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Sec.[Section] 1. Be it enacted by the people of the State of Illinois represented in the General Assembly, That there be established an Insurance Company to be called “The Springfield Insurance Company, and that all persons who shall hereafter be stock-holders in said company shall be and they are hereby declared to be a body corporate and politic by the name
aforesaid and to continue for twenty 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 to sue and be sued in law or equity in all courts or places whatsoever.
Sec. 2. The said corporation may have and use a common seal and alter the same at pleasure, and may make and put
in Execution such by-Laws and regulations as shall in their opinion be necessary. Provided, the same be not contrary to the laws and Constitution of this State, or of the United States.
Sec. 3. The capital stock of said Corporation shall be fifty thousand dollars, to be divided into shares of not less than one hundred
dollars, and to be paid in such instalments as the directors chosen under this act,
may direct and under such penalties as the President and directors may order and appoint
and that the capital stock may be increased to an amount not exceeding five hundred
thousand dollars in the discretion of a majority of the directors of said corporation, to be subscribed for and taken under the direction of the President and directors
aforesaid or a majority of them. The stock of said corporation shall be assignable according to the by-laws thereof.
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^(^Sec. 4. The said corporation shall have power^ (^ to receive as capital stock or on deposit State Bonds, State Stocks, and all other
evidences of State indebtedness and^)^ to insure against damages and losses of property, and upon lives at such rates as
they may from time to time establish, all policies issued shall be signed by the President
and countersigned by the secretary and all losses may be adjusted by a majority of
the directors.^)^
Sec. 5. The said corporation may at any and all times, vest the capital stock thereof in the stocks of any incorporated
Bank trust or insurance Company, or the funds of the United States, or of any state
of this Union, and shall have power to loan to persons or incorporations their surplus
funds, their capital stock and deposites, on bond, Mortgage of real estate or other satisfactory security at their discretion,
and at an interest not exceeding the rate of twelve per cent per annum.
Sec. 6. Said corporation may purchase and hold such real estate as they may want for the purposes of the corporation, and take and hold any real estate as securities, mortgaged or pledged to said corporation to secure the payment of any debt and also to purchase on sales by virtue of any
judgment at law or decree in equity wherein they are interested. To take and receive
any real estate in payment or satisfaction of any debt due, or to become due to said
corporation and ^(^to hold the same, or^)^ to sell and convey the same, or any part thereof.
Sec. 7. That John Calhoun, Schuyler Strong, Stephen A. Douglass and John Taylor, are hereby appointed commissioners to superintend subscriptions to said capital
stock, and that said Commissioners, and in
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case of the death, resignations[,] or absence of any of them, the others or a majority of them shall open one or more
books of subscription on the first Monday of April next and that the sum of two dollars
on each share subscribed for shall be paid to said commissioners at the time of making
such subscription. The Books may be closed when the whole of said stock may be subscribed;
and if the books for subscription shall not be opened at the time aforesaid the same
may be done at any time thereafter by giving ten days notice of the time and place
in a public newspaper printed in Springfield.
Sec. 8th The said corporation shall be managed by five directors who shall hold their offices for one year and
until others are elected in their places, and shall at the time time of their election respectively be holders of not less than five shares of
the capital stock of said company, and that the first election of directors under this act shall be held at such time
and place as shall be directed by said commissioners or a majority of them as aforesaid
and who shall be the inspectors thereof, and the directors so elected, by a majority
of the stock-holders, each share entitled to one vote, shall hold their office for
one year and until others are elected by the stock-holders in their places.
Sec. 9. The directors when chosen shall meet and choose one of their number a President,
and also choose such other officers as they may deem necessary, and may define the
duties of their officers and affix their salaries and determine the securities, each
shall give for the faithfull performance of his office.
Sec. 10. The President and any two Directors and in the absence of the President any
three Directors shall
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form a board competent to transact all business, and a majority shall rule, and the
President shall before any policies are taken, publish in a news-paper to be printed
in Springfield the amount of capital stock paid in and of what the same co^n^sists, particularly, and once every six months thereafter if requested by any stock
holder or person insured make a like publication of the capital stock then on hand
and the total amount of insurances.
Sec. 11. Nothing in this act contained shall confer on said corporation the power or authorize it to make notes in the similitude of bank notes to be issued
as a circulating medium in lieu of money.
Sec. 12. That the several stock-holders of said incorporation shall be personally and individually liable to any and all persons insured for the
full amount of their damages with costs of suit.
Sec. 13. The General Assembly of the State, hereby reserve the right to alter or amend the same when the public
good require it
Sec. 14. 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.
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[ docketing
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A Bill for,
An act to incorporate the Springfield Insurance Company
An act to incorporate the Springfield Insurance Company
[ docketing
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[02]/[18]/[1841]
[02]/[18]/[1841]
2.
[ docketing
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[02]/[18]/[1841]
[02]/[18]/[1841]
Incpt.[Committee on Incorporations],
[ docketing
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[02]/[24]/[1841]
[02]/[24]/[1841]
Inf[Indefinitely] postponed
[ docketing
]
[02]/[10]/[1841]
[02]/[10]/[1841]
Engrossed.
[ docketing
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10
[ docketing
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[02]/[11]/[1841]
[02]/[11]/[1841]
passed.
1On January 26, 1841, Richard Murphy in the House of Representatives presented the petition of Schuyler Strong and others, requesting the incorporation of the Springfield Insurance Company. The House referred the petition to the Committee on Banks and Other Corporations.
In response to this petition, Murphy of the Committee on Banks and Other Corporations
introduced HB 206 in the House of February 5. The House passed the bill on February
11. On February 18, the Senate referred the bill to the Committee on Incorporations. The Committee on Incorporations
reported back the bill on February 24 with amendments, in which the Senate concurred.
The Senate indefinitely postponed further consideration.
Illinois House Journal. 1840. 12th G. A., 280, 334, 357, 368, 494; Illinois Senate Journal. 1840. 12th G. A., 294, 307, 340, 386.
Handwritten Document, 5 page(s), Folder 147, HB 206, GA Session 12-2,
Illinois State Archives (Springfield, IL) ,