New Ulm review. (New Ulm, Brown County, Minn.) 1892-1961, 1895-05-22

O.
ments TOR publication snail be nlaue out on
DlankSp furnished by the Insurance commits
sioneI and under his direction. and the
Insurance. commissioners certificate OF au-
Ihorlly TO 90 business IN this state shall
" .puDilsneu ~ connection With said state
Inent OF each company doing business in
'n pra s,i, af +,on - rho
aMuaVltS OF inc lacT, snail De nlede with the
insurance commissioner in all cases.
". case ssuch statement Is not publlsnea
by the company Or its agent, and proof of
publication tiled as required witnin sixty
Gays from lhe Gate OF Hing the statement
W. ta SUI commissioner Il snail
pe 4Lhe duty OF the insurance commissioner
10 ~ IA .ne siline punnshed as proVldeu "a
salu correct lne cost OF salu
sec t1G 10 mia Ina wfn Fan
i,,,. nc q.
~ n ~ lits state u
a,,d For ; 30, Any WHY
nnrchasa Ni,oId 81 nI ~
this io,u Un ieil
manner and time fnIio,rinr. ai-A : = '1e
i. Such as it has lerefofore acquired or
may hereafter acnnirel WHIT nnv vir inco VT
porated city for purpose of IMPROVEMENT: or
. 3 Snch nc shalI I,o1,o 49,, -, ,rtera -n5 ~
it in good faith byNtway Of security for
loans previously contracted or for money
due; or Is
3. Such as shall have been convened to
1t in satisfaction of debts previously con
tracted in the course Of its dealings: Or
A. Such as shall have been purchased at
sales upon Judgments, DEGREES on mort
cages obtained or made for SUCH debts.
Real estate lawfully acquired as aforesaid
under subdivisions 8 and 4 hereof eX
cept such as has been heretofore or may
he hereaft er acnI,ired within an incornnrat
ed city under said subdivisions shall be dis
posed Of within i've (5l years after the
company acquired title to the same, unless
the insurance Commissioner that the inter
ests of the company will suffer materially
by forced sale thereof, and extending the
time Of the sale to period fixed in said
. I .z.%F 80. q .
Sec. e. Foreign insurance companies,
upon complying with the conditions herein
set forth applicable to such companies,
may be admitted TO transact in this state
by constituted agents resident therein any
class OF Insurance business authorized ny
the laws of this state. subject TO all gen
eral laws now or hereafter in force relative
to the duties, obligations, prohibitions and
penalties of insurance companies, and sub
Ject to all laws applicable to the transac-
ton of such business by foreign insurance
companies and their agents; provided, that
no provision of law which by it's terms
applies specially to domestic life Insurance
companies co snail thereby become applicable
TO foreign life insurance companies.
Sec. II. No foreign insurance company
shall be so admitted and authorized to do
business until it shall deposit with the in
surance commissioner q certified copy of its
charter or articles Of Incorporation and
statement of its financial condition and bus
mess, IN such form and detail as he may
dent and secretary or other proper officer.
and shall pay for the filing of such copy
the sum of thirty dollars and for the fling
of such statement the sum of twenty dol
lars.
Second-It shall satisfy the insurance
commissioner that it is fully and legally
organized under the laws OF it's state or
government to do the business it proposes
to transact; that it has, if stock company,
fully paid up and unimpaired capital,
exclusive of stockholders obligations of
any description, of an amount not less
g,
panies formed under the provisions of this
act; and, if mutual company other than
NE, that it has. net cash assets equal to
the capital required of like companies or
the stock plan; that such capital or ne
assets are well invested and Immediately
available for the payment Of losses in this
hazard a sum no larger than one.tWentieth
Of its capital and surplus, il engaged in
life, ire or marine insurance, and except
business OF fire insurance under the laws
of some other state of the United States,
it shall be so admitted and authorized to
90 business in this state upon the filing
with the Insurance commissioner of evil
dence OF that, fact together with sworn
statement Of it's financial condition, show
a 1n S 4 books no less
Of insurance 1an nee in force on which the premi-
t unl mas neen PAID. covering no less than
dnree hundred separate risks, and is in pos
SESSION OF cash assets TO pay all losses In
st Th;r as requlred ny section IL OF this act
Inlru-it snail pc "A duly executed in
stiuMent n!ed IN his office constitute and
appoint the insurance commissioner or mis-
successor IT'S true and lawful attorney upon
WhOm an lawful processes in any action
OF Greg Iegai proceedings against it may be
served, ana therein shall agree mat any
laWfn! process against it which may be
served upon its said attorney shall be of
the same force and validity as if served
upon the company, and that the authority
CnorpOf h1n
so long as any liability of the company
remains outstanding in this state
The service of such process shall he made
by leaving the same in the hands or office
OF the commissioner Copies of such in
strument certified by the commissioner
SHAH be deemed sufficient evidence thereof,
deemed sufficient service upon the principal.
FOurth-lt shall appoint as it's agent or
agents IN this state some resident or resi-
dents thereof.
hifth-lt shall obtain from the insurance
commissioner certificate that it has COM
piled with the laws of this state and is au-
thorized to make contracts of insurance.
Sec. IS. Such foreign company ii incor-
porated or associated under the laws OF
any government or state other than the
United States or one of the United
States Shall not be admitted until
besides complying with the conditions
of section seyentyeieht it has made
a deposit with the treasurer of this
stare or with the financial ntticar If some
other state of the United States. of :: sum
not less than the capital reuuired of like
companies under this act Such denosit
must be an exclusive trust for the benefit
and security of all the company's policy
holders and creditors in the United States
and may be made in the securities but sub
Ject to the limitations specified III section
thirty-two of this act, and such deposit
shall be deemed for all purposes of the
insurance laws the capital OF the company
making It,
Sec. %. NO foreign insurance company
hereafter admitted TO do business in this
state shall be authorized to transact more
than one kind or class Of insurance therein.
domestic np