River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1909-07-15
No. $50, A. Published April 10, 1909
CHAPTER SO, LAWS OF 1909,


Az ACT to amend subsection 3 Of section
1947, OF the statutes, relating to organic
alton of domestic life insurance COR
operations.
represented in Senate and Assembly, do
enact as follows:
Section /. Subsection of section 1917
OF the statutes is amended to read: Sec
ton 1877 3. No such corporation shall
transact any business of Insurance, until
all the following conditions shall be COM
piled with:
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 prescribed medical examin-
alton and shall have each paid one full
annual premium in cash upon the insur-
anee subscribed for, amounting In the
aggregate to at least twenty thousand
dollars. Or, in lieu OF such sub
scriptions for insurance. the company shall
provide and hold a special guaranty fund
OF at least twenty five thousand dollars In
cash or Invested as prescribed In section
1901 OF the statutes, to be used for no
purpose other than the payment OF death
losses, until the largest policy In force,
deduct1ng any reinsurance thereon In au-
thorlzed companies, shall not exceed one
half or one per centum OF the total. In
surance in force, deducting all such rein
surance. Such company may borrow a
sum of money sufficient to provide the
amount to be held as a special guaranty
fund and an additional sum to defray the
expenses of organization not exceeding ten
thousand dollars. This loan shall not be
81 liability and the agreement therefor shall
so provide and that the principal ana in
terest thereon shall only be repaid from
assets in excess of all liabilities. The
agreement shall also provide for interest
at rate not exceeding eight percentum
per annum and after the release OF the
special guaranty fund the principal shall
be repaid In the discretion of the board
of directors or at such times as fixed In
0f n
tons for insurance under this section may
be made by agents holding a certificate
OF authority to be issued by the commits
s1oner in insurance Every application for
such insurance shall contain statement
that the issuance Of the policy is contin-
gent upon the completion OF the organic
alton of the company
stock, until a capital stock of at least one
hundred thousand dollars and a
special surplus Of at least twenty five
scribed for and fully paid In and is held
in cash or invested as provided in section
1851 OF the statutes. No part of
such special surplus shall be used for any
purpose other than the payment of death
losses while the largest policy In force,
deducting and reinsurance thereon In au-
of one per centum OF the total insurance
In force, deducttng all such reinsurance.
G. There shall have been
paid to the insurance commissioner in
case of corporate organized without
capital stock, fee of one hundred dol
lars end in case of n corporation organ
lied with capital stock, a fee equal toi that
required upon the incorporation Of other
corporations under chapter Sc OF the stat
utes, but no such fees shall be required
TO be paid until at the time Of the issuing
of the certificate of authority under sab
section d.
d. A certificate shall have been made
and filed by the commissioner Of insur-
ance in his Office setting forth that such
corporation has complied with all the pro-
visions of the law and is authorized to
transact the business OF ire insurance
and be in force from and after its passage
and publication.
Approved ADril Is 1909