Bismarck weekly tribune. [volume] (Bismarck, Dakota [N.D.]) 1884-1943, 1891-03-20

the court in which suit may be brought for
that purpose shall revoke said suspension,
or determine that there has been no such
violation: I'1OUided, Such suit be brought
within ten days after such suspension.
Pending such action the court may con-
tlnue such order of suspension of the Com
missioner of Insurance or revoke the same
on such terms as it may deem proper, and
may make such order or decree as the in
terest OF the corporation and the public
may require.
SEC. 8. Every policy or certificate hereaf-
ter issued by any corporation doing bust
ness under this act, and promising a pay
ment to be made upo any contingency,
shall specify the sum of money which it
promises to pay upon each contingency in
sured against, and the'number of days af-
ter satisfactory proof Of the happening OF
will be made; and upon the occurrence of
such contingency, unless the contract shall
have been invalidated by fraud or by
breach OF its conditions, the corporation
shall be obligated to the beneficiary for
such payment at the tint and to the
and thisi Indebtedness shall be a lien upon
all the property, effects and bills receiv-
able of the corporation, with priority
over all Indebtedness thereafter incurred,
except as hereinafter provided in case Of
the distribution of assets of an in
| oolNolo WI "Cioil tHt oolllilllo-
sioner of Insurance shall be satisfied, on
investigation, that any such corporation
has refused or failed to make such pay
ment for thirty days after it became due,
n after proper demand, he shall notify
the corporation to issue no new policies or
certificates until such Indebtedness is fully
paid; and no officer or agent OF the corpor-
alton shall make, sigh or issue any policy
or certificate of insurance while such no.
tice is in force.
SEC. 8. Whenever the Commissioner of
Insurance shall have given the notice re-
quired by the last section, he shall proceed
without delay to investigate the condition
of the corporation, and shall have full pow
er, in person or by deputy, to examine
Its books, papers and accounts, and to eX-
anime under oath its officers, agents, clerks,
employees certificate or policy hOlders,or any
other person having knowledge OF its bust
ness; and if it shall appear to him that its
liabilities exceed its resources, and that 1t
am within a reasonable time, not more
than three months from the date of the
original default, pay its accrued indebted
ness in full, he shall suspend the power of
such corporation to do business in this
State, and in case OF a corporation of this
State shall forthwith apply to the district
court of the county or city and county
wherein such corporation has its principal
place of business for an order closing the
business of the corporation, and appoint
! Ing Il receiver VI LtuSLCc lOE Glc ulStTIDu-
ton Of its assets among its creditors; Pro-
Uidcl, That no such final order shall be
made until the corporation shall have had
ten days notice OF the application within
which time it may appear and show cause
against application, if any it has; and Pro-
pidcl, That upon hearing the matter, the
court shall have power to make any order
which the interests of the corporation and
the public may require.
SEC. 10. Corporations organized or reOr-
ganized under this act shall provide in
their contracts with policy or certificate
holders for the accumulation of an emer-
gency fund, to be disposed of as provided
in such contracts, but which shall be at all
time not less than the proceeds OF one peri
Odical payment or assessment on all policy
or certificate holders thereof; and Pro-
Uidcd, That said fund in the case or casu-
atty insurance companies shall not be less
than five thousand dollars, and need not
exceed the sum of ten thousand dollars.
Said funds shall be accumulated by exist
ing corporations already formed for like
purposes within SIX months from the pass
age of this act, and by all corporations,
formed under this act, within six months
from the date of their articles of incorpora-
ton, and, together with the income there
on, shall be a trust for the payment of pol
icy or certificate obligations, and shall be
invested in securities in which other inSur-
ance companies are allowed by law to in
vest their capital. When any such corpor-
alton Shall discontinue business, the
county wherein its principal place of
business is situated may appoint a re-
ceiver or agent or trustee to administer
the fund deposited with the State Treas
urer, as provided in the second section
of this act, and any u%nexpended portion OF
his emergency fund, which shall be ap-
piled, less a compensation not to exceed
five (5) per cent. to such receiver, agent or
trustee, as said court may allow, first to the
payment of accrued death or disability
claims, and second, if a balance remains,
the same to be distributed pro rata among
the members in good standing at the time
such corporation ceased to do business;
PrOOidcd, ARRAYS, That any fund collected
for a particular class of members shall be
used and distributed exclusively for the
benefit of that class.
SEC. II. Any corporation organized I'M
der the laws OF another state or govern
ment to issue policies or certificates of life,
casualty or other insurance upon human
life on the assessment plan, shall, as con-
ditiOn precedent to transacting business in
this State. deposit with the Commissioner
of Insurance a certified copy of its charter
or articles of Incorporation. a certificate
from the insurance officer of its own state,
showing it's authority to do such business,
a statement under oath by its president
and secretary in the form required by the
Commissioner of Insurance, of its business
for the preceding year.; and appointment
OF general agent, and a certificate under
oath by its president and secretary that it
is paying, and for twelve months next pre-
ceding has paid, the maximum amount
named in its policies or certificates in full;
and also a certificate from the proper au-
thority in its own state or government that
corporations Of this State, engaged in life
or casualty insurance on the assess
ment plan, as the case may be. are upon
compliance with the laws Of this State le-
gally entitled to do businessein such State
or government; and also a copy of its pol
I icy or certificate and application, which
must show that the liabilities of the in
sured or members are not limited to fixed
or artificial premium, and also evidence
satisfactory to the Commissioner of Insur-
ance that the corporation accumulates a
fund, equal in amount to that required by
Section of this act, that such accumula-
ton is permitted by the law Of its incorpor-
alton and is a trust for the benefit of policy
or certificate holders only, and is invested
as required by laws of the state where in
corporated. The Commissioner of Insur-
ance shall thereupon issue a certificate of
authority to such corporation to do bust
ness in this State, receivable annually, and
/ Such authority chaIl no rouokod uhonovor