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431, 452. Section 431, which deals with the amounts to be received

by life insurance companies, now_stands in a chapter entitled “Fire, Marine, and Title Insurance Corporations." It is transferred to a more appropriate chapter, and num. bered 452.-Code Commissioner's Note.

§ 437. Mutual life insurance companies; capital stock of; capital stock to be paid up; guarantee fund. Every corporation formed for the purpose of mutual insurance on the lives or health of persons, or against accidents to persons for life or any fixed period of time, or to purchase and sell annuities, must have a capital stock of not less than two hundred thousand dollars. It must not make any insurance upon any risk or transact any other business as a corporation until its capital stock is fully paid up in cash, nor until it has also obtained a fund, to be known as a

guarantee fund,' " of not less than two hundred and fifty thousand dollars, as is hereinafter provided. If more than the requisite amount is subscribed, the stock must be distributed pro rata among the subscribers. Any subscription may be rejected by the board of directors or the committee thereof, either as to the whole or any part thereof, and must be, so far as rejected, without effect, nothing in this section shall be deemed to contravene any of the provisions of section four hundred and fifty-one. En. March 21, 1872. Am'd. 1905, 183.

§ 448. En. March 12, 1872. Rep. 1905, 571. 448. This section exempts accident insurance companies from stamp

duties, but as there are no such duties under the law as it now stands the section is unnecessary.-Code Commission. er's Note

§ 450. Supp. Cal. Rep. Cit. 139, 335.

8 452. Corporations, life insurance, dividends, how made. No corporation formed under the laws of this state, and transacting life insurance business, must make any divi. dends, except from profits remaining on hand after retaining unimpaired:

1. The entire capital stock;

2. A sum sufficient to pay all losses reported or in course of settlement, and all liabilities for expenses and taxes;

3. A sum sufficient to reinsure all outstanding policies, as ascertained and determined upon the basis of the Ameri.

can experience table of mortality, and interest at the rate of four and one half per cent per annum. En. Stats. 1877-8, 83. Rep. 1880, 92. En. 1905, 571.

See note to 8 431, ante.

PART IV.

TITLE II.

CHAPTER IV.
New chapter added March 20, 1905. Stats. 1905, 411

MUTUAL BENEFIT AND LIFE ASSOCIATIONS. & 452a. Formation of the association. § 453. Levying of assessments. By-laws which may be

made.

$ 452a. Formation of the association. Associations of not exceeding one thousand persons may be formed for the purpose of paying to the nominee of any member a sum, upon the death of the member, not exceeding three dollars for each member of the association. Such association may be formed by filing articles of incorporation in the office of the clerk of the county in which the principal place of business is situated and a certified copy of such articles of incorporation, duly certified by the county clerk, in the office of the secretary of state. Such articles must state the name of the corporation, its general purposes, its principal place of business, its term of existence, not exceeding fifty years, the names and residences of the directors selected or appointed to serve for the first year, and must be signed and verified as required by sections two hundred and ninety-two and five hundred and ninety-four. En. Stats. 1905, 411. 452a, 453. The statute of 1873-4, page 745, as amended by the $ 453. Levying of assessments. By-laws which may be made. Each association provided for in this chapter may, on the death of a member, levy an assessment on the surviving members of not exceeding three dollars for each member, and collect and pay the same to the nominee of such decedent, and may also provide for the payment of such annual payments by members as may be deemed just, but no member must be subject to any annual assessment in excess of that established when he joined the association. The association may make such by-laws not incon. sistent with the laws of the state as may be necessary for its government and the transaction of its business; may, by its name, sue and be sued; loan such funds as it may have on hand; and own sufficient real estate for its business purposes and such as it may be necessary to purchase on foreclosure of its mortgages. En. Stats. 1905, 411.

statutes of 1880, page 25, and 1901, page 6, relating to mutual benefit associations, is codified in the above sections, and new ch entitled "Mutual Benefit and Life Associations," is added to consist of cections 452a and 453.-Code Commissioner's Note.

See note to § 452a, ante.

PART IV.

TITLE II.

CHAPTER V. New chapter added March 21, 1905. Stats. 1905, 571.

