New Ulm review., 1895-05-22

1 no certincates of full shares and no policies
shall be issued until the whole capital stock
= is paid In.
Il majority OF the directors shall certify
| on oath that the money has been paid by
i the stockholders for their respective shares,
and the same Is held as the capital of the
4 company, Invested or to be Invested as re.s
quired BY this section
| ,Ehe capital stock and accumulations OF
| any insurance company of this state shall
1 be invested In the bonds or treasury notes
i of the United States, or national bank
/ stock, or interest-bearing bonds OF this
/ state or any other state Of the United
/ States, or of any city, town Or county OF
4 this state or any other state of the United
/ States, having legal authority TO issue the
1 same. at their market value, or in any in
j terest or dividend-paying stocks or bonds
/ issued under the laws of this state or any
| other state Of the United States, at their
i known market value, or they may be m
4 vested or loaned on mortgages Of unin-
/ numbered real estate in this or any other
! state of the United States, worth at least
i twice the.amount loaned thereon, exclusive
/ Of buildings, except when such buildings
/ are insured and the policies duly assigned
! as additional security; or loaned on pledges
/ of any of the securities named in this sec
| ton; provided, always, that the current
psa rket value of such nladged securities
shall be at al times, during the continu-
| a1lce OF such loans, Ut least twenty per cent
more than the sum loaned on them, and
! all such loans are subject to the power OF
! the company to terminate same in case OF
depreciation of the securities below the
| limit; and provided, that in all investments
made upon mortgaged securities the cyl
| dence Of the debt shall accompany the
mortgage or deed of trust
Sec. 33. When the net assets OF compa-
| ny other than life do not amount to more
than three-fourths of its original capital, 1t
may make good its capital to the. orig
stoe stock. Shares Shares on on Which such an as
I sessment is not paid within sixty days
! after demand shall be forfeitable and may
be cancelled by vote of the directors ana s
new shares issued to make uD the del-
| cheney.
/ If such company shall not within three
months after notice from the. the ,insuraite na ite
capital as aforesaid or reduce the same, as
! allowed by section thirty-fye, it's authority
| to transact new business OF insurance shail
| cease.
Sec. "a. When the capital stock OF any
| such company is impaired, such COMPANY ny
| may, upon a vote Of the majority I1.s ol the
stock represented at meeting legalliyy
| called for that purpose, reduce it's capital
stock and the number Of shares thereon to
an amount not less than the mlnlmGm mi IN IN
assets and property shall be distributed to
the stockholders.
Within ten days after such meeting the
| company shall submit to the insurance com
missioner a certificate setting forth the
such reduction, and the assets and liabiIi-
|
by it's president, secretary and a majority
| of it's directors. The commissioner shall
| examine the facts in the case. and II the
/ same conform to law and in his Judgment,
! the proposed reduction may be made with
out prejudice to the public, he shall en-
| dorse his approval upon the certificate.
| Upon filing the certificate, SO endorsed
| with the secretary of this state and paying
fee Of five dollars for the filing thereof;
the comphny may transact business upon
the basis Of such reduced capital as though
the same were its original capital, and its
charter shall be deemed to be amended to
conform thereto; and the insurance COM
missioner shall issue his certificate to that
effect. Such company may, by a majority
vote of its directors, after such reduction,
require the return of the original certiti-
cate Of stock held by each stockholder in
| exchange for new certificates it may issue
in lieu thereof, for such number Of shares
as each stockholder is entitled to in the
proportion that the reduced capital bears
| to the original capital.
Sec. 35. No domestic stock company shall
make dividend. either in cash or stock
certificates, except from it's actual net sur
plus, computed as required by law in Its
annual statement; nor shall any such com
pany which has ceased to do new business
sets except surplus to its stockholders until
it shall have performed or Cancelled its
policy obligations. Any such company may
from its surplus, cash dividends to its
stockholders of not more than ten per
cent Of it's capital stock in year; and if
|
ten per cent the difference may be made
up in any subsequent year wears from
surplus accumulations; provided, however,
any sue such may pay such d
out of any surplus that shall remain after
charging to all it's liabilities; except un-
earned premiums, as required by law, such
a sum as the insurance commissioner shall
deem sufficient to properly protect policy.
holders in addition to the unearned premi-
um reserve herein required to be main.
| whole
miums on unexpired risks, and deducting
from the assets all securities and book ac-
or interest has been paid within the last
year, and for which foreclosure or suit has
been commenced for collection, or which,
! after judgment obtained thereon, shall have
remained more than two years unsatistied,
| and on which interest shall not have been
paid, and also deducting all interests due
and unpaid upon any property OF the COM
| pany.
Sec: 3e. No policy shall be issued by a
after organized until not less than seven
surance, IN not less than three hundred
separate risks upon property located in
Minnesota, has been subscribed for and
person whose duty it is to determine the
character of the risks, and upon whose de.
clslon the applications shall be accepted
or rejected by mutual fire insurance com
pany, shall receive as any part of his com
pensation commission upon the premi
ums, but his compensation Shall be fixed
salary and such share of the net profits
as the directors may determine. Nor shall
such officer or person aforesaid be an en-
ploye of any officer or agent of the com
pany.
The provisions Of section SO do not apply
to township mutual fire insurance compa
MES.
Sec. 81. Every person insured by mu
tual fire Insurance company shall be q
member while his policy is in force, enti
tied to one vote for each policy he holds
| Ind Nf fha 0p1 nj q eC
OF holding its meetings by written notice
or by an imprint upon the back of each
policy, receipt or certificate of renewal, as
follows, to wit:
l. '"The assured is hereby notified that by
virtue of his policy he is member of the
-- -,---- insurance company, and that
the annua! meetings of said company are
holden at its home office on the - day
Of - in each year, at - o'clock"
The blanks shall be duly filled in print
and the same shall be deemed sufficient
notice.
A corporation which becomes member
of such company may authorize any person
representative shall have all the rights Of
an individual member.
Any person holding property in trust may
: insure the same in such company, and as
such trustee assume the liabilities and be
entitled to the rights of a member, but
shall not be personally liable upon any con
Members may vote by proxies, dated ani
executed within three months and returned
. and recorded in the books of the company
three days or more before the meeting al
which they are to be used.
Every such company shall elect by ballot
board of not less than five directors, wnt
shall manage and conduct it's business, anC
who shall hold Office for one year, or fo
such term as the bylaws may provide II
accordance with section a. and until thei
{ successors are qualified.
Two-thirds, at least, Of the directors shall
, be citizens of this state, and after the frs
election members only shall be eligible, bu
, no director shall be disqualified from serv