Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1937-05-06

shall be conducted without profit to

OLOO1OIN UT 100
shall be conducted without profit to
its members.
Section 3. The incorporation of
any such reinsurance association
shall be effected by filing with the
commissioner Of insurance the orr
ginal, and recording a duplicate
thereof in the office Of the register
Of deeds Of the county in which
the principal office of such asso-
citation Is located. Articles of asso-
citation duly executed by the as
seSsment benefit associations form
ing such reinsurance association,
and shall be duly acknowledged by
at least three of the member as
sessment benefit associations so ex-
ecuting said articles. Before such
reinsurance association shall be au-
thorized to do business in this state
it shall be made to appear of rec
ord that each assessment benefit
association forming such reinsur-
ance association shall have been
fully authorized by resolution adopt
ed at q regular annual meeting or
at a special meeting called for that
purpose to join in forming such re-
insurance association and that the
articles Of association have been
approved by the commissioner of
insurance.
Said articles of association shall
state in the English language:
(a) It's purposes.
(b) It's location and postoffice
address Of its principal place Of
business.
(c) Names, postoffice addresses
and terms Of office Of the first
board Of directors.
Cd Name and post office address
Of each assessment benefit associa-
ton constituting the incorporators
thereof.
(e) Any other provisions consis-
tent with the provisions 81, this act
and the provisions Of Laws 1888,
Chapter 2H, regulating the bust
ness OF such reinsurance associa-
ton.
Section 4. Any member assess
ment benefit association Of such
reinsurance association may with
draw from membership upon giving
ninety days notice of its intention
so to do, when such withdrawal
has been authorized by a majority
vote Of its members present and
voting at regular meeting or at a
special meeting called for that pur-
pose. Such withdrawal shall not in
any manner affect its liabilities
for any dues or losses which have
accrued or shall have been incurred
prior to the effective date Of such
withdrawal.
Section 5. The directors Of such
reinsurance association shall be
chosen from the officers Of It's
member assessment benefit associa-
tions but no member assessment
benefit association shall have more
than one of it's officers serving as
an officer of such reinsurance as
ISOLATION. At the first meeting OF
such reinsurance association 1t
shall adopt bylaws which shall be
filed with the commissioner Of in
surance and which shall be effec-
tive from and after the date OF
their approval by him. The cor
porate existence Of such reinsur-
ance association may be made per-
petual by so providing in the ar
ticles of association.
Section 6. Member assessment
benefit associations Of such rein
surance association and assessment
benefit associations contracting
with such reinsurance association
shall each year pay to the treasur-
er thereof such membership dues,
assessments and fees as may be
fixed or authorized by its bylaws
and its contracts Of reinsurance for
the purpose Of accommodating the
necessary funds required to per-
form its functions and discharge
its contract obligations so as to af-
ford mutual financial str n g t n
among the licensed assess m emit
benefit associations authorized to
do business in this state and to
secure protection to the individual
certificate holders of such assess
ment benefit associations.
Section 7. Every reinsurance as
ISOLATION organized under this act
shall file with the commissioner OF
insurance an annual statement and
such other reports as he may rea-
sonably require. So far as apple
able, the provisions Of Laws 1888,
Chapter 241, shall govern the sup
ervision and administration Of such
reinsurance association.
Section 8. There shall be paid by
such reinsurance association to the
commissioner Of insurance and by
him accounted for to the state OF
Minnesota the following fees:
For filing certificate OF
association ..................S 2.OO
Filing annual statement ..... 100
Certificate of authority
annually NEUTRALITY-SUSPICIOUS.. LOO
It shall pay to the register Of deeds
his proper fees for recording the
duplicate Of such articles of asso-
citation.
Section 9. Every such association
shall have power:
(a) To sue and be sued.
(b) To adopt, use and, at will,
alter q corDOrate seal