The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1909-07-15
No 559. Al published April Is. 1909
CHAPTER 80, LAWS OF 1909

AN ACT 10 amend subsection of section
1917. OF the statutes. relating to organic
alton OF domestic life insurance cor
The people OF the state of Wisconsin.
represented in Senate and Assembly. do
enact as follows:
Section !. Subsection 8 of section 1917
Of the statutes is amended 10 read: Sec
tion 1917. ,. No such corporation shnll
transact any business of Insurance, until
all the following conditions shall be com
piled with:
a. II organized without capital stock
ut least two hundred persons
shall have subscribed for not less than
one thousand dollars Of insurance each
and passed Il prescribed medical examin-
atlon ana shall have each paid one fun
annual premium In cash upon the insur-
ance subscribed for. amounting IN the
agg|e@ate 10 at least twenty thousand
dollars. Or. In lieu of such sub
Scriptions for Insurance the company SHAH
provide and hold special guaranty fund
of at least twenty five Thousand dollars IN
cash or Invested as prescribed IN section
1!Hl of the statutes, to be used Tor no
purpose other than the payment Of death
losses, until the largest policy Ia force,
deductlpG any reinsurance thereon la nu.
thorized companies. shall not exceed one
half of one per crntum OF the total Ia
surance in force, Gcducting all such rein
snrauce. such company may borrow 1t
sum of money sufficient to provide the
amount 10 be held aS a special guaranty
expenses Of organization mol exceeding tom
thousand dollars. This loan shall not ho
a liability and the agreement therefor shall
:" provide and that the principal and IN
terest thereon shall only Ice repaid from
assets in excess OF all liabilities The
agreement shall also provide fur Interest
1T Il rate not exceeding eight pcuceutum
per annum and after the relcHSe Of the
special guaranty fund the PRINCIPAL shHll
be repaid In tho discretion of the board
81 directors OF az such times as fixed in
said agreement. solicitation II suHScrlp
lions Tor insurance under this sectiuu may
be made by agents holding "a certificate
OF authority to hr issued 10y the commits
Siorer In Insurance. Every application for
>ueh insuranu" shall contain statement
gent upon the completion of the oTguuiE-
alton Of the company.
b. If organized with capital
stock, until capital stock ot ut least uur
hundred Thousand dollars and a
special surplus of at least twenty five
thousand dollars shall have been Sub
scrihed for and fuzzy paid tn aud Is h"ld
III cash "r invested as provided In -"''iun
1891 uf the statutes, Ne part ~
such special surplus shall b" used for any
purpose other dian the payment of death
losses with" the largest policy ia force
d"du"ting and reinsurance thereon In an.
ih"rZPd companies, shall exceed uc-hG'i
~ one per rcntuw " the total Insurance
In force. deauctng MI srch reinsurance
q. Their" shalt have heru
pHid 10 the insUrnuc" commissioners Va
cas-" OF q corporation organized without
capital stock. Zee OF one hundred dot.
lars and IN rgSr " y corporation organ.
led with capital stock. Zee equal To that
required upon the Incorporation uf other
corporations under rhantcr ST uf the stat
ntes. hut no such fees shah hr required
10 hc paid mtll mt the time ~ TIA" issuing
of "a" certificate If authority under sub.
section Il.
d. A certificate shall have been made
aud fled hv the ruIumi SiOurr Of iuSur.