Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1870-04-19

70 a stock producing six per cent per annum, or in
bonds aud mortgages on unencumbered real estate
worth hity per cent. than the amount loaned
thereon the 81 at leas. two hundred thousand dol
lars. and that such stock bouds deposited with
the superintendent Of the department. state
Treasurer ether proper State officer OF one OF
he States Of the United States, are held by citizen
citizens Of the United States trustee or trustees
AMI that such securities are not pledged or ncumbered
but are held and remain for the benefit and security Of
the policy holders Of such company residing In the
Cul'ed States, or in default of such statement shall
deposit with the state Treasurer fol- the benefit and
cuty of policy holders residing in the United States,
not less thn fifty Thousand dollars, In stocks of
the United Statee or the state Of Wisconsin, In all
cases equal 10 shock producing six per cent
num- said stocks not 10 he received by said
at rate above their par value, in bonds aud mort
cages on inlEoyea unincumbered real estate in the
State OF Wisconsin worth fifty per cent more than the
amount loaned thereon. The stocks and securities so
deposited may be exchanged from time to time for 9TH
er securities receivable aforesaid, and long as
the company 20 depositng shall continue solvent ana
comply with The laws Of this State. such company
ISOLATION be permitted by the said treasurer col
Icct the interes, dividends on said deposit and
WI re deposit Is made of bonds and mortgages ac-
copanied by full abstracts of titles and searches the
s Tor an examination Of title by counsel to be- paid
~ tie party making the deposit, shall not exceed twen
" OIiars tOr each mortgage and the fees for APP
Prasal OF property shall be five dollars 10 each APP
paiser not exceeding two, besides expenses for each
mortgage, ror shall It be lawful for any agent or agents,
or other persons. TO act for any company c0mpa-
mes Fee red 10 Ia this section, directly indirectly
intdking risks CT transactng the business of fire
iniau uahgatoD insurance IN this state without pro
curing froG the State Treasurer certificate for the
deposit. 30 made and from the Secretary of state
certificate Of authority stating that such company has
complied With all the provisions of this act which APP
ply to such companies, and the name OF the attorney
appointed TO act for such company. The statements
ANA evidence OF Investments and deposits required by
us section shall I've renewed from year 10 year, in
manner and form as may he required by the Secretary
OF state, with an additional statement Of the
OF premiums received and losses incurred in the State
datlnS the preceding year, so long such agencies
continue, and the Secretary of State being satisfied
That the capital securities and investments remain
cure, as hereinbeiore provided shall furnish renew
~ the eefncatr as aforesaid Aay violation of any
o. the provisions Of this act shall subject the party
lAng IN same t. penalty Of five hundred dollars for
each notation. aud of tbs additional OF hun
urea 90 lars Tor each month during which any such
agent shall neglect to file aidavits statements are
herein required The term agent agents used in this
cton shall include an acknowledged agent, survey
or bro&er or any other person who shall receive any
application or make any contract for insurance or
collect or receive any premium deliver any policy,
oflh any manner assist aid In the transaction of
thr business OF any insurance company not ncorpo-
rated by the laws of this State The provisions this
section shall apply to all foreign companies partner
ships, corporations or individuals, shether incofpo-
rated or not All insurance companies associations
Or corporations incorporated by or organized under
the laws OF any other State OF the United States any
foreign government, transacng the business Of fire
inland insurance other kind Of insurance in this
state, shall maze annual statements OF their condition
and affairs 10 the Secretary Of State in the same man
ner anc IN the same form similar companies organ
Their condition and affairs aforesaid all persons
acting IN this state agents otherwise In
ing the business Of insurance for such companies,
poratons OF associations, partnership individuals
sal " subject % the penalties provided by this
act III case OF failure Of any insurance company organ
iEed under the laws of this State herein provided
Foreign insurance companies shall be required to make
ot ana hle heiI statements provided in this act on
Ie mrs. day q january In each year, within thirty
DAYS thereafter made out for the year ending Dece-
Ter 3lst, Immediately preceding such statement shall
s torth Their business and affairs In the United States
uuy Verned by the resident manager Of such company
LOT the Inlttd states. Whenever such foreign insur-
ance company corporation shall elect to discontn-
re business within the State and shall have risks unex
PRED property insured within the State such conn
pany shall before Withdrawing its bonds and other Sc
curities deposited with the State Treasurer as herein
before provided, rrinsure la some good and solvent
company authorized by this transact business
Win the state al such unexpired risks TO the satisac
ton OF the insured and the Secretary OF State When
slehri are 50 reinsured Il shall be the duty the
Secretary of State certify the same TO the state
Treasurer, who shall forthwith surrender and deliver
upto the said company its bends and ether securities
IN his custody; but no surrender delivery Of such
bonds or selurii es shall be made by such treasurer
except on the Certificate Of the Secretary Of State that
there are no uIexpired risks within the state which
have not been l%nsured by such company, as herein
rtquirrd
SIC. %. j. shall be the duty Of the Secretary of
~ State whichever he shall deem 4, eypedIent
TO do, or when any responsible party shall file
with such officer written charges against any insurance
company alleging shat any return or statement filed
