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

order shall be made until the insurance
/ commissioner shall have been notified of
/ the tendency of such application at least
/ ten days before the time. set for the hear
/ ing thereof. and until after full hearing
/ by said court
/ Sec. To-. That section 20, chapter ITS,
Laws of 1901. be and the same is hereby
/ amended to read as follows:
/ Section 20. Company may collect inter.
/ est on deposits. The insurance commits
1 sioner shall permit companies having on
deposit with him stocks, bonds or other
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 addl-
| tional security as called for by the lnSur-
| ance commissioner, or pending any pro-
eeedings to close up or enjoin init it, the the
| interest as it becomes due and add 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 this
| state shall be, upon written application
| OF the company, duly signed by a major
| ferred to the custody of the insurance
| commissioner Of this state, whose duty
it shall be to receive and receipt for same
| in the manner as provided in section
| eleven of this act.
| Sec. 16. That section %, chapter ITS.
Laws of 1901, be and the same is hereby
amended to read as follows:
Section %. Investment Of FundS.-The
capital stock, funds and accommodations
| OF any insurance company organized or
| reorganlzed under the provisions of this
act shall be invested in bonds or treas
ury notes Of the United States; or state
| or national bank stock; or interest-bear-
| ing bonds of this state, or any other state
| of the United States, or of any city, town,
| village, school district or county of this
! state, or any other state of the United
| same; or. in mortgages of unincumbered
| 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
ties above named, provided. always, that
| 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 investments made upon
mortgaged securities the. evidence of the
deed of trust; provided, further. that
| none Of the bonds, securities or invest
ments above mentioned shall ever be
| greater price than their known marked
| value; nor shall any such bonds, securi-
ties or investments be contracted for,
been defaulted and is unpaid thereon.
Any such company may also make loans
upon its policies, but In the computation
Of the value of the assets Of such COM
pany loan upon policy Of such com
pany shall never be valued at more than
an amount equal to the net reserve
cash loan is made thereon the policy
must in all cases be assigned to and held
by the company as security.
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
agent or salaried employee thereby and
| any violation of this provision shall be
| deemed to constitute embezzlement.
Provided, that until the same shall be
sold or exchanged for other authorized
securities, any securities acquired pre-
to the be Taued
| their actual value in determining the as
sets of the company.
| Sec. IT. That section "a, chapter 17S,
| Laws Of 1901, be and the same is hereby
amended to read as follows:
Section "a. Right to Purchase, Hold
and Convey Real Estate:LNo company or
to purchase, hold or convey real estate
except for the purpose and in the man
ner herein set forth:
a home office building at least ample and
adequate for the transaction of its own
business.
2. Such as shall have been mortgaged
to it in good faith by way Of security for
loans for money due, or
80: Such , as shall have been conveyed to
contracted in the course Of Its dealings,
or -.
4. Such as shall have been purchased at
sales upon judgments, DEGREES or mort
cages obtained or made for such debts
And no company incorporated as afore,
said shall purchase, hold or convey real
estate in any other cases or for any other
| purpose
Sec. 10. That section %, chapter 17s
Laws of 1901 be and the same is hereby
amended to read as follows:
Section %. When Must Sell Real Es
tate-All real estate acquired as afore'
said, except that occupied by the com
office building shall, except as hereinafter
provided, be sold and disposed of within
ten years after such company shall have
acquired title to the same. No such com
pany shall hold such real estate for 6
longer, period than that above mentioned
unless the said company shall procure. q
certificate from the insurance commits
sioner setting forth that the interests Of
the company will suffer materially by 6
} forced sale Of such real estate, in which
} event the time for the sale may be ex
; tended to such time as the said insurance
commissioner shall direct in said certif
cate.
Provided, further, that if the home Of
flee building, owned and occupied by any
| such company, be occupied by it only II
part, the remaining portion thereof shall
| pc upon the same IOunOdI1On ana .unuel
| the same roof, and be equipped for, ant
readily adapted to the company S use fol
Office purposes.
Provided, further that buildings for 9th
er than home Office purposes erected By
any such company prior to the passage o.
this act may be retained and disposed Of
in the same manner as provided in this
act for the disposition Of real estate &C
| quired by foreclosure Of mortgages.
Sec. 10. That section 26, chapter 178
Laws of 1901, be and the same is hereby
I a 1oan a q follows.
Section g. Contracts for Reinsurance
Any insurance company organized or do
ing business under this act may by con
tract of reinsurance assume the risks O
any other company, society or associa
ton engaged in the business Of life in
SuranCe, only on the following conditions
First: That the company which pro
poses to retire shall be, upon the date o
the reinsurance authorized to transac
l business in this state; and that it shall
, have been legally transacting business il
t this state for at least one year priol
J thereto; and that all it's members shall
have actually been paying in cash a rat
of premium at least equal to that re
quired by the provisions of this act, eI
l elusive of expense loading: and that i
7 shall be possessed of sufficient assets tt
! | at least equal all liabilities, including tn
| valuation of its policies according to tn
} provisions Of this act; and that such con
dition shall have been duly verified o
: ascertained by the insurance commission