Little Falls herald., 1913-05-09


sss
|psttod 6 %
u.'saf g ss.sss y I'd q rssssvs - "a s' =,
sss s.rss % upoa as snds@ % IS ). psSyssles. ps In
e sax g. g. .ss s e 70 s.. 2 e: s ;s. ~ S
paid Into tho stats trea my - = I mt pro.
|yided toi ~ las Tor & ethsr tssl5 co1,l ,esd
Summons ana psooess stsIr,tyssd 81 ths Sl1lia
missioner q Insuranos shall bs IN Asplieate
one for dlilg In the. seal6e o& tho Eommls,
q ogis fss e e g %s ass
sad s1sss : ssush s.ltsd Z d - sas' esnSss;
Sec. l. No sdvertis pa.nphlsts ar:
cular or other document rsist1vs to- such
securities Or thu n.anciaa condition e sluch
S,Spsny x shall hall Y e'ssi:ssa
"a this State, suhlsss the sams shall beal
: .s serial n number dpd copy thereof shal!
Sec: s. No person for the purpose e OF
noting the sale Of securities Of such company
y It after e principal Or sssns
sell within this state any securities
ct such company unless the contract or SUP.
Contain a provision which shall state either
by, way Of q percentage tor the amoNnt Pes
share) what sum out Of the purshase m p1ice
sion, promotion and organization expenses.
ard shall be in the, following language:
No sum shall be used for oommission o, PRO,
Of any share Of stock in this company apt sc+,, 10
excess OF --- per cent. OF the amount ac'H, y.
shy paid upon separate subscription' tor IN
hn NV. p
Tor such securities aud the remainder Of
such payments shall De ne.o or a,,es COWS ns
pany and held by the organizers for trustees
as the case may be, and the directors and
Of ,ep spe the used only
in the conduct OF the business Of such com
pany after having been duly authorised send
licensed to transact the business OF anst1
( Funds held by such organizers. trustees,
directors or officers OF domestic company
such company has been duly licensed to
transact the business OF Insurance.. s. sInas
or officers Of foreign company AZ bailees
shall be deposited with a solvent bank Or trust
company Of any other state qnt' N on tn
business Of insurance.
All funds SO deposited BY the organizers
(or trustees) as bailees. shall be held in trust
for the subsc1 ibers of such company eeverally
and individually, and shall not be subject to
execution, garnishn,ent or attachment.
or 'gG indirectly. any commission. remuneration
or reward for his services in. selling or In
aiding in the sale Of any such securities:
unless the name OF such person and the fact
Of his interest in such commissions or rewards
shall appear upon such contract of suoscrip-
tion. The omission Of such statement from
penalty herein provided, make such person
liable to the purchaser or his assisnees for
all sums paid by such purchasers with Inter
upon the assignment or tender Of assignment
OF the securities so purchased.
: Sec. Z. The said Commissioner Of Insur-
ance shall have power to make sucn exam
nations Of said company at its expense. In:
cluding actual expenses and per diem OF
the examiners Of ten dollars, and TO require
such further Information as to Its financial
condition as he may deem advisable, and II
he shall find that the prorisions Of this act
have been compiled with and IL satisfied that
business Is lawful, he may license the said
company. its officers and agents to sell its
Securities IN th,. State No such UGH n;.y
to sell any securities within this state UNI
less a license shall have been issued to such
and to each ana ar
Of its securities. Such license shall recite In
bold type that the said Commissioner Of In
surance In no wise recommends the secnr'-
Sec. 6. No such company shall sell or offer
n sall INV aena,ritipa within this atate during
time after the q change
Of doinr business. or the making Of any
change in the form Of its applications, or
other contracts, before the same shall have ~
surance. '''
Sec. 9. No person shall sell or offer to sell
seent for snch COMPANY. unless suchs company
.Seii 1,o1d s.sI ncen.e 4S.refnr tssed bv mcb
commi.sioner Of Insurance: nor shall any Of
9ssnt tS stst sen or ,as er to to sen any So
q iicanse from such Commissioner Of Insur-
ance. a Hcenss to an officer or agent shall
coymiss,oner cy M e Of u Insurance by such once.
Or agent Of = bona in the sum Of Ono Thou
9ion, sanu Doa mar - s:cged ~. hv ua sIen com9a
sioner Of insurance and with two sureties to
be approved by such Commissioner Of insur-
day ~ March foliow,nr it, issusnca. unless n
ss shs,, ~ .ooner hs rsvoKed hy the ssid Cnmm,s.
sioner Of Insurance. Such Mcense shall he
said c,o,nmiss;one~ ~ InsmrsnAs Sor can.s @
anne.rin~ tn him n,fncient The tee Tor s,,ch
license = shah b two dollars !ss:oG: =
before the arst aav of March' Ale with O' ,ch ~
comm,ssiener s of % Inaupancn statemnnt as ue of
the s1st day Deeember &C. S preceding IN sEch
tpara+ as ,cS ntSs W nm anu ,nqone
tion shall i1eta ~ nisd IN .uch form n ana withsn
zoisa,nna. nucn 1e a. nca may Ds 'eaueo ~ suen So'
niissioner nS OF tnsuIance.
tent accouts 'oh s.cn roaw vopany hs y,,,d h pe
ssa ~ n;n.,ao Sucn aon 90 ay ne 1eQu'r"o os
euSn Sn Cot1'1lasSioner M @en. M raa1n
sec. . ia. No o,nses; az SnpaSye ,n, OF len :.
% sds suen Tasa .taaan,an+ =; snv rs,,,rt
rscniraG ,f y EI, n Ta,.. am+rx IN snv 6cns
ssqu.rso oa nm. OF dss eusry @ ~ anS Doos
u,,+s SUN t 4ant y gcei,n y
.a ized te to examns ~ into the affairs If .v M,cf
con1panv NJ shail maize or pnhiish anv fsIsI
etatemen+ of Si II. cnnditfon or renardnr at, T.,
ssanr,+san u ''s eonu4e4on VI s'uns Az
Sec - rh. ,,cen.. Of anv comnanv ~;
&c oec. -. ano uSSnso A1 y. ~. any yssp ~. ~
at n,, -, ~ n,d h ,, tTos..,n. sa ~