ber of votes have been cast in favor of the proposed plan, he shall issue to the associations an order to the effect that the plan has been approved, and the same shall be in force and effect from and after the date of such order, and the auditor of state shall direct such distribution of the assets of any such association or associations as shall be just and equitable. [30 G. A., ch. 63, § 1.}

Sec. 1839-h. Expenses, how paid. All expenses or costs incident to proceedings under the provisions of this act shall be paid by the associations interested. [30 G. A., ch. 63, § 2.]

Sec. 1839-i. Penalty. Any officer, director or manager of any association violating or consenting to the violation of any of the provisions of this act shall be punished by a fine of not less than one thousand dollars, or by imprisonment in the county jail not less than one year, or by both such fine and imprisonment in the discretion of the court. [30 G. A., ch. 63, § 3.]

Sec. 1839-j. Mortuary assessment. No fraternal beneficiary society not admitted to transact business within this state prior to the passage of this act, shall be incorporated or given a permit or certificate of authority to transact business within this state, unless it shall first show that the mortuary assessment rates provided for in whatever plan of business it has adopted, are not lower than is indicated as necessary by the following mortality table:

NATIONAL FATERNAL CONGRESS MORTALITY TABLE.

ing

Provided, however, that nothing in this act shall be construed to apply to any association organized solely for benevolent purposes and composed wholly of members of any one occupation or guild. [32 G. A., ch. 86.]

For Rate Table, see Appendix. Exemptions, see 1839k. Life 1798.

Sec. 1839-k. Acquisition of real estate, erection of buildings— conditions. Any fraternal beneficiary society, order or association organized under the laws of this state, accumulating money to be held in trust for the purpose of the fulfillment of its certificates or contracts shall be permitted to invest not to exceed ten (10) per cent of the aggregate amount of such accumulation in such real estate in this state as is necessary for its accommodation as a home office, and in the purchase or erection of any building for such purpose it may add thereto rooms for rent; provided that before any association shall invest any of its funds in accordance with the provisions of this subdivision it shall first obtain the consent of the executive council. Any company or association so investing its funds shall convey the real estate thus acquired to the auditor of state by deed, such property to be held by him in trust for the benefit of the members of such association, the value thereof to be determined from time to time by the auditor of state. Provided that nothing in this act shall be construed to permit the officials or board of directors of such society, order or association to make such investment without authority specifically granted by the said society, order or

Number dy

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Yearly prob

ability of dying

association through its grand or supreme lodge or convention. [32 G. A., ch. 87.]

Sec. 1839-1. Investment of funds-securities deposited. Any fraternal beneficiary society, order or association organized under the laws of this state, accumulating money to be held in trust for the purpose of the fulfillment of its certificates or contracts shall invest such accumulations in the following securities and no other: Bonds of the United States.

1.

2. par.

3.

Bonds of this or any other state, when such bonds are at or above

Bonds or other evidences of indebtedness of any county, city, town or school district within the state or any other state, or drainage bonds of any drainage district in the state of Iowa where such bonds or other evidences of indebtedness are issued by authority of and according to law and bearing interest, and are approved by the executive council.

4. Bonds, mortgages and other interest bearing securities being first liens upon real estate within this state or any other state, worth at least double the amount loaned thereon and secured thereby exclusive of improvements, or two and one-half times such amount including the improvements thereon, if such improvements are constructed of brick or stone; but no such improvements shall be considered in estimating the value unless the owner shall contract to keep the same insured in some reliable fire insurance company or companies authorized to do business in the state, during the life of the loan, in a sum at least double the excess of the loan above one-half the value of the ground exclusive of the improvements, the insurance to be made payable in case of loss to the company or association invesing its funds, as its interest may appear at the time of loss.

All such securities shall be deposited with the auditor of state subject to his approval, and shall remain with him until withdrawn in accordance with the provisions of this act. Any fraternal beneficiary society, order or association receiving payments or partial payments on any securities deposited with the auditor of state, shall notify him of such fact giving the amount and date of payment within fifteen (15) days after such payment shall have been made. The officers of any society, order or association which fails to report the receipt of payments or partial payments as above provided shall be liable to fine in double the amount collected and not reported within the time and in the manner above specified.

Any society, order or association required to make a deposit with the auditor of state as herein contemplated, shall at the time of making such deposit, designate by what provisions of its articles of incorporation or laws such fund is accumulated and upon making request for withdrawal of any funds shall designate for what purpose such withdrawal is desired.

Any society, order or association, may at any time change its securities on deposit by depositing a like amount in other securities of the same character and the auditor of state shall permit a withdrawal of the same upon satisfactory proof in writing filed with him that they are to be used for the purpose for which they were originally deposited.

The auditor of state shall have authority to suspend or revoke the certificate of authority of any society, order or association failing to comply with any of the provisions of this act or for violating the same. Nothing in this act shall be construed to apply to any association organized solely for benevolent purposes and composed wholly of members of any one occupation, guild, profession or religious denomination. [32 G. A., chs. 88, 89.]

Other than Life 1699. Life 1778-91-1806.

APPENDIX.

Sec. 360. When guarantee company may be accepted as surety. Whenever any person who now or hereafter may be required or permitted to give a bond applies for the approval thereof, any officer or body who is now or shall hereafter be required to approve the sufficiency of such bond shall accept and approve the same, whenever its conditions are guaranteed by a company or corporation duly organized or incorporated under the laws of this state, or authorized to do business therein, and to guarantee the fidelity of persons holding positions of public or private trust or secure any bond above referred to, and which company shall have the certificate of the auditor of state authorizing it to do business therein as provided in chapter four of title nine of this code. The certificate of the auditor of state, to the effect that such company has complied with the requirements of said chapter and title and is authorized to do business in this state, shall be sufficient evidence to authorize the officer or body having the approval of such bond to accept and approve the same, but no such security shall be accepted on any bond for an amount in excess of ten per cent of the paid up cash capital of such company or corporation but nothing herein contained shall apply to bonds in criminal cases. [21 G. A., ch. 157, §§ 1, 5.]

Sec. 361. Release from liability-same as private persons. Such company or corporation may be released from its liability as such. surety on any bond on the same terms and conditions, and in the same manner, as is by law prescribed for the release of natural persons as such sureties; it being the intent of this chapter to enable companies created, incorporated or chartered for such purposes to become surety on bonds required by law, subject to all the rights and liabilities of natural persons. [21 G. A., ch. 157, § 2.]

Sec. 362. Suit on bond of guarantee company-notice. Whenever suit is required to be brought on any bond given by such company, service shall be had upon any agent of such company in this state, and if there is no agent in the state, then service may be had by serving the auditor of state fifteen days before the