XS ; ne a ‘a, Pak a uy 7 Be ee ey aes ae Oe % 4 $ y - *. ra : i ; oe eee oe EPS, ey ee *« Moras > 6 iin ere at 4 Sean” Fy fl ia? ee ENT gibbon ae eRe x e. : al 4 + os * Insurance Laws of the State of Ohio Compiled and Indexed by JOHN T. BRASEE, Insurance Department Examiner Under Direction of ARTHUR I. VORYS, Superintendent of inaurange Fred. J. Heer State Printer EB oi tees ~ Fe INSURANCE LAWS OF THE STATE OF OHIO. 1I9Ol. Compiled and indexed by JOHN T. BRASEE Insurance Department Examiner. Under direction of ARTHUR I. VORYS Superintendent of Insurance. The sectional captions and numbering of Bates’ third edition (1900) of the Revised Statutes of Ohio have been adopted. COLUMBUS, 0. FRED. J, HEER, STATE PRINTER. 1901. ene Be 5 Ua Peeut ee OHIO INSURANCE LAWS. CHAPTER > VLU. TITLE III[— DIVISION II—PART FIRST. SUPERINTENDENT OF INSURANCE. SECTION. SECTION. ¥ : 266. Bec nen term, and who ineligible. 279. i ae Re rh al rate of interest, etc.; 267. exception 268. Shall enforce all laws on insurance. 280. Shall furnish blanks for statements by 269. Deputy superintendent, compensation, companies. oath, bond, etc. 281. Securities shall be deposited with state 270. Insurance department ; expenditures, sal- treasurer. aries; office and fees of superintendent. 282. Fees to be paid by companies. 2it.. His certificates, assignments, and_convey- 283. Licenses required of agents. ances, and copies from bis office. 284. Annual publication by companies. 272. Examinations of companies doing busi- 285. How agents of foreign companies ap- ness in the state. pointed. 273. Power of examiners. 286. ow life company may discontinue bus- 274. Proceedings against unsound life or iness. joint stock companies. 286a. Discontinuance and withdrawal of se- 275. Proceedings on default of such com- curities by companies other than life. panies to comply with requisitions. 287. Companies organized under federal laws 276. Proceedings against unsound mutual made subject to this chapter. companies. 288. Penalty for violation of statutory pro- SECTION. visions relating to insurance companies. 277. Proceedings against unsound foreign com- 289. Insurance business unlawful except un- panies. der this chapter. 278. Records and annual report. Sec. 266. [Appointment and term; who ineligible.] The super- intendent of insurance shall be appointed by the governor, by and with the advice and consent of the senate, and hold his office for three years ; and no person shall be appointed who is not an elector of this state, or who has any official connection with an insurance company, owns any stock in such company, or is interested in the business thereof, except as a policy holder. [69 v. 32, § 2.] Sec. 267. [Bond to be given, and, with oath of office indorsed thereon, to be filed with the secretary of state.] Before entering upon the discharge of his duties, the superintendent shall give bond to the state in the sum of twenty thousand dollars, with not less than two sureities, to be approved by the governor, conditioned for the faithful discharge of his duties ; and the bond, with his oath of office and the approval of the gov- ean indorsed thereon, shall be filed with the secretary of state. [69 v. 32, a Sec. 268. [Duty of superintendent to enforce insurance laws. ] The superintendent shall see to the execution and enforcement of all laws relating to insurance. [69 v. 32, § 3.] See State ex rel. v. Moore, 42 O. S. 103-106. SEC. 269. [He may appoint a deputy superintendent to take oath and give bond, and may discharge duties of superintendent; compensation; clerks and experts.] The superintendent may appoint Peises 4 OHIO INSURANCE LAWS. Ch. 8. Superintendent of Insurance. a deputy superintendent having the same qualifications as the superin- tendent, whose appointment may be evidenced by a certificate under the official seal of the superintendent. Before entering upon the discharge of his duties, the deputy superintendent shall take the oath of office, and give bond in the sum of ten thousand dollars to the superintendent, with two or more sureties to the acceptance of the superintendent, conditioned for the faithful performance of his official duties. In case of the absence or inability of the superintendent, the deputy superintendent shall have the powers and perform the duties of the superintendent. The deputy super- intendent shall receive a salary of eighteen hundred dollars per annum, and in addition, as compensation for his services for making out and for- warding annually, semi-annually, and quarterly, the interest checks and coupons accruing upon the bonds and securities deposited by foreign in- surance companies, may annually charge and collect from such foreign insurance companies fees not exceeding twenty-five dollars on each one hundred thousand dollars of bonds required to be deposited by such com- panies. Provided, however, that the amount of such fees so retained shall not exceed in any one year more than six hundred dollars, the balance, if any, to be turned into the state treasury. The superintendent may employ from time to time such other clerks as the prompt dispatch of business requires ; and he may also, from time to time, employ skilled and competent persons to examine the business and affairs of insurance companies and report thereon. [93 v. 292,; 69 v. 32, § 4.] See State ex rel. v. Moore, 42 O. S. 103-106. SEc. 270. [Insurance department; expenditures, salaries; of- fice and fees of superintendent.] The office of the superintendent shall be in the state house, and all salaries and expenditures of the in- surance department shall be paid on the certificate of the superintendent ; but no money shall be paid out of the state treasury in excess of the amount collected from insurance companies, as provided by law; and provided also, that, in case the excess of fees collected and paid into the state treasury, as provided by section two hundred and eighty-two, Revised Statutes of Ohio, over the total salaries and expenditures of said insurance department, shall equal the sum of fifteen thousand dollars, the said superintendent of insurance shall receive, out of said excess of fees, a sum not exceeding ten per centum on such excess; provided, that said superintendent shall not receive in such fees exceeding the sum of one thousand dollars, per centum in addition to his salary, as now provided by law. [1885, May 1: 82 v. 202; Rev. Stat. 1880; 69 v. 32, § 4.] Src. 271. [Instruments under superintendent’s seal to be evi- dence, and entitled to record.] Any certificate, assignment, or con- veyance, executed by the superintendent in pursuance of law, and sealed with his seal of office, shall be received as evidence, and may be recorded in the proper recording office in the same manner and with like effect as a deed regularly acknowledged before an officer authorized by law to take acknowledgements of deeds; and all copies of papers in the office of the superintendent, certified by him and authenticated by the seal, shall in all cases be evidence equally and in like manner as the originals. [69 v. 32, § 5.] SEC. 272. [Examinations of companies doing business in the state.] The superintendent, when he has reason to suspect the cor- OHIO INSURANCE LAWS. 5 Superintendent of Insurance. Gh. «6; rectness of any statement of an insurance company doing business in the state, whether incorporated in this state or not, or that its affairs are in an unsound condition, shall make, or cause to be made by some person by him for that purpose appointed, an examination into the affairs of such company; and such company, its cficers and agents, shall submit their books and business to such examination, and in every way facilitate the same, and he shall, annually, make or cause to be made, an examination of the assets of every life insurance company organized under the laws of this state, and ascertain if the same are invested in the manner pre- scribed by law at the date each investment was made, and also if the last preceding annual statement of assets and unpaid death claims was correct ; and the expense of all examinations shall be charged to and collected of the companies examined, respectively, except that the actual expenses in- curred by said examination of a life insurance company organized under the laws of this state shall be paid out of the fees paid by the insurance companies to the insurance department. [75 v. 576, § 7; 69 v. 32, §.12.] If it shall at any time appear _to the superintendent of insurance, upon satisfactory evidence, that an insurance.company not organized. under the laws of this state, but trans- acting business within it, is in an “‘unsound condition,” it is his duty to revoke the authority granted to such company (§ es and from his decision there is no appeal: State ex rel. 103. Insurance Co. v. Moore, 42 O. S. ia, é i Companies chartered before the present constitution are amenable to this section: State ex rel. © Bagle Ins: Co, 50: O. S/-252, 269; aff’d.:153 U. S: 446: SEC. 273. [Power of examiners; may publish result.] For the purpose of such examination, the superintendent, or the person or per- sons so appointed by him, have power to administer oaths to and examine the officers and agents of such company relating to its business and affairs ; and when the superintendent deems it to the interest of the public, he may publish the result of such investigation in a newspaper printed in Colum- bus, and of general circulation in the state, and in one printed in the county where the principal office of such company is located. [69 v.32, § 8.] SEc. 274. [Proceedings against unsound companies.] When it appears to the superintendent, from examination, or otherwise, that the assets of any life insurance company, organized under the laws of the state, are insufficient to reinsure its outstanding risks, as provided by this chapter, or that the assets of any joint stock insurance company other than life, organized under the laws of this state, after deducting therefrom all actual liabilities and a reinsurance fund equal to fifty per cent. of the whole amount of premiums on all unexpired risks and policies, are reduced twenty per cent. or more below the capital stock required by law, he shall require the officers thereof to direct the stockholders to pay in the amount of such deficiency, within such period as he designates in such requisition ; _and after the superintendent issues his requisition calling for a sum to be paid by the stockholders of any company, amounting to or exceeding forty per cent. of the capital, it is unlawful for the company to issue any new policies or transact any new business until the superintendent of in- surance issues to such company a license, authorizing it to resume business, or until the court has rendered its decision in the case, as herein provided ; but in case the requisition calls for a less amount than forty per cent. of the capital, and the officers of the company, in accordance with the requisition, direct the stockholders to pay the amount required for making up the capital. and so signify to the superintendent, then it will be lawful 6 OHIO INSURANCE LAWS. Ch. 8. Superintendent of Insurance. for the company to continue business as before the issuing of the requisi- tion, for the term of thirty days from the date thereof; and, if at the ex- piration of the thirty days, any portion of the requisition of the superin- tendent remains unpaid, the company shall not issue any new policies, or transact any new business until authorized by the superintendent as afore- said. [70 v. 165, § 9.] In making its return for taxation, an insurance company is not entitled to deduct from its “claims and demands’? a sum equal to fifty per cent. of ali premiums on unexpired policies, and designated as “reinsurance fund’ in § 274, and as “unearned premiums” in § 3648, of the Revised Statutes: Insurance Co. v. Cappeller, 38 O. S. 567, 568. 3 A stockholder who has failed to pay an assessment made in pursuance of this section, is not entitled to subsequent dividends until he has paid the assessment. The company may ay such dividends against the unpaid assessment: Rhodes v. Equitable Accident Ins. Co., 8*Co- C501: SEC. 275. [Procedure in case of default to comply with requisi- tion.] In case of default on the part of the company to comply with such requisition, the superintendent shall communicate the fact to the attorney-general, who shall apply to the court of common pleas of the county in which the principal office of the company is located for an order requiring such company to show cause why the business thereof should not be closed, and shall give to the company such notice of the pending of such application as the court directs, and the court shall thereupon proceed to hear the allegations and proof of the respective parties; or, the court shall have power to refer the application of the attorney-general to a referee, to inquire into and report upon the facts stated therein: In case it appears to the satisfaction of the court that the assets of the company are not sufficient, as aforesaid, or that the interests of the public so require, the court shall decree a dissolution of the company and a distribution of its effects; and any transfer of the stock of a company made during the pendency of such investigation shall not release the party making the transfer from his liability for losses which have oc- curred previous to the transfer. [70 v. 165, § 10.] Sec. 276. [In relation to unsound mutual insurance companies. ] If, upon examination, it appears to the superintendent that the assets of any company organized on the plan of mutual insurance, after deducting therefrom all actual liabilities and a reinsurance fund equal to fifty per cent. of the advanced cash premiums received on all unexpired risks and policies, are insufficient to justify the continuance of such company in business, he shall proceed, in relation to such company, in the same man- ner as is herein required in regard to joint stock companies; and the trustees or directors of such company are hereby made personally liable for any losses which are sustained upon risks taken after the superinten- dent of insurance has issued his requisition for filling up the deficiency in the assets, and before such deficiency is made up; but nothing herein shall be so construed as to require any mutual fire insurance company to keep on hand any cash reinsurance reserve or funds invested in se- curities, other than their premium notes, when the premium notes amount in gross to three per centum of the amount at risk by the company. [70 v. 165, § 11.] ; SEc. 277. [Revocation of authority to such companies.] When it appears to the superintendent of insurance, from the report of the person appointed by him, or other satisfactory evidence, that the affairs of any company, partnership, or association, not organized under the laws of this state, are in an unsound condition, he shall revoke the au- OHIO INSURANCE LAWS. 7 Superintendent of Insurance. Ch. 8. thority granted to such company to do business in this state, and cause a notice thereof to be published in at least one newspaper published in the city of Columbus, and in the county where the general agency is _ located within this state; and after the publication of such notice, it is unlawful for the agents of such companies to procure any new applica- tions for insurance or to issue any new policies. [69 v. 32, § 12.| See State ex rel. v. Moore, 42 O. S. 103-106. SEc. 278. [Record of proceedings and report thereof.] The su- perintendent shall keep and preserve, in a permanent form, a full record of his proceedings, including a concise statement of the condition of each company reported, visited, or examined by him; and he shall, an- nually, at the earliest practicable date after the returns are received from the several companies, make a report to the lgislature of the general con- duct and condition of the insurance companies doing business in this state, with such suggestions as he deems expedient, including also the in- formation contained in the statements required of the companies, and the result of the official valuations of life policies, to be arranged in tabular form, and prepare the same for printing in two separate reports, one pertaining to life insurance companies, and the other to all insurance companies other than life; and he shall also report the names and com- pensation of the clerks employed by him, the whole amount of income, the source whence derived, and the expenses in detail, during the year ending on the thirty-first day of the preceding December. [69 v. 32, § 13.] SEc. 279. [Annual valuations, rate of interest, etc.; exception. ] The superintendent shall, annually, make or cause to be made, net valua- tions of all outstanding policies, additions thereto, unpaid dividends, and all other obligations of every life insurance company transacting business in this state; and for the purpose of such valuations, and for making special examinations of the condition of life insurance companies, as provided in the laws of this state relating to life insurance companies, and for valuing all policies of whatever description, and for any purpose what- ever, the rate of interest shall be four per cent. per annum, and the rate of mortality shall be established by the tables known as the American experience tables, but when the laws of any other state of the United States authorize a valuation of life insurance policies, by some designated state officer, according to the standard herein provided, or according to any other standard which makes the value of the policy not less than that of the standard herein provided, the valuation made according to the said standard, by suclr officer of the policies and other obligations of any life insurance company not organized under the laws of this state, and certified by said officer, may be received as true and correct, and no further valuation of the same shall be required of such company by the superin- tendent of insurance, except that in no case shall the superintendent of insurance accept the certificate of valuation of such officer of another state of the United States, when such officer does not accept, or refuses or fails to accept a like certificate from him of the valuation of the policies of any life insurance company incorporated under the laws of Ohio, or when any such officer of another state is prohibited by law from accepting the certificate of valuation of the superintendent of insurance of this state, the said superintendent shall forthwith require the officers of all companies located in such state to submit to him within a reasonable 8 OHIO INSURANCE LAWS. Ch."8. Superintendent of Insurance. time, the descriptions of the policies thereof for valuation, and he shall proceed to make, or cause to be made, a valuation thereof according to the standard herein named, and in case said descriptions are not submitted to the said superintendent