by such company with said Secretary of state h false
that the affairs Of such company in unsound
condition. in person, or by one or more persons 10 be
appointed by him for that purpose not officers agents
Of in any interested In any insur ance com
pany doing business in this State, except as policy
holders to examine into the affairs VI any Insurance
company incorporated In this state OF doing business
by its agentsin this state and il shall be the duty of
the officers agents Of such company. doing bust
in this state, o. their books 10 BE- opened
for the Inspection Of the Secretary Of tate, Of the per-
persons SO appointed, and otherwise faciii-
tate such examination so far as II may be In their pow
do and ~ pay all The reasonable expenses incur
ed theren and Tot that purpose the said Secretary Of
State or person CT persons appointed by him. shall
have the power TO examine, under oath, the officers
agents Of any compay relative 10 the business Of said
company ana whenever the said Secretary Of state
shall deem il for the best interest If the public
o he shall publish the result Of such investigation in
papers in the State. and whenever il shall
appear the said Secretary Of State from such
nation that tha assets Of any company incorporated
Ia this STATE insufficient TO justify continuance in
business of any such company, he may direct the
nsers thereof require the stockholders there Of
pay ia the amount of such deficiency within such peri
I'd AS he may designate In such requsition he shall
communicate the fact 10 the attorney general, whose
dnty il shall thin become TO apply 10 the circuit
ofthe county IN which the principal officer of said
company shall he located, for an order for them
cause wiz the business Of sal company should
not closed nd the shall thereupon proceed TO
hear the allegations and proofs Of the respective par
tes and In case II shall appear 10 the satisfaction OF
id court, that the assets aud funds Of said company
su'iciett, Aforesaid that the Interests Of
The public require, the said court shall decree dis
solution OF said company, aud distribution of its ef
tets The said court shall have power 20 refer the
application Of the attorney general a referee to in.
qre into and report upon the facts stated therein.
my company receiving the aforesaid requiston from
tn Secretary ot State, snail forthwith call upon its
stockholders for such amount a. will make It's capital
tgla to thu amount liked by the charter OF said com
rany, aud in ca any stocKholder % said company
shall refuse or neglect 70 pay the amount called for
after notice personally given by advertisement In
slch time and manner the Secretary of State shall
approve it snail I've lawful FOR the said COMPANY TO re-
-.
Ay such stockhoder and in lieu thereof to Issue new
certificates for such number OF shares az the said
stockholders may be entitled TO- In the proportion that
the ascertalned value Of the funds Of the said compa-
ny may be found to bear to the original capital Of sa
company, the value Of such shares for which GER
tlGcates shall be issued 10 he ascertained under the
direction of said Secretary Of State and the company
paying for the fractional parts Of shares and it shall
lawful for the directors of such company TO
stock and dispose Of the and to issue new certh-
Gates therefor 70 amount sufficient 10 make IN the
original capital Of the company; and it Is hereby de-
clared that In the event any additional losses
ing upon new risks taken after the expiration OF the
period limited by the Secretary Of State Ia the afore
aid requst'on for the filling up of the deficiency In
the capital Of such company and before said dehcien
aysha have made up the directors shall be ndi
vdually liable 70 the extent thereof and II upon such
examination 1t shall appear TO the said Secretary Of
state chat the assets Of any company chartered the
plan OF mutual insurance under this act, INSULT
Gent 10 justify the continuance Of such company In
business, II shall be his dutyto proceed in relation to
such company IN tie same manner as herein required
10 regard TO joint stock companies and the trustees
or directors of such company hereby made person
ally liable for any loss which may be sustained upon
risks taken after the expiration Of the period limited by
said Secretary Of State for filling up the deficiency in
the capital and before any such deficiency shall have
been made up. Any tran er Of the stock of any COM
pany organic ell under this act made during the pend
ing Of such investigation, shall not release the party
making the tTanter from his liability for losses which
may have occurred previous 10 the transfer And
whenever IL sha appear TO the said Secretary of State
Tom the report u the person persons appointed by
him, that the affairs Of any company not incorporated
by the laws Of this State, la unsound condition
he shall revoke the certificates granted behalf OF
such company, and shall cause a notification thereof
t. be published in the official Stats paper, mail copy
ereofo each agent Of the company and the agent or
agents OF such Company, after the notice shall be re-
CURED 20 discontinue the issuing any ne policy and
vac renewal OF anypreyiously issued.
sac "a. Every penalty provided for by this act
hali DE sued Tor and recovered in the name Of the
state, by The district attorney OF the county In which
the company or the agent agents so violating shall
be situated, and one-haf said penalty, when recover
ed, shall be paid Into the treasury of said county
aud the other half TO the infoner Of such violation
aud Ia case o the non-payment Of such penalty the
patty 50 Offending shall be liable imprisonment for
period n9t exceeding six months In the dis.
erection OF any c-urt having cogniEance thereof such
name The state by the attorney general and when
sued for and collected by him. shall be paid into the
STATE treasury.
SIC. %. All companies incorporated or extended
under this act may provide in their charters for not
ore than fifty Duration but the Legi stature may
- any time alter or amend this act and provide for