The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-05-03

) teen nundred ana elgnty-nlne SIoo5), pc
and the same is hereby amended so as to
| read as follows:
| Section 1. 1t shall be lawful for any
| number of persons not less than twenty
| this state, who shall collectively own
| property of not less than fifty thousand
| 100000 dollars, to form themselves into
| a company or corporation for mutual in
surance against loss or damage by fire,
| or lightning; they shall organize by adopt
| ing articles Of Incorporation which shall
contain the name OF the corporation; the
general nature Of it's business; the ter
| ritory in which the company may do bust
ness; the qualifications Of numbers; the
| method of providing corporate funds; the
| sons the management of the affairs Of
| such company shall be placed and when
the same are elected: the date Of the an
mencemcnt of the company and the
period Of its continuance.
| Such articles shall be signed and ac-
knowledged by the persons adopting the
same in the manner by law provided for
| the execution of deeds. Amy corporation
| so formed may sue and be sued, contract
or be contracted with; plead or be i'm
| possess the usual powers and duties of
| corporations.
The words adjoining towns" as used
| IN this section, shall be held to mean not
,, only the towns Immediately adjoining the
! town in which the business office Of the
! corporation is located, but the towns
| at their corners.
And any company heretofore or here
AFTER organized may and is hereby au-
s snorized to receive applications for in
| property situated in any county in por-
tons of which such company is now, or
may hereafter be, authorized to do BUSH
ness provided. that no company here
under shall be authorized to do business
| in more than fifty 600 towns, and all acts
or portions of acts inconsistent herewith
are hereby repealed.
| eighty-three 1888 of the general laws of
| eighteen hundred and seventy-five (lS75),
| pc and the same is hereby amended so as
! TO read as follows:
Sec =. Every company so formed shall
choose of their number not less than five
t3) nor more than nine 60 directors to
| manage the affairs of such company, who
s apd ,a n2Iu thelr office for one % year,
ana until others are elected; and such di-
rectors shall chnose one of their humber
| a president, vice president and a secre-
tary; they shall also choose a treasurer,
VINO may or may not be a member of said
board, but shall be a member Of the COM
pany. And the said treasurer shall give
ponds, to such company, in such sum as
rne aireetors shall determine, to be ap
and such directors may authorize said
treasurer to loan, on first mortgage real
estate securities, such sums of money in
ms hands as they may determine, or au-
thorlze him to deposit any or all sums of
money in his hands as such treasurer in
such bank or banks as they may de-
signate.
Sec: 3. That section three go of chap
ter eighty-three (S3) of the general laws
eighteen hundred and seventy-fve (1s75),
to read as follows:
Sec s. The directors Of such company
snail file their articles Of association, to-
ssther with a copy of their bylaws in the
once ounce OF the insurance commissioner, who
!
plylhg with the provisions of this chap
ter a license to do business, whereupon
Sd an9 + Shall be TO- do
their proceedings in a book to be kept for
that purpose, together with the names of
al persons insured, and the amount each
Rers a Is insured, which record shall be
Kept open for the inspection of all the
mh nnt af of Of i such company, from the
o,fiock p m. of each secular day. the es-
tabllshed holidays excepted.
Sec. 4; That section six Co. of chapter
eishty-three (SO of the general laws
eighteen hundred and seventy-five QS75),
as amended by chapter seventy-nine as
| of the general laws eighteen hundred and
elghty-seven QSSD, and by section one
~ or chapter nlnety-f1ve (95) of the gen.
era 1 laoos> eighteen hundred and ninety
one (!S9l), be and the same is hereby
amended SO as to read as follows:
sec. b. Every number Of such company
VINO may sustain loss or damage by fire
or lighting, shall Immediately notify the
secretary of such company, who shall
either forthwith convene the directors of
said company, whose duty it shall be,
When SO convened to appoint commit
Tee OF tnfee ~ members of such company
OF which committee the secretary of said
company shall be ex-officio member, to
ascertain the amount of such loss and
1he circumstances of the same, and who
snail nave power to call and examine
such persons as witnesses as they may
deem mt in relation thereto, and the sec
rotary shall have authority to administer
oaths to the persons SO called and ex-
ahmed. or ii the bylaws of any company
so provide. the secretary of such company
may. instead of converting said board and
ascertain the amount of such loss in the
same manner and with the same author
1ty as such committee.
And in case of the Inability Of the
partes TO agree upon the amount of such
damage: the claimant may appeal to the
judge of the district court of such county.
whose duty it shall be to appoint three
~ dlslnterested persons as a committee
OF reference, who shall have full author
ity to examine witnesses and determine
All matters of dispute, who shall make
their the award in writing to the president or
which award thereon Shall fbe be final.
The said committee of references
shall each be allowed the sum
days service so rendered. and the sum Of
five % cents per mile for every mile nee
eSsarily travelled in the discharge of such
duties. which shall be paid by the claim
ant together with the fees of any wit
nesses that may have been called by the
company. unless the award OF such COM
mittee shall exceed the sum offered in
liquidation Of such loss or damage, in
which case said expenses shall be paid by
the company.
Provided, that in cases where the claim
for loss SO presented does not exceed the
sum OF three hundred 5000 dollars no
meeting Of the directors nor appointment
of committee shall be requisite, but the
amount of such loss may be ascertained
by the president or secretary or BOTH
with the same right of appeal as herein
before provided for.
Sec. 5. That section seven CO of chapter
e1ghty-three (SO OF the general laws eigh-
teen hundred and Seventy-five 0S75) be
and the same is hereby amended so as to
read as follows:
Sec Z. The companies formed under
the provisions of this act may classify the
property insured at the time of issuing
the policies thereon under the different
rates, corresponding as nearly as may be
to the greater or less risk from fire and
loss which may attach to each several
buildings or personal property insured.
Whenever the amount of any loss shall
be ascertained which exceeds in amount
the cash funds of the company, the pres
ident or secretary shall convene the di-
rectors of said company, who shall make
an assessment upon all property insured
to the amount for which the property in
pany shall pay, to cover all unpaid losses,
taken in connection with the rate of pre-
MUM under which it may have been class
flied; or said board of directors may bor-
row money not to exceed two (2) mills
on each dollar of insurance written by
such company and then in force, and
from the funds so received pay said losses
when so determined as aforesaid; and said
board shall at such times as it deems best
make assessments to pay such loans in
the same manner as assessments are
levied to nav losses, And If the reyenl1e
for the payment of the expenses of such
corOnapV he Insufficient fha amount of