within the time fixed by him, he shall revoke the license of such company or companies as shall fail to do so, and shall refuse to renew the same, until such descriptions shall be submitted and a valuation by him shall have been completed. [1889, February 7: 86 v. 11; Rev. Stat. 1880; 75 v. 580, § 14.] See § 2745 as to further duties of superintendent regarding foreign insurance companies, See note to State ex rel. v. Reinmund, 45 O. S. 214, under § 282. Sec. 280. [Forms of statements to be furnished.] The super- intendent shall, annually, in September, furnish to the insurance com- panies doing business in this state, two or more printed copies of the forms of statements required by this chapter to be made by them, and he may make such changes, from time to time, in the form of the same, and such additions thereto, as seems to him best adapted to elicit from the companies a true exhibit of their condition. [69 v. 32, § 15.] Sec. 281. [Securities shall be deposited in the state treasury.] Alf securities deposited with the superintendent of insurance, pursuant to the provisions of any law of the state shall be deposited by him with the treasurer of state, who, with his sureties, shall be responsible for the safe keeping thereof; and the treasurer shall only deliver such securities or coupons attached thereto upon the written order of the superintendnt of insurance. [70 v. 165, § 16.] See § 3631a. SEC. 282. [Fees shall be paid by companies.] There shall be paid by every insurance company doing business in this state, to the superintendent of insurance, the following fees: For filing copy of its charter or deed of settlement, twenty-five dollars; for filing each state- ‘ment, twenty dollars ; for each certificate of authority, or license and cer- tified copy thereof, two dollars; for each copy of a paper filed in his office, the sum of twenty cents per folio; and for affixing the seal of office and certifying any paper, one dollar; all of which fees shall be paid by the superintendent into the state treasury. There shall also be paid by every life insurance company doing business in this state, annually, by way of compensation for the valuation of its policies, in case no certi- fied valuation of the same has been furnished to the superintendent of insurance, as provided in section 279 of this chapter, one cent on every one thousand dollars insured by it on lives, which, less the actual cost of making such valuations, shall be paid by the superintendent of insurance into the state treasury. When by the laws of any other state or nation, any taxes, fines, penalties, license fees, deposits of money, or of securities, or other obligations or prohibitions are imposed on insurance companies of this state, doing business in such state or nation, or upon their agents therein, so long as such laws ‘continue in force, the same obligations and prohibitions, of whatever kind, shall be imposed upon all insurance com- panies of such other state or nation, doing business within this state, and upon their agents here. [89 v. 167; 88 v. 196; 69 v. 32, § 17.] See ? 3681la. As to when the last clause of this section is operative, see note to State ex rel. v. Rein- mund, 45 O. S. 214, under § 2745. OHIO INSURANCE LAWS. 9 Superintendent of Insurance. hitcc: The compensation for the valuation of policies, provided for in this section, can not be exacted when the foreign company has furnished the certificate provided for in § 279, notwith- standing such company has paid-a like charge in former years: Jb. : Nore eet This section is retaliatory and therefore to be confined to cases fairly within it: State ex rel. v. Ins. Co., 49 O. S. 440. SEC. 283. [License, etc., of persons making application for in- surance.] It shall be unlawful. for any person, company, or corpor- ation in this state, either to procure, recéive, or forward applications for insurance in any company or companies not organized under the laws of this state, or in any manner to aid in the transaction of the business of insurance with any such company, unless duly authorized by such com- pany and licensed by the superintendent of insurance, in conformity to the provisions of this chapter. [69 v. 32, § 18.] Does not apply to adjusters, nor to bookkeepers, stenographers or agents who do not solicit or issue insurance. Does apply to sub-agents and solicitors. (Ins. Supt. Ruling, 1900.) SEc. 284. [Annual publication of certificate required.] Every insurance company doing business in this state shall publish, at least once a year, in some newspaper of general circulation, in every county where such company has an agent, a certificate from the superintendent of insurance that such company has, in all respects, complied with the laws of the state relating to insurance; and the certificate shall also contain a statement, under the oath of the president or secretary of such insurance company, of the actual amount of paid-up capital, the aggre- gate amount of assets and liabilities, to gether with the aggregate income and expenditures of such company for the year preceding the date of such certificate ; a copy of which certificate shall be filed in the office of the recorder in each county in which the company has an agent, and for every such paper the recorder shall receive the sum of ten cents. No other pub- lication than as herein provided for is required of such companies. [69 v. B2ree 10; 21, (S/ 05.227): ] Applies to all companies and associations, life, fire, and miscellaneous, except fraternal beneficiary associations. (Atty. Genl. opinion, Dec. 27, 1900.) SEC. 285. [Foreign insurance companies May appoint agents, etc.] Any insurance company not organized under the laws of this state may appoint one or more general agents in this state, by resolution of its board of directors or managers, with authority to appoint other agents of the company in this state, a certified copy of which resolution shall be filed with the superintendent of insurance; and agents of such company, appointed by such general agent, shall be held to be the agents of such company as fully, to all intents and purposes, as if they were appointed directly by the company; and agents for any such company in this state may be appointed by the president, vice-president» chief man- ager, or secretary thereof, in writing, with or without the seal of the company, and when so appointed shall be held to be the agents of such company as fully as if appointed by the board of directors or managers in the most formal mode. [69 v. 32, § 20. | Appointment of general agent not required but company may oint if i i gabe onutiee teas g q pany y appoint if it desires. (Ins. SEC. 286. [Discontinuance of business by life insurance com- pany.] When any life insurance company, transacting the business of insurance within the state of Ohio, desires to discontinue its business, the superintendent shall, upon application of such company, or as- sociation, give notice of such intention in a paper published and having general circulation in the county in which such company or its general 10 OHIO INSURANCE LAWS. Gipes. Superintendent of Insurance. agency is located, at least once a week for six weeks, the expenses of publication to be paid by the company. After such publication, the super- intendent shall deliver up to such company, or association, the securities held by him belonging to it, on being satisfied by the exhibition of the books and papers of such company, or association, and on examination to be made by himself, or some competent disinterested person or persons, to be appointed by him, and upon the oath of the president or principal officer, and the secretary or actuary of the same, that all debts and liabili- ties of every kind are paid and extinguished, that are due, or may beconie due, upon any contract or agreement made with any citizen or resident — of the United States ; and the superintendent may also, from time to time, deliver up to such company, or association, or its assigns, any portion of said securities, on being satisfied that an equal proportion of the debts and liabilities, of every kind, that are due, or may become due, upon any contract or agreement made with any citizen or resident of the United States, by said company, or association, has been satisfied; but the amount of securities retained by him shall not be less than twice the amount of remaining liabilities. [69 v. 32, § 22.] SEc. 286a. [Discontinuance and withdrawal of securities by com- panies other than life.] When any insurance company or corpora- tion other than life, which has made, or hereafter shall make, a deposit with the superintendent of insurance, intends to discontinue its business in Ohio, the superintendent shall, upon application of such company or cor- poration, give notice of such intention in three newspapers of general circulation in the state at least once a week for six weeks, the expense of such publication to be paid by the company. After such publication, and on being satisfied by the affidavit of the principal officers of the com- pany and by an examination of the books and records of the company or corporation to be made by him or some competent disinterested person or persons by him appointed for that purpose, if such examination be by him deemed necessary, that all debts and liabilities of every kind that the deposit is made to secure, or that may become due on any policy issued to any resident or citizen of the state of Ohio, are fully paid off, satisfied and discharged, the superintendent shall deliver up to such company or corporation or its assigns the securities held by him belonging to it. [90 v. 103. ] Sec. 287. [Applicable to companies under laws of the United States.] All the provisions of this chapter relating to insurance com- panies organized under the laws of any other state of the United States shall apply to any company organized under the laws of the United States, for any of the purposes specified in this chapter; and all the provisions of this chapter relating to agents of companies organized under the law of any state shall apply to the agents of such companies organized under the laws of the United States; and any violation of the provisions of this chapter by any person, or agent, in the employment of any such com- pany, organized under the laws of the United States, shall subject the offender to the same penalties provided by this chapter for any violation of its provisions by persons acting for similar companies organized under the laws of any other state of the United States. [69 v. 32, § 23.] _ Sec. 288. [Penalty for violation of statutory provisions relat- ing to insurance companies.] Any person who violates any of the OHIO INSURANCE LAWS. i Superintendent of Insurance. Ch: 8. provisions of this chapter, or of any insurance law of this state for the violation of which no penalty is elsewhere provided, shall be fined not more than one thousand dollars or imprisoned not more than six months, or both. Any corporation, company or association violating any of the provisions of this chapter, or of any insurance law of this state for the vio- lation of which no penalty is elsewhere provided, shall be liable to a penalty of not more than one thousand dollars nor less than one hundred dollars, to be recovered by action in the name of the state, and on collection paid to the superintendent of insurance to be covered by him into the state treasury. [QI v. 331; 82 v. 138, Revised Statutes 1880; 69 v. 32, § 24.] Cited State ex rel. v. Ackerman, 51 O. S. 163, 193. : Sec. 289. [Insurance business unlawful except under provisions of this chapter.]_ The provisions of this chapter shall apply to in- dividuals and parties, and to all companies and associations, whether in- corporated or not, now or hereafter engaged in the business of insurance; and it is unlawful for any company, corporation, or association, whether organized in this state or elsewhere, either directly or indirectly, to engage in the business of insurance, or to enter into any contracts substantially amounting to insurance, or in any manner to aid therein, in this state, with- out first having complied with all the provisions of this chapter. [69 v. 32; § 25.] % 12 OHIO INSURANCE LAWS. Ch. 24. State Fire Marshal. CHAPFER. 3X2uhy 2 TITLE III— DIVISION II— PART FIRST. STATE FIRE MARSHAL. SECTION. SECTION. 409—50. Appointment of state fire marshal; 4(9—54. Right of marshal and other officers term; deputies and their duties; upon complaint to enter buildings vacancies. for purposes of investigation; may 409—51. Duties of marshal in connection order removal of combustible or with other officers to investigate inflammable material; right of ap- fires; notification of fire to marshal; peal of aggrieed person; penalty record of fires. for non-compliance. 409—52. Testimony under oath; arrest of sus- 409—55. Penalty for neglect of official duty. pected person; report to insurance 409—56. Salaries of marshal and assistants; commissioner. tax on insurance companies to de- 409—53. Power of marshal and deputies to fray expenses of department; item- summon and _ enforce attendance ized statement of expenses. of witnesses; false swearing; power 409—57. Marshal not to engage in other bus- to enter buildings; investigation iness; attendance at office. may be in private. 409—58. Annual report. (409—50) Sec. 1. [Appointment of state fire marshal: term.] That the governor is hereby authorized and empowered to appoint within sixty days after this act shall take effect, and every two (2) years thereafter, between the 15th day of January and the first day of February, by and with the advice and consent of the senate, and also within thirty days after the occurrence of any vacancy in the office, a suitable person who shall be a citizen of this state, as state fire marshal, who shall hold [the] office until his successor is appointed and qualified, the title of whicn office shall be state fire marshal. Such officer shall keep his office at the capital in the city of Columbus, and may be removed for cause at any time by the governor. [Appointment of deputies; their duties.] The state fire marshal is hereby empowered and required to appoint two deputy fire marshals, to be designated as first and second deputies. The duties of said deputies shall be to assist the state fire marshal, and such deputies may be removed for cause by the said fire marshal. [Vacancies.] In the event of a vacancy in the office of marshal, or during the absence or disability of that officer the first deputy marshal shall perform the duties of the office. [94 v. 386.] (409—51) Sec. 2. [Duties of marshal in connection with other officers to investigate fires.] The state fire marshal and the chief of the fire department of every city or village in which a fire department is established, and the mayor of every incorporated village or town in > which no fire department exists, and the township clerk of every organized township without the limits of any organized village or city, shall in- vestigate the cause, origin and circumstances of every fire occurring in such city, village, town or township by which property has been destroyed or damaged, and shall especially make investigation as to whether such fire was the result of carelessness or design. Such investigation shall be begun within two days, not including the Lord’s day, of the occurrence of such fire, and the fire marshal shall have the right to supervise and direct such investigation whenever he deems it expedient or necessary. OHIO INSURANCE LAWS. 13 State Fire Marshal. Ch. 24. [Notification of fire to marshal.] The officer making investiga- tion of fires occurring in cities, villages, towns or townships shall forth- with notify said fire marshal, and shall within one week of the occurrence of the fire, furnish to the said fire marshal a written statement of all the facts relating to the cause and origin of the fire, and such other informa- tion as may be called for by the blanks provided by the said fire marshal. [Record of fires.] The state fire marshal shall keep in his office a record of all fires occurring in the state, together with all facts, statistics and circumstances, including the origin of the fires, which may be de- termined by the investigations provided by this act; such record shall at all times be open to the public inspection, and such portions of it as the insurance commissioner may deem necessary shall be transcribed and forwarded to him within fifteen days from the first day of January. [94 v. 387.] (409—52) Sec. 3. [Testimony under oath.] The said state fire marshal shall, when in his opinion further investigation is necessary, take or cause to be taken the testimony on oath of all persons supposed to be cognizant of any facts or to have means of knowledge in relation to the matter as to which an examination is herein required to be made, and shall cause the same to be reduced to writing ; [Arrest of suspected persons.] and if he shall be of the opinion that there is evidence sufficient to charge any person with the crime of arson, he shall cause such person to be arrested and charged with such of- fense, and shall furnish to the proper prosecuting attorney all such evi- dence, together with the names of witnesses and all the information obtained by him, including a copy of all pertinent and material testimony taken in the case; [Report to insurance commissioner.] and shall report to the in- surance commissioner, as often as such commissioner shall require, his proceedings and the progress made in all prosecutions for arson, and the result of all cases which are finally disposed of. [94 v. 387.] (409—53) Sec 4. [Power of marshal and deputies to summon and enforce attendance of witnesses.] The state fire marshal and deputy fire marshals shall each have the power of a trial justice for the purpose of summoning and compelling the attendance of the witnesses before them or either of them, to testify in relation to any matter which is by the provision of this act a subject of inquiry and investigation. [Administering oaths; false swearing.] Said state fire marshal and deputy fire marshals may also administer oaths and affirmations to any persons appearing as witnesses before them; and false swearing in any matter or proceeding aforesaid shall be deemed perjury and shall be punished as such. [Power to enter buildings.] Said state fire marshall and his subordinates shall have authority at all times of day and night, in the performance of the duties imposed by the provisions of this act, to enter upon and examine any building or premises where any fire has occurred, and other buildings and premises adjoining or near the same. [Investigation may be in private.] All investigations held by or under the direction of the state fire marshal may in his discretion be pri- 14 OHIO INSURANCE LAWS. Ghy 24. State Fire Marshal. vate, and persons other than those required to be present by the provisions. of