Little Falls transcript. [volume] (Little Falls, Morrison County, Minn.) 1876-1894, 1891-05-08

IA4SAII OlACC Aol oAC year NtlA uuLIl tA0lE SuV-
cessors are elected and qualified. The di.
rectors shall choose from their own number
president secretary and treasurer. whose
respective terms Of Office shall he one year;
and whose duties and COMPENSATION shall be
such as NAV be in the by laws of the corpora
ZION provided.
SEQ. Z. Such corporation before commenc.
ing its business shall prepare. and ADOPT by.
laws Woich shall describe the duties of lis
officers the manner. place and time of elect
ing them. the directors, the scheme and man.
ner of transacting its business, and such
other rules and regulations as may be deemed
essential for the government OF the corpora
ton and the management of it's affairs Such
bylaws shall not be amended. changed,
suspended or repealed except in the manner
therein sci FORTH aud copy OF the same and
of any subsequent amendments thereto, or
changes therein shall be by the secretary
forthwith filed with the commission of fnsur-
ance. who shall safely keep The same IN his
Office.
SEC g. such corporation is authorized to
issue policies of insurance, signed by its
president and secretary, agreeing to pay the
person assured thereby all loss and damage
10 the property insured, which me may sustain
by tire or lightning for q period of not more
than five (O years and not exceeding IN
amount The sum specified III such policy.
SEC 9. Every, holder OF policy Of such
insurance shall be member OF the corpora.
ton. He shall have the right to participate
in the election of directors. and shall be
eligible to election to any Office in such cor
poration; lie shall be liable to the corporation
for his pro rata share Of all losses and dam
ages by fire or lightning sustained by any
other member aud also for his pro rata share
Of the expenses of tho management OF the
business of such corporation and shall also be
bound and subject to the bylaws thereof.
SEC 10. The corporation shall, in and by
It's bylaws provide for the manner in which
such insurance shall be effected. and the
terms and conditions thereof: the time and
manner in which losses by il sustained l!ndes
proved, adjusted and paid; the time aud
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 aud conditions MS 1t
may be necessary for effectively and fully
CARRYING out its scheme of insurance. and the
said bylaws in force at the time OF the date
Of any policy of insurance, issued by the cor.
Poratioll, shall have the force and effect Of
and claims arising under such policy be-
tween The holder thereof and the said cor
poration.
SEC. II. The said corporation shall also. In
and by its bylaws. provide the manner,
terms and conditions upon which any mem.
Der thereof may withdraw or be suspended
or expelled therefrom.
SEC. II. The secretary Of the corporation
shall prepare and submit to the members
thereof, at each annual meeting, detailed
ton and its transactions for the preceding
year. showing the number of policies and TO
whom issued and the amounts insured there
by, the number Of assessments made during
the year, and the amount paid in upon each
assessment: the losses sustained during the
year. and whether the same have been paid
or adjusted or remain unpaid or nnadJusted
or are disputed: the number OF m embers OF
the corporations; the number OF new men,
beers received during the year and an
itemized statement OF the expenses Of
such corporation during the year and
Of the amount and condition OF its
funds. and such other matters as may be OF
interest TO the members. A copy Of such
days after such meeting, be filed with and
preserved by the insurance commissioner.
SEC. IL. No corporation formed under this
ACT shall continue for longer period than
thirty (3J) years.
SEC. H. No corporations formed under this
act shall insure any property outside the
State Of Minnesota, nor any property other
than detached dwellings and farm buildings
aud their contents and live stock while on
the premises. or running at large, and hay,
grain and other farm products while in the
stack, bin. CRIB or granary. and ali farm ma
chinery and utensils. including wagons and
carriages upon such premises; nor shall 1t
insure any property whatever In any incos-
pora.ed city or village, unless entirely de-
tached and used for farm purposes only.
SEC. Is. All tine books, pal ers and files OF
such corporation shall at all times be open 10
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, pa
pers and files as he may wish to have:
SEC. ID. The articles of association may
been lawfully made a part of such original
articles, at any annual meeting OF the mem
bers Of the corporation, upon vote OF two
thirds Of the members present at such meet
SEC. II. This act shall take efrec. and be
In force from and after its passage.
Approved April Be- 1891.
CHAPTER IFS. F. NO. 159,
An Act to allow town insurance companies
to enlarge territory and their operations.
and to leSalize amendments to their articles
of incorporation extending their territory.
Be it enacted by the Legislature Of the State
of Minnesota:
SECTION /. Any town insurance company
heretofore or hereafter organized may.
at any regular annual meeting OF its mem.
present, amend its articles of associa-
lion so as to include in its organ
iza,ion adjacent and adjoining towns without
situated, aud not exceeding six towns in any
county other than that in which such com
pany has its place Of business.
SEC. = Any town insurance company
articles of incorporation by adding towns in
q county other than that in which such COM
pany's place Of business is situated shall be
deemed and considered to have added such
in,cnts and purposes US fully as though such
action has been taken subsequent to the
passage of this act: and such attempted ell
1argement Of territory is hereby in ali things
iegalized, and such company is authorized to
SEC. 3. This act shall take effect and be in
full force from and after the date of its pas
sage.
Approved April 81, 1891.
CHAPTER ISL. E. NO. 61o.
An Act 10 authorize live STOCK insurance
companies organized under the laws Of
other states to do business in Minnesota,
and defining the terms and conditions
thereof
Be it enacted by the Legislature of the State
OF Minnesota:
SECTION l. Corporations organized under
the laws Of other states of the United States
for the purpose Of insuring live STOCK against
death by accident, disease or otherwise may
be permitted to transact such business in the
State Of Minnesota upon compliance With the
provisions herein contained aud not other
wise.
SEC 2. Such corporations shall have a
lars fSl)LuO }, actually paid up in cash,
which they may invest i'll 'sucn securities as
fire Insurance companies may be permitted
to hold, including mortgages upon real es-
tate in the state wnere the said corporations
are organized, or in the Stnte of Minnesota,
which real estate shall be worth at least
twice the amount of the sum secured by
mortgage thereon. Such corporations shall
also comply with the act of the legislature OF
the State OF Minnesota emitted: AN act
requiring the payment OF fees into the state
treasury by corporations upon filing. articles
Of association or increase OF capital stock. y
approved April twenty-four (?4). one thou
Sand eight hundred and eighty-nine 1880. -
SEQ. 5. Such insurance com pauies shall
also file with the insurance department OF
this state a certificate from the insurance de-
partment OF the state where the company is
organized, certifying that it has fully cum
authorized to engage in the business Of live
stock insurance therein.
SEC. 4; Such insurance companies shall
also file with the insurance depart.
ment OF this state certificate OF
tho insurance department Of the state
where said Company is organized and doing
business, certifying that it has Il paid-up ca p
jtal stock Of one hundred thousand collars
(SlDU,O0,D, and stating how the same is Ill
vested, und attaching schedule Of the Sc
curities in which it is invested.
SEC. S. Such insurance companies shall
also file with the insurance department OF
this state a certified copy Of the last annua.
report fled by 1t with the insurance depart
ment Of the state in which 1t is organized,
and such Insurance companies shall there
after annually Oh or before the first day Of