Sec[Section] 1. Be it enacted by the people of the state of Illinois represented in the General Assembly That there shall be established in the town of Chicago an Insurance company to be called The Chicago Marine and Fire Insurance Company.”

Sec 2. All such persons as shall hereafter be stockholders of said company shall be and they are hereby declared to be a body corporate and polit[ic?] [?] the name and style of The Chicago Mari[ne?] and Fire insurance Company,” and to cont[inue for?] thirty years from and after the passage of [this act?] And by that name and style shall be [competent?] to contract and be contracted with; and[be capa?]ble in law and equity to sue and be sued [to plead?] and be impleaded, answer and be answered and defend and be defended in all courts and places, and in all matters whatsoever.

Sec 3. The said corporation may have and use a common [seal?] which they may alter change or break at [pleasure.?] And may also make and establish and put in [execu?]tion such Bye laws, ordinances and regulations [as?] shall in their opinion be necessary for the good government of said corporation, and the prudent and efficient management of its affairs. No Bye laws, ordinances and regulations of the same shall be in any wise contrary to the constitution and laws of this state, or of the United States.

Sec 4. The capital stock of said company shall be one hundred thousand dollars, to be

---

divided into shares of fifty dollars each, to be paid in such instalments as the Directors, chosen under this act, may from time to time direct, under such penalties as the President and Directors may in their discretion appoint and order The said capital stock may hereafter be increased to an amount not exceeding five hundred thousand dollars in the discretion of a majority of the Directors of said ^in^corporation, to be subscribed for and taken under the direction and superintendance of the President and Directors aforesaid or a majority of the said Directors by any persons whomsoever in the same manner as is pr[ovid?]ed for the subscription to the original [capital stoc?]k. The stock of said corporation sh[all?] [?] and transferable, according to suc[h?] [?] a[s?] shall be adopted in that behalf by the Bye laws [and ordinan?]ces thereof.

[Sec 5.?] Th[e corp?]oration hereby created shall have pow[er and?] authority to make Marine Insurance up[on ve?]ssels goods [merch?]andise, freight, monies, bott[omry re?]spon[denti?]a [inter?]est and ^on all^ marine risks and [?] naviga[tion?] and transportation, and against [?] lo[sse?]s by fire of any buildings or houses whatso[ever?] and vessels on the stocks ^(^and also to receiv[e?] [?] [on?] deposite and to loan the same on B[o?]ttomry and respondentia or otherwise at such rates of interest as may now be done by the existing laws of this state^)^. And they may also cause themselves to be re-insured against any maritime risks upon which they have made insurance, and upon the interest which they may have in any vessels, goods, or merchandise, or houses

---

in virtue of any such loans whether on Bottomry and respondentia or otherwise, on such terms and conditions as may be agreed upon by the parties and to fix the premiums and terms of payment.

Sec 6 all policies of Insurance by them made shall be subscribed by the President, or in case of his death or absence, by the Vice President and countersigned and seal^e^d by the secretary of said company and all losses arising under any policy so subscribed and sealed may be adjusted and setled by the President and board of Directors

Sec 7 The said [c]orporation shall not take any risk, nor subscribe any policy by virtue of the act untill one fourth part of the capital stock thereof shall have ben actually paid in

Sec 8 The said company shall not directly nor indirectly deal or trade in buying or selling any goods wares or merchandise watever but the President and Directors may at their option vest the capital stock of said corporation in the stock of any incorporated Bank Trust Company or public fund of the united States or any state in the Union They Shall have power also to loan to any citizen of this State any portion of their capital Stock not exceeding ten thousand Dollars to one individual on Botomry Bond mortgage of real Estate or other Satisfory Security at their discretion

Sec 9 The said corporation may purchase and hold such real Estate as may be deemed necessary for the transaction of its business and to an amount at any one time not exceeding twenty thousand Dollars and to take and hold any real estate or Securities morgaged or pledged to the said corporation to Secure the payment of any debt due or that may become due to it and also to purchace on Sales made by virtue of any judgement at law or any order or decree of a court of equity or otherwise

---

To take and receive any real estate in payment or towards satisfaction of any debt previously contracted or due to the said corporation ^and^ to hold the same untill they can conveently and advantageously Sell and convert the Same into money or other personal property and to Sell and convey said real estate or any part thereof

Sec 10 Peter Pruyne James Grant James Whitlock George W Dole and Francis C Sherman are hereby appointed commissioners for Superintending subscriptions to said capital stock and the said commissioners or a majority of them shall open one or more subscription books for said stock on the second Monday of March in the year of one thousand eight hundred and thirty Six in the town of Chicago and, the Sum of two Dollars on each Share Subscribed for Shall be paid to Said Commissioners at the time of making Such Subscriptions the books may be closed whenever the wh[ole?] of said stock Shall be subscribed and whenever a Board of Directors Shall be duly elected the Said commissioners Shall deliver over to Said board of Directors said books and shall pay over to said Board the whole amount of money by them respectively or jointly received except so much as shall be retained for the expenses incured by them in executing the duties imposed on them by the act! provided however that if the Books for the Subscription of Stock Shall not be opened at the time herein required the Said commissioners may open the Book at any time thereafter upon giving twenty days notice in all the Newspapers printed in chicago of the time and place of opening the same

Sec 11 In case of the death resignation or absince of any of the commissioners named in this act of incorporation it Shall and may be lawful for any three of them to form a quoraim and proceed to business whose duties Shall be the Same in the premises a[s th?]ose prescribed to the whole of Said commissioners of this act of incorporation named and these acts as such Shall be legal

