New Ulm review., 1895-05-22

{ contribute to the payment Of the whole or
the partial loss in proportion to the amount
! of Insurance mentioned In each policy, but
In no case shall the dnsurer be required to
pay more than the amount menfl0ned In
the policy; provided, that, In the absence OF
fraud. the burden of proof to show an in-
crease OF risk by any change In the owner
ship or condition Of the structure or build
ing upon which Insurance is effected,
either before or after loss arises. shall be
I upon the insurer, anything in the appl1ca-
trary Notwithstanding.
And any person who solicits insurance
and prOcures the application therefor shall
be held to be the agent of the party there
after issuing the policy upon sucn appllca-
tion, or a renewal thereof, anything in the
application , or policy to- the contrary not
Sec 26. If any domestic insurance COM
pany shall not commence to issue policies
within one year after the date of Its act Of
incorporation or Of its certificate of organ
ization, it corporate power shall expire by
their own limitation, and any judge of the
district court, upon petition of the insur-
ance commissioner, or of any person inter-
ested. may fix by decree the time with
which it shall settle and close its con-
Germs.
Sec. 27. Insurance companies may be
formed as provided in section twenty eight,
for any one Of the following purposes, to
wit:
First-To insure against loss or damage
TO property BY fire, lightning, hail or tenn
pest on land, upon the stock or mutual
Second-To make insurance upon the lives
OF individuals and every insurance apper-
tanning thereto or connected herewith, and
ties and endowments of any kind: provided,
no company transacting the business of
life insurance in this state shall be per-
mitted to take any other kinds or risks
nfP1 ,fs,sv
Ing to making insurance on life, or against
accident to persons and the granting pur-
chasing and disposing Of annuities and en-
dOwmentS
Third-To insure upon the stock or mu-
tual plan vessels, freights, goods, money, ef-
fects and money lent on bottomry or re-
sp9ndentia, 9o against the perils of the sea
marine insurance, including risks of in
land navigation and transportation.
Fourth-To guarantee the fidelity of per-
sons IN positions of trust, private or pub
lic,, and to act as surety on official bonds
and for the performance Of other obliga-
tions.
Fifth-To insure against loss or damage
damage to the life, person or property Of
another for which the assured is liable,
caused by the explosion of steam boilers.
Sixth-TO insure any person against bOdi-
ly injury or death by accident, or any
person, firm or corporation against loss or
damage on account of the bodily injury or
death by accident of any person for which
loss or damage said person, firm or cor
poration is responsible.
Scientific insure against the breakage
Of cph plate og glass; M; local or transit:
such corporation shall be as follows:
The proposed corporators. who must be
residents, of this, state. and not less than
ten, shall subscribe articles Of association,
setting forth their intention to form a cor
poration; it's proposed name, which must
not so closely resemble the name of an
existing exist corporation as to be likely to mis-
lead the public, and must be approved by
the Insurance commissioner; the class of
insurance it proposes to transact and on
what business plan or principle: Hlace
within this state Of it's location; and, If on
the stock plan, the amount Of its capital
stock
The words insurance company" must be
az, part to- OF tn the title Of any such corporation,
| lied upon the mutual principle.
| The first meeting for the purpose of or
ganization shall be called by a notice,
signed sig by one or more of the subscribers to
| the articles Of association, stating the time,
place and purpose Of the meeting; copy
| whereof shall, at least before the appointed
duly mailed to his postofice address,
| and whoever gives such notice shall
mehs naude aaae cdpy thereof of the fh dee shn and
| corporation. At such first meeting in
cludlng any adjournment thereof, an organ
| ization shall be effected by the choice, by
ballot, of temporary clerk, who shall b.
sworn, by the adoption of bylaws and by
the election of directors and such other
officers as the bylaws may require; but at
such first meeting no person shall be elect
| ed director who has not signed the articles
| of association. The temporary clerk shall
record the proceedings until and including
| the choice and qualification Of the secre.
| tary.
The directors so chosen shall elect q
president, secretary and such other officers
/ which under the bylaws they are author
! lied to choose.
| The president, secretary and majority
! OF the directors shall forthwith make, sign
| and swear to a certificate setting forth 6
| copy of the articles Of association, with the
| of the first meeting and of any adjourn
! ment thereof; and shall submit such certif
| cate and the records of the corporation tt
| the Insurance commissioner, who shall ex
| anime the same, and who may require such
| other evidence as he may judge necessary
| The commissioner, if it appears that the
have been complied with, shall cause such
| articles Of incorporation to be recorded in 8
book kept in his office, and shall thereupor
issue to such company his certificate OF
ness mentioned in their articles of incorpo
ration in this state. The insurance com
missioner shall sign said certificate ant
affixed He shall also keep a copy of such
! certificate and a certified copy of the same
may be given in evidence with the like eff
| feet as the original certificate.
! Sec. 20. No corporation so formed shall
transact any other business than that spec
| ifed in it's charter and articles of associa
tion. Companies who insure plate glass
than one hundred thousand dollars. Com
! panies so formed insuring marine INLAND
| risks upon the stock plan shall have {
capital of not less than two hundred thou
n m G m nd fn 411
| transaction of fire insurance on the stool
plan, or fidelity insurance, or accident in
surance, or of steam boiler insurance. shall
thousand dollars. Companies to insure live!
| on the stock plan shall have capital o
| not less than one hundred thousand dollars
Sec. 30. The board Of directors Of eacl
domestic stock Insurance company shal
! consist Of not less than five members, cho
sen by ballot from stockholders resident il
this state, who shall hold office for ont
| year, or for the term provided in it's by
laws as authorized by section twenty -four
and until their successors are qualified.
In the choice of directors and at all meet
ings of the company each stockholder shal
he holds. Proxies may be authorized
by written power of attorney. The recort
of the votes made by the secretary or clerk
which shall show whether the same were
! cast in person or by proxy, shall be evi
| dence of all such elections.
The directors, before they are qualified
TO dCt, Slall HE WITH the secretary q WIFI
ten acceptance of the trust. Not less thai
| four shall constitute a quorum, and a ma
jority of those in attendance may transac
business; vacancies in any Office may b.
filled by the directors or by the stockhold
ers, as the bylaws shall provide.
The directors shall annually choose b,
ballot president, who shall be membe
OF the board, {: secretary, and such Othe
officers as the bylaws provide. They ma,
! call special meetings of the stockholder
whenever they deem proper, and shall cal
such meeting on the written application O
the owners Of one-ifth part Of the capital
or of twenty shareholders, setting forth tn
purposes Of the same
They shall at each annual meeting of th
company submit full statement of tn