§4. The said company shall have power, by instrument, Insurances. under seal, or otherwise-First: To make insurance upon all descriptions of property against loss or damage by fire. Secondly: To make insurance upon all description of boats, and vessels, the cargoes and freights thereof, and upon bottomry and respondentia interest, against the perils of marine and inland navigation. Thirdly: To cause themselves to be reinsured against any risk upon which they may have in surance. rectors. § 5. The first board of directors shall hold their office till First board of dithe second Monday in January, next succeeding the organization of the company, and until their successors are elected; and, on the second Monday of January, in each year, during the continuance of said corporation, an election of the directors thereof shall be held in the city of Chicago, at such time and place as the existing board of directors may prescribe. The stockholders in said corporation, in person or by proxy in writing, shall be entitled to one vote for each share of stock held by them, respectively, at the time of such election; and the persons, to the number of nine, being stockholders, receiving the highest number of votes at such election, shall be declared elected directors of said corporation, for one year, and shall hold their office until the next annual election and until their successors are elected. A majority of the board shall constitute a quorum for the transaction of business. § 6. The board of directors shall have power to fill any Vacancies. vacancy that may occur in their own body-a plurality of votes constituting a choice. They shall choose, in the same manner, previous to the annual election of directors, three inspectors of such election, whose duty it shall be to canvass the votes cast thereat and declare the result. The said inspectors shall, also, be judges of the qualifications of voters. Notice of such elections shall be given, by publication in one or more daily newspapers published in Chicago, at least two weeks previous thereto, over the signature of an officer of the company. board. 87. The directors shall meet, as soon as may be, after Officers every election, and shall choose, out of their number, a president and vice president, who shall hold their offices until the next annual election of directors and their successors are chosen. They shall also have power to appoint a secretary, and all subordinate officers of said corporation, to fix their compensation, and prescribe their duties. § 8. All policies of insurance made by said corporation Policies. shall be subscribed by the president or vice president and countersigned by the secretary; and all losses arising under any policy, so subscribed, may be adjusted and settled by the president, vice president or secretary, under such regulations as the board of directors may, from time to time, prescribe. of the Office. Dividends. § 9. The office of said company shall be located in the city of Chicago; but the officers may appoint such agents in other places as they may deem expedient. § 10. The board of directors may, from time to time, in their discretion, estimate the net earned profits that have accrued on the business of the company, and declare such a dividend thereof to the stockholders as they may deem desirable. § 11. By the consent, in writing, of three-fourths of the stockholders, the insured may be allowed to participate in the net profits of the company, to such an extent and upon such terms as the directors may deem expedient. $12. Nothing in this act contained shall authorize said corporation to receive deposits or do a banking business. 13. Each shareholder in this corporation shall be individually liable for the debts and contracts of said company, to the extent of his unpaid stock. § 14. This act shall be deemed a public act, and shall be liberally construed, for the purposes therein contained, and take effect from and after its passage. APPROVED February 22, 1861. in force February AN ACT to incorporate the Jersey County Farmers' Mutual Insurance Com22, 1561. and powers. pany. SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembl, That Joel Cory, Lewis Randolph, J. Murray Bacon, O. P. Powell, J. E. Cooper, Robert C. White, Israel Squires, William Darbey, Geo. E. Warren and all other persons who shall become members of the corporation hereby created, shall be and are hereby ordained and declared to be a body politic Corporate name and corporate, by the name and style of "The Jersey County Farmers' Mutual Insurance Company," for the purpose of insuring farm buildings, dwelling houses, household furniture and other property against loss or damage by fire, whether the same shall happen by accident, lightning or any other cause, excepting that of design in the insured, or by the invasion of an enemy, or an insurrection of the citizens of this State or of 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 court or place whatsoever; and may have and use a common seal, and alter and renew the same at pleasure; may purchase and hold such real and personal estate as may be necessary to effect the objects of their association, and may sell and convey the same at pleasure: Provided, that the real estate which it shall be lawful for the said corporation Real estate. to hold be only such as shall be requisite for the purpose of erecting buildings thereon, in which to meet and transact the business of said corporation, or such as shall have been bona fide mortgaged to it, by way of security or conveyed to it in satisfaction of debts previously contracted in the course of its business or purchased at sales on judgments which shall have been obtained for such debts; and with regard to all such real estate, so to be held by the said corporation, as aforesaid, except such as shall be for its immediate accommodation, as aforesaid, or such as it may hold, by way of mortgage, and whereof the actual possession shall be and remain in the mortgagor, his heirs and assigns, the said corporation shall be bound to sell and dispose of the same, respectively, within five years after it shall acquire the same, and shall not be capable of holding the same after the expiration of the said five years; may make, establish and put in execution such by-laws, ordinances and resolutions, not being contrary to the laws of this state or the United States, as may be necessary or convenient for their regulation and government and for the management of their af fairs; and to do and execute all such acts and things as may be necessary to carry into effect the provisions of this act. § 2. The affairs of this company shall be managed by a Board of directors board of directors, to consist of not less than five nor more than fifteen, as may be regulated by the by-laws of said company; and said