The Key West citizen. [volume] (Key West, Fla.) 1879-current, 1939-09-07
CHAPTER 1921

anime INTO the SOlVency and opera
ton of Such Associations Incorpo-
rated or ReincOrporated Under the
Terms of This Act: Providing for a
Valuation of Certificates and Provid-
ing for a Reserve Fund, Providing
for the Payment of All Benefits in
Cash Only; Providing for General
State Supervision and Control of Be
nevolent Mutual Benefit Associa-
tons or Societies That May Be Here
after Operated in the State of Flor
ida, Subject to the Terms of This
Act. on the Assessment Plan" Be-
ing Chapter 1885. Laws of Florida,
Acts of 1888. by Amending Section
Thereof: And by Repeating Section
2 of Chapter 1892, Laws of Flor
ida. Acts of 1895. Being an Amend
ment of Said Section 5. of Chapter
1885, Laws of Florida Acts of 1888,
and Repeating Conflicting Laws.
Be 1t Enacted by the Legislature of
the State of Florida:
Sec. l. That Section of Chapter
1855. Laws of Florida. Acts of 1888.
be and the same is hereby amended
to read as follows:
STATE TREASURER associa-
tons authorized to operate and do
business under the provisions of this
Act shall deposit with the State
Treasurer in cash. United States
Bonds. or bonds of any county or
any municipality of the State. TO be
approved by the State Treasurer, in
the sum of Five Thousand (S5, 600. 0O)
Dollars. market value. Twenty-Five
Hundred (S2. 10000 Dollars of which
shall be deposited upon the issuance
of the permit and the balance in the
next succeeding twelve equal month
ly payments. A failure to pay any
such monthly payment shall be cause
for devocation of the permit by the
State Treasurer, and every associa-
ton operating under, or organized by
virtue of, the provisions of this Act.
shall create and deposit with the
said State Treasurer a further guar
antee reserve fund as of January LIST
OF each year which fund shall be
raised by an extra assessment of
One (S1.00 Dollar per annum on
each individual certificate, family
Joint certificate or family group GER
tlfcate. policy. or contract of One
Thousand ($1.000.00D Dollars, or
fractional part thereof. Such fund
shall be deposited and maintained
with the State Treasurer in cash
or in the same class of securities re-
CURED by law for the investments
of life insurance companies organ
lied under the laws of this State. In
case OF emergency. and subject at
al times to the approval of the
State Treasurer. such association
shall be permitted to draw upon said
guaranty fund to pay valid and ap-
proved claims. but in no event shall
the same be drawn against for the
SAID purposes in any one year in a
greater amount than the estimated
reserve to be put up during the said
year. In the event the Association
should become insolVent or for any
reason be taken over by the In
surance Commissioner for liquida-
ton. all such reserve hereby created.
together with the first year deposit
of Five Thousand Csc. 100000 Dollars.
shall be held and disbursed by the
Insurance Commissioner for the
benefit of the policy or certificate or
contract holders, or claimants there
under as their legal rights may be
made to appear.
Any unsettled judgment of a court
of competent jurisdiction within the
State of Florida shall be a lien on
such guaranty fund. and a failure
of any final judgment or decree OBJ
tanned against it in this State shall
be cause for revocation of it's per-
init or authority by the State Treas
urer to transact business in this
State.
Sec. 2 That Section 2 of Chapter
1892. Laws of Florida. Acts of 1895,
being an amendment of Section )
of Chapter 1885. Laws of Florida,
Acts of 1893. be and the same is
hereby repealed
Sec. B. All laws or parts of laws
in conflict herewith are hereby ex-
pressly repealed.
Sec. 4. This Act shall take effect
Immediately upon becoming a law.
Approved by the Governor May IS,
1899.