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vested in the stocks or bonds of some one or more of the states of the United States or of the United States, or in bonds of some one or more of the counties, cities or towns of this state, or some other state of the United States, at the current market value thereof at the date of admission of such company to do business in this state or in first mortgage bonds or mortgages on real estate worth double the amount for which the same is mortgaged and free from any prior incumbrance. And no surety company shall transact a surety business either singly or generally in connection with a casualty business unless such company is possessed of two hundred and fifty thousand [dollars] capital, and unless such capital to the extent of one hundred thousand dollars is invested in the stocks or bonds of some one or more of the states of the United States or of the United States, or in bonds of some one or more of the counties, cities, or towns of this state, or some other state of the United States, at the current market value thereof at the date of admission of such company to do business in this state, or in first mortgage bonds or mortgages on real estate worth double the amount for which the same is mortgaged and free from any prior incumbrance. And upon the filing of the foregoing statement and furnishing him with satisfactory evidence of such investment, and complying with the other laws of this state, concerning foreign insurance companies, or surety companies, it shall be the duty of the auditor of state to issue to the agent or agents of the company applying for the same, a license to transact the business of insurance for such company in this state.
4914s. Foreign companies, authority to act.
If a foreign mutual benefit association fails to file with the auditor of state its its consent that process may be served on the auditor in suits against such association, process may be served on the chief officers of a local lodge. Modern Woodmen v. Noyes, 158 Ind. 503.
ARTICLE 42.--ACCIDENTS BOILER EXPLOSIONS.
4914al. Boiler inspection, accident in- 4914ml. Increasing capital stock.
4914b1. Articles, contents, name.
4914d1. Officers, stock, subscription.
Non-compliance, duty of auditor. 4914j1. Examinations by auditor. 4914kl. Receiver, appointment. 491411. Changing securities.
Closing business, proceedings.
Actions for penalties.
[Acts 1903, p. 242. In force March 9, 1903.]
4914a1. Boiler inspection, accident insurance.--1. That any ten or more persons, a majority of whom shall be residents of the State of Indiana, may associate in accordance with the provisions of this act and form an incorporated company for any one or more of the following purposes: .
First. To inspect steam boilers and other vessels, appliances and connections, and to insure against loss or damage to the life and property of the assured, or loss or damage to the life, person or property of another for which the assured is liable, caused by explosions or other accident in the use of steam boilers and other vessels, appliances and connections.
Second. To insure any person against bodily injury or death by accident, to make insurance upon the health of individuals, to insure any person, firm or corporation against loss or damage on account of bodily injury or death by accident of any person for which loss or damage said person, firm or corporation is responsible and liable; and to provide for the payment of wages or partial wages or other form of indemnity on account of accident resulting in bodily injury or death.
Third. To insure against the breakage of plate glass, local or in transit.
Fourth. To insure against loss or damage by water to any goods or premises arising from the breakage or leakage of sprinklers and water pipes.
Fifth. To insure against loss or damage by burglary, theft or house breaking.
4914b1. Articles, contents, name.-2. Such persons shall associate themselves together by articles of incorporation in writing, for the purpose of forming an accident or casualty insurance company, which articles shall specify the name by which the company shall be known, the place in which its principal office will be established or located, the amount of its capital stock, the general object of the company, and the proposed duration of the same. Any name not previously in use by any existing company may be adopted. The auditor of state shall reject any name or title, when in his judgment it too closely resembles that of any existing company or is likely to mislead the public.
4914c1. Articles, acknowledgment, filing, approval.-3. The subscribers to said articles of incorporation shall acknowledge the same before some one empowered to take acknowledgments of deeds, and forward the same to the auditor of state, who shall, in case he approves of the title of the proposed company, submit said articles of incorporation to the attorney-general for examination, and if found by the attorney-general to be in accordance with the provisions of this act, and not inconsistent with the constitution of this state or of the United States, he shall certify the same to the secretary of state, with his approval endorsed hereon, who shall file the same in his office.
4914d1. Officers, stock subscription.-4. The subscribers to said articles of incorporation shall choose from their number a president, a secre
tary, a treasurer, and such number of directors, not less than five, who shall continue in office for the period of one year from the date of filing articles of incorporation and until their successors shall be duly chosen and qualified, as hereinafter provided. They shall open books for the subscription of stock in the company at such times and places as they shall deem convenient and proper, and shall keep them open until the full amount specified in the certificate is subscribed.
4914e1. Capital stock, investment.-5. Companies organized under the provisions of this act shall have not less than three hundred thousand dollars ($300,000) of capital stock subscribed, three hundred thousand dollars ($300,000) of which shall be paid up and invested in bonds of the United States or of this state or of any county or of any municipality of the state, or in bonds or mortgages upon unincumbered real estate in the State of Indiana, worth at least double the sum loaned thereon. buildings are considered a part of the value of the real estate they must be insured for the benefit of the mortgagee.) Seventy-five thousand dollars of such securities shall be deposited with the auditor of state, and upon said deposit and satisfactory evidence to the auditor of state that the capital stock of at least three hundred thousand dollars is all subscribed and paid up in cash in good faith, and that such stock has been invested as herein prescribed, and upon the deposit of the sum of seventyfive thousand dollars of such securities or in cash with the auditor, then said auditor shall issue to said company a certificate authorizing it to do business. No part of the capital paid in shall be loaned to any officer or stockholder of said company.
