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

To-, -becOIle thf5
absolute property of, the assuming or re-
!nsuring company; and in case of the re-
insurance of a stock company which has
peen issuing participating policies and
/ mas such policies outstanding all of the
i assets OF the retiring company, except
/ an amount not in excess of the face 1raIna
I of its capital stock. shall be turned over
i 70 and become the absolute property of
| the assuming or reinsuring company
/ aired employee of either company becom-
| ing party to such reinsurance contract,
] VINO snail give or take any commission,
| consideration, or benefit in connection
| with: or by reason of, such reinsurance
| snail be deemed guilty of embezzement If
such commission, consideration or benefit
| De paid from the funds of either COM
! pany; and if otherwise paid, such person
or persons shall be deemed guilty of the
1 Sec. 20. That section %, chapter IT'S,
| Laws Of 1901 be and the same is hereby
aRs gen go to read as follows:
! sec. D. Existing COMPANIES Nav Re-
/ incorporate or Reorganize Hereunder
| Certlhcate of Observation-Disclosures cor
poratlon, association or society organized
under the laws Of this state for the pur-
| pose OF doing the business of life insur-
ance upon any plan and now transactine.
i Sucn business, may at any time be re-
STOCK or mutual company under the pro
| VISIONS OF this act, either under it's then
| existing name or under any other name
| approved by the insurance commissioner.
| 10 SO incorporate or reorganize it shall
| be necessary:
!
poard OF directors, managers or trustees
| authorizing and directing such reinsur-
| ance or reincOrporation
2, mat such resolution be adopted by
| tnree-fourths vote of the members or
| majority of the stock represented and
present at any regular meeting or at any
| special meeting called for that purpose
! Whereot a written Or printed notice Shall
nave been duly given not less than sixty
3. That a declaration be signed and &C.
knoWledged by two officers and by a
| majority Of the remaining directors,
/ (a) The passage and adoption of sucb
| resolutlOn as above prescribed
90 Ihat there are sufficient lives in
| sured to comply with the provisions of
| section four a. of this act.
tc) All matters required to be set forth
IN articles of incorporation as provided BY
| section two % Of this act
Cd That all its members are and have
| Deen paying in cash stated premiums at
least equal to those required by the pro
penSe loading.
lel That its. cash assets shall be at
| least equal to it's total liabilities includ-
| ing the value of its policies or certificates
according to the standard adopted by this
And in addition thereto, the provisions
Of sections 2, and Of this act must
pc complied with. When such a resolu-
ton shall have been SO passed and adopt
co as above provided by any corporation
now existing under the laws of the State
OF minnesota, and such a declaration
snall nave been made and filed with the
insurance commissioner, together with
amended articles of incorporation and the
required deposit of securities, he shall
| issue certificate of reincorporation or re-
organization under the seal of his Office
and attach thereto copies of all docu-
ments SO filed with him and authorizing
the company to do the business of life
insurance upon the plan and basis set
forth in such papers; and such corpora
| uon' ASSOCIATION or society shall there
upon be deemed to be and shall be a
| xricio,
| OF this act and shall have all the corpo-
rate rights and privileges Of and be sub
| Ject to. like duties and liabilities as a
| hereunder.
Sec: 2 That section 90, chapter ITS,
Laws of 1901, be and the same is hereby
amended to read as follows:
Section. %. Effect of Reincorporatfon-
Such relncorporation or reorganization
snali not AFFECT or change the corporate
identity Of such company, nor shall it
AFFECT IN any manner It's corporate rights
or liabilities, ali of which shall after
such reincorporation or reorganization re-
main vested in or continue against the
salo company, as reincorporated or re-
organized as they would if there had
ton. Provided, that nothing in this act
snail be held to in any way validate or
imposed understhe laws of this state
Sec. %. That section 81, chapter 178
Laws of 1901, be and the same is hereby
amended to read as follows:
| Section 81. Consolidation Of COMPANIES
No life insurance company organized and
dong business under the provisions of
company except by reinsurance as pro-
vided in section % of this act
Sec. g. That section 80. chapter 178,
! Laws Of 1901, be and the same is hereby
!. amended to read as follows:
Section 80. Foreign Conpanies-Nothing
in this act shall be construed as affecting
lie insurance companies organized under
the laws OF any other state or country,
and companies organized or doing bust
be subee ony TO IS OF this act
| provided, that any solvent foreign life
. insurance company possessing assets in
, excess Of one hundred thousand dollars
: | invested in accordance with the prOVi-
; sions of section % of this act and which
shall have deposited with the insurance
! commissioner of this state or with the
: | proper officer Of some other state author
= | lied to receive the same, securities in
| vested as aforesaid to the extent amount
, | and value required to be deposited with
:, | the insurance commissioner by g. do
: mestic company under this act, Of which
, | deposit the certificate Of such proper Off
. | Ger shall be evidence, and which shall have
| deposited with the insurance commission
: er a certified copy Of its articles Of incOr-
| poration or charter and q statement Of
, it's financial condition and business in
/ | such form and detail as he may require.
r | signed and sworn to by its president and
: | charges herein designated and by filing
such documents and statements as are
| required of domestic companies operating
f | q, power Of attorney or certificate authOriZ-
{ | ing the insurance commissioner to aC-
! ! cept service Of process issued by any Of
the courts of this state for and in behalf
| Of said company SO long as policy is
, sued by said company is in force in said
= | state, be licensed to transact the bust
ness Of life insurance as If Incorporated
= | under the provisions hereof.
Before granting certificate Of author
= ity to an insurance company to issue pol
f icies or make contracts of insurance in
= the State Of Minnesota, the insurance
= commissioner shall be satisfied by such
+: examination and evidence that he sees
: fit to make and require, that, such com
f | pany is otherwise qualified under the
t | laws of this state to transact business
l | therein.
4 Sec. "a That section SO, chapter 178,
| Laws of 1901, be and the same is here
1 by amended to read as follows:
e Section 33. Fees to Be Charged and Col
1ected by the Insurance Commissioner
: For the Use and Benefit of the State
I From domestic life insurance companies
, | organized under this act, the insurance
t commissioner shall charge and collect for
3 the use and benefit Of the state, the
= | following fees:
For filing articles of incorporation, thin
!, | ~ dollars: for issuing a, certificate of aII-