this act may be excluded from the place where such investigation is. held, and witnesses may be kept separate and apart from each other and not allowed to communicate with each other until they have been ex- amined. [94 v. 387.] (409—54) Sec. 5. [Right of marshal and other officers upon complaint to enter buildings for purposes of investigation.] The state fire marshal, the chief of fire department of all villages and cities. where a fire department is established, and the mayor of cities or villages where no fire department exists, and the clerks of each township in the terirtory without the limits of an organized city or village, upon com- plaint of any person having an interest in any building or property ad- jacent, and without any complaint, shall have the right at all reasonable hours, for the purpose of examination, to enter into and upon all buildings. and premises within their jurisdiction. [May order removal of combustible or inflammable materials.] Whenever any of said officers shall find in any building or upon any premises combustable material or inflammable conditions dangerous to the safety of said building or premises, they shall order the same to be re- moved or remedied, and such order shall be forthwith complied with by . the owner or occupant of said building or premises ; [Right of appeal of aggrieved person.] provided, however, that if the said occupant or owner shall deem himself aggrieved by such order he may within twenty-four hours appeal to the state fire marshal, and the cause of the complaint shall be at once investigated by the direction of the latter, and unless by his authority the order is revoked, such order shall remain in force and be forthwith complied with by said owner or occupant. [Penalty for non-compliance.] Any owner or occupant of build- ing or premises failing to comply with the orders of the authorities above specified, shall be punished by a fine of not less than ten dollars nor more than fifty dollars for each day’s neglect. [94 v. 388.] (409—55) Sec. 6. [Penalty for neglect of official duty. ] Any officer referred to in section two who neglects to comply with any of [the] requirements of this act shall be punished by a fine of not less than twenty-five dollars nor more than two hundred dollars. [94 v. 388. ] (409—56) Src. 7. [Salaries of marshal and assistants. ] The state fire marshal shall receive an annual salary of $3,000, and the first deputy fire marshal $1,800, and the second deputy fire marshal $1,500. Said fire marshal shall employ clerks and assistants and incur such other expense as may be necessary in the performance of the duties of his office, not to exceed, including salaries, such sum as may be paid into the state treasury in the manner hereinafter provided. [Tax on insurance companies to defray expenses of department. ] For the purpose of maintaining the department of fire marshal, and paying the expenses incident thereto, every fire insurance company doing business in the state of Ohio, shall pay to the superintendent of insurance in the month of December, annually, in addition to the taxes now required by law to be paid by such companies, one-half of one per cent. on the gross. OHIO INSURANCE LAWS. 15 State Fire Marshal. Che2t premium receipts of such companies on all business done in Ohio the year next preceding, as shown by their annual statements, under oath, to the insurance department. The superintendent of insurance shall cover the money so received into the state treasury as a special fund for the maintenance of said office of fire marshal, and the expenses incident thereto. [Itemized statement of expenses.] The state fire marshal shall keep on file in his office an itemized statement of all expenses incurred by his department and shall approve all vouchers issued therefor before the same are submitted to the auditor of the state for payment, which said vouchers shall be allowed and paid in the same manner as other claims against the state. [94 v. 388.] Tax provision applies to all fire insurance companies and associations, both foreign and domestic except such as are incorporated under § 3686 Revised Statutes. (Atty. Genl. opinion, Dec. 27th, 1900.) (409—57) Src 8. Marshal not to engage in other business attendance at office] The state fire marshal shall not engage in any other business, and he or one of his deputies shall at all times be in the office of the fire marshal ready for such duties as are required by this act. [94 v. 389.] (409-—58) Src.g9. [Annual report.] The fire marshal shall sub- mit annually as early as consistent with full and accurate preparation, and not later than the fifteenth day of January, a detailed report of his official action to the insurance commissioner, who shall embody the material por- tion thereof in his annual report to the governor. [94 v. 389. | 16 OHIO INSURANCE oh. eL: LAWS. Creation of Corporations, Etc. CHAPTER Tf. TITLE IL— PART SECOND. CREATIONS OF CORPORATIONS, AND GHNERAL PROVISIONS. SECTION. : 3232. By what laws corporations shall be gov- % erned, 3233. What corporations may accept the pro- visions of this title. 3233—1. Special charters not accepted or acted on, repealed. ; When special charter lost new certifi- cate may be issued; its effect. 323833. Thirty years’ exercise of corporate rights prima facie evidence of incor- poration. 3233—2. 3234. Application of existing laws to corpora- tions credited prior to 1851. 3235. For what purposes corporations may be formed. ‘ 3236. Articles of incorporation what to con- tain. 3237. What articles must set forth in certain case. 3238. Articles must be acknowledged, certified, and filed with the secretary of state; as to same or similar name. 3238a. How made; authorized amendments; proviso; record; notice; waiver; fee. 3239. Corporation thereby created, and its gen- eral powers. 3240. First election of trustees; term and number, 3241. Membership in corporation not for profit. religious, secret, and benevolent so- cieties. . $242. Corporations for profit to give notice of opening books for subscription; no- tice may be waived. 8248. When subscriptions to stock are payable. 8244, Certificate of subscription to stock; no- tice of election of directors. 3245. Conduct of such election; stockholders may cumulate their votes; incorpora- tors inspectors of election. 8245a.(1). Corporations may limit stockholders. 3245b(1). Provisions to which such corporations are subject. , 8245a.(2). Application for appointment of in- spectors of election; notice. : 8245b(2). Appointment of inspectors; vacancies. 8245c. List of stockholders to be delivered to inspectors; stock ownership; how as- certained. 8245d. Conduct of election by inspectors; cer- tificate of result. 8245e. Compensation of inspectors. 8246. Annual and other elections for trustees and directors. votes of 8247. Oath and duties of trustees and direc- tors. 3248. Powers of boards of trustees and direc- tors. SECTION. 3249. Corporations may adopt regulations. 3250. Trustees or directors may adopt by-laws. 38251. How regulations may be adopted. $252. What may be provided for by regula- tions. 3258. How payment of stock subscriptions en- forced. 3254. Stockholders entitle to certificates of stock; record of. 3254—1. Re-issuing of certificates of stock lost or destroyed. 32542. How re-issue effected. 8255. Paid up stock is personal property. 3256. May borrow money on bond and mort- gage. : aS, 3257. May stipulate that its obligations may be converted into stock. 3258. Stockholders liable in an amount equal to their stock. 3259. The term ‘“‘stockholders” defined. 3260. Where compan for enforcement of liability filed. 3260a. Action by court; appointment of re- receiver. 3260b. Enforcement of liability upon insolvent corporation. 3260c. Notice to non-resident stockholders; collection of unp: installments of stock. 3260d. Court to ascertain and adjudge liabili- ties of officers and stockholders; pros- ecutions by receiver. 3260e. Notice to creditors. 32607. Distribution of property and assets of insolvent corporation. $261. Trustees are personally liable for all debts by them contracted. 8262. Increase of capital stock. 3263. May increase stock by preferred stock. 5264. Reduction of capital stock. 3265. Change of bonds authorized. 2266. Corporate property to be employed only for the objects of the corporation. 3267. Change in number of directors. 3268. Annual statement of condition of cor- poration to be furnished stockholders. 3269. When provisions of this chapter do not ony. (3269—1) Corporate dividends to be paid from surplus profits only. s (3269—2) Unpaid interest due corporation not to be included in profits. (3269—8) Surplus profits; how ascertained; pro- hibiting advertisement of capital not subscribed and patd in. (3269—4) yenen? for violation of three. section The corporate property is a trust fund for the payment of the corporation debts: Meisse et al. v. Loren et al., 4 N. P. 100; 6 O. D. 258. [By what laws corporations shall be governed.] SEC. 3232. Corporations created before the adoption of the present constitution, and which have not, by election or some other act, come to be governed by laws since passed, shall be governed and controlled by the laws then in force, and the valid modifications thereof since or herein enacted ; other corpora- OHIO INSURANCE LAWS. 17 Creation of Corporations, Etc. Chesil. tions now existing or hereafter created shall be governed and controlled by the provisions of this title. Where an amendment to a charter provided ‘a particular manner in which it should be accepted, that mode of acceptance should be followed: Owen v. Purdy, 12 O. S. 73; but where the corporation has exercised*the powers, or enjoyed the privileges and immunities, secured by the amendment, neither the corporation nor the assenting stockholders can deny the acceptance of the amendment as between themselves, or as against the claims of third persons: Ib.; Goodin v. Evans, 18 O. S. 150; but a non-assenting stockholder, whose assent is necessary to the acceptance of the amendment, is not concluded by any presumption arising from acts of the corporation, or stockholders, is not concluded by any presumption arising from the acts of the corporation, or other stockholders, and if he has not stood by, and neglected to act when he should have acted, he may deny that he assented, and invoke the aid of the state in a quo warranto, or the power of a court in an action in his own name: Owen v, Purdy, swpra; and, in the absence of any provision to the contrary, an amendment may be accepted by parol: Goodin v. Evans, supra. general law, in terms applicable to all corporations, affects corporations created by special acts, as to which there was a reserved power of amendment or repeal: State v. Cin- cinnati G. L. &C. Co., 18 O. S. 262; a general act, in force from March 7, 1842, to March 12, 1845, provided that charters of every corporation created after the passage of that act should be subject to alteration, suspension, and repeal; and many amendments of charters granted before and-after that period. and as to which the power of amendment or repeal was not reserved, have been affected by the action of the corporation under § 71 of the act of May 1, 1852, which is now § 3283; and many other amendments of such charters have also been affected by the application of the provisions of 70 v. 129, § 5; 72 v. 71, §7, and other like sections, the substance of which is now found in §3234. The Association of the Tobaccg Trade of Cincinnati, a corporation formed under the act of April 3, 1866 (S. & S. 182), since the repeal of said act is, under § 3232 of the Revised Statutes, required to be governed by the provisions of Title 2 of said statutes: State ex rel. v. Casey, 38 O. S. 555. SEC. 3233. [What corporations may accept the provisions of this title.] A corporation created before the adoption of the present constitution, and now actually doing business, may accept any of the pro- visions of this title, and when a certified copy of such acceptance is filed with the secretary of state, so much of its charter as is inconsistent with the provisions of this title is hereby repealed. [50 v. 274, § 71; S. & C. 309. | It is not indispensable that a certificate of the company’s acceptance be filed with the secretary of state; it is the fact of acceptance which binds the company and works the amend- ment: Railroad Co. v. Cole, 29 O. S. 126. hice general law of the state will affect companies incorporated under special acts, as to which there was a reserve power of amendment or appeal: Stat = Cincinnati G. L. & C. Co., 18 O. S. 262. ae ct eee (3233—1) [Special charters not accepted or acted on, repealed. ] All special acts of incorporation in force in this state, which have not been accepted, or acted upon, be and the same are hereby repealed. [58 v. 12.] (3233—2) [Duty of secretary of state; effect of charter.] When- ever it shall be made to appear to the satisfaction of the secretary of state that any religious society or corporation heretofore organized or in- corporated under the laws of this state has lost its charter or certificate of incorporation, or that the same has been destroyed, it shall be the duty of the secretary of state to issue a new certificate of incorporation of such religious society or corporation theretofore issued, and the time as near as may be ascertained of issuing such lost or destroyed certificate as shall be made to appear to him; and thereupon all deeds, mortgages, or other instruments of writing for the conveyance of land, as well as all acts done by such religious society or corporation by virtue of such certificate or charter theretofore lost, shall be binding and of full force in law and In equity: provided, that nothing in this act shall be so construed-as to make valid any act not authorized under the laws of this state which heretofore have been in force. [75vi 77.) (3233—3) [Thirty years’ exercise of corporate rights prima facie evidence of incorporation.] The fact that a religious society for not hea en Oe 18 ; OHIO INSURANCE LAWS. Ghr Creation of Corporations, Etc. less than thirty years, claiming to have been duly and legally incorporated _as such, and performing during such time duties and exercising rights as such, shall be prima facie evidence of the original issue of such charter or certificate of incorporation as claimed by such Society. [75 v. 77.] Sec. 3234. [Application of existing laws to corporations created prior to 1851; proviso.] Corporations created before the adoption of the present constitution, which take any action under or in pursuance of this title, shall thereby and thereafter be deemed to have consented, and shall be held to be a corporation, and to have and exercise all and singular its franchises under the present constitution and the laws passed in pur- suanec thereof, and not otherwise; provided, that any fire insurance com- pany so created, complying with the requirements of sections three thous- and six hundred and fifty-four, and three thousand six hundred and fifty- five, or of any police regulation contained in chapter eleven of this title, or in chapter eight of title three, part first, shall not be deemed to have consented, and shall not be affected by the provisions of this section by reason of such compliance. [89 v. 73; 83 v. 201; Rev. Stat. 1880. ] This section is now constitutional: State ex rel. v. Eagle Ins. Co., 50 O. S. 252, 276; affirmed, 153 U. S. 446, 456 fire insurance company, incorporated prior to 1851, by taking the benefit of laws enabling it to insure against lightning, thereby accepts the present laws as to corporations: Knox Co. Mut. Ins. Co. v. Bowersox, 6 C. C. 275. A corporation Gis qa tiny the charter provisions for electing officers changed the time and their term, held to have become a corporation under the present constitution: State »v. Lakamp, 4 C. C. 257. SEc. 3235. [For what purposes corporations may be formed; as to corporations dealing in real estate.] Corporations may be formed in the manner provided in this chapter for any purpose for which in- dividuals may lawfully associate themselves, except for carrying on pro- fessional business ; but nothing in this section shall prevent the formation of corporations for the purpose of erecting, owning and conducting sani- toriums for the receiving of and caring for patients and for the medical, surgical and hygeinic treatment of the diseases of such patients, and for instruction of nurses in the treatment of disease and in hygiene; provided, that the articles of incorporation formed for the purpose of buying and selling real estate shall expire by limitation in twenty-five years from the date of being issued by the secretary of state. In case any real estate owned by any such corporation is not sold or disposed of by any such corporation within twenty-four years from the date that their respective articles of incorporation are issued, it shall be forthwith the duty of the board of directors of such corporation to institute action against such corporation and owners of liens upon or against such real estate proposed to be sold, by filing a petition in the court of common pleas in the county wherein such real estate is situated, praying for a sale of the real estate in the petition described; and should any such board of directors refuse to direct any officer to institute action as hereinbefore mentioned, and should such action be not instituted within sixty days after the ex- piration of the twenty-four years hereinbefore mentioned, it shall be the duty of the prosecuting attorney of the county wherein such real estate is situated, upon the expiration of said sixty days, to institute such action. Service of summons upon the defendants, appraisement and sale of such real estate and distribution of the proceeds of the sale shall be made as provided in actions of foreclosure of mortgages and marshaling of liens; OHIO INSURANCE LAWS. 19 Creation of Corporations, Etc. Ciinats provided, however, the court may allow the plaintiff, in case he be the prosecuting attorney, a just and proper attorney fee, which shall be taxed with the costs of the action. And if the organization is for profit, it must have a capital stock. Such stock may consist of common and preferred, or of common only; and if of both common and preferred, it may be pro- vided in the articles of incorporation that the holders of the preferred stock shall be entitled to dividends not exceeding six per centum per an- num out of the surplus profits of the company for each year in preference to all other stockholders, and that they may convert such preferred stock into common stock of the company at their election. [94 v. 65; 91 v. 126; go v. 205; R. S. of 1880. ] A corporation is an artificial being, which exists only in legal contemplation, and, being a mere creature of the law, possesses: only those attributes which the law confers, or such as may be implied as necessary to its existence, and it can exercise no powers but such as are given to it by its charter, or such as are necessary to carry into effect the powers expressly conferred: Bonham v. Taylor, 10 O. 108; and corporations are strictly limited to the exercise of such powers, and in such manner and by such agents, as are provided in their charters: Bartholomew v. Bentely, 1 O. S. 387. ‘ ; Where property which a corporation, under certain circumstances, is authorized by its charter to acquire, is purchased in a mode or for a purpose not authorized, the title of the corporation to the property can not be defeated by a party who is a stranger to the agreement by which the property was acquired, and who is not injured by the transfer. Ehrman v. Insurance Co., 35 O. S. 324. Okey, J. dissented. This section does not authorize the incorporation of insurance companies, as the organ- ization of such companies is specially provided for in Chapters X and XI, Title 2; State v. The Pioneer Live Stock Co., 38 O. S: 347. Cited in Larwell v. Hanover Savings Fund Society, 40 O. S. 282. The doctrine of estoppel applies to a trading corporation the same as to a natural person in all transactions within its corporate authority: Bank v. Flour Cars, 41107 S625 A corporation can make no contracts, and do no acts, either within or without the state which creates it, except such as are authorized by its charter: Ewing v Bank, 43 O. S. 31. a ie word “purpose” is designedly in the singular number: State ex rel. v. Taylor, 55 A corporation may have a capital stock without being one for profit: Snyder v. Chamber of Commerce, 53 O. S. 1. A building association incorporated under the law of 1868 has no power to purchase land on credit to be allotted among its members: Vos v. Cedar Grove L. & B. A. (Cin. Sup. Court, Gen. Term), 9 W. L. B. 195. SEC. 3236. [Articles of incorporation: what to contain.] Any number of persons, not less than five, a majority of whom are citizens of this state, desiring to become incorporated, shall subscribe and acknow- ledge, before an officer authorized to take acknowledgements of deeds, ar- ticles of incorporation, the form of which shall be prescribed by the sec- retary of state, which must contain: Bee. He The name of the corporation, which shall begin with the word The” and end with the word “Company,” unless the organization is not for profit. 