Papers Of Abraham Lincoln

In force, 27th Feb. 1837

AN ACT supplementary to an act to incorporate the Alton Marine and Fire Insurance Company, approved Feb.[February] 7th, 1835.
1

Capital stock may be invested on mortgage or real estate

Proviso

Proviso

Sec.[Section] 1. Be it enacted by the people of the State of Illinois, represented in the General Assembly, That so much of the capital stock of said company as is required to be invested in bank stock by the twelfth section of the act, to which this is a supplement, may be invested at the discretion of the directors of said company either on mortgage on real estate, or in the manner now provided by law: Provided, That nothing herein contained shall be construed to exempt the said company from the duties and liabilities of insurance as prescribed by the act to which this is a supplement; and Provided further, That a majority of the stockholders of said company shall on or before the first day of April next, accept of this supplementary act, which acceptance shall be signified to the secretary of said company, and entered upon his minutes.

Approved February 27th, 1837.

1On December 20, 1836, Cyrus Edwards introduced SB 13 in the Senate. The Senate passed the bill on December 22. On January 12, the House of Representatives referred the bill to a select committee, which reported back the bill with an amendment on January 31. The House approved the amendment and again referred the bill to a select committee. On February 20, the select committee reported the bill back with an amendment, which the House approved. The House then passed the bill. On February 24, the Senate concurred in the amendments of the Senate. On February 27, the Council of Revision approved the bill and the act became law.
Illinois House Journal. 1836. 10th G. A., 1st sess., 91, 95, 162-63, 193, 246, 438, 649, 711, 726; Illinois Senate Journal. 1836. 10th G. A., 1st sess., 84, 87, 89-90, 470-71, 514, 530-531, 544.