agencies. purchase, hold and improve any real estate, water po er or water rights, or lease the same; and may gra bargain, sell, assign or otherwise dispose of the sa or any part thereof, as the board of directors may thi May establish proper or necessary. The said company may establ agencies in this state or in any other state for deal in paper or in any goods or merchandise made fr paper, in whole or in part; or in any tools, machin or articles used or proper to be used in the manu ture of paper or goods made therefrom in whole or part; and for the purpose of carrying on said busin may lease or purchase such real estate or personal pr erty in this state or elsewhere, and may convey or pose of the same, or any part thereof as the board directors may think proper and necessary. The s stock in other company may also purchase and hold and may sell otherwise dispose of as the board of directors may th proper, stock in any telegraph, transportation or expr company, and stock in any manufacturing company water power company, which is organized under laws of this state or any other state, and dispose of same; and generally the said company shall have exercise such other powers as may be necessary for proper and full exercise of the powers specially nar in this act. May purchase companies. May make ad vances upon by them. SECTION 8. The said company may make advan property stored upon property stored by them for any person, firm corporation, and receive interest upon such advance a rate not exceeding ten per cent. per annum; and hold such property as a pledge for the payment of s advances and interest, and all other charges for stor thereon, or commissions relating to said property; in case the owner thereof shall neglect or refuse to the charges and demands of the company for which said property is held in pledge, the same may be s by the company, in the manner and upon notice of s sale provided for in the next section of this act. Shall not be deemed insur in store. SECTION 9. It shall be the duty of the company ers of property use all reasonable diligence and care in the keeping property deposited with them, but they shall not deemed insurers thereof against loss by fire, or f any other cause except the negligence of said compa its officers or agents; and in case any property depo ed with said company upon which advances s have been made by them, shall, before the maturity Shall give notice to owners of depreciation of property in store. any the contract, become depreciated from the price originally fixed, said company may give notice to the owner of said property or his agent, requiring such owner or agent, within fifteen days after such notice, to perform the conditions of the contract or to make good the deficiency caused by such depreciation in value; and in default thereof may sell and dispose of such property at public sale; and out of the proceeds thereof the said company may retain the amount due upon such contract, together with all commissions, costs, charges and expenses: provided, however, that such sale shall be made in the town or city where said property was stored by them, and that notice of such sale shall be given by publishing the same in some newspaper printed in the city or town where such sale is to be made, at least six days prior to the day of sale; and in case there shall be any daily paper printed and pubished in said town or city, such notice shall be pubshed daily in some daily newspaper for five successive days next preceding the day of sale. The notice of sale shall state the time and place of sale, and the character and amount of property to be sold. secretary may SECTION 10. The president and secretary of the President and company may make, execute, acknowledge and deliver convey propany deel, mortage or other conveyance of any real erty. property belonging to the company, with or without covenants, and may affix the corporate seal of the company thereto when authorized to do so by the board of directors at any meeting thereof, and all conveyances so made pursuant to such authority, shall be binding apon the company, and shall pass to and vest in the grantee therein named, the title and interest in the real property therein described, and thereby intended to be conveyed. contracts. SECTION 11. The president or other officer of the May execute company, when authorized by the board of directors, may make and execute any bond, note or other contract or agreement for the company, and when so executed the same shall be valid and binding upon the company; and such contracts whether in writing or parol shall have the same effect as contracts between private persons. Personal property of the company may be sold and disposed of by the president of the company or any other officer or agent authorized for that purpose. Stock-how transferable. Principal office at Beloit. SECTION 12. The stock of said company shall be transferable only on the books of the company; and at all meetings of the stockholders each share of stock shall be entitled to one vote. The principal office of said company shall be kept in the city of Beloit, in the county of Rock, and all meetings of stockholders for the election of directors shall be held at such office. SECTION 