St. Paul tidende. [volume] (St. Paul, Minn.) 1902-1928, 1907-05-10

membership fees and forty C4O) per
ments.
Any officer of any corporation violating
or consenting to the violation of this, or
the preceding. section, shall be guilty OF
q gross misdemeanor. st.
Sec. Z. No corporation hereafter organ
lied to transact the business of. life In
surance upon the cooperative or assess.
ment plan, n no such corporation not
already admitted to transact business in
this state shall hereafter be licensed to
transact such life insurance business In
this state unless 1t shall by Its charter,
bylaws and policy or certificate contracts,
provide for n actually charge and col
lect from it's members, for and on account
Of the insurance furnished to them, net
rates Which are at least equal to the rates
known as the National Fraternal Con-
gress rates, with 4 per cent interest,
Sec. 8. Any u corporation, assoc1a-
ton or society organized or authorized to
transact business under the provisions of
assume the risks of any other similar cor
poration, association or society. engaged
in the business of life or casualty insur-
ance. or both, only on the following con-
ditions:
First-That both the corporations, asso-
Citations or societies which propose to
enter into such reinsurance contract,
shall be-, upon the date Of reinsurance;
this act. to transact business in this state.
Second-That the contract of reinsur-
ance shall have previously been sub,
mitted TO the insurance commissioner and
the attorney general of this state and
shall have received the approval Of the
insurance commissioner duly endorsed
thereon.
Third-That such corporation, associa-
ton or society. which propose to reinsure
and retire. shall nave been thoroughly ex-
aNlined by the insurance commissioner of
this state within six months of the date
of such proposed consolidation or re-
oa And f11rthnr rornujhoH that
in the Judgment of the insurance commits
sioner> of this state such consolidation or
reinsurance a in no way impair the
solvenc:y Of the corporation, association,
or society which proposes to reinsure
n assume the business II affairs Of
the corporation, association or society
contemplating reinsurance and retirement.
Fourth-That the contract of reinsur-
ance shall nave been approved by a ma
jority vote of all the members Of the
corporation, association or society, which
proposes to reinsure and retire, present in
person or by proxy, at n regular meet
thereof called to consider the same. And
further provided, that a written or printed
notice Of the purpose OF such corporation,
association or society to reinsure shall
bers at least thirty days prior to the date
fixed for such meeting.
When the members OF any such corpora
ton, association or society shall have so
WIN OAAN - u
and the officers of the corporation, associ-
alton or society which proposes to assume
the risks and other obligations are hereby
authorized to enter into and consummate
the contract of reinsurance as submitted
and approved, and to do and perform all
other acts necessary to the final and
complete. consolidation or reinsurance.
Society shalt turn over all its property,
securities, moneys and other assets to
the corporation, association. or society
reinsuring and assuming Its obligations.
to become the sole and absolute property
thereof. The actual n reasonable ex-
penses n costs incident to proceedings
under the provisions Of this section may
be paid by the company or companies
and verified statement of such
expenses, together with proper vouchers
for each of the same, shall be filed with
the insurance commissioner. No officer
of any such company or companies nor
any employe of the state shall receive n
compensation, gratuity, employment, or
other promise or thing of value, directly
or indirectly, for in any manner aiding,
promoting or assisting in such consolida-
ton or reinsurance. Any officer or d.
rector of any company which is a party
to the agreement of reinsurance herein
provided for who shall receive any COM
pensation or gratuity for aiding or pro-
or consenting to such contract
shall be guilty of larceny, and any other
person guilty of wilfully violating or con
senting to the wilful violation Of the
a gross misdemeanor.
Sec. 3. Any such corporation, associa-
ton or society may with the written con-
sent of the insurance commissioner of this
ing body, amend it's articles Of incor-
poratiOn and bylaws in such as
to transform itself into a legal reserve
or level premium insurance company, and
SO doing and upon procuring from
the insurance commissioner a certificate
of authority, as provided by law, to trans
act business in this state, as a legal re-
serve or level premium company, shall
incur the obligations and enjoy the bene-
thereof, the same as though originally
thus incorporated, and such corporation,
under it's charter as. amended, shall be
a continuation Of such original corpora
ton, and the officers thereof shall serve
through their respective terms, as provided
in the original charter, but their success
ors shall be elected and serve as in such
amended articles provided; but C
affect existing suits, rights or contracts.
Any corporation, association or society so
r~eincorporated to transact the business of
Of valuation be provided for in it's
policy, or certificates Of membership pre-
viously written, value its assessment poll
cies or certificates of membership prev
policies. according to the standard Of
valuation of life Insurance policies pre-
scribed by the laws Of this state.
Sec. 10: Section 1928 Of Revised Laws
association or society engaged in the bust
ness Of life insurance upon the co-opera-
tive or assessment plan, or to any such
eor ged III H. society or association en-
ance upon the cooperative or assessment
plan, as in this act defined.
Sc Sec. ;46o sectiqns 1925. 1898. 1929. 100,
hereby repealed. Chapter 3O3 of Laws of
for 1905 and all other laws and
parts of laws, in so far as they may be
inconsistent with this act, shall not apply
to corporations ~transacting the business
of life or casualty insurance solely upon
the cooperative or assessment plan as
defined in this act.
Sec. II; The provisions Of this act shall
ciations, nor shall anything herein n's be
construed as governing or in anywise
regulating such associations.
Sec. ID. This act shall take effect and
be in force from and after it's passage,
Approved April %, 1907.
CHAPTER 319-H. F. NO. 311.
AN ACT to amend section 10, Revised
Laws 1908. relating to contempts of the
Be it enacted by the Legislature of the
State Of Minnesota:
Section l. That section 19. Revised
Laws l9o5. be, the same hereby is
dliieiloeN So DIS 10 IedQ as follows:
"l9. Contempts-Each house MAY pun
ish. as a contempt. any breach of it's
privileges. or of the privileges of its
following offenses: Wv
Il. Arresting or causing to be ar
rested, any member or officer. thereof, in
violation of his privilege from arrest.
-. D1sorderly conduct in it's view and
presence, or in the view and presence of
any OF it's committees, tending to inter
rupt their proceedings.
=. Refusing to attend or be examined
as a witness. before either house or anv
committee thereof. or before any person