chase money any installment which may become due and payable thereon, ment of purthe proper county auditor or other officer which may by law be appointed for that purpose, shall proceed to sell such parcel of land with all the improvements thereon, at the court house in said county to the highest bidder, after having given notice of such sale, by causing an advertisement (containing a description of said land and stating a day on which such sale will be made, not more than three months from the date of said advertisement,) to be published at least four times in some newspaper in general circulation in such county, one of which publications shall be at least forty days before the time appointed for the sale thereof: Provided, Proviso. that no bid shall be received for a less sum than the amount due and to become due to the state, including all the expenses of sale; and if no person will bid that amount, such parcel of land, together with all money paid thereon, shall absolutely be forfeited to the state of Ohio in trust for the use of the inhabitants of the township to which the land belonged; but if such parcel of land shall sell for more than the amount due to the state of Ohio, including the expenses of sale, the surplus shall belong to the original purchaser, or his assigns or legal representative of such purchasers and may be paid over accordingly, if the person be present and willing to receive it, otherwise it shall be paid to the county treasurer for such person's use, to be paid over upon the order of the county auditor, and the bidder shall forthwith pay the amount due the state and the expenses of sale into the county treasury, and the surplus, if any, as before mentioned; and if such bidder fail to make payment as aforesaid, the county auditor or other officer shall forthwith proceed to expose said parcel of land again to sale, as herein provided. And all lands forfeited to the state under the provisions of this section, may again be sold in the manner provided in this act for any amount not less than the value thereof, as returned by the assessor or the amount specified in the lease, when the first sale was made upon the surrender thereof. SEC. 8. The act entitled "an act to authorize the surren- Acts repealed. der of leases on section 29, in Gallia county, and taking certificates of purchase thereon," passed March 7, 1851, and an act entitled "an act supplementary to the act entitled 'an act authorizing the sale of lands granted by Congress, for the support of religion within the Ohio Company's Purchase,' passed March 3, 1834," passed April 17, 1854, be and the same are hereby repealed. N. H. VAN VORHES, President of the Senate, pro. tem. April 11, 1856. Organization of joint stock insurance companies. Capital stock. Increase of AN ACT To authorize the incorporation of joint stock insurance companies. SECTION 1. Be it enacted by the General Assembly of the State of Ohio, That when any number of persons, as required by the first section of the act entitled "an act to provide for the creation and regulation of incorporated companies in the state of Ohio," passed May first, one thousand eight hundred and fifty-two, associate, to form a joint stock insurance company, they shall, under their hands and seals, make a certificate, specifying the name assumed by such company, and by which it shall be known, the object for which said company shall be formed, the amount of its capital stock, and the place where the principal office of said company shall be located, which certificate shall be acknowledged, certified and forwarded to the secretary of state, and shall be recorded and copied in the same manner as is provided in the second section of said act; and said persons, when so incorporated, are hereby authorized to carry on the business of insurance, as named in such certificate of incorporation, and by the name and style provided therein shall be deemed a body corporate, with succession; they and their associates, sucessors and assigns to have the same general corporate powers, and be subject to all the obligations and restrictions of said act, and of the acts amendatory and supplementary thereto, except as herein provided. SEC. 2. The capital stock of any company organized under this act, shall be such sum, not less than one hundred thousand dollars, nor more than three hundred thousand dollars, as may be specified in the certificate of incorporation, which stock shall be divided into shares of twenty dollars each. SEC. 3. That whenever any company organized under capital stock. this act, with less than the maximum capital limited in section two, 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, file with the secretary of state, a certificate setting forth the amount of such desired increase, not exceeding said maximum, and thereafter such company shall be entitled to have the increased amount of capital fixed by said certificate. Payment of stock. SEC. 4. At the time of subscribing for stock in any company organized under this act, the person so subscribing shall pay the sum of four dollars in money on each share subscribed, and the balance on each share shall be subject to the call of the directors, secured to their approval by endorsed notes payable on demand, or by other property or stocks; and if at any time the directors shall deem any such se curity insufficient, it shall be their duty to require additional security; and any stockholder, whether holding by subscription, or by assignment and transfer, failing to pay any portion of his stock at the time and in the manner prescribed by the directors or neglecting or refusing to give such additional security as may be required of him by the directors, it shall be their duty to sell such delinquent stock at auction, for cash, to the highest bidder, first giving ten days notice of the time and place of sale, by advertisement in some newspaper printed in the county in which the principal office of the company shall be located. The proceeds shall be applied in payment of the amount delinquent and the expenses of selling the stock-the stockholder remaining liable to the company for any deficiency, and being entitled to any excess, as the