under this act without a certificate as provided for in this act, shall forfeit one hundred dollars for every day it continues to write new business in this state without such certificate.

4914r1. Actions for penalties.-18. Suits brought to recover any of the penalties provided for in this act shall be instituted in the name of the State of Indiana on relation of the prosecuting attorney of the circuit court of the county in which the principal office of said company is located, under the direction and by the authority of the auditor of state. Such penalties, when recovered, shall be paid into the state treasury for the use of the school fund.

4914s1. Investment of funds.-19. No company organized under the provisions of this act shall invest its funds in any other manner than as follows: In bonds of the United States, in bonds of this state or of any other state, at or above par, in bonds and mortgages on unincumbered real estate within this state, worth at least double the amount loaned thereon; the value of such real estate shall be determined by a valuation made under oath by two freeholders of the county where the real estate is located (if buildings are considered as a part of the value of such real estate they must be insured for the benefit of the mortgagee); in bonds or other evidence of indebtedness bearing interest, of any county, incorporated city, town or school district, within the state, where such bonds or other evidence of indebtedness are issued by authority of law, and upon which interest has never been defaulted; in loans upon bonds or mortgages of par value, if the current value of such bonds or mortgages is at least twenty-five per cent. more than the amount loaned thereon.

4914t1. Real estate.-20. No company organized under this act shall be permitted to purchase, hold or convey real estate, except for the purpose and in the manner herein set forth.

First. For the erection and maintenance of buildings at least ample and adequate for the transaction of its own business.

Second. Such as shall have been mortgaged to it in good faith for money due.

Third. Such as shall have been conveyed to it in the satisfaction of debts previously contracted in the course of its dealings, and which must be taken in by the company on account of the debt secured by such mortgage.

Fourth. Such as shall have been purchased at sales upon judgments, decrees or mortgages obtained or made for such debts. And no company incorporated as aforesaid shall purchase, hold or convey real estate in any other cases or for any other purposes.

4914u1. Sale of real estate.-21. All real estate acquired as aforesaid, except such as is occupied by buildings used in whole or in part for the accommodation of such companies in the transaction of its business, shall, except as hereinafter provided, be sold and disposed of within ten years after such company shall have acquired title to the same. No such company shall have such real estate for a longer period than that above mentioned unless the said company shall procure a certificate from the audi

tor of state that the interests of the company will suffer materially by a forced sale of such real estate, in which event the time for the sale may be extended to such time as the auditor of state shall direct in said certificate.

4914v1. Certificate of auditor.-22. The auditor of state, upon due proof by a company organized under the provisions of this act, of its possessing the qualifications required, shall issue a certificate setting forth that it has qualified and is authorized for the ensuing year to do business under these statutes, which certificate or a copy thereof shall be evidence of such qualifications and of the company's authority to transact business authorized by this act, mentioned in the preceding sections, and of its solvency and credit.

4914w1. Application of act.-23. Only companies organized and doing business under the provisions of this act shall be subject to its provisions.

4914x1. Fees of auditor.-24. The auditor of state shall charge for filing the preliminary statement or for filing the annual statement required by the provisions of this act, a fee of ten dollars; and for each certificate and seal he shall charge a fee of one dollar.

4914y1. Liability of stockholders.-25. The stockholders of any company organized under this act shall be individually liable to an amount. over and above their stock equal to their respective shares of stock for all debts or liabilities of such company.

[Acts 1903, p. 138. In force March 3, 1903.]

