S PERLVTEXDE_VT OF THE INS I 'R. I NC'E DEPARTMENT. XXXVii

poration of Live Stock Insurance Companies. No other statute has been enacted in this State for that purpose.

Until 1865 the minimum of paid-up capital requisite for organization was $25,000. Since that date the amount has been „,100,000. The records of this Department do not show that any Live Stock Insurance Company has ever been incorporated and organized in this State under said statute. As there has been no tabulated experience on which to base any safe or systematic business of insurance of this class of property, and as it is generally supposed to be a kind of business peculiarly hazardous, it is not strange that prudent and substantial men have been slow to venture their capital in live stock insurance.

But, within a few years, a way is supposed, by some, to have been discovered whereby live stock insurance associations may be incorporated and organized without that troublesome adjunct, capital — on the assessment plan. For this purpose chapter 267 of the Laws of 1875, popularly known as the "Club act," has been brought into requisition. Under this act "any five or more persons of full age, citizens of the United States, a majority of whom are also citizens of this State, who desire to form themselves into a society or club for social, mutual benefit, benevolent, temperance, politics, economic, patriotic, gymnastic, athletic, military drill, musical, dramatic. historical, literary, library, artistic, yachting, hunting, fishing, bathing, or lawful sporting," by making and filing a certificate stating various things easy enough for anybody to state without involving any pecuniary responsibility, and getting the consent and approval of a justice of the Supreme Court, also