any cases now pending in the Courts of this State or of the United States.

Section 2. If a disposition shall be made by sale, exchange or otherwise as above provided of the whole of the property of such corporation, the corporation shall thereby be dissolved, and its affairs shall be wound up, as provided for in other cases of the dissolution of corporations.

Section 3. Any stockholder who shall not, at said stockholders' meeting, have voted for or authorized the proposition or resolution. for the disposition of property which may have been adopted at such stockholders' meeting, may, within twenty days after the date of said stockholders' meeting, give written notice to the said corporation that he does not assent thereto, and also a like notice to the grantee or vendee, or any agent or representative of such grantee or vendee, provided that such grantee or vendee, or agent or representative of such grantee or vendee be within the state, and dmands payment of the value of his stock, and within ten days after service of said notices he must, or the said corporation, or its grantee, or vendee, may, make application in the district court of the county where the principal place of business of the corporation is situated to have the value of his stock fixed and appraised, of which application at least ten days previous notice must be given by the person so applying to the other parties. The notices hereinbefore provided for may be served in the manner provided by law for the services of summons in cases in the district court. Upon said application, the said district court shall appoint three competent and disinterested persons as appraisers, and designate the time and place of their first meeting to appraise the value of the stock of such dissenting stockholders, and give them such directions as the said court may think proper. The court may fill any vacancies in the board of appraisers, occurring by refusal or neglect to serve, or otherwise. Said appraisers shall meet at the time and place designated by the court, and they or any two of them shall take an oath to honestly and faithfully discharge their duties, and shall hear and take evidence in relation to the value of the stock of such dissenting stockholder at the time of his dissent and find the value thereof, and return and file their report and appraisement with the clerk of said court. The charges and expenses of such appraisement shall be paid by the corporation or its grantee or vendee.

Section 4. Either party to the appraisement and award of such appraisers may, within thirty days from the filing of the same and service of notice thereof, appeal from such award to the district court of the county in which the same is made and filed, and thereupon the value of such stock shall be reassessed by a jury in the same inanner as appeals are taken and trials had on appeals from the assessment of commissioners in condemnation proceedings provided by law. When such appraisement or award shall become final, the court shall enter judgment in favor of such dissenting stockholder and against the corporation and its grantee or vendee for the amount of said award, with expenses and cost of proceedings, and execution may be issued on said judgment as in other cases. The judgment may also provide for the sale of the property affected by the lien hereinafter provided for. The claim of such dissenting stockholder for compensation and costs, as aforesaid, and the appraisement and award and judgment thereon shall be and remain a lien upon all the real property of the corporation so conveyed or disposed of in pursuance of the stockholders' resolution, and shall be prior and superior to the rights of the grantee or vendee to all of such property; but the claims of all dissenting stockholders for compensation and their several appraisements, awards and judgments, shall be equal liens upon said property, without precedence or priority between themselves.

When the amount of such appraisement and costs shall have been paid to or collected by such dissenting stockholder or deposited with the clerk of the said court for him, he shall cease to have any interest in said stock or in the corporate property of such corporation which may have been sold or disposed of in pursuance of the resolution of the stockholders meeting as herein provided, and the stock of such dissenting stockholder shall thereupon become the property of the party satisfying the said judgment or appraisement unless otherwise provided for by contract between such corporation and its grantee.

Section 5. All Acts and parts of Acts in conflict with or inconsistent with this Act are hereby repealed.

Section 6. This Act shall take effect from and after its passage and approval.

Passed over the Governor's Veto Feby 28th 1899.

SENATE BILL NO. 85.

An Act to prohibit Fire Insurance Companies, authorized to do business in the State of Montana, from placing or causing to be placed, except through duly licensed agents residents of This State, Insurance or Re-insurance on property situated in this State, and providing penalties for violation of provisions hereof:

Be it enacted by the Legislative Assembly of the State of Montana:

Section I. No fire insurance company or association not incorporated under the laws of this State, authorized to transact business herein, shall make, write, place, or cause to be made, written or placed, any policy, duplicate policy, or contract of insurance of any kind or character, or any general or floating policy, upon property situated or located in this State except after the said risk has been approved, in writing, by an agent who is a resident of this State, regularly commissioned and licensed to transact insurance business herein, who shall countersign all policies so issued and received the commission thereon when the premium is paid, to the end that the state may receive the taxes required by law to be paid on the premiums collected for insurance on all property located in this State. Nothing in this Act shall be construed to prevent any such insurance company or association, authorized to transact business in this State, from issuing policies at its principal or department offices, covering property in this State, provided that such policies are issued upon application procured and submitted to such Company by agents who are residents of this State, and licensed to transact the business of insurance herein, and who shall keep a record of and countersign all policies so issued and receive the commission thereon when paid.