4915. Annual statements, license, fees.-1. That annually during the month of January every insurance company incorporated by any other state than the State of Indiana or by any government foreign to the United States, before doing business in Indiana shall file with the auditor of State of Indiana the statement now or hereafter required by law to be filed by such companies with such officers; upon the filing with and the approval by the said auditor of said statement as provided for by law it shall be the duty of said auditor to issue to each agent of any such company within the state a license to transact the business of insurance for such company within the state, and such license shall be renewed annually in the month of January: Provided, A similar license may be issued to any agent within the state applying therefor at any subsequent time during such calendar year, such license to be valid only during the remainder of such calendar year. It shall be the duty of such company to procure a certified copy of its financial statement required by law to be filed with such auditor and to file such copy together with such license

annually in the office of the clerk of the circuit court in the county in which said agency is established, which license and copy of statement attached shall be filed by such clerk and preserved in his office, and for the filing thereof such clerk shall receive from such company the sum of twenty-five cents. Said copy of such license shall be conclusive evidence. in any suit against any such company of the facts therein stated, including the authority of such agent named to act for such company, and the said auditor of state shall cause a copy of said statement so filed to be published twice in the two leading newspapers of the state having the largest general circulation therein; said publication to be made when the auditor of state may direct: Provided, That not more than one dollar per square shall be paid for each one of said publications, the expense thereof to be borne by the company. The auditor of State of Indiana shall charge and collect the sum of five dollars annually from each company for the examination of the said statement and investigation of the evidence of investments of such company, and three dollars for each license of authority issued under the provisions of this act, including the sea! of his office attached thereto together with such certified copy of such statement to be paid by the company or agent applying for the same: Provided, That the licenses issued at the time of the passage of this act shall be valid for the remainder of the year 1903 upon the payment to the auditor of state of the remaining (the) sum, if any, due for such license for the whole year.

See sections 4915, 4915a, Burns' R. S. 1901.

4915c.

[Acts 1905, p. 218. In force March 6. 1905.]

Investment of assets.-1. That whenever any law of this state, now or hereafter enacted, regulates the admission of insurance companies of other states or countries to do business of any kind of insurance in this state and fixes the amount of capital or assets required of such insurance companies to do business in this state, then the amount of such capital or assets so required of such companies to do such business in this state shall be invested in the 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 which have not exceeded the limit of tax levies allowed by law, or some foreign country in which such company is authorized to do business, at the current market value thereof at the date of the 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 prior incumbrances.

A condition inserted in a burglary insurance policy that notice of a loss shall be given forthwith is invalid, and an insured can only be required to use reasonable diligence in giving notice of a loss and furnishing proof thereof. Fidelity Co. v. Sanders, 32 App. 448.

4925. Examinations by auditor of state.

Section 4925, Burns' R. S. 1901, requiring the auditor of state to examine into the business of insurance companies doing business in this state applies to foreign companies only. State v. Commercial Ins. Co., 158 Ind. 680.

ARTICLE 7.-FARMERS' COMPANIES.

SEC. 4932.

How formed, management.

4932. How formed, management.

If an attempt is made in good faith to organize a mutual insurance company under the statute providing for the organization of farmers' companies, a policy holder can not question the validity of such organization in an action on a premium note. Farmers' Ins. Co. v. Borders, 26 App. 491.

ᎪᎡᎢ .

CHAPTER 35.

CORPORATIONS--LIBRARIES.

Section numbers to notes refer to Revised Statutes of 1901.

Sections omitted have not been construed since 1901.

[Acts 1905, p. 162. In force March 4, 1905.]

4983g. Cities of 50,000, library tax.-1. That whenever there has been established by private donation in any city of this state having more than fifty thousand (50,000) and less than one hundred thousand (100,000) population, as shown by the last preceding United States census, a library containing twenty-five thousand volumes or more, and having property including real estate and the buildings used for said library of the value of one hundred thousand dollars ($100,000) or more, which library by the terms of the donation aforesaid is open and free to the use and benefit of all the inhabitants of such city, there shall be levied and collected annually by such city, as other taxes are collected, not less than five nor more than ten mills upon each one hundred dollars of the assessed valuation of all the real and personal property in said city, and when collected shall be paid over to the trustees of such library and shall be by them expended in the purchase of reading matter for such library, and for no other purpose; and they shall keep such tax separate from all other funds, and in a proper book kept by them shall show the amount of taxes re