Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1909-07-15
0. 500, A. Published April IL, 1900.
CHAPTER 80. LAWS OF 1909.

AN ACT to amend subsection of section
1877 of the statutes, relating TO organic
alton of domestic life insurance cor
porationS.
The people of the state of Wisconsin,
represented in Senate and Assembly, do
enact as follows:
Section l. Subsection of section 1917
of the statutes Is amended to read: Sec
ton 194I. 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
Mt 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 insuf-
ance subscribed for, amounting in the
aggregate to mt least twenty thousand
dollars. Or, in lieu of such sub
scriptsons for Insurance, the company shall
provide and hold q special guaranty fund
or ut least twenty-five thousand dollars i'll
cash or invested prescribed in section
1901 of the statutes, to be used for no
purpose other than the payment OF death
losses, until the largest policy i'll force,
dedncflng any reinsurance thereon in at-
thorized companies, shall not exceed one
half of one per centum of the total in
Surance in force, deductipg all such rein
surance. Such company may borrow
sum of money sufficient TO provide the
amount to be held as Il special guaranty
fund and an additional sum to defray the
expenses of organization not exceeding ten
thousand dollars. This loan shall not be
liability and the agreement therefor shall
so provide and that the principal aud in
terest thereon shall only be repaid from
assets in excess of all liabilities The
agreement shall also provide for interest
at q 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 MS fixed In
anV,f AsNif tfN4t .,fr.
lions for insurance under this section may
be made by agents holding II certificate
OF authority TO be 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. II organized with capital
stock, until a capital stock of at least one
hundred thousand dollars and
special surplus of at least twenty-five
thousand dollars shall have been sub.
scrbed 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-
tborized COMPANIES, shall exceed one-half
OF one per centum Of the total insurance
in force. deducting all such reinsurance.
O. There shall have been
paid to the insurance commissioner in
ease Of q corporation organized without
capital stock, fee of one hundred dol
lars. and in case of corporation organ
lied with capital stock, Il fee equal to 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 ut the time Of the issuing
of the certificate of authority under SUBJ
section Il.
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 NIL the pro-
visions of the law and is authorized to
transact the business Of life Insurance.
Section 2. This act shall take effect
and be in force from and after its passage
and publication
Approved April 10 1909.