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An Act to Incorporate the Millburn Mutual Insurance Company.
SEC. 1. BE IT ENACTED BY THE PEOPLE OF THE STATE OF ILLINOIS, REPRESENTED IN THE GENERAL ASSEMBLY, That Ira R. Webb,
Wm. H. Hockaday, Peter Page, George Strang, Havelia Whitney, David H.
Sherman, Lemuel Edwards, and their associates, now members of the
"Millburn Mutual Insurance Company," shall be, and are hereby created a
body politic, and corporated, by the name and style of the "Millburn
Mutual Insurance Company," for the purpose of insuring dwelling houses,
household furniture, farm buildings and other property against loss or
damage by fire, and may, by that name, sue and be sued, appear, prosecute
and defend in any court of record, or other court, in this State. Said
Company may have and use a common seal, and alter or renew the same at
pleasure; may make, establish and put in execution such
ordinances and resolutions, not being contrary to the laws of this State,
or the United States, as may be necessary or convenient for their
regulation and government, and for the management of their affairs; and
may do and execute all such acts and things as may be necessary to carry
into effect the provisions of this act.
§ 2. All persons holding policies of insurance in this Company, shall be members thereof, and entitled to vote upon any matter to be determined by a vote of the Company, and a plurality of the votes cast shall be sufficient to decide any matter voted on.
§ 3. The affairs of this Company shall be managed by a Board of Directors, to consist of not less than three, nor more than twenty-one, as shall be regulated by the By-Laws of said Company. Said Directors shall be chosen by ballot from among the members of the Company, and a majority of the whole Board shall constitute a quorum for the transaction of business.
§ 4. The persons acting as Trustees of the "Millburn Mutual Insurance Company," as now organized, shall constitute the first Board of Directors, to serve as such until the first annual meeting of the Company, after the acceptance and adoption of this Charter, and until others are chosen. PROVIDED, That if the Company now organized do not accept and adopt this Charter within one year from the passage hereof, then this act shall be null and void.
§ 5. All elections of this Company shall be held at such time and place in the County of Lake, and be conducted by such officers as the By-Laws may determine. PROVIDED, The first election shall be conducted in accordance with the Constitution and By-laws of the organization now known as the "Millburn Mutual Insurance Company." Notice of the time and place of holding regular and special meetings of this Company shall be published in such manner as the By-laws shall direct. Directors shall hold their office for one year, and until others are chosen, and vacancies may be filled at any meeting of the Company.
§ 6. The officers of this Company, in addition to the Board of Directors, shall be a President, Secretary and Treasurer, to be elected by the Company at the time of electing Directors, and to hold their offices for one year, and until others are chosen. The duties, as well as the compensation, of the officers of this Company, shall be determined by the By-Laws of the Company. The Directors may appoint such agents and subordinate officer as the By-Laws may determine.
§ 7. The rates of insurance shall be fixed and regulated by the Company, and premium notes may be received from the insured, and shall be paid at such times and in such sums as the Directors shall from time to time require for losses and expenses; but the Directors shall not at any time make a larger assessment on premium notes than is necessary to pay such losses and expenses, and the premium notes shall constitute the capital stock of said company.
§ 8. Members of this Company shall be bound and obliged to pay their just proportion of all losses and expenses accruing during the time for which their policies were issued to the amount of their premium note and no more; and if any members shall neglect or refuse to pay his or her assessment, as levied by the Board of Directors, for more shall thirty days after notice of such assessment, then his or her policy shall become void until such payment is made, but such forfeiture shall not exonerate such person from paying his or her just proportion of all losses and expenses up to the time of such forfeiture.
§ 9. The Board of Directors may establish rules by which applications for insurance may be in writing, which shall state all material facts and circumstances affecting the risk, and such statement shall be binding upon the insured, and be a warranty on his or her part.
§ 10. It shall be lawful for this Company to reinsure any risk, or part of risk, on which it has made insurance.
§ 11. For the purpose of preventing delay in the arrangement of losses, and preventing vexatious litigation, this Company may establish rules for securing fair and impartial arbitrations in such cases of loss or damage as the insured and Directors cannot agree upon, and make the award of such arbitration final and binding.
§ 12. In suits at law between this Company and any of its members, any member of the Company not interested further than his or her proportion of a loss as a member of the Company, shall be deemed a competent witness, and the certificate of the Secretary or Treasurer as to the amount of any premium note, or assessment on the same, or other matter pertaining to the office of such Secretary or Treasurer necessary to elucidate the facts, in any case pending, shall be deemed prima facie evidence of such fact, and if the agent of the Company shall so desire, the party suffering loss shall be examined under oath concerning the circumstances of such loss.
§ 13. The Company, upon commencing business under this act, shall be held to be the successor of the Company, in Lake County, known as the "Millburn Mutual Insurance Company," and all policies issued under the authority of said Company, and all premium notes held by said Company, shall be valid, and all rules and By-Laws of said Company shall be in force until rescinded or amended.
ALLEN C. FULLER,
Speaker of the House of Representatives.
Speaker of the Senate.
RICHARD J. OGLESBY,
Approved February 16th, 1865.