2. The place where it is to be located, or where its principal business is to be transacted. 3. The purpose for which it is formed. 4. The amount of ‘its capital stock, if it is to have capital stock, and the number of shares into which the stock is divided. 5. Provided, any association of five or more persons, who are resi- dents of the state of Ohio, and who are associated, not for profit, and as the principal or ruling organization over subordinate organizations, as- sociated, not for profit, and having a definite location or place of business in the state of Ohio, may be incorporated, having its location or principal place of business in the state of Ohio, and without naming, in its articles of incorporation, a permanent place where it is to be located, or where its principal business is to be transacted. But such association must name, in its articles of incorporation, the place where it is to be located, or where its principal business is to be transacted, at the time of its incorporation, 20 OHIO INSURANCE LAWS. Clnigea le Creation of Corporations, Etc. with the name and place of residence of the then principal officers. And when such association changes its place where located, or the place where its principal business is transacted, it shall be the duty of its principal of- ficer, under its seal, if it has one, countersigned by the officer acting as secretary of such association, to certify to the secretary of state of Ohio, the place then selected by such association, as its location, or where its principal business is to be transacted, with the name of its principal officers, and their places of residence, which certificate the secretary of state shail record for public use in the records of his office. [1889, April 10: 86 v. 224; 82 v. 134; Rev. Stat. 1880. ] The want of a seal to such instrument is such a defect or omission as may be supplied by the court in proceedings under the act of March 10, 1859 (56 v. 40), the provisions of which are now found in sections 5867 to 5872, inclusive: Warner v. Callender, 20 O. S. 190; an acknowl- edgment of such certificate before a notary, when the law required it to be taken before a justice of the peace, was held, in quo warranto, to be a sufficient ground to oust the defendants of their claim to be a corporation; State v. Lee, 21 O. S. 662. Such mistake might be corrected in proceedings under the act of March 10, 1859, swpra, and the effect of the cor- rection was to make the corporation such de jure from its organization, not only against persons dealing directly with it but against all other persons: Spinning » Home Building & Savings Ass’n, 26 O. S. 483. In an action by a building and saving association to recover money which a member had as a loan from it, the member is estopped from setting up the defense of no corporation because the certificate of incorporation was acknowledged before the clerk of the court, and not before a justice of the peace, as the statute required: Lucas v. Building & Savings Ass’n, 22 O. S. 339; having organized and acted as a corporation, and entered into the contract on which it was sued as such corporation, the corporation, and cee thereof, were estopped to deny their corporate existence: Callender v. Railroad Co., AO: S 4 516; Section 2 of the act of May 1, 1852 (50 v. 274), which provided that such acknowledgment should be taken before a justice of the peace, was amended by the act of February 14, 1872 (69 v. 14), and the amendment authorized the same to be taken before a notary public; and it further provided that certificates executed and acknowledged under the provisions of original § 2, and under which any company in good faith organized and acted, should be valid; afterward, by the act of March 10, 1873 (70 v. 61), the incorporation of all companies theretofore organized, and which had been in good faith doing business for three years, was declared+to be valid, if the company, within six months from the date of the act, filed with the secretary of state an amended certificate of incorporation executed according to law; and by the supplemental act of March 18, 1874 (71 v. 26), the provisions of the act of March 10, 1873, were re-enacted, except that the company must have been engaged in business for four years, and the amended certificate was required to be made by the persons composing the board of directors, or any five, or a majority of them. Where a paper and flour company organize under statute, and state where their principal office is, but not where place of business is, and intend secretly to carry on business in another oe af is a legal corporation until dissolved: State ex rel. Attorney-General v. Taylor, 25 DEnOs LALD: 5 pt nosation chartered by two states has its domicile in both: Bridge Co. v Mayer, 31, eee arcdil - In organizing a building association under the act of February 21, 1867 (64 v. 18), the certificate of incorporation was by mistake acknowledged before a notary public, instead of being acknowledged before a justice of the peace, as then required. In proceedings instituted under the act of March 10, 1859 (S. & C. 1172), the mistake was subsequently corrected: Held, that the effect of the correction was to make the association a corporation de jure from the date of its organization, not only as against persons dealing directly with the asso- ciation, but as against all others: Spinning v. Building Ass’n, 26 O. S. 483. Cited in State v. Standard Life Ass’n, 38 O. S. 289. The capital, stock of a corporation consists of the money and property subscribed and paid in for the purpose of carrying on its business operations. It constitutes the corporate fund belonging to the corporate body: Jones v. Davis, 35 O. S. 476, 477. The ownership of a share of stock involves the right to participate in the dividends declared from the profits of the business, and, upon the dissolution of the corporation, to a proportionate share of the fund remaining after payment of the corporate debts: Jb. 477. The principal office of a corporation, which constitutes its residence or domicile, is not to be determined by the amount of business transacted here or there, but by the place designated in the certificate: Pelton v. Transportation Co., 87 O. S. 451-455. Where an attempt is made, in good faith, to organize a private corporation by colorable proceedings, and where these steps are followed by uninterrupted user for a number of years, it is a corporation de facto, and its corporate capacity can not be questioned in a private suit to which it is a party: Society Perun v. Cleveland, 43 O. S. 481. F Parties dealing with it in good faith will not be divested or defeated by a subsequent judgment in quo warranto proceedings excluding it from the use of its corporate franchises: Jb. SEC. 3237. [What articles must set forth in certain cases. ] When the organization is for a purpose which includes the construction of an improvement which is not to be located at a single place, the articles ot incorporation must also set forth— 1. ‘The kind of improvement intended to be constructed. OHIO INSURANCE LAWS. Pat Creation of Corporations, Etc. Chat: ‘ 2. The termini of the improvement, and the counties in or through which it or its branches shall pass. In such certificate of parties organizing a railroad company, a description of one ter- minus of the proposed road as “in or near’? a town named in the certificate, and on the line of a specified railroad which terminates at that town, 1s sufficiently certain: Warner v. Callender, 20 O. S. 190. ' A description of a railroad in a certificate of incorporation, in the words “to commence at some point, to be hereafter designated, in the township of Hudson,, in the county of Summit, passing through the county of Portage or Cuyahoga, also through the counties of Geauga and Lake, to terminate at some point, to be designated, in the township of Paines- ville, in the county of Lake,” the same having been recorded, and a copy thereof given by the secretary of state, and the company having organized and acted under it, did not render the certificate void for uncertainty: Callender v. Railroad Co., 11 O. S. 516. A certificate of incorporation of a railroad company which leaves to the company a dis- cretion to select through which of the several counties named the road may be constructed, and also providing simply that the terminal of the road shall be a point not designated on the Ohio and Pennsylvania state line, in the county of Trumbull, and a point not designated on the Ohio river, in either the county of Brown or the county of Adams, is void because not in conformity with the statute: Railroad Co. v. Sullivant, 5 O. S. 276. Src. 3238. [Articles must be acknowledged, certified, and filed with secretary of state; as to same or similar name.] ‘The official character of the officer before whom the acknowledgement of articles of incorporation is made shall be certified by the clerk of the court of com- mon pleas of the county in which the acknowledgment is taken, and the articles shall be filed in the office of the secretary of state, who shall record the same, and a copy duly certified by him shall be prima facie evidence of the existence of such corporation, and all certificates thereafter filed in the office of the secretary of state relatine to the corporation shall be recorded, but the secretary of state shall not in any case file or record any articles of incorporation in which the name of the corporation is the same as one already adopted or appropriated by an existing corporation of this state or so similar to the name of such existing corporation as to be likely to mislead the public, unless the written consent of such prior ex- isting corporation, signed by its president and secretary, be at the same time filed with such articles of incorporation. [92 v. 320; R. S. of 1880.] Filing the articles does not make a_corporation. No company exists until the requisite stock is subscribed and directors chosen: State ex rel. v. Ins. Co., 49 O. S. 440. SEC. 3238a. [How made; authorized amendments; proviso; record; waiver; fee.] Any corporation incorporated under the gen- eral corporation laws of the State, may, at any meeting of its members or stockholders, of which, and of the business to come before said meeting thirty days’ notice has been given by a majority of the directors or trus- tees of said corporation in a newpaper published and of general circulation in the county where the principal place of business of said corporation is located, by a vote of the owners of at least three-fifths of its capital stock -then supscribed, in the case of corporations having a capital stock, or by a voote of at least three-fifths of its members of corporations having no capital ctock, amend its articles of incorporation so as to change its cor- porate name, or the place where it is to be located, or where its principal business is to be transacted ; or so as to modify, enlarge or diminish the ob- jects and purposes for which it is formed; or so as to add thereto anything omitted from, or which might lawfully have been provided for in such ar- ticles originally; provided, however, that nothing in this supplementary section contained shall authorize a corporation, by amendment, to increase or diminish the amount of its capital stock; nor shall any corporation, by amendment, change substantially the original purposes of its organization. When adopted, a copy of such amendment, with a certificate thereto af- fixed, signed by the president and secretary of the corporation, and sealed 22 OHIO INSURANCE LAWS. cae le Creation of Corporations, Etc. with the corporate seal, if any there be, stating the fact and date of the adoption of such amendment, and that such copy is a true copy of the original, shall be recorded in the office of the secretary of state, who shall note on the margin of the record of the original articles of incorporation ot said corporation, and on the margin of the index thereto, the volume and page where such amendment is recorded; and no such amendment shall take effect until filed for record with the secretary of state as herein pro- vided, and until the secretary of the corporation shall have given notice for three consecutive weeks, in some newspaper of general circulation in the county where the principal office of the corporation is situated, of such amendment ; provided, however, that any or all of the notices required by this section may be waived whenever the holders of all the capital stock of a corporation having a capital stock, or all the members of a corporation having no capital stock, consent thereto in writing. But no corporation shall change its name to one already appropriated, or to one likely to mislead the public; nor shall any corporation, by amend- ment, provide for a purpose which is unlawful. For recording such amendments and for furnishing a certified copy the secretary of state shall receive a fee of twenty cents a hundred words, to be in no case less than .five dollars. [1886, May 18: 83 v. 193.] The right to amend does not extend to a substantial change of the original purpose of the organization: State ex rel v. Taylor, 55 O. S The power given to a mining company to construct a railway from its mines § 3866, and to be governed as to the railway by the railway laws, among which § 3311 allows a railway company to change its principal office, does: not thereby enable the mining company to amend its charter by a mere vote of its directors so as to change its principal place of business to another county; § 3311 applies only to an incident of the business and not, to the cor- poration itself. The situs of the company can only be changed under § 3238a, hence an action against it is properly brought in the original county; and summons can be sent to the county where its actual office is: Coal Co. v. Ryj (Cos. CuO. Dlr ee See note to State v. Coal Co., 4 N. P. 115, under § 3866. : A corporation organized to furnish gas for lighting purposes may amend its charter so as to supply both gas and electricity for that purpose: Picard v, Hughey, 58 O. S. 577. SEC. 3239. [Corporation thereby created, and its general powers. | Upon such filing of the articles of incorporation, the persons who:subscrib- ed the same, their associates, successors, and assigns, by the name and style provided therein, shall thereafter be deemed a body corporate, with succes- sion, and power to sue and be sued, contract and be contracted with, ac- quire and convey at pleasure all such real or personal estate as may be nec- essary and convenient to carry into effect the objects of the incorporation, to make and use a common seal, the same to alter at pleasure, and to do all needful acts to carry into effect the objects for which it was created. [50 Ve 7A 833 Or OOOO 73) A contract made with a company before it is incorporated, is void for the want of mutuality: Turnpike Co. v. Coy, 18 O. S. 84. An agent of a company, for a consideration paid, made a contract in the name of the com- Pany containing several stipulations, some of which he had authority to make, and as to others he was without authority: Held, that the company could not enforce part of the stipula— tions and avoid the others, because of the absence of authority in its agent to make them, but os e ease execute the whole contract, or refund the consideration paid: Weedon v. Railroad Oz, . 