett, 4 Gilm. 521; Forsythe v. Baxter, 2 Scam. 9; Deene v. Crume, 46 Ill. 73. *9. Construction. §9. Whenever, in any statute, act, deed, written or verbal, contract, or in any public or private instrument what. ever, any certain rate of interest is or shall be mentioned, and no period of time is stated for which such rate is to be calculated, interest shall be calculated at the rate mentioned, by the year, in the same manner as if "per annum" or "by the year" had been added to the rate. [Griffith v. Furry, 30 Ill. 251; Etuyre v. McDaniel, 28 Ill. 201. *10. Computation of time. 1o. In all computations of time, and of interest and discounts, a month shall be considered to mean a calendar month, and a year shall consist of twelve calendar months; and in computations of interest or discount for any number of days less than a month, a day shall be considered a thirtieth part of a month, and interest or discount shall be computed for such fractional parts of a month upon the ratio which such number of days shall bear to thirty. *11. Corporations not to plead usury. § 11. No corpora. tion shall hereafter interpose the defense of usury in any action. [Hurd v. Marple, 2 Brad. 402; Hartford Ins. Co. v. Hadden, 28 Ill. 260; Am. R. R. Co. v. Miles, 52 Ill. 174. *12. Repeal. $ 12. That an act entitled, “An act to revise the law in relation to the rate of interest," approved March 25, 1874, and an act entitled "An act to amend section eight (8) of an act entitled "an act to revise the law in relation to the rate of interest," approved March 25th, A. D. 1874, approved March 3, 1875, be and the same are hereby repealed. But this section shall not be construed, so as to affect any rights that may have accrued or suits that may be pending when it shall take effect. [Hurd v. Marple, 2 Brad. 402. GAS COMPANIES TO PAY. AN ACT to compel gas companies to pay interest on deposits made by parties at tne request of such companies. [Approved May 29, 1879. In force July 1, 1879. L 1879, p. 186.] *13. Gas companies to pay interest on deposits. SEC. I. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That all gas companies, persons or associations en gaged in manufacturing gas for public or private use in this State, who shall require any person, corporation or association of persons to deposit any sum or sums of money with such gas company, person or association, |