An act to Incorporate the “Shawneetown Insurance Company”.

Sec.[Section] 1. Be it Enacted by the People of the State of Illinois Represented in the General assembly, That and their associates successors & assigns, are hereby incorporated [into?] ^as^ a body ^Corporate &^ politick by the name & style of the “Shawneetown Insurance Company”, to have continuance for & during the term of 20 years from & after the passage of this act; & by such Corporate name & style shall be for the term aforesaid capable in law & Equity, to sue & be sued, plead & be impleaded, answer & be answered & be answered unto, defend & and be defended in all manner of suits actions, pleas, causes, matters & demands, whatsoever, in as full & Effectual a manner as any person or persons bodies corporate & politick may or can do; & may have a common Seal, which they may alter or revoke at pleasure & may purchase hold & convey any real or personal Estate for the use of said Company; Provided that said Corporation shall not at any one time hold real Estate Exceeding the value of Five Thousand Dollars, Excepting such as may be taken for debt, or held as collateral security for money due to said Company.

Sec. 2. That said Corporation shall have full power & lawful authority to insure all kinds of property against loss or damage by fire or any other cause or risk; to make all kinds of Insurance against loss or damage on Goods, merchandize & produce, in the course

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of transportation or otherwise, whether by land or water & any vessels or boats, wherever they may be: to loan any part of their Capital stock, on respondentia or Bottomry or on [Real Es?] mortgages of Real Estate & receive a ^such^ premium or interest therefore, as is provided in this act. Said Company may cause themselves to be insured against any loss or risk they may have incurred in the Course of their business & against any maritime or other risk, upon the interest they may have in any vessel, boat, goods merchandise or other property by means of any loan or loans which they may have made on respondentia or Bottomry, & generally to do & perform all other necessary matters & things Connected with & proper to promote the objects of this incorporation. Provided that when said Company shall loan ^any part of their Capital stock^ on Mortgage of Real Estate any portion of their Capital Stock, they shall not be authorized to charge a higher rate of interest therefor than ten per ^cent^ (10. p. ct.) per annum.

Sec. 3. The Capital Stock of said Company, Exclusive of premiums notes & profits ariseing from business, shall be Thousand Dollars, & shall be divided into Shares of Fifty Dollars Each, Fifty per centum of which shall be paid in money within Six months after the Directors of said Company shall have been chosen, & the residue in money, to be paid twenty five per centum thereof in twelve months, & twenty five per centum in Eighteen months from & after said first meeting, under such penalties, under penalties as the President1 & Directors may, in their discretion order & appoint

Sec. 4. The Capital Stock of said Company may hereafter be increased to an amount not Exceeding Thousand Dollars. should a majority of

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the stock Holders deem it advisable & the additional stock be subscribed & fifty per Centum therof paid in within Six ^six^ months after the said ^capital^ stock shall have been so increased. The stock of said Company shall be deemed personal personal property & assignable & transferable on the books of the Corporation, but no stock Holder, indebted to the Corporation shall be permitted to make a transfer until such debt be paid, or Secured to the Satisfaction of the Directors

Sec. 5^th That are hereby appointed Commissioners to receive subscriptions to the Capital stock of said Company. Said Commissioners or a majority of them shall open one or more subscription books for said stock, on such days & at such places as they may deem proper, & the keep the same open until the whole of the Capital stock of said Company shall be subscribed, giving at least 20 days notice of the time & place, where such subscription Books will be opened, the Sum of one Dollar shall be paid, to said Commissioners on Each Share that may be subscribed, and whenever the whole amount of the Capital Stock shall be subscribed said Commissioners or a majority of them shall Call a meeting of the Stock Holders by giving public notice in same newspaper published in this state of at least 15 days for the purpose of choosing a Board of Directors in pursuance of this act, which meeting shall be held in the town of Shawnetown. And so soon as a Board of Directors shall be chosen and organized said Commissioners shall deliver the said Subscription Books & the whole amount they may have received on such Subscription, to the said Board of Directors.

Sec. 6. The stock, property, & all the transactions & business of said Company shall be Conducted by Nine Directors who shall be chosen by the stock Holders by ballot, & shall hold at the time of this Election & during the time they shall hold the Office of Director, be Citizens of this state & holders respectively of not [...?] less than ten Shares of the Capital Stock of said Company. Said Directors shall hold their office for one year from this Election & until their Successors shall be Elected & qualified, they shall Elect one of their own body President, & in case of the death, or resignation of any of the said Board of Directors ^whereby a vacancy shall occur^, it shall be lawful for a majority of the surviving or remaining Directors to Call a meeting of the stock Holders to fill such vacancy.

Sec. 7. The President & four of the Directors or Five of the Directors in the absence of the President, shall be a Board Competent to the transaction of business, and shall have power to make such rules, regulations, & Bye Laws as to them may seem proper touching the management & disposition of the property, stock & Effects of said Company, and the transfer of stock & touching the duties of the several officers & Clerks Employed by them, and the Election of Directors, & all such matters as appertain to the business of Insurance: and shall also have power to appoint a Secretary & to regulate the salaries & wages of all persons in their Employ. Provided such Bye Laws & rules are not repugnant to the Constitution of this state or of the United States.

Sec. 8. It shall be the duty of the Directors of said Company, at such times as the Bye Laws thereof shall prescribe, to make Dividends of the profits & interest accruing from the business of said Company as to them shall seem [meet?] & proper & shall

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lay before the stock Holders a particular statement of the profits; if any there be, after deducting losses & Dividends, & also all such other information, relative to the affairs of said Company. Whenever a majority of the Stock Holders shall require it, and said Company shall not take any risk, nor Subscribe any policy by virtue of this act until one moiety of the Capital Stock of said Company shall have been actually paid in.

Sec. 9. Said Company shall not, directly nor indirectly, deal or trade in buying or selling any goods, wares, merchandise or Commodities whatever: and the Capital stock of said Company, collected at Each instalment shall within Six months thereafter, be invested Either in real Estate, or loaned, & secured by mortgage of Real Estate in this State, at such rates of interest, as are lawful for individuals to charge in this state.

Sec. 10. That in case of any loss or losses taking place which shall be Equal to the amount of the Capital stock of said Company & the President & Directors after knowing of such loss or losses having taken place, shall subscribe to pay any policy of Insurance, their Estates jointly & severally shall be accountable for any & Evry loss, which shall take place under policies so subscribed: and the Estates of the Stock Holders as aforesaid shall be liable for any losses Equal to the amount of said Capital Stock subscribed & 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.

. . .2accountable for any, and every loss which shall take place under policies so subscribed; and the estates of the stock holders as aforesaid, shall be liable to 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.