564. A corporation can not be sued for assault and battery, nor joined with an individual in such an action: Orr v. U. S. Bank, 1 O A deed was executed by S. in his own name as resident, and under his own seal: Held, not to be the deed of corporation: Hatch v. Barr, J 6: 390. Where contract has been performed b either, the other will be estopped to insist that con- tract was ultra vires: Hays v. Galion G. me Si CS Cor F29'Os jSesso: See the case of Ehrman v. Insurance Co., 85:O. S. 324, under § 3235. An executory agreement between a manufacturing corporation of this state and one of its stockholders, for the purchase of the stock of such corporation by the former from the latter, can not be entorced, either by action for specific performance or for damages: Coppin v. Green- lees & Ransom Co., 38 O. S. 275. Filing the articles do not make a corporation but are simply authority to do so. There is no corporation until the requisite stock is taken and paid and the directors chosen: State v. Ins. Co., 49 O. S. 440, OHIO INSURANCE LAWS. 23 Creation of Corporations, Etc. Ch. 1, A corporation comes into existence as_soon as articles of incorporation are filed: State ex rel v. Robinson (Ham. Dist. Court), 12 W. L. B. 269. ee a: A railroad company may expend money to take up or regain its own property or securities, which have been fraudulently taken from its possession, when there is reason to apprehend that otherwise great loss may result to it: Railroad Co. v. Duckworth, 2 C. C. 518. Cited Ashley v. Ryan, 153 U. S. 486, 440; 49 O. S. 504. ‘ A chattel mortgage executed by the president and secretary of a corporation who are mem-~ bers of the board of directors, excuted to secure a corporation debt, without the knowledge of the directors, is valid as to the mortgagee wko h-d no knowledge of that fact: Bosche v. Toledo Horse Display Co., 14 C. C. 292; 7 O. D. oi. See note to § 3256. A corporation may give a chattel mortgage to secure an antecedent loan created for carry- ing on its business, and it is not void against creditors, there being no intention at the time to cease business; although afterward threatened with attachment, it asks for a receiver: Bosche v, Toledo Horse Display Co., 14 C. C. 292; 7 O. D. 374. ata A corporation can not give a secret inchoate preference, allowing other creditors to give it credit, and by a signal previously given, allow this inchoate secret preference to be made abso- lute to the exclusion of the other creditors: Bénedict et al. v. Market National Bank et al., 4 N. P. 281; 6 O. D. 320. Sec. 3240. [First election of trustees; term and number.] A majority of the subscribers of the articles of incorporation of a corporation formed for a purpose other than profit, may elect not less than five trus- tees of the corporation who shall hold their office till the next annual elec- tion or until their successors are elected and qualified; but in the case of religious corporations and institutions incorporated for the purpose of pro- moting education, science or art, the regulations of such corporations may provide for the length of time said trustees shall hold their offices, the term thereof not to exceed in number of years the number of such trus- tees ; provided that lodges, societies or bodies of any secret or benevolent order incorporated under tne laws of the state, may elect such number of trustees, not less than three, as may be provided in the laws or regulations governing such lodge, society or body, and the election of such trustees may be held at the time specified in such laws or regulations. [1888, April 6: 85 v. 166; 80 v. 79; 78 v. 200; Rev. Stat. 1880. ] The act of 1883, March 26 (80 v. 79), reading as follows— SEc. 3240. [First election of trustees of corporation not for profit.) A majority of the sub- scribers of the articles of incorporation of a corporation formed for a purpose other than profit, may elect not less than five trustees of the corporation, who shall hold their office till the next annual election, or until their successors are elected and qualified, but in the case of institutions incorporated for the purpose of promoting education, science or art, the regulations of such cor- porations may provide for the length of time said trustees shall hold their offices, the term thereof not to exceed in number of years the number of stich trustees: provided, that lodges, societies or bodies of any secret or benevolent order incorporated under the laws of this state may elect such number of trustees not less than three as may be provided in the laws or regulations govern- ing such lodge, society or body, and the election of such trustees may be held at the time speci- fied in such laws or regulations.” —is not repealed in express terms by the act of 1888, April 6 (85 v. 166); nor is the act of 1881, April 20 (78 v. 200), reading as folliows— _, SHC. 3240. [First election of trustees of corporation not for profit.) A majority of the sub- scribers of the articles of incorporation of a corporation formed for a purpose other than profit, may elect not less than five trustees of the corporation, who shall hold their office till the next annual election, or until their successors are elected and qualified; but in the case of institutions incorporated for the purpose of promoting education, science, or art, the regulations of such cor- porations may provide for the length of time said trustees shall hold their offices, the term thereof not to exceed in numbers of years the number of such trustees.” —repealed in express terms by the act of 1883, March 26 (80 v. 79). Mutual protection associations, organized under and for the purposes named in § 3630, are corporations other than for profit, and are subject to all the general provisions of this chapter yoo, apply a oe eh ng formed for purposes other than profit: State v. The Standard Life _ _ SEC. 3241. [Membership in corporation, not for profit; re- ligious, secret, and benevolent societies.] The subscribers of such articles of incorporation shall cause the same to be copied into a book which they shall provide, and which shall be the property of the corpora- tion ; and a person having the qualifications prescribed by the corporation, may become a member by subscribing his name to such copy; provided, that when the incorporators of a corporation, now or hereafter formed, are, or shall be members of a church, religious, secret or benevolent society, and have signed or shall sign articles for the purpose of enabling such 24 OHIO INSURANCE LAWS. Chil. Creation of Corporations, Etc. church, religious, secret or benevolent society to become incorporated, any person who 1s or shall become a member of such church, religious, secret or benevolent society, in good standin~ shall ky virtue of such ‘membership, be a member of such corporation, and entitled to vote at all meetings of such corporation, for the election of officers or other purpose, anything in the preceding section to the contrary notwithstanding. [ 1887, March Iv: 84 v. 85; 83 v. 168; Rev. Stat. 1880. ] No member of a corporation can be disfranchised, no officer removed, without the agency of a tribunal competent to investigate the cause and pronounce the sentence of the loss of right. Where the charter prescribed the terms under which the power of a motion is to be exercised, they must be pursued; and where the organic law is silent, the corporation itself possesses the inherent power to ascertain and declare the forfeiture, either of franchise or office; but in every case the party to be affected should be duly summoned: State v. Bryce, 7 O--@ pt), 82 Inherent power exists in corporations not for profit to expel members for sufficient cause: Cheney v. Ketcham et al., 5 N. P. 139. The proper remedy for a wrongful expulsion is injunction, not mandamus: /d. SEC. 3242. [Corporations for profit to give notice of opening book for subscription; notice may be waived.] The persohs named in the articles of incorporation of a corporation for profit, or a majority of them, shall order books to be opened for subscription to the capital stock of the corporation at such time or times and at such place or places as they may deem expedient, and of the time and place of opening which books at least thirty days’ notice shall be given by publication in a news- paper published or generally circulated in the county or counties- where books of subscription are to be opened; provided, that such notice may be waived in writing by all the incorporators, and such waiver shall be enter- ed or copied in the records of said corporation. [88 v. 280; 80 v. 42; Rev. Stat. 1880; 50 v.274, § 9; (S.& (Cx276)) It is not necessary to the validity of a stock subscription that it be made in a book opened by the company for the purpose: Railroad Co. v. Smith,15 O. S; 328: The omission to pay ten per cent. at the time of subscription, does not release subscribers from liability to pay their subscriptions: Henry v. Railroad Co., 17 O. 187. . ’ It is not even necessary that the subscription provide for the payment of that amount in hand: Chamberlain v. Railroad Co., 15 O. S. 225. An agreement by which a right was attempted to be secured by a stockholder to pay his stock subscription in anything else than money, will be treated as a fraud on the other stock- holders, and the payment of the subscription in money enforced: Henry v. Railroad Co., supra; Noble v. Callender, 20 O. S. 199. ; A subscriber may insert in his subscription any conditions precedent he may choose, and un- til they are performed, his relation as stockholder does not arise: Chamberlain v. Railroad Co., supra. Conditional subscriptions become absolute on the performance of the conditions: Railroad Co. v. Smith, 15 O. S. 328; and where such a subscription was delivered to the company before the election of directors, and after the election of directors the condition was performed, the subscription took effect at the time of performance: Jb. : A condition that the road should “pass through” a given locality, is performed by the loca- ie on the route designated: Railroad Co. v. Smith, supra: Railroad Co. v. Stout, A condition in the words “provided the road is bullt?? in a certain locality, is performed when the road is permanently located at that place, although, from failure of funds, it is never completed: Warner v. Callender, 20 O. S. 190. _ A condition in the words “provided the road is located”? on a given route, “and that a freight-house or depot be bullt” at a point named, is performed on the permanent location of the road in accordance with the condition, and the provision in relation to the erection e buildings is a stipulation merely, and not a condition precedent: Chamberlain v. Railroad o., supra. A subscription upon the condition that the same should be expended upon a certain line of road to be thereafter located by the company, can not be enforced unless the company shows that the road has been constructed on that line, or offers, and is ready, to expend money according to the condition: Trott v Sarchett, 10 O. S. 241. ; ‘hen the maker of a conditional subscription pays a part of it, and for the balance gives his note, and accepts from the company a receipt stipulating that when the note is paid the amount should be applied on his stock, he thereby waives the conditions precedent: Chamber-— lain v. Railroad Co., supra. It is no defense to an action upon a stock subscription that the defendant, with others, was guilty of a violation of law in assuming to do business under the act of incorporation under which the organization of the company was effected, or intended to be effected: WVoor- hees v. Receivers, 19 O, 463; nor will a member of a mutual fire insurance company, when sued upon an assessment on his deposit note, be permitted to set up, by way of defense, that he and his associate corporators have neglected to comply with the provisions of their charter: Insurance Co. v. Horner, 17 O. 407; but a subscriber to stock may defend against an action on his stock subscription by showing that there never was any such corporation: OHIO INSURANCE LAWS. 25 Creation of Corporations, Etc. Che cls Navigation Co. v. Eagle, 29 O. S. 238; but whether a stockholder, who for years has dealt with the corporation, can, when sued for unpaid subscriptions, set up technical defects in the certificate of incorporation, quacre: Warner v. Callender, supra. ; A note given for stock subscribed, without any intention to pay it, and merely for the purpose of pretending to the public that the stock was greater than it really was, or for the purpose of preventing the predominance of certain stockholders, is valid, and its payment will be enforced: Bates v. Lewis, 2 O. S. 459; and an assignment of stock to a fictitious person is a nullity: Turnpike Co. v. Ward, 18 O. 120. ; An immaterial change in the route of a turnpike company does not release a subscriber to the stock of the company from his obligation to pay his subscription: Turnpike Co. v. Brush, 10 Or iii, Where, after a subscription to stock in a corporation, the powers of the corporation were extended, and it was authorized to engage in business not contemplated by the_ original charter, it was held that the subscription could not be enforced: Railroad Co. v. Elliot, 10 OFS. bil. Where a married woman makes a subscription to the capital stock of a railroad company, by which she agrees to take and pay for a certain number of shares of the stock, but makes default in payment, and action is brought to charge her separate property with the amount of such subscription: Held, that in the absence of any proof that either party dealt on the credit of her separate property, equity wiJl not imply or enforce a charge against the same: Rice v. Railroad Co., 32 O. S. 380. Subscribers to the capital stock of a corporation can not release themselves from payment when such subscriptions are necessary for the payment of corporate debts: Gaff wv, Flesher, 33 O. S. 107. To entitle a person to become a member of a corporation which is being organized under “an act to regulate insurance companies’ (S. & S. 205), his contract to take shares therein must be in writing, and be mutually binding on both parties: Fanning v Insurance Co., 37 O. S. 339. See § 3635, Revised Statutes. Cited Toledo v. Consolidated St. Ry. v. Toledo Electric St. Ry., 6 C. C. 362, 392. Sec. 3243. [When subscriptions to stock are payable.] An in- stallment of ten per cent. on each share of stock shall be payable at the time of making the subscription, and the residue thereof shall be paid in such installments, and at such times and places, and to such persons, as may be required by the directors of the corporation. [50 v. 274,§6;5.& .270.| ‘ _ Before an action can be maintained by a railroad company to recover unpaid subscriptions to its stock, its board of directors must have required the same to be paid in certain install- ments, and at a certain time and place: Railroad Co. v. Hall, 26 O. S. 310. Under the general corporation act of May 1, 1852 (50 v. 274), assessments on subscriptions to the capital stock of railroad companies might be made and enforced, although the whole amount of such stock mentioned in the certificate of incorporation may not have been sub- scribed: Jewett v. Railway Co., 34 O. S. 601. : A notice to pay installments to the treasurer of the company, implies that the payment is to be made at his office, and is sufficient: Turnpike Co. v. Ward, 13 O. 120. ’ Where the law required “at least sixty days’ notice,’ a single notice, published at least sixty days before the day of payment, is all that is required: Ib. SEC. 3244. [Certificate of subscription to stock; notice of elec- tion of directors.] As soon as ten per cent. of the capital stock is subscribed, the subscribers of the articles of incorporation, or a majority of them, shall so certify, in writing, to the secretary of state, and thereup- on shall give notice to the stockholders, as provided in section three thous- and two hundred and forty-two, to meet at such time and place as they may designate, for the purpose of choosing not less than five nor more than fifteen directors, who shall continue in office until the time fixed for the annual election, and until their successors are chosen and qualified ; provided, that in case all subscribers are present in person, or by proxy, such notice may be waived in writing, and the incorporators of the com- pany shall he liable to any person affected thereby, to the amount of any de- ficiency in the actual payment of said ten per cent., at the time of so cer- tifying. [91 v. 304; 77 v. 266; Rev. Stat. 1880; 50 v. 274, § 9; (S. & C. 276).| See 7148a, subdivision 15. - It is not necessary that this notice be given by the persons named in the certificate of incorporation, and the provision in regard to notice is directory merely. If, after the necessary gmount of steak Hae Bean belt Ea ge ihe bac aane cera meet and elect directors, the acts of : not be ion irr ri i i ion: Pe eae ed heme sags (reas on account of irregularity in their election: Toledo Consol. St. Ry. v. Toledo Elec. St. Ry., 6 C. C. 362, 392. When in a petition it is averred that directors of a railroad company had been duly elected by the stockholders, in pursuance of notice, it is to be presumed that the requisite bo =r) OHIO INSURANCE LAWS. Ghtpule Creation of Corporations, Etc. amount of stock had been subscribed to authorize such election, and also to authorize the location of the road, and the making of assessments by the directors so elected: Railroad v. Smith, 15 O. S.- $28. 3 . Five directors is the minimum: Gates v. Tippecanoe Stone Co., 9 C. C. 99, 103; 2 O. De eis aird' 67 Ors5.260 SEC. 3245. [Conduct of election; stockholders may cumulate their votes.] At the time and place appointed, directors shail be chosen, by ballot, by the stockholders who attend for that purpose, either in person or by lawful proxies; at such election and at all other elections of directors, every stockholder shall have the right to vote in person or by proxy the number of shares owned by him for as many persons as there are directors to be elected, or to cumulate said shares and give one candi- date as many votes as the number of directors multiplied by the number of his shares of stock shall equal, or to distribute them on the same principle among as many candidates as he shall think fit; and such direc- tors shall not be elected in any other manner. A majority of the number of shares shall be necessary for a choice, but no person shall vote on any share on which any installment is due and unpaid. [Incorporators inspectors of election.] At such first election the subscribers of the articles of incorporation, or any of them as may be present, shall be inspectors of such election, and shall certify what persons are elected directors, and shall appoint the time and place for holding their first meeting. [93 v. 230; 50 v. 274, § 9; S. & C. 276.] This section does not confer upon stockholders the right of cumulative voting: State ex rel. v. Stockley, 45 O. S. 304: Stock need not be fully paid ap necessarily to entitle owner to vote: State ex rel. Henderson v. Hogan (Lorain Dist. Court), 1 W. L. B. 227. This section does not authorize stockholders of a private corporation to cumulate their votes in the election of directors or officers of the corporation: State ex rel. Dent v. Hal- loway. 1 C.nG.. 167, Above case followed in State ex rel. Wentzell v. Fosdick, “1 C.)'C.,-265: SEC. 3245a(1). [Corporations may limit votes of stockholders. ] A corporation may provide in its articles of incorporation that each stock- holder, irrespective of the amount of stock he may own, shall be entitled to one vote, and no more, at any election of directors, or upon any subject submitted at a stockholders’ meeting, and when such provision is made it shall be governed thereby. [1884, March 1G. OteVi Sa Gos There are two sections bearing the number 3245a, each reading differently, and both in force. SEC. 3245b(1). [Provisions to which such corporations are sub- ject.]~- Every corporation where articles of incorporation contain the limitation mentioned in section thirty-two hundred and forty-five (a), shall be subjected to the following provisions : 1. No person shall hold or own stock in excess of one thousand dol- lars face value. 