The St. Cloud journal. [volume] (St. Cloud, Minn.) 1866-1876, 1872-03-14

DO invested or loaned On mortgages Of IN.
sncumbered real estate in this Or any other
stats Of the United States, worth e least
double the amount leaned thereon, exclu
sive Of buildings, except when such build
ings are insured and the policies duly q.
signed - additional security, or leaned on
pledges Of any Of the securities named in
this section: Provided always, that the
current market value of such pledged
securities shall be at all times during the
continuance of such loans at least twenty
per cent. more than the sum loaned on
thsm, and all such loans are subject to the
power Of the company to terminate the
came in case Of depreciation Of the securi.
ties below the limit and provided that in
all investments made upon mortgage sacur.
tiles the evidence Of the debt shall accom-
pany the mortgage or deed of trust. --..
No dividends shall be paid except from
surplus in excess Of the minimum capital
stock required by law, reserve fund for 70
insurance Of policies, and other liabilities
Of the company. =
But this section shall not be construed
to affect the power Of company to make
dividends net impsiring its capital and its
reserves. a&z- ..= - - IN a.. ~
sso. s. Before any insurance company
Of this state shall do any business, the in.
surance commissioner shall cause an exam.
ination to be made, either by himself or by
d'sinterested person appointed by him
tor that purpose, who shall certify, under
oath, that the capital herein required of
the company named in the charter, accord
ing to the nature of the business proposed
to be transacted BY such company, has
been paid in in money, and invested in
such securities a. are required by section
four Of this title.
SEQ. 6. Before any insurance company
shall commence business in this state, the
following condition must be complied with {:
!. It must be fully organised.
I z. II it be company not Of this state,
copy Of is charter, duly accepted, or its
declaration of organization or decd Of set.
Element, duly approved, in section 8, and
duly certified by the insurance commits.
sioner, or other proper officer Of its own
state or nation, with bis certificate that the
company is entitled to assume risks and 10.
sue policies therein, together with the
stipulation respecting service Of process in
this state, required by section II, of this
| tit O. and . statement Of the place where it
10 located. must be Aled with the insurance
| COInU USlOu0E OF t00 0t8t0.
| 3. 1t must procure from the insurance
commissioner of this state, . certia-
cate that it has complied with the
provisions of the law of this State appli.
cable to it, and il entitled to assume risks
and issue policies in this State.
SEQ T.. No person shalt act as agent. In
this State, for any company not Of this
State, in any matter whatever relating
to risks, until the last section has been
complied with on the part the company,
and he has received from the Insurance
commissioner certificate of authority,
stating that the foregoing requirements
have been complied with, . record of
which certificate shall be kept in the Office
OF the commissioner. A renewal certificate
must be procured and fled within sixty
days from the arst Of January in each
year. - T,
See. 3. Every insurance company or
agent thereof doing business in this State,
shall, in all advertisements of such com
pany or agency, publish the location Of
the company, giving the name of the city,
town or village in which the company 10
located. and the State or government
under the laws OF which it 10 organised,
and in all advertisements aud circulars in
which the capital Of the company 20 id
vertising is stated, the amount ut risk On
the presiding Slst of December, shall be
stated. r. 49, ..-..- .....
SEQ. o.. Il is unlawful for any insurance
company of this State to purchase, hold,
or convey real estate anywhere, and for
any other insurance company, to purchase,
hold or convey real estate within this State.
except for the purposes and in tho manner
aud time following: 81 ...-sg ..-s...,.-
! L. Such as shall be requisite for its
accommodation in the Transaction of its
business; or -. - r.. .,..-.> ~
:. Such % shall have been morigagea
to it in good faith, by way of security for
loans previously contracted or for moneys
due; or J., I'D, - -...:.-~s- "a, :
/ g.. Such IS shall have been conveyed
to it in satisfaction Of debts previously
contracted in the course Of its dealings; or
q 4. Such - shall have been purchased
ct sales upon judgments, DEGREES, or mort.
cages obtained or made for sach debts. i 4:
Rsal estate lawfully acquired q Aforesaid.
and not necessary for tho accommodation
Of the company In the transaction sof its
business, shall be sold and DISPOSED Of
within i've years after inS acquiring title
to the same; unless the company procures
. certificate from the insurance comma
si0ner that tho interests Of the company
will suffer materially by . forced sale
thereof, and extending the time for the
sale to period 6xed in said certificate. :
Any company Of State in which the
provisions Of law contained in this act
shall be in force, may purchase, hold. and
convey real estate within this State, Or any
other OF the said States, for the purposes
andsin the time and manner above provided
for ! = :, sssa1 ii 3. ~ !. - ! 900
SEQ. 10. Every insurance company
having deposited securities with the insu.
rance commissioner, whether under this
Act or any other, must by it,, president,
secretary or attorney, examine the sec,,:
rites and compare them with the books
Of the commissioner, once or more in each
calendar year, at such times, Ia. ordinary
business hours, - the company may direct;
and il found correct, give the commits
sioner . written acknowledgment that the
same, designating tho kinds and amounts,
are in his custody at' the date OF the
acknowledgment. :eT p ' ., .:'g @;sse5
SEQ. IL. 1fany insurance company do.
Ing business in this etsts, shall violate
any Of the provisions Of this oct, 81 shah.
by means of any advertisement, circular,
no.ys % s "ss."d Pl'ssea Q. wr,uen,
pu slsn pos'ou, of clrcn.ateo tnreagn
snu q .ne ssenSy 81 eay omeer, agent; OF
~ represent Or hold out to the public
crs.,ar than -. .stS., .n,",sn. ~. ~ =
"a ...h .ou., Z. 'ls. sAo
thsn ;,s .n,n., .s.S Z. R.uy {: e..s.s1
:. wy, ovosy
sm; III 81 -. ~. -;iif.i AZ. lssy
.S.li \. ~. II s.ilt. ri
ssS u .ss.sSs..: - sasss ~ ...a.s.,
- az : e.s -. 49, -. "a an'.
Am 3. - - ~ s. = -
fei p. .ss.ss 1870. ~ soss1
ho.h sucb ~. .nd q, = 4. e
d"crst;on ~ Tia eon,s. .nSu; aen, - .ns
49, 49, "a. a.. ....h ssy y ..ea
mani ro,,.S :, si,cr1ss = .h.,, suvsl.s
M man"w not. :, ohi;.st;, s y. M hese.vs
mani ~ mnnev from Az r.,.a ~ :. ~ psy'
aideratinn for anv insnrsncs ~. =. ~
lev Issued 81 % s. issued s. .n"h :. p.