Gulliver v. Roelle

Citations

• 100 Ill. 141
• 1881 Ill. LEXIS 75

Syllabus

<p>1. Stockholders in insurance companies—of their liability under act of 1889. The 16th section of the general Insurance law of 1869 makes shareholders and directors of insurance companies organized under that act, severally liable for all debts or responsibilities of their respective companies, to the amount by them subscribed; until the whole amount of the capital stock shall be paid in, and a certificate thereof recorded, as therein provided; and section 19 of the same act imposes the same liability on shareholders in companies organized under special charters, and brought under the provisions of the general law.</p> <p>2. Same—“corporator” means shareholder. Under section 16 of the act, as well as sec. 2 of art. 10 of the constitution of 1848, the word “ corpora-tors ” is used in the sense of shareholders, and not in that of commissioners or promoters of the organization of the corporations.</p> <p>3. Same—effect of act of 1869 on companies organised before its pas-sag e. Under the general Insurance law of 1869, the capital stock of companies doing business under previous charters was to continue the same as authorized in their respective charters, and all investments of their capital stock and surplus, according to their charters, were to remain unaffected by the general law.</p> <p>4. Same—saving of charter privileges to previously formed companies. The exception in section 19 of the act, in favor of companies previously organized,' that they shall “also be entitled to all the privileges and powers granted” by their charters, secures to such companies, and prevents the general act from impairing, their privileges and powers to effect fire, marine, life and health policies of insurance. Matters performed in organizing were not required to be abandoned, and performed under the general law, but as to their subsequent dealings it was intended to bring them under the controlling power of the State,, to provide security to their creditors as provided in the general