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

grant deaCh 1ndemn1t1eS OF otAer peHe1ls
contingent upon the duration or cessation
of human life including endowments o.
annuities. Provided that for all cotracts
or policies issued for any OF such pur-
collect fixed premium Of not less than
the amount required to guarantee such
undertaking according to the American
experience table Of mortality at pei
cent interest or the actuaries' combined
experience table of mortality at per
cent.
Every corporation organizedsor reorgan-
lied, and authorized under the provisions
court of competent jurisdiction.
Sec g II, That section 2 chapter 1 Ser liz
Section 2. Form of Artic!es-Contents.
Such persons shall associate themselves
together by written articles of incorpora-
ton, signed by each of the incorporators.
and duly acknowledged by each before an
officer authorized under the laws OF this
state to take Acknowledgements of deeds,
which articles shall specify the purpose
for which the corporation is formed: The
name by which it shall be known (Which
shall not be the same as, nor too closely
resemble, the name of any other. insur-
ance company; or society organized or
the plan upon which the business Is to
be conducted whether stock or mutuaD;
the amount Of capital stock, II any; the
transaction Of its business shall be
place in this state; the names Of the
first board of directors or trustees no. not
for which each shall hold office, no one
term Of office to be for longer period
than three years from and after the first
annual meeting as provided for therein;
ing president, vice president, secretary,
and treasurer, all Of whom must be men,
bers of the board Of directors or trustees !;
the mode and manner In which directors
and the day and hour at which the regu-
lar annual meeting Of the company shall
each year.
Sec. 4. That section 8, chapter It's,
Laws Of 1901, be and the same Is hereby
amended, to reaad as follows: .:..'~
Section 3. Filing and Recording of Ar
ticles.-Upon the filing in the office of the
cles of incorporation, 1t shall be the
duty Of the insurance commissioner, IT he
approves same, to forthwith refer. said
articles to the attorney general Of the
state for examination, and If found by
the attorney general to conform to the
provisions, of this act, and not 1nconsist-
ent with the constitution of this state mo-, nor
Of the United States, it shall be- his duty
to certify same back to the insurance
commissioner with his approval endorsed
thereon, who shall forthwith record and
HE same III MS ONCE.
Sec. 5: That section a. chapter 17s,
amended to read as follows:
Section 4. Qualifying for License to
Transact Business.-If within six months
from the date upon Nv, whi s the articles Fl; Of
office Of the insurance commission
er. the principal officers OF such
e4 tEe stock it be ps G1s@n'1S ie 0P
sworn statement with the insurance COM
missioner to the effect that its entire cap
ital stock has been taken and paid for in
the same has been duly invested in such
securities as are authorized by this act
and shall deposit with the insurance COM
missioner all Of such securities of value
at least equal to the total par value Of
the company's authorized stock capital,
it shall then be the duty of the insurance
commissioner If he is satisfied that the
incorporators are acting in good faith
submitted, to receive same for deposit
and issue to such company his authority
to transact the business of life insurance
shall extend to the first day of May Of
the succeeding calendar year. unless SOON
er revoked, and shall be renewable an
from the date upon which the articles of
Incorporation are filed for record in the
office of the insurance commissioner, the
principal officers, If it be mutual COM
surance commissioner to the effect that
the proposed company has received from
at least three hundred eligible insurants,
not more than one thousand dollars each
upon which at least one full annual pre-
MUM has been paid in cash. and shall
deposit with him the sum Of at least
such securities as are authorized by this
act, it shall then be the duty of the in
surance commissioner. If he is satisfied
and shall approve Of the deposit submit
ted, to receive same and to issue to such
company his authority to transact the
business Of life INSURANCE as provided 1y
the first day of May of the succeeding
calendar year, unless sooner revoked, and
shall be renewable annually thereafter J..
No company authorized by this act shall
assume a greater risk than one thousnd
dollars upon any one life until it shall
have at least one thousand members in
good standing and one million of insur-
Sec. 6: That section 5, chapter 17s,
amended to read as follows:
Stock companies organized under this act
shall haye not less than fifty thousan '
all all of Witch Shall be paid up in full and
invested in securities authorized by this
act and deposited with the insurance COM
missioner.
sec 7. That section 6, chapter 178,
Laws Of 1901, be and the same is hereby
amended to read as follows:
Section 6; Mutual Companies: Depos-
its.-Mutual companies organized under
this act shall be required to maintain on
deposit with the insurance commissioner,
approved securities of a value not less
than the reserve liability, upon all it's
coed, however, a deposit Of two hundred
and fifty thousand dollars ($25O,0OO).
Sec. 8: That section :. chapter 7s,
Laws of 1901, be and the same is hereby
amended to read as follows:
Section 7. Corporate PoWers.-A corpo-
ration organized or doing business under
the provisions of this aGti shall hs ,,i by its
being sued; and may have power to make
and enforce contracts in relation to the
regular authorized business Of such cor
seal, and may change or alter the same
at pleasure; it may in it's corporate name
be capable of taking, purchasing, holding
and dsposrg Of real a4 4dl ar pc9P
rying into effect the purposes Of its or
ganization. Such corporation may, If a
stock company, by its board OF directors
ments thereto not inconsistent with the
purposes for which the organization was
created, nor with the constitution and
stStes of An 5 such eorporao If it be
mutual company, may by It's board of
directors or trustees, make bylaws and
amendments thereto not inconsistent
with the purposes for which it was Gre
ated, nor with the constitution and laws
of this state or of the United States; pro:
vided always, that such bylaws and
amendments shall not be operative in a
mutual company until duly approved by
at least four-ffths of it's members. who
may be present or represented at the reg,
ular annual meeting at which same shall
be considered; and further provided. that
no amendment so adopted shall be retro
active nor in any way, affect any, policy
Such bylaws may also define the quail
fications and duties of the board of d.
.rectors and officers, with terms of office
and mode of succession; provided, that
no such company shall have less than
eleven members upon it's board OF