Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1872-05-09

aalEsa11el
Tic the policies aud annuity bonds char
tered under the last section, according
to the rules prescribed by section 3, II.
tic and in no case shall the ag.rc-
gate amount of the net value Of said
policies and bonds issued to any compa-
ny exceed the value of the securities he
holds by its transfer, as provided in Sec
ito" 3, Title Y. lie may, upon salts
factory proof presented in writing and
filed with him, that the securities 50
held BY him exceed the net present val
ue OF outstanding registered policies
and annuity bonds issued to the dep,s-
ting company, allow it to withdraw the
excess.
Sec. 10. Nothing in this act shall
be construed as implying any obligation
on the part OF the State to pay poll
cics or annuity bonds Of com panics,
except as to the net value thereof by a
proper application Of the securities de-
posted or transferred to the objects de-
clared BY the act.
Sec; II. So long as any deposit re-
quiz cd BY this article is kept good, and
the derositing company is solvent, the
commissioner may permit the company
to collect the interest or dividends on
its securities 80 deposited aud from
time to time to withdraw any such Sc
curitics, on dcpositing with HIM others
Of equal value and like character.
Sec. IL. Any life insurance compa.
ny, organized under law Of Congress.
shall elect one State in which its poll
cies shall be valued, and the certificate
OF the proper officer Of such State that
such has been done, shall be received
by the commissioner Of this State as Of
the same force and effect as If sucl,
company had been+organized under the
laws of such State.
! And such company shall comply with
the law Of the State SO selected As re.
CARDS the deposit required to be made
therein for the protection of policy hol.
ders; aud the certificate Of the com.
missioner Of such State that said de.
posit has been duly made. shall be re.
ceived BY the commissioner Of this State
as Of the same effect as if said compa
ny had been organized under the laws
Of the State 50 selected.
Sec. -. Life insurance companie.
doing business exclusively on the mu
tual plan arc hereby exempted from tn,
provisions Of sections one Cd, and twe
(2), Of this title, aud may do business
in this State, provided they have o.
hand, exclusive Of all debts ard liabili
ties, the net value Of all their policie
in force calculated as provided in sub
division four Of section three (3), 9
Title II of this act, subject, howevo,
10 all other regulations and provision
;; of this act.
! TITLE VI.
MARINE INSURANCE COMPANIES.
Section l. No joint stock marin
E insurance company shall hereafter b
:, organized in this State unless it has
:, paid. up capital of at least five hundrc
thousand dollars.
;. Sec. 2. No marine insurance comp:
ny Of any other State in which til
y substantial provisions of this act sha
;, be enacted, shall be required to max
any deposit in this State. j:
- Sec. 3. No foreign marine insuranc
ia company shall do business in this Sta,
- unless it has on deposit with the cou
- missioner Of this State the sum Of fou
- hundred thousand dollars invested an
:" valued as prescribed in section four q
: Of Title III, or unless it has compile
~ with the next section.
- Sec. 4. A marine insurance comp,
y ny OF foreign nation which has i
!. principal Office for tie United States
~ any State in which the substantial pr
~ visions Of this act shall be enacted, ma
"a file with th. insurance commissioner
~ this State certificate made by tho j,
surancc commissioner of such 9TH
j, State, that he holds deposit made
|; such company, such as is described
~ the last section.
:. No deposit shall be required in tn
~ State from such company while the d
-, post 8, certified remains.
- Sec. 5 AL acts and parts Of nc
y. and laws Of this State and now in fore
- inconsistent or in conflict with the SC
~ cral provisions of this act are hcrel
> repealed; hut the repeal Of such ae
- and laws shall not in any manner affc.
~ injurc or invalidate any vested rights
~ any insurance company or any contrac
=. suits, rights, claims or demands tn
:. may have been heretofore duly and la
y, fully issued, commenced, made, pcrfor,
- ed: or that may exist, in favor Of
~. against any insurance company or 9th
. corporation, partnership, firm or perso
~ y under or by virtue or in pursuance
~ tho said laws and acts, or any. Of the
~ but the same shall exist, be in force a
~ carried out as fully and etFectually,
!, all intents and purposes, as if this {
No. had not been passed.
" Sec. &. This act shall take efft
~ and be in force from and after its pa
n age.
- An Act making Railroad Companies liable
IT, laborers tor services performed in the c,
"a, struction Of Railroads.
is Be Il enacted by the Legislature Of the STATE
Mi""r.",u:
ITS Section |. Whenever any contra
OF or for the construction Of any part o
w. railroad shall be indebted to any lab
nc er for services performed III constru
"a ing said road. Such laborcr may 81
ILL., notice of such Indebtedness in the N,
ire II: ner, hereinafter provided and said co
Ill pany shall thercuptn become liable
pay the amount due him f such lab
"a and an action may be maintain
''e- against said company therefor in
Sc same manner. as if such labor had be
&C. performed under contract with S;
" company.
d. Sec. 2. Such notice shall be in v
nat ting and shall State the number of da
Tor labor, for which the claim is made, ,
les time when performed; the name of
eV- contractor for whom such service ,
N I'M rendered, and the amount claimed to
Ine due therefor, and shall be signed
~ the claimant or his attorney, and SC
&c" cd upon IN engineer, agent or super