MUTUAL LIFE COMPANIES: SECTION. May be formed by five or more citizens of state of full age.. 418 How incorporated .419, 424 Fee of Superintendent 425 Directors for first year named in articles of incorporation.. 420 Reserve fund deposited with State Treasurer... Reserve fund provisions not applicable to companies with $100,000 cash capital Beneficiary, how changed When policy not to be contested To make annual statement to Superintendent.. What statement to contain .428, 430, 431 432 433 441 438 438 Act applies to all companies doing business on assessment plan, 447 Penalty for advertising falsehood 442 Penalty for other violations of act 446 Company to be enjoined from doing business after authority termi- 443 Foreign- How authorized to do business here Fee to Superintendent Annual statement NAME OF CORPORATION (see "Banking Associations"): Must indicate corporate business To begin with "The," and end with " Corporation," Powers of macadam road, plank road, telegraph, telephone, hy- Must employ stock only for corporate purpose. STOCK (see titles of various classes of corporations): 48 49 To be employed only for legitimate corporate purposes. 49 50 STOCKHOLDERS (see "Individual Liability of Stockholders"): In every corporation to vote in person or by proxy.. 26 26 3 Owners of dead stock to be permitted to sell to any person. 507 Receiver appointed to enforce collection of, on such bridges....153, 154 License may be revoked for failure to comply with provisions as to, 467 Entry upon and appropriation of lands 514 515 516 517 518 Consolidation of companies 519 Company must maintain station at county seats 520 Penalty for neglect to maintain county-seat station 521 .522-528 Penalty for refusing to receive and deliver messages for such rates And new surplus to be then created.... When used to recoup losses, dividend not declared till when.... SECTION. 541 541 541 Real estate taken for debt in excess of fifty per cent. of capital Must make four official statements annually to Bank Commis- 544 At same time and in same manner as banks. 544 And publish statement in like manner 544 Penalties of banking law to apply to officers of trust companies... 545 546 When no provision in act, general corporation law to apply.. 547 547 Company failing to so pay liable to a penalty of five per cent. 72 Wages due on discharge of employé 73 222222 Penalties may be sued for within six years 74 Contracts evading act, void ..... 75 And corporation itself liable therefor Corporation must require contractor to pay weekly in cash.. Employé to recover attorney-fee 76 76 77 Scrip or due-bill given for wages to be dated 78 78 And after fifteen days, redeemable in money at option of holder... |