The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-04-24


any district court in the state for an in
junction restraining it in whole or in part
from further proceeding with its bust
ness. Such judge may in his discretion
issue an injunction forthwith or issue the
same upon notice and hearing, and after
4 full nearing of the matter may dissolve
or modify such Injunction or make it
perpetual, and make all orders and de-
crees needful in the premises, and may
appoint agents or receivers to take pos
session of the property and effects of the
company, and to settle its affairs subject
to such rules and orders S the court may
from time to time prescribe. Service OF
process in such proceedings shall he Sufh-
Client If made upon any officer of the COM
pany.
Sec. 13. The insurance commissioner in
addition to the powers and authority
vested in him by the provisions of sec
ton twelve 90 of this act is hereby
report OF and from any company organ
lied under the provisions of this act.
when in his judgment the interests of the
public and the policy holders require, and
it shall be the duty of the proper officers
OF such company to make prompt return
and reply to such call, and fully answer
all lnterrogatCries regarding its business
methods, financial condition and all mat
tiers lawfully inquired about. in addition
to the annual statement and such per
sonal examination and inspection as the
commissioner may require. If any officer
Of the company having charge of its
books and papers, shall lail or neglect TIC
make such report promptly, or if such
company shall carry on its business in
fraudulent, eXtraVa CANT and unsafe man
ner, and so as not to afford to its policy
holders protection against loss or dam
age TO their property, or If said company
violates any of the provisions of this act
or if the expenses other than the absC-
lutte payment of losses of any company
shall exceed in any year, one per cent on
the face amount of the risks, the ipsur.
ance commissioner is hereby authorized
9nDOWnrAd
and license of such company to do bust
ness in this state.
And whenever the insurance commits
SlOrer shall nave reason to doubt the
solVency of any company, or to believe
that any company is doing fraudulent,
eXtraYagant and unsafe business. he
may, at the expense of such COMPANY
cause an examination of its books, rec
ords, papers and securities, and if upon
such examination the commissioner shan
find that such company is not paying its
legal obligations or is conducting its bust
ness in a fraudulent, eXtravagant or IN
safe manner. or is violating any Of the
provisions of this act or of law, he may
institute proceedings for the winding up
of its affairs as provided in section twelve
I'D of this act.
Sec. IA. No company organized under
the provision of this act shall insure any
property other than hay, grain, corn and
ether farm crops and products, while
growing or while in the bin, crib or
granary upon the premises OF the in
sured, and dwellings, barns and 9th n
farm buildings and their contents. and
live stock while on the premises of the
insured or running at large. Provided.
that no company shall in its hail depart
p1ent insure more than one hun dred and
sixty Q6O) acres in any one section and
net to exceed thirty-two hundred (32OO)
acres in any one township.
Sec. 10. All companies organized under
the provisions of this act are authorized
to issue policies of insurance signed by
the president and secretary, contracting
to pay to the persons insured under such
policies all loss and damage to the prop
classes of property named in section
fourteen Q4) of this act, for period not
exceeding five 90 years, and in a sum
not exceeding the amount and subject to
the conditions specified in the application
and policy of insurance.
Sec. 16. Every company organized and
pursuant to this act, and every company
now engaged in the business of insuring
against loss by hail, tornadoes, cyclones
and hurricanes, as a mutual insurance
company, under the laws of this state,
snail create a guaranty surplus fund for
the better protection of its policyholders
and for the payment of its losses when
its annual premium receipts are INSULT
clent therefor, and for the purpose Of
creating such fund every such company
snail set aside and credit to such fund
all of the income received in each year
remaining after the payment Of all legal
obllgatonS of such company, until such
one hundred thousand dollars, and shall
annually thereafter be set aside, in the
same manner and from the same fund,
suff1clent sum to maintain such guar
fund so created shall not exceed the sum
OF one hundred thousand dollars
such fund may and If possible shall be
invested at interest upon securities and
IN the manner provided by section thirty
two (32) Of chapter one hundred seventh
hVe QI5) of the General Laws of one
thousand eight hundred ninety-five QS95)
and amendments thereto.
Sec. II. The secretary or other proner
officer of each company doing business
under the provisions of this act shall at
each annual meeting Of the company.
make max detailed statement of its condi-
tIoh, financially and as to it's business
transacted during the preceding wear,
ana snail also make annually such re-
port to the insurance commissioner. at
the time, in the manner, upon the bIanLs
and as fully as he shall require and
such annual statement shall, in a com
pact ana comprehensive form be pub-
Ilshed once in weekly legal newspaper
nesota III Mill
The fling and making Of the annual
e oo 10 and with the insurance
SSotI!LllisSIoner shall be a condition prece-
oent TO the issue by the insurance com
missioner OF an annual license or certi6
cate or authority to continue its business
upon the fling Of such report it shall he
~ tile uuLy OF such commissioner annually
70 issue 10 such company a renewal GER
Incate or authority to continue fits busf
ness IL such report is satisfactory TO
I MN, which m certificate shall be issued
~ oiiiPtly ana with no unnecessary delay.
any may be 1led in the office Of the req
lister Of deeds in the county WHERE tie
principal Office of the company is located
sec ~. Foreign insurance companies
OF the same character, provided Tn he ~
ganized under this act NAV mon go ~
plying with the following Conditions he
auinltted TO transact business in this
state by ITS duly licensed and CONSTITUTED
e47,.,1e Ftsident therein, any class Of in
suTahce business authorized bv This act
SUBJECT to all general laws now or bere,
after in force relative to the duties Oh
Hi i5s1, prohibitions and penalties Of
state applicable to the transacti ~ 'iI Us
such business by foreign Insurance. co.,
pan1es and their agents. O'4ii-
sec. ~. No foreign insurance con,napv
do business until: ~
~ 1t shall deposit with the insurance
tto CO., certified copy of its char
ter or articles Of Incorporation and Of
It's bylaws, and a statement Under oath
OF It's financial condition signed nv ft
president and secretary or other nToner
ofhcers, and shall pay to the comTnjs-
SIonGr Tor the Ming of such copy the sum
81 ~, SHi ~ aoiIars, and for the fling of
lars. "'y uo4-
90 1t shall satisfy the Insurance COM
missioner that It is fully and legally or
canned under the laws of its own state
to do the business it proposes 70 tra,os'
act ana that 1t IS conducted on as safe n
oasis as companies of the same GLASS or
ga am and doing business in this state.
~ II shall, by duly executed insfr1I.
ment in writing, filed in his Office COW
stitute and appoint the COMMISSIONED or
MS successor its true and lawful attor-
d ne:.o III TACT, upon whom all lawful pro-