Decorah public opinion. (Decorah, Winneshiek County [Iowa]) 1895-1928, 1907-03-06

holders representation on directory
boards in fire and life companies, and
the bill by Warren making it obliga.
tory that the capital of fire and life
companies shall be paid for in cash.
The Mates bill has passed the sen.
ate, and with but very little opposition
II it goes through the house, as there
seems little doubt it will, the law will
go into effect at once upon publication.
The bill is of interest especially to
scores of stockholders in fire insur.
ance companies throughout the state.
II provides that from and after the
taking effect OF this act the holder or
holders, Jointly or severally, of not
less than one-fifth, but less than a
majority of the capital shares of stock
of corporations organized on the stock
plan under the laws of this state for
the transactions OF the business of
life or fire insurance shall be entitled
to nominate, to be elected or appoint.
ed, as the case may be. directors or
other persons by whom, according TO
the articles of incorporation of such
Quoted. In the event such nomination
shall be made, there shall be elected or
appointed, to the extent that the total
number to be elected or appointed is
Invisible, such prOportionate number
from the persons SO nominated as the
shares of stock held by such persons
bears to the whole number of shares
issued. Vacancies occurring from time
to time shall be filled SO as to pre-
serve and secure to such minority
stockholders proportionate represent
alton as above provided"
The bill also provides that existing
corporations shall amend their articles
of incorporation SO as TO comply with
this act.
The Warren bill has not seen it's
way in either house as yet, but will be
up for disposal either the latter part
of the present week or early next
week in the senate. Ii will have much
harder shedding than the Mates
bill, but its author hopes for its adop-
ton. The bill declares that hereafter
no insurance company organized on
the stock plan can be incorporated in
Iowa with capital stock of less than
100000, the entire amount of which
shall be paid up in cash and invested
in securities as provided by law and
approved by the state auditor. Upon
the depot being made and the auditor
satisfied that the capital stock is all
! subscribed in good faith and that the
company is the actual owner of the
stock, ne shall issue authority for the
company TO proceed to tranact bust
ness in the state No part OF the cap
ital stock is to be loaned to any stock
holder or any other officer of the com,
pany. Companies already doing bust
ness in the state, and whose capital
are given three years in which to con.
vert the notes into cash securities.
and until such notes are fully paid
they are to be deposited with the
auditor subject to his approval. He
may require new notes to be filed in
case he is dissatisfied with any OF
those presented. No company, under
the bill, will be permitted to advertise
an unauthorized capital or to represent
itself as possessed of any greater
capital than that actually paid up and
invested in securities as provided.
To Limit Expenses of Candidates.
Representative Paul of Jones county
has a bill pending before the commit
tee on elections which limits the ex-
penses of candidates for public Office.
The bill is a gathering together of two
or three separate measures which have
heretofore been presented to the legis.
lature and adding to them, The bill
makes il a crime for any candidate to
expend IN his quest for public position
a sum exceeding a stated amount,
varying with the extent of territory
which the candidates ambitions may
lead him to cover. For instance. under
the bill, a candidate for governor or
any other state Office can only spend
$3.50 legally to prosecute his claims on
the suffrage of the voters. III running
for judicial position he may spend
$500 and there will be nothing said
dpOuL It. "A COuuty Cduuiudtci udy
dish out only $500, and then the ex-
pense is graded down TO $500 for
city Office, 500 for legislative posi-
ton, $50 for town or township
Office, and $25 for a school district
position. The candidate is barred
from the good fellow act, because he
cannot supply his friends with cigars
or drinks or any other thing of value,
and then, when he finishes his cam
paign, he must make out certified
statement of all the funds he has
given out and file it with the county
auditor. A violation of any Of the
provisions of the act by any candidate
makes his election, ii he should win
out, null and void.
Another reformatory election bill is
up in the house committee on cleo
tons 1t is by Representative Sidey
and makes provisions that any citi-
zen, who is away from home on cleo.
tion day no matter where, may make
out in writing ticket which he de.
sires to vote, go before notary pub.
lie wherever he may chance 10 be.
swear to the same and have it for
warded to the judges of the election
precinct where he has his legal resi-
dence II is made the duty of the
| iudges to count the vote as ii ID were