directors shall be chosen by ballot, from among the members of said company; and a majority of the whole board shall constitute a quorum for the transaction of business. tion. § 3. The persons named in the first section of this act Notice of elecare hereby constituted a board of directors, to serve as such until the first annual election of directors and until others are chosen; which annual election shall be held on the first Monday in May, in each year. Such election shall be held at such place and at such time as the directors, for the time being, shall appoint-notice of which time and place shall be given in one of the newspapers printed in the county of Jersey, or, if there be no newspaper published in said county, then in some newspaper published in the county of Madison, at least twenty day's immediately preceding such election. And such election shall be holden under the inspection of three members, to be appointed previous to every election by the board of directors; and such election shall be made by a plurality of the votes of the members present, or their proxies, allowing each member one vote. The board of directors shall hold their offices for one year and until others are chosen; and vacancies occurring in the board may be filled at any of their meetings. § 4. All and every person who shall become interested in said company, by insuring therein, and also their respective heirs, 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. 5. It shall be lawful for the company to insure any property in this state, within such limitation as the by-laws shall prescribe. President and of- § 6. The board of directors shall elect a president, vice ficers of board. president, secretary and treasurer, who shall hold their respective offices for one year and until others are chosen. The board of directors may, also, appoint an executive committee, from among their own members, and such committee, when the board is not in session, may exercise all the powers vested in this company, except when the company, by its by-laws, may otherwise provide. The board of directors may, also, appoint surveyors, appraisers, agents and such other subordinate officers as they may, from time to time, deem necessary, who shall hold their offices during the pleasure of the board. Duties of the directors. 87. If it shall happen that the election of directors shall not be held on a day when, pursuant to this act, it ought to have been held, this corporation shall not for that cause be deemed to be dissolved, but it shall be lawful, on any other day, to hold an election of directors-notice of which shall be given, as herein prescribed. § 8. The board of directors shall superintend the concerns of said company and shall have the management of the funds and property thereof and of all matters and things not otherwise provided for by said company. They may determine the rates of insurance, the sum to be insured on any building, not exceeding two-thirds of its value, nor onehalf of the value of personal estate, and the sum to be deposited for the insurance thereof. They may order and direct the making of all policies of insurance, the providing of books, stationery and other things needful for the office of said company and for carrying on the affairs thereof; and may draw upon the treasurer for the payment of all losses which may have happened or for expenses incurred in transacting the business of said company, and for all purposes authorized by the charter. They shall hold their meetings at such times and at such place as shall be directed by the by-laws of the company, for the transaction of their business, and shall keep or cause to be kept a true record of their proceedings, of all the votes of the corporation and the directors, and of all policies of insurance issued by the company, of all assignments of such policies as shall be as sented to by them; which record shall be open to the inspection of any person interested therein. 9. Every person who shall become a member of said Notes on deposit. company, by effecting insurance therein, shall, before he receives his policy, deposit his promissory note for such sum or sums of money as shall be determined by the directors or company, not exceeding five per cent. upon the amount of the property insured, a part of which note, not less than five per cent. thereof, shall be immediately paid, for the purpose of discharging the incidental expenses of the company and for creating a fund for the payment of future losses; and the remainder of said deposit note shall be payable, in part, or the whole, at any time when the directors shall deem the same requisite for the payment of losses and other expenses or for the purpose of creating a new fund for that purpose, the old funds having become exhausted or insufficient for the payment of said losses or expenses; and, at the expiration of the term of insurance, the said note, or such part thereof as shall remain unpaid, after deducting all iosses and expenses accruing during said term, shall be relinquished and given up to the naker thereof, his executor or administrator. And said company may provide, by its by-laws, for a dividend of its surplus funds, from time to time, among the members of said company. § 10. The funds of said company, created by the pay- I ment of the premium upon the deposit notes or the assessments thereon, may, in the discretion of the directors, be loaned on security or invested in stocks, except so far as the same may be necessary for the payment of the current expenses of the company. Investment of funds es. § 11. The members of this company shall be and are Payment of losshereby bound to pay their proportion of all losses and expenses happening and accruing during the time for which their policies were issued, to the amount of their deposit notes and cash premiums, and no more; and the said company shall have a lien on all buildings insured, including all the right, title and interest of the insured in and to the lands on which the said buildings may be situated, as against the insured, for the payment of said deposit notes. property in § 12. In case any member of this company shall sell, Conveyance of convey or mortgage the property insured by him, it shall be sured. lawful for such member to assign and deliver to the purchaser or mortgagee his policy of insurance; and such assignee shall have all the benefit of such policy: Provided, that before any loss happens he shall obtain the consent of the directors to such assignment, to be certified upon said policy by the secretary of said company; and said company shall not be liable for any loss or damage which may happen to any property after such sale or incumbrance, without the consent of the directors to such assignment; and the directors may, in case of a sale of the property insured, re |