its records, and if changes have been made by said Board, the county clerk shall thereupon enter such changes upon the assessment roll by adding to our taking from the assessed valuation of the different classes of property in the county such per cent. as said notice shall designate, and give notice, by publication in some newspaper having general circulation in the county, and by causing a notice of such change to be posted in at least three public places in each precinct of said county. Recommenda tions. SEC. 8. The said Board of Equalization shall furnish to the Legislative Assembly of the Terri- Report and tory within the first two weeks of its session, a report of its official proceedings under this Act, with such recommendations as it may deem proper. SEC. 9. Each member of said Board shall receive for his services while actually engaged in the work of equalization five dollars per day and ten cents per mile, one way only, and each person summoned as witness or aid shall receive three dollars per day, and the same mileage allowed to members of the Board. SEC. 10. The Territorial Auditor of Public Accounts shall audit the accounts of said Board of Equalization for per diem and mileage and draw his warrants for the amount due, which shall be paid out of the Territorial Treasury, and the sum of $5,000.00 or so much thereof as may be necessary, is hereby appropriated for the payment of such per diem and mileage. Approved March 7th, 1888. CHAPTER XXXIV. LIFE INSURANCE. AN ACT Relating to Life Insurance Companies. Compensation. Appropriation. SECTION 1. Be it enacted by the Governor and How organized. Legislative Assembly of the Territory of Utah: That it shall be unlawful to transact the business of Capital. Mutual com panies, how organized. life insurance in this Territory except under the provisions of this act. SEC. 2. It shall be lawful for any number of persons, not less than five, to associate themselves together for the establishment of a life insurance company in this Territory, and they shall be deemed a body corporate authorized under the laws of the Territory to transact life insurance business, on complying with the provisions of Chapter I of Chapter XLV, of the laws of this Territory, relating to private corporations, approved March 13, 1884; Provided, that it shall not be lawful for any such company, except fraternal associations organized upon the assessment plan, to transact a life insurance business in this Territory, unless it shall have a paid up capital of not less than one hundred thousand dollars, and shall have complied with the provisions of this act, unless herein otherwise provided. SEC. 3. It shall be lawful for any number of persons, not less than fifty, at least two-thirds of whom shall be residents of this Territory, to associate themselves together for the establishment of a mutual life insurance company in this Territory; and they shall be deemed a body corporate authorized under the laws of the Territory to transact a mutual life insurance business, on complying with the provisions of this act, and of Chapter I of Chapter XLV of the laws of this Territory, relating to private corporations, approved March 13, 1884, as far as the provisions of this Act and of said Chapter are, or may be applicable; Provided that at least fifty persons, two-thirds of whom shall be residents of this Territory, shall first have paid to the proper official of said company, twenty-five per cent (25 per cent) of the annual premiums on onequarter of a million dollars of life insurance policies in the proposed company, together with their respective notes for the remaining seventyfive per cent (75 per cent) of said annual premiums, which said sums shall amount to not less than ten thousand dollars, the fact of which payments must appear to the Territorial Auditor, who, upon satisfactory evidence that the provisions of this section relating to said payments have been complied with, shall issue a certificate of approval, which shall be filed with the Secretary of the Territory. Funds, how SEC. 4. It shall be lawful for any life insurance company, incorporated under the laws of invested. this Territory, to invest its capital and funds accumulated in the course of its business, or any part thereof, in bonds of the United States, or this Territory, in real estate within the Territory; in first mortgages on real estate within the Territory; in bonds of any school district or incorporated city of the Territory, authorized by the Legislature to be issued, in stocks or bonds of any solvent dividend paying institutions, other than mining corporations, incorporated under the laws of the Territory; to change and re-invest the same as occasion may, from time to time, require; and to lend the same, or any part thereof on the security of such above named property; Provided, always, that the current market value of such property shall be, at the time of the investment, at least fifty per cent more than the sum loaned thereon. SEC. 5. It shall be the duty of the Auditor of Public Accounts to examine the securities and investments of every life insurance company organized under the laws of this Territory, and if he finds the provisions of this act complied with, he shall approve the same and must thereupon issue to each company so incorporating, a certificate approving its securities, which certificate shall be filed with the secretary of the Territory. No life insurance company shall have authority to commence business until its securities shall have been approved by the Auditor and the certificate of approval is filed in the Secretary's office. The Auditor shall be entitled to receive and collect from each company for each day or fraction thereof occupied in examining said securities, the sum of ten dollars; Provided, that this sec Auditor's duties. tion shall not apply to any mutual life insurance company organized under the provisions of Section Three of this Act. SEC. 6. It shall be unlawful for any agent What unlawful of any life insurance company to transact the business of life insurance within this Territory, unless the insurance company shall have first obtained a certificate of authority from the Secretary of the Territory, which certificate shall be issued to said agent upon his filing with said Secretary, a statement, sworn to by an officer or manager of said company, showing: Renewal of annual statement. Fees. First, The name and locality of the company; Fourth, The amount of its assets and liabilities; Sixth, The name of its attorney, or agent for the Territory, upon whom service of process in any civil action against said company may be made; Seventh, Receipts and expenditures during the year. And upon filing with said Secretary a duly authenticated abstract of the laws of the State, Territory, or foreign government under which said company was organized, Provided, that mutual and fraternal associations or companies organized without capital stock, upon the assessment plan solely, shall not be subject to the provisions of the requirements in subdivisions Second, Third, Fourth, and Fifth of this Section. SEC. 7. The statement referred to in Section Six shall be renewed annually, in the month of June of each year, and shall be published by each company, on or before the 30th day of June of each year, at least four times in some newspaper published in this Territory and having general circulation therein. SEC. 8. The Secretary of the Territory shall be entitled to the following fees herein: For filing statements mentioned in Section Six, five dollars; for issuing certificate of authority, two dollars; for issuing each subsequent certificate of author ity to other agents of the same company, one dollar. SEC. 9. Any person violating any of the Misdemeanor. provisions of this act shall be guilty of a misde meanor. Approved March 7, 1888. CHAPTER XXXV. INSANE ASYLUM. AN ACT Amending an Act Entitled "An Act to Establish a Territorial Insane Asylum" Approved February 20, 1880, and all Acts Supplementary thereto. SECTION 1. Be it enacted by the Governor and Legislative Assembly of the Territory of Utah: That Chapter Thirty-one, Laws of 1880, entitled "An Act to Establish a Territorial Insane Asylum,' Approved February 20, 1880, and all laws supplementary thereto, are hereby amended by repealing all after Section Eight of said Act, and all said supplementary Acts, and substituting the following therefor, to be numbered as follows: Repeal. SEC. 9. The Board of Directors shall be known by the name and style of the Board of Directors for the Insane Asylum, and by that name they and their successors shall be known in law, may sue and be sued, in any of the courts of this Territory, and may receive, take and hold property both real and personal in trust for the Territory, and for the use and benefit of said Asylum. They shall have power to govern, manage and Board and its administer the affairs of said asylum, and make and adopt by-laws for their own government and the government of said asylum, not repugnant to the laws of the United States or of this Territory. They shall cause to be kept by the Secretary a full and correct record of their proceedings, which shall be open at all times to the inspection of any citizen desiring to examine the same. They powers. |