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

surance commissioner Said. penalties when.
recovered, shall be paid into the, state treasu.y
fG Ser tns &s' fRs fFShGS ffu9d FNDsrhs
CAPITAL stock, funds and aceumulations of any
under the provisions of this act shall be in.
vested in bonds or treasury notes OF the United
States or state or Slational bank stock. or III
any other state Of the United States =.
State any Other sSe q Sr the county hted p ths
having legal authority to issue the same on
in any interest or divideud-paying stock or
bonds issued under the laws OF this state or
any other state of the United States. or in
mortgages of unincumbered improved real
estate IN TINS or any other state OF the United
States, worth at least twice the amount
loaned thereon, exclusive of buildings, except
when such buildings are insured and the
loaned on pledges Of any of the securities
above named; provided, always, that the cur
rent market ma yqq 4e Of eh pledged securities
of such loans, at least twenty per cent more
than the sum loaned ON them, and adj such
loans are subject to the power OF the COM
pany to terminate the same in casa of the de-
probation Of tho securities below said limit;
and provided that in all investments made
debt shall accompany the mortgage or deed Of
trust provided. further. that none OF the bonds
securities or investments above mentioned
shall ever be bought, contracted for or received
at a greater price than their known market
value; nor shall any such bonds, securities or
investments be contracted for bought or re-
and is unpaid thereon. ANY such cornpany
may also make loans upon it's own policies, but
in the computation OF the value Of the assets
of such company loan upon a policy of such
company shall newer be valued at more than
an amount equal to the net reserve against
Sec "a. RIGHT TO PURCHASE HOLD
AND CONVEY REAL ESTATE.-No company
organized under this act shall be permitted to
purchase hold Or convey real estate except
for the purpose and in the manner herein set
forth ~ t1,s.
l. Fer the erection and, maintenance of
buildings at least ample and adequate for the
transaction of its own business.
2. Such as shall have been nortgaged to it
in good faith by way OF security for loans for
money due. or . IL 1872
3. Such as shall have been conveyed to It in
satisfaction of debts previously contracted in
the course of its dealings; or
4. Such as shall have been purchased at
sales upon judgments: DEGREES or mortgages
obtained or made Tor such debts, and no
company incorporated as aforesaid shall pur-
chase, hold or convey real estate in any other
cases or for any other purpose.
Sec. % WHEN MUST SELL. REAL. ES-
TATE.-All real, estate acquired as aforesaid:
except such as is occupied by buildings used
in whole or in part for the accommodation of
such company in the transaction of its bust
ness, shall, except as hereafter provided, be
sold and disposed of within ten years after
such company shall have acquired title to The
No such company shall hold such real
estate for a. longer period than that above
mentioned unless the said company shall pro-
cure certificate from the insurance commits
sioner setting forth that the interests of the
company will suffer materially by a forced
sale of such real estate, in which event the
time for the sale may be extended to such
time as the said insurance commissioner shall
SEQ. 2& CONTRACTS FOR RE1NsUR-
ANCE.-Any corporation organized or doing
business under this act may assume or REIN
sure the risks OF any company society or as
Surance upon such terms as may be agreed
upon by its board of directors or a. majority
thereof, at meeting regularly called and
held. Any corporation organized or doing bust
ness under this act may transfer it's risks to
or reinsure them in any other corporation, as
ISOLATION or society doing business on the
stipulated premium or old line legal reserve
plan, provided that the contract Of transfer
or reinsurance shall have been first submitted
to and approved by the insurance commits
thirds vote of the Stockholders or members
present and voting in person or by proxy at
any regular meeting of such corporation. or
at a special meeting thereof called to con-
slider the same, OF which special meeting a
written or printed notice shall have been
mailed to each stakeholder member at least
thirty days before the day fixed for such meet
ing. No such corporation organized or doing
business under this act shall transfer its risks
It's sS or amy part ere IN az any
other state or counTy WhoR IS 0'f not at ths
time Of such transfer OF reinsurance author
ized to dc pns19ss IN d this STATE tea under qS the
going declaration shall not prevent q conf
pany from reinsuring any fractional part Of
paIltes authorized to do business in this state
by paying therefor agreed premiums in annual,
semi annual or quarterly tinstallments In case
the assets of the reinsnred. company shall be
turned over to the reinsuring company.
CTARY.-The insured in any such corporation
shall have the right at any time, with the
consent of such corporation, except when and
f1ah 10 ffa of fboi
to make a change in his payee or payees, or
beneficiary or benefciaries, without requiring
the consent Of such payee OF beneficiary, pro-
security u for pC' debt or other legal Consider
ton; but no change of beneficiary or assign
ment Of policy shall be valid unless approved
Sec. Is. EXISTING COMPANIES MAY
REINCORPoRATE OR REoRGANIZE
HEREUNDER-CE OF REIN
CORPORATION.-Any corporation, associa-
ton or society organized under the laws Of
ness Of life Insurance. Upon any plan and nov
transacting such business. may at any time be
relncorporated or reorganlzed either as stock
or mutual conpany under the provisions of this
act either its then existing under any
other name approved by the insurance COM
missioner.
To so reincorporata or reorgani1e 1t shall be
necessary:
1. That a resolution be passed by the board
of directors, managers or trustees authorizing
and directing such reinsurance or reincogpora-
ton. tSt
2. That such resolution be adopted by a
thirds vote Of the members majority Of
the stock represented and present and voting
at any regular meeting or at any special meet
ing called for that purpose. whereof a written
or printed notice shall have been duly given
not less than thirty days previously
3. That a declaration be signed AMI ac-
knowledged by two officers and by q majority
Of the remaining directors, showing:
(a) The passage and adoption OF such reso-
luton as above prescribed.
Cb) That there are sufficient lives insured to
of this act. ~
(c) ALI matters required to be set forth in
articles Of incorporation as provided by section
And in addition thereto II the reorganization
or reincorporation be upon the stock plan and
ions Of ds section eSs Il five Of this act must be com
piled with. When such a resolution shall have
by any corporation now existing under the
laws of the state of Minnesota, and such q
declaration shall have been made and filed
with the insurance commissioner in the case
Of incorporation or reorganization as a mu-
tual company. and when in addition thereto
the provisions of section 1--WE have been COM
piled with in the case of reircorporation or re-
organization as a stock company. the insur-
ance commissioner sna dr Issue ion y
seal of his office and attach thereto copies OF
all copies filed with him and authorizing
the company to do the business Of life instr-
ance upon the plan and basis set forth in such
papers; and such corporation, association or
society shall thereupon be deemed to be and
shall be q company organized under the pro-
visions of this act a mutual company If 1t
has complied only with the provisions of sub
divisions one, two and three of this section;
and if, in addition it has complied with the
provisions of section five. Of this act. it shall
be deemed to be and shall be a company fully
organized as a stock COMPANY under the pro-
visions Of this act; and in either case it shall
have all the corporate rights and privileges of
and be subject to like duties and liabilities as
a similar company originally incorporated
hereunder.
Any such company having already on deposit
ity herein required may use the same in
whole or in part for making the deposits here
in fo,