Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1907-08-08

" The payment of any disability Dement'S
order. hereafter Organized or admitted to
this state that are not provided in the
rates deduced from said table or mortality
o. is herein required must h De amply s pro
ments as herein required.
5. In, case of an accident association
before license Is issued, 1t shall deposit
with the state treasurer security Tor the
payment Of claims against said corporation
In case of voluntary dissolution or the
winding up Of It's affairs, GOOD. interest,"
bearing securities to be approved by the
commissioner of insurance in the amount
In par value, exclusive OF Interest, or not
less than one thousand dollars; sucn Sc
curities shall be retained by the state treas
urer so long as said corporation snail con,
t.nue to do business. Provided that said
corporation may at any time upon the APP
prevail of the commissioner OF insurance,
substitute other securities or equal value !;
the Interest on said securities shall be pay
able to the said corporation, and In case or
the dissolution of said corporation or the
winding up Of Its affairs, the said securities
snail be delivered to the duly appointed re-
cetyer OF the said corporation or to the
corporation itself, upon the certificate OF
the commissioner of insurance.
4. In case of associations already organ
tied and doing business under the provisions
of this act, the securities herein above pro-
vided for, shall be deposited with the state
treasurer IN the same manner. for the same
purpose and to the same effect as above
provided, on or before the first day Of Jan
uary, 1902, Provided, however, that when
by the statutes Of any other state, mutual
benefit associations doing an accident or
health business organized or doing business
therein, are required to keep on deposit
with the state treasurer or other state Off
cer, securities for the protection of policy
holders generally and any such company
shall furnish to the commissioner of insur-
ance of this state the certificate of the
proper officer of such other state, showing
the amount and character Of the securities
SO deposited with him and 1t shall appear
therefrOm that the said securities are equal
In market value and availability to one
thousand dollars, and that said securities
consist of stock or bonds of the United
States or of this state of any city or
county In this state authorized by act of
legislature to Issue the same or OF state,
county or city bonds or of stocks Of the
state where such company or association Is
organized or of bonds and mortgages on
loaned thereon, and it shall further appear
from the laws of such other state that the
securities so deposited are subject to be
made available to satisfy judgments of
policy holders In any manner corresponding
to that provided for the care of securities
deposited under this ect, the commissioner
of insurance shall thereupon be authorized
to issue to such company an authority or
license to transact the business of accident
and health insurance within this state with
out any such deposit Of securities with the
state treasurer of this state as Ia above
provided.
Approved July 0, 1907.