The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-02-26
GENERAL LAWS
lcontInuea From l1th Pagel.

RCSN
set out in section first of this act.
Section s. Be 1t further enacted, That no
foreign corporation or association doing the
business of life insurance upon the mutual
cooperative or assessment plan shall here
after be permitted or licensed to do busi-
ness in this state until it shall satisfy the
Insurance commissioners that it has no de-
post with the proper authorities in the
state or county of its incorporation like
amount as would be required under the
terms of this act, which is held by said
authorities in trust for the benefit and pro-
lection of, and as security for the policy
holders of such corporation. their legal rep
resentatives and beneficiaries. or having in
deposit with the proper authorities of the
state or county of its Incorporation, 1t shall
be required to make deposit with the insur-
ance commissioner of this state as required
by this act of like corporations, Incorporate
ed under the laws of this state. Provided,
that If after making deposit with the insur-
ance commissioner of the state, under the
terms of this act and such corporation de-
sires to remove such deposit to the insur-
ance department of some other state of the
United States, whether such corporation
was originally Incorporated under the laws
of said state or whether having been orig
inally Incorporated under the laws of this
or some other state or county, 1t has been
re-incorporated under the laws of the state
to which it desires to remove said deposit,
the said Insurance commissioner shall per-
nit said securities to be transferred to the
insurance department of said state II the
laws of that state permit or require de-
posits to be made with said department
equal or exceeding the amount of the de-
post required in this act; but In such
event. before transferring said securities TO
the Insurance department to said other
state, the insurance commissioner of this
state shall require said corporation to file
with him a certified copy of its charter III
said other state, and shall require proof to
be made, satisfactory to him, that said
corporation has outstanding in this state
against it no past, due and unpaid claims,
and If such unpaid claims exist he may hold
In his hands sufficiency of such securities
to pay the same
Sec L. Be 1t further enacted, That every
policy hereafter issued by any such corpor-
alton, company or association doing busi-
ness in this state whether domestic or
foreign, promising any payment to be
made upon contingency provided for In
said policy. shall specify the sum of money
which 1t promises to pay upon each con-
tingency insured against, and the number
of days after satisfactory proof of the hap
pening of same on which such payment
shall be made. Upon the occurrence of
such contingency, unless the contract shall
have been avoided by fraud or breach of its
conditions, the corporation shall be obliga-
ted to the benefciaries or insured for such
payment at the time and to the maximum
amount due under the policy. If the insur-
ance commissioner shall be satisfied, upon
investigation, that any such corporation
has refused or failed, after proper demands,
to make such payment for sixty days after
final judgment has been obtained upon such
claim, he shall notify the corporation to
issue no more policies until such indebted
ness is fully paid; and no officer or agent of
the corporation shall make, sign or issue
any policy of insurance while such notice Is
in force.
Sec. 5. Be it further enacted, That no per-
son shall incur any personal liability for
the losses or liabilities of any such corpor-
alton, company or association organized
and doing business under the laws of this
state by reason of being a member or poll
cy or certificate holder in such corporation
Sec 6. Be it further enacted, That when
any such corporation chartered under the
laws of this state shall desire to relinquish
its business, the insurance commissioner,
shall on application of such corporation I'M
der the oath of its president or principal
officer and secretary or actuary, give notice
of such intention in the paper published In
Montgomery in which legal notices are re-
uuired by law to be published, at least once
a week for six months. After such publica-
ton he shall deliver up to said corporation
the securities held by him belonging to 1t,
upon being satisfied by an exhibition of the
books and papers belonging to such corpor-
atoms, after an examination made by him.
self or by some competent person to be APP
pointed examiner by him, and upon the
oath of the president or principal officer,
and the secretary, OF actuary of said cor
poration, that all its debts and liabilities
of every kind are paid and extinguished
that are due and may become due upon
any contract or agreement made by said
corporation. The insurance commissioner
may also from time to time deliver up to
such corporation or its assignees any por-
ton of such securities on being satisfied
in the manner and form hereinafter re-
that all the debts and liabilities of every
kind that are due or may become due on
less than the amount or proportion of such
securities which he shall still retain.
Sec. Z. Be 1t further enacted. That all
such corporations companies or assoca-
tion having no capital stock. but paying Its
policies from dues and assessments or pre-
miums collected from its members shall
not be subject to the provisions of section
25s3 of the Code of Alabama for 1896.
Sec. 8. Be it further enacted, That pro-
ceeds of policies of insurance issued under
the terms of this act, shall be exempt from
legal or equitable process in all respects
as provided in section 26o7 of the Code of
Alabama for 1896
Sec. 0. Be 1t further enacted, That the
terms of this act shall not be construed to
apply to fraternal organizations paying
benefits to its members and doing business