The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1909-04-30

the business of the company transacted
during. the previous fiscal year. and on
OF each fiscal year the president and
secretary shall file with the commission
er OF insurance verified statement of
the entire business and condition of the
company, and which statement shall cor.
tain such data and information in refer
ence, to the business of the preceding
fiscal year as shall be required by the
commissioner of insurance.
The commissioner Of insurance may at
other times require any further state
relating to the business of the company.
Sec. %. There shall be paid to the
commissioners of insurance and by him
accounted for and paid to the State of
Minnesota the following fees:
i. For filing certificate of incorpora-
i 2. For filing annual statement $100.
Il 3. For certificate of authority an
Sec. 23 Any township mutual fire in
may exercise after the passage of this
act all of the rights conferred thereby
that are within the powers and privileges
of its certificate or articles of incorpora-
under.
But no such company already organ
lied shall be required to re-incorporate
hereunder in order to avail itself of the
privileges of this act.
Every township mutual fire insurance
company now doing business in this state
shall have. the right to continue trans
acting such business until the first day
of March succeeding the passage OF this
act, and if the commissioner of inSur-
ance is satisfied that the company is
transacting its business in accordance
with this act he shall. on the first s,.a day
to each. company authorizing it to trans
act business until the first day of March
following the date of such license: :.
township mutual fire insurance companies
heretofore or hereafter ~~~anized in this
state shall be governed by this act and
shall be exempt from all provisions Of
I'm governmental relations with the state,
but for every other purpose and no law
company unless it shall be expressly des-
| ignated in such law that it is applicable
to township mutual fire insurance COM
panies.
Sec. %. That two or more township
mutual fire insurance companies Of the
same county, which have been or may
business of fire insurance exclusively
upon farm property. within. the same
! townships, or where one of said COM
panies is authorized to and actually has
every town in which such other company
is authorized to transact such business.
may consolidate as corporation In the
manner provided in this act.
To erect such consolidation IL snall De
| necessary:
! First-That the board of directors or
managing body of each of said corpora
tons pass resolution to the effect that
such consolidation is advisable and con-
tanning the proposed name %, OF the cor !
office, and the names of its first board OF
directors and officers.
Second-That a special meeting of the
lions lions shall hail. be held, a notice of Which
meeting shall be mailed to each of the
days prior to the holding thereof. and
| which notice shall embody the resolu-
ton adopted by said board of directors,
as provided for in subdivision one %.
| Thrd-That majority of the policy
! holders of each of said corporations pres
ent or represented at said special meet sgd
vided for in subdivision one "a hereof
Fourth-That said proceedings and
resolutions be filed with the commission
| er of insurance Of this state and APP
proved Of by him.
Fifth-Complete copies of said pro-
ceedings, certified to by the p president
| tions shall be filed with the town clerk
in each Of the towns in which said COM
PAW proposes to transact business
/ When full copies of said proceedings
| have been filed with the commissioner OF
insurance, which copies shall be certified
by the president and secretary of said
respective corporations and duly verified
by said officers and approved of by him,
the consolidation of said corporations
shall be deemed to be complete. and the
| company so continuing said business
shall be deemed to have fully assumed
| all Of the obligations. liabilities ana
risks and to be the. owners of all the as
| sets Of the companies so consolidating.
| If such consolidation is made under
any new name, the filing of said pro-
ceedings and the approval of same by the
| commissioner of insurance shall be suff1-
! cient to constitute said consolidated COM
pany a corporation. with all the pow
ers, privileges, and subject to az the
surance company under the laws OF this
| state.
Sec. g. The commissioner Of insur-
| ance whenever requested by five or more
members shall make an examination OF
the affairs of any township mutua! In
surance company doing business within
amined shall pay the actual expenses OF
the person making such examination.
after tss fbat
any such company has failed to COM
ply with any provisions of this law, or
| is exceeding its powers, or is not carry
transacting business fraudulently.. or is
1 in such condition as to render further
proceedings hszardous to the pubic +, g
general, who shall, If he deems the cir
cumstances warrant, commence an ac-
p pete t Jurisdiction and such court shall
thereupon notify the officers Of such COM
pany Of a hearing, and, unless 1t shall
| then appear that some special and good
reason exists why such company should
not be closed, said company shall be
enjoined from carrying on any hfurther
business, and some person shau.be ap--
pointed receiver of such company and
| shall proceed at once to take possession
of the books, papers, moneys. ana otner
with, under the direction Of the court.
proceed to close the affairs of the COM
pany and to distribute its funds to those
Sec. q. Any person, officer or MEM
| Der who shall knowingly or wTlfully
| make any false or. fraudulently state
ment or representation in reference to
any application for membership. under
| this act, or any false or fraudulent state
Of the company Of which he is a member
meanor. and upon conviction thereof shall
| be punished by fine Of not more than
| $4,000, or by imprisonment in the county
Jail for not more than ninety (SO) days,
| In the discretion Of the court.
ANY officer of any such company, or
employee thereof, who shall neglect or
refuse to comply with, or who shall NO
late any of the provisions Of this act;
upon conviction thereof shall be punished
| by a fine Of not more than $4,000. or by
! Imprisonment in the county jail for not
more than ninety 600 days IN the dis
Sec. IS. All acts and parts Of acts in
consistent with this act are hereby re-
pes Sec. g. This act shall take effect and
be in force from and after its passage.
Approved April y. 1909
CHAPTER 412-S. F. NO. 321.
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