The Montgomery advertiser., 1907-08-29


 Aid, Beneft or Industrial Company ol Association. may increase it's capita stock by obtaining consent of the per sons holding the larger amount in valu, of the capital stock of said corporation obained at regular or special meeting of the stockholders called for that pur. pose, of which notice must be given stating the object of the meeting. ant the amount of the proposed increase If such meeting authorizes such in- crease certificate certified by thu President and the Secretary of the cor poration, must be filed and recorded 1T the office Of the Judge of Probate oi the county in which the corporation wal organized, in the same manner as tht original certificate of incorporation and such certificate shall set forth the amount of increase. A decrease in thA amount of capital stock shall bs made, certified and recorded in like manner; and certified copy of such in- crease or decrease of the capital stock of such corporations shall be filed with the Insurance Commissioner, in like
 manner as the original certificate oi inc operation; provided, however, that no increase shall be made unless the amount of such increase shall brins the capital stock of such corporation up to the amount of Five Thousand Dollars C$5,o0o.00) full paid up in cash and provided further that no such de- crease shall diminish the capital stock below said sum of Five Thousand Dol lars.
 Sec. IS. Fifteen or more persons may become body corporate. without capital stock, for the purpose of do- ing the business of Mutual Aid, Ben- eft and Industrial Company Or Asso- citation by complying with the provis- ions hereinafter contained In this Act.
 Sec. A. Said persons shall make and file a certificate in the office of the Judge of Probate. of the county in which its principal place of business Is proposed to be located. The certifi- cate shall show the following: u) The name of the proposed corporation. (2) The location of the principal office in this state. ts) That the object or purpose of the corporation Is to do
 .os as Mutual Aid. Benefit and Industrial Company or Association, with the powers and privileges prescribed (4) That the incorporators have enter ed into bona fide agreement for in- surance, of the kind authorized to be done by Mutual Aid, Benefit and In-- dustriai Companies or Associations. with not less than five hundred (500) persons, and shall have received there from not less than two thousand dof- lars ($2,000.00) in cash. (5) That said sum of money is in the possession of two of the interpretations. designated by the subscribers, to receive such money. (6) Any other matters provid- ing for the conduct of the business of the proposed corporation not i'm consistent with the laws of the State of Alabama. CD The names. residences, and post office addresses of seven per- sons seiected4 from among the incorpo- rators as trustees for said corporation, for its first year.
 Sec. IS. A majority of said incorpo- rators must be residents of the State of Alabama and a majority of the trustees of such corporation must, at all times, be residents of the State of Alabama.
 Sec. 16. Said certificates hereinbe- fore ,vided for must be verified by oath of two of said incorporators. and flied with the Probate Judge and rec corded in the same manner as the certi- ficates of the incorporation of eompa- nies with capital stock, and certified copy of each certificate must be like wise filed with the Insurance Commits sioner, fir which the same fees shall be charged as are provided for in the incorporation or stock companies.
 Sec. 1T. The Board Of Trustees of such corporation shall consist of not less than seven, nor more than nine persons, who must be members of the corporation. They shall be elected an- nually. to hold office until their suc- eessors are elected and qualified. Such board of trustees shall be the govern Ing body of such corporation, and shall have the power to make all such needful or proper rules, regulations and bylaws for the conduct of the business of such corporation, not inconsistent with the laws governing Mututal Aid, Benefit and Industrial Companies or Associations or any other laws of the State of Alabama. Such board of trus- tees shall be selected at an annual meet ing, to be held at the principal office or place of business of said corporation. and at such meeting the members of such company or association may at- tend and vote on all matters before the meeting in person, or theyemay be rep resented by proxies, which must be in writing. and be executed at least thirty days prior to said meeting.
 Sec IS. Every corporation organized under the provisions of this Act shall at all times own and possess solvent assets to the amount of one dollar and fifty cents ($1.50) for each one hundred dollars ($100.00) Of insurance at risk, by such corporation, and In estimating and determining such amount, there must be deducted therefrom any lia- bilities of such corporation, for any sums or amounts due or owing for any purpose, or claim other than liabilities upon it's policies, contracts of insur- ance or certificates of membership; pro- vided such corporation with a capital ste : m estimc e and use the proper ty or funds,in which its capital stock has been invested, in accordance with this Act, in determining the amount of said solvent assets.
 Sec. 19. All laws and parts of laws in conflict with this Act are hereby re- pealed
 Approved. Aug. 9th, 1907.
 Official:
 Frank N. Julian,
 Secretary of State. No. 745) AN ACT (S B. 123. To amend section 12 of an act en-
 titled an act for the relief Of needy
 Confederate soldiers and sailors, resi-