Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1872-05-02

notation OF the company in the trans
action OF its business, shall be sold and !
disposed Of within five years after it's
acquiring title 10 the same ; unless the
company rrocurcs certificate from. the
insurance commissioner that the inter
es's Of the Company will suffer material
~ ~ forced sale thereof, and extend
ing the time of the sale to Il period
fixed in said ccr.iirntc. Any company
OF State in which the provisions Of
law contained in this act shall be in
force, may purchase. hold, and convey
zeal estate within this State. or any
other OF the said States, for the purposes
and in the time and manner above pro-
vidrd for.
Sec. 10. Every insurance company
having deposited securities with the
Insurance commissioner. whether under
this act or any other, must by its presi-
dent, secretary, or attorney, examine
the securities and compare them with
the books Of the commissioner, once or
more IN each calendar year. at such
times, in ordinary business hours, as
the compahy may direct, and If found
correct. give the commissioner written
acknowled cement that the same desig-
mating the kinds and the amounts, are
in his custody at the date of the
acknowled gment.
Sec. IL. If any insurance company
doing business within this State. shall
vi"late any Of the provisions of this act,
or shall, by means Of any advertisement,
circular, notice, or statement, printed
or written, published. posted, or circu
lated through and by the agency
of any officer, agent or other per-
s'n, or by any other means. falsely
represent or hold out to the public that
the capital stock Of such company is
greater than its actual amount, or that
the accumulation OF such company is
greater than its actual cash or market
value, every director, officer or agent
OF such company guilty Of a wilful
participation therein shall 10 DEEM
ed guilty Of n,isdcneanor, and
on conviction thereof: shall be punished
by fne not exceeding one thousand
dollars, or by imprisonment in the com
ty Jail not exceeding three months, or
by both such fine and imprisonment in
the discretion Of the court and if
any such company, after any such
false advertisement, posted or cir
culatcd. shall receive any money, note
"r obligation for tho payment of money,
from any person, as consideration for
any insurance made, or pulley issued or
to be issued hy such company. such
money. note or obligation, shall be
deemed and taken to have been received
without consideration, and the directors
Of sucn company, and any officer or
agent receiving the same shall be joint-
~ and severalIy liable in a civil action
for the repayment thereof, and shall
also, in like manner, be liable to the
person insured for the amount Of the
premium paid.
Sec. II. Every insurance company
doing business in this State must trans
NIT to the insurance commissioner a
statement of its condition and business
for the year endic.S on the preceding
31st Of December, which statement
shall be rendered within sixty days
thereafter, except that foreign COM
] panics shall transmit their state.
ment Of business, other than that
done in the United States, prior tt
the follocing first Of July. Said state.
ment must be published "a. least three
times in some newspaper Of general cir
cnlation printed and published at the
capital OF thu State.
Sec. ID. Tn: annual statements re.
quircd by the last section must b. in
form, and state the particulars as fol-
lows:
i Frst-The amount Of the capital
Istock Of the company actually paid in
Sccon7-The property or assets held
by the company, specifying:
j. l. The value, as nearly as may be
Of the real estate held by said com
pany.
! 2. The amount Of cash on hand
and deposited in banks to the credit ol
the company, specifying in what bank.
the same are deposited.
/ 3. The amount of cash IL, the hands
Of agents, aud in course oil transmits
sion.
], 4. The amount Of loans, secured by
mortgages and bonds, constituting tho
FIRST lien on real estate, on which there
| shall be less than one years interest
due or owing
5. The amount Of loans on which
interest shall not have been paid withir
one year previous to such statement.
Is The amount due the company on
which judgments have been obtained
Z. The amount Of stocks Of this
State, Of the United States, Of any in
corporated city of this State, and O
any other bonds or stocks owned by tn.
company, specifying the amount, nun
Der Of shares, and par and market val
ne Of each kind Of stock on the day d
making statement.
8. The amount of stocks held there
by rs collateral security for loans, Will
the amount loaned on each kind o
stock, its par value and market value
on day Of making statement.
9. Amount of interest due and &C
crued not paid.
Th;rU-Thc liabilities of such com
) pany specifying:
l. The amount of losses due ant
+ yet unpaid.
f 2. The amount of claims for losse
resisted by the company
3. The amount of losses incurred
during tho year. including those claim
, cd and not yet due, and including thu
+ probable amount Of those reported t
the company, upon which no action ha'
been taken; Pncded, that ali sucl
=, losses incurred in the State Of Mime
sofa shall be reported separately anf
apart from those incurred in any othe1
State or country.
4. The amount of dividends daclar
ed and due and remaining unpaid.
5. The amount Of dividends, if any
, declared but not yet due.
, s. The amount of money borrowed
, and security, it any, given Tor the pay
mcnt thereof.
, Z. All other existing claims acains
f the company.
8. The gross amount Of risks takc1