CORPORATIONS TO DISCOVER FIRE AND SAVE PROPERTY

AND HUMAN LIFE FROM DESTRUCTION THEREBY. $ 453a. Powers of the corporation. § 4536. Right of way of corporation and its officers when

running to fires. § 453. Yearly meeting of corporation, notice to be given

thereof, and proceedings which may be author. ized thereat.

$ 453a. Powers of the corporation. Any corporation of underwriters heretofore organized and now existing, or which may be hereafter organized under the laws of this state, for the purpose of discovering and preventing fires and of saving property and human life from conflagration, and doing business within any municipal corporation of this state, has power, at its own proper cost and expense, to maintain a corps of men, with proper officers, equippeil with the necessary machinery and apparatus therefor, whose duty it is, so far as practicable, to discover and prevent fires and save property and human life from conflagration; and for the effective discharge of such duties, authority is hereby granted such corps to enter any building on fire, or in which property is on fire, or which such corps or any officer thereof deems to be immediately exposed to any existing fire, or in danger of taking fire from a burning building, and to remove or otherwise save and protect from conflagration or damage by water any property, during and immediately after such fire. Nothing in this chapter must be so construed as in any degree to lessen, impair, or interfere with the powers, privileges, duties, or authority of the regular fire department of such municipality; nor can any act of such corps justify any owner of any building or property in abandoning such building or property. En. Stats. 1905, 571. 453a, 453b, 453c. The statute of 1875-6, page 689, concerning the

powers of underwriters, as amended by the statute of 1897, page 223, is codified in the sections above named, a new chapter being added, entitled “Corporations to Discover Fire, and to Save Property and Human Life From Destruction Thereby,' to consist of sections 453a, 453b, and 453c. Code Commissioner's Note.

§ 4536. Right of way of corporation and its officers when running to fires. Such corporation, with its officers and corps, when running to a fire with its horses, vehicles, and salvage apparatus, has the same right of way as.is or may be bestowed by any ordinance of the municipality or law of this state upon the regular fire department of the municipality wherein such corporation is acting; but the rights of such fire department must always be paramount to the rights of such corporation. All ordinances now existing or which may hereafter be passed by the municipal authorities of any city and county, or of any incorporated city or town wherein such a corporation may carry on business, and all laws of this state applicable to such city and county, or city or town, for the conviction or punishment of any person or persons willfully or carelessly obstructing the progress of the apparatus of the fire department of such city and county, or city or town, while going to a fire, or of any person or persons willfully or carelessly injuring any animal or property of said fire department, are equally applicable to any person or persons willfully or carelessly obstructing the progress of the apparatus of such corporation while going to a fire, and to any person or persons who willfully or carelessly injures any animal or property of such corporation; and said laws and or. dinances, and their penalties, may be enforced in the same courts and in the same manner, and with equal force and effect, as in the case of the fire department. En. Stats. 1905, 572.

See note to § 453a, ante.

$ 453c. Yearly meeting of corporation, notice to be given thereof, and proceedings which may be authorized thereat. In the month of July, in every year, there must be held a meeting of all corporations created for the purposes specified in this chapter; of which ten days' previous notice must be inserted in at least one daily newspaper published in the municipality where said corporation is organized or established, at which meeting each insurance company, corporation, association, underwriter, agent, person, or persons doing a fire insurance business in said municipality, whether members of said corporation or not, shall have a right to be represented, and shall be entitled to one vote. A majority of the whole number so represented has power to decide upon the question of sustaining the fire patrol organized by corporations heretofore created, or that may be hereafter created, and fixing the maximum amount of expenses which may be incurred therefor during the fiscal year next to ensue, which amount must in no case exceed two per centum of the aggregate premiums returned as received, as provided in this section, and the whole of such amount, or so much thereof as may be necessary, may be assessed upon all insurance companies, corporations, associations, underwriters, agents, person, or persons who assume risks and accept premiums for fire insurance in said municipality, as hereinbefore mentioned, in proportion to the several amounts of premiums returned, as received by each, as hereinafter provided, and such assessment is collectible by and in the name of said corporation, in any court of law in the State of California having jurisdiction, in

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