New Ulm review. (New Ulm, Brown County, Minn.) 1892-1961, 1905-05-24

-SS&~SA 8
to Incorporation or reorganization under
this act: as original policies or in eX-
change for or readjustment of any poll
c1es previously issued or assumed by 1t,
charge and collect as a premium consider
alton for each of such policies a sum
which shall not be less than the net pre-
MUM required by the actuaries COM
bined experience table of mortality, and
four per cent interest, or the American
experience table of mortality, with the
same rate of interest, together with a rea-
sonable charge added thereto as an ex-
penSe loading.
And no insurance company organized
or authorized under this act shall own,
operate or engage in any other business
than that of life insurance, as herein spe-
officially defined and authorized.
And it is further provided, to-wit:
l.. Every such company organized or
authorized to transact business under
this act shall conduct it's business in this
state in its own corporate name, and the
policies and contracts of insurance issued
by 1t shall be headed, or entitled, only
by its proper or corporate name And
when any such company publishes it's as
sets, it shall in the same connection and
with equal conspicuousness, publish its
liabilities computed on the basis allowed
for it's annual statements; and in case
OF a stock company any publication pur-
porting to show its capital shall exhibit
only the amount of such capital as has
actually been paid in cash. Any company
or agent thereof, issuing or circulating
advertisements in violation of this pro-
not less than twenty-five dollars, or more
than five hundred dollars.
.. Any company that neglects to make
and file its annual statement in the form
and within the time as provided in this
act shall forfeit one hundred dollars for
each days neglect, and upon notice by
me me insurance commissioner to that effect,
cease while such default continues.
For Wlltully making false annual, or
other statement, which it is required by
~ n iToS,11 0nyr ot,6
the persons making oath to, or subscribe
Ing, the same shall severally be punished
by a fine of not less than one hundred
dollars nor more than five thousand dol
lars. And provided further, that any per-
son making oath to such false statement
shall be deemed guilty of the crime of
perjury
3. Any officer or agent of any life insur-
ance company organized or authorized
under the provisions. of this act, who
shall issue a new policy after notice has
been issued by the insurance commits
sloner to cease business, or to the effect
that its license has been revoked, shall
for each offense forfeit a sum not exceed
ing one hundred dollars.
4. The Insurance Commissioner shall
have power to examine under oath any
person or persons who may have been en-
ployed by such company, or who may have
sold securities to or purchased securities
from any such company, or who may have
for, any such company, or who may have
sustained any other business relations
with the company at any time within
five years prior thereto, and relative to
any such transaction: and any person
who shall refuse to testify thereto shall
be punished by a fine not exceeding one
thousand dollars for each offense
). Whoever without justifiable cause
neglects upOn due summons to appear and
testify before the commissioner as pro-
vided by this act, and whoever obstructs
liner. in making his examination of an
insurance company, shall be punished by
fine of not more than one thousand
dollars, or by Imprisonment for not more
than one year.
6. Any employee or clerk Of any such
company who shall knowingly make any
false entry or record upon the books or
records of any such company shall be
punished by a fine of not more than one
hundred dollars for each offense; and any
such clerk or employee who shall know
irgiy contribute to the making Of any
false annual statement or other state
ment that such company Is required by
law to make under oath, and which state
menL shall subsequently be issued under
oath, shall be deemed guilty of the crime
of sEbornation Of perjury
I. For violating any provisions or TINS
act. the nature of which violation Is not
defined by the laws of this, state, or by
this act, and the penalty whereof Is not
fender shall be punished by a fine Of not
moro than five hundred dollars. o
Sec. q. That section 50, chapter l1s,
Laws of 1901, be and the same Is hereby
amended to read as follows:
Section 49, Annual Meetings-.special
Meetings. - Proxies. - There shall be
hold an annual meeting Of the members
or stockholders of any company organ
lied or reorganized under the provisions
of this act, of which annual meeting
the members or stockholders shall have
notice at least thirty days in advance
either by way of a written Or printed
notice. Provided that if it shall be nro-
posed to amend the articles of incorpora
tion or enter into any REINSURANCE con-
tract, then such notices shall be mailed
to the members or stockholders at least
sixty days in advance, as provided by
other sections Of this act.
Special meetings of the members or
stockholders of any such company may
be called by order of the board Of direct
ors or trustees at any time provided that
written or printed notice be given the
members or stockholders at least thirty
days in advance of the day upon which
such meeting is to be held. ... .-
If. however, it be proposed to amend
the articles of Incorporation, or enter into
any reinsurance contract, then the no
tees of such special meeting shall: be
mailed to the members or stockholders at
least sixty days in advance, as provided
by other sections Of this, act.
or trustees, Or president and secretary,
of any such company to call a special
meeting of members. or stockholders
whenever they may be required to do so
by the insurance commissioner. And of
such special meetings written or printed
notice shall be given only in such form
ance commissioner may require or ap-
prove.
Any member or stockholder Of any such
company may be represented by proxy at
any such annual or special meeting, but
no proxy shall be valid for a period of
more than one year from date thereof.
No person other than member Or stock
holder of any such company shall be per-
mitted to hold or vote a. proxy; and no
such person shall procure, hold, or vote
proxies representing more than one-tenth
of the capital stock, if it be a stock com
membership, if it be a mutual company,
except as hereafter provided. The
board Of directors or trustees may col
lectively hold and vote any number of
proxies; provided however, that any
member of the board of directors or
trustees shall have the right, upon de-
mand, to vote, in additions to the proxies
held by him Individually, such a portion
of all those held by the board of directors
or trustees collectively, as shall equal
those directors or trustees actually pres
Sec. IS. This act shall supercede all
herewith.
Sec. 90 This act shall take effect and
be in force from and after the date of its
passage.
Approved April IT, 1905.
CHAPTER 236-S. F. NO. 242. ~-
AN ACT authorizing physicians from
other states to practice medicine in