New Ulm review. (New Ulm, Brown County, Minn.) 1892-1961, 1899-04-26

a snd hernsns ny
30 incorporated
ii fsrce rom ana s after ra Il ,sss
. Approved April 11st. IN.
CHARTER ssz-H. y. NO, ass
AN ACT to amend chapter one hundred
and efghty-six uS6l OF the general laws
sishfy9nvs 1ss55. eatinsd, All ect s -.
thorizinG the formation of companies
for mutual Insurance against loss;
ana damage by hail, tDfnaxlOes, cyclones
and hurricanes. al amended by chapfer
one hundred and four GOO Of the gem
ey laws f e eighteen hundred and nine
Be - enacted by the Legislature of tho
State OF Minnesota $500
section That section seven "a 81
OF the general laws OF ths year eig hfeen
Mundred and etghty-f1ve 1856. be and
the same ls hereby amended SO Is to read
& Sec; Such corporation before COM
msncing Its business shall prepare and
aGapt BYLAWS which shall prescribe the
ana directors the manner, time and
place Of electing them, the territory to
which Its business shall. be confined the
business. and such other rules and reRrI-
dallons as may be deemed essential TO the
government Of the corporation and the
nanageInent Of Its affairs.
Such bylaws shall not be SO amended
az lo increase the salary or compensation
oI the dlrectors or any officer or to
business OF the corporation is confined.
except by majority Vete Sof all the
members present at the annual meeting
pc otherwise amended, changed. Suspend
ed OF repealed, except IN The manner
therein set forth, and q copy Of the Same
shall be Forwarded to the Insurance com
missioner for his approval. and In case he
approves the same, he shall file ana safe
11r7p
Sec. 2. That section nine fs1 Of said
chapter one hundred and e1ghty-sfx (le6)
as to read as follows: a
Sec. > Every holder Of policy of such
'n anana during the tine said policy is
OF the corporation: he shall have the
right while such policy is IN force, to
participate In the meetings Of It's mem
Ders and IN the election OF Its directors
and shall be eligible to election to any
ofnce IN such corporation, He shall be
liable liable to the tn coTporation for his Pro rata
tornadoes. cyclones and hurricanes, sus-
tanned by any other member holding a
also for his pro rata share OF the ex-
penses OF the management of the business
or such corporation, and shall be bound
py ana subject to. the bylaws of such
Provided, however, that It shall be un-
lawful Tor sny member OF such corpora
SAoAi ~ a0A0OAAAS Ely pEISOlls VOl6
for him by proxy unless the person SO
authorized is resident Of the same
county as the member giving the proxy.
and secretary may each hold twenty-five
l261 proxies, regardless of the place Of
their residences No person shall hold
time, and no proxy shalt be valid :or
more than enc % year from It's date.
e Provided further, that every applicant
surance company doing business IN this
state, shall receive q copy of the bylaws
of the company to which he applies for
such application. 8.
Sec. 8. That section ten (1e} of said
chapter one hundred and eighty-six (l8S1
pc ana the sameis hereby amended SO as
Sec 10. The cerporttion shall in and
by Its bylaws provide for the manner In
and the terms and conditions thereof;
the time and manner in which losses by
1t sustained under its policy OF insurance
shall be determined, proved, adjusted and
paid, and fix the limit OF liability OF the
assured not to exceed five % per cent on
the amount Of Insurance.. Said corpora
ton may in and by It's bylaws provide
for guaranty fund, and whenever tho
the hail department in any one year shall
exceed the net amount collected from q
Iull assessment duly made IN that year,
there, may sbe taken from \ y guaranty
Iuad OF the company suffc1k sum to
pay all losses and expenses inSs,u, not
exceeding however, seventy-five M per
cent OF such fund; provided, that h the
amount thus derived shall not be SUM
cient to pay all losses in fun then tho
same shall be paid pro rata, and such
payment shall be in full OF same. The
bylaws OF said corporation shall provide
for the time and manner In which assass-
Enents shall bs made upon Its members
Tor their respective pro rata share of all
iosses, expenses and guaranty fund; and
the time. manner and place In which, and
the person to whom such assessments
shall be paid. It shall In and by its by
laws fix ths compensation or officers to "a
certain stipulated salary, ard the pay
ment OF any commissions to such officers
IN addition thereto shall be prohibited
1t shall also In and by Its bylaws provide
such other regulations, terms and condi-F.
lions as may be necessary for effectively
and fully carrying out its schemes of In
surance; and the bylaws in force at tho
time OF the date OF any policy Of insur-:
#ance issued by such corporation shall
have the force and effect Of law in the
determination OF all questions and claims
arising under such policy between the
holder thereof and said corporation and
If such company shall fall to pay all le-
g1timate losses, said company shall DO
deemed to be 1nsolvent, and the 1nsur-
ance commissioner shall be empowered to
proceed against the same In the same
manner as provided by law against irsol-
vent companies.
said chapter one hundred and eighty-six
QS6), as the same Is enacted and added
to said chapter by section four az Of
chapter one hundred and four 600 Of the
ninety-three l1ssSo, be and the same Is
hereby amended to read as follows. ~
sec. II. The commissioner of Insurance.
Is hereby authorized and empowered e
address any inquiry to such corporation,
or to the secretary thereof In relation TO
It's do1nsS OF condition, or ray other mat
ter connected with It's transactions. and
It shall be the duty Of any such corp
on 50 a. ADDRESSED e,eS T. reply promptly IN
ton or any officer thereof to whom any
letter Of inquiry Is addressed, shall Wilt
fully neglect or fall to make a full and
true report in response to such inquiry.
as may relate to Its manner OF doing bust
ness, or to other matters connected with
or relating to Its business transactions, or
It said corporation shall carry. on Its bust
ness In fraudulent extravagant and
unsafe manner; and so as not to afford to
it's policy holders protection against loss
or damage to their crops, or lie said cor
poration violates the provisions OF Its by-
laws, or any OF the provisions OF this act.
said commissioner OF Insurance shall te
empowered, and IS hereby authorized to
revoke the authority OF said corporation
to do business In this state. and, when
ever the insurance commissioner shall
have reason to doubt the solvency OF any
such corporation, or IL the insurance com
missioner shall have reason to believe
that any such corporation is doing busi-
ness contrary to any Of the provisions OF
this act, he may, at the expense of such
corporation, cause an examination Of It's
boozsI and papers to be made, and II In
his judgment such examination estab-
fishes the fact that such corporation rs
not financially sound. or Is conducting
any OF the provisions OF this act, he shall
institute or cause to be Instituted the