The Birmingham age-herald., 1907-08-29

carry on the business of Mutual Aid
 Benefit and Industrial Companies or As- sociations. (g) To increase or decrease
 It's capital stock in the manner herein
 after provided. (h) To alter and amend its charter. CD To consolidate with one or more like corporations engaged In
 business of Mutual Aid. Benefit and h. dustrial Companies or Associations,
 whether incorporated in this State or some other State.
 Sec. Q. Such corporations shall have not less than five directors, who must be stockholders in the corporation. Such di- rectors shall be elected for a term of one year and until their successors are elect ed and qualified
 Sec. 10. Before doing business in this State, such corporations must file with the Insurance Commissioner of the State, certified copy of the articles or incor- poration, which must be filed by him in his office, and must also make proof as may be required by said Commissioner, under oath of It's officers authorized thereto, that said corporation has re- ceived and has on hand the sum of not less than Five Thousand Dollars (s5,O00G in cash, derived from the payments of subscriptions to it's capital stock
 Sec. Il. The moneys derived by such corporation from the payment of sub scrlptions to it's capital stock, and in payment of sales of stock, may be in- vested in bonds of the United States, or of this state, or the cities or counties of th.s State estimated at their cash market value, or in notes or mortgages secured by real estate or other collateral worth twice the amount of said mortgages or notes.
 Sec. 12. Such corporation, and any other corporation organized under the laws of this State before the passage of l. A.k l.I.. l....-f n Benefit or Industrial Company, or As socation, may increase It's capital stock by obtaining consent of the persons hold ing the larger amount in value of the capital stock of said corporation, obtain ed at a regular special meeting of the stockholders called for that purpose. of which notice must be given, stating the object of the meeting, and the amount of the proposed increase. If such meet ing authorizes such increase a certificate certified by the President and Secretary of the corporation, must be filed and re- corded in the office of the Judge of Pro- bate of the county in which the corpora tlon was organized, in the same manner as the original certificate of ncorpora- tion, and such certificate shall set forth the amount of increase decrease in the amount of capital stock shall be made, certified and recorded in like man ner; and certified copy of such increase or decrease of the capital stock of such corporations shall be filed with the In- surance Commissioner, in like manner as the original certificate of incorporation; provided, however, that no increase shall be made unless the amount of such in- crease shall bring the capital stock of such corporation up to the amount of Five Thousand Dollars (s5,00O. 0O), full paid up in cash; and provided further that no such decrease shall diminish the capital stock below said sum of Five Thousand Dollars.
 Sec. 13. Fifteen or more persons may become a body corporate, without capi- tai stock, for the purpose of doing the business of a Mutual Aid. Benefit and In- dustrial Company or Association by com plying with the provisions hereinafter contained in this Act
 Sec. IA. Said persons shall make and file a certificate in the office of the Judge or Probate, of the county in which it's principal place of business Is proposed to De located. The certificate shall show the following O The name of the pro- posed corporation CD The location of the principal office in this state. (S) That the object or purpose of the corporation is to do business as a Mutual Aid, Benefit and Industrial Company or Association, with the powers and privileges prescribed by the laws of the State of Alabama (4) l ildl tne lnCOTpOratOrS nave entered into bona flde agreement for insurance of the the kind authorized to be done by Mu- tual Aid, Benefit and Industrial Com panies or Associations, with not less than five hundred (500 persons, and not less than two thousand dollars (s2, ,000. .00) in cash. (5) That said sum of money is in the possession of two of the incorpora- tion. designated by the subscribers to receive such money. (D Any other matters nr0VidiQR for tha COnAuCt of hue of the proposed corporation not incon- sistent with the laws of the State of Ala bf-ma. CD The names, residences, and post office addresses of seven persons select ed from among the incorporators as trus- tees for said corporation, for It's first year.
 Sec. 15. A majority of said incorpora- tors must be residents of the State of Alabama and majority of the trustees of such corporation must, at all times, be residents of the State of Alabama
 Sec. 1S. Said certificates hereinbefore provided for must be verified by oath of two of said incorporators, and filed with the Probate Judge and recorded in the same manner as the certificates of the Incorporation of companies with capital stock. and certified copy of each certih- cate must be likewise filed with the h. surance Commissioner, for which the same fees shall be charged as are pro- vided for in the incorporation of stock companies.
 Sec. 1T. The Board of Trustees of such corporation shall consist of not less than seven, nor more than nfne persons, who must be members of the corporation They shall be elected annually to hold office until their successors are elected and qualified Such board of trustees shall be the governing body of such cor poration, and shall have the power to make all siich needful or proper rules, regulations and bylaws for the conduct of the business of such corporation. not inconsistent with the laws governing Mutual Aid. Benefit and Industrial Com panles or Associations or any other laws of the State of Alabama. Such board of trustees shall be selected at an annual meeting. 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 atT tend and vote on all matters before the resented by proxies, which must be In writing and be executed at least thirty days prior to said meeting.
 Sec IS. Every corporation organized un- der the provisions of this Act shall at all times own and possess solvent as- sets to the amount of one dollar and fifty cents (s1.50) for each one hundred dollars (s100.00) of insurance at risk, by such corporation, and in estimating and determining such amount, there must be deducted therefrom any liabilities of such corporation, for any sums or amounts due or owing for any purpose or claim other than liabilities upon its policies, contracts of insurance or certificates or