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

.stAte said deposit has been dnly .nads,
shall b received BY tho comniasiousr Of
this state - Of the SANE effect q II said
company had been Organized under the
Laws Of the State 10 selected.
SIC, Is. Life insuraucs companies doing
business exclusively on the Mutual plan,
are hereby sxemp.ed from the provisions
Of sections one III and two rel Of this
Title, and may de business in this state,
provided they have on hand, exclusive Of
III debts and liabilities, the net value OF al
their policies in force calculated 20 pro.
vided IN subdivision four section three
raj Of Title II Of this act, subject, how
ever, to al other regulations and pro.
visions Of this act.
TITLE vi.
+ Marine Insurance Companies.
f SEQ. ]. No jointstock marine insur.
ance company shall hereafter DO organized
IN this state. unless it has paid up capital
Of at lest i've hundred thousand dollars
: SEc. q. No marine insurance compspy
Of any other state in which the substanti.
al provisions of this act shall be enacted.
shall be required to make any deposit
in this state.
Z: SEQ 8. No foreign marine Insurance.
company shall do business 10 this state
unless it hiss on deposit with the com.
missioner of this state the sum of four
hundred thousand dollars invested and
valued a. prescribed in section four f4l of
Title III, or unless it has complied with
the next section.
SEQ. f. A marine insurance COMPANY
Of foreign nation which has it,
principal Office for the United States in
any state in which the substantial pro-
visions of this act shall be enacted, may
fise with the insurance commissioner
of this state certificate inside by tho in
surance commissioner Of such other state,
that he holds deposit made by such com.
pauy, such % IL described in the last ssc.
ton. rs-@.
No deposit shall be required in this state
from such company whiie the deposit 10
certified remaias. "
Sec All acts and parts of acts and
laws of this state and now in force. incon.
slstent or in conflict with the several pro
visions of this act arc hereby repealed !;
but the repeal Of such acts aud laws shall
not IN any manner affect, ipjure or inva:i.
date any vested rights of any insurance
company, or any contracts, suits, rights,
claims, or demands that may have been
heretofore duly and lawfully issued, COM
menced, made. performed, or that may
exist, in favor of or against any insurance
company or other corporation, partnership,
urn or person, under or BY virtne or in
pursuance Of the said laws aud aet4, or
any OF them. but the same shall exist, DO
IN force and carried out as fully and effect.
ually, to all lntents and purposes, - il this
act had not been passed
SEQ. 6. This act shall take effect and
be in force from and after its passage.
Approved Feb. 20, 1879.
An Act proposing an Amendment to
Article Nine of the Constitution.
Be 1t enacted by the Legislature Of the
| State of Minnesota.
| SECTION Tie following amendment
OF the Constitution of the State is hereby
proposed for publication and approval or
rejection by the people. that's to say, Arti-
Gle Nine of The Constitution shall be
amended by adding thereto a new section
which, shall read as follows, to.wit:
SEQ "a. The Legislature shall not
authorize any county, township, city or
other municipal corporation to issue bonds
or to become indebted in any manner TO
aid in the construction or equipment of any
or all railroads to any amount that shall
exceed ten per centum of the value of the
taxable property within such county, town.
ship city or other municipal corporation
The amount Of such taxable property to be
ascertsined and. determined by the last -.
sessment Of said property made for the pur.
pose OF state and county taxation previous
to the mourning of such Indebtedness.
SEQ. 2. This proposed amendment shall
be submitted to the people of the State for
their approval or rejection at the next gen.
ersl e-ection occurring after the passage of
this act. and the qualified electors of the
State in their respective districts, may 1t
such election vote by ballot for or against
said amendment and the returns thereof
shall be made and certified within the time
ard such votes cauvassed and the result
thereof declared in the manner provided
by law with reference to the election of
members Of Congress, and if it shsllsppesr
thereupon, that majority of the electors
present, and voting for or against the pro.
posed amendment to the Constitution a
provided in the next section have voted in
favor Of the same then the Governor shall
make proclamation thereof, and such
anendm mt shall thereupon take effect and
be in force as part of the Constitution.
| SEC 3 The ballot used at such election
by electors voting in favor of this amend
mant shall have written or printed or partly
written and partly printed thereupon the
folio wing words, Limitation of the taxing
| powers of the Legisiaturs-yes."
The ballot used by such electors voting
| nor cai1 ornoplnnons aho}l huvo tton
or printed or partly written and partly
printed thereupon the following words,
"Liuisation of the taxing powers Of the
Lngislature-no."
approved March l. 1872.