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Sec[Section]. 1.
Be it enacted by the people of the State of Illinois represented in the General assembly,
Thatand their associates successors and assigns be and they are hereby incorporated into a body Corporate and politic by the name and style “The Sangamon Fire Insurance Company” 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 Term aforesaid, able and 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 plaints causes matters and demands of whatever kind & nature they may be in as full and effectual a manner as any person or persons bodies corporate and politic may do and may have a common seal which they may revoke or alter at pleasure and may purchase hold and convey, any estate real or personal for the use of said Company, Provided That said Corporation 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 collateral security for money due to said Company.

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Sec. 2.
The Capital Stock of said Company exclusive of premiums notes and profits arising from business shall be Twenty Five Thousand Dollars, and shall be divided into shares of Fifty Dollars each: fifty per Centum of which shall be paid in money within six months after the first meeting of said Company, and the Residue in money to be paid Twenty five per Centum thereof in twelve months and Twenty five per Centum in eighteen months from and after said first Meeting under such penalties as the President and directors may in their discretion order and appoint.
Sec. 3.
The said Capital stock may be hereafter increased to an amount not exceeding Two Hundred Thousand Dollars, should a majority of the Stockholders, deem it advisable and the additional stock be subscribed and fifty per Centum thereof paid in within twelve months, after said Company shall have commenced operations. The said stock shall be deemed personal property and assignable and transferrable, on the books of said Corporation but no Stockholder indebted to the Corporation shall be permitted, to make a transfer until such debt be paid or secured to the satisfaction of the Directors.

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Sec. 4.
are hereby appointed Commissioners for procuring subscriptions to said Capital Stock, and said Commissioners or a majority of them shall open one or more subscription books for said stock on such days and at such places as they shall deem expedient and shall give at least Thirty days ^public^ notice of such times and places, in one or more of the public newspapers published at each of said places the said subscription books shall be kept open until the whole of the stock shall have been taken, and the sum of One Dollars on each share subscribed for shall be paid to the said Commissioners at the time of making such subscription and as soon as said stock shall be subscribed or sooner if required by the board of Directors the said Commissioners, shall deliver over to said board of Directors said subscription books and shall pay over to said Board the whole amount of money severally received by them Provided always: That said board of Directors [may?] at any time that they may desire to do so appoint other persons as Commissioners to obtain subscriptions to act in conjunction with the Commissioners hereby appointed.

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Sec. 5.
It shall be lawful for the President and Directors to require payment of the sums subscribed to the Capital stock at such times on such conditions and in such proportions as they shall deem fit under such forfeitures as they shall prescribe and they shall give notice of the payments thus required and of the time and place when and where the same are to be made at least Ninety days previous to the time specified for such payments in some Newspaper published in this state and in each of the places where the books of the Company may have been opened for the subscription to the Capital Stock
Sec. 6.
The said Company shall have power and authority to make Insurance against fire flood or other destructive element on vessels freight money goods and effects and on any dwelling houses or other buildings merchandize or other property within the United States on such terms and Conditions as may be agreed upon by the parties and fix the premiums and terms of payment and all policies of Insurance by them made shall be subscribed by the President or in case of his death sickness or inability to act or abscence by any two of the Directors countersigned by the Secretary of the Company and sealed by him and shall be binding and obligatory upon said Company, And any losses duly arising under any policy so subscribed and sealed may

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page 5.
be adjusted and settled by the President and board of Directors and the same shall be binding on said Company.
sec. 7.
The Stock property and afairs and concerns of said Company shall be managed and conducted by Nine Directors one of whom shall be President thereof and who shall hold their Offices for one Year and until others are 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 Company. All elections for Directors for said Company shall be held on the first Monday of June of every year and each year, at such time of the day and in such place in the Town of Springfield as a majority of said Directors for the time being shall appoint, of which election public Notice shall be given by publication for at least ten days in the Newspaper printed in or nearest to said Town of Springfield and said election shall be made by ballot by a majority of the stock holders present allowing one vote to each share in the Capital Stock. Provided, That no Stockholder shall be allowed more than Thirty votes and that absent Stockholders may vote by proxy under such
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regulations as the said Company shall prescribe and if through any unavoidable accident said Directors should not be chosen on the first Monday of June as aforesaid it shall be lawful to choose them on any other day in the manner herein provided and it shall be the duty of the secretary of said Company at any time upon application in writing of the proprietors of Twenty per. Centum of the Capital Stock to call a meeting of the Stock holders to be holden at such time and place in Springfield as they shall direct for the purposes mentioned in such application by giving like notice thereof as is herein required for the election of Directors.
Sec. 8.
The Directors when chosen shall meet as soon as may be after every election and shall choose out of their own body a President who shall be sworn or affirmed faithfully to discharge the duties of his said office and shall preside for one year, and in case of the death resignation or inability to serve of the President or any director such va[...?]cancy or vacancies shall be filled for the remainder of the Year, in which they happen by a special election for that purpose to be held in the same manner as herein before directed respecting annual elections of Directors

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Sec 9.
The President and four of the directors or five Directors in the abscence of the President shall be a board competent to the transaction of business and all questions before them shall be decided by majority of votes and they shall have power to make and prescribe such by-Laws, rules and regulations as to them shall appear needful and proper touching the management and disposition of the stock property estate and effects of said Company, and the transfer of the shares and touching the duties and conduct of the several officers clerks and servants employed 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 as many other officers clerks and servants for carrying on said business as may to the said board seem meet and to fix the salaries and wages of the officers and servants of said Company. Provided always, That such by-Laws rules and regulations shall not be in violation of the Constitution or laws of the united states or of this State.

