The Appeal. [volume] (Saint Paul, Minn. ;) 1889-19??, 1905-04-29

the tendency of such application at least
ten days before the time set for the hear
ing thereof, and until after full nearing
Sec. IS. That section 20, chapter 17S.
Lays Of 1901 be and the same is hereby
Section 20. Company may collect inte:-
est on deposits. The insurance commits
sioner shall! permit companies having ,, on
securities to collect the interest or IN
| come accruing on such deposits delivering
to their authorized agents. respectively
! the coupons or other evidences Of inter-
| est as the same becomes due; but upon
| default by any company to deposit add
tional security. as called for by the insur-
ceedings to close up or enjoin;, it, the
Insurance commissioner shall collect the
same to the securities in his hands be-
longing to such company. Provided, that
| any deposit heretofore made by any such
company with the state treasurer OF TINS
state shall be, upon written, application
| OF the company, duly signed by a major
| ity Of it's directors or trustees, trans
commissioner of this state. whe esse duty
it shall be to receive and receipt TOR same
in the manner as provided in section
Sec. ie. That Section %, chapter 17s,
Laws Of 1901, be and the same is hereby
amended to read as follows: rho
capital stock, funds and Accommodations
| of any insurance company organlzed or
reorganized under the PROVISIONS s., OF In tnas
act shall be invested In bonds or treas
ury notes Of the United States; or STATE
| or national bank stock; or interest-oear-
of the United States, or Of any city, town.
| village, school district or county OF inls
state, or any other state of the United
States having legal authority to Issue ,e tas
| and improved real estate in this or any
other state. of the United States worth
| at least twice the amount loaned there
on, exclusive of buildings, except when
| such buildings are insured and the policy
| duly assigned as additional security; or
ts bo on Pleag sd Of anX Of fns
the current market value of such pledged
securities shall be at all times during the
continuance 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 securities below said limit; and pro-
vided that in all tnvestments made upon
| deed Of trust; provided, further, that
| none Of the bonds, securities or invest
n,ents above mentioned shall aali,,e eyer be
| greater price than their known marked
value; nor shall any such bonds, securi-
bought or received when any interest has
| been defaulted and is unpaid thereon.
Any such company may also make loans
Of the value Of the assets of such COM
pany a loan upon policy Of such COM
pany shall never be valued at at more nasa tnan
a az hPu such e poiicy: and Whenever a
cash loan is made thereon the policy
| must in all cases be assigned to and held
And provided further, that except loans
| on policies not to exceed the actual re-
serve held to the credit thereof, no such
| company shall, directly or indirectly, pur-
| chase any of such securities from, or loan
| money to any. officer, director, trustee;
agent or sala1ried employe thereof; =, and nd
| deemed to constitute embezzlement. :,
Provided, that until the same shall be
anT 19f athec
authorized Hereby, shall be. valued at
| their actual value in determining the as
SG Sec. % II. that section "a, chapter 17s.
! Laws Of 1901, be and the same IS hereby
amended to read as follows: ,,o,s
| and Convey Real Estate.--No company or;
ganized under this act shall be permitted
e e1 ept o for the sI PURPOSE and in the man
rer herein set forth:
/. For the erection and maintenance OF
| home office building at least ample and
ADEQUATE for the transaction or It's own
2. Such as shall have been mortgaged
to it IN good faith d by way OF security 'ol
5. such as shall have been conveyed to
it in satisfaction Of debts previously
| contracted in the course OF It's deanngs'
4. Such as shall have been purchased at
| sales upon Judgments, DEGREES or mort
And no company incorporated as afore,
! said shall purchase, hold or convey real
| estate In any other cases or for any otner
Sec. IS. That section %. chapter 17s.
Laws Of 1901, be and the same Is hereby
amended to read as follows: =,
NfS1y< %
said, except that occupied by the com
pany in Whole. o.: in part as its home ne
| provided, be sold and disposed Of within
| ten years after such company shall have
| acquired title to the same. No such com
! longer period than that above mentioned
| unless the said company shall procure
| certificate from the insurance commas IS
| sioner setting forth that the interests OF
the company will suffer materially by q
| forced sale Of such real estate, in which
event the time tor the sale en- nay n De eo
commissioner shall direct in said cert1n-
| cate.
flee building, owned and occupied by. any
p part t the remaining portion thereof shall
be upon the same f9undaton an e.. un end
readily adapted to the companys use LOT
Provided, further, that buildings for 9TH b.
| er than home office purposes erected by
| any such company prior to the passage of
this act mac be retained and disposed OF
an act for S the disposition Of real estate
| Quired by foreclosure Of mortgages. ,.o
Sec. IS: That section 2e, chapter p IT, l7s,
Laws Of 1901, be and the same Is hereby
| amended to read as follows:
| Section 26. Contracts for REINSURANCE
Any insurance company organized or DO
| ing business under this act may by. con-
tract of reinsurance assume the risks of
any other company, society or associa-
ton engaged in the business Of life in
First: That the company which pro-
poses to retire shall be, upon the date Of Of
| the reinsurance, authorized to transact
| business in this state; and that 1t snail
| have been legally transacting business IN
this state for at least one year prior
| thereto; and that all it's members shall
of o1red by the at pro S Of this act
elusive Of expense loading: and that IT
at least equal all liabilities, INCLUDING the
valuation Of its policies according to the
Of th,s act 6een and fHt verd Or
ascertained by the insurance commission,
| er of this state by examination concluded
within sixty days Of the date Of retire.
ment, and shall have been duly certified
70 se es rd:' That the contract of transfer
reinsurance shall nave been cen i hrst SUD %
Commissioner Of the State Of Minnesota,
| and subsequently by a three-fourths vote
Of the stockholders or members of the
company, society or association which
proposes to retire. present in person or
CORPORATION, or at a. special meeting there
Of called to consider the same; and fur
Their provided that a written or printed
notice setting forth the proposed reinsur-
| ance contract in detail shall have been
| mailed to each stockholder or member at
east sixty days before the datesflxed FOR
| such meeting.