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the corporation as a dividend to members, in reduction of premiums, in the purchase of paid up or extended insurance, or may be drawn in cash; or such dividend or dividends may be paid to the beneficiary of a deceased member in addition to the face of the policy. 93 O. L. 343.

$ (3631-33). Sec. 10. What policy shall set forth--Obliga

tion of company to beneficiaries or insuredEvery policy hereafter issued by any corporation, company or association doing business under this act and promising any payment to be made upon a contingency provided for in this act, shall specify the sum of money which it promises to pay upon each contingency insured against, and the number of days after satisfactory proof of the happening of same on which such payment shall be made. Upon the occurrence of such contingency, unless the contract shall have been avoided by fraud or breach of its conditions, the corporation shall be obligated to the beneficiaries or insured for such payment at the time and to the maximum amount due under the policy. If the superintendent of insurance shall be satisfied, upon investigation, that any such corporation has refused or failed, after proper demand, to make such payment for sixty days after final judgment has been obtained upon such claim, he shall notify the corporation to issue no new policies until such indebtedness is fully paid; and no officer or agent of the corporation shall make, sign or issue any policy of insurance while such notice is in force. 93 O. L. 343.

$ (3631-34). Sec. II. Foreign corporations must procure

certificate of authority, etc.-No corporation, company, association or society organized under the laws of any other state or territory of the United States or the district of Columbia or foreign country, shall transact business under the provisions of this act until it has received from the superintendent of insurance a certificate of authority to do business in this state, a duplicate of which shall be filed in his office. The superintendent shall annually issue to such foreign corporation, company, association or society, renewal certificates of authority to continue business, if it shall have fully complied with the provisions of this act, and if the superintendent shall be of the opinion that any such corporation, company, association or society is not entitled to a renewal of a certificate of authority, he may in his discretion cite the same to appear, giving reasons therefor, and show cause why the certificate of authority should not be renewed; and unless the certificate of authority shall be renewed within ten days after such hearing, such foreign corporation, company, association or society shall cease to do business in this state. The superintendent may refuse a certificate of authority or renewal of the same to any such foreign corporation, company, association or society, when such refusal will best promote the public interests. When any state, territory or foreign country shall impose any obligations upon any such corporation of this state, or their agents, transacting business in such other state, territory or foreign country, the like obligations are hereby

sed upon similar corporations of such other state, territory or foreign country, and their agents or representatives transacting business in this state ; and such corporation, company, association or society of such other state, territory or foreign country, and its agents and representatives, shall pay all licenses, fees or penalties to and make deposits with the superintendent of insurance imposed by the laws of such other state, territory or foreign country upon any corporation of this state doing business therein; and in case of failure to pay the same, the superintendent shall refuse the certificate of authority herein provided for or cancel such certificate if one shall have been previously issued. foreign corporation, company, association or society shall be authorized to transact any business authorized by this act within this state, unless it furnishes evidence satisfactory to the superintendent of insurance that it has a reserve fund equal in amount to that required by this act, and that the same is held for the benefit of policy holders only, and invested as required by the insurance laws of this state. Neither shall any foreign corporation, company, association or society be authorized to do business in this state unless it collects in advance for the benefit of its policy holders a net premium equal to at least that provided for by the terms of this act. 93 0. L. 343.

$ (3631-35). Sec. 12. Discriminations prohibited, etc.

No life insurance corporation, company or association subject to the provisions of this act shall make any discriminations in favor of individuals of the same class or of the same expectation of life, either in the amount of premiums charged or in any return of premiums, dividends or other advantages. No agent of such corporation shall make any contract for insurance or agreement as to such contract other than that which is plainly expressed in the policy issued. No such corporation or agent thereof shall pay or allow, or offer to pay or allow, as an inducement to any person to insure, any rebate or premium, or any especial favor or advantage whatever in dividends to accrue thereon, or any inducement whatever not specified in the policy. If it shall appear to the satisfaction of the superintendent of insurance, after a hearing by him upon due notice, that any corporation is issuing policies or making contracts that are in violation of this section, he shall, upon the written approval of the attorney-general, require such corporation and its officers and agents to refrain, within twenty days, from making any such policy or contract. If any such corporation or officer or agent thereof shall fail to comply with the provisions of this section the superintendent shall institute such proceedings at law as may be necessary to restrain such violation of this section. 93 O. L. 343.

See Tillinghast v. Craig, 17 C. C. 531.

$ (3631-36). Sec. 13. Policy holder not personally liable

for losses of corporationNo person shall incur any personal liability for the losses or liabilities of any corporation, company or association organized or doing business under this act by reason of being a policy holder in such corporation. 93 O. L. 343.

§ (3631-37). Sec. 14. Withdrawals of securities upon re

linquishment of businessWhen any such corporation, company or association shall desire to relinquish its business the superintendent shall, on application of such corporation under the oath of its president or principal officer and secretary or actuary, give notice of such intention at least twice a week for six months in a newspaper of general circulation published at Columbus. After such publication he shall deliver up to said corporation the securities held by him belonging to it upon being satisfied by an exhibition of the books and papers belonging to such corporation, and on examination by himself or by some competent person to be appointed examiner by him, and upon the oath of the president or principal officer and the secretary or actuary of said corporation, that all its debts and liabilities of every kind are paid and extinguished that are due or may become due upon any contract or agreement made by said corporation or its assignee any portion of such securities on being satisfied in the manner and form hereinbefore required, or upon any other competent proof, that all the debts and liabilities of every kind that are due or may become due are less than the amount or proportion of such securities which he shall still retain. 93 O. L. 343.

