Sec.[Section] 1^st Be it enacted by the people of the State of Illinois, represented in the General assembly that there shall be established in the City of Chicago, an Insureance Company, to be called the “Illinois Inssureance Company.

Sec. 2^nd All such persons, as shall hereafter be Stock holders of said Company, shall be and they are hereby declaired to be, a body Corporate and politic, by the name & Style of the Illinois Insureance Company, and to Continue 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 Capable in law and equity to sue, and be sued, to plead & be impleaded, answer and be answered unto, defend and be defended, in all Courts and places, and in all matters whatsoever.

Sec. 3^d The saidCorporation 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 execution, such bye laws, ordinances[,] and regulations, as shall in their opinion, be necessary for the good government of said Corporation, and the prudent & 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^th The Capital Stock of said Company, shall be

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one hundred thousand Dollars, to be divided into shares of five dollars each, to be paid in such installments 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 stock holders may at any time augment the Capital stock of the said Company at any special meeting Called for that purpose, a majority of all the votes being given therefore, under such regulations, restrictions[,] and Conditions as the stock holders ^shall ^ at such meeting judge proper, to any amount not exceeding five hundred thousand dollars. The stock of said Company shall be assignable and transferable according to such rules, as shall be adopted in that behalf by the bye laws & ordinances thereof.

Sec. 5^th The Corporation hereby created, shall have power and authority to make marine insureance upon vessels, goods and merchandize, freight monies, bottomry, respondentia, interest[,] and on all marine risks, and inland navigation & transporation, and against all losses by fire, of any buildings or houses whatsoever, and vessels on the stocks,) and also to receive monies on deposit and to loan the same on bottomry & respondentia, or otherwise, at any rate of interest not exceeding eight per cent per annum, and they may also cause themselves to be reinsured against any maratime risks, upon which they have made insureance, and upon the interest which they may have in any vessels[,]

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goods[,] or merchandize, 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 & terms of payment

Sec. 6^th All policies of insureance by them made, shall be subscribed by the President, or in case of his death or absence, by the vice president, and Countersigned and sealed by the secretary of said Company; and all losses arissing under any policy so subscribed and sealed, may be adjusted and settled by the president and board of directors

Sec. 7^th The said Corporation shall not take any risque, nor subscribe any policy by virtue of this act, until one half of the Capital stock thereof, shall have been actually paid in.

Sec. 8^th The said Company shall not directly or indirectly, deal or trade in buying or selling any goods, wares, or merchandize whatsoever but the president and directors may, at their option vest the Capital stock of said Corporation in the Capital stock of any incorporated bank, Company, or public funds of the ^(^United States, or any State in the Union.^)^ They shall have power also to loan to any individual any portion of their capital stock, on bottomry, bond, mortgage of real estate, or other satisfactory security, at their discretion, Provided they shall not under any pretence loan money at a greater rate of interest

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than ^(^eight per cent per annum^) amend^

Sec. 9^th The said corporation may only purchase and hold such real estate as the directors may deem necessary for the transaction of its business, ^(^ but it may take and hold any real estate as security, mortgaged or pledged to the said Corporation, to secure the payment of any debt due, or that may become due to it^)^ and also to purchase on sales, made by virtue of any judgment at law, or ^any^ decree of a Court of Equity, or other wise[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 until they Can Conveniently and advantagiously sell and Convert the same into money as other personal property and to sell & convey said real estate or any part thereof

Sec. 10^th Peter Bolles, William Brown, Stephen M Edgell, George W Dole, Alexander Ferguson, Alexander Loyd[,] and Alexander Morrison 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 first Monday of April in the year of Our Lord one thousand eight hundred & thirty nine, in the Town of Chicago and the sum of two Dollars on each share subscribed for, shall be paid . . .

. . . years and oftener if required by a majority of the votes of the Stock holders, the directors shall lay before the stock holders, at a general meeting an exact & particular statement of the profits, if any there be, after deducting losses and dividends

Sec 21^st This act is hereby declaired to be a public act, (and shall take effect from and after its passage, and shall be liberally and favourable construed for every purpose herein Contained)

Sec. 22^d This charter shall be void & of no effect unless the stock shall be subscribed, and the Company shall Commence operations agreeably to the provisions thereof, within one year after the passing of this act

Sec 23 Nothing in this act contained, shall authorize said Corporation, to issue notes or other evidences of debt, in the similitude of Bank Notes, to be used as a circulating medium in liew of money, or to buy bills of exchange

Sec. 24^th That in case of any loss or losses taking place, which shall be equal to the amount of the Capital stock of said Company, and the president & directors after knowing of such loss or losses, having taken place, shall subscribe to any policy of Insureance, 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

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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 proffits not divided.