The Appeal. [volume] (Saint Paul, Minn. ;) 1889-19??, 1899-04-29

COtnQanleS VINO insure plate glass may
one. hundred thousand dollars. Com
panies SO formed insuring marine inland
risks upon the stock plan shall have a
fap1a net less than tive hundred
Tor the transaction Of fire. insurance on
the stock plan or fidelity insurance or
accident insurance or steam boiler insur-
one hundred thousand dollars. Companies
70 insure lives on the stock plan shall
dave capita tai Ct not less than one hun
insure bicycles against loss from theft
shall have capital OF not Hess than TWEEN
ty,hve Thousand dollars. B S s.,s,. ar
Of the General Laws Of the state Of Min,
e read follows os Sec e So & Te eap 81
months from the date Of Charter Gr' or cer.
tlhcate OF organization and no certificate
ol Iuil SHARES and no policies shall be
issued until the whole capital is paid in;
provided. however, that a company or
ganized to insure bicycles against loss
IRON theft shall have its entire capital
subscribed within six months from the
tion and shall be authorized to transact
Its business when not less than ten thou
sand dollars Of its authorized capital shall
A majority Of the directors shall certify
an oath that the money has been paid by
s ne rs sto a;d tor their respective
s snait, at az enc same IS held as the
The capital stock and accumulations Of
any insurance company Of this state shall
OF the United States or national bank
stock or misunderstanding bonds Of this
s states or 81 any other state Of the United
OF, This state or any other state Of the
United, States, having legal authority to
issue IS the same, at their market value, or
or bonds issued under the laws Of this
state or any other state of the United
States at their known market value, or
cages Of unincumbefed real estate in this
or any other state. Of the United States,
worth at least twice the amount loaned
thereon, exclusive Of buildings, except
policies duly assigned as. additional Sc
curlty; or loaned on pledges of any of
the securities named in this section; pro
value Of such pledged securities shall be
at all times during the continuance Of
such loans at least twenty per cent more
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 invest
the evidence of the debt shall accompany
the mortgage or deed Of trust
81 se &C. = S That section Y Of chapter l75
nesota fol. the year 1895 be amended so
as to- read as follows: Sec. r. No for
e 1sag14 insurance 1 company shall be SO ad-
til 1t shall deposit with the insurance
commissioner a certified copy of its char
ter or articles Of Incorporation and a
statement OF ITS, financial condition and
business, IN such form and detail as he
may require, signed and sworn to by its
president and secretary or other proper
officer :o and - shall ray tor the fling Of
for the filing. of such statement the sum
secoadS1 F0 shall satisfy the insurance
commissioner that it is fully and legally
organized under the laws Of its state or
government to do the business it pro-
poses to transact; that it has, if a stock
company, a fully paid UP. and unimpaired
not less than is required of similar com
panies formed under the provisions of
organized to insure bicycles against loss
from theft shall have capital of not
less than twenty-five thousand dollars
pSs Rsd WITH III dba a and
er OF the state where such company is
organized; and, If mutual company
other than life, that it has net cash as
companies on the stock plan,. that such
capital or net assets are, we'll invested
and immediately available for the pay
insures on any single hazard sum no
larger than one-twentieth of it's cap
ttal !. and surplus, If engaged in life,
IRE or marine insurance, and except that
business OF fire insurance under the laws
OF some other state of the United States,
It snail be. so admitted and authorized
to DO business In this state upon the filing
dence ct that fact, together with sworn
statement OF Its financial condition, show
Ing that It has on its books no less than
seven hundred and fifty thousand dollars
Of insurance in force, on which the pre-
MUM has been paid covering no less
than three hundred separate risks. and IS
losses incurred and to provide for re-
insurance reserve as required by section
eleven Of this act: .'-
+11 a. s, shall by duly executed in;
appoint the insurance commissioner or
his successor its true and lawful attor-
ney upon whom all lawful processes in
may be served, and therein Shall agree
that any lawful process against it which
may be served upon its said attorney,
snail be OF the same force and validity as
the authority thereof shall continue In
force 1rrevOcable so long as any liability
t Of the e. company GO remains outstanding in
The service of such process shall be
made by leaving the same In the hands
or office Of the commissioner Copies Of
such instrument certified by the commits
thereof, and service upon such attorney
shall be deemed sufficient service upon
the principal.
Fourth-It shall appoint as it's agent
or agents in this state some resident or
residents thereof. -
Fifth-It she'll obtain from the insur-
haee con1ad a certificate that It
and Is authorized to make contracts of
insurance. ,..5 -. ~
Sec: 4 That section 81 Of, chapter a75
OF the General Laws Of the State of Min
nesota for the year 1895 be amended SO as
to read as follows: =. '"
Sec. 81. No company in this state other
fn., flrs, marine or fire and marine, hail,
farmers mutual or real estate title in
surance companies, shall do Insurance in
this state unless it has on deposit with
the insurance commissioner. Of this state
stocks or bonds Of this state e or Of the Ss
United States, or bonds Of any Of the
m IHais Of this state, or personal
real estate within this state, worth, ex-
elusive Of buildings, the amount of the
lien and bearing interest of not less
tham three e. per cent per annum, to an
which, exclusive of interest, shall never
be less than one hundred thousand dol
lars Except in case of companies organ
theft the amount Of such deposit Tor
such companies shall never be less than
ten thousand dollars) which stocks, bonds
or mortgages shall be retained by the
insurance commissioner and be disposed
Of as directed by law.
Provided, however, that the deposit Of
mortgages NOR on real estate. shall not ex-
ceed the amount of fifty. thousand dol
lars AS long as any policies Of the de-
posting company remain in force. the
insurance commissioner shall Hold the
said deposit as security for all holders 81
In o1rro
company of any other state Of the United
States in which the provisions of law
contained ~ this act shall be in force,
may ME with the Insurance commissioned