The Washburn times. [volume] (Washburn, Wis.) 1896-1976, 1909-07-29
No. $50, Al Published April 15 1909.
CHAPTER SO. LAWS OF 1909.

AN ACT to amend subsection of section
S647, Of the statutes, relating to organiZ-
ton OF domestic life insurance COR
Jorations
'rhe people OF the State CT wisconsin
represented in Senate and Assembly, do
enact as follows:
section l. Subsection 3 of section 1947
Of the statutes is amended to read Sec
ton 1917. 3. No such corporation shall
transact any business Of insurance. until
all the following conditions shall be COM
a, If organized without capital stock
at least two hundred persons
shall have subscribed for not less than
one thousand dollars of insurance each
and passed q prescribed medical examin-
alton and shall have each paid one full
annual premium in cash upon the insur-
ance subscribed for, amounting In the
at o least f%sn6y cb sh
scriptions for insurance. the company shall
provide and hold special guaranty fund
OF at least twenty FIVE thousand dollars In
cash or invested as prescribed in section
1851 of the statutes, to be used for no
purpose other than the payment Of death
losses, until the largest policy in force,
d2ducting any reinsurance thereon in aU
thorlzed companies, shall not exceed one
half OF one per contum Of the total in
surance in force. deducting all such rein
SuTAnce. Such company may borrow
sum Of money, sufficient to provide the
amount to be held as special guaranty
fund and an additional sum to defray the
expenses of organization moi exceeding ten
thousand dollars This loan shall not he
so provide and that the principal and in
terest thereon shall only he repHid from
assets In excess of all liabilities. The
agreement shall also provide for interest
at a rate not exceeding eight perCeutum
per annum and after the Nelpase of the
special guaranty fund the principal shall
he repaid in the discretion of the board
Of directors or at such times as fixed in
c1id CnIi iofi p c,arifN
lions for insurance under this section may
he made by agents holding n certificate
OF authority to he ISSUED by the commits
sioner In Insurance. Every application for
that the issuance Of the policy is contin-
gent upon the completion of the organic
alton OF the company.
b. TT organized with capital
stock. until capital stock of at least one
hundred thousand dollars and a
special snrplus Of at least twenty five
thousand dollars shall have been sub
scribed for and fully paid in and is held
in cash or invested as provided in section
1871 OF the statutes. No part of
such special surplus shall he used for any
purpose other than the payment Of death
losses while the largest policy In force,
deducting and reinsurance thereon in au-
thoriZed companies, shall exceed one-half
OF one per centum OF the total Insurance
In force, deductng all such reinsurance
c. There shall have been
paid to the insurance commissioner in
case OF corporation organized without
capital stock, fee of one hundred dol
!ers. and IN case OF corporation organ
lied with capital stock. n fee equal TO that
required upon the incorporation Of other
corporations under chapter Sc Of the stat
utos. but no such fees shall he required
to he paid until at the time Of the issuing
Of the certificate Of authority under sub
section Il.
d. certificate shall have been made
and fled by the commissioner of insnr-
setting forth
corporation has complied with I'll the pro-
visions Of the laws and is authorized to
trhn ct the hrsiness of life insurance.
Section 2. This act shall take effect
ard be in force from and after It's passage
and puhlication.
Approved Apru II. 1900.