Cedar Falls gazette. [volume] (Cedar Falls, Iowa) 1860-1895, 1868-07-17

or the annual valuation OF the pol
icles outstanding and In force against
any company, tn [isl less than tho
amount of security then on deposi,
with the Auditor, said company shall
have the right to withdraw sutli eN.
cess: Provided. 81, 900 shalt remain
on deposit.
SEC. Is. The Auditor shall permit
companies having on deposit with
him stock or bonds as security, Il
collect the Interest accruing OH sucli
deposits, delivering To their author.
lied agents respectively the coupons
or other evidences of interest as the
same become due, but upon default
by any company To deposit additional
security as called for by tile Auditor,
or pending any proceedings to close
up or enjoia It, he shall collect the
interest as IL become due, and add
the same to the securities In his
hands belonging To such company,
SIC. 10. At the earliest practica.
ble date after the returns arc received
from the several insurance compa-
MES, the Auditor shall make report
to the General Assembly of the gen.
eral conduct and condition OF the
corporations visited 10y him since his
last annual report, and shall include
therein an aggregate Of the calculated
value OF all outstanding policies oi
Herewith shall prepare an abstract
OF all the returns and statements
made to him by insurance companies
and agents. - s"
SRc. ~. Any company doing busi.
ness in this State, without the Ger.
tificate required by section ten of this
act, shall forfeit one hundred dollars
for every days neglect to procur.
said certificate. Any agent making
insurance, or soliciting applications
for any company having no certifi.
cate from the Auditor, shall forfeit
the sum of three hundred dollars
and any person acting for company
authorized to transact business I'm this
State without having q certified copy
of the Company's certificate, issued
10y the Auditor of State, In his poses
sion, shall be liable to pay twenty,
five dollars for each days neglect I,
procure such copy.
SEC. Is. A policy Of insurance on
the life or an individual, I'm the ab
sence OF an agreement or assignment
to the contrary, shall inure to tn,
separate use of the husband or wife
and children of said individual, I'm.
dependently of his or her creditors
aud an endowment policy, payable
to the assured on attaining certain
age, shall be exempt from liability
for any OF his or her debts.
SEC. 10. The Auditor shall charge
the following fees: For filing eacl
annual statement, including the first
application OF any company, the sum
of five dollars. For each certificate
of authority to do business under
this act, one dollar. For annual val.
uation of policies, five cents on every
thousand dollars insured oil lives
and this fee shall cover all charge,
by the State for the safe keeping oI
deposits made by tho companies
For changing securities, by with.
drawing one and substituting an.
other, the sum of twenty-five cent.
for each thousand dollars Or fraction
nj part thereof. For making person
al examinations of the books, paper,
and officers of n company, tile sun
of five dollars day, for each day $,
employed and actual travelling ex
penses. County recorders shall b,
permitted to charge the usual fees 70
recording the original certificate.
Sec. 20. Whenever the existin,
or future laws Of any other State 0
the United States shall require o
insurance companies Incorporated b,
or organized under the laws of thi
State, any payment of fines, penal
ties, certificate of authority or iicens,
fees greater than tho amounts re
quirei for such purposes from simila
companies of other States by th
then existing laws of this State, then
and In every such case, all companie
of such States establishing or having
heretofore established an agency o
agencies In this State shall be and ar,
hereby required to pay to said Audi
tor for fines, penalties, certificate O
authority or license fees, an amour
equal to the amount Of such charge
aud payment imposed upon or re
quired by the laws Of such State, @
the companies of this State or tn
agents thereof.
SEC. II. The penalties providci
for I'm this act shall be sued for an,
recovered I'm the name OF the Stat
OF Iowa, by the district attorney II
the district court Of the county II
which the company or agent violat
ing shall be situated or reside. Three
fourths Of said penalty, when re
covered, shall be paid into the coun
| ty treasury for the use OF the schou
fund, aud one.fourth to the informe
of such violation. In case of non
payment Of the penalty, the individ
ual offending shall be liable to Inn
prisonment In the county jail for
period not exceeding three months
SEC. 22. 1t shall not be lawful 70
any company organized under tn
provisions Of this act to invest II
funds In any other manner than i
the stocks of the United States
of any other State In this Union IL Q
or above par, In bonds and mortgage
or [0nJ unencumbered real estnt
within this State, or the State i
which such company Is located
worth mt least twice the amoun
loaned thereon, exclusive Of improve
ments; and all stocks, bonds q
mortgages owned or held by an
company doing business under th
provisions Of this act, w[hlether OF
ganized under the laws Of this Stat
or not, shall be equal, or made to b
equal TO six per cent. stocks.
SEC. %. No company organize
under this act shall be permitted
purchase, hold, or convey real estat,
except for the purpose[s] and in th
manner herein set forth, to-wit: Is
Such as shall be requisite for Its In
mediate accommodation I'm the tram
action of Its business: or, I'd. Sue
as shall have been mortgaged to IL !
good faith by way of security K
loans previously contracted, or Il
monies due; or, 3d. Such as sha
have been conveyed to IL In satisfa
tion OF debts previously contracts
. I'm the course of Its dealings ! or, All
Such rs shall have been purchased |
sales upon judgments. DEGREES,
mortgages obtained or made for sue
debts; and it shall not be lawful I,
any company incorporated as afor
said, to purchase, hold or convey re
estate I'm ,.ny other case, or for al
other purpose.
SEC. "a. All such real estate
. may be acquired aforesaid. al
which shall (notl be necessary II
, the accommodation OF such cOmpai
} In the convenient transaction OF !
} business, shall be sold and dispos'
, of within five year[s] after such cor
; pany shall have acquired title to q
same, aud 1t shall not be lawful 4
| such company to hold such real .
: tate for u longer period than th
: above mentioned, unless the sal