The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1891-05-07
Approved April p, 1891.
CHAPTER i'll r NO 61e

-
An Act TO authorize live stock Insurance
companies organized under the laws of
other states to do business in Minnesota
ana defining the terms and conditions
Be it enacted by the Legislature of the State
of Minnesota:
SECTION |. Corporations organized under
the laws of other states of the United States
Tor the purpose of insuring live stock against
death by accident, disease or otherwise. NAV
pc 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 (SlOoO0D, actually paid up in cash,
which they may invest in such securities as
ire 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 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 com ply with the act of the legislature of
the Suite of Minnesota entitled: 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 (24j. one thou
sand eight hundred and eighty.nin Uss9l.
Sec such insurance companies shall
also nile 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 !I department. Of the state
business, certifying that it has paid-up cap
ital stock of one hundred thousand dollars
(S10O,0OO and stating how the same is i'll
vested, and 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 certified copy of the last annual
report filed by 1t with the insurance depart
ment Of the state in which 1t is organized,
and such insurance companies shall there
after annually on or before the first day of
March in each year, file with the insurance
commissioner of this state, acertitied copy Of
the annual report filed by it in the insurance
department OF the state where said corpora
tionis organized for the last preceding year;
and the said insurance commissioner of this
stateis authorized to require such other state
menSs in such form and at such times, as he
maSprescribe; and he may examine or an
thorize some person to examine SUCH compa-
ny,if not satisfied of the correctness Of the
reports and statements hereinbefore re-
SEc.6. Such company shall also file a
written stipulation duly authenticated by the
company, STIMULATING and agreeing that any
legal process affecting such company. served
on the insurance commissioner, shall have
the Same effect as If personally served on the
company or its authorized agent.
SEC. Z Upon compliance with the forego-
ing provisions, the insurance commissioner
of this state shall issue to such insurance
company n license permittingit to do bust
ness In the State of Minnesota. subject to the
provisions of this statute, and to such other
provisions as have been or may be hereafter
enacted by the legislature Of the State of
Minnesota for the governmentand regulation
as such insurance companies: and the said
insurance commissioner shall also issue