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

| mutual plan and shall be authorized to
grant death inden1nities or other benefits
contingent upon the Duration or cessation
of human life including endowments or
annuities. Provided that for all cotracts
or policies issued for any of such pur-
poses, such companies shall charge and
collect a fixed premium of not less than
the amount reqaared to guarantee such
undertaking according to the American
experience. table of mortality at 4 per
cent interest or the actuaries' combined
experience table of mortality at A per
cent
| Every corporation organized or reorgan-
lied, and authorized under the provisions
of this act shall continue in existence
until dissolved by the judgment Of a
court of competent jurisdiction.
Sec. 9. ,d That. section 2, chapter l7s.
amended to read as follows:
Section 2. Form of Articles-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
authorized under the laws lof this state);
| the plan upon which the business is to
be conducted whether stock or mutuaD;
place where the principal office for the
transaction of it's business shall be
| located, which shall be at some
place in this state; the names of the
less than eleven, and the length Of time
for which each shall hold Office, no one
term of office to be for a longer period
than three years from and after the first
annual meeting as provided for therein;
| the names of it's principal officers, includ-
ing president, vice president, secretary,
and treasurer, all of whom must be mem
bers Of the board of directors or trustees;
| the mode and manner in which directors
or trustees and officers shall be elected;
and the day and hour at which the regu-
lar annual meeting of the company shall
be held at the home office Of the company
each year.
Sec. 4. That section 8, chapter 49,
Laws of 1901, be and the same is hereby
amended to read as follows:
| Section 3. Filing and Recording of Ar
| ticles.-UpOn the filing in the Office of the
| insurance commissioner of the said arti-
| cles of incorporation, it shall be the
| duty Of the insurance commissioner, if 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 inconsist-
| ent with the constitution of this state nor
/ of the United States, it shall be his duty
commissioner with his approval endorsed
| thereon, who shall forthwith record and
file same in his office.
Sec. 5. That section 4, chapter 17S,
| Laws of 1901, be and the same is hereby
amended to read as follows:
Section A. Qualifying for License to
Transact Business.-If within six months
from the date upon which the articles Of
office of the insurance commission
er, the principal officers of such
CON tgs if stock it be pls 05ganiz sa up
! sworn statement with the insurance COM
missioner to the effect that its entire cap
| ital stock has been taken and paid for in
! cash at not less than par value and that
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 a 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
and shall approve of the securities so
| submitted, to receive same for deposit
and issue to such company his authority
I to transact the business of life insurance
| as provided by this act. Such authority
| shall extend to the first day of May of
| the succeeding calendar year. unless soon
er revoked, and shall be renewable an
nually thereafter. If within six months
| 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
pany, file sworn statement with the in
surance commissioner to the effect that
| the proposed company has received from
| at least three hundred eligible insurants,
applications for insurance in amounts of
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
| twenty-five thousand dollars in cash or
| such securities as are authorized by this
act, 1t shall then be the duty of the in,
| surance commissioner if he is satisfied
| the incOrporators are acting in goodSfaith
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 by
| this act. Such authority shall extend tc
| the first day of May Of the succeeding
calendar year., unless sooner revoked an6
| shall be renewable annually thereafter
No company authorized by this act shall
assume a greater risk than one thousn6
have at least one thousand members ir
good standing and one million Of insur.
ance in force.
Sec. 6. That section 5, chapter 17s
Laws of 1901, be and the same is hereby
amended to read as follows:
Section 8. Capital Stock Limitations
shall have not less than fifty thousand
dollars (S50,00O) nor more than one mil
lion dollars ($1 .00O) Of capital stock
all of which shall be paid up in full ant
act and deposited with the insurance com
missioner.
! Sec. Z. That section 6, chapter 17S
| Laws of 1901, be and the same is hereby
amended to read as follows:
Section 6. Mutual Companies. Depos
| 1ts.-Mutual companies organized under
| this act shall be required to maintain or
deposit with the insurance commissioner
approved securities of value not less
than the reserve liability upon all it,
! outstanding policy contracts, not to ex
coed, however, a deposit of two hundred
and fifty thousand dollars ($25O, OOO).
Sec. g. That section Z, chapter 17S
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 act, shall, by its
corporate name, be capable of suing OF
being sued; and may have power to make
and enforce contracts in relation to the
regular authorized business of such cor
poration; may have and use a common
SEAL, and may change or alter the same
at pleasure; it may in it's corporate name
be capable of taking, purchasing, holdins
and d1Sposlng OF real and personal prop
erty, as authorized by this act, for car
ry1ng into effect the purposes of it's or
ganization. Such corporation may if {
stock company, by it's board of director!
or trustees, make bylaws and amend
ments thereto not inconsistent with thu
purposes for which the organization wal
created, nor with the constitution ant
laws Of this state, or of the United
States. And such corporation, if it be {
mutual company, may by it's board O.
directors or trustees, make bylaws ant