The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1885-03-26

SEC. 4 Tho secretary Of state shall before 70
coIdnR such articles submit the same to the
ana II ne find the same to have been executed in
conformity to law. he shall endorse the word
Up approved thereon and date sign and return
tuc same TO the secretary of state who shall
Cnereupon record the same in the records in his
once, ana shall issue under his hand and official
sea- and deliver to the said corporation his Ger
I1ncate TO the effect that such corporation has
neen duly incorporated under the provisions Of
TINS act, and is authorized to transact business
from and after the date thereof. Such certificate
shatl be recorded In the Office of the register of
deeus OF the county wherein such corporation
shall have its principal Office, and said certiii-
cate and records. and any certified copies Of such
records shall be received in all of the courts OF
thls state as pr1ma facte evidence that such cor
poratlon has been duly organized and created
under the laws of the State of Minnesota
SEC. ). Upon the issuance OF such certificate
the persons therein named shall be and become
corporation and authorized to transact the
business Of mutual insurance against loss or
damage to property by hail, tornadOes. cyclones
and hurri in such manner and upon such
terms as IN and by its bylaws may be provided.
sued, contract and be contracted with impIead
and be Implicated by its corporate name in any
OF the courts OF this state, and shall possess the
usual powers and be subject to tho usual duties
OF corporations.
Sec. 6. The general management Of the bust
ness OF sa1d corporation shall be vested in direct
tion:. Such directors shall be elected an
nually and shall hold their offices for
are elected and qualified. The directors shall
choose from their own number a president,
secretary sc ana treasurer, whose respective terms
OF once snail be one year, and whose duties and
compensation shall be such as may be in the by
laws OF the corporation provided.
Sec z. Such corporation before commencing
which shall describe the duties OF its officers the
nam place duo,+ and time Of electing
h7c;vo
such other rules and regulations ss may be
deemed essential for the government of the
corporation and the management OF It's officers.
such bylaws snail not be amended. changed,
suspended or repealed except in the manner
therein set forth, and copy OF the same and Of
any subsequent amendments thereto, or changes
tner-ln, shall be by the secretary forthwith filed
with the commissioner of insurance, who shall
safely Keep the same IN his office.
DEC. 9: euca corporation is authorized to
issue policies OF insurance, signed by it's presi-
dent and secretary, agreeing to pay to the person
assured thereby all loss and damage to the
property insured which he may snstain by hail
tornadoes, cyclones and hurricanes for period
OF not more than five 90 years, and not exceed
ing In amount the sum specified in such
policy.
SEC. 9. Every holder Of a policy of such in
surance shall be member OF the corporation.
ne snail nave the right to participate in the
election OF directors. and shall be eligible to
election to any Office in such corporation he
shall be liable to the corporation for his pro rata
share OF all losses and damages by hail. lorna
other member, and also for his pro rata share Of
the expenses OF the management of the business
OF such corporation, and shall also I've bound and
subject to the bylaw thereof
SEC. TO- The corporation shall, in and by it's
bylaws, provide for the manner in which such
insurance shall be effected, and the terms and
which losses by it sustained under it's policies Of
Insurance shall be determined, proved adjusted
and paid; the time and manner in which assess
mcnts shall be made upon It's members for their
respective pro rata share CT such losses and the
time, manner and place in which, and the person
to whom such assessments shall be paid 1t shall
also, IN and by its bylaws, provide such other
regulations. terms and conditions as it may be
necessary for effectively and fully carrying out
force at the time Of the date Of any policy Of
insurance, insured by the corporation, shall have
the force and effect of law in the determination
of all questions and claims arising under such
policy between the holder thereof and the said
corporation.
SEC. IL. The said corporation shall also, in
and 10y its bylaws, provide the manner, terms
and conditions upon which any member thereof
may withdraw or be suspended or expelled there
from.