S (3631-38). Sec. 15. Taxes

Every corporation doing business under the provisions of this act shall be liable for and pay such taxes as other life insurance companies are liable for. 93 0. L. 343.

INSURANCE COMPANIES OTHER THAN LIFE.

SECTION 3650. Assessments upon members of mutual

companies. 3651. How assessments enforced. 3652. How assessment and notice proved. 3653. What kind of policies company to

issue. 3654. Annual reports of certain companies. 3655. Special statement of certain com

panies. 3656. Foreign companies must obtain license

of superintendent. 3657. The waiver such companies must file. 3658. Must also file statement. 3659. When license shall be revoked. 3660 Certain companies must make deposit. 3661. All foreign companies must make an

nual statements. 3661a. Only assets admitted by superintend.

ent to be advertised. 3661b. Penalty. 3662. Companies must apply dividends to

stock notes. 3663. Lien of mutual companies for premium

notes.

com

3664. Insured may require fire policy to be

canceled. 3665. Rates for cancellation of cash policies. 3666. Rates for policies of mutual

SECTION
3632. Articles of incorporation to be ap-

proved by attorney-general.
3633. To be recorded by secretary of state,

and copy deposited with superin

tendent 3634. Amount of capital companies must

have. 3635. Books of subscription to stock. 3636. Election of directors. 3637. How company must invest its cap

ital. 3638. How it may invest its accumulations. 3639. Limitation on the powers of invest.

ment. 3640. Examination by the superintendent. 3641. Powers of companies. 3741a. Insurance against lightning, etc." 3641b. Accident insurance to indemnisy em

ployers. 36410. Sufficiency of bonds; premiums. 3641d. Deposit required of title guaranty

companies. 3642. Powers and duties of directors. 3643. Extent of liability under policy of in

surance. 364 3a. A co-insurance clause unlawful. 3643b. Arbitration and umpires to be resi

dents of county. 3644. When solicitor held to be agent of in

surer

panies. 3667. Rates when premium is paid in in

stallments.
3668. Premium notes not negotiable,
3669. Superintendent to enforce certain pro-

visions.
3670. Accident companies authorized.
3671. How companies may consolidate.

3645. How contracts to be evidenced.
3646. Transfers of stock.
3647. How stock may be increased.
3648. When fire company may make divi-

dends.
364). What real estate company may hold

com

au

SCCTION
3672. Distribution of the stock of consoli-

dated company.
3673. Election of directors.
3674. Capital stock limited,
3675. Certificate of consolidation must be

filed with secretary of state. 3676 to 3682. Repealed. 3683. Examination of mutual

fire panies. 3684. Persons refusing to appear and testify

are in contempt. 3685. Certain bonds may be approved by

probate judge. 3686. Mutual protection associations

thorized. 3687. Certificate of organization. 3688. When certificate to be filed. 3689. Election of officers, etc. 3690. Must adopt a constitution and by-laws. 3690-1. Mutual fire insurance associations

authorized to organize as

panies. 3690-2. Rights of policy holders; how af

fected. 3690-3. Policies, by-laws, etc. 3691. Cellar and foundation not considered

part of structure in settling loss. 3691-1. Mutual protective associations against

loss by death of domestic animals.

SECTION
3691-2. Certificate of organization.
3691-3. Certficate to be filed.
3691-4. Election of officers.
3691-5. Constitution and by-laws and annual

statements.
3691-6. Examinations by commissioner.
3691-7. Applications required before com-

mencing business. 3691-8. When may commence business. 3691-9. When charter forfeited. 3691-10. Bond of secretary and treasurer. 3691-11. Directors. 3691-12. Statements filed with commissioner. 3691-13. Re-insurance authorized. 3691-14. Credit guaranty companies; organi

zation 3691-15. Capital. 3691-16. Increase of capital. 3631-17. Investment of capital; deposit. 3691-18. Commencement of business. 3691-19. Powers. 3661-20. Annual statements. 3691-21. Requirements from foreign com

panies. 3691-22. When foreign company excused

from deposit. 3691-23. Forfeiture of rights. 3691-24. Examination by superintendent.

com

$ 3662. Articles of incorporation to be approved by at

torney-generalThe articles of incorporation of a company formed for the purpose of insurance other than life insurance must be forwarded to the secretary of state, who shall submit the same to the attorneygeneral for examination, and if found by him to be in accordance with the provisions of this chapter, and not inconsistent with the constitution and laws of this state and of the United States, shall certify and deliver back the same to the secretary, who may reject any name or title of any company applied for when he deems the same similar to one already appropriated, or likely to mislead the public. 69 v. 140, § 1.

S 3633. To be recorded by secretary of state and copy

deposited with superintendentUpon the approval of the articles by the attorney-general and the secretary of state, the secretary shall cause the same to be recorded and copied in the same manner as is provided in the preceding chapter, and a copy thereof to be deposited with the

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