Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1911-08-04

No. 5S7, Al Published May IS, 1911.
CHAPTER 1871, LAWS OF 1911.
AN ACT to amend section, 1902, and
subsection 8, of section 1908, relat-
ing to the trading powers and in
vestments of domestic insurance
companies.
represented in Senate and Assembly,
do enact as follows:
Section t. Section 1902 of the stat
utes is amended to read: Section 1902
/. No insurance company or
gained under any general law of this
State shall, directly or indirectly, deal
or trade in buying or selling any
goods, wares, merchandise or other
commodities whatever excepting such
goods or articles as may have been
insured by such corporation and are
claimed to be damaged by the
risk insured against.
2 No such company shall acquire
or hold real estate, excepting for
the purposes and in the manners
following:
a. such as shall be necessary for
the convenient transaction
of it's business including with its
offices other apartments to rent as a
source of income, the value of which
shall not exceed twenty per cent of its
admitted assets.
b. Such as has been or shall
be conveyed or mortgaged to it in
or for debts or for money due in it's
legitimate business, or such as may
have been purchased at sales upon
judgments or mortgages obtained or
made for such debts;
3. All real estate x except
| that mentioned in paragraph a, of
subsection 2, shall be sold or disposed
of before the first day of January, 1916
or within five years after =
the same shall have been acquired,
unless such time be extended by
the commissioner of insurance.
4. The commissioner of insurance
may upon the application of the COM
pany showing that it will suffer ma
| terially from a forced sale thereof, y
authorize the postponement of such
sale for such period as he shall fix, not
exceeding five years.
| S. Such authority may be renewed
from time to time.
| read: (Section 19O3) 8. No such
company shall invest in, acquire OF
hold directly or indirectly, more than
ten per cent of the capital stock of any
corporation, nor shall more than ten
per cent of it's admitted assets
be invested in the stock or securities OF
any one corporation,
Section g. This act shall take effect
and be in force from and after it's pas
sage and publication.
! Approved May 10, 1911. Copy Law
w. c 81. 'i55, LAWS Or 81 1911
AN ACT to repeal SECTION 1921 and
utes, relating to dividends in and to
the reorganization or dissolution OF
! domestic insurance corporations.
| The people of the State of Wisconsin,
! represented in Senate and Assembly
do enact as follows
Section /. There is added to the
| statutes a new section to read: Sec
ton 1S97k. 1. After January 1, 1912
no domestic mutual insurance com
! pany shall pay to any member, for or
on account of his membership in such
company, upon dissolution, in divi-
dendS, or in any other manner, in ad-
ditiOn to the insurance benefits prom
Used in the policy, any sum in excess
Of the payments made by the member
| with interest at six per cent COM
| pounded annually.
2. Upon dissolution of any such
! corporation any assets or property
| held by it in excess of its liability.
and of the amounts which may be paid
| to it's members under subsection 1,
| shall be paid into and belong to the
school fund of the state, as a license
! fee charged to such corporation upon
| dissolution.
| 3. Every such corporation having
assets in excess of one per cent of the
amount of its insurance in force shall,
before being licensed to do business in
| this state, file with the application for
| such license a resolution duly adopted
| by it's board of directors and signed by
| it's president and secretary, wherein it
shall agree that it's assets shall be
sections L and of this section. And
no license shall be issued to such com
| pany until after the adoption and fill
| ing of such resolution.
4. No domestic mutual insurance
company shall be reorganized in any