St. Paul tidende. [volume] (St. Paul, Minn.) 1902-1928, 1907-05-10
CHAPTER 1915. F. NO. 1853.

Approved APP. April Il l., 1907.
CHAPTER 1915. F. NO. 1853.
AN ACT to prohibit the q Of non
participating policies by certain life in
Re 1T enacted by the legislature OF the
State OF Minnesota:
Z Section &c ! on and after the first day Of
sarances c agns; ny d and no domestic stock
life insurance company, hereafter issuing
or protesting to Issue any participating
% e1ne1istsis sh @h,c issue Dc 4 no{ By B%Slif fhsir e fsfms
give to the holders thereof full right to
participate in the ~accumulations Of said
Tp9s as provided BY by law Nv 10, a. ~ ~
temporary and pure endowment insurance
issued Or granted in exchang for lapsed
or surrendered %policies.
sistent with the provisions of this act are
Secs This act shall take effect and be
IN force from and after It's passage.
Approved April IL. 1907.
CHAPTER 1925. f. NO. 1e5.
AN ACT regulating the retirement of
capital stock Of life insurance compa-
MES in certain cases.
BE 1t enacted by the Legislature OF the
Section 1. A mutual life insurance COM
pany may be organized with, and an ex-
listing mutual life insurance company
less than 100000. Which shall be invested
In the same manner as Is provided for
the investment Of its other funds. Out Of
the net surplus Of the company the hold
ers Of the temporary capital stock may
receive a dividend of not more than 8 per
cent per annum which may be cumula-
tive. Such capital stock shall not be a
s iaeilit y Of the company nnnn except S,Et t thai lit 1T
fore, the surplus of the company remain
ing after its retirement shall be not less
than the temporary capital so established.
capital stock the holders shall be entitled
value thereof and any. dividends thereon
due and unpaid, and thereupon the stock
the right to vote thereon shall cease.
Sec. 2. All acts and parts Of acts incon-
s siste para with nod the ! provisions of this act
Sec. s. This act Shall take effect and be
in force from and sfter ro It's passage.
CHAPTER 1925. F. NO. 17s.
life insurance. companies.
Be it enacted by the legislature Of the
Section /. No domestic life insurance
company, whether Incorporated by special
the, first day Of January, 1908, invest in
corporation, other than a municipal cor
state or municipal securities, shall it in
legations Hsya on G not t0 secu npSpi by gn sde eDnas CO coll at
eral security and when more than one
third Of the total value Of the collateral
security shall consist Of shares Of stock,
such company possessed Of stocks or Sc
curities prohibited by this act shall dis
pose Of the same within five years. I'M
less such lime Is extended by the commits
No investment or loan, except policy
loans, shall be made by any such life in
surance company, unless the same shall
first have been authorized by the board
Of directors. or by g. committee thereof
charged with the duty Of supervising such
investment or loan. No such company
shall subscribe TO- or participate in any
Securities Of p pr ee!s pu Or enter ii into se1e any ny
transaction for such purchase or sale on
account Of said company jointly with any
other person, firm or corporation; nor
agreement to withhold from sale any OF
its property, but the disposition of its
property shall be at all times within the
such company, in addition to other invest
ments allowed by law, may invest any Of
its funds and accumulations in the bonds
Of the United States or Of this state or Of
oGA&y OAAA( WY SO"1 VI 41d6 VI JUL
organized school district therein, or Of
any municipality or civil division Of any
state. and may loan upon improved unin-
per centam Of the Value Of such property "
or invest in the mortgage bonds Of any
dividend paying railway pr street railway
company duly Incorporated and organized
other state, and it may also make loans
on the security Of promissory notes amply
secured by pledge Of any bonds in which
thorized, to invest their funds. and may
also make loans upon the security Of it's
own policies, but no loan on any policy
shall exceed the reserve value thereof.
pany may acquire, hold and convey real
property only for the following purposes
and In the following manner:
F~irst-Such as shall pc requisite for con-
of its business.
second-such as shall have been mort
gagged to it in good faith by way OF Sc
.curity for, loans previously contracted,
or for moneys due.
~Third-such as shall have been con-
veyed to it in satisfaction Of debts pre-
yiously contracted in the course Of its
.Fourth-such as shall lave been pu,-
chased at sales on judgments, DEGREES or
m%9rtgages obtained or made for such
All such real property specified in sub
divisions 2, 3 and 4 Of this section, which
snail not be necessary for its accommoda-
ton In the convenient transaction of it's
within five years after the company shall
have acquired title to the same, or within
i've years after the same shall have
ceased to be necessary for the
dation Of its business, and it shall not
hold such property for a longer period
unless 1t shall procure, a certificate from
the commissioner Of insurance that its
interests will suffer materially by the
forced sale thereof, in which event the
tim for the sale may be extended to such
sims as the commissioner shall direct in
Sec. 8. All acts and parts of acts IN
consistent with the provisions of this act
are hereby repealed.
Sec. 4. This act shall take effect and be
In force from and after terv its passage
CHAPTER 1913. F. NO. 25y.
AN ACT to provide for summer sessions
at the Normal schools and appropriate
Be it enacted by the Legislature of the
State of Minnesota:
Section 1. That there shall be held at each
OF the state normal schools In this state
a urnmer session Of twelve weeks each,
under the direction Of the state normal
board. These summer sessions shall be a
part of and in all respects be the same
as the sessions now provided for by law.
The provisions for attendance at these
those now in force and the arrangements
Of the terms in the school year shall be
such as to most fully conserve the well
fare OF rural schools.
OF any money in the state treasury not
otherwise appropriated, $4,000 or 50
defray the expenses Of the sessions pro-
l ViHad for IN cn4ftno 1 haroHF H. 49,