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

States, or of any city, town or county
! Of this state or any other state Of the
United States having legal authority to
/ issue the same, at their market value (2l
| invested in interest or dividend paying
stocks. or bonds Of any general trans
| portation, or other corporation furnish
| chise obtained by or under the laws of
| the United States, or OF this state or
any other state OF the United States, at
their actual market value; 49, invested
IN or loaned on insurance policies issued
by itself to an amount not exceeding
The net or reserve value thereof; 90 In
vested in or loaned on notes or bonds
secured by mortgage on improved unin-
numbered real estate in this or any other
state of the United Statas worth at
least twice the amount loaned thereon,
exclusive of buildings except when s sl.s
buildings are insured and the policies
made payable to the insurance company
IN case OF loss; (o) loaned on pledges
OF any of the securities designated in
! TINS section; provided, that loans on
pledges of securities referred to in sub.
division (O hereof, shall not exceed
eighty per cent of the actual market
value of such pledged securities, and
that the insurance company shall re-
serve the right to at any time declare
the Indebtedness, secured by the pledged
Securities Immediately due and payable
should such Indebtedness ever be or
become greater in amount than eighty
per cent of the actual market value OF
said pledged securities, on account of de
otherwise.
Sec, 63 All corporations, associations,
partnerships or individuals doing bust
ness In this state under any charter,
compact, agreement or statute of this or
any other state, except as provided In
section three, involving the payment OF
lies or representatives of policy and
certificate holders or memberBs condi-
toned upon the continuance or cessation
of human life, or involving an insurance
1tTraa T1la
payment of endoWments or annuities,
shall be deemed to be life insurance
companies, and shall not make any
such insurance guaranty, contract or
pledge in this state, or to or with any
citizen or resident thereof, which does
not distinctly state the amount of bene-
hts payable, the manner of payment and
the consideration therefor. nor the per
fornlance of which is contingent upon
the payment of assessments made upon
| survivors; provided that nothing in this
section contained shall apply to any
contract, policy or certificate OF member
ship issued by any corporation or COM
pany While traEsacting the business OF
life insurance ON the nortuary assess
ment plan and stipulated premium plan,
or either thereof, prior to receiving au-
thority to transact life insurance business
| such contracts, policies and certificates
shall be fulfilled and carried out accord
ing to the terms and conditions of each
thereof, subject to change by the parties
Sec. 10. Every person insured by do
mestic mutual life insurance company
shall be a member, entitled to one vote,
and one vote additional for each one
thousand dollars Of insurance in excess
of the first one Thousand dollars, and
| shall be notified of it's annual meetings
| by written notice, or by an imprint IN
| the form prescribed in section t;hrty-
| seven upon the back of each police. re-
ceipt or certificate Of renewal,
Any member of domestic mutual life
| provided the proxy appointment shall be
in writing, and shall be filed with the
company, and the fling NOTED @ on the the
fore the meeting at which it is to be
| used. A proxy may be revoked by the
member giving it at any time; and no
| proxy shall be voted when and where
the member giving it is present, or is
represented by subsequently appointed
proxy.
Sec. 2. This act shall take effect and
be in force from and after the first day
of July, A. D. 1901.
Approved April 6, 1901.