Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1913-08-22

pliance with the requirements provided
by law for the obtaining of said franchise
or permit; and subject to the foregoing
exceptions, every such franchise and per-
nit is hereby legalized and confirmed.
Section 2. This act shall take effect
upon passage and publication.
Approved June "a, 1913. Copy Law.
" cHiAPTER 55a, LAWS OF 1918
AN ACT-To repeal section 1903 of the
statues, and to create section 1903 of
the statutes relating to investments of
insurance companies.
The people of the State of Wisconsin,
represented in Senate and Assembly
do enact as follows:
Section l. Section 1903 of the statutes
is repealed.
Section 2. There is added to the stat
utes new section to read: Section 1908.
!. Except as otherwise provided by law,
a domestic insurance corporation may
invest its assets as follows:
(a) In the lawfully authorized bonds
or other evidences Of Indebtedness of the
United States or of any state of the I'm
tied States, or of the Dominion of Can
ada or of any province thereof.
(b) In the lawfully authorized bonds
or other evidences of indebtedness of any
county, city, town, village, school dis
trict or other municipal district within
the United States or the Dominion of
Canada which shall be a direct obliga-
ton of the county, city, town, village or
! district issuing the same; provided, that
any such municipal district other than a
county, city, town, village Or school dis
trict shall have A population according to
the last national or state census preceding
the date of such investment of not less
than one hundred thousand.
Co In loans upon improved and unin-
numbered real property in any state of the
United States, and upon leasehold estates
in improved real property for term of
ninety nine years or more where twenty
Gvyo of In ies
PRED and where unincumbered except by
rentals accruing therefrom to the owner
of the fee, and where the mortgage is
entitled to be subrogated to all the rights
under the leasehold; provided, that the
fair market value of such real property or
such leasehold estate at the time of the
loan shall be at least fifty per centum
more than the sum loaned thereon, exclu-
I sive of buildings unless such buildings are
! kept insured to an amount which, to-
gether with one-half the value of the
land, shall equal or exceed the loan, and
the policy or policies of insurance thereon
be assigned to and held by said corpor-
alton as collateral to such loan.
(d) In the first mortgage bonds of any
railroad or other public service corpo-
ration of any state or territory of the
United States, or of the District of Co
lumbia, Or of any province of the Donin-
ion of Canada
(e) In the stocks and bonds and other
evidences of Indebtedness of any solvent
dividend paying corporation of any state
or territory of the United States of the
District of Columbia, Or of any province
of the Dominion of Canada, in which said
insurance corporation shall be doing bust
ness at the time of such investment, eX-
! cepting stock in it's own corporation or
, in any other insurance corporation. No
| such investment shall be made in any I'M
| incorporated business or enterprise, nor
/ in the st :ks, bonds or other evidences of
Indebtedness of any corporation, the own
| .x,J1
event, be or become liable on account
thereof to any assessment except for
taxes or laborers' liens, nor unless all
the outstanding stock of such corporation
of such investment regularly paid divi-
dends of at least four per centum per
annum and the paid-up capital stock
equals at least one-third it's funded in
charges have been regularly paid for such
period.
f) In loans upon collateral security of
any of the foregoing securities; provided
that the market value of such securities
shall not, during the continuance of such
loan, be less than the Indebtedness there
on.
(g) In such real property as shall be
necessary for the convenient transaction
of it's business, subject to other provisions
Of law.
(h) Every such domestic corporation
doing business in any foreign country,
may invest the funds required to meet it's
obligations incurred in such foreign coun-
try in conformity to the laws thereof in
, the kind of securities of such foreign
country in which such corporation is au-
| thOrized to invest in this state.
2. Any such domestic insurance cor
poration shall invest and keep invested an
amount at least equal to it's paid-up cap
ital stock in any of the securities men
toned in paragraphs (a), CD and (d) Of
subsection 1 of this section, or in loans
upon real estate located within this State
8. No domestic insurance corporation
| including any domestic insurer, shall
make any investment not authorized by
law.
4. No such corporation shall invest in
acquire or 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
| upon passage and publication.
Approved June "a, 1913. Copy Law.
CHAPTER 554, LAWS OF 1918
AN ACT-To repeal subdivision CD Of
section 1087m-3 and subdivisions (e)
and (G of section 1087m-4 Of the stat
utes, relating to deductions from the
income of corporations and persons.
The people of the State of Wisconsin,
represented in Senate and Assembly,
do enact as follows:
Section l. Subdivision Cd of section
10S7m-3 and subdivisions (e) and (f) of
section 10S7m--4 of the statutes are re-
pealed.
and be in force from and after It's pas
sage and publication.
Approved June rs, 1913. Copy Law.