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

der to show cause, and after full
hearing, the court shall order the Ii
quidation of the business Of such cor
poration, such liquidation shall be
made by and under the direction Of
the commissioner. who may deal with
the property and business of such
company or society in his own name
as commissioner, or in the name OF the
company or society, as the court may
direct and shall be vested by opera
ton of law with title to all of the
property, contract, and rights or actlon
of such company or society, as or the
date of the order so directing him to
liquidate. The filing or recording OF
such order shall impart the same no
tice that a deed, bill of sale, or other
evidence of title duly filed or recorded
by such company or society would
have impaired.
the commissioner shall have power to
appoint, under his hand and official
seal, one or more special deputies as
his agent or agents, and to employ
such counsel, clerks, and assistants as
may by him be deemed necessary. The
commissioner, his deputy, examiner,
and special deputies shall have power
to compel the production of books,
papers, and documents and to admin
lister oaths and examine and take the
testimony of any person with regard
TO the business affairs and CONDITION
of such company or society. The com
pensation of such special deputies,
counsel, clerks, and assistants, and all
expenses of taking possession or ana
conducting the business OF IlQuld2tlng
any such company or society shall be
fixed by the commissioner, subject to
the approval Of the court, and shall, on
certificate of the commissioner, be paid
out of the funds or assets OF such
company or society.
5. For the purposes of this section,
the commissioner shall have power,
subject to the approval of the court,
to make and prescribe such rules and
regulations as to him shall seem
proper.
6. The commissioner shall transmit
to the legislature, in his annual report,
the names of the companies or socle-
ties SO taken possession of, whether
the same have resumed business or
facts as shall acquatnt the policy
holders, creditors, stockholders, and
the public with his proceedings under
this section and to that end, the spe,-
ciaI deputy in charge of any such
company or society, shall file annually
with the commissioner, report of the
affairs of such company or society.
z. The provisions of this section
shall extend to the promoters, organ
izerS, trustees or other persons haV-
ing charge of the property or affairs
of any domestic insurance company or
fraternal or mutual benefit society
proposed or attempted to be organ
lied, including also any corporation
organized or proposed to be organized
to nOIO or control the STOCK or SecurI-
ties of any such insurance company,
and to any property within the juris-
diction of the courts of this state be-
longing to any local or foreign com
pany society, or corporation, whether
organized or proposed to be organized.
Section 1970n. AS an alternative
and in addition to the provisions of
section 1970m, all the powers and au-
thOrity conferred upon the commits
soner of banking, by section 2022 or
any amendment thereto as to bank
ing corporations, are hereby conferred
upon and extended to the commission
er of insurance as to all insurance
companies and fraternaI or mutual
benefit societies.
Section 1895m. Unless the context
of any statutes or law relating to in
surance indicates otherwise, the fol-
lowing words and phrases shall be
understood in the sense herein set
forth and defined;
1. Company" includes all corpora
tions, associations, partnerships, or in
dividuaIs engaged as principals in the
business of insurance, except mutual
benefit societies.
2. Mutual benefit society," includes
all fraternal and beneficiary corpora
tions, societies, orders, or associations
for the relief of members on the mu-
tual or assessment plan.
Section 2. This act shall take effect
and be in force from and after its pas
sage and publication
Approved May u, 1911. Copy Law