Show AS IMPORTANT MEASURE an act relating to life insurance companies SECTION L je it enacted by the governor and legislative assembly of the territory of shall abe en lawful to transact tho business of life insurance in this territory except un tho provisions of this act SEC 2 it shall bo lawful for any number of persons not lebs than five to associate themselves together for the establishment of a life insurance ranco company in this territory and they shall be doomed a body corporate authorized under the laws of the territory to transact life insurance business on complying with the provisions of chapter 1 of chapter 45 of the laws of this territory relating to private corporations approved march provided that it shall not le lawful for any such company except fraternal associations organized tho assessment plan to transact alafe insurance business is this territory unless it shall have a paid up capital of not less than and shall have complied with tho provisions of this act unless herein otherwise provided SEC 3 it shall be lawful any number of persons not leys than fifty at least two thirds of whom shall be residents of this territory io associate them together for the establishment of a mutual life ansur ance company in this territory and they deemed a body corporate authorized under the laws of the territory to transact a insurance business on complying with the provisions of this act and of chapter 1 of chapter 45 of the laws of this territory relating to private corporations approved starch 13 1884 as far as the provisions of this act and of said chapter breor may be applicable provided that at least fifty thirds of whom shall be residents of this territory shall farat have paid to the proper official of said company twenty ave 25 coltof the annual premiums on of life insurance policies in the proposed company together with their respective notes for the remaining seventy five 75 per cent of said annual premiums which said sums shall amount to not less than ithe fact of which payments must appear to tho territorial auditor who upon satisfactory evidence that the provisions of this section relating to said payments have been complied with shall issue a certificate of approval which shall be filed with tho secretary of the territory SEC 4 it shall bo lawful for any lue insurance company incorporated under the laws of this territory to invest its capital and funds accumulated in the course of its business or any part thereof in bonds of the united states of this territory in real estate within the territory in first mortgages on real estate within tho territory in bonds of any school district or incorporated city of the territory authorized by the legislature to be aued in stocks or bonds of any solvent dividend paying institutions other than mining corporations incorporated under the laws of the territory to change and rein re in vest the same as occasion may from time to time require and to lend the same or any part thereof on the security of such above named property provided always that the current market value of such property shall be at the time of the investment at least 50 per cent more than the sum loaned thereon the roon SEC 5 it shall bo the duty of the auditor of public accounts to examine the securities and investments of every life insurance company organized under the laws of this territory and if ho finds the provisions of this act complied with he shall approve the same and must thereupon issue to each company so incorporating a certificate approving its securities which certificate shall be filed with the secretary of the territory no life insurance company shall have authority to commence business until its securities shall have been approved by tho auditor and the certificate of approval is filed in the sec re office the auditor shall be entitled to receive and collect from each company for each day or fraction thereof occupied in examining said securities the sum of 10 pro vidad that this section shall not ap ply to any mutual life insurance company organized under the provisions of section 3 of this act SEC 6 it shall be unlawful for any agent of any life insurance company to transact the business of life insurance within this territory unless tho insurance ranco company shall have first obtained a certificate of authority from tbt secretary of the territory which certificate be issued to said agent upon his filing with said secretary a statement to by an officer or manager of said company showing first the name and locality of the company second the amount of capital stock third the capital paid up fourth the amount of its assets and liabilities fifth jafet surplus over all liabilities sixth the name of its attorney or agent for the territory upon whom service of process in any civil action against said company may be made seventh receipts and expenditures during the year and upon filing with said secretary a duly authenticated abstract of the laws of the state territory or foreign government under which said company was organized provided that mutual and fraternal associations or companies organized without capital stock upon the assessment plan solely shall not be subject to the provisions of the requirements in subdivisions second third fourth and fifth of this section SEC 7 the statement referred to in section 6 shall be renewed annually in the month of june of each year and shall be published by each company on or before the day of juno of each year at least four times in some newspaper published in this territory and having general circulation therein SEC 8 the secretary of the territory shall bo entitled to the following fees herein for filing statements mentioned in section 6 for issuing certificate of authority 2 for issuing each subsequent certificate of authority to other agents of the same company 1 SEC 9 any person violating any of the provisions of this act shall be guilty of |