The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1910-03-23
AN ACT OF The LEGISLATURE.
Law Requiring All Mutual and Benefit Organizations
to Deposit S5.OO0.00.

seal and acknowledge before some off
ment Of deeds, a certificate IN writing.
in which shall be stated: (a) the nan es
and places of residence of applicants;
(b) the proposed corporate name Of the
association, which shall not too closely
resemble the name of any other SINH
lar organization; (c) the object or pur-
pose for which the incorporation Il
sought, which shall not include more
liberal powers than are granted by
this Act: Provided, that any lawful.
social, intellt ctual, moral, or religious
advantages may be set forth among
the purposes of the association; (d) the
location of the principal office of the
corporation; (e) number of trustees,
directors, or similar officers, and their
names and residences, who shall man
age the concerns of the corporation
for the first year or until the ensuing
annual meeting. When the SAID GER
tificate has been duly signed and &C
knowledged by the iEcorporators there
of, it shall be submitted to the Attorney
General for his approval, in conform
ity with this Act, and after the said
approval shall nave been endorsed
thereon, it shall be duly recorded in
the county in which the home office
of the association is located, aud a
certified copy thereof Immediately
forwarded to the Insurance C1m-
missioner, with a certified list of the
officers in charge of the association,
with their residences and the location
of the home office. In addition to
this, proof satisfactory to the said 1u-
surance Commissioner shall be furnish
ed by two of the officers of the assoc
iation, that at least II hundred sub
scribers for certificates Of membership
have been secured in said association,
and that there have been deposited
to the credit Of said association with
the Insurance Commissioner, for the
payment of death and other claims,
aud which amount cannot be used for
expenses, the sun of five thousand
dollars, which sum, if advanced by
the trustees, officers or directors, may
be repaid to them from time TO time
from the proceeds of an expense fund
TO he created for this purpose. And
no such association with less than
twenty thousand dollars of assets in
excess of liabilities shall be licensed to
do business In this Stale until a like
deposit is made, or a bond in like
amount by a surety company, in the
discretion cf the Insurance Commits
Sloner.
Sec. II. No association shall trans
fer its membership or funds to sny
association not authorized by the In
surance Commissioner 10 transact bust
ness in this State; nor shall any such
association transfer its membership or
funds to any licensed association un-
less the said contract of transfer has
been approved by a two-thirds vote Of
the members of the supreme body Of
the association whose membership Is
proposed to he transferred, and by a
t%wo-thirds vote of the members of The
board having charge ofthe association,
or by the trustees, proposing to AXE
such membership: such transfer to be
approved by the Insurance Commits
of the State in which such asSo-
Citations were chartered. No official
making such transfer shall receive
any bonus or other compensation
therefor.
Sec. II. No foreign association
shall transact any business in this
State without a license from the In
Commissioner. On seeking
admission to do business in this State,
such association shall file with the
Insurance Commissioner a duly cert.
fled copy OF its charter or article Of in
corporation; a copy of its constitution
and laws, certified by its secretary or
corresponding officer; a power of attor-
ney to the said Insurance Commits
sioner rs hereinafter provided; a state
ment under oath by its president and
secretary or corresponding officers in
the form herein prescribed, of its
business for the preceding year; a GER
~tificate from the proper official in its
home State, TerIittr y, district, pro-
vince or country, that the association
is legally organized, and that it is
authorized to transact business therein,
copy of its application form, certifi.
cate of membership aud of all circulars,
in use by it; and that it has the further
qualifications required of domestic as
organized uLder this Act,
and has its assets invested as required
by the laws of the State, Territory,
district, province or country where 1t
is orgynized, and such Other informa-
ton as the Insurance Commissioner
shall require. Each assC citation shall
pay to the said Commissioner an an
nual department license fee of twenty
five dollars. When the said commits.
shall refuse to license any as
ISOLATION, or revokes its license TO do
business in this State, he shall reduce
his ruling, order of decision to writing
and file the same in his office, and
shall furnish a copy thereof, together
with statement Of his reasons, to the
Jtlice Of association, aud the action of
the said commissioner shall he re-
viewable by proper proceedings in
any court of com eteht jurisdiction
within this State: Provided, however,
That nothing ccntainde in this or the
preceding section shall he taken or
construed as preventing any such as
ISOLATION from continuing in good
faith all contracts made in this State
the time such association was
authorized to transact business
therein. No association not now L.
censeJ to do business in this State
shall be admitted hereafter TO do bust
ness in this State unless It's methods
and plans are in accord with the
standards recognized as applying to
fraternal associations, and the In
nrance Commissioner shall be ~satisfi-
ed that reasonable provision has been
made TO fulfil its contracts. or that hel