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and by such name may sue and be sued, plead and be impleaded in any court of competent jurisdiction in this State, and shall have succession during any time, may have and use a common seal and alter the same at pleasure,
“Section 4. Such companies shall have power to adopt a constitution and by-laws for their government, and enforce obedience to the same, which constitution and by-laws shall be consistent with the constitution and laws of this State and the United States.
“Section 5. Such companies shall have power to call to their aid the peace officers of this State in accordance with law in the pursuit and apprehension of criminals and the recovery of stolen property, and at any regular meeting may elect any number of their members as they deem best to act as special constables, and shall hold their office for one year, and shall have all the rights and privileges of constables when engaged in the pursuit of criminals and the recovery of stolen property. Each company so electing special constables shall, by their president and secretary, make a lisc of such persons so elected, which list shall state the names and residence of each person so elected as special constables, which list shall be filed and recorded in the office of the recorder of deeds in the county in which said company exists. A certified copy of such record shall be evidence in any court in this State of the existence of such special constables. In case of vacancies occurring by death, or otherwise, of any of the special constables in any company, said company can fill the vacancies by election, and having the same recorded as herein provided for the election of special constables.
“Section 6. It shall be the duty of any company so forming articles of association to provide a suitable book for the recording of its articles of association and the name of each member as subscribed to the articles of association, and the names of all new members, the date the same were taken in, the names of all members withdrawn or expelled, the date of the same, and in a separate place the names of the members elected as special constables, with the date of their election and the date of the filing of the list of their election, which book, when sworn to by their secretary to be a correct record for the purpose it is kept, shall be evidence in any court of the legal members belonging thereto.
“Section 7. Such companies heretofore organized under an act of the General Assembly of this State in 1874, authorizing the formation of corporations for other than profit, or any act amendatory thereof, or by an act entitled "An act for the formation of companies for the detection and apprehension of horse thieves and other felons," in force July 7, 1885, shall have all the rights and benefits of this act during their existence, provided such companies heretofore organized shall comply with the provisions of the fifth section of this act in relation to the election of special constables, and having the same recorded as therein provided, and of the provisions of the sixth section of this act, in relation to providing and keeping a book of record of the names of members and the articles of association, charter or permit.
“Section 8. All acts and parts of acts in conflict with this act are hereby repealed.'
This bill having remained with the Governor ten days after the adjournment of the General Assembly, and he having failed to approve it, or to file it with his objections in my office before the expiration of said ten days, it has thereby become a law. Witness my hand this 28th day of June, A. D. 1887.
HENRY D. DEMENT,
Secretary of State.
§ 1. Provides how service of process may be had on the receivers of corporations. An Act in regard to the serving of process on receivers of corporations.
SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly: That the receiver or receivers of any incorporated company may be served with process by leaving a copy of such process with such receiver or receivers, if he or they can be found in the county in which the suit is brought; if he or they shall not be found in the county, then by leaving a copy of such process with any clerk, secretary, superintendent, general agent, engineer, conductor, station agent, or any agent in the employ of such receiver or receivers.
APPROVED Juue 3, 1887.
§ 1. Corporations organized under general law entitled to re-incorporate under same
An Act to amend an act entitled "An act concerning corporations,
approved April 18, 1872, in force Ju'y 1, 1872, by adding ihereto a section to be numbered twenty-eight and one-half (281.)
SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly: That an act entitled "An act concerning corporations," approved April 18, 1872, in force July 1, 1872, be and is hereby amended by adding thereto the following section to be numbered twenty-eight and one-half (281.)
Section 281. It shall be unlawful for the Secretary of State to issue a license for any person or persons to incorporate under the name of any heretofore existing corporation organized under any general law of this State, until the expiration of thirty days from and after the expiration of the existence of such corporation: Provided, that the corporation enjoying such name shall have the exclusive privilege of becoming incorporated under the same name at any time within the said thirty days, according to the provisions of the act to which this is an amendment.
APPROVED June 16, 1887.
§ 1. Authorizes companies organized under $ 2. Companies liable for the acts of their
the laws of this or any other State,
that duty. An Act to enable corporations created for that purpose, to transact a
surety business in this State and to become the surety on bonds required by law.
SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly: That any company with a paid up capital of not less than two hundred and fifty thousand dollars, incorporated and organized under the laws of this or any State of the United States, for the purpose of transacting business as surety on obligations of persons or corporations, and which has complied with alĩ the requirements of the law regulating the admission of insurance companies to transact business in this State, may transact such surety business in this State, and may also, upon production of evidence of solvency and credit, satisfactory to the judge, head of department, or other officer authorized to approve such bond, be accepted as surety upon the bond of any person or corporation required by the laws of this State to execute a bond, and if such surety company shall furnish satisfactory evidence of its ability to provide all the surety required by law, no additional surety may be exacted, but other surety may, in the discretion of the official authorized to approve such bond, be required, and such surety may be released from its liability on the same terms and conditions as are by law prescribed for the release of individuals, it being the true intent and meaning of this act to enable corporations, created for that purpose, to become the surety on all bonds required by law, subject to all the rights, conditions and liabilities of private parties : Provided, that the licensing of any company authorized to transact a surety business in this State, shall cease and determine, who shall remove or make application to remove into any United States court, any action or proceedings commenced in any of the State courts of this State upon any claim or cause of action arising out of any business transaction in fact done in this State, any permission, consent, agreement, condition or provision incorporated in any contract, mortgage, note, bond, obligation or policy of surety authorizing or consenting to such removal, to the contrary notwithstanding. § 2.
