The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1919-03-20
published In The Topeka State Journal
March 20, 1891
SENATE BILL No. Isl.
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SENATE BILL No. ISL
AN ACT concerning corporations.
Be 1t enacted by the Legislature of the
State of Kansas: :
Section 1. That any association, or com
sections ii 5i44 JAS 544G and 5iia Of General
Statutes of Kansas. 1915, is hereby author
lied, subject to the limitations herein con-
tanned, to issue stock to an amount of not
less than one hundred thousand ($100, 000)
dollars, and to receive subscriptions there
for.
Sec. ,. Before issuing any stock as afore-
said, such company or association by reso-
luton of its board of directors shall de-
company, and If such resolution shall be
ratified by the members Of such company
ing, or any special meeting called for such
purpose, by majority OF the members Of
the association, either in person or by
proxy, then the authority covered by sec
ton 1 of this act shall take effect and
subscription books be opened: Provided.
such company or Association by mailing a
copy of such resolutions to each member
thirty days in advance of the general or
special meeting at which same is to be
sidered.
Sec. 3. Each member Of such company or
the board board Of directors proposing H the
change in plan is ratified, shall be noti-
fled of said ratification by letter directed
/ to their last known place of residence.
which letter shall contain full and de-
! tailed statement of the assets and iiabii-
ties of said company. Said notice shall
| also advise each member of the number
| of shares of capital stock of said. company
for which he may subscribe; that each
member OF said company or association
| shall have sixty days from and after the
mailing of said notice herein mentioned. in
| number Of shares of the capital stock
! agreed upon to be issued. as the amount
OF premium payments n, made "a. by such mem mem
| shall bear to the total amount of premiums
paid by the then members of said company
or association, If at the end Of sixty days
from the opening Of subscription books the
| full amount of capital stock designated
visions of this section. then other sub
| scriptions may be received, and the un-
subscribed stock may be allotted NY the
! directors or said company or association,
and such directors may accept reject
i any such subsequent subscription and
may fix the terms of the payment of same.
Sec. 4. When all OF said stock shall have
been subscribed, said company shall pro-
| with the secretary Of state showing the
/ name Of the corporation. copy of the
! resolution of the board of directors pro-
posing the change in plan of said corpora
( ton from n mutual to n stock company the
| ratification of said resolution by the mem
bers of such company provided in sec
1 ton of this act. the amount OF capital
stock the amount of sock subscribed. the
I names of the directors for the ensuing year
and upon the payment 10 the secretary Of
state of the fees provided by law to be
paid for the incorporation of joint stock
I companies. the said secretary Of state shall
thereupon Issue to said company his cer-
/ tificate. under his seal of office. showing
TINS name or the corporation. TIE amount
| of capital stock the names of the directors
/ for the ensuing year. and thereupon the
said company shall continue a body
corporate with the right to carry on the
business Of irsuring and indemnifying
against losses the same kinds and classes
of property was granted to il in its
! charter under which IL was operating. at
the time II decided its intention Of becom-
ing stock company
| Sec. .. 1t shall not be obligatory upon
any company after the issuing Of stock as
aforesaid to accent applications for in
surancN> idemnity upon the mutual or
assessment plan.
Sec. g. The balance Of the funds in The
treasury of any such mutual compsIy.
| after the payment of the neeessary ex-
penses Of transferring tn such corpora
ton. shall be held in the treasury Of such
! new corporation for the purTsose of meet
ing the inst claims uPoD policies written
by such mutual company. and when the
last of the policies written by such mutual
company has expired and all losses thereon
have been fully settled. the balance of
such fund shall he divided among the
members Of such mutual comnaBy in ne-
raTflanrp with the percent eacia members
interest bore 70 the sum - he divided at
fie date Of the transfer. whis-h dividend may
be paid in cash sterk In the new
corporation. At the option Of the rs rfy to
+ whom such fund L. to be paid Provided
[ that II paid in stock the stock shall be
/ transferred at par value
SCI 4 Sucll stork company. SO formed.
shall thereafter condurf ifs bIIgiueSs In
conformity with the laws Of Kansas reiat-