A Bill For an act to incorporate the Peoria Marine and Fire ^Commercial^ Insurance Company

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 Peoria an insurance company to be called the “Peoria Marine and Fire Insurance Company”

Sec 2 All such persons as shall become stock holders their successors and assigns are hereby incorporated as a body corporate and politic by the name and style as afforsaid, to have continuance for and during the term of Twenty years from and after the passage of this act, and by such corporate name and style, shall be, for the time afforesaid capable in law and equity to sue and be sued[,] plead and be impleaded, answer and be answered unto, defend and be defended, in all manner of suits, actions, pleas, causes, matters[,] and demands whatsoever, in as full and effectual a manner as any person, bodies corporate[,] or politic may or can do: and may have a common seal which they may alter or break at pleasure; and may purchase[,] hold[,] and convey any real real estate or personal property for the use of said company, provided that the said company 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 collatteral security for money due to said company;

Sec 3^d That said company shall have full power and lawful authority to insure all kinds of property against loss or damage, by fire, or any other cause of risk, to make all kinds of insurance against loss and damage on goods, merchandise[,] and produce, in the course of transportation or otherwise; wheather by land or water, and any vessels or boats wherever they may be; to loan any part of their capital stock on respondentia or bottomry or on mortgages of real estate, and receive such interest therefor as is provided for by this act. Said company may cause themselves to be insured against any loss

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or risk the may have incurred in the course of their business, and 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 loa[ns] which they may have, on respondentia or bottomry, and generally to do and perform all other necessary matters and things connected with, and to promote the objects of this incorporation, Provided that where said company shall loan out thes on mortgages of real estate any portion of their capital stock they shall not be authorised to receive a higher rate therefor than ten per cent (10 per cent) per annum

Sec 4 The capital stock of said company exclusive of notes & profits arising from [business] shall be fifty thousand dollars, and shall be divided into shares of fifty dollars each fifty per centum of which shall be paid in within the first six months after the directors of said company shall have been chosen, and the residue at such time and in such instalments as the President and board of directors may call for the same, under such penalties and forfeitures as the said president and directors may order and direct

Sec 5 The capital stock of said Company may hereafter be increased to an amount not exceeding two hundred thousand dollars should a majority of the stockholders deem it advisable, which additional stock shall be subscribed for, under the direction of the president & directors of said company, fifty per centum of such increased capital stock shall be paid in within the first six months after the same has been subscribed for. The stock of said company shall be deemed personal property, and assignable

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and transferable on the books of the Corporation, but no stock holder indebted to the corporation, shall be permitted to make a transfer untill such debt be paid or secured to the satisfaction of the directors

Secⁿ[Section] 6 That Amos Stevens[,] Thomas Philips[,] D. C. Enos[,] J. C. Armstrong[,] Moses Pettingill[,] Andrew Gray[,] Cyrus Leland[,] & Aquilla Wren[,] & J. D. Shewalter are hereby appointed commissioners to receive subscriptions to the capital stock of said company, said commissioners shall open one or more books for subscription to said ^stock^ on such days and at such places as they may deem proper and keep the same open untill the whole of the capital stock of said company shall have been subscribed for, giving at ^least^ twenty days notice of the time and place when such subscription books will be open.

The sum of one dollar on each ^share^ shall be paid to the said commissioners at the time of subscribing, and whenever the whole amount of capital stock shall be subscribed for said commissioners or a majority of them shall call a meeting of the Stockholders by giving public notice in some newspaper published in this state, of at least fifteen days for the purpose of choosing a board of directors in pursuance of this act; which meeting shall be held in the town of Peoria; and ^so^ soon as a board of directors are elected and organised the said commissioners shall deliver over the subscription books and the whole amount of money they may have received on subscription, to the said board of directors

Secⁿ 7 The stock property and all the transactions and business of said company shall be conducted by nine directors who shall be chosen by the Stockholders by ballot each share

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being entitled to one vote for the first ten shares said directors at the time of their election and during their continuation in office ^shall^ be citizens of this State, and holders respectively of not less than ten shares of the capital stock of said Company. Said directors shall hold their offices for one year from the time of their election, and untill their successors are elected and qualified. They shall elect one of their own body president, and in case of the death or resignation of any one of said board whereby a vacancy shall occur, it shall be lawful for a majority of the surviving directors to appoint some person from among the stockholders of said company to fill such vacancy, who shall hold the office untill the next anual election

Sec 8 The president and four of the directors or five of the directors during the absence of the president shall constitute a board competent to do and transact business, and shall have power to make such rules[,] regulations[,] and bye-laws as to them seem needful and proper touching the management and disposition of their the property[,] stock[,] and effects of said company, and the transfer of stock, and touching the duties of the several officers and clerks employed by them, and the election of directors and all such matters as appertain to the business of insurance, and shall also have power to appoint a secretary and to regulate the salary and

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pay of all such persons as shall be in their employment Provided ^such^ bye-laws and rules are not repugnant to the constitution and laws of this state or ^of^ the United States

Sec 9 It shall be the duty of the directors of said company, at such times as the bye-laws thereof shall prescribe to make divadends of the profits and interest accruing from the business of said company as to them ^shall seem^ meet and proper, and shall lay before the stockholders a particular statement of the profits if any thereb be after deducting losses and dividends1 and also all such other information relative to the affairs of said company whenever a majority of the stockholders shall require it: and said company shall not take any risk nor subscribe any policy by virtue of this act, untill one half of the capital stock of said ^Company^ shall have been paid in.

Sec 10 Said company shall not directly nor indirectly deal or trade in buying or selling any goods[,] wares[,] merchandise[,] or other commodities whatever, the capital stock of said company collected at each instalment shall within six ^months^ thereafter be invested either in bank stock of the State bank of Illinois or loaned or secured by mortgage of real estate in this state at such rates of interest as is lawful for

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individuals to charge in this State.

Sec 11 That in case of any loss or losses taking place which shall be equal to the capital stock of said company and the president after and directors after knowing of such loss or losses having taken place, shall subscribe 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 the stockholders shall likewise be liable for such as afforesaid shall be liable to any losses equal to the amount of said stock subscribed and not paid in, in all cases of losses exceeding the means of said company, wheather they consist of stock paid in or profits not divided