The Montgomery advertiser., 1903-03-11
AN ACT.
(S 11a

Secretary Of State.
 AN ACT.
 No. 12o) (s. 11s. To amend Sections 111C u54D, 1117 (154S).
 HIS Q54s), 1119 Q550), and 1120 Q55l) of the Code of Alabama.
 Section i, Be 1t enacted by the Legis- lature of Alabama, That Section 1116 of the Code of Alabama of 1S96 be amended so as to read as follows: Section 1116 d54O. What are mutual aid, benefit and industrial companies or associations; re- quirements.-All companies or associa- tions whether voluntary or incorporated under the laws of this State or any other State. doing in this State a business lim- ited to the issuing of certificates or poli- cies to, or agreeing with, their members or policy holders upon the birth or death of any child, upon marriage. death, sick ness or upon any physical disability of such member or policy holder, to pay money or render aid to him or to others dependent upon him or beneficiary desig- mated by him, which money or aid Is de- rived from donations or from fees. dues and assessments. are mutual aid, benefit or industrial companies or associations Such associations or companies shall not be authorized to transact business in this State until they have first submitted their charter, constitution, bylaws and certifl- cates of membership. or policy, to the In- surance Commissioner, and have at all times not less than five hundred bona flde members or policy holders, and at least one thousand dollars paid In as a benefit fund for the use of its members or policy holders. Such benefit fund must either be paid in cash or in bonds of either the United States, the State of Alabama, or of a county or municipality of said State of, the face value of one thousand ($100O dollars. Such benefit fund shall be kept on deposit with the Insurance Commissioner of Alabama, and kept by him as an indemnity fund for the benefit of its members or policy holders in this State. Provided, however. that any such company or association making such de- posit shall be entitled to the income thereof, and may, from time to time, with the consent of the Insurance Commission er change in whole or in part the securi- ties which compose the deposit for other competent securities of equal value.
 Sec. 2. That Section l117 of the Code of Alabama of 1896 be amended 80 as to read as follows: Section 1117 d54S). Re- port to Insurance Commissioner:-That every such company or association shall on or before the first day of March of each year, file with the Commissioner of Insurance a report of its operations dur ing the preceding calendar year, includ- ing the number of existing members or policy holderc, the number who have be- come members or policy holders during such year, the total receipts and expen- ditures itemized. This report shall be upon blank forms provided by the Insur- ance Commissioner and shall be verified by the affidavit of the president and sec retary of the company or association, which report shall be published as are other reports of the Insurance Commis- sioner in his report to the Governor. A tax of one per centum on net premiums received in this State after the passage of this act during the calendar year pre- Ceding meaning gross premiums less re- turn premiums. and twenty C$2O) dollars license fee shall be paid by each company or association when report is filed and before license shall be granted to trans act business in this State, provided, that eny company or association paying to the State a tax on its property or shares If incorporated. may deduct the same from this tax. Provided, further. That no city. town, village or other municipality shall charge a license fee in excess of pne-half Q-2) of that charged by the State. Provided, further, that the Deputy h. aurance Commissioner shall be paid a gum equal to, but not exceeding $500 per Annum, the same to be paid out of the revenues received under this section. Any company or association failing or refusing to make the report and payment as required by this Act shall not be H. censed by the Insurance Commissioner, and any company or association issuing certificates or policies without such H. cense may be enjoined by the Insurance Commissioner or any citizen in court of competent jurisdiction from issuing cer- tifCates or policies and upon the perma- nent granting of such injunction each off, f1cer and agent of such company or asso- citation shall be fined by the court grant ing the injunction not less than ten dol- lars nor more than one hundred dollars, or may be imprisoned not less than ten days or more than one hundred days for each certificate or policy thus issued.
 Sec. That Section HIS of the Code of Alabama of 1896 be amended SO as to read as follows: Section 111s d549). Principal office and service of process insurance Commissioner license. Every such com pany or association. before commencing business in this State. shall, by duly executed instrument filed in the office of the Insurance Commissioner. designate some place as the principal office of such company or association in the State and constitute and appoint the Insurance Commissioner, or his successor its true and lawful attorney, upon whom all law ful process in action or legal proceeding against it may be served; and the com pany or association shall agree that any lawful process against 1t which may be served upon its said attorney shall be of game force and validity as if served on the company or association, and that the authority thereof shall continue in force lrrevocably as long as any liability re- mains outstanding against 1t in this State. Any process issued by any court of rec ord in this State and served upon such commissioner by the proper officer of the county in which said commissioner may have his office. shall be deemed suffi- eient process on said company; and it is hereby made the duty of the Insurance