The Virginia enterprise. [volume] (Virginia, St. Louis County, Minn.) 1893-19??, 1913-05-02

~ Insurance. to inr,e ndiately revoke 70
fltcenee; and In ca1es 0f such revocation said
company shall NOT be a1ain licensed tor the
ocation. Us $7f IasSf
The Commissioners of Insurance shall be en-.
titied to .o charEs and q fes OF twe
ao1 o.ns
Of this act. to be paid W the person sery-
ing the. same. The fees % collected shall b
yided for by law for other fees collected
by such Commissioner Of Insurance. q
summons ana process served on the Com
fs ns shs oe. q e
sioner Of Insurance. the other to be mailed
to the company to be served Summons and
process 20 served shall be OF the same force
and effect as though served on the company
Sec. l.. No advertisement. pamphlet. cir.
securities Or the financial condition OF. Of such
company shall be issued. circulated or de-
iivered BIZ such company, or its agent with
serial number and a copy thereof shall
nrst have been filed with such Commissioner
Of Insurance. r.. SO. -. >
san!zins or promoting any company. or pro
BY It after Organization as principal or agent,
within S this ssrss state Or any sts sesSrt,es
Of such company unless the contract. of sub:
scription or of sale shall be in writing and
BY way OF percentage Tor the amount pei
q e., such securities shan BE- S,es Tor eomn,i.:
and shall be In the following language
No sum shall BE- used for commission. pro-
motion and organization expense on account
OF any share OF stock In. this company In
excess Of - per cent. of the amount actu-
ai,y PAD @p2R separate subscrptions Tor in
.sre every fu BE pad
such payments shall be held or invested as
ans s law
as the case may bel and the directors and
officers of such company after organization,
in the conduct OF the business Of such com
pany after having been duly authorized and
licensed to transact the business Of insur-
Funds held by such organizers, trustees,
directors Or officers Of domestic company
as bailees shall be deposited with solvent
such company has been duly licensed to
transact the business of insurance. Funds
or officers Of foreign company az bailees
shall be deposited with 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 trustees) as bailees, shall be held in trust
execution. garnishment or attachment.
Sec. 8. No <person shall receive, directly
or reward Tor his services in selling or in
aiding In the sale Of any such securities.
unless the name of such person and the fact
shall appear upon such contract OF subscrip-
tion.' The omission of such statement from
such contract Shall in additon to the
liable to the purchaser or his asslgnees: for
all sums paid by such purchasers with inter-
est at the legal rate from date of payment.
ASSIGNMENT ASSIGNMENT
Of the securities SO purchased;
Sec. Z. The said Commissioner Of Insur-
nations Of said Company at tits its expense. in
Guiding 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 if
he shall find that the provisions Of this act
have been complied with and Is satisfied that
the said company Is solvent, and that its
business Is lawful, he may license the said
company, its officers and agents to sell Its
a THIS Mo such o
to sell any securities within this state un-
less license shall have been issued to such
company, and to each officer and agent there
OF authorized to sell contract for the sale
Of its securities. Such license shall recite in
bold type that the said Commissioner Of IN
ties to be offered for sale by such company.
SEQ. 8. No such company shall sell or offer
to sell any securities within this state during
its articles of organization bylaws or plan
Of doing business, the making of any
m the OF Its
been nled with such Commissioner Of In
glrance.
Sec. o. No person shall sell or offer to sell
any securities in this State, as officer of or
agent for such company, unless such company
shall hold a license therefor, Issued by such
Of % e nor shall
ties in this State unless he shall also hold
a license from such Commissioner Of 1nsur.
only be issued upon the filing With such
Commissioner Of Insurance by such officer
or agent OF a bond in the sum Of One Thou
tions Is may be prescribed by such Commits
sioner Of Insurance and with two sureties to
be approved by such Commissioner Of 1nsur-
day OF March following its issuance. unless 1T
shall sooner be revoked by the said Commits
sioner Of Insurance. Such license shall be
said Commissioner of Insurance for cause
appearing t6 him sufficient. The fee for such
license shall be two dollars $1,000.
Sec. 10. Every such company shall on or
before the first day of March, file with such
Commissioner Of Insurance a statement as of
tho s1st day Of December preceding. in such
form as required by him, and in addition
thereto such other statements and informa-
ton shall be filed in such form and within
such time as may be required by such Com
The accounts. Of such company shall be
kept In such form as may be required by
SEQ. IL. No oficer, employee or agen,
Of any such company shall make or cause to
be made any false statement in any report
Of such company or exhibit any false paper
with the intent to deceive any person author
lea to examine nine into the affairs Of such
statement OF its condition or regarding its
door or agent violating any Provision 1a cf this
act may be revoked by such Commissioner OF
Sec. IS. Any officer or agent of any such
company knowingly or wilfully violating. any
ane not exceeding One Hundred Dollars
jail for not exceeding ninety tso) days
Sec. IA. All fees herein provided for shall
By collected by the said Commissioner of In
State Treasury, and all fees so turned into
the State Treasury are hereby re-appropr,aI7
ed to the said Commissioner Of Insurance fef
the purpose OF paying all salaries and ex-
penses necessary for carrying this act into
effect; and the said Commissioner of Insur-
clerks and deputies. as are actually and abso.
force and effect. All money actually and
Of Insurance to any clerk or deputy appoint
ed under this act as salaries, or any money
actually or necessarily paid out by the said
q clerk appointed under this act for travel
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 Gem% Ms OF as
sale in this state stock in any insurance
company organized under the laws of aDg
other state or country unless such company
has been licensed to do business In this State.
Sec. 16. This act shall take effect and be
In force from and after its passage.
Approved April 10. 1913.
CHAPTER 1855. F. NO. 1852.
AN ACT relating IN tina d,lt;ns fho Rood ~