Litchfield enquirer., 1876-08-31


 CHATTER XXX.
 An Act relating to Amalgamations, Con. smlldaAOns. and Re-insurances by Life InsnKance Companies.
 Be 1t enacted by the Senate and House of R>pueseufatives in General Assembly convened
 SECTION l. No life insurance company. Incorporated by or organized under tine laws of this state, shall consolidate or amalgamate with any other company, or Fs InsHre its risks. Or any part thereof, wIth any other company, or assume or re- sn&Gre The whole O. any portion of the KI<ks of amy other company except as here in4ETrF provided; but nothing herein con tzIue1 snail prevent any life insurance SympsuF from re-insuring @ fractional part. aot exceeding One-half; of any single TSSk-
 SEc 2 Whenever any life insurance company shall propose to amalgamate or co1solsdAte with any other company, or enter unto Aay contract of reinsurance, it sazll bring its petition to the insurance enzzkssi0ner of this state. setting forth She terms and conditions of such proposed mm4lg4mMtiou, consolidation, or re-lnsur- aase, azE-l praysng for the approval there uE Tue InsuEanc. commissioner shall Rh@xeup0n issue an order of notice, requir- ing Bossce to be gwen by mail to the pol S@v holders of such company, of the pen d=ney of such petition, and the time and place at which the same will be heard ,and by publication of said order of notice and sAi3 petition in daily newspaper, dee1g- nMesd by said commissioner and published im each of the cities of Hartford, New Ha. vea and New York, for at least three weeks before the time appointed for the he4nng upon said petition. The commis- asNmee sAalE request the assistance of the Insarancs commissioners or superintend- eats oE two other states, as experts, who. with the commissinner of thie state, shall farm commission to hear said petition A the tine and place fixed in said notice, oT ak such time and place as shall be fixed bg ndI0aFumest, said commission shall proceed with said hearing. The attend mnce of wItnessee before said commission @v bs esnpend by subpena. issued by sng e0@petenk aaflIogitys and if any per soa shall refuse to appear before said eu@nliszi0u in obedience to any subpoena sszvsd upoa him, any justice of the peace, oa applfMkl0n of said cOmmisslon, may l1gn8 capias to bring such person before 9Aem-- Any policy holder or stock k-holder
 
 before eaid commission, and be heard in reference to said petition.
 SRc g. Said commission, if satisfied thas the interests of the policy holders of szsA eompany or companies are properly protected, and that no reasonable objec- eloa exists thereto, may approve and au. thoEize the proposed amalgamation. con- unaSdakion, or re insurance; and sad com mizmS0n may make such order with refer encs to the distribution and disposition oG ths sarpans assets of any such compa- uy, thereafter remaining, as shall be just ama equitable. Sach amalgamation, con. @sasaafsoa, or Re-insuFance shall only be aRpcoved by the consent of all the mem- bexz of said commission; and it shall be khe duty of said commission to guard the inserssts of the policy holders of any such co@p&ny Or companies proposing to anal Rz2zEe. consolidate or re-insure.
 SBc- 4 Compensation of the commis- HSnmes or superIntendents of other states, aezzng under the provisions of this act, sAAl be twenty-Gve dollars day for the 6@e they are actually employed, to be pa5d. together with the expenses and costs fsesdeut Co said hearing. by the company or co2pAnies bringing said petition.
 SUc 6 Any officer, director. or stock haAdsr of any life insurance company vio- kkSng CT cansenting to the violation of chs sck. shall be punished by fine not A1 thmn ten thousand dollars, and by EmrxIsonmenk m the common jail not less than one year.
 Approved. June 28, 1876.
 THouse Bill No. 1901 e.
 CHAPTER LxxI
 Am Ms4k raNafTmxy kn Iananc and arf
 by Life Insurance Companies. Be tt enacted by the Senate and House of Represeutatives in General Assembly cOavened: H4
 SECTION l. No loan or investment shall be made by any life insurance company Sf this state without the unanimous ap- pwgrAl of its finance or executive commit see. CT the approval of a majority of the directors of sach company present at any meekzng Of such directors: and the name oE eveEy director approving or disapprov- Izg any loan CT investment so made shall be entered upon the records of the com Pmv.
 SDc. 2 No director or officer of & life S@s@r&aSe company shall receive any mon- Sy ox valuable thing for negotiating, pro- czrHg. or recommending any loan from MaeA companY. or for selling or aiding in tAe sale Of any stocks or securities to or kY saeA cozapany. .s SmG@2L No loan shall hereafter be made of EAe capital, assets or income, or any FsaRssoa theneof. of any life insurance com Ply incorporated by or organized under xAs aMws of this state, unless auch loan x1anR be secured by mortgage of unincum. hnrSd real estate, worth at least double tAe W=n9nt loaned thereon; or by pledge sF bu1as or stocks as collateral, having . nmMragk walne ak least twenty-five per cent, SA sxcess of the amount loaned thereon.
 S& 4 Nc portion of the capital, assets CT sasame q saA compny. shall here. ~sARx be wsed In the purchase of the stocks sr ho@aamEm EmmK mining or manufacturinQ s~@R@zxs ar nf any other private corpora. sm@@s m&9zmm 3hs market value of the stocks er @dm4A uE xnch other private corpora 6al 4A14 be eaaal % the par value there S e1A nprn winch dividends or interesl an1M hMws eean regularly paid for three E1 NEsaw to eueA Instrument or loan, nol 9a4 Mzg la@n be made by such company EE@ @y sscaritiss the purchase of whici Ayaa hy this act prOhlbited.
 8mn 6 mdzara shall not prevent any ssmpe-y fEOn tAkSng premium notes oI a@g credit for part of its premiums it @@ @-%A@1S WAA4 US ustkMA-COufse or DuSl mewx
 S@c G Aay OfRoer or director of a life E.Ezxx2cs company eonsenting to q loar ew Szxsz&@emt In wiiiful violation of the FrwxSzso@s of this act. shall be personally ksA1e to ths enmpany for any loss which @y he szzk2ined by such investment or kaMz. b be recovered by an action brought hE she Emszrance commissioner of this s&zeAG ea e0@paaiak of any policy-holdel sr s1oekAos3er in the company suffering sAmwwAv
 ApPEesea Jane aS. lsT6A
 Ho1se Bill No. 149.l sam CHAPTER LxxH Al AE& euneerning the Conducs of Flee
 4 tons. A
 8elk s1zzked by the Senate and Honse O
 Ekpxesentatlves in General Assembl,
 eamvenaa: T-
 SmcxHax E The ballot boxes shall b kN4 anea fer the reception of ballots a ~ sznasl town meetings. at least fv, hnmm.
 AppgoEed June 9S, 1876.
 House Bill No. l46.l