The independent-reporter. [volume] (Skowhegan, Me.) 1909-1955, 1915-04-08
CxAPTEx "a.
AN ACT Relating to the Lie
of Domestic Insurance Con

AN ACT Relating to the Liquidation
Of Domestic Insurance Companies.
Section /. Whenever any domestic
mutual fire insurance company or
assessment casualty company IL found
after examination to be insolvent. or
its further transaction Of business
shall be hazardous to It's policy hold
ers. It's creditors Or to the public, or
s Tns9 it hss T aM tSs stsse its
has refused to submit its books. pa
ination; the Insurance Commissioner
may ma hin, the ndfS Gcnerai It.
supreme court, In term time or. vaca-
ton. for an order directing such cor
poration to show cause why the In
possession of its property and conduct
Its business. and for Auch other relief
as the nature OF the case and the tn
terests O: its policy holders. creditors
Section 2. On such application, or
at any time thereafter, such court
may. in its discretion. issue an In
from the transaction Of its Business
or disposition Of its property. until
the further order Of the court. On
the return of such order to show
court shall either deny the applica-
tion or direct such superintendent, or
his successor In office. forthwith to
take possession Of the property and
ton; and retain such possession and
conduct such business until. on the
application either Of the Insurance
HIM the or 81 ns
ton: 1t shall, after like hearing, APP
pear to the court that the ground for
such order directing the Insurance
been removed. and that the corpora
Of Its property and the conduct OF It's
business
Section 3. II on such application.
the courts shall direct the Insurance
the property. conserve the assets Of
business Of the compsny; the rights
Of the said Insurance commissionsr
and It's said assets shall be the same
masters In chancery appointed by the
courts for liquidation OF Insurance
Companies.
section !: For the purposes Of
sioner shall have power to appoint.
under his hand und official seal. one
or more special deputies a. his agent
or agents, and to employ such counsel.
clerks and assistants as may be by
him deemed necessary. and give each
OF such persons such powers to assist
MN as ne may consider wise. The
compensation of such special deputies.
counsel. clerks and assistants and all
expenses of taking possession of anG
conducting the business Of liquidating
any such corporation. shall be fixed
by the Insurance Commissioner. sub
ject to the approval of the court. and
shall. on certificate of the Insurance.
Commissioner. be paid out of the
funds or assets of such corporation.
The Insurance 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.
Section 8. At any time after the
commencement OF proceedings under
an order OF Liquidation made pursuant
to this act. the said Insurance Com
missioner may remove the principal
Office Of the corporation In liquidation
to the city of Augusta. In event OF
such removal the courts shall. upon
the application OF the Insurance Com
missioner. direct the clerk OF the
county wherein such proceeding was
commenced to transmit all Of the pa
pers filcd therein with such clerk. to
the clerk OF the county OF Kennebec:
and the proceeding shall thereafter be
conducted In the same manner as
though N had been commenced In the
county Of kenncbec
tApproved March TO- 1851