An Act to Incorporate the Springfield marine and Fire Insurance company1
2Sec[Section] 1st Be it enacted by the People of the state of Illinois represented in the General Assembly3, That there shall be established in the town of Springfield an Insurance Company to be called the Springfield 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 politic by the name
and style of the Springfield Marine and Fire Insurance Company and to continue 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 and be impleaded[,] answer and be answered unto[,] 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 execution 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 the United States or of this State
Sec 4 The capital stock of said Company shall be one Hundred thousand dollars to be divided into shares
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of Fifty 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 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 incorporation to be subscribed for and taken under the direction and superintendance of the President and Directors aforesaid or a majority of said Directors by any person
whomsoever in the same manner as is provided for the subscription to the original
capital stock. The stock of said corporation shall be assignable and transferable according to such rules as shall be adopted
in that behalf, by the bye-laws and ordinances thereof
Sec 5 The corporation hereby created shall have power and authority to make marine Insurance upon vessels[,] goods[,] and merchandize, freight, monies[,] bottomry, respondentia, interest[,] and all marine risks and inland navigation and transportation and against all losses
by fire of any building or houses whatsoever and vessels on the stocks (and also to
receive monies on deposit and to loan the same on bottomry 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 reinsured against any maratime risks, upon which they have made insurance and upon the interest which they may have
in any vessell, goods[,] or merchandize or houses in virtue of any such loans whether on bottomry[,] respondentia[,] or otherwise on said terms 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 sealed
by the secretary
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of said company and all losses arising under any policy so subscribed and sealed may be adjusted
and settled by the President and board of Directors
Sec 7 The said corporation shall not take any risk nor subscribe any policy by virtue of this act until one
fourth part of the capital stock thereof shall have been actually paid in. The said
Company, shall not directly nor indirectly deal or trade in buying or selling any goods[,] wares[,] or merchandise whatever but the President and Directors may at their option vest
the capital stock of said corporation in the stock of any incorporate Bank Trust Company or public funds of the United
States or any state in the Union. The shall have power also to loan to any citizen of this state any portion of the capital stock not exceeding ten thousand dollars to one individual
on bottomry[,] bond[,] mortgage of real Estate[,] or other [substantiative?] security at their discretion
Sec 8 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 time not exceeding twenty thousand dollars
and to take and hold any real Estate or securities mortgaged or pledged to 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 otherwise, to take and receive any real estate in payment or towards satisfaction
of any debt previously contracted or due to the corporation and to hold the same until they can conveniently and advantageously sell and convey
the same into money or other personal property and to sell and convey said real Estate
or any part thereof
Sec 9 Seth M. Tinsley, James Bell, B. Webster, S. A Douglass,
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and John Williams 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 our Lord one thousand
Eight Hundred and Forty in the town of Springfield 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 whole
of said stock shall be subscribed and whenever a Board of Directors shall be duly
elected. the said Commissioners at the time of making such subscriptions, the Books may be closed 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 expences incurred by them in executing the duties imposed on them by this act Provided however
that if the Books for the subscription of stock shall not be opened shall not be opened
at the time herein required the said Commissioners [may open the books at?] any time thereafter upon giving twenty days notice in all the newspapers printed
at Springfield of the time and place of opening the same
Sec 10 In case of the death[,] resignation[,] or absence 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 quorum and proceed to business whose
duties shall be the same in the premises as those prescribed to the whole of said
Commissioners by this act of incorporation named and their acts as such shall be legal
Sec 11 The stock[,] property[,] and concerns of said incorporation shall be managed and conducted by seven Directors who shall hold their offices for
one year and untill
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others shall be chosen and no longer and who shall at the time of their election
be citizens of this state and holders respectively of not less than ten shares of the capital stock of said
CompanySec 12 The first election for Directors under this act shall be held at such time and
place in the town of Springfield as shall be directed by said Commissioners or a majority of them who or a majority
thereof are hereby appointed inspectors of said Election and the persons thus elected
as directors shall hold their offices untill the first Monday of May in the year One thousand Eight Hundred and Forty one and
untill others are elected in their stead
Sec 13 The Directors for every subsequent year shall be elected on the first Monday
of May in each year at such time of the day and at such place within the town of Springfield and under the directions of such persons as a majority of the Directors for the time
being shall appoint by a a resolution to be entered on their minutes
Sec 14 All elections shall be by ballot allowing one vote to each share of the capital
stock and the seven persons who shall have the greatest number of votes shall be Directors.
and 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 been duly elected
shall proceed by Ballot and ^by^ a plurality determine which of said persons so having an equal number of votes shall
be director or directors so as to complete the whole number. and whenever any vacancy
shall happen for the office of President or Vice President or directors from death
or other cause such vacancy shall be filled for the remainder of the year in which
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it shall happen by the Directors for the time being or a majority of them. The said
commissioners 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
[una]voidable accident said Directors should not be chosen on the first Monday as aforesaid
it shall be lawfull to choose them on any other day in the manner herein provided
Sec 154 The Directors when chosen shall meet as soon as may be after every election and shall
choose out of their number a President who shall be sworn or affirmed faithfully to
discharge the duties of the office as shall preside for one year and untill another person is chosen in his stead and also a vice President for the same time
they shall have power to appoint a secretary and all subordinate officers of [said ?] corporation fix their compensation define their powers and prescribe their duties. who shall
give such bond and in such penal sums with such conditions and with such securities
as the Directors shall prescribe and hold their several offices during the pleasure
of a majority of said Directors.
