Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1868-06-16

rance. and in connection Herewith shall pre-
pare an sbssrsst Ct all the returns and state
ments made to him by Insurance companies and
egents.
Sac. II. Any company doing business In this
State without the certificate required BY sec
ton ten of Tits act, shall forfei. one hnsdred
doiarsfo- every day \ neglect TO procure sach
certificate. ans agent making Insurance. or
soliciting applications for any company having
no certificate from the Auditor, shall forfeit
the rum OF three hundred dollars and any COM
paLy acting for q company authorized TO trans
act business in this State wiitsa, having Ger.
titled copy Of the company's certircsfe, issued
b. lho Auditor Of State, in his possession, shall
be liable 10 pay twenty-five dollars FOR each
day : neg feet 70 procure such copy.
SEC Is. policy OF Insurance on the lie OF
an individual IN the absenee VI an agreement or
ass4gumen. to the contrary, shall inuure 10 the
seperate use Of The husband aud wife and chill
drcn. Of said individudl. Independently of his
or her creditors; and endowment policy,
pay able to the assured en- attaining q certain
scgc, shall bs exempt from liability for any Of
his or her debts.
SEC. Is. The Auditor shall charge the follow
ug fees: For filing each annual statemen. in
GLIDING the first application OF any company,
the sum Of Eve dollars. For each certificate Of
authority 70 do business under this act. one dol
lar. For annual valuation OF policies. nse cents
on every one thousand dollars insured on lives;
and this fee shall cover all charges by the State
for the safe keeping Of deposits made by the
companies. For changing securities, BY with
drawing one and substituting another, the sum
OF twenty FIVE cents for each thousand dollars
or fractional part thereof. For making personal
examinations Of The books. papers and oiicers
Of 9 company, the sum of FIVE dollars day. for
each day employed and actual travelling sx.
penses. County recorders shall be permitted
10 charge Tile usual fers for recording the orig
IN al certificate.
2ur N hprayar tha pNlStIny future
laws of .ny other State OF the United States
shall re-oreanized under the laws OF this State.
any pay ment of lines, penalties, certncate OF
authority or license fees grester tina: the
amounts required for such purpose from similar
companies Of other States by the then existing
laws Of this State, then, and in every such case.
I'll companiss of such Htates establishing or
having heretofore established ~ agency or
agencies In tins State, shall b aAd are hsS0by
required to pay to said Auditor for hnes. csrti.
Hcates Of authority or license fees. an amount
equal to tAS amount Of sueh shseGss and pay
meats imposed upon or required BY the laws OF
such State, Of the companies Of this State Or the
ageuts thereof
SIC. II. The penalties provided for IN this -
shall b sued aud covered in the name Of tho
! State OF lowe, BY NE district asterssy II ~
distrist court Of The county in which the CON-
pany or Agent violating shAn Be situated or re-
side. Thfss-f6ufths o. said psaAlsy. whsn ~.
covssel, shall b paid into tts ssuity Treasury
I0f the uDe OI tuo SCHOOL lUUU, 000 wv b00 bb0
- the infornss Of such violation, IN case Of
mon payment Of The penalty. the ipdividual o.
fendin9 shall BE- liable 70 Imprisonment IN the
county jail for period not exceeding three
moAtho. 9s
SEC. 20. II shall not b lawful for any con-
pauy Organized under the provisionsof this act
! 10 invest ito funds In any other manner than in
| the stocks Of the United States. Of this State,
or Of IN ether State 10 this Uaion q At OF above
par. in bonds and mortgages Or Ion nnencubsr.
cd real estate within thislstate. OF the stats in
which company is located, worth at least twice
the amount ioaued thereon, exclusive OF i'm
provements; and oil stocks. bonds. or mcrtga-
ges owned or held bv any company doing bus
mess uner the provisions Of this adj, vi lsthsr
| organized under the laws Of this state or not,
sh all be equal, or made to be equal 10 SIX per
| cent. stocks.
| SEC 49, No company organized under this
act ehali bs permitted to purchase, hold. or con
vey real estate. except for the purposes and
| IN the manner herein set forth, to-wit: lst
Such a. shall be requisite for lis immediate &C
commodation in the transaction Of its business ;
| or Cd. Such a. shall have been mortsged to il
| in good faith by way of security for loans pre-
| viously contracted, or for moneys due; or Sd.
Snch as shall have been conveyed 10 II in salts
faction Of debts previously contracted in the
| course Of its dealings; or 9Th. .Snch ~ shall
have been purchased al sales upon judgments,
| DEGREES, or mortgages obtained or made for
| such debts; and it shall not be lawful for any
company incorporated as aforesaid. to prohase.
| hold or convey real estate in any other case, r
| for any other purposes
| SIC. -. All such real estate - may be 90 :
| CURED aforesaid, and which shall mot be ne
| cessary for the accommodation OF such compa-
ny in the convenient transaction Of its business.
shall be sold and disposed Of within Ave ysaPIs
after such company shall have acquired title 70
the same, and it shall net be lawful for such
| company to hold such real estate far longer
period IL an that above mentioned, unless the
| said company shall procure certificate from
the Auditor of State that tho interests Of the
| company will suffer materially by forced sale
Of such real estate, in which event the time for
the sale may be extended to such time - the
/ Auditor shalt direct in said certificate
SEC -. All companies organised under tbs
laws Of this State, and transscting life insu.
rance business, at the time OF taking effect Of
this act, shall within twenty day there after com.
ply with the provisions Of sections two and three
thereof in the same manner CO panies here
after organized. A failure on the part OF the
| existing companies TO comply with this provis-
ion shall subject them and their agents to the
penalties named herein.
SEC. %. Life insurance companies organized
under the lnws of this State. whether on the
stock or mutual pl al, may be TO endure for fiftv
yeats. and may be :renewed from time to time
for period no greater than at first
| USHc. y. All acts and parts Of acts. relating
e or efecting life Insurance companies, are
hereby repealed.
STATE OF IOWA..
i OrFiCR or SECRETARY STATE,
DEs MorsEs, Muy !, 1865.
Il hereby certify that the foregoing is a true
| copy of the original roll now on Hle in this Of
tice. ED. WRIGHT, Scc'y of State.