St. Paul tidende. [volume] (St. Paul, Minn.) 1902-1928, 1909-05-07
amount Of the special reserve, the sum
of the following items:
First-The amount Of all outstanding

earned premiums upon It's unexpired pol
icles which amount shall at least equal
cies having one year or less to run from
the date Of policy, and a pro rata pro-
portion Of the premiums received on the
run from the date Of policy. and shall
be known as the reinsurance liability;
Ihlrd-Thea amount of its guaranty sur
plus U and Of its special reserve fund:
tourth-The amount Of the capital of
F1fthmintesr:est at the rate of eight per
centum per annun upon the amount of
mum upon the amount. Of the said funds
for whatever time shall have elapsed
since the last preceding cash dividend.
And the balance h constitute the net
surplus Of the company, any portion of
which is subject to an equal division be-
tween the said funds as Is herein pro-
Sec. 8. Whenever the claims upon such
company shall exceed the amount Of Its
capital stock and Of the guaranty sur
plus fund provided for by this chapter.
ance commissioner Of the fact, Who shall
then make or cause to be made an ex-
animation of said company, and shall
issue his certificate Of the result. show
surplus fund, Of special reserve fund. Of
reinsurance liability and of other assets;
ana upon his issuing such certificate in
company and one to be recorded in the
insurance department, the said special
reserve fund shall be Immediately. held to
p pantece etS all G }SaG sn nelde as a of s claim e9mz
upon it at the date Of said certificate, and
said special reserve fund, together with
commts assets, e es Inca, by y the ns,u lnsn fa 4Se
amount Of the unearned premiums of
such company, to be ascertatned as here
lnbefore provided. shall constitute the
the protection Of policy holders other
than such claimants and for the further
CONDUCT of its business, and any official
herein provided for shall be binding and
conclusive upon all parties interested in
such company, whether as stockholders.
payment to pc iaifg ntaoS Who arr are u such at at
the date Of said certificate, of the full
sum of the capital Of such company and
assets at said date. excepting only such
special reserve fund and an amount OF
ITS assets equal to the liability Of the
company for unearned premiums, as so
certltled by such insurance commissioner,
such company shall he forever discharged
from any and all further liability to
such claimants and to each of them. and
after Issuing his said certificate, upon the
demand of such company. transfer to it
all sucl, securities as shall have been de-
p sSc ! sps wita 9 reaerS Ss fund, a empa f th hs
amount Of such special reserve fund be
less than fifty per centur Of the full
requ'sition shall be issued by the said in
surance commissioner upon the stock
holders; to make az. such capital to that
proportion Of it's full amount provided,
made up at least to the sum Of one hun
dred thousand dollars. and in case said
company, after such requisition, shall
said to Sum make * o up h35nG Gnp5ta tha at least "a ito to
lars. as therein directed. said special re-
serve fund shall still be held as security
and liable for n and all losses occur
company. shall, in it's annual statement
to the insurance Commissioners of this
state, set forth the amount Of such spe-
e e3rn, reserve s fund and of its guaranty
expenses of the business, or Of the in
terest or dividends payable under the
provisions of this act to stockholders, or
fund shall be reduced In amount below
the thu amount OF the special reserve fund
make no additions to the special reserve
fund until the guaranty surplus fund is
equal to the special reserve fund. The
Of record and other books in use by such
and other blanks, office furniture. TX
sred as assets: but shall be held ~ the
company for its use in the protection of
its policy holders:. Provided, however,
that that, if any gn a%opnt g greater at than a sum
shall by such company, under the pro-
visions Of this chapter. lave been de-
pcsited with such commissioner, he shall
equal to one-ha1f of what amount he
shall SO hold thereof in excess Of a sum
equal to such one-half Of such capital
thereof to such company as herein pro-
vtded and the amount so transferred to
such company shall from the time of
such transfer, provided the amount there
thousand dollars, constitute the capital
stock OF such company for the further
conduct of it's business as ~hereinberore
1 provided, and the securities so retained
shall be regarded as the special reserve
fund of u company, to which add'-
lions may be made as herein provided,
same conditions as the original special
reserve fund Of such company wa held.
for d% RschaS'ges of er the 5e's co aafsan1' f PeGD'q fu4s
application to the payment Of such claims
Of its capital surplus and assets, ex-
cepting the special reserve fund, and an
amount equal to liability for unearned
premiums. shall not be construed to re-
neve the stockholders Of said corporation
from any LIABILITY imposed by the con-
Sec. 8. If at any time after said spe-
clal reserve fund shall have been ac-
cumulated by any company, the direc-
dence satisfactory to the insurance com
missioner that the capital Of such com
AMY has become impaired, he shall or
der the directors to call upon the stock
and the board do Of dir etSH 1 may there.
upon rteauire the necessary aynen BY
whole of such impairment, or they may
apply for that purpose the whole Or anv
part Of the special, reserve und and re-.
quire Of the stockholders payment Of
such amount as may be necessary to
make up the balance Of such IMPAIR
ment not made up out Of the special re-
serve fund. The stock Of every stock.
holder shall be pledged and liable for the
amount assessed upon him to make IN
such impairment, either in whole or in
part, and in case any stakeholder refuses
to pay such assessment. the stock stand
ing in his name may be sold at public
auction, after thirty days notice, in such
manner as the directors may provide. II
the board Of directors elect to make good
such impairment or any part thereof out
ance commissioner shall. upon request
Of said board. transfer to said company
so much of said special reserve fund as
is necessary for the purpose; No com
| shall insure any larger amount upon anv
single risk that is permitted by law to
a company possessing the same amount
~ capital irrespective of the fund herein
Sec. 1e. From and after the date when
this act goes into effect, every policy
not then in the hands Of AGENTS issued
by a company which has constituted ana
law OF this state, shall have pr4n+e9
thereon by such company a statement
that the same is Issued under and in pur-
| S11onC Of tho "a vc Of fho State 80 Mr.