Der Sonntagsbote. (Milwaukee, Wis.) 1906-1912, 1909-07-11
No. $50, Al Published Aprl IL. 1909
CHAPTER 80. LAWS OF 1909.

AN ACT 20 amend subsection 8 Of section
1879, or the statutes, relating 70 organic
alton OF domestic life insurance cor
The people OF the state q Wisconsin.
enact as follows:
section J. Subsection 8 OF section 1917
Ca the statutes is amended to 'ead Sec
tlph 1857 =. No such corporation shall
transact any business ~ Insurance. until
an the following conditions shall be COM
a. II organized without capital stock
At least two hundred persons
snall have subscribed for not less than
one thousand dollars az Insurance each
anu passed q prescribed medical e1amln-
anon ana shall have each paid one ful
annual premium iu cash unon the iusur-
ance subscribed for. amounting IN the
I-SieENte 10 at least twenty thousand
dollars or. in lieu of such sub
seript.ons FOR insurance. tne comnanv shall
provide and hold q special guaranty fund
or az least twenty-five Thousand dollars in
Ndsn o. invested as prescribed tn section
1891 of che statutes. to be used for no
purpose other than the payment II denth
losses, until the largest policy in force.
aeducting any Reinsurance thereon in ao-
thori@cd companies. shall not exceed one
haf or one per centum Of the total in
suranee In force, deducting all snrh rein
eurance, Such company may borrow a
sum Of money sufficient 10 provide tho
amount 10 be held as 70 special guaranty
fnnd and an additional sum to defrav tie
expenses Of organization not exceeding ten
thousand dollars. This loan shall not be
a liability and the agreement therefor shnli
so provide and that the principal aud ln
tereSt thereon shall only he repaid from
assets In excess OF All liabilities. The
agreement shall also provide for interest
ne q rate not exceeding eight nerceulum
per annum and after the release OF the
special guaranty fund the principal shall
he repaid IN the discretion OF the board
OF directors or at such times Ms fixed IA
said agreement. Solicitation Of suhscrip-
lions for insurance under this section may
be made by agents holding a certificate
of authority to be issued by the commits
sioner In Insurance Every application for
such insurance shall cor ,ain a statement
that the Issuance OF tie policy Is contin-
gent upon the cow pietiOn OF the organic
alton or the company.
b. II organized with capital
STOCK, until n capital stock OF at least one
hundred thousand dollars . and ii
special surplus OF az least twenty five
thousand dollars shall have been sub
Scrihed for and fully paid ia and Is held
IA cash or invested as provided IA 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,
ueductlng and reinsurance thereon IN au-
thorixed companies. shall exceed one half
OF one per centum OF the total insurance
IN force. dcdncting all such reinsurance.
There snail have been
paid 70 the insurance commissioner in
case Of a corporation organized without
capitnl stock. a fee OF one hundred doll
lars. and Ia case Of n corporation organ
tzod With capital stock. q Zee equal TO that
required upon the incorporation Of other
corporations under chapter SO If the stat
utcs, but no such fees shall be required
TO bc paid until Mt the time OF the issuing
OF the certificate Of authority under ssb-
section a.
d A certificate shall have been made
and filed by the commissioner 81 insur-
Gncc in his Office setting forth tJnt such
corporation has complied with an the pro.
visions Of the INV ana is authorized to
t%rnnsart tho business or life Insurance.
section . This net shall take effect
and be IN force from and after Its passage
and publication.
Approved April Is. 1909.