People v. Empire Fire Insurance

Citations

• 88 Ill. 309

Syllabus

<p>1. Insurance companies—right to transact business in the city of Chicago with a capital less than $150,000. An insurance company organized under a prior special charter, with power to transact business in this State with a capital stock not less than $50,000, with the privilege of increasing the same to $300,000, may rightfully establish an agency in the city of Chicago with a capital less than $150,000.</p> <p>2. Section 6 of chapter 73, Rev. Stat. 1874, prohibiting joint stock companies from establishing agencies in the city of Chicago for the transaction of business in that , city with a less capital than $150,000 actually paid in, is intended to include such companies as may organize under the general laws of the State; while it is the intention of section 19 to allow companies acting under existing special charters to continue business with the amount of capítal authorized by their respective charters. The two sections were designed for two distinct classes of corporations.</p>