Any company which shall execute any bond as surety under the provisions of this act, shall be estopped in any proceedings to enforce the liability, from denying the authority of the agent or officer executing such bond and undertaking such liability by and on behalf of such company.
§ 3. All actions brought against any company or corporation organized or doing business under this act, may be brought in any county where the cause of action occurred, or where the plaintiff or
complainant resides, or in any county where the company or corporation does business, and process may be directed to any county in this State for service and return.
APPROTED May 13, 1887.
§ 1. Trust companies may be appointed
trustees the same as natural per
sons. § 2. Courts may appoint as receivers
assignees, etc. § 3. Liability on investments. § 4. Interest on deposits. § 5. Compensation. § 6. Deposit with the Auditor to secure
creditors. § 7. Abstracts of title securing mortgages;
fees for examining. § 8. Certificate of the Auditor as to deposit. § 9. Annual statement filed with Auditor;
§ 10. Report verified by affidavit.
concerning company's affairs; addi
tional reports. § 12. Annual examination by the Auditor. § 13. Violations of law or doing an unsafe
business; duties of the Auditor. § 14. False statement; revocation of
authority to do business. § 15. Penalties for violation of this act. $ 16. Publication of annual statement, § 17. Fees to be paid the State, $ 18. Dissolution. § 19. Repeals laws in conflict.
An Act to provide for and regulate the administration of trusts by
trust companies. SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly: That any corporation which has been or shall be incorporated under the general incorporation laws of this state, being an act entitled " An act concerning corporations, and all amendments thereof, for the purpose of accepting and executing trusts, and any corporation now or hereafter authorized by law to accept and executė trusts, may be appointed assignee or trustee by deed, and executor, or trustee by will, and such appointment shall be of like force as in case of appointment of a natural person.
§ 2. Whenever application shall be made to any court in this State for the appointment of any receiver, assignee, executor, or trustee, it shall be lawful for such court to appoint any such corporation as such trustee, receiver, assignee or executor.
§ 3. Such corporations shall not be required to give any bond or security in case of any appointment hereinbefore provided for, except as hereinafter provided, but shall be responsible for all investments which shall be made by it, of the funds which may be entrusted to it for investment by such court, and shall be further liable as natural persons in like positions now are, and as hereinafter provided. The amount of money which any such corporation shall have on deposit at any time shall not exceed ten times the amount of its paid up capital and surplus, and its outstanding loans shall not at any time exceed said amount.
§ 4. Such company shall pay interest upon all moneys held by it by virtue of this act, at such rate as may be agreed upon at the time of its acceptance of any such appointment, or as shall be provided by the order of the court.
$ 5. Such corporations shall be entitled to, and shall be allowed proper compensation for all the services performed by them under the provisions of this act, but such compensation shall not exceed that allowed to natural persons for like services.
$ 6. Each company, before accepting any such appointment or deposit, shall deposit with the Auditor of Public Accounts, for the benefit of the creditors of said company, the sum of $200,000 in stocks of the United States, or of this State, or in mortgages on improved and productive real estate in this State, being first liens thereon, and the real estate being worth at least twice the amount loaned thereon. The stocks and securities so disposited, may be exchanged from time to time for other securities receivable as aforesaid. Said stocks of the United States or of this State to be registered in the name of said Auditor, officially, and all said securities to be subject to sale and transfer, and to the disposal of the proceeds by said Auditor only on the order of a court of competent jurisdiction, and as hereinafter provided in section 18. So long as the company so depositing shall continue solvent, such company shall be permitted to receive from the said Auditor the interest or dividends on said deposits.
§ 7. When any part of such deposit is made in bonds and mortgages, it shall be accompanied by full abstracts of titles and searches and shall be examined and approved by or under the direction of the Auditor. The fees for an examination of title by counsel, to be paid by the company making the deposit, shall not exceed $20 for each mortgage, and the fee for each appraiser, not exceeding two, besides expenses, shall be $5 for each mortgage.
§ 8. It shall not be lawful for any such company to accept any trust or deposit as hereinbefore provided, after the passage of this act, without first procuring from the Auditor of Public Accounts a certificate of authority stating that such company has complied with the requirements of this act in respect to such deposit.
$ 9. Such companies shall file with the said Auditor, during the month of January of each year, as tatement, under oath, of the condition of such company on the thirty-first day of December next preceding, exhibiting the following items in the following form:
(a). The assets of said company, specifying:
First—The description and market value, or as nearly as may be, of the real estate owned by such company.
Second—The amount of cash on hand and deposited in banks to the credit of said company, specifying in what banks such deposits are.
Third—The amount of cash in the hands of agents and in course of transmission.