St. Paul tidende. [volume] (St. Paul, Minn.) 1902-1928, 1913-05-02

|nf Insurance to Immediately revoke its
license; and In case Of such revocation said
shall not be again licensed for the
period OF ono year from date of such rev.
.ocat1on. 49,
The Commissioner Of Insurance shall be en-
titled to charge and receive q fee of two
dollars $500 for each summons or other pro
cess served upon him under the provisions
Of this act. to be paid by the person serv-
ing the same. The fees SO collected shall be
vided for by law tor other fees collected
by such Commissioner Of Insurance.
Summons AMI process served on the Com
missioner Of Insurance shall be in duplicate.
one for filing In the office Of the Commt%
sioner Of Insurance. the other to be mailed
to the company to be served. Summons and
process 80 served shall be Of the. same force
personally. ,.
Sec. 4. No advertisement, pamphlet. cir
cular or other document relative to such
company shall be issued. circulated or de-
hvered by such company. or its agent, with
in il this, this State n,,es. unless les the .os same s,. shall s 6saf
first have been filed with. such Commissioner
Of Insurance. =.
Sec. 8. No person. for the purpose Of or
noting the sale Of securities Of such e81npany
by 1t after organization as principal or agent,
s ssa'l w sf}i or this agree state or any afts Securities lss
Of such company unless the contract Of sub
~scription or Of sale shall be in writing and
contain q provision which shall state either
share) what sum out of the purchase price
Of such securities shall be used for commits
sion, promotion and organization expenses,
and shall be in the following language: :
Nc sum shall be used for commission. pro-
motion and Organization expense on account
e ee s.y ., share share Of per st esnt. IL, on thu this a@ 9s%Psn ACTIN IN
lieu thereof. there may be inserted, S.
R fer s saeh Issm tSs.y a lndlS t Ra'o remainder s"eintlgs'' Of
such payments shall be held or Invested as
authorized by, the law governing such com
as the case may beg and the directors and
officers Of such company after organization.
as , Is bal naile sand for the , sub S;losgs, to 3 30 . used c only
pany after having been duly authorized and
licensed to transact the business Of insur-
Funds held BY such organizers. trustees.
as bailees shall be deposited with a solvent
such UGH company has been duly licensed to
transact the business Of insurance. Funds
held by such organizers. trustees, directors
shall be deposited with a solvent bank or trust
company Of any other state until such com
pany has been duly licensed to transact the
All funds so deposited by. the organizers
Tor t%rustees) as bailees. shall be held In trust
for the subscribers Of such company an s, sexeral ~
0AN AANA AAAdA&S eAN SAA0AA NAo w
execution, garnishment or attachment.
Sec. 9. No person shall receive, directly
or reward reHaaed'lS gor e his s s%erniees in selling a1ihus'et or in
aiding in the sale of any such securities.
unless the name Of such person and the fact
OF OF his interest IN such commissions or l rewafns
ton. The omission Of such statement from
any such contract shall. in addition to the
liable to the purchaser or his assignees for
all sums paid by such purchasers with inter-
est at the legal rate from date OF payment,
upon the assignment or tender OF assignment
Of the securities SO purchased.
Sec. T.. The said Commissioner Of 1nsrn-
ance shall have power to make such exam
actual expenses and a per diem of
the examiners Of ten dollars, and to require
further information as to its financial
he shall find that the provisions of this act
have been complied with and is satisfied that
sps,n ss!d is s0n 1awfaY. Is he. s %ss license ane the that sa iti
company, its officers and agents to sell Its
in this State. No such company
Or REP represe e v thereof tsa 9,,.s shah t, sell st or offer 1fgr
a license shall have been issued to such
company, and to each officer and agent there
Of It's securities. S Such h license ssI shall r &C. in
bold type that the said Commissioners Of Ins
surance In no wise recommend1 the securi-
to be offered for sale by such company.
to sell any securities within this state during
any time after the adoption Of any change In
its articles Of Organization. bylaws or plan
Of doing business, or tho making of any
change In the form Of its applications, or
other contracts. before the same shall have
/,
Sec: .: No person On! shall sell or offer to sell
shall hold a license therefor, issued; by such
Commissioner of Insurance.; nor shall any Of
ncer or agent sell or offer to sell any securi-
ti0R in fhfa State 1ln1eSa he shall also hold
q license from such Commissioner Of 1nsur-
ance. A license to. an officer or agent shall
only be Issued upon the filing with such
Commissioner Of Insurance by such officer
sand. Dollars q 1000 Coy, with such condi-
s.oner Of Insurance and with two sureties to,
anoe. Such license shall expire en- the frst
s sssu q sooner asaeh BE- 'o 1sSosea i bs l the ssid e Go@m,s st
sioner Of Insurance. Such license shall be
subject to rexocation at any time by the
appearing to him sufficient. The fee for such
shall be two dollars $4,000.
SEQ. 10. Every such company shall on or
Commissioner Of Insurance a statement as Of
the 31st day Of December preceding, in such
form as required by, him, and in addition
ton shall be filed in such. form and within
such time as may be required BY such Com
missioner Of Insurance.
lug O~OOA4k1 " DULL VVAlLdAy BuAAI DC
kept In such form as may be required by
such Commissioner Of Insurance..
SEQ. IL. No officer. employee or agent
be made any false statement in any report
required Of him. or a false entry in any book
nth the ' Intent 10 deceive sf"s' any ad person sanss au Rhper
lied to examine into the affairs Of such
company. or shall make or publish any false
Sec. u. Tho license Of any company, Of
deer Or agent violating any provision Of this
see IS. Any encer or agent Of any such
pIaastg ee' this act oe shall SlI'S be pu xaishe,as by any y
nne not exceeding One Hundred Dollars
$500: oo). or by Imprisonment in the county
Sec. II. All fees herein provided for shall
be collected by the said Commissioner Of In
surance and by him shall be turned into the
the State Treasury are hereby re-appropr1at-
ed to the said Commissioners Of Insurance for
p pen S%u' Necessary al pS fer ear RI ns'1 this a aao ,n efo
effect. and the said Commissioner of Insur-
ance is hereby authorized to appoint such
force and effect All money say' act actually ally and and
necessarily paid out by the said Commissioner
ed. under this act, as salaries, or any money
actually or necessarily paid out by the said
c &C. a'alss snao, Of Insurance ,,Taas Or by any deputy
ing or Incidental expenses shall be paid by
the State Treasurer out Of such fees upon the
State Auditors warrants, to be issued upon
vouchers containing an itemized account
of such salaries and expenses, and approved
by the Commissioner of Insurance.
Sec. IL. No person shall sell or offer for
sale in this state stock in any insurance
Company organized under the laws of any
other state or country unless such company
has been licensed to do business in this State.
Sea- 16. This act shall take effect and be
In force from and after Its passage.
Approved April 10, 1913.