2. The directors shall annually within thirty days after the thirty- first day of December, make and file with the recorder of the county in which the corporation is doing business, a statement of its financial condi- tion upon the said thirty-first day of December, plainly setting forth its assets and liabilities in detail, the amount of its paid up capital stock, the names of its stockholders, and the number of shares owned by each, and said statement shall be signed and sworn to by a majority of the direc- tors, including the treasurer, before any officer authorized to administer oaths in this state. If the board of directors fail to make the annual statements required by this section, or if they make a false statement, they shall be personally liable for all claims and demands against such corpor- ation. OHIO INSURANCE LAWS. Creation of Corporations, Etc. Clie: 3. By-laws for the government of the corporation, and for distribu- tion of its net earnings among its workmen, patrons and shareholders, not inconsistent with the constitution and laws of the state may be made by the stockholders. [1884, March 19: 81 v. 54, 55.| There are two sections bearing the number 32450, each reading differently, and both in force. SEc. 3245a(2). [Application for appointment of inspectors of election; notice.] Within 15 days next before any meeting held for the election of directors or trustees, or for the determination of any question by the stockholders of any corporation, or by the subscribers to its stock, or by its creditors and stockholders for its re-organization, any person or persons entitled to vote at said meeting and owning at least a one-tenth interest in its stock may apply to the court of common pleas of the county wherein said meeting is to be held, or if the court be not in ses- sion, to a judge thereof, or in case of the abscence or disability of such judge then to the probate court, for the appointment of inspectors for such meeting; but no such application shall be acted upon until notice thereof has been served upon the corporation at its general office, and the court or judge may require such additional notice by newspaper publication, or otherwise, as may be deemed proper. [1887, March 18: 84 v. 115.] See note to preceding § 3245a. SEC. 3245b(2). [Appointment of inspectors; vacancies.] Upon the hearing of such application the court or judge shall appoint three competent disinterested persons inspectors for such meeting, if such ap- pointment be considered proper and right, and for good cause may there- after vacate such appointment as to one or more of said persons and ap- point another or others instead. In case of the failure of any inspector to attend said meeting, or to act thereat, the stockholders may fill the va- cancy so caused. [1887, March 18: 84 v. 115, 116.] See note to preceding § 3245. SEC. 3245c. List of stockholders to be delivered to inspec- tors; stock ownership, how ascertained.] Before every such meet- ing it shall be the duty of the officer or agent.of the corporation having charge of the transfer of its stock, to make out, under oath, a list of its stockholders, showing the number and classes of share held by each, as shown by its books, on the date fixed for the closing of the stock transfers before its meetings ; and if no time be fixed therefor, then on the tenth day prior to the date of such meeting. Such list shall be delivered to the in- spectors of the meeting, and shall be prima facie evidence of the owner- ship of its stock; but in case of its absence the inspectors shall ascertain the ownership of stock by the corporation books, stock certificates or other satisfactory proof. [1887, March 18: 84 v. 115, T16.] Src. 3245d. [Conduct of election by inspectors; certificate of result.]_ The inspectors so appointed, or if none be appointed, then those selected by the meeting, shall receive and count the votes cast at such meeting, or at any adjournment thereof, either upon an election, or for the decision of any question to be decided by vote, and determine the result, and their certificate of the résult shall’ be prima facie evidence thereof. [1887, March 18: 84 v. Fi5,.1 56. | SEC. 3245€. [Compensation of inspectors.] The court or judge making the appointment of inspectors may fix their compensation, and may require the applicants for their appointment to secure its payment ; 28 OHIO INSURANCE LAWS. Chel: Creation of Corporations, Ete. but the corporation shall be liable therefor if the meeting by vote so de- termine. [1887, March 18: 84 v. 115, 116.] Sec. 3246. [Annual and other elections for trustees and direc- tors. Unless the regulations of the corporation otherwise provide, an annual election for trustees or directors shall be held on the first Monday in January of each year; if trustees or directors are, for any cause, not electel at the annual meeting or other meeting called for that purpose, they may be chosen at a members’ or stockholders’ meeting, at which all the members or stockholders are present in person or by proxies, or at a meet- ing called by the trustees or directors, or any two members or stockhold- ers, notice of which has been given in writing, to each stockholder, or by . publication in some newspaper printed in the county where the corpora- tion is situate, or has its principal office, for ten days; and trustees and di- rectors shall continue in office until their successors are elected and qual- ified. Except that any corporation, the principal object of which is the owning and operating of a club-house for the use of its stockholders, the club-house of which is not kept open and operated for the use of its stock- - holders during the winter season, shall hold its annual election of direc- tors on the third Monday in July of each year, and such election shall be held at the club-house owned and operated by such corporation. [94 v. RIG dR 49. OL LOO. | A charter provided that the directors should continue in office until their successors were elected, and that they might fill vacancies in the board by appointment: Held, that a board elected in 1822, and performing no corporate act till 1838, could not then fill vacancies in the board, and that so long a suspension of the performance of any official duty must be regarded as an abandonment or ‘resignation of the office: Bartholomew v. Bentley, 1 O. S. 37. Where the stockholders’ meeting is stated and general, notice of the time and place of holding it, or of the business to be transacted, is, in the absence of provision or regulation to the contrary, in no case required: State v. Bonnell, 35 O. S. 10. An adjourned meeting is simply a continuation of the regular meeting, and notice to the stockholders of the holding of such.adjourned meeting is not necessary; and any business commenced at the regular meeting may be completed at an adjourned meeting: Jb.; Wiswell v. First Cong, Church, 14 O. S: 81. ~ When the corporation was restrained from holding an election for directors on the day named in the charter, and a small number of the stockholders met, organized, and adjourned till the next day, at which time an election was held by a minority of the stock- holders, without notice to the others who were in the vicinity for the purposes of the meeting, and might have been readily notified: Held, that such election was unfair, and must be held to be invalid, whether the restraining order did or did not bind the stockholders; and the directors chosen at such adjourned meeting were ousted, and those elected at the preceding annual election were restored to office, to continue therein till their successors were duly elected and gnalified: Jb. The right of the stockholders of a railway corporation to elect directors is not affected by the sale of the property of the corporation by a receiver, under ai order of court: State ex rel. v. Merchant et al., 37 O. S, 251. At a meeting of the stockholders, called for the election of directors, under § 3246, Revised Statutes, the right to choose the inspectors or judges of election is vested in the stockholders; and the directors, against the will of the stockholders present, can not appoint such in- spectors: Jb. f The elective body consists of. the ‘‘members’’ of a corporation not for profit, and the stockholders” of a corporation for profit: State v. Standard Life Ass’n, 38 O.-S. ‘289. It is not a criminal offense to vote more than once at an election by a private corporation: Lane v. State, 39 O. S. 314. Cited as not imperative as to time of election: State v. Lakamp, 4 C. C. 257, 260. SEC. 3247. [Oath and duties of trustees and directors.] Each trustee and director shall, before entering upon his duties, take an oath faithfully to discharge the same; the trustees or directors chosen at any election shall, as soon thereafter as may be convenient, choose one of their number to-be president, and, unless the regulations otherwise provide for the election of such officers, shall appoint a secretary and treasurer of the ae and the majority of the trustees or directors shall form a oard, eee a director of a corporation is elected secretary, although the by-laws do not Provide a salary for the secretary, he is entitled to reasonable compensation, and where it Pa 5 intention that he should be recompensed: Pierce, Receiver, v. Andrews, 13 C. C. 505; . ° oO. OHIO INSURANCE LAWS. 29 Creation of Corporations, Etc. Chas ri r i directors of the Where a note read thus: “One year after date we, or cither of us, as Hamilton, Middletown and Germantown Turnpike Road, promise to pay to K. jor order five hundred dollars, for value received with eight per cent. interest until paid, and is dated and signed by the makers without re further designation of official capacity, they are liable as individuals: Titus v. Kyle, 10 O. S. 444. _ ; ; rae The property of depositors and stockholders in a savings bank is a trust fund, and the directors are liable for its wasting by negligence and mismanagement: Meisse et al. v. Loren et al., 4 N. P. 100; 6 O. D, 258. : ; Se Where a trustee, acting in good faith, without negligence, and in the usual course o business, deposits trust funds in a reputable banking hcuse to his credit as such trustee, and not mingled with his own funds, he is not liable if they are lost by a failure of the bank: Beneficial Ass’n v. Ferson, 3 C. C. 84. SEc. 3248. [Powers of the board of trustees and directors. ] The corporate powers, business, and property of corporations formed un- der this title must be exercised, conducted, and controlled by the board of directors, or, where there is no capital stock, by the board of trustees; a majority of the directors must be citizens of the state; all directors and all executive officers must be holders of stock in an amount to be fixed by the by-laws, and trustees of corporations must be members thereof; and whenever the office of director or trustee becomes vacant, the board of di- rectors or trustees may fill the same for the unexpired term by appoint- ment, unless the by-laws otherwise provide; and no person shall be ap- pointed or act as a receiver of any railroad or other corporation within this state unless he be a resident citizen of this state. Corporations are trustees for the individuals of which they are composed, and those who act for the corporation are trustees for it, and can not apply the corporate property to any other purpose than for the general interests of the corporation and its creditors: Taylor v. Exporting ., 5 O. 162. f ‘ be The creditors and stockholders may pursue the property of the corporation which has been fraudulently or wrongfully disposed of by the directors, into the hands of all purchasers with notice, and assert their lien upon it, or their claims for its value: Goodin v. Canal Co., 18 O. S. 169. The officers, agents, and assenting stockholders of a corporation, who, in the exercise of powers not granted to the corporation, occasion injury to others, are liable in damages therefor: Medill v. Collier, 16 O. S. 599; Kearny v. Buttles, 1 O. S. 362; Lawler v. Walker, 18 O. 151. Mere irregularities in organizing a corporation will not deprive the officers and stock- holders of the protection of the charter, but such organization, to protect them, must be sub- stantially in accordance with the charter: Bartholemew v. Bentley, 1 O. S. 37. Where the charter provided that stockholders only should be elected directors, persons hay— ing no interest in the stock, but fraudulently and collusively receiving the transfer of a share to qualify them, are not eligible, and the stockholders combining in such fraud have no power to confer upon them authority to do corporate acts; and such fraud upon the charter, and combina- tion to defraud the public, will prevent those participating in it from claiming any protection under its provisions, to escape private responsibility: Jb. When entire business is ultra vires, individuals can not interpose the corporate liability to protect themselves: Medill v. Collier, 16 O. S. 599: Bank of the United States v. White, W. 574. When board of directors act with less than a quorum, the act is voidable, not void, and the right to avoid it may be waived: Rolling Stock Co. v. Railroad Co., 34 O. S. 450. A court of equity will not, on the application of a stockholder, interfere with its manage- ment and control of the corporate buinesss while acting within the scope of its authority, unless ey ae eras of a breach of trust to the injury of such stockholder: Sims v. Street Railroad Ons O50. This principle is applicable to the action of the board of directors in receiving subscriptions. for that portion of the authorized capital not taken before the corporation was organized, where it will promote the objects of the corporation:, [b. A corporation can not be punished for the illegal acts of its minority directors: Goebel v. Herancourt Brewing Co., 2 O. D. 377. Cited in Railway Co. v. McCoy, 42 O. S. 253; State v. Man. Mut. F. Ass’n, 50 O. S. 145, 150. The corporate powers must be exercised by the board, means the whole board and not by a majority, which has excluded a minority from acting: State v. O. & M. Ry eG, aloe a8: A stockholder holds subject to the right of the majority to act through the board of direc— tors: Straman v. N. Balt. Water Wks. Co., 8 C. C. 89, 100; 1 O. D. 346. A director ceasing to own stock can not act: Campbell v. Bellman, 11 C. C. 360; 5 O. D. 389. A corporation under the laws of Ohio, which removes from this state, and whose directors remove from the state, and secures authority to do business in another state as an Ohio corpora— tion, may execute in that state a mortgage, which when properly recorded, will be a lien upon property in Ohio: Lattimer v. Mosaic Glass Co. et al., 13 C. C. 168; 7 O. D. 430. pie SL halk e does not cease to exist except in the manner provided by statute, §§ 6761 to A party may serve as a director when he owns stock and is a party to an executory con- tract to sell his stock, provided the stock is still his: Kuhn et al. v. Woolson Spice Co. et al., ie, \CauG, bbb =:7-O:; 1, ¢ 289. A court of equity will not interfere on behalf of a competitor in business to prevent an— other firm cutting prices below cost, even where the competitor owns stock in such competing company. The question of running a plant is one for the directors, and their discretion will not be interfered with unless there is an abuse of it: Kuhn et al. v. Woolson Spi Co. et al., 13 C. C. 547; 7 O. D. 289. pelted, con 30 OHIO INSURANCE LAWS. (Gokul: Creation of Corporations, Etc. When the officers and directors acted in good faith, and when the stockholders had knowl- edge of the acts complained of, they will not be personally liable for damages for losses resulting therefrom: Bond v. Poe, 12 C. C. 281. Sec. 3249. [Corporation may adopt regulations.] Every cor- poration may adopt a code of regulations for its governinent, not incon- sistent with the constitution and laws of the state. Cited in State v. Standard Life Ass’n, 38 O. S. 289. Cited, State v. Hutchinson, 56 O. S. 86. Sec. 3250. [Trustees or directors may adopt by-laws.] The trustees or directors of a corporation may adopt a code of by-laws for their government, not inconsistent with the regulations of the corporation, or the constitution and laws of the state, and may change the same at pleas- ure. Cited, State v. Hutchinson, 56 ORS ss: SEc. 3251. [How regulations may be adopted.] Regulations may be adopted or changed by the assent thereto, in writing, of two-thirds of the stockholders, or, if there is no capital stock, of the members, or by a majority of the stockholders or members, at a meeting held for that pur- pose, notice of which has been given by the acting president personally to each member or stockholder, or by publication in some newspaper of gen- eral circulation in the county in which the corporation is located, or in the counties through which its improvement does or will pass. Omission in a constitution or by-laws of a power to amend, does not take from the corpor- ation the power given by this section: Wangerein v. Aspell, 47 O. S. 250, 260 Stockholder’s assent being requisite to the amendment of a charter, he denying that he assented, is not concluded by the acts of other corporations. If his interests will be affected by acting under amended charter, he may, before it is accepted, invoke the aid of the state in quo warranto, or in an action by himself: Owen v. Purdy, 12 O. S. 79. Sec. 3252. [What may be provided for by regulations.] A corporation, by its regulations, when no other provision is especially made in this title, may provide for— _ 1. The time, place and manner of calling and conducting its meet- ings. 2. The number of stockholders or members constituting a quorum. 3. The time of the annual election for trustees or directors, and the mode and manner of giving notice thereof. 