This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1868-01-01 Excerpt: ...and to the inspection of persons invested by law with the right thereof. Policies. Seo. 12. All policies or contracts of insurance made or entered into by the company, may be made either with or without the seal of said company; but said policies shall be subscribed by the president or such other officer as may ...
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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1868-01-01 Excerpt: ...and to the inspection of persons invested by law with the right thereof. Policies. Seo. 12. All policies or contracts of insurance made or entered into by the company, may be made either with or without the seal of said company; but said policies shall be subscribed by the president or such other officer as may be designated by the directors for that purpose, and shall be attested by the secretary thereof. Seo. 13. Transfers of stock may be made by any Transfer of stockholder, or his legal representative, subject to such stock, restrictions as the directors shall from time to time establish in their by-laws, except as hereinafter provided. Sec. 14. Whenever any company organized under Increase of this act, with less than the maximum capital limited in capital, section three hereof, shall, in the opinion of the directors thereof, require an increased amount of capital, they shall, if authorized by the holders of a majority of the stock to do so, file with the Auditor of State a certificate Notify Audisetting forth the amount of such desired increase, not tor. exceeding said maximum, and thereafter such company shall be entitled to have the increased amount of capital fixed by said certificate, and the examination of securities composing the capital stock thus increased shall be made in the same manner as provided in section seven of this act, for the capital stock first paid in. Seo. 15. It shall not be lawful for the directors, trustees, or managers of any insurance company, organized under this act, or incorporated under any law of this State, to make any dividends, except from the Dividends, surplus profit arising from their business; and in estimating such profits, there shall be reserved therefrom a sum equal to forty per cent, of the amount recei...
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