Morris tribune., 1883-05-30
Approved Feb. %, 1888.
AN ACT to amend section two C2) o

AN ACT to amend section two (2 of chapter one
hundred and tweuty-threa (123l, OF the general
laws Of one thousand, eight hundred and eighty
one, relating to insurance.
Be It enacted o. the Legislature or the state OF
MilDSSOta;
Section !. That section two C of chapter one hun
drsd ana thirGy-three (l33l Of the general laws of
thousand, eigus hundred and eIghCy-one be. and
the same is hereby, amended SO rs TO read as fol-
Sec. two ~. No such company or association
shall be authorized by the commissioner Of in
surauce 10 transact business herein unless pos
sessed Of an actual Dald-up capit-i OF at
least hundred thousand dollars and deposit Of
at least one hundred thousand dollars with the
state treasurer of the state, or With the chief
financial officer or commissioner Of Insurance Of
the state where such company or assocla-
ton is organized, duly assigned TO such officer il
truss for the benefit Of all policy holders.
Said deposit shall consist OF bonds stocks of
the United States of the state where such COM
pany association is organized, or of bonds aud
mortgages improved, unincumbered real es-
tate worth double the SUI loaned thereon. The
market value Of said deposited securities shall at
all times be equal to one hundred thousand dol
lars No deposit in this state shall be required,
under this act, of any foreign insurance company
other than lie, fire and marine, which files with
the insurance commissioner proper evidence that it
has not less than hundred thousand dollars de-
posted with the proper officer of other State
OF the United States for the benefit OF all its policy
holders in the United States"
Sec. 2. This act shall take effect and be in force
from and after its passage.
Approved FEBRUARY 20. 1888.
So
AN ACT to amend section three hundred and if
teen 1879 OF chapter thirty-four $40 of the
General Statutes Of one thousand eight hundred
and seventy-eght lS7s9, relating to insurance
companies
Be it enacted by the Legislature of the State of
Minnesota:
Section l. That section three hundred and if
teen (315) Of chapter thirty-feur go Of the
General Statutes Of one thousand eight hundred
and seventy eight Q87S)," be and the same hereby
is amended so to read follows:
Section three hundred and fifteen (3151: All in
surance companies organized under the laws of any
other State nation doing business in this State,
shall annually pay TO the State two (2l per cent on
ali premiums received in cash and other obligations
Except what are denoMinated insurance deposit
notes, representing dividends of the company, and
the assessable premium notes of mutual fire insur-
ance Companiesl il this State By their agents or
otherwise, during the year ending on the preceding
thirty-arst (31st) day of December, which sum
shall be in lieu Of all other taxes to be collected
from said companies in this State except upon the
real OF personal property owned by said COM
panies in this State, which shall be taxed
the same as like property owned by in
dividuals, and not otherwise; and all insurance
companies chartered by the Territory or State of
Minnesota, or organized under the general laws of
the State shall pay the State two (z) per cent on
their premium receipts in this State, and shall also
pay taxes and assessments upon real estate owned
by them within the State in like manner and in like
amount, real estate owned by individuals is
taxed and assessed. and additional taxes shall be
collected Of such companies other than the fees
provided by law. It shall be the duty of the in
surance commissioner, on the last week day of each
month"; to certify to the auditor of state the names
Of the insurance companies which have filed their
annual statements with him during the current
month, together with statement of their premium
receipts in this State the preceding year, and the
amount OF tax due thereon. The auditor shall then
raake his draft on the companies certified by the
insurance commissioner for two 2l per cent of their
said premium receipts, as required by this section,
and place the same in the hands of the state treas
urer for collection. In case of the refusal Of any
insurance company to pay such tax, the insurance
commissioner shall at once revoke its authority to
do business in this State, and shall not renew the
same while said tax remains charge against said
company.
Sec 2. This act shall not be held to apply to
township mutual fire insurance comp anies, organ
lied under the laws Of this State, nor mutual aid
associations benefit associations or cooperative life
insurance societies wherever organized.
Sec 8. This act shall take effect and be in force
from and after its passage.
Approved March 2, 1883.
81.
AN ACT TO repeal sections twelve u2) and nine
teen 90 of chapter eleven Ill of the general
laws of A. D., one thousand eight hundred and
seventy-three.
BE it enacted by tho Legislature of the State Of
Section /. That sections twelve ny and nine
teen 19l OF chapter eleven III of the general
laws of the State of Minnesota for the year A. D.,
one thousand eight hundred and ssventy-ons be,
and the same are hereby, repealed.
Sec. 2. That this act shall take effect and be in
force from and after it's passage.
Approved March 2, 1888.
90.
AN ACT to legalize and confirm conveyancss made
TO and by corporations In certain cases, and re-
strict the same from the operation OF the pro-
visions of section 294. of chapter 81, Of the gem
eral statutes.
Be it enacted by the Legislature Of the State Of
Minnesota:
Section /. That the provisions Of section two
hundred and ninety-four (294, Of chapter thirty
four 49, of the general statltez Of this Gtata ahal