Annual state.

ment of the

spective signers thereof, at the successive periods when the said company shall make up its annual statement as hereinafter provided for, and on new notes taken in advance thereafter, a compensation to the signers thereof, at a rate to be determined by the trustees, but not to exceed seven per cen tum per annum, may be allowed and paid from time to time.

SEC. 12. The officers of the company, at the expiration profits or los of one year from the time that the first policy shall have been

ses to be

made.

issued, and bears date, and within one month thereafter, and during the first month after the expiration of every subsequent year, shall cause an estimate to be made of the profits and true state of the affairs of the said company, as near as may be, for the preceding year, and so on for each successive year, which estimate shall be conclusive upon all persons entitled to receive certificates as hereinafter provided for, and shall thereupon cause a balance to be struck of the affairs of the company, in which they shall charge each member with a proportionate share of the losses of the company, according to the original amount of premium paid by them, but in no case shall such share exceed the amount of such premium, such member shall be credited with his proportionate share of the amount of premiums earned, after deducting losses and expenses, and of the profits of the company derived from in'Certificates stalments, which share of profits derived from investments, of credit to be shall be paid to such member, and for his proportionate share of the premiums earned, he shall be entitled to a certificate on the books of the company of the amount remaining to his credit in the said company, such certificate to contain a proviso, that the amount named therein, is liable to any future losses by said company. No certificate shall be issued for a sum less than five dollars, nor for the fractional sums between even fives of dollars, but all such sums shall be passed to the contingent accounts of the company.

issued.

Balance state

ment what to eontain.

SEC. 13. On the same day, in the first month after the expiration of the first year, from the time the said company shall issue their first policy, and within the first month of eve ry subsequent year, the officers of the company shall cause

to be made and printed, a general balance statement, of the affairs of the company, which shall contain,

1. The amount of premiums received during the preceding year, syecifying what amount was received on policies on fire risks, and what amount on policies on marine and inland navigation risks.

2. The amount of the expenses of the company during

the year.

3. The amount of losses paid during the year specifying the amount paid on policies on fire risks, and the amount paid on policies on marine and inland navigation risks.

4. The balance remaining with the company.

5. The nature of the security on which the same is invested, specifying what amount is invested on real estate, what on stocks, what on bottomry and respondentia, and the amount of premium notes and cash on hand, a printed copy of which shall be delivered to each member on request, and a copy shall be printed daily for two weeks, immediately after the same shall be made, in one or more daily papers in the city of Milwaukee.

When re

be made.

SEC. 14. Whenever the accumulation of the nett profits of the company shall exceed one hundred thousand dollars, the demption of excess may be applied from year to year, or semi-annually certificates to thereafter, towards the redemption of each years' certificates, in whole or in part as may be determined upon by the board of trustees, but the certificates of a subsequent year are not to be redeemed until those of the preceding are provided for, and when such accumulation shall exceed two hundred thousand dollars, it shall be the duty of the trustees to apply such latter excess towards the redemption of certificates in whole or in part, in the manner above specified.

When suits

be commen

ced.

SEC. 15. Suits at law may be prosecuted and maintained by any member, against said corporation, for losses and dam- for losses may ages insured against by them, if payment is withheld more than sixty days after the company is duly notified of such losses, and no member of the said corporation, not being in his individual capacity a party to such suit, shall be incompetent as a witness, all process against the said company, may

Where business to be

done.

Powers reser.

ved.

be served upon the president, or vice president, or upon the secretary for the time being, of the said company, or upon any one of the trustees.

SEC. 16. The operations and business of the said company shall be carried on in the city of Milwaukee and not elsewhere. Nothing contained in this act shall be so construed as giving to said company any banking privileges whatever, and no certificate or evidence of stock or debt shall be allowed to circulate as money.

SEC. 17. This act shall take effect immediately, and continue in force thirty years, but may at any time be amended, altered or repealed by the legislature of Wisconsin.

WILLIAM SHEW,

Speaker of the House of Representatives.

MASON C. DARLING,

President of the Council.

APPROVED February 10, 1847.

HENRY DODGE.

AN ACT

For the relief of Phoebe Phillips.

Be it enacted by the Council and House of Representatives of the Territory of Wisconsin:

SECTION 1. That the marriage contract heretofore exist ing betwixt Phabe Phillips, of Dane county, and Joab Phillips, be, and the same is hereby dissolved and the said Phobe Phillips, is hereby restored to all the rights and privileges of an unmarried woman.

SEC. 2. That the said Phabe Phillips shall have the cus

tody of the children, the issue of the said Phabe Phillips and Joab Phillips, subject, however to the legal control of such guardian, or guardians, as may be appointed by the proper authorities under the law.

WILLIAM SHEW,

Speaker of the House of Representatives.
MASON C. DARLING,

APPROVED February 10, 1847.

HENRY DODGE.

President of the Council.

AN ACT

To provide for the payment of the claim of John Anderson against the territory.

Be it enacted by the Council and House of Representatives of the Territory of Wisconsin:

SECTION 1. That there be, and hereby is appropriated the sum of ten thousand dollars for the payment of John Anderson for work done under his contract, in the construction of a dam on section number fifty-four of the Milwaukee and Rock river canal, and also such further sum as shall be necessary to pay the interest thereon, at the rate of seven per cent. per annum from the date of the respective estimates of the engineers of the territory who had the work in charge.

SEC. 2. The receiver of the canal funds is hereby authorized and directed to pay to John Anderson, or his legal representatives, out of any moneys in his hands, arising from the sale of canal lands, the sum by this act appropriated, upon the presentation and surrender to him, of the engineers' certifi

cates or estimates of work done, under said Anderson's contract, as specified in the first section of this act.

SEC. 4. This act shall take effect from and after its pas

To divorce Caleb Croswell from his wife E. Jane Croswell.

Be it enacted by the Council and House of Representatives of the Territory of Wisconsin:

SECTION 1. That the marriage contract between Caleb Croswell and his wife E. Jane Croswell, of Walworth county, is hereby dissolved, and the parties to the said contract, are, by virtue of this act, restored to all the rights and privileges of unmarried persons.

WILLIAM SHEW,

Speaker of the House of Representatives.

MASON C. DARLING,

APPROVED, February 10, 1847.

HENRY DODGE.

President of the Council.