The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-04-19

} surance commissioner may reject any name OF
title when in his judgment 1t too closely re-
sembles that of any existing company, is
likely to mislead the public.
f sfs 3 Acknowledgements OF ART
AI4-CERTIFfCArE TO Insurance
COMMISSIONERS subscribers of said ar
tlcles OF Incorporation shall acknowledge the
same before some person empowered to take
acknowledgment of deeds, and forward the
same to the insurance commissioner who shall
in case he approves of the title OF the pro-
posed company, submit said articles of incor-
poration to the attorney general for examina-
ton, and if found by the attorney general to
be in accordance with the provisions of this
act. and not inconsistent with the constitu-
| ton OF this state. and of the United States he
snail certify the same back to the insurance
COMMISSIONER with his approval endorsed there
on. who shall file the same in his office
cS SEp: H 4 CHOOSING n2s OFFICERS STOCK
CRIPTIONS--MUTUAL4 COMPANIES OPEN
BOOKS FOR APPLICATION.-The subscrib-
ers to said articles of Incorporation shall
choose from their number a president. a Sec
rotary, treasurer and such number OF direc-
tors, not less than FIVE as they may deem adj
Slsaple, who shall continue in office until the
nrst annual meeting of the stockholders or of
the insured II mutual company and until
Ihelr successors are duly chosen and quail
neo as hereinafter provided. In case stock
company Is TO be organized, they shall open
books for the subscription of stock in the
company at such times and places as they
snail deem convenient and proper, and shall
Keep the same open until the full amount
speclhed In the articles Of incorporation is
supscrlpeo. In case mutual company is to
ce organized Tor any of the purposes mentioned
In this act the subscribers to the articles of
incorporation shall open books to receive ap-
plcatlons TOR insurance at convenient times
and places, and keep the same open until ap-
pllcations for insurance have been obtained in
sufficient numbers and amount to comply with
Sec. s. CAPITAL STOCK AND IT'S IN
YES HESTM dE - DEPOSIT WITH STATE
INESS-LOANS TO stockton. DERS OR OF
FICER-PAYMENTJ OF STOCK SUBSCRIP-
TIONS-LIEN ON STOCK--Stock Companies
organized under this act shall have not less
than one hundred thousand dollars (S1OO OOO)
or capital stock subscribed fifty per cent Of
Whlch snail be paid up and invested in bonds
OF the united States, or of this state, or Ger
t1heates of deposit of any solvent bank or
trust company, or in bonds and mortgages upon
unlneumhered improved real estate in the State
OF Minnesota worth at. least double the sum
loaned thereon Qf buildings are considered
as part OF the value of such real estate they
must De, and be kept insured for the benefit
OF the mortgagee), twenty fve thousand dol
lars or which said securities shall be deposited
WIN WIN ene STATE treasurer, and upon said de-
ance commissioner that the capital stock Of at
least one hundred thousand dollars ($1OO, OO0)
Is all subscribed in good faith, and fifty per
cent thereof paid in by the subscribers Of
said stock, and invested as herein prescribed
he shall issue to said company a certifcate
auunoflzlng SAID company to do business. But
no part of the fifty per cent aforesaid shall
be loaned to any stockho1der or officer Of the
be paid within two years Of the time of the
subscription, in such sums and at such times
as the directors or trustees OF the company
may direct, and the unpaid balance shall be
secured by the notes of the stockholders OF
said company. The company shall have a
hen upon all stock for any sum unpaid there
SEQ. 6. MUTUAL COMPANIES DEPOSIT
WITH STATE TREASURER--Comp or
ganIZed under this act upon the mutual plan
shall, before issuing any policies, have actual
applications on at least five hundred tndivtd-
ual lives for amount of not less than
one thousand dollars each a list of which ap-
plieations. giving the name age, residence
amount OF insurance and annual premium Of
eacn applicant, shall be filed with the insur-
ance commissioner, and a deposit made with
the state treasurer of an amount equal to
three-flfths Of the first annual premium On said
applications, AIT. &c. less than TWENTY-FIVE
thousand dollars in securities as required by
the last preceding section, and ON compliance
with said provisions, the insurance commits
sfoner shall issue to said company a certificate
authorizing said company to do business
Sec T. CORPORATE POWER.-A corpora
ton organized or doing business under the
provisions of this act shall. by the name adopt
ed by such corporation in law, be capable OF
suing or being sued, and may have power to
make and enforce contracts in relation to the
business of such corporation, may have and use
g, common seal, and may change or alter the
same at pleasure; in the name OF the corpora
tioli, association OF society, or by trustee
chosen by their board of directors, shall in law
be capable of taldng purchasing. holding and
olsposlng OF real and personal property for
carrying into effect the purposes of their or
ganization, and may, by their board of direc-
Tors, trustees or managers, make bylaws and
amendments thereto not inconsistent with the
constitution and laws of this state or OF the
United States, which bylaws shall define the
manner Of eleeting directors, trustees Or man
ayers, and officers Of such corporation, and the
qualifications and duties of the same. with
qualifications and privileges of the members
and policy holders thereof. Any such corpora
ton shall also have all the powers, rights,
privileges, immunities and franchises con-
TERED by this act, together with all impli ID
powers necessary or convenient for the exc
cution and exercise thereof and the ordinary
and incidental powers of insurance CORPORA
tionS.
Sec. s. ANNUAL sTATEMENT-FoRM OF
dent and secretary or actuary, or majority
OF the trustees or directors Of each company
organized under this act, shall, annually, on
the first day Of January, Or within sixty DAYS
thereafter, prepare under oath and deposit in
the office of the insurance commissioner a
statement of the condition Of such COMPANY
on the 31st day Of December OF the preceding
year, showing
l. First-Name and where located.
l. The names of the officers.
company.
s. The amount OF capital stock paid in, If
stock company.
Second-Assets
l. The value of real estate owned by such
company. ,.--. =,
2. The amount of cash on hand
D. The amount of cash deposited in bank
Or trust companies, giving names OF bank
f. The amount Of unreported and deferred
premiums.
. 5. The amount Of stocks and bonds of the
United States, and all other bonds giving
names and amounts, with the par and mar
ket value of each kind
b. The amount of loans secured by first
mortgage on real estate.
4 The amount Of all other bonds and loans
and how secured, with the rate of interest.
8. The amount OF loans secured by lien on
policies in force.
8, The amount of notes given for unpaid
stock, and how secured.
10. The amount Of interest due and unpaid
IL. All other assets.
Nhird-Liabilities.
l. The amount Of losses due and unpaid
z. The amount of losses adjusted but not
dSa.
5. The amount of losses unadjuyted.
4. The amount of claims for losses resisted
o. The amount of money borrowed.
g. The amount required to safely reinsure
can Experience Table of Mortality, and four
per cent interest per annum, or the Actuares'
combined experience Table, with four per cent
Fourth-Income during the year r
!. me The amount OF cash premiums received
3. The amount of interest received from
all sources.
4 The amount received from all other
sources. 49,
Expenditures during the year.
l. The amount paid on account of losses.
=; The amount OF dividends paid to policy
holders and to stockholders.
s.. The amount of commissions and salaries
paid to agents.
4. The amount paid to officers for salaries.
8. The amount paid for taxes.
&. The amount OF all other payments and
expenditures.
Sixth-Miscellaneous
l. The greatest amount insured on any one
life
2. The amount deposited in other states and
territories as security for policyholders therein
stating the amount in each state or territory.
3. The amount of premiums received in
this state during the year
T.. The amount paid for losses in this state
during he wear