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

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N his discretion. by order direct that no
Sen. 2. This act shall take effect and
y Ap # .Sfss h 1lSai g. a5,e 15 siter It's passage
CHAPTER 1875. r. NO. As.
AN ACT limiting the time within which
real estate mortgages ma be foreclosed
when the date Of maturity is not stated
ns Il L enacted 81 the Legislature Of the
State Of Minnesota:
Section ]. The time within which any
action or proceeding, by advertisement or
foreciosure Of any mortgage on real prop.
erty, shall begin to run from the date Of
s1oh mortgage, unless the time Of ma
turing Of such moItgage or the debt or
Sec. 2. This act shall take effect and be
IN force from and after July 1, 1908.
Approved April IL, 1907. !;
CHAPTER 1855. F. NC. SO.
AN ACT to require an nnual apportion-
ment and accounting Of surplus Of life
insurance companies.
Section /. Every life insurance COM
pany doing business in this state con-
Quoted or. the mutual plan or In which
pOA&Sy AOAAOAS 0A0 VAASAkACo ~ oAoAO al SAtO
profits or surplus, shall make an annual
apportionnent n accounting of divisible
surplus to each policy holder beginning
year on all participating policies here
after issued; and each such policy holder
shall be entitled to and be credited with
or paid. In the manner hereinafter pro-
vided, such a portion of the entire divtsi-
bic surplus as has been contributed there
Sec. =: Any Goyti life insurance company do
{p- IT, To- +1{~ ~k4A~ - - ~ -
and maintain, in addition to the capital
and surplus contributed by it's stockhold-
ers, and In addition to an amount equal
to the net values Of it's policies, computed
under which 1t is organized, a contin-
gency reserve not exceeding the follow
Ing respective percentages Of said net
less than n hundred THOUSAND dollars,
twenty per centum thereof or the sum of
ten thousand dollars, whichever is the
greater; when said net values are greater
percentage thereof measuring the %contin-
gency reserve shall decrease one-half on
one per. certum for a c one hundred
Thousand dollars Of said net values up to
one million dollars: when said net values
are greater than one million dollars but
do not exceed twenty-five million dollars,
the contingency reserve shall not exceed
values are greater than twenty-five mil
lion dollars but do not exceed fifty mil
lion dollars, the contingency reserve hall
not exceed twelve and 9ne-half per zen.
greater than fifty million dollars but do
not exceed one hundred million dollars,
the contingency reserve shall not exceed
ten per centum thereof; when said net
values are greater than one hundred mil
lion dollar but do not exceed one hum
bred and fifty million dollars, the CEN
tingency reserve shall not exceed seven
and one-half per centum thereof: when
said net values are greater than one hum
dred and fifty million dollars the contin-
gency reserve shall not exceed five per
net values Of said policies increase and
the maximum percentage measuring the
contingency reserve decreases such cor
poration may maintain the contingency
although for the time being it may ex-
coed the maximum percentage herein pre-
scribed, but may not add to the contin-
bring it beyond the maximum percentage.
Provided further, that for cause shown
the commissioner of insurance may at
any corporation to accumulate n main
tain g contingency reserve In excess of
the limit above mentioned for a pre-
scribed period. not exceeding one year
his Office a. decision stating his reasons
therefor and causing the same to be pub
.1ished in his next annual report. This
section shall not apply to any
mess.
Sec. 8. Every policy holder shall on all
PP era1itPai'n a1tt eT'f lis p pefey''f has ''i been i is
force five years ANNUALLY to select the
manner and method Of the application Of
the surplus TO be annually apportioned
in the policy: All ap%portioned surplus
applied in the reduction Of current Or
III rnt td, premiums 111o Or IN the Purcnase Of
ditions, shall be credited to the insured
and carried as an actual liability and be
paid at the maturity, Of the policy:
Of any premium due on any. policy, pro-
vided not less than three full years pre-
mturns shall have been paid. and .provtd-
Cd further; such policy shall not be con
loan provision therein, there shall be Sc
cured to the insured without action on
his part, either paid or extended insur-
values Of which shall be at least equal to
the entire net reserve held by the com
pany on such policy, less two and one-half
per centum Of the amount insured by the
policy and dividend additions, If any, and
less any outstanding Indebtedness to the
company on the policy at time Of default.
There shall be secured to the insured
eas pesS! at at sn1r So@e o OH p0 Within 70 one ens
month after date OF default for the cash
value otherwise available for the pur-
chase of the paid-gp or extended insur-
be made within six months after demand
therefor.
Sec. S. No agreement between the COM
pany and the policy holder or applicant
Of the provisions Of this act.
Sec. 6. All acts and parts of acts con-
ficting with the provisions of this act
are hereby repealed
be in force from and after January l.
Approved April 16, 1907.
CHAPTER 199-s. 3. NC. 81.
vised Laws, 1905, relating to amend
ments to charters of villages and cities.
Be it enacted by the Legislature of the
State Of Minnesota:
v1sed Laws, 1865. relating to amendments
to charters Of cities and villages be and
the same Is hereby amended SO as to read
o. "sec. 7ce. Notwithstanding board of
such charter. and shall do 80 upon the
petition Of Ave per cent Of the voters Of
the city, setting forth In substance the
amendment desired. Amendments shall
inai charter, and the proposal shall be
published for at least thirty lays in three
newspapers Of general circulation in such
city. The form of ballot and mode OF
on the adoption Of such charter, the gen
era1 nature of ach amendment being
briefly indicated. II three-fifths Of those
lawfully voting at such election shall de-
posed. the same shall be certified, deposit
ed, and recorded, and shall take effect.
as in the case of. the original charters
provided that, II it be proposed that any
time. II shall take effect Al nronoaed