The Birmingham age-herald., 1909-09-16

ment in the county jail thirty (sO) days or both, in the discretion of the court and shall pay the costs of the prosecu- tion.
 It shall be the duty of the commission CT upon being satisfied that any such in- surance company, or any agent thereof, has violated any of the provisions of this section. to revoke the certificate of au- thority of the company or agent so of lending.
 Sec. B. From and after the date this act takes effect no life insurance com pany shall issue in this State, nor per init its agents, officers or employees to issue in this State, agency company stock or other stock or securities, or any spe- cial or advisory board or other contract of any kind promising returns and profits as an inducement to insurance; and on and after January 1st, 1910, no life insur- ance company shall be authorized to do business In this State. which issues or permits it's agents, officers or employees to issue in the State of Alabama, agency company stock or other stock or securi- ties, or any special or advisory board or other contract of any kind promising re- turns and profits as an indueement to insurance and no corporation or stock company. acting as agent of a life in- surance company, nor any of its agents, officers or employees. shall be permitted to agree, sell, offer to sell or give, or offer to give, directly or indirectly, in any manner whatsoever, any share of stock securities, bonds or agreement of any form or nature, promising returns and profits as an inducement to insur- ance, or In connection herewith; pro- vided. that nothing herein contained shall impair or affect in any manner any such contracts issued or made as an induce ment to insurance prior to the enact ment thereof, or prevent the payment of the dividends or returns therein stipu- lated to be paid. It shall be the duty of the commissioner upon being satisfied that any such insurance company, or any agent thereof, has violated any of the provisions of this section, to revoke the certificate of authority of the company or agent so offending.
 Sec. 4. No life insurance corporation not now authorized to transact business In this State, shall sell or offer to sell. It's stock, or permit the same to be sold or offered for sale, by any firm, com pany or other corporation to the citizens of this state until such life insurance company secures permit for the sale of Its stock from the Insurance Commits sioner. Before such permit can be grant ed for the sale of the stock of any life in- surance company in this state, directly or indirectly, by itself or by any person. firm or other corporation, such life in- surance company shall file with the in- surance commissioner a duly certified copy Of It's articles of incorporation and designate the insurance commissioner at torney Tor the service of legal process as required of foreign corporation by Section 3642 of the Code of Alabama. 1907 and shall file with the insurance commissioner such other information with reIerence to Its proposed plans of trans acting business In this state as the in- surance commissioner may require. If after an examination of such articles of incorporation and upon being otherwise satisfied that the business proposed to be transacted by such insurance company in the state, Is proper and right under the laws of this state, then the insurance commissioner shall issue to such insur- ance company permit to place its stock In Alabama, provided, however, that ev- cry person in any manner whatsoever connected with the sale of such stock in the state shall obtain a permit from the Insurance commissioner to act as the agent for the sale of stock of such in- surance company In this state
 Sec. D. For failure or refusal to ob- tain permit required in section of this act, such insurance company so failing or refusing to obtain such permit shall be forever barred from admission to this State to transact an insurance business { and any person. firm or corporation in any manner represent as agent or other wise, such insurance company for the sale of its stock, or any other purpose, before such insurance company secures the permit required in section of this act, such person, firm or corporation shall be subject to the penalties provided in section of this act.
 Sec. G. Be 1t further enacted that all laws and parts of laws in conflict be and the same are hereby repealed.
 Sec. [. That the provisions of this act shall become effective upon approval by the Governor.
 Official.
 Frank N. Julian,
 Secretary of State.