4. The duties and compensation of officers. . The manner of election, or appointment, and the tenure of of- fice, of all officers other than the trustees or directors. P 6. The qualification of members, when the corporation is not for pro- 5 _. , This section does not seem to authorize a change of place of the principal office, but if it did it does not apply to manufacturing corporations, for they are otherwise provided for, viz: by § 8855: Mercantile Trust Co. v. Etna Iron Wks., 4 C. C. 579, 588. _ SEC. 3253. [How payment of stock subseriptions enforced.] If an installment of stock remain unpaid for sixty days, after the time it is re- quired to be paid, whether such stock is held by an assignee, transferee, or the original subscriber, the same may be collected by action, or the direc- tors may sell the stock so unpaid at public auction, for the installment then due thereon, first giving thirty days’ public notice of the time and place of sale, in some newspaper in general circulation in the county where the de- linquent stockholder resided at the time of making the subscription, or of becoming such assignee or transferee, or of his actual residence at the time of the sale; or, if such stockholder resides out of the state, such pub- lication shall be made in the county where the principal office of the com- OHIO INSURANCE LAWS. 31 Creation of Corporations, Etc. Cia: pany is located; if any residue of money remain after paying the amount due on the stock, the same shall, on demand, be paid to the owner; and if the whole of the installment be not paid by the sale, the remainder shall be recovered by an action against the subscriber, assignee, or transferee. Poi Vaed; Sal y SOV 274,97). CG. 270; 310, | See Rowland v. Meader Furniture Co., 38 O. S. 269, in note under § 3258. SEC. 3254. [Stockholders entitled to certificates of stock; record of.] Stockholders shall be entitled to receive [certificates] of their paid up stock in the company ; and the president and secretary of the com- pany shall on demand, execute and deliver to a stockholder a certificate showing the true amount of the stock held by him in the company. And it shall be the duty of the directors of such corporation, when organized, to keep a record of all stock subscribed and transferred, and of the secretary or recording officer of such corporation to register therein all subscrip- tions and transfers of stock. For that purpose a book shall be kept and whenever any certificate or certificates of stock are assigned and delivered by a stockholder, the assignee thereof shall be entitled on demand to have the same duly transferred upon said book by such secretary or recording officer, whose duty it shall be at the same time to enroll therein also the name of said assignee as a stockholder, and the books and records of such corporation shall at all reasonable times be open to the inspection of every stockholder. [1884, April 14: 81 v. 196; Rev. Stat. 1880.] Cited, Railway Co. v. Bank, 56 O. S. 379. ; E ; It is not necessary for one purchasing a certificate of stock to inquire as to its genuineness when the signatures of the president and secretary are genuine and the seal has been affixed and the paper on its face is a certificate of stock: Id. : ‘ A corporation may become the purchaser of its own stock, in payment of debts owing to it: Taylor v. Exporting Co., 6 O. 177; Ohio v. Franklin Bank, 10 O. 91; and this seems to be the only legitimate way in which it may become the owner of its own stock: State v. Franklin Bank, supra; but a corporation has no power to purchase the bonds of another corporation, for the pur- pose of controlling such corporation: State v. McDaniel, 22 O. S. 354. It is doubtful whether directors of a corporation have power, unless it is expressly given, to pay dividends to stockholders not out of profits; and where directors have assumed to sell stock, and stipulated to pay annual interest thereon for a certain time, payment of such interest can not be enforced when the corporation has nothing out of which to make payment but its capital stock, and it owes other debts: Railroad Co. v. King, 17 O. S. 534. When the directors of a corporation have ordered its treasurer to allow interest, payable in stock, to those subsequently paying installments on stock subscriptions, and such payments of in- terest are actually made, the order inures to the benefit of those stockholders who had paid their subscriptions before the order was made: City of Ohio v. Railroad Co., 6 O. S. 489. . The equitable owner of stock: certificates were out in the name of another who claimed to be owner, and who was on books of the company as such; corporation refused to transfer without return of certificates; the equitable owner sued corporation for value of stock, making legal owner party: Held, that upon such a state of facts plaintiff was entitled to recover: National Bank of New London v. Lake Shore and M. S. R. Reel OFS. 221. Where no stockbook was kept, stockholders whose names appear as such on the stubs of stock certificates may be held: Herrick v. Wardwell, 58 O. S. 294. If an installment of stock in a railroad company remain unpaid by the original subscriber, an assignee of the stock may, upon making a proper tender of the unpaid installment, with in- terest, compel the corporation to issue to him a stock certificate: Railroad Co. v. Fink, 41 O./S. 321 ay As against such an action, the statute of limitations will begin to run from the time of such ender: : The purchaser of shares in a private corporation, where the incidental rights of a stock- holder do not depend on the ownership of these specific shares, is not entitled to a writ of man- ee compel their transfer: Freon v. Carriage Co., 42 O. S. 30; State »v. Carpenter, 51 See note to Morgan v. Lewis, 46 O. S. 1, under § 3260, _.Where the secretary of a railroad company fraudulently and criminally fills up a blank certificate of stock to himself, and hypothecates it to plaintiff, no inquiry being made by plaintiff as to its genuineness, the secretary was not acting as the agent of the company, but for himself: CON Ore’ T. P: Ry. Co. v. Third National Bank, 1 C. C. 199. In such case, if there was negligence on the part of the company, to entitle the plaintiff to recover, it must be of such gross character as to amount to bad faith or fraud: Jb. ae elhe plaintiff, in taking such certificate without inquiry as to its validity, was guilty of con- tributory negligence: Ib. he loss of plaintiff, if any, was not the proximate result of the negligence of the directors of the company, but the crime of the secretary was the proximate cause thereof: Jb. In a private corporation, the legal title to all corporate property, whether of original capi- tal or increase arising from the corporate business, is in the corporation, and so remains until y a corporate act a portion or the entire a ivi : es oe Ire assets are divided among the shareholders: Marble v. 32 OHIO INSURANCE LAWS. Chet: Creation of Corporations, Etc. A certificate of stock evidences the equitable interest a shareholder has in the property of the corporation, and fixes the proportion of any and all dividends to which he is entitled which are made while he is the owner of such certificate: Ib. The sale and transfer of a certificate of stock, transfers to and vests in the vendee that proportion of the entire assets of the corporation which the certificate bears to the entire stock of the corporation, and no valid reservation of any portion of a future dividend can be made at the time of such sale and transfer: Jb. | Books to be open to inspection, cited Toledo Consol. St. Ry. v. Toledo Elect. St. Ry., BEC. GC. 364. Upon a refusal to the stockholder of an inspection of the corporation’s books, injunction is the remedy: Blymyer v. Blymyer Iron Works Co., 5 Nie UL. The right is not limited to the stockholder’s personal examination, but extends to those who represent him, as attorney, agent or expert bookkeeper: Blymyer v. Blymyer Iron Works Ge: 6ON PR. Gs A transfer to a fictitious person is void and a mere nullity: Krohn v. The Central Ry. & Bridge Co., 4 N. P. 270; 6 O. D. 552. While a corporation may insist upon a transfer of stock, that the transferee show his right to the property when this is done, and the corporation refuses to transfer such stock, the holder may sue for damages or compel the acceptance of the transfer and issuing of a new certificate: Krohn v. The Central Ry. and Bridge Co., 4 N. P. 270; 6 O. D. 552. The pistes not claiming any interest in the stock transferred, need not be a party to the suit: 7 ae assignment of a certificate may be in equity: Lawler v. Kell, Ex., 4 N. P. 218; 6 O. Old. Where the transferor of a certificate intends to part with his title upon a valid considera- tion, but has failed, neglected or refused to endorse the certificate, he or his personal represen- tative after his death may be compelled to make indorsement so that a transfer may be made on the books of the corporation: Jd. (3254—1) Sec. 1. [Re-issuing of certificates of stock lost or de- stroyed.] In case any certificate of stock in any corporation be lost or destroyed, the owner thereof may file his petition in the probate court of the county where the principal business office of such corporation is located in this state, setting forth a pertinent description of such certificate, and a full statement of the facts relating to such destruction or loss, in- cluding the fact that he is the owner of such certificate, and was at the time of its loss or destruction, and had not assigned, transferred or dis- posed of the same, and that the same was not pledged to any one, or if so, stating to whom, and the facts relating thereto, and such petitioner shall make the corporation and any pledgee defendants to such proceeding, and shall serve a certified copy of such petition on some chief officer of such corporation, and on any such pledgee, on which copies the probate judge shall state over his signature when said petition will be heard, and said copies shall be so served not less than twenty days before the hearing, and such petitioner shall also publish, for three consectuive weeks, in some newspaper published and of general circulation in the county where the proceeding is pending, and in the county where the petitioner resides the notice containing the substance and prayer of such petition immediate- ly before the day of hearing, and stating when and where the same will be heard. [88 v. 336.] (3254—2) Src. 2. [How re-issue effected.] If the probate court, upon the hearing, find that the foregoing provisions have been complied with, and that such described certificate has been lost or de- stroyed, and that such petitioner at that time was and is the owner there- of, an order shall be made that such corporation issue and deliver a new certificate of stock to such petitioner for the original amount and kind of stock, and in case at the time of such loss or destruction of such original certificate, the certificate was pledged to any one, and the pledgee yet has a claim against the same, then such order shall direct that such new cer- tificate shall be delivered to such pledgee on such terms as the court may direct, and the corporation shall comply with said orders, and shall in no wise be prejudiced by complying with the said orders, or by paying dividends on such new certificate, so long as it is not made known to it OHIO INSURANCE LAWS. - 33 Creation of Corporations, Etc. Chick that such original certificate is in existence and owned by some person other than said petitioner; and all irghts and liabilities ataching to said original certificate shall attach to said re-issued certificate, while in force, but upon the production of the original certificate to such corporation by the owner or pledgee, such re-issued certificate shall be cancelled and surrendered, and be void, and executors and administrators, on behalf of estates of deceased owners of any such lost or destroyed certificates of stock, shall be entitled to proceed under this act and have all the rights and benefits thereof. [88 v. 336.] Sec. 3255. [Paid up stock is personal property.] Shares of stock in any company shall be personal property, and when fully paid up shall be subject to levy and sale upon excution against the owner. [50 v. BA LR os. or A270, | The interest of a stockholder in the property of a private corporation, represented by cer- tificates of shares registered in his name, may be reached by garnishee process served upon the corporation: Norton v. Norton, 43 O. S. 509. Src. 3256. [May borrow money on bond and mortgage.] A corporation may borrow money, not exceeding the amount of its capital stock, and issue its note or coupon or registered bonds therefor, bear- ing any rate of interest authorized by law, and may secure the payment of the same by a mortgage of its real or personal property, or both. A creditor of a corporation when he takes a mortgage to secure his debt, should know whether the corporation has the power to contract the debt and secure it by mortgage, but he need not know whether by a meeting of the directors the authority was given to borrow or give security, or whether the Epectoce are legally elected or not: Bosche v. Toledo Horse Display Co., 14 €-C5294-'7'O. D. 374. See note to same case under § 3239, F : A corporation may borrow money to carry on its business or to pay its debt, and for this pepe can mortgage 2!1 of its property: Bosche v. Toledo Horse Display Co., 14 C. C. 289; 1. OF Dy 874 A president of a corporation has no power to mortgage the corporation’s property or to confess judgment for money borrowed: Smead Foundry Co. v. Chesbrough, 3 O. D. 534. And this although owner of nearly all the capital stock and the manager of its affairs: Id. SEC. 3257. [May stipulate that its obligations may be converted into stock.] Upon the written assent of not less than three-fourths of the stockholders, representing at least three-fourths of the capital stock of the company actually paid, any company may borrow money not exce-ding one-half of the capital stock actually paid in, on such security, by way of mortgage, or otherwise, as may be agreed upon, and at a rate of interest not exceeding that allowed by law to be contracted for,and may, in the instruments evidencing the contract, stipulate that the holders of stich instruments shall have the right to convert the amount borrowed, or any part thereof, into either common or preferred stock, such stock having been provided for by the proper action and certificate of the company ; any action of the directors for borrowing money, issuing bonds, or involving an expenditure of money shall be by yea and nay vote, and record thereof shall be made showing the vote of each director voting upon the question. [67 v. 26, §§ 1, 2, 3, 4.] By this section the legislature did not intend to authorize the creation of additional stock-~ holders, and to exempt them from individual liability to creditors, but to enable such corpora- tions, upon the terms therein provided, to borrow money, and guarantee its repayment, with the option on the part of the lenders to become stockholders: Burt v. Rattle, 31 O. S. 116. SEc. 3258. [Stockholders liable in an amount equal to their stock.] The stockholders of a corporation which may be hereafter formed, and such stockholders as are now liable under former statutes, shall be deemed and held liable, in addition to their stock, in an amount SL at I. 34 OHIO INSURANCE LAWS. eh als Creation of Corporations, Ete. equal to the stock by them subscribed, or otherwise acquired, to the cred- itors of the corporation, to secure the payment of the debts and liabili- ties of the corporation. [52 v. 44, § 78; S&C, 250) It is well settled that, unless they have received assets of the corporation which were liable to the payment of its debts, or have agreed to pay the debts, the stockholders of a corporation are not liable for the debts of the corporation, except when made so by charter or a statute: Carr v. Iglehart, 3 O. S. 457. See, also, State v. Sherman, 22 O. S. 411. An act which authorizes the creation of a corporation, without providing for the liability of its stockholders to its creditors to an amount at least equal to the stock owned by each, is un- constitutional and void: State v. Sherman, supra; and such liability may be imposed either by express provision or by requiring of the stockholders such acts of organization, or other acts, as will subject them to the provisions of § 8, Art. XIII, of the Constitution, which, to the extent of the amount of stock owned by each stockholder, is self-executing: This liability of stockholders is not a primary resource or fund for the payment of the debts of the corporation, but is collateral and conditional to the principal obligation which rests upon the corporation, and is to be resorted to by creditors only in case of the insolvency of the corporation, or when payment can not be enforced against it by ordinary process: Wright v. McCormack, 17 O. S. 86. ‘ f ; As between stockholders, each is bound to contribute in proportion to his stock, but the liability of each is separate, and it, and the right arising out of it, is to and for the exclusive benefit of all the creditors: Wright v. McCormack, supra; Umsted v. Buskirk, 17 O. S. 113; and an assignment of this liability by the corporation, though for the mutual benefit of all its credi- tors, is therefore inoperative: ' A stinulation in a policy of insurance issued by an insurance corporation, limiting the time within which an action may be brought thereon, is not a limitation on the right of action of a creditor against stockholders to enforce this liability: Davis v. Stewart, 26 O. S. 645. A transfer of the stock in a turnpike company to a fictitious person is void: Muskingum Valley Turnpike Co. v. Ward, 13 O. 120. . That personal liability does not attach to stockholders as partners or otherwise, from the circumstance that the powers of the association have been exceeded without their authorization, is a principle well settled: Bank v. Hall, 35 OSs 166: Those only who engage in or sanction the business not within the purposes for which the association was organized, are liable for the debts contracted in carrying such unlawful business forward: Jb. 166. The individual or personal liability of stockholders attaches in favor of creditors at the time the debt is contracted or the liability incurred by the corporation. After such liability at- taches, it is not discharged by assignment or transfer, but the successive holders impliedly under- take to indemnify the assignor from the liability which attached to him while he held the stock. Tn suit to enforce individual liability, the existing stockholders are liable, and if by reason of insolvency the amount is not collectible, the assignors of the stock, up to the time the liability attached, may be charged with the deficiency: Brown v. Hitchcock, 36 O. S. 667. McIlvaine and Johnson JJ., dissented. In an action brought by a creditor of an insolvent corporation to enforce the individua! lia- bility of two persons who were stockholders at the time the debt was created, but who had as- signed their stock prior to the time the suit was begun, it was held that said assignees were necessary parties to a final determination of the rights and liabilities of all the parties interested; a a an oruer to make them parties the court committed error: Wheeler v. Faurot, Sas 20s Corporations de-facto and_de jure stand on the same footing as respects their liability to creditors. Gaff v. Flesher, 38 O. S. 115, 453, followed: Rowland v. Meader Furniture Co., 38 O. S. 269. See note to this case under § 3260. A pledgee of shares of stock who does not have them transferred to him on the books of the company, is not liable for the debts of the corporation: Henkle v. Salem Mfg. Co., 39 O. S. 558. ; Stockholders are