Sec 12 The Stock property and conserns of Said incorporation Shall be managed and conducted by nine Directors who Shall hold their offices for for one year and untill others shall be chosen and no longer and who Shall at the time of their election be citizens of this State and holders respectivly of not less than ten Shares of the capital Stock of Said company

Sec 13 The first election for Directors under this act shall be held at such time and place in the town of Chicago as Shall be directed by the Said commissioners or a majority of them who or a majority there of are hereby apointed inspectors of Said election and the persons the[?] elected as Directors Shall hold their offices untill the first Monday in may in the year one thousa[nd?] eight hundred and thirty seven and untill other[s?] are elected in their stead

Sec 14 The Directors for every subsequent year [shall?] Shall be elected on the first Monday of may in each year at such time of the day

---

and and at such place within the Town of Chicago and under the direction of such persons as a majority of the Directors for the time being Shall appoint by a resolution to be entered on their minutes

Sec 15 All elections Shall be by ballot allowing one vote to each Share of the capital stock and the nine persons who Shall have the greatest number of votes Shall be Directors [a?]nd if at any election two or more persons shall have an equal number of votes So as to leave their elections undecided then the Directors who have ben duly elected Shall proceed by ballot and by a plurality [deter?]mine which of Said persons So having an equ[al nu?]mbe[r?] of votes Shall be Director or Directors so as to complete the whole number and when ever any vacancy Shall happen for the office of President [or Vi?]ce President or directors from death or other cause such [vacancy?] shall be filled for the remainder of the year in which it shall happen by the Dir[ec?]tors for the time [bein?]g or a majority of them ^(^the said commissioner shall certify under their hands and Seals the persons elected and deliver such certificate to the persons so elected or to some one of them^)^ and if through any unavoidable accident Said Director Should not be chosen on the first

---

Monday as aforesaid, it shall be lawful to choo[s?]e them on any other day in the manner herein pro[vid?]ed

Sec 16 . . . [D?]irectors when chosen shall meet a. . . ay be after every election and shall . . . their number a President who sha[ll?] . . . affirmed, faithfully to discharg[e?] . . . of his office and shall preside . . . until another person shall be c. . . [in?]stead. And also a Vice President . . . [?]. They shall have power to app. . .[se?]cretary and all subordinate officers . . . [corp?]oration, fix their compensation, . . . powers and prescribe their duties; . . .[?] such bond and in such pe. . . with such conditions, and with se. . . [?]the Directors shall prescri[be?] . . . their several offices during the pleasu[re?] . . .ority of said Directors.

Sec. 17. The[Presi?]dent, or Vice President and four of the [d?]irectors shall be a Board competent to the transa[cti?]on of business, and all questions shall be [dec?]ided by a majority of votes.

Sec 18. The president and Directors of said company shall, previous to subscribing any policy, and once in every year after publish in two of the newspapers printed in this state the amount of their capital stock, against what risks they mean to insure, and the largest sum they mean

---

to take on any one risk.

Sec. 19. The Legislature of this state shall never pass any law, retarding or obstructing or in any wise suspending the collection of any debts or debts due said Company Corporation.

Sec. 20. The expense incured by the commissioners in [executing?] any duties required by this act shall be [paid?] out of the monies received by thei[?] n [?]n subscribers, out of the Capital . . . may be retained by them for . . .s.

Sec 2[1?] . . . the duty of the Directors of said . . . such times as the Bye laws the . . . prescribe, to make dividends of so mu. . . [in?]terest arising from the Capital . . .le proffits of said company, as . . . appear a advisable But the . . .l and notes taken for premiums . . . shall be undetermined and outsta. . . time of making such divide[n?]ds . . . [con?]sidered as a part of the pr. . . Company. And in case of any . . . whereby the capital stock of said Co. . . be lessoned before all the instalm[ents?] . . .d in, each proprietors or stock hold[ers?] . . . [s?]hall be held accountable for the inst. . . that may remain unpaid on his share . . . at the time of such loss or loss[es?] taking place, and no subsequent dividend shall be made until the sum arising

---

from the proffits of the business of said company equal to such diminution shall have been added to the capital stock and once in every three years, and oftener if required by a majority of the votes of the stock holders, the Directors shall lay before the stockholders at a general meeting an exact and particular statement of the profits, if any there be after deducting losses and dividends.

Sec 22. This act is hereby declared to be a public act, and [sh?]all take effect from and after its passage, and shall be liberally construed for every purpose herein contained.

Sec 23. This charter shall be void and of no effect unless the stock shall be subscribed, and the company shall commence operations agreeably to the provisions thereof within two years after the passage of this act.

Sec 24 Nothing in this act contained shall confer on said corporation Banking powers or authorize it to issue notes in the similitude of Bank notes to be used as a circulating medium, and in lieu of money.

Sec 25. That in case of every loss or losses taking place, which shall be equal to the amount of the capital stock of said company, and the Presedent and Directors, after knowing of such loss or losses having taken place, shall subscribe to any policy of insurance their estates

---

jointly and severally shall be accountable for any and every loss which shall take place under policies so subscribed. And the estates of stockholders as aforesaid shall be liable for any losses equal to the amount of said capital stock subscribed and not actually paid in, in all cases of losses exceeding the means of said company, whether they consist of stock paid in or profits not divided.