The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-04-24
CHAPTER COS. f NO 60

c,a,,aSoi 70 amend chapter IFS of the
70 provide for the incorporation. re-
Incorporation and regulation of life in
surance companies on the stipulated
premium plan"
Be 1t enacted by the Legislature 20 .ho
state of Minnesota 'o
section l. That section seven n NJ
1 GEsP Of one one hundred and seventy-eight
hundred and one Q9OD be and the same
AeTeDy IS amended to read as follows:
+,6 Sec aIeo6 Z: Corporate Power-A corpora
lon organized or doing business under the
P5op!sl9nS or this act shall, by the name
ADOPTED by such corporation in law
De capable of suing or being sued and
may nave power to make and enforce
contracts in relation to the business Of
such corporation, may have and use a
common seal, and may change or alter
Ine same at pleasure: in the name of the
6 6UiPot +1-IS association or society. or
py trustee chosen by their board Of
directors, shall in law be capable OF taxi
ing, purchasing, holding and dfsposine of
i ieaI anu personal property for carrying
iillo erect the purposes of their organiza-
tlon, and may, by their board OF d.
Tectors, trustees or managers, make bv-
laws and amendments thereto not incon-
slStent with the constitution and Lows np
this state, or Of the United States which
bylaws snail define the manner of elect
ing directors, trustees or mana gers and
on1cers OF such corporation, and the
Quanncauons and duties of the Same
with terms Of office, and if mutual com,
pany, the qualifications and privileges
OF the members and policy holders there
OF. any such corporation shall also
nave all the powers, rights privileges
lnmun1ties and franchises conferred nv
th1s act, together with all implied pow
ers necessary or convenient for the ex-
ecutlon and exercise thereof and the or
binary and incidental powers of ins11ra noe
corporations. q i4Oe
PROVIDED, that no new or amended bv
Jaws hereafter passed shall, in any man
r. "a
tract, without the express consent 0f tba
insured in writing '--e
Sec 2. That section eleven CID of said
chapter be and the same is hereby amend
ed TO read as follows:
Section II: Duty of State Treasurer to
receive and Safely Keep Securities
IL snail be the duty Of the state treas
urer 10 receive all moneys, bonds and Sc
curltles offered or rendered to him by
any insurance company IN accordance
with the provisions of this act, or for the
purpose specified herein: and said state
treasurer shall have charge of and Ga fell,
keep the same when delivered to him
and shall not redeliVer the same or anv
part thereof to the insurance company
deposlting them. except with the consent
OF the insurance commissioner and in ac-
cordance with the provisions Of this act
such state treasurer shall, upon the re-
ceipt by him of any moneys bonds or
securities from any Insurance company
execute in duplicate a receipt stating in
detail all moneys, bonds or securities
then held by him or received by him
from such company, and a minute de-
scription thereof One copy Of such re-
ceipt shall be delivered to the insurance
commissioner and be by him filed. kept
and retained in his office: the other COPY
Of such receipt shall be delivered to the
depositing company. All securities de-
posted with the state treasurer must be
accompanied with a certificate of the
president and secretary Of the depositing
company, certifying that all said bonds
and securities fully comply with the re-
quirements of section twenty-three Of
Sec. 3. That section twenty three (2S)
of said chapter be and the same is hereby
amended TO read as follows:
Section %. Investment of Funds-As-
signment OF Policy to Secure Payment Of
| Loan Made on Same-The capital stock.
| funds and accommodations Of any insur-
ance company organized or reorgantzed
under the provisions Of this act, shall be
| invested in bonds or treasury notes Of
| the United States or state or national
| bank stock. or Understanding bonds Of
this state. or any other state of the
| United States, or Of any city. town or
| county Of this state, or any other state
| in the United States having legal au-
| thority to issue the same, or in any inter-
! est or dividend-paying stock or bonds is
I other state of the United States or in
mortgages or unincumbered improved
| real estate in this or any other state Of
| the United States. worth a least twice
| the amount loaned thereon, exclusive Of
| buildings, except when such buildings
| are insured and the policy duly assigned
! as additional security or loaned on
| pledges Of any Of the securities above
named; provided always that the current
| market value of such pledged securities
| shall be- at all times during the con-
| tinuance Of such loans, at least twenty
| per cent more than the sum loaned on
| them, and all such loans are subject to
| the power of the company to terminate
| the same in case Of the depreciation Of
| the securities below said limit; and pro-
| vided that in all investments made upon
| mortgaged securities the evidence Of the
| debt shall accompany the mortgage or
| deed Of trust. Provided, further, that none
| OF the bonds, securities or invest
| ments above mentioned shall ever be
bought, contra cted for or received ar a
| greater price than their known market
| value; nor shall any such bonds secur-
| tiles or investments be contracted for
| bought or received when any interest has
| been defaulted and IS unpaid thereon.
| Any such company may also make loans
| upon its own policies. but in the conDuta-
ton of the value of the assets of such
| company a loan upon a policy of such
| company shall never be valued at more
| than an amount equal to the net reserve
against such policy. Whenever a cash
| loan is hereafter made thereon the policy
must in all cases, be assigned to and
! held by the company as security
! Sec f. That section twenty-six (26 NJ
| said chapter be and the Same IS hereby
| amended to read as follows:
Section %. Contracts for Reinsurance
| Any corporal ton organized or doing bust
| ness under this act may assume or rein
sure the risks of any company, society or
~t.44-