13. This act shall take effect and be in force from and after its passage and publication, and the same shall be deemed a public act. Approved January 23, 1868. May loan money. Special tax to be levied to pay loan. CHAPTER 13. [Published March 18, 1868.] AN ACT to empower the city of Madison to borrow money to pay off its unfunded indebtedness. The people of the state of Wisconsin, represented in senate and assembly, do enact as follows: SECTION 1. The common council of the city of Madison shall have the power and are hereby authorized to contract a loan and borrow sufficient money to pay off the unfunded debt of the said city of Madison, existing at the time of the passage of this act. SECTION 2. The said common council shall provide for the levying upon the assessment roll of said city for the year 1868, a special tax for the purpose, and sufficient to pay off such loan, which tax shall be collected at the same time and in the same manner as the general taxes for the year 1868 shall be collected. SECTION 3. This act shall take effect and be in force from and after its passsage. Approved January 25, 1868. CHAPTER 14. [Published January 29, 1868.] AN ACT to provide for the payment of moneys by the agents of insurance companies in the city of Racine for the support of the fire department, to the treasurer of said city. The people of the state of Wisconsin, represented in senate and assembly, do enact as follows: agents shall pay city treasurer. SECTION 1. There shall hereafter and on the first Insurance day of February in each year be paid to the treasurer two per cent. of of the city of Racine for the use and benefit of the fire premiums to department, by every person who shall act in said city as agent for or in behalf of any individual or association, or associations of individuals, not incorporated by the laws of this state to effect insurances against losses or injury by fire, although such individuals or associations may be incorporated for that purpose by any other state or country, the sum of two dollars upon the hundred dollars, and at that rate, upon the amount of all premiums which during the year or part of a year ending on the next preceding first day of January, shall have been received by such agent or person, or received by any other person for him, or shall have been agreed to be paid for any insurance effected or agreed to be effected, or promised by him as such agent, or otherwise, against loss or injury by fire, in said city, which said moneys shall be subject to the order and disposition of the city council for the purpose of maintaining and supporting the fire department in said city, purchasing fire engines and defraying the expenses of equipping and managing the same, and which said sum of two dollars upon the hundred dollars, and at that rate, upon the amount of all premiums which during the year ending on the first day of January, 1868, shall have been received by such agent or person, shall be paid to said city treasurer on the first day of Febru ary, 1868. cute bond to SECTION 2. No person shall in said city, as agent Agents to exeor otherwise for any individual, individuals or associ- city. ation, effect or agree to effect any insurance upon which the duty above mentioned is required to be paid, or as agent or otherwise promise such insurance to be Amount of bond. Penalty for failure to execute bond. Chapter 65, R. effected, until he shall have executed and delivered to the said treasurer a bond to the city of Racine, in the penal sum of one thousand dollars, with such sureties as the said treasurer shall approve, with a condition that he will annually render to the said treasurer, on the first day of February in each year, a just and true account, verified by his oath that the same is just and true, of all premiums which during the year ending on the first day of January preceding such report, shall have been received by him, or any other person for him, or agreed to be paid for any insurance against loss or injury by fire in said city, which shall have been effected or promised by him or agreed to be effected or promised by him to be effected, from any individual or individuals, or association not incorporated by the laws of this state aforesaid, and that he will annually, on the first day of February in each year, pay to the said treasurer two dollars upon every hundred, and at that rate upon the amount of such premiums. SECTION 3. Every person who shall effect, agree to effect, promise, or procure any insurance specified in the preceding section, without having executed and delivered the bond required by the preceding section, shall for each offence forfeit one hundred dollars for the use of the fire department of said city, and such penalty of one hundred dollars shall be collected in the name of the city of Recine. SECTION 4 Chapter sixty five of the revised statutes entitled "of the insurance of proerty in incorporated cities and villages made by individuals and corporations not incorporated by the laws of this state," is hereby declared inapplicable to and inoperative in the city of Racine. SECTION 5. This act shall take effect and be in force from and after its passage and publication. Approved January 28, 1868. |