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Sec. 10.
Any two or more of the persons named in this act are hereby authorized to call a meeting of said Company by advertizing the same for two weeks in some newspaper printed in Springfield or by written notices posted up for that length of time, in five of the most Public places in said Town for the purpose of electing their first board of Directors, and said Directors when elected shall choose a President as herein before provided and shall continue in Office until the first Monday of June next ensueing and until others shall be chosen in their stead.
Provided however that this Charter shall be void and of no effect unless put into operation agreeably to its provisions and terms within eighteen months after the passage of this act and provided also, That the saidCompany shall not take any risk nor subscribe any policy by virtue of this act until one moiety of the Capital Stock of said Company shall have been actually paid on
Sec. 11.
It shall be the duty of the Directors of said Company at such times as by the by-Laws, thereof shall prescribe to make dividents of so much of the interest ariseing from the Capital Stock.

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p. 9.1
And the profits of said Company as to them shall appear advisable but the money received and notes taken for premiums of Risks which shall be undetermined and outstanding at the time of making such dividends shall not be considered as part of the profits of said Company. And in case of any loss or losses whereby the Capital Stock shall be lessened before all the installments are paid in each proprietors or stock holder’s estate shall be held accountable for the installments that may remain unpaid on his share or shares at the time of such loss or losses taking place and no subsequent Divident shall be made until the sum arising from the profits of the business of said Company equal to such [denomination?] shall have been added to the Capital and once in every three years and oftner if 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 & dividends.

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Sec. 12
said Company shall not directly or indirectly deal or trade in buying or selling any goods ware merchandize, or commodities whatever And the Capital Stock of said Company collected at each installment shall within six months thereafter be invested either in the stock of the united states Bank or in any of the Incorporated Banks of this State Indianna Kentucky Ohio Mississippi or New York, or in either of all of them and in such proportion as may be most for the interest of said Company, at the discretion of the President and Directors of said Company or of such other person or persons, as said Company shall for such purpose at any meeting appoint Provided however, That the President and Directors of said Company shall have power to loan to any Citizen of this State any portion of their Capital Stock not exceeding one Half on Respondentia or Bottomry Provided however. That the sum loaned on any one bottom at one time including the sum insured in any other way upon the same bottom shall not exceed ten per Centum upon the Capital stock of said Company, nor shall the same be loaned but with the assent of Three fourths of the Directors
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of said Company, and such loan together with the assent aforesaid shall be entered at large upon the Records of said Company and shall be laid before the Stock holders at their next meeting following the loan and it shall be in the power of the Directors of said Company, in case they shall deem it more for the interest of said Company than any of the investments above described to loan any portion of their Capital Stock aforesaid not exceeding two Thirds of the whole amount to any person or persons of this within this State, either on mortgage of real estate, within this State or on pledges of the public stock, of the united States, or of the Bank of the United States or of any other Bank incorporated by authority of [United States?] or any of the States above mentioned.
Sec. 13.
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 subscribed to pay any policy of Insurance their estates jointly and severally shall be accountable for any and every such loss which shall take place under policies so subscribed, and
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the estates of the stock holders 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.
Sec. 14.
said Insurance shall be kept and located in the town of Springfield.
^Sangamon Ins Co^Sec. 15.
The President and Directors of said Company shall previous to subscribing to any policy and once in every year after publish in two of the Newspapers printed in this State the amount of their Capital Stock against what risk they mean to insure and the largest sum they mean to take on any one risk
Sec. 16.
The President and Directors of said Company, shall when and as often as requested by the Legislature of this state lay before them a statement of the affairs of said Company and submit to an examination concerning the same, under oath.
Sec. 17.
This act is hereby declared a public act and shall take effect from
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and after its passage and shall be liberally construed for every purpose herein contained.
the said Corporation shall not be dissolved nor this charter forfited for, or by reason of any errors, omissions or erregualarties of the said company or its agents: Provided, always that such errers, omissions or errigularities, shall not be in violation of any of the provisions of this act
And provided, also, that nothing in this act shall be so construed as to invest said Company with any banking powers or to authorize them to make emit or alter any Bills of credit bank notes promissory notes or other thing to be used as a circulating medium as and in lieu of money.

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A Bill for
An Act to Incorporate a Company therein named.
sel com[select committee]
Carpenter of S
To be Engrossed ^as amended^
clk. H. R
1“8” changed to “9”
2These legislators formed the select committee in the House of Representatives that considered the bill.
Illinois House Journal. 1835. 9th G. A., 2nd sess., 79.

Handwritten Document, 14 page(s), Folder 37, HB 37, GA/Session: 9-2, Illinois State Archives (Springfield, IL)