Imagens da página
PDF
ePub

(8) and eleven (11) of an act entitled "An act to organize and regulate County Fire Insurance Companies," approved June 2, 1877, in force July 1, 1877, be amended so as to read as fcllows:

“ Section 3. The number of directors shall be not less than nine and not more than fifteen, a majority of whom shall constitute a quorum to do business, be elected from the corporators by ballot, of whom one-third shall be elected for one year, one-third for two years and one-third for three years, and until their successors are elected and qualified. All subsequent elections, except to fill vacancies, one-third of said board of directors shall be elected for three years; said election shall be held at the annual meeting of the company, which shall be on the first Tuesday after the first Monday in January in each year; Provided, that any company now incorporated and doing business under this act may at any time so change their mode of electing their board of directors at an annual meeting as to be in conformity with this act. In the election of the first board of directors each corporator shall entitled to one vote. At every subsequent election every person insured shall be entitled to as many votes as there are directors to be elected and an equal additional number for every risk or risks he holds in the company, and may cast the same in person or by proxy, distributing them among the same or a less number of directors to be elected, or cumulating them upon one candidate, as he shall think fit.”

“Section 8. Such company may issue policies only on detached dwellings, school houses, churches, barns (except livery, boarding and hotel barns) and other farm buildings, and such property as may properly be contained therein; also other property on the premises and owned by the insured, hay and grain in the stack, and live stock on the premises of the insured and anywhere in the county, for any time not exceeding five years, and not to extend beyond the limited duration of the charter, and for an amount not to exceed four thousand five hundred ($4,500) dollars on any one risk. All persons so insured shall give their obligation to the company, bind ing themselves, their heirs and assigns, to pay their pro rata share to the company of the necessary expenses, and all losses by fire or lightning which may be sustained by any member thereof during the time for which their respective policies are written, and they shall also at the time of affecting the insurance pay such a percentage in cash and such other charges as may be required by the rules or by-laws of the company.

“Section 11. Every member of such company, who may sustain loss or damage by fire or lightning shall immediately notify the president of such company, or, in his absence, the secretary thereof, stating the amount of damage or loss claimed, and if not more than two hundred dollars ($200), then the 'president and secretary shall proceed to ascertain the amount of such loss or damage and adjust the same. If the claim for damage or loss shall be an amount greater than two hundred dollars ($200), then the president of such company, or, in case of his absence, the secretary thereof, shall forthwith convene the directors of such company, whose duty it shall be, when convened, to appoint a committee of not less than three disinterested members of such company to ascertain the amount of such damage or loss. If in either case there is a failure of the parties to agree upon the amount of such damage or loss, the claimant may appeal to the judge of the county court of the county in which the office of such company is located, whose duty it shall be to appoint three disinterested persons as a committee of reference, who shall have full authority to examine witnesses and to determine all matters in dispute, and shall make their award in writing to the president of such company, and such award shall be final. T'he pay of said committee shall be two dollars ($2) per day for each day's service so rendered, and four cents for each mile necessarily traversed in the discharge of their duties, which shall be paid by the claimant, unless the award of said committee shall exceed the sum offered by the company in liquidation of such loss or damage, in which case said expenses shall be paid by the company."

APPROVED June 6, 1887.

FARMERS' COUNTY MUTUAL LIVE STOCK COMPANIES.

8 1. Not less than 25 persons residing in one

county may incorporate. 3 2. Statement filed with Auditor; certifi

cate; change of charter. $ 3. Directors; term of office; election. $ 4. Officers of the company. $ 5. Bonds of officers. $ 6. Powers. $ 7. Members; non-resident of county not

eligible to the office of director. $ 8. Policies; how issued and paid. $9. Classification of risks.

§ 10. Risks on stock outside of county pro

hibited. $ 11. Notice of loss and proof. $ 12. Assessments to pay losses. $ 13. Notice of assessment. $ 14. Collection of losses and assessments

upon process. $ 15. Annual statements. $ 16. Cancellation of policies; surrender of

policies; unearned premium. $ 17. Annual reports to the Auditor; certifi

cate to continue business; fees. $ 18. Dissolution.

An Act to organize Farmers' County Mutual Live Stock Insurance

Companies. SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly: That any number of persons, not less than twenty-five, residing in any county in this State, who collectively shall own property of not less than fifty thousand dollars ($50,000)

($50,000) in value, twenty thousand dollars ($20,000) of which shall consist of insurable live stock which they desire to have insured, may form an incorporated company for the purpose of mutual live stock insurance against loss by death from any cause : Provided, that such loss by death shall not be the willful negligence on the part of the owner of such insured stock.

