North Iowa times. [volume] (McGregor, Iowa) 1867-current, 1868-07-15
Lumber,
er than the amounts rennired for .,,c,

er than the amounts required for such
purposes from similar companies of
other States by the then existing laws
of this State, then, and in every such
case, all companies of such States es-
tablishing or having Heretofore estab-
lished an agency or agencies in this
State shall be and are hereby required
to pay to said Auditor for fines, penal
ties, certificate of authority or license
fees, an amount equal to the amount of
such charges and payments imposed
upon Or required by the laws of such
State, of the companies of this State
or the agents thereof.
Sec. q. The penalties provided for
in this act shall be used for and recov-
cred in the name OF State of Iowa, by
court of the county in which the COM
pany or agent violating shall be stu.
ated or reside. Thre t-fourths Of said
penalty, when recovei ed, shall be paid
into the county treasury for the use OF
the school fund, and one fourth to the
informer of such violat on. In case of
nonpayment of the penalty, the indi-
vidual offending shall be liable to i'm
prisonment in the county Jail for a Pc
Rod not exceeding three months.
Sec. y. 1t shall not be lawful for
any company organized under the pro-
visions of this act to invest its funds
in any other manne than in the stocks
Of the United States, of this State, or
of any other manner than in the
stocks of the United States, Of this
or of any other State in this Union If
at or above par, in bonds and mort
cages or on encountered real estate
within this State, or the State in which
such company is located. worth at
least twice the amount loaned thereon,
exclusive OF improvements: and all
stocks, bonds OF mortgages owned or
held by any company doing business
under the provisions of this act, Will
e her organized under the laws of this
State or not, shall be equal, or made to
be equal to six per cent. stocks.
Sec. %. No company organized un-
der this act shall be permitted to pur-
chase, hold or convey real estate, ex-
cept for the purpose[sl and in the
manner herein set forth, to-wit: LIST.
Such as shall he requis tie for its inn
mediate accommodation in the transac-
ton of its business; or, I'd. Such as
shall have been mortgaged to it in
good faith by way OF security for loans
previously contracted, Or for moneys
due; or, Sd. Such rs shall have been
conveyed to it in satisfaction of debts
previously contracted in the course OF
its dealings or, 18th. Such'ass hall have
been purchased at sales upon judge
ments, DEGREES, or mortgages obtained
or made for such debts; and it shall
not be lawful for any company incOr-
porated as aforesaid, to purchase, hold
or convey real estate in any other case,
or for any other purpose.
Sec. "a. All such real estate as may
be acquired aforesaid, and which shall
not be necessary for the accomOda-
ton of such company in the cOnven-
lent transaction of it's business, shall
bs sold and disposed of within five
year[s1 after such company shall have
acquired title to the same, and it shall
not be lawful for such company to hold
such real estate for q longer period
than that above mentioned, unless the
said company shall procure a certifi-
cate from the Auditor of State that the
interests of the company will suffer
materially by a forced sale of such real
estate, in which event the time for the
sale may be extended to such time as
the said Auditor shall direct in said
certificate.
Sec. -. All companies organized
under the laws of this State, and
~transacting a life insurance business,
at the time of taking effect of this act,
shall within twenty days thereafter
comply with the p DIVISIONS of sections
two and three hereof in the same
manner as companies hereafter organ
lied. And a failure on the part of ex-
isting companies to comply with this
provision shall subject them and their
agents to the penalties named herein.
Sec. %. Life insurance companies
organized under the laws of this State,
whether on the stock or mutual plan,
may be formed to endure for fifty
years, and may be renewed from time
to time for a period no reater than at
first.
Sec. q. All acts and parts of acts,
relating to or affecting life insurance
Companies, sre hereby repealed.
STATE OF DIVA
OFFICE OF SECRETARY OF STATE,
Des Moines May l, 1858.
/ hereby certify the foregoing to be a
true copy Of the original roll now on
file in this office.
ED WRIGHT,
Secretary Of State.