S C. 12 The secretary Of the CORPORATION
shall prepare and submit to the members thereof
at each annual meeting, a detailed statement OF
the condition of such corporation, and it's trans
actions for the preceding year, showing the date
and number OF policies issued. to whom the
same were issued, and the amounts respectively
insured thereby; the number OF assessments
made during the year, and the amount actually
paid in upon each assessment. respectively the
losses sustained during the year. and whether
the same has been paid Or adjusted, or remain
unpaid or uliadjusted or are disputed; the num-
ber OF members OF the corporation; the num-
Der OF new members received during such year;
f tneir names and residence of members VINO
have withdrawn or been suspended or expelled
from the corporation during the year: the pol
lclCS and respective numbers thereof which have
been Cancelled during the year, and an ire!niZed
statement OF the expenses of Snch corporation
during the year. aud of the amount and condi-
ton OF its funds and such other matters as may
be Of interest to the members. A copy OF such
annual statement shall within thirty (3o) days
alter such meeting be filed with and preserved
by the insurance commissioner.
SEC ID. No corporation formed under this
act sna.l continue Tor longer period tnan thirty
(3U) wears.
SEC Il. No corporation formed under this
act sinai! insure any property outside of the
State OF Minnesota, nor any property other than
detached dwellings and farm buildings, and
their contents, and live stock while On the prem
ises or running at large, and hay, grain and
other farm products while growing or while in
the shock, stack, bin, crib Or granary upon such
premises: nor shall it insure any property WHAT
ever IN any incorporated city Or village.
SEC Is. All the books, papers and files of
any such corporation shall at all times be open
to the examination of any, member thereof, or
his agent or attorney: and any such member,
agent or attorney shall at all times have the right
to make such copies Of such books, papers and
tiles as he may wish to have
SEC To- The articles OF association NAV be
amended in any respect which might have been
lawfully made a part Of snch original articles at
duy 6iAAud1 iucct1uS VI Juc IuculDerS OF GuS cor.
poratlon. upon vote Of two-thirds Of the mem
bers present at such meeting.
SEC: II. This act shall take effect and be in
force from and after its passage.
Approved March 2, 1885.
AN ACT relating to Millers' and Manufacturers
Mutual Insurance companies.
BE Menacted oy the Legislature ofkhe State Of Mime
SECTION l. Whenever the capital Of any COM
pany heretofore or hereafter organized under tho
provisions of chapter ninety-one OF the General
Laws of eighteen hundred and eighty lone of the
State OF Minnesota, shall amount to the sum Of
two hundred Thousand dollars, of which amount
not less than forty thousand dollars shall be
actual funds as defined in said act, such COM
pany may assume risks on the all cash plan and
issue policies against loss or damage by fire or
lightning on any property, real or personal, to
an amount not exceeding five per centum of its
capital, and on making to the insurance COM
missioner proof of such amount Of capital, shall
be entitled to receive from him a certificate
stating that 1t is entitled to assume risks and
SEC p This act shall take effect and bs in
force from and after it passage
Approved FEBRUARY 2S, 1885.
AN ACT to amend section three hundred and
twenty-nine 1927 of title six (6) of chapter
thirty-four (34 OF the General Statutes Of
eighteen hundred and seventy-eight 1873,
ing farm business only.
Be enacted By the Legislature Of the State Of Anns
sofa:
SECTION I. That section three hundred and
twenty mine 1920 Of title six (e) Of chapter
thirty -four (34) of the General Statutes Of
eighteen hundred and seventy-eight us7s) he
and that the same il hereby amended 30 as to
read as follows:
Section 800. Any fire insurance company or
association already organized under the laws OF
this state, doing farm business only, may con-
tinue to do such business by investing the ao-
foundations of such company or association, to
the amount Of thirty Thousand dollars. as pro-
vded in section two hundred and eighty -nine
$3.50 title six (6) chapter thirtvfour (34 OF the
General Statutes of A. D. eighteen hundred and
seventy-eight 1879 which shall he held as . con-
tingent safety and reserve fund. for the security
OF the assured. and shall be in lieu of all other