The Tipton advertiser. [volume] (Tipton, Cedar Co., Iowa) 1856-1962, 1868-11-12

shall bs deposited with the Auditor Of
State, and upon said deposit with tho
Auditor that the capital stock 10 ali sub:
scribed in good faith, he shall issue to
said company the cestinate hereinafter
provided: Prov ided, No part of the
25 per cent. Aforesaid shall be loan.
ed to any stock holder or officer Of fhe
company; the remainder Of such stock
shall be paid at such time a. tho direct
ors or trustees Of the company may d.
rect, and the same shall be secured by
the notes of the tockholders Of said COM
pany. And no nots shall be accepted a.
part of such capital stock unless the same
shall be accompanied by . certificate Of
justice Of the peace; notary public, or
clerk ofthe district court Of the county
in which the persos executing such note
shall reside, that tho person making tho
same is, In his opinion, pecuniari:y
good aud rsspousibls foftAe came In prop
cry not exempt from ex ,tion by the
the laws Of the State.
aa. Companies organized under the
laws Of this State upon the mutual plan
shall. before issuing any policcs, have
bona fide applications on at least two
hundred and fifty individual lives for
an average amount Of one thou.
sand dollars each, list Of which appli-
cants, giving the name, age, resid encc,
amount of insurance, and. annual pre-
mium Of each applicant, shall be filed
with the Auditor Of State, and a deposit
made wi IN said Auditor of an amount
equal to three nth Of the whole annual
premium Oh said applications, either in
cash or the securities required by the
Of regoing section Of this act, and ON
compliance with said provisions, the
Auditor shall issue to said mutual conf
pany the certificate hereinafter prescri-
bed.
! 4. It shall be lawful for any person
to act within this State as Agent, OF
otherwise, on receiving or procuring
application for insurance or in
any manuer to aid iu transacting
the business Of insurance referred to
in the first section of this act, or for any
company or association incorporated by,
or organized under the laws ofany 9TH
State government, unless such company
is possessed Of the amount of actual cap
ital required Of companies in this State,
and the same 10 invested In stock or
treasury notes Of the United States, or
Of the State Of Iowa or Of interest pay
ing bonds Of the State In which said
company Is located or where said depos.
its are made, or on bonds aud mortgages
Oh unencumbercd real estate within the
State where such company 10 located {;
but all mortgages dels'sita.' lsv nnv enm-
f."ny. under th;s -~-siOn, shall be upon
unencumbered real estate worth double
the amount loaned thereon; which
securities shall be deposited with the
Auditor, Controller, or chief financial
officer Of the State by whose laws said
company is incorporated, or some other
State, and the Auditor Of this State fur
nished with certificate Of such Audit
or, Controller, or chief financial officer
aforesaid, under his hand and official
seal, that he, as such Auditor, Controll-
er or chief financial officer of such State
holds in trust AMI OH del oit, for the
benefit of all the policy holders OF such
company, the security before mentioned
which certificate shall embrace the
items of security SO held, that he is sat
isfied that such securities are worth
one hundred thousand dollars; but moth
ing herein contained shall be construct
ed to invalidate the agency Of any CON-
pany incorporated in another State, by
reason Of such company having from
time to time exchanged the securities SO
deposited with the Auditor, Controller,
or chief financial officer of the State in
which such company is located for 9TH
er stock securities authorized by this
act, or by reason of such company have
ing drawn its interest and dividends
from time to time for such stock and Sc
curities.
IS. Such company shall also appoint
an attorney or agent in each county in
this State, In which the company has an
agency on whom process Of law can be
served; and such company shall file
with the Auditor ofState q certified copy
of the charter or articles Of incorpora'
ton of said company, and also certif.
ed copy of the certificate of appoint
appointment of such agent or agents
which appointment shall continue unit
another agent or attorney be substituted
And in caae any such insurance corpo
ration shall cease to transact business
in this State according to the laws there
of, the agents last designated, or acting
~ such for tho corporation. shall b
deemed to continue agents for such cor
poration for the purpose Of serving pro
cess for commencing actions upon an.
; policy or liability issued or contracte'
while such corporation transacted bu
siness in this State, and service Of sucl
, process for the causes Aforesaid, upOl
I any such agent, shall be deemed vali'
personal service upon such corporation
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