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

one hundred thousand u0O,OO0) dollars in
sone state of the United States for the ben
eft of all its policy holders in the United
States, then it shall be deemed sufficient
security when certificate from the com
panly and signed by the officer holding
such security is deposited with the Com
missioner of Insurance of this State.
oEC.3 The persons proposing to organ
lZe shall be designated as corp0rators, and
they shall file with the Commissioner of
insurance a declaration signed by each of
the corporatOrs. setting forth their inten-
tons to form a company for the purpose of
conducting the business of life and acct
dent insurance named in this act, which
declaration shall comprise a copy of the
charter they propose to adopt, II shall be
published at least once a week, for four
consecutive weeks, in a newspaper in the
county in which the company is organized,
the said charter shall set forth the name of
the company, the place where it is to be
located, the mode and the in which
the corporate powers of the company are
TO be exercised; the name of clecting the
trustees or directors, Il majority Of whom
Shall be citizens OF this State at the time of
such election: the manne of filling vacan-
cies; the amount of capital stock; and such
DINER particulars as may be necessary to
eXplaln and makem manifest the object and
purpose OF the company and the tanner in
which 1t is to be conducted. On the filing
or such declaration as aforesaid, the Com
missioner OF Insurance shall submit the
same to the Attorney General for eXamina-
ton, and, if found by him to be in accord
ance with the provisions of this act and not
Inconsistent with the Laws and Constitu-
ton of this State, and of the United States,
he shall certify to the same and deliver it
back to the Commissioner of Insurance,
who shall cause said declaration, with the
certificate OF the Attorney General, to be
"a nItn I IN n INrrl- {> Iva lD~S r~. tl-A .--
pose. and he shat furnish Il certified copy
OF such declaration and certificate to the
corporations.
SEC. 4. Whenever the corporators who
shall have received from the Commissioner
Of Insurance such certified copy, and shall
have published the same in a newspaper
published IN the county III which such in
Surance company, corporation or society is
purposed to be located, they may open
BOOKS to receive subscriptions to the CAPT
tai stock, and shall keep such books open
until the amount required is subscribed
ana then Shal proceed to complete the Or
ganiZatiOn.
SEc:5. No policy shall be issued until
a certificate from the Commissioner of In
surance has been obtained authorizing
such company to issue policies. The said
commissioner of Insurance or some person
appointed by him shall examine the com
pany, corporation or society, and if by such
examination the said Commissioner of In
suronce or person so appointed shall find
that the capital stock has been subscribed
and the provisions IF this act have been
complied with, he shall issue or cause to be
Issued Il certificate authorizing said corpor-
atOrS to issue policies. Every such cOmpa-
ny, corporation or society Incorporated in
this State Shall pay the Commissioner of
Insurance or the person s. appointed for
said examination all necessary expenses
incurred therein.
SEC. Il. The cOrpOratOrs or trustees or
directors as the case may be of any com.
pahy, corporation or society organized I'M
der this act shall have power to make such
bylaws not inconsistent with the COnSti-
tuition of this State or the United States as
may be deemed necessary for the govern
ment OF its officers and the conduct of its
affairs, and the same whenever necessary
to be altered and amended; and they and
their successors may have a common seal
and may change and alter the same at their
pleasure. n such companies, corporations
or societies in its corporate name may sue
and be sued, may oWn so much real and
the transaction of its business, and may
sell and dispose of the same when deemed
necessary. Each stakeholder OF any com
pany, corporation or society organized I'M
der this act shall in his individual capacity
be severally liable for the debts of such
ColH| duJs CUl puI dIlOu VI SUClely Only 10
the amount of his unpaid stock.
SEC. I. 1t shall not be lawful for any
person to act within this State as agent or
otherwise IN receiving or procuring appli-
cations for life insurance of whatsoever
KIND, or in any manner to aid in transac-
ting the business referred to in the second
section of this act, for any company, cor
poratlon or society incorporated by or Or
gained under the laws of any other state,
territory or foreign government unless
Such company has cOnfOrmed in such state,
territory or foreign government or in this
State to the same requirements in regard
to capital that are imposed by Section two
~ OF this act upon companies, corpora
tons or societies in this State to the
amount of at least one hundred thousand
(lOO,OOO) dollars invested in bonds and
such other securities as set forth in Section
Two ~ or this act, and shall be SatiSfac-
tory to the COMMISSIONS Of Insurance in
the state where said company, corporation
or society is organized and certified TO the
Commissioners or Insurance OF this State.
SEC. s. Every life insurance company,
corporation or society of whatsoever kind
Incorporated in this State, or doing bust
ness III this State shall, on OF before the
LIST day OF March in each year, transmit to
the COMMISSIONS of Insurance and file in
his office a statement of its business stand
ing and affairs in the form prescribed or
authorized by law and adapted to the bust
ness done by such companies, corporations
or societies, signed and sworn to by the
president or vice president and secretary
and made out for the year ending on the
preceding 3lst day of December.
SEC. The form of annual statement
for life and accident insurance companies,
corporations and societies shall be the
and form adopted by the national in
Surance convention, or such form rs the
Commissioner of Insurance may choose
Sucn form shall be condensed as the Com
missioner of Insurance shall deem expe-
dent so to do, and shall be published the
same as fire insurance companies doing
business in this State.
SEC. 10. All life and accident cOmpan-
les, corporations or societies chartered or
organized in n other state of the United
States or beyond the limits of the United
States, and doing business in this State,
shall make an annual statement of their
condition and affairs to the insurance de-
partment in the same manner and in the
same form as similar companies, corpora
tons or societies organized under the laws
of this State.
SEC. II. Any life or accident company.
corporation or society organized under the
laws OF this State or in the United States
or any foreign country must transmit to
the Commissioner of Insurance a state
NV - a.