$ 2. Such persons shall file with the Auditor of Public Accounts a declaration of their intention to form a company for the purposes expressed in the preceding section, which declaration shall be signed by all the corporators, and shell contain

one

a copy of the charter proposed to be adopted by them. Such charter shall set forth the name of the corporation, and also the name of the city, town or village in which the business office of such company is to be located, and the intended duration of the company; and if it is found comformable to this act, and not inconsistent with the laws and constitution of this State, the Auditor shall thereupon deliver to such persons a certified copy of the charter, which,

on being filed in the office of the county clerk of the county where the office of such company is to be located, shall be their authority to organize and commence business. Such certified copy of charter may be used in evidence for or against said company the same as the original: Provided, that such charter so obtained shall be subject to control of and modification by the General Assembly.

$ 3. The number of directors shall not be less than nor more than five from any one township in the county; a majority of whom shall constitute a quorum to do business; to be elected from the incorporators by ballot, and hold their offices until their successors are elected and qualified. In the election of the first board of directors each corporator shall be entitled to one vote for each director. All subsequent elections except to fill vacancies shall be held at the annual meeting of the company, which shall be on the first Tuesday after the first Monday of January in each year, and every person insured shall be entitled to as many votes as there are directors to be elected; and may cast the same in person or by proxy, distributing them among the same or a less number of candidates than the number of directors to be elected, or accumulating them upon one candidate as he shall think fit.

§ 4. The directors shall elect from their number a president and a treasurer, and also elect a secretary who may or may not be a member of the company; all of whom shall hold their office for one year and until their successors are elected and qualified.

§ 5. The treasurer and secretary shall each give bonds to the company for the faithful performance of their duties, in such amounts as shall be prescribed by the board of directors.

$ 6. Such corporation and its directors shall possess the usual powers and be subject to the usual duties of corporations and directors thereof, and may make such by-laws not inconsistent with the constitution or laws of this State as may be deemed necessary for the management of its affairs in accordance with the provisions of this act; also to prescribe the duties of its officers and agents, and fix their compensation; and to alter and amend its by-laws when necessary.

§ 7. Any person owning insurable livestock in the county for which any such company is formed may become a member of such company by insuring therein; and if he resides in the county in which such company is located, shall be entitled to all the rights and privileges appertaining thereto; but no person not residing in the county in which the company is formed shall become a director of such company.

an

§ 8. Such company may issue policies only on horses, mules and cattle, (except horses used as street-car horses, livery horses, or any horse used

on any race or trotting course), for a а term not exceeding two years, and not to extend beyond the limited duration of the charter, and for amount not to exceed one thousand dollars on any one animal. All persons so insured shall give their obligation to the company, binding themselves, their heirs and assigns to pay their pro rata share to the company of the necessary expenses, and of all losses by death which may be sustained by any member thereof during the time for which their respective policies are written; and they shall also, at the time of effecting their insurance, pay such percentage in cash, or secured note due thirty days after date, and such other charge as may be required by the rules or by-laws of the company.

§ 9. Any such company may classify the live stock insured therein at the time of issuing policies thereon, and also the different rates corresponding as nearly as may be to the greater or less risk carried by the company on any one or more animals.

§ 10. No such company shall insure any live stock beyond the limits of the county comprised in the formation of the company, nor shall they be held responsible for loss of stock when taken beyond the limits of this State. $ 11. Every member of such

company who may sustain loss by the death of his insured stock shall immediately notify the president of such company, or in his absence the secretary thereof, stating the amount of insurance on his animal or animals lost by death; also a statement setting forth the cause of death, if known, and shall also prove the death of such stock by the testimony of two witnesses.

$ 12. Whenever the amount of any loss shall have been ascertained which exceeds in amount the cash fund of the company, the president shall convene the directors of said company, who shall make an assessment upon all of the insured property at such uniform rate as they shall deem necessary to meet the payment of losses.

$ 13. It shall be the duty of the president, when such assessment shall have been made, to immediately notify every person composing such company personally, by an agent, or by letter sent to his usual postoffice address, of such assessment, and the sum due from him as his share thereof, and of the time when, 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.

$ 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.

§ 15. It shall be the duty of the secretary to prepare an annual statement showing the condition of such company on the 31st day of December, and present the same at the annual meeting of the company.

§ 16. Any member of such company may withdraw therefrom by surrendering his policy for cancellation 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 incorporaters 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 cancelled by notice from the company.

$ 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 31st 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.

§ 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.

APPROVED June 16, 1887,

« AnteriorContinuar »