The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1891-05-07

] term OF once DO policy holder III
| be elected annually, aud shall hold
| their Office for one year and until their sue.
| cessors are elected and qualified. The d.
rectors shall choose from their own number
| respective terms Of Office shall be one year,
| and whose duties and compensation shall be
such as may be in the by laws Of the corpora
| ZION provided.
SEC I. Such corporation before commend
| 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
per Of transacting its business, aud such
other rules and regulations 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,
therein set forth, and copy OF the same and
| of any subsequent amendments thereto or
| changes therein shall be by the secretary
| forthwith filed with the commission of insur-
| ance. who shall safely keep the same in his
| office.
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
| 10 the property insured, which he may sustain
| by fire or lightning for period Of not more
| than five (5) years and not exceeding IN
| amount the sum specified in such policy.
! SEC g. Every holder OF policy OF such
| insurance shall be a 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; he 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 and also for his pro rata share
| Of the expenses Of the management of the
business of such corporation, and shall also be
bound aud subject to the bylaws thereof.
SEC. TO- 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 it sustained unde.
| its policies of insurance shall be determined,
proved, adjusted and paid; the time and
manner and place i'll which. and the person
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 in force at the time OF the date
poration. shall have the force and effect Of
law in the determination Of all questions
and claims arising under such policy be-
tween the holder thereof and the said cor
SEC. IL. 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. H. The secretary OF the corporation
shall prepare and submit to the members
thereof. at each annual meeting, 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 paid in upon each
assessment: the losses sustained during the
year. aud whether the same have been paid
or adjusted or remain unpaid or unadjusted.
or are disputed the number of IN embers of
the corporations; the number OF new men,
hnro fun1 Ityry, md
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
! annual statement shall, within thirty (30)
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 G3O years.
SEC. IA. 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
and their contents and live stock while on
the premises or running at large, aud hay,
grain and other farm products while in the
stack, bin. CRIB or granary. and ali farm ma
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.
o
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. Ii. The articles of association may
be amended in any respect which might have
been lawfully made part of such original
articles at any annual meeting OF the mem
beers of the corporation, upon vote Of two
thirds of the members present at such meet
ing.
SEC II. This act shall take effect and be
in force from and after its passage.
Approved April -, 1891.
CHAPTER 14-S. F.. NO. $50.
An Act to allow town insurance companies
to enlarge territory and their operations,
and to legalize 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 organzed may.
present, amend its articles of associa-
lion so as to include in its organ
ization adjacent and adjoining towns without
regard to the county in which such towns are
situated. and not exceeding six towns in any
county other than that in which such com
pany has its place of business.
SEC. 2 Amy town insurance company
articles Of incorporation by adding towns in
a county other than that in which such COM
panys place of business is situated shall be
deemed and considered to have added such
territory under the terms of this act to all
intents and purposes as 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 to
do business in such additional towns.
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 15-H. 3. NO. 61o.
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 it enacted by the Legislature of the State
OF Minnesota:
SECTION /. 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
wise.
SEC. 2. Such corporations shall have a
capital stock OF one hundred thousand dol
lars (siN.OoD, actually paid up in cash,
which they may invest in such securities as
fire 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,
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: 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 twenty-four CA. one thou
sand eight hundred and eighty nine 1850.
SEC: 3. 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 it 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
ital stock Of one hundred thousand dollars
(s1Oo9O0), and stating how the same is in
AL u AL Il