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

F! the laws Of this state for the investment
or the assets OF life insurance com
panies; provided that any foreign So
ciety permitted or seeking to do bust
ness IN this state, which invests it's
funds in accordance with the laws of
the state in which it IS incorporated,
snail be held to meet the requirements
Of this act for the investment of funds
and provided that a part thereof not
exceeding twenty per centUm of it's as
sets, may be invested in building for
use and occupancy by the society as its
home office
IL. a. Every provision of the laws of
a fraternal benefit society for payment
/ by members of such society, in what
ever form made shall distinctly state
| the purpose of the same ant the pro-
portion thereof which may be used for
expenses.
b. No part of the money collected for
mortuary or disability purposes, or to
cfetionS thereto, shall be used for ex .
penSeS
c. Savings on mortality may be used
70 pay the expenses of medical exam
nations and inspections OF risks.
Section 1858. is. a. No fraternal
benefit society shall transact any bust
ness herein without a license from the
commissioner of insurance.
D. Societies which are now or shall
be hereafter authorized to transact bust
ness in this state may continue such
business until the, first, day of April
TINS section, or the granting of such
license, and the authority of such So
cletles thereafter be renewed annually
TO terminate on the first day Of the sue
ceeding April, provided that the license
snail continue in force and effect until
the new license be issued or Specifically
refused.
c.. A certified copy of such license
ShaH be prlma facie evidence that the
Hcensee is fraternal benefit society
within the meaning of section 1859.
q. such license shall be subject to
revocation by the commissioner for
violation of law, or whenever such So
clety shall fail to file with him a COPY
OF any form of its contract before it
state, or shall, in soliciting business.
by the use or circulation of any printed
matter Or advertisement, or otherwise,
mlSrepfeSent its condition or contracts.
e: NO license shall be issued to any
society, hereafter organized or aDpIying
for admission, having q name so sim
llar to the name of any society there
tofore licensed in this state as to mis-
lead the public.
f. Nothing in this or any other sec
ton OF the statutes, shall be construed
as preventing any such society from
continuing in good faith all contracts
lSsueda or delivered in this state during
the time such society was legally au-
thorlzed to transact business herein;
provided, such society shall, so long as
any contract remains in force in this
state, make such annual reports as re-
qulred by law during the year previous
to the last year of it's being licensed, or
at It's option as thereafter required by
law.
IS. a. Any foreign fraternal benefit
society which is not now authorized to
transact business in this state. may be
licensed to transact business in this
state, upon an eXaminat ton by or under
the direction of the cOmmiSs Toner of
insurance OF this state, which shall
verify and be made after the fling with
him of:
CD a duly certified copy of it's char
ter or articles Of association;
CD copy of its bylaws and of any
other constitution and laws, certified
ficer;
(3( a power of attorney to the com
missioner as herein provided;
"a a certificate from the proper of
fetal in its home state, province, or
country that the society is legally Or
ganized and licensed 70 transact there
60 a copy of each of it's contracts
which must each show that benefits
are provided for by periodical or other
payments by persons holding similar
CO. a statement of it's business un-
der oath of its president and secretary
or corresponding officers, in the form
required by the commissioner, show
ing that it complies with all the pro-
societies;
~ SQC1 OLDef information he
may deem necessary to a proper ex-
hlb1t Of it's business and plan of work
ing;
80 q statement signed by its presi-
officers, including a copy of d resolu-
ton Of it's board of directors or other
governing body, authorizing the same
(a) That it will annually file, as long
as any contracts issued or delivered in
this state remain in force therein. its
annual report as required by subsec-
ton Is Of this section, and
Cd that 1t viii accept a license
which shall Immediately terminate
upon its removal or making an appli
cation 20 remove to any court of the
United States, any action or proceed
ing begun in any court Of this state
upon any such contract or upon any
business or transaction had in this
state.
~. a. Every society, whether do
ing done so, shall before being lie
ensed, by an instrument in writing
duly authorized and executed appoint
successors it's true and lawful attorney
upon whom all legal process in any ac-
ton or proceeding against it shall be
served, and therein agree that any
lawful process against it, which may
be served upon such attorney, shall be
of the same force and validity as if
served upon the society, and that this
authority shall continue in force ire
society remains outstanding in this
state.
b. The service of such process shall
be made by leaving the same, in du-
plicate. in the hands or office of the
commissioner.
c. One OF the duplicates of such in
struments, certified by the commits
sioner as having been served upon him,
shall be deemed sufficient evidence
thereof, and service upon such attorney
shall be deemed service upon the prin-
Cipal
d. When legal process is served upon
the commissioner as attorney for any
society, he shall forthwith forward
one of the duplicate copies of process
served on him to it's secretary, or cor
responding officer, or to such other
person as may have been previously
designated by the society by written
notice fled in the office Of the COM
missioner.
e. AS a condition of valid and effec-
tive service and of the dutv of the COM
missioner in the premises, the plaintiff
in each such process shall pay to the
commissioner at the time of service
thereof, the sum of two dollars, which
the said plaintiff shall recover as tax
able costs, if he prevails in the suit.
E. The commissioner shall keep a
record of all such processes, which
shall show the day and hour OF SER
vice.
g. Legal process shall not be served
upon any such society except in the
manner and upon the attorney pro-