New Ulm weekly review. [volume] (New Ulm, Minn.) 1878-1892, 1891-04-29

L
! cessors are elected and qualified. The d1. \
reclOrs shall choose from their own number
a president, secretary and treasurer. whose
| respective terms OF office shall be one year,
| and whose duties and compensation shall be
such as may be in the bylaws of the corpora
ton provided.
| ing its business shall prepare and adopt by
! laws which 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, aud such
other rules andregulations as may be deemed
| essential for the government OF the corpora.
| ton and the management Of its affairs Such
| bylaws shall not be amended. changed,
| suspended or repealed except in the manner
| therein Sc. forth, and copy OF the same and
| OF any subsequent amendments thereto, or
changes therein shall De by the secretary
ance. who shall safely keep the same in his
Office. 500 ~ IN
SEC. 8. 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
to the property insured, which he may sustain
BY fire or lightning for period Of not more
amount the sum specified In such policy.
SEC. O. Every holder Of policy OF such
insurance shall be member of the corpora
ton He shall have the right to partici pate
in the election Of directors. and shall be
eligible to election to any office in slch cor
poration; he shall be liable to the corpcSation
1OT MS pro rata snare Oh all losses lDaNQam-
ages by fire or lightning sustained by any
other'member and also for his pro rata share
of the expenses of the 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
Its 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 1t sustained under
its policies Of insurance shall be determined,
proved adjusted and paid; the time and
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 its scheme Of INSURANCE, and the
said bylaws i'll force at the time Of the date
of any policy Of insurance, issued by the cor.
poration, shall have the force and effect Of
law i'll the determination Of all questions
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 PEELED therefrom
SEC. H. The secretary Of the corporation
shall prepare and submit to the members
thereof, at each annual meeting, 4 detailed
statement Of the condition Of such corpora
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 psfd in upon each
assessment; the losses sustained during the
year: and whether the same have been paid
or adjusted or remain unpaid or adjusted.
or are disputed; the number ofsn enabers OF
the corporations; the number of new mem
bers received during the year and an
/ 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. COPY OF such
al tofn hall TN III ;rfr
days after 81 ch meeting, be filed with and
preservedf the insurance commissioner.
SEQ. 49, % corporation formed under this
act shall ltinue for longer period than
SEC: Il: No corporations formed under this
act shall insure any property outside the
State Of Minnesota. nor shy property other
than detached dwellings and farm buildings
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 it
| insure any property whatever in any incor-
porated city or village, unless entirely de-
tached and used for farm purposes only.
SEC. Is. All the books, PAL ers and files of
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, pa
| pers and files as he may wish to have.
| SEC. 49, The articles OF association may
| be amended in any respect which might have
been lawfully made a part OF such original
articles, at any annual meeting Of the mem
bers of the corporation, upon q vote of two
thirds OF the members present at such meet
ing
SEQ. II. This act shall take eject and DO
In force from and after its passage.
Approved April q, 1891.
CHAPTER is. F. NO. 15o.
A n IL VII
TO enlarge territory and their operations,
and to legalize amendments to their articles
OF incorporation extending their territory
Be itenacted by the Legislature Of the State
Of Minnesota:
SECTION l. Any town insurance company
heretofore or hereafter organized may.
at any regular annual meeting Of its mem
present, amend its articles of associa-
ton SO as to include in its organ
lzat1on adjacent and adjoining towns without
situated, and not exceeding six towns in any
|, county other than that in which such com.
pany has its place of business.
SEC. z. Any town insurance company
articles OF Incorporation by adding towns in
county other than that in which such COM
pany's place of business is situated shall be
deemed and considered to have added such
territory under the terms of this act to all
1ntents and purposes us fully as though such
action has been taken subsequent to the
passage of this act: and such attempted en-
largement of territory is hereby in all things
legalized, and such company is authorized 10
do business in such addfti onal towns
SEC 3. This act shall take effect and be in
full force from and after the date of its pas
Approved April q, 1891
CHAPTER 1-H. r. NO. e1s
An Act to 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 1t 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 and not other
SEC. 2. Such corporations shall have
capital STOCK Of one hundred thousand dol
lars iSl9o.C0D. actually paid up IN cash,
% al they may invest in SUCH securities as
ire insurance companies may be permitted
to hold, including mortgages upon real es-
tate In the state where the said corporations
are organized, or in the State Of Minnesota,
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: IAN act
requiring the payment of fees into the state
treasury by corporations upon filing articles
of association or increase of capital Stock
approved April twcnty-four CA. one thou
sand eight hundred and eighty.nine (1sS9)
SEC. 8. Such insurance companies shall
also file with the insurance department of
this state certificate from the insurance de-
! partment of the state where the company is
organized. certifying that 1t has fully COM
| piled with the laws Of such state and is
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
| the insurance department Of the state
] where said company is organized and doing
business, certifying that 1t has paid-up cap
! ital stock Of one hundred thousand dollars
/, (S10O, 000l, and stating how the same is in
vested aud attaching a schedule Of tho Sc
curities in which it is invested.
SIC. 5. Such insurance companies shall
also file with the insurance department. Of
this state a certified copy of the last annual
report filed by 1t with the insurance depart