No provisions of this section is intended to or shall apply to direct insurance covering the rolling stock of railroad corporations or property in transit while in the possession and custody of railroad corporations or other common carriers.

Section 2. No fire insurance company or association shall reinsure in any manner whatsoever, the whole or any part of a risk taken by it on property situated or located in this State in any other company or association not authorized to transact business in this State. No fire insurance company or association shall transfer or cede, in any manner whatsoever, to any company or association not authorized to do business in this State, any risk or liability or any part thereof

assumed by it, under any form of contract of insurance, covering property located in this State, including any risk or liability under any general or floating policy, or any agreement, general, floating, or specific, to reinsure excess loss by one or more fires.

No fire insurance company or association shall reinsure, or assume as a reinsuring company, or otherwise, in any manner or form whatsoever,the whole or any part of any risk or liability, covering property located in this State, of any insurance company or association not authorized to transact business in this State.

Section 3. Whenever the State Auditor shall have or receive information that any fire insurance company or association, not incorporated under the laws of this State, has violated any of the provisions of Section one of this Act, he is authorized, at the expense of such company or association, to examine, by himself or his accredited representative, at the principal office or offices of such company or association, located in the United States of America, or in any foreign country, and also at such other offices or agencies of such company or association as he may deem proper, all books, records and papers of such company or association, and may examine under oath the officers, managers and agents of such company or association as to such violation or violations. The refusal of any such company or association tc submit to such examination or to exhibit its books and records for inspection shall be presumptive evidence that it has violated the provisions of the first section of this Act, and shall subject it to the penalties prescribed and imposed by this Act.

Section 4. Every fire insurance company or association shall annually and at such other times as the State Auditor may require, in addition to all returns now by law required of it or its agents or managers, make a return to the State Auditor in such form and detail as may be prescribed by him, of all reinsurance or cessions of risk or liability contracted for or effected by it, whether by issue of policy, entry or bordereau, or general participation agreement, or by excess loss, reinsurance, or in any other manner whatsoever, upon property located in this State, or covering, whether specified or otherwise, any risk or liability upon property so located, such return to be certified by the oath of its president and secretary, if a company or association of one of the United States, and if a company or association of a foreign country, by the oath of its managers in the United States as to such

reinsurance or cessions effected through its branch office in the United States, and by the oath of its president and secretary, or by officers ccrresponding thereto, at its home office wherever located, as to reinsurance or cessions as aforesaid contracted for or effected through the foreign office. The refusal of any such company or association to make the returns herein required shall be presumptive evidence that it is guilty of violating the provisions of the second section of this Act, and shall subject it to the penalties prescribed and imposed by this Act.

Section 5. Any insurance company or association wilfully violating or failing to observe and comply with any of the provisions of this Act, applicable thereto, shall be subject to and liable to pay a penalty of five hundred dollars for each violation thereof, and for each failure to observe and comply with any provisions of this Act,; such penalty may be collected and recovered in an action brought in the name of the State in any court having jurisdiction thereof. Any insurance company or association which shall neglect and refuse for thirty days after judgment in any such action to pay and discharge the amount of such judgment shall have its authority to transact business in this State revoked by the State Auditor and such revocation shall continue for at least one year from the date thereof, nor shall any insurance company or association whose authority to transact business in this State shall have been so revoked be again authoried or permitted to transact business herein until it shall have paid the amount of any such judgment and shall have filed in the office of the State Auditor a certificate signed by its president or other chief officer to the effect that the terms and obligations of the provisions of this Act are accepted by it as a part of the conditions of its right and authority to transact business in this State.

Section 6. The State Auditor is hereby prohibited from issuing a certificate of authority to write policies of fire insurance, or to solicit and obtain and transact fire insurance business, to any person, agent, firm or corporation, unless such person, agent, firm or corporation is a legal residet of the State of Montana, at the time such authority is issued.

And whenever any person, agent, firm or corporation so authorized to issue policies of fire insurance and solicit and transact fire insurance business shall remove from the State of Montana, the authority issued