Sec 16 The President or Vice President and four of the Directors shall be competent
to the transaction of business and all questions shall be decided by a majority of
votes
Sec 17 The Presidents 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
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against what risks they mean to insure and the largest sum they mean to take on any
risk
Sec 18 The Legislature of this state shall never pass any Law retarding or obstructing or in any wise suspending the collection
of any debt or debts due said [corporation?].
Sec 19 The expense incurred by the Commissioners in executing any duties required by
this act shall be paid out of the monies received by them from the subscribers out
of the Capital Stock and may be retained by them for such purposes
Sec 20 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 so much
of their interest arising from the capital stock and the profits of said company as to them shall appear advisable But the money received and the notes taken for premiums on risks which shall be undetermined
and outstanding at the time if making such dividend shall not be considered as a part
of profits of said Company: and in case of any loss or losses whereby the Capital Stock of said company shall be lessened before all instalments are paid in each [?] stockholders estate shall be held accountable for the instalments that may remain unpaid on his share or shares at the time of such loss or losses
taking place and no subsequent dividend shall be made untill the sum arising from the Profits of the business of said Company equal to such dimanition shall have been added to the capital stock and once in every three years and oftener
if
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required by a majority of the votes of the stockholders 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 21 This act is hereby declared to be a public act and shall take effect from and
after its passage and shall be liberally construed for every purpose herein contained.
Sec 22 This charter shall be void and of no effect unless the stock be subscribed and
the company shall commence operations agreeably to the Provisions thereof within two years after
the passage of this act
Sec 23 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 in lieu of money, Provided that nothing herein shall be construed to forbid its buying and selling bills of
exchange
Sec 24 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 and Directors after knowing of such loss or losses having taken
Place shall subscribe to any policy of Insurance their estates jointly and [legally?] 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
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[ docketing
]
[02]/[01]/[1840]
[02]/[01]/[1840]
Ind post[Indefinitely postponed]
[ docketing
]
01/30/1830
01/30/1830
[Passed?]
[ docketing
]
[02]/[01]/[1840]
[02]/[01]/[1840]
Indefinitely postponed
1On January 30, 1840, the House of Representatives amended the bill title from “A Bill in relation to Public Works.”
Journal of the House of Representatives, of the Eleventh General Assembly of the State
of Illinois, at Their Called Session, Begun and Held at Springfield, December 9, 1839 (Springfield, IL: William Walters, 1839), 302.
2James H. Lyons introduced HB 113, originally titled “A Bill in relation to Public Works,” in the
House of Representatives on January 9, 1840. The House referred the bill to the Committee on Finance, of
which Abraham Lincoln was a member. The Committee on Finance reported back the bill on January 13 without
amendment, and the House tabled the bill. On January 16, the House tabled until July
4 an amendment adding an additional section by a vote of 55 yeas to 27 nays, with Lincoln not voting.
The House tabled an amendment repealing laws creating the internal improvement system
by a vote of 44 yeas to 40 nays, with not voting. The House also tabled a proposed
substitute. The House ordered the bill engrossed for a third reading by a vote of
49 yeas to 34 nays, with Lincoln not voting. On January 27, the House referred the
bill to a select committee. The select committee reported back the bill on January
30 with an amendment, in which the House concurred. The House passed the bill as
amended, changing the title so as to read “A Bill to Incorporate the Springfield Marine & Fire Insurance Company.” On February, 1, the Senate indefinitely postponed further consideration.
Journal of the House of Representatives, of the Eleventh General Assembly of the State
of Illinois, at Their Called Session, Begun and Held at Springfield, December 9, 1839 (Springfield, IL: William Walters, 1839), 141, 159, 187-89, 201, 262, 302, 328; Journal of the Senate of the Eleventh General Assembly of the State of Illinois, at
Their Called Session, Begun and Held at Springfield, December 9, 1839 (Springfield, IL: William Walters, 1839), 220-21, 240.
3On January 30, 1840, the House of Representatives adopted a substitute for the original bill.
Journal of the House of Representatives, of the Eleventh General Assembly of the State
of Illinois, at Their Called Session, Begun and Held at Springfield, December 9, 1839 (Springfield, IL: William Walters, 1839), 302.
Handwritten Document, 10 page(s), Folder 108, HB 113, GA Session 11-S, Illinois State Archives (Springfield, IL) ,