4914f1. Corporate powers, by-laws.-6. A corporation organized or doing business under the provisions of this act, shall, by the name adopted by such corporation, in law, be capable of suing or being sued, and may have the power to make or enforce contracts in relation to the business of such corporation; may have and use a common seal, and may change or alter the same at pleasure, and in the name of the corporation or by a trustee chosen by the board of directors, shall, in law, be capable of taking, purchasing, holding and disposing of real and personal property for carrying into effect the purposes of their organizaton; and may by their board of directors, trustees or managers, make by-laws and amendments thereto not inconsistent with the laws or the constitution of the state or of the United States, which by-laws shall define the manner of electing directors, trustees or managers and officers of such corporations, together with the qualifications and duties of the same, and fixing the term of office.
4914g1. Annual report, contents.-7. The president, vice-president and secretary, or a majority of directors or trustees of each company organized under the provisions of this act, shall, annually on the first day of January, or within sixty days thereafter, prepare and deposit in the office of the auditor of state a verified statement of the condition of such company on the 31st day of December of the preceding year showing:
First. Name and where located. (a) Names of officers. amount of capital stock. (c) The amount of capital stock paid in. Second. Assets. (a) The value of real estate owned by said company. (b) The amount of cash on hand. (c) The amount of cash deposited in bank or trust company. (d) The amount of bonds of the United States, and all other bonds, giving names and amounts, with par and market values of each kind. (e) The amount of loans secured by first mortgage on real estate. (f) The amount of all other bonds, loans and how secured, with rate of interest. (g) The amount of notes given for unpaid stock and how secured. (h) The amount of interest due and unpaid. (i) All other credits or assets.
Third. Liabilities. (a) The amount of losses due and unpaid. (b) The amount of claims for losses unadjusted. (c) The amount of claims for losses resisted.
Fourth. Income during the year. (a) The amount of fees received during the year. (b) The amount of interest received from all sources. (c) The amount of receipts from all other sources.
Fifth. Expenditures during the year. (a) The amount paid for losses. (b) The amount of dividends paid to stockholders. (c) The amount of commissions and salaries paid to agents. (d) The amount paid to officers for salaries. (e) The amount paid for taxes. (f) The amount of all other payments or expenditures.
Sixth. Miscellaneous. (a) The amount paid in fees during the year. (b) The amount paid for losses during the year. (c) The whole amount of insurance issued and in force on the 31st day of December of the previous year. 4914h1. Additional reports.-8. The auditor of state is authorized to amend the form of statement and to exact such additional information as he may think necessary in order that a full exhibit of the standing of companies organized and doing business under this act may be shown.
4914i1. Non-compliance, duty of auditor.-9. Upon the failure of any company organized or doing business under this act to make the deposit or to file the statement in time as stated in the preceding section, the auditor of state shall notify such company to issue no new insurance until there should have been a compliance with said requirements, and it shall be unlawful for any such company to thereafter issue any policy of insurance until such requirements shall be complied with.
4914j1. Examinations by auditor.--10. The auditor of state may at any time make personal examination of the books, papers and securities of any company organized and doing business under the provisions of this act, or may authorize or empower any other suitable person to make such examinations, and for the purpose of securing a full and true exhibit of its affairs, he or the person selected by him shall have power to examine under oath any officer of said company relative to its business management.
4914k1. Receiver, appointment.-11. If the auditor of state shall at any time find from any report or examination that the company has not
complied with the provisions of this act, he shall refer the facts to the attorney-general, who shall proceed to ask the proper court to appoint a receiver for said company, who shall, under the direction of the court, wind up the affairs of said company. But in no other way can the auditor of state or other person restrain or interfere with the prosecution of business of any company doing business under provisions of this act, except in actions by judgment creditor or in proceedings supplementary to execution.
491411. Changing securities.-12. Companies shall have the right at any time to change their securities on deposit with the auditor of state by substituting for those withdrawn a like amount in other securities of the character provided for in this act, but securities to the amount of at least twenty-five per cent. of the stock subscribed shall at all times be and remain on deposit.
4914m1. Increasing capital stock.-13. Any company organized under the provisions of this act may increase the capital stock of the same at any time after the intention to so increase the capital stock shall have been ratified by a two-thirds vote of the stockholders and after notice of the purpose to so increase the capital stock has been given by publication in some newspaper of general circulation for the period of four consecutive weeks; but no increase of capital stock in less amount than fifty thousand dollars is hereby authorized.
4914n1. Dividends.-14. The directors of any company organized under this act shall not make any dividends except from the surplus profit arising from their business. No dividends shall be declared except at the close of the year and at the time when, by law, the company is required to file its annual statement with the auditor of state.
491401. Closing business, proceedings.-15. If at any time any company organized under this act shows to the circuit or superior court of the county where its principal office is located, that it wishes to retire from business, that it has no unpaid liabilities of any character, such court shall, if it finds such facts to be true, enter an order directing the auditor of state to surrender to said company all funds or securities theretofore deposited with him by such company. No order shall be made until the auditor of state shall have been notified of the pendency of such application at least ten days before the time set for the hearing thereof and until a full hearing by said court.
4914p1. Interest on deposits.-16. The auditor of state shall permit companies having on deposit with him bonds on [as] security, to collect the interest accruing on such deposit, delivering to their authorized agent respectively the coupons or other evidence of interest as the same shall become due; but upon default by any company to deposit additional security as called for by the auditor of state, or pending any proceedings to close up or enjoin it, the auditor of state shall collect the interest as it becomes due, and add the same as security in his hands belonging to such company.
4914q1. Penalties.-17. Any company organized or doing business