The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1895-02-28

IL parcel orr number OF packages which shall
not be less than ten per cent OF the whole lot
sampled, and shall be thoroughly mixed and
then divided into two equal samples and
placed in glass vessels and carefully sealed
and q label placed on each stating the name
OF brand of the fertilizer or material sampled,
the name of the party from whose stock the
sample was drawn and the time and place of
drawing, and said label shall also be signed
by the director or his deputy, and by the party
or parties in interest or their representative at
the drawing and sealing of said samples; one
of said duplicate samples shall be retained bv
the director and the other by the party whose
stock was sampled; and the sample or sam.
pies retained by the director shall be for COM
parison with the certified statement named in
section two OF this act The result OF ANALYSIS
of the sample or samples so procured shall be
published i'll report or bulletin within reason
able time Approved March IA.
Chapter 95.
AN ACT to amend sections one, twenty-six,
thirty eight, forty-one, siXty-four, seventy
two, seventy-three, seventy four, eighty
eight and eighty-nine, of chapter fortv-nine
of the Revised Statutes, relating to lnsur-
ance.
SECT. L. Section one, twenty-six thirty
eight, forty-one, siNty-iour, seventy-two,
seventYthree, seventy-four, eighty weight and
eighty-nine, of chapter forty nine of the re-
ylsed statutes, relating to insurance, are here
by amended, - that said sections as amended,
shall read as follows:
SECT. l. A contract of insurance, life eX-
cepted, is an agreement by which one party for
a consideration promises to pay money or its
equivalent, or to do some act of value to the as
Suted upon the destruction injury of some
thing in which the other party has an interest.
And the business involving the issuance of
such contracts in this state shall be carried on
only by duly incorporated insurance COM
panies. All Incorporated insurance COM
pan1es may exercise the powers and are sub
Ject to the duties and liabilities contained
herein and in chapter forty six, so far as con-
sistent with their charters. Associations of
individuals now formed or which may here
after be formed, upon which the plan known
as Lloyd's for the purpose of transacting
marine insurance business, may exercise all
rights, powers and privileges granted under
the laws of this state.
SECT. 26 The insured, before receiving
his policy, shall deposit his note for the sum
determined by the directors, which shall not
be less than five per cent of the amount in
sured and such part of it as the bylaws re-
quire, shall be Immediately paid and indorsed
thereon; and the remainder in such INSTALL
ments, as the directors from time to time re-
CURED for the payment OF losses and other
expenses, to be assessed on all who are mem
bers when such losses or expenses happen, in
proportion to the amounts of their notes.
Provided, that a mutual company which col
lects a cash premium of not less than the
tariff rate charged by stock companies may
take premium note for an equal amount and
such companies shall maintain premium
reserve equal to fifty per cent of the cash
premium on its policies in force. A married
woman may insure her property and give her
note, with or without her husband and it shall
ried. No domestic mutual insurance COM
pany shall insure i'll one risk an amount ex-
ceeding twenty five per cent of its gross assets,
including the amount at any time due on its
premium notes.
SECT. 3S. Any ten or more persons, resi-.
dents OF the state, associated by such an agree
ment IN writing as is hereinafter described,
with the intention of constituting a corpora
ton for the transaction of insurance business
shall, upon complying with section forty-six,
become and remain u corporation with all the
powers, rights and privileges and be subject
to ali the duties, Liabilities and restrictions set
forth In all the general laws relating to insur-
ance corporations. Corporations may be or
ganized as herein provided, upon the stock or
mutual principle for the following purposes:
/. To insure against loss or damage to
properly by fire, lightning OF tempest on land.
III. 10 insure vessels, freights, goods,
money, effects, and money lent ON Dottomry
OF fespondentia, against the periIs of the sea
and other perils usually insured against by
marine insurance companies, including risks
OF inland navigation and transportation.
Ill. To insure against breakage or damage
to plate glass, local or in transit.
Corporations may also be organized as here
in provided, upon the stock principle, only,
for the following purposes:
~. To insure against loss or damage TO
property OF the assured, or loss OF damage to
the life, person, or property of another for
which the assured is liable, caused by the eX-
plosion of steam boilers
v. To insure amy person against bodily
injury or death by accident, or any person.
firm or corporation against loss or damage on
account of the bodily injury or death by acct
dent of any person from which loss or damage
| said person, firm OF corporation is RESPONSE
| BILE.
| VI. To insure the owners of domestic ami
mails against loss resulting from the death of or
| injury to the animals insured.
SECT. Al. No policy shall be issued by a
purely mutual company until applications
have been made i'll good faith, for insurance
/ to the amount OF fifty thousand dollars, and
no policy shall be issued by Il stock company
until its capital stock has been paid in, in cash,
and invested as provided in section eight.
SECT "a. An insurance commissioner,
whose Office shall be at the state capitol, shall
be appointed by the governor and council, and
shall hold his office for three years unless
sooner removed, bat shall not at the same
| time be examiner of banks. He may admin
lister oaths in the performance of his official
duties, in any part of the state at any time.
| He shall keep a correct account of all of his
! doings, and of all fees and moneys received by
\ him by virtue of his Office, pay over the same
to the treasurer of the state quarterly, and at
the same time settle his account with the gov
erner and council. He shall give bond to the
treasurer. in the sum of five thousand dollars,
for the faithful discharge of his duties. He
may with the approval of the governor and
move, q deputy commissioner who by virtue OF
such appointment, shall be and perform the
duties of chief clerk OF the department. and
who shall receive an annual salary of one
thousand dollars In the event of u vacancy
in the office OF commissioner or during the
absence or disability of that officer, the deputy
commissioner shall perform the duties of the
Office.
SECT. p. No foreign insurance company
shall transact any insurance business in this
state, unless it first obtains a license from the
commissioner. Before receiving such license
4 it shall furnish the commissioner with,
/. certified copy of its charter and by
laws.
III. A statement, under oath, signed by its
president or secretary, showing its financial
Icondition according to a form supplied by the
commissioner.
III. A power of attorney appointing the in
surance commissioner of Maine, to be the true
and lawful attorney of such company i'll and
for this state, upon whom all lawful process
in an action orproeeeding against the compa-
ny may be served with the same effect as if the
company existed in this state. Said power OF
attorney shall stipulate and agree on the part
4 of the company, that any lawful process
against the company which is served on said
attorney shall be the same i'll legal force and
validity as if served on the company, and that
the authority shall continue in force irrevoca-
Bile so long as any liability remains outstand-
ing against the company in this state. GER
tificate of such appointment, duly certified
and authenticated shall be tiled in the office OF
said commissioner and copies certified by him
shall be received in evidence in all courts OF
this state. Upon receiving the papers herein
enumerated the commissioner may, if he
Il deems it advisable, grant license authorizing
4 the company to do insurance business in this
/ state by constituted agents resident therein
Il subject to its laws until the first day of the