result may be. Sale of delin quent stock. ers SEC. 5. The persons named in the certificate of incorpo- Commissionration, or a majority of them, shall be commissioners to open books for the subscription of stock in the company, at such times and places as they shall deem convenient and proper; and so soon as one thousand shares shall be subscribed, and shall be paid or secured, as required in the fourth section of this act, the company shall be competent to transact the business for which, according to its certificate of organization it is established. SEC. 6. The affairs of any company organized under this Election of act, shall be managed by not more than nine, nor less than directors. five directors, all of whom shall be stockholders. Within one month after a thousand shares of stock shall have been subscribed, a majority of the stockholders shall hold a meeting for the election of directors, each share of stock entitling the holder thereof to one vote; and the directors then elected shall continue in office until the first Monday in January thereafter, and until others shall have been chosen to succeed them in the trust, and shall have accepted the same. SEC. 7. The annual meeting for the election of directors, Annual meetshall be holden on the first Monday in January: Provided, tion of direcing for elechowever, that if for any cause the stockholders shall fail to tors. elect directors at any annual meeting, they may hold a special meeting on some subsequent day, for the the purpose, by giving notice thereof thirty days, in some newspaper in general circulation in the county where the principal office of the company shall be kept; and the directors chosen at any such annual or stated meeting shall continue in office until the next annual meeting, and until their successors, duly elected, shall have accepted. SEC. 8. The directors shall choose, by ballot, a president President. from their own number, and shall fill all vacancies that may a rise in the board or in the presidency thereof; and the board of directors, thus constituted, or a majority of them Power of in surance Loan &c., of funds. Dividends of profits. Transfer of stock. Policies. Officers when convened at the office of the company, shall be competent to exercise all the powers vested in them by this act. SEC. 9. It shall be lawful for any company organized under this act, to insure houses, buildings and all other kinds of property, against loss or damage by fire, in and out of the state; to make all kinds of insurance on goods, merchandise, or other property in the course of transportation, whether on land or water, or on any vessel or boat, wherever the same may be; to lend money upon bottomry or respondentia; and to cause itself to be insured against any loss or risk it may have incurred in the course of its business, and against any maratime or other risks upon the interest which it may have in any vessel, boat, goods, merchandise or other property, by means of any loan or loans which it may have made on mortgage, bottomry, or respondentia, and generally to do and perform all other matters and things proper to promote these objects. SEC. 10. It shall be lawful for such company to loan or invest any part of its capital stock, money, or other funds, in such way as the directors shall deem best for the safety and interest of the stockholders; and to sell, transfer and dispose of any interest which the company may have acquired by any such loan or investment. SEC. 11. The directors shall declare such dividends of the profits of the business of the company as may be paid, without impairing or in anywise diminishing the capital stock, the dividends to be made half yearly, on the first Mondays of July and December, payable to the stockholders ten days thereafter; but no dividend shall be paid to any stockholder whose stock is delinquent. SEC. 12. Transfers of stock may be make by any shareholder, or his legal representative, subject to such restrictions as the directors shall from time to time make and establish in their by-laws. SEC. 13. All policies or contracts of insurance made or entered into by the company, may be made either under or without the seal thereof; they 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, and being so subscribed and attested, they shall be obligatory on the company. SEC. 14. The directors of any such company shall have power to appoint a secretary, and any other officers and agents necessary for transacting the business of the company, paying such salaries and taking such, security as they may judge reasonable; they may ordain and establish bylaws and regulations, not inconsistent with this act or with the constitution and laws of this state and of the United States, as shall appear to them necessary for regulating and conducting the business of the company; and it shall be their duty to keep full and correct entries of their transactions, which shall at all times be open to the inspection of the stockholders. SEC. 15. This act shall take effect and be in force from In force. and after its passage. N. H. VAN VORHES, President of the Senate, pro tem. April 11, 1856. AN ACT Concerning the enacting and repealing of statutes. When laws SECTION 1. Be it enacted by the General Assembly of the State of Ohio, That every law passed which contains no take effect provision as to the time when it shall take effect, shall take effect on the first day of May next after its passage. SEC. 2. That whenever a statute is repealed, such repeal Repeal of shall in no manner affect pending actions founded thereon, statutes. nor causes of action not in suit that occurred prior to any such repeal, except as may be provided in such repealing statute. N. H. VAN VORHES, Speaker of the House of Representatives. President of the Senate. April 8, 1856. AN ACT Further to prescribe the duties of county commissioners. SECTION 1. Be it enacted by the General Assembly of the State of Ohio, That each commissioner of a county, before entering upon the discharge of his duties, shall enter into bond, in such sum as shall be required by the judge or judges of the court of common pleas of the proper county, with two Bond of county com. missioners. |