not released from liability because they are not the owners of stock at the time the debt accrued. In order to be released, it must appear that the stock they held had not ge et aor the corporation prior to the time such liability accrued: Bonewitz v. Bank, 41 Cited in Freon v. Carriage Co., 42 O. S. 30. See note to Mason v. Alexander, 44 O. S. 318, under § 3260. See note to Morgan v. Lewis, 46 O. S. 1, under § 3260, Where a defendant, who prior to the insolvency of the corporation had sold his stock, an~ swers, praying that judgment be taken against his vendee, appeals from a judgment rendered against himself, the appeal carries his vendee, also a defendant, into the appellate court, whether the vendee has appealed or not: Harbold v. Stobart, 46 O. S. 400. Entries of transfers of stock must be made in the proper transfer book: Ib. A stockholder who, in good faith, sells and transfers his stock to one who afterwards be- comes insolvent, is liable for such portion only of debts existing, while he held stock, as will be equal to the proportion which the stock assigned bears to the stock held by solvent stockholders, within the jurisdiction, liable in respect to the same debts: Stockholders’ liability, limitation of, is six years from_insolvency: What is insolvency? Bronson v. Schneider, 49 O. S. 488; and see Younglove v. Lime Co., 49 O. S. 663; Barrick v. Gifford, 47 O. S. 180. A’ creditor’s extension of time on the debt will not relieve a former stockholder from his double liability: Boice v. Hodge, 51 O. S. 286. Where prior to the institution of an action to assess stockholders’ liability, it is not known that there must be an assessment in the maximum amount, interest will only run from the time of the confirming of the report of the referee: Berger v. Bank, 5 N. P. 176. _ Where a_ final ess eit has been rendered in a suit to assess stockholders’ liabilities by a creditor for himself and all the creditors, such judgment is a final determination of all stock- holders’ liability, notwithstanding pendency of proceedings in error: Swan et al. v. & L. M. Ry. Co., 3 N.. P. 226; 6 O..D. 162. Where in a suit to assess stockholders’ liability, it appears by the referee’s report that only seventy-five per cent. will be realized by creditors on their claims, and all creditors except one agred to a compromise decree, the non-consenting creditor can only recover seventy-five per cent. of his claim: Ferris v. Anton et al., 12 C. C. 134; 5 O. D. 532. OHIO INSURANCE LAWS. oo Creation of Corporations, Etc. Che Where partners create a corporation to continue business, and capitalize the partnership property at an inflated value, the capital stock of the corporation amounting to such inflated value, and issue the shares of stock to the partners as paid-up, each partner receiving in pro~ portion to his interest in the partnership; held to be a fraud upon the corporation creditors, re- gardless of the stockholders’ intentions, and that after deducting the true value of the partner-— ship property transferred, the balance is a debt due the corporation: Gates, Admr., v. Tippe- canoe Stone Co. et al., 57 O. S. 60. SEc. 3259. [The term “stockholders” defined.] The term stock- holders,” as used in the preceding section, shall apply not only to such persons as appear by the books of the corporation to be such, but to any equitable owner of stock, although the stock appears on the books in the name of another. Where stocks which have been fraudulently obtained are assigned simply as collateral se- curity for a pre-existing debt, that is not such a consideration as to make the holder a bona fide holder for value: Cleveland v. State Bank of Ohio, 16 O. S. 236. i . One who holds shares of stock merely as collateral security for a debt, without a transfer thereof to him on the books of the company, is not the legal or equitable owner of such stock. He would not be entitled to vote upon it as against his pledgor, and if he received any dividends, the same would be credited upon the debt as security for which he held it: Henkle v. Salem Mfg. Co., 39 O. 5.553. See note to same case in preceding section. Y One who holds stock in trust for the corporation is nevertheless personaly subject to the double liability, although the certificate shows the trust, § 3259, making equitable owners liable, is cumulative, and does not relieve the legal owner: Holcomb v. Gibson, Supreme Court without Teport,. 39> W. .--Be 380. Cited in Railway Co. v. Bank, 1 C. C. 199. See Swan et al. v. M. C. & L. M. R. R. Co., 3 N. P. 225; 6 O. D. 162, under § 3258. SEc. 3260. [Where complaint for enforcement of liability filed.] Whenever any creditor of a corporation seeks to charge the directors, trustees, or other superintending officers of a corporation, or the stock- holders thereof, on account of any liability created by law, he may file his complaint for that purpose in any common-spleas court which posesses jurisdiction to enforce such liability. [94 v. 359; 91 v. 88; R. S. of 188o. | As to the appointment of receiver, etc., generally, see § 5587 et seq. As to dissolution of corporations, see § 5651 et seq. The following decisions were rendered prior to the amendment of 94 v. 359° Before the enactment of this section, it was held, in Wright v. McCormack, and Um- stead v. Buskirk, supra ($8258), that the action by a creditor to enforce the liability of stock-— holders should be for the benefit of ail the creditors, and against all the stockholders, and the corporation should be a party; and fhat stockholders whose liability is sought to be enforced may insist on their co-stockholders being made parties, for the purpose of a general account, and to enforce from them contribution. _ Corporations -de facto and de jure stand on the same footing as respects their liability to creditors; the liability of the stockholders of the former, whether arising by statute or on stock-— subscription, may be enforced for the benefit of creditors the same as the liability of the latter. Gaff v. Flesher, 83 O. S. 115, 453, followed: Rowland v. Meader Furniture Go. $8°O;8S; 269; Ouster of a corporation de facto affords no defense to such liability: Jb. Sections 5011 and 5370 not applicable to corporations de jure or de facto. Stockholders in corporation de facto can not be charged as partners with the payment of a judgment against the corporation: Jb. The effect of a judgment against certain stockholders in a case in which all of the stock- holders were not made parties: Bullock v. Kilgour, 39 O. S, 543. ’ As to when persons who have taken steps toward incorporation, and who conduct business Mm an associate manner, may be charged on an individual liability as partners: Ridenour v. Mayo, 40 O. S. 9. See notes to § 3258. In such an action, where all the stockholders are not before the court, and it does not appear that those not served with process could not have been served, it is error to assess upon the stockholders served the whole amount of the indebtedness of the corporation: Bone- witz v. Bank, 41 O..S. 7%. : _ In a suit to enforce liability of stockholders, brought prior to the enactment of § 3260, Revised Statutes, by the creditor of an insolvent corporation in a county where some of the stockholders reside, but not where the corporation is situate and has its principal office or place ge eee and sia ag iste pie to Mage renee appear before the referee, etc., it is too er the case has ben appealed to the district court to questi jurisdicti appellate court: Mason v, Men iiae: 44 O. S. 319. ‘ saiisehiets Miah tee mapa meas As to the right of a court:to adjudicate as between stockholders who are parties and credi- tors, and continue the case for further proceedings as to other stockholders: , It is not error to include interest, although the amount thereby recovered may exceed the stockholder’s original liability: Jb. Reasonable counsel fees may be allowed to plaintiff’s attorney: Jb. It the amount due from any stockholder is not collectible, the assignor of the stock, up to the time the liability attached, may be charged with the deficiency. Brown v, Hitchcock, 36 O. S. 667, followed: Ib. Petition need not allege the return of execution unsatisfied, levied under plaintiff’s judg- ment. It is sufficient if insolvency, assignment, cessation of business, and want of money, 36 OHIO INSURANCE LAWS. hil: Creation of Corporations, Etc. credit, or materials, are alleged. A transaction, in good faith, by which, to save itself from loss, a corporation (before the debt upon which it is sought to hold stockholders was contracted) re-exchanged the property for which it gave its stock, and took back its stock, was upheld. After such re-exchange, the former stockholder is not liable for debts subsequently contracted: Morgan v. Lewis, 46 O. S. 1. Spear, J. dissented. ee = ; : The several creditors are neither necessary nor proper parties in proceedings in error in a suit to assess stockholders’ liability: Herrick v. Wardwell, 58 O. S. 306. ; The proceedings in the trial or appellate court inure to the benefit of all creditors: Jb. To maintain a suit to enforce the statutory liability of a deceased holder of stock in an insolvent corporation, it is not essential that a claim on account of such liability be first ex- hibited to his personal representative: Wanz v. Park Hotel Co., 1 C. C. 105. . In such a suit by a creditor, where the stock subscription book shows that the subscrip- tions were made subsequent to the filing of the articles of incorporation, such stockholders will not be permitted to show that such subscriptions were made prior to the filing of said arti- cles: Royce & Pulling v. Tyler, 2 C, Ge1ib; Proof that certain of the subscribers to stock, under an arrangement with one of the pro- moters of the enterprise, drew up and signed a cancellation of their own subscriptions, does not relieve such stock subscribers from liability to the creditors of the corporation: Ib- Where a member of an insolvent corporation voluntarily pays the debts of the corporation, he can not recover from another member, who was at the time of such payment solvent and within the same jurisdiction, his pro rata share of such indebtedeness: Burr, Admr. v. Bates, Admr., 3 C. C. 1. Shauck, J. dissented. Neglect of plaintiff to bring in all stockholders within the jurisdiction must not prejudice defendants: North v. Newark & C. R. R., 8 C. C. 583, 588; 1 O. D. 380 (modified in 54 O. S. 562). Attachment lies: Northern Nat. Bank v Maumee Rolling Mill, 2 M: P. 260; 2 OCD Gr, See Swan et al. v. M..C. & L. M. R. R. Co., 3 N. P. 225; 6 O. D. 162, under § 3258. Where in a suit to assess stockholders’ liability it appears by the referee’s report that only seventy-five per cent. will be realized by creditors on their claims, and all creditors except one agreed to a compromise decree,the non-consenting creditor can only recover seventy-five per cent. of his claim: Ferris v. Anton et al., 12 C. C. 184; 5 O. D. 532. Src. 3260a. [Action by court; appointment of receiver.] The court shall proceed thereon, as in other cases, and, when necessary, shall cause an account to be taken of the property and obligations due to and from such corporation, and may appoint one or more receivers. [94 Vv. 360. | * Src. 3260b. [Enforcement of liability upon insolvent corpora- tion.] . If, on the coming in of the answer or upon the taking of such account, it appears that such corporation is insolvent, and has not suffi- cient property or effects to satisfy such creditor, the court may proceed to ascertain the respective liabilities of the directors, officers and stock- ees and enforce the same by its judgment, as in other cases. [94 Vv. 360. | Src. 3260c. [Notice to non-resident stockholders ; collection of unpaid installments of stock.] In all cases in which the directors or other officers of a corporation, or the stockholders thereof, are made parties to an action in which a judgment is rendered, if the property of such corporation is insufficient to discharge its debts, the court shall give notice to non-resident stockholders as provided in sections 5048, 5049, 5050, 5051, or 5052 of the Revised Statutes, and shall first proceed to compel each stockholder to pay in the amount due and remaining unpaid on the shares of stock held by him, or so much thereof as is necessary to satisfy the debts of the company. [94 v. 360.]| Src. 3260d. [Court to ascertain and adjudge liabilities of officers and stockholders.] If the debts of the company remain unsatisfied, the court shall proceed to ascertain the respective liabilities of the direc- tors or other officers and of the stockholders, and to adjudge the amount payable by each, and enforce the judgment, as in other cases. [Prosecutions by receiver.] The court may authorize and direct the receiver to prosecute such action in his own name as receiver, as may be necessary, in other jurisdictions to collect the amount found due from any officer or stockholder. [94 v. 360.] OHIO INSURANCE LAWS. oT Creation of Corporations, Etc. Cheek. SEC. 3260e. [Notice to creditors.] Whenever any action is brought against any corporation, its directors or other superintending officers, or stockholders, according to the provisions of this chapter, the court, whenever it appears necessary or proper, may order notice to be published, in such manner as it shall direct, requiring all the creditors of such corporation to exhibit their claims and become parties to the action, within a reasonable time, not less than six months from the first publica- tion of such order, and, in default thereof, to be precluded from all bene- fit of the judgment which shall be rendered in such action, and from any distribution which shall be made under such judgment. [94 v. 360.] Sec. 3260f. [Distribution of property and assets of insolvent corporation.] Upon a final judgment in any such action against an insolvent corporation, the court shall cause a just and fair distribution of the prcperty and assets of such-corporation or the proceeds thereof to be made among its creditors. [94 v. 360.] _ SEC. 3261. [Trustees are personally liable for all debts by them contracted.]| The trustees of a corporation created for a purpose other than profit, shall be personally liable for all debts of the corporation by them contracted. [52 v. 44,§ 78; S. & C: 310.] The indivdual liability of trustees of an incorporated benevolent association for debts con— tracted by them, is collateral and conditional to the principal obligation which rests on the cor- poration: Waibrecht v. Pucketat (Ham. Dist. Court), 9 W. L. B. 335. / That a corporation has a capital stock and incidentally benefits its members, will not ex— clude the liability imposed by this section: Snyder v. Chamber of Commerce, 53 O. S. 1. A receiver may be appointed to collect from. stockholders, but the judgment against them Gre be in the original action brought by a creditor under § 3260: Zieverink v. Kemper, 50 . S. 208, 221, Cited Mahaffey v. Rogers, 10 C. C. 24, 26. Trustees of a Mutual Insurance Co., under § 3686 are not personally liable for a fire loss, pene the risk was not ultra vires: Manuf. Ass’n v. Lynchburg Drug Milis, 8 C. C. 112; 1 O. D. SEC. 3262. [Increase of capital stock.] A corporation for profit, ofter its original capital stock is fully subscribed for, and an installment of ten per cent. on each share of stock has been paid thereon, or a corpor- ation not for profit, having a capital stock, may increase its capital stock or the number of shares into which its capital stock is divided, by the unanimous written consent of all original subscribers, if done prior to organization, and after organization then by a vote of the holders of a majority of its stock, at a meeting called by a majority of its directors, at least thirty days, notice of the time, place and object of which has been given by publication in some newspaper of general circulation, and by let- ter addressed to each stockholder whose place of residence is known; or such increase may be made at any meeting of the stockholders at which all the holders of such stock are present in person, or by proxy, and waive in writing such notice by publication and by letter, and also agree in writing to such increase, naming the amount of increase to which they agree ; and a certificate of such action of the corporation shall be filed with the secre- tary of state. [90 v. 141; 83 v. 134; 80 v. 23; Rev. Stat. 1880; 69 v. 24; 70 v. 37, § 1.] . Cited Miller v. Ratterman, 47 O. S. 141, 157. : , A supplementary § 3262a was passed 1882, April 17 (79 v. 110); was repealed 1886, May 11 (83 bi ‘ Sats act, the second section of which reads as follows: : DEC. 2: nat section 3262, as amended February 16, 1883. (80 .v. 23),.3262a, as enacted shia hy 17, 1882. (79 v. 110), 3264, and 8821a, as enacted April 15, 1882 (79 v. 130), are re- Attention is called to the fact that February is specified in the repeal, instead of April. Where increase of stock of a mining company has been determined upon, ~and_ stock- holders decline to. pay for part of the stock, the power of the company to dispose of the stock is complete; and the agreement to take shares may be enforced by action, although the whole of the increased stock is never taken: Clarke v. Thomas, 34-0. S. 46, 38 OHIO INSURANCE LAWS. Ghats Creation of Corporations, Ete. Where stock issue has been irregular, but stockholder has acquiesced, he is bound on stock pect ae ee be fully paid up before right to increase capital stock accrues: Peter v. The Union Manfg. Co. et al, 56 O. S. 200. Src. 3263. [May increase stock by preferred stock.] Upon the assent in writing, of three-fourths in number of the stockholders of any ccmpany, representing at least three-fourths of the capital stock of the company, the company may issue and dispose of preferred stock, and may stipulate that the holders of such stock shall be entitled to a dividend not exceeding six per centum per annum, out of the annual profits of the company, in preference to all other stockholders, and that they may con- vert such preferred stock into common stock of the company at their elec- tion; and upon any such increase of stock, a certificate shall be filed with the secretary of state, as provided in the preceding section. [71 v. 69 (19), 8§ 1, 2.] The act of 1890 (67 yv. 89), to enable railroads to redeem their bonded debts authorized pre- ferred stock, but not certificates of indebtedness. Holders of certificates under this act are pre- ferred stockholders and not taxable on their certificates: Miller v. Ratterman, 47 O. S. 141. Certificates of preferred stock of the Ohio & Mississippi Railway Company were issued containing the following language: ‘The preferred stock is to be and remain a first claim upon the property of the company after its indebtedness, and the holder thereof shall be entitled to re- ceive from the net earnings of the company seven per cent. per annum, payable semi-annually, and to have such interest