The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1910-03-23

Ill WHICH, shall NC Slalch. NuJ lle hal Go
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 siini-
lar organization; (c) the Object or pur-
pose for which the Incorporation is
sought, which shall not include more
liberal powers than are granted by
this Act: Provided, that any lawful.
social, intelle ctual, moral, or religious
advantages may be set forth among
the purposes of the association; (dj 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 ac-
knowlrdged by the ircorporators there
of, ii shall he 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 he 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 Com
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 IT,
surance Commissioner shall be furnish
ed by two of the officers of the assoc
iatiOn, that at least II hundred sub
scrihers for certificates of membership
have been secuted 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,
and which amount cannot be used for
expenses, the sum of five thousand
dollars, which sum, If advanced Ivy
the trustees, officers or directors, may
be repaid to them from time TO tine
from the proceeds of an expense fund
to be created for this purpose. AND
no such association with less thar
twenty thousand dollars of assets il
excess Of liabilities shall be licensed to
do business in this Stale until q like
deposit is made, or a bond in !ik"
amount by a surely. rCnipany, in the
discretion-cf~th tie Insurance Commits
siCner.
Sec. II. No association shall tram
fer its membership OF funds to any
association not authorized by the In
surance Commissioner TO transact bust
ness in this Stale; o 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 be transferred, and by a
two-thirds vote of the members of the
board having charge of the association,
or by the trustees, proposing to take
such mem bership: snch transfer to he
approved by-Jne Insurance Commits
siorcr OF the State in which such assO-
Citations were chartered. No official
making such transfer shall receive
any bonus or other compensation
therefor.
Sec. -. No foreign association
shall transact any business in this
State without a license from the H.
surance Commissioner. On seeking
admission to do business in this State,
such association shall file with the
Insurance Commissioner a duly certi-
fed copy OF its charter or article Of i'll
corporation; a copy of its constitution
and laws, certified by its secretary OF
corresponding officer; a power of attor-
ney to the said Insurance Commits
sioner as hereinafter provided; q state
ment under oath 10y its president and
secretary or corresponding officers in
the form herein prescribed, Of lis
business for the preceding year; a Gel
tifcate from the proper official in it's
home Slate, Territory, district, pro-
vince Or country, that the association
is legally organized, aud that it is
authorized TO transact business therein,
a copy of its application form. cerliii
cate of membership aud Of all circulars,
in use by it; aud that il has the further
qualifications required of domestic as
sociations organized under this Act,
and has its assets invested as required
by the laws of The State, Territory,
district, province or country where It.
is Organized, and such other informa.
ton as the Insurance Commissioner
shall require. Each association shall
pay to the said Commissioner an an"
nual department license fee of twenty
five dollars. When the said commits.
s;oner 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, 10 the
office Of association, aud the action of
the said commissioner shall he re-
viewable by proper proceedings in
any court Of conn etent jurisdiction
within this State: Provided. however,
That nothing consainde in this or the
preceding section shall be taken or
construed as preventing amy such as
ISOLATION from continuing in good
faith all contracts made in this state
during the time such association was
legally authorized to transact business
therein. No association not now IL
censed to do business in this State
shall be admitted hereafter to do bust
ness in this Safe unless It's methods
and plans are in accord with the
standards recognized as applying to
fraternal associations, and The IN
snrance Commissioner shall be salts fl
ed that reasonable provision Las Eeeu
made to fulfil its contracts; or that he
is satisfied otherwise that such asSccia-
ton shall he granted a license.
Sec. Is. Every association, wheth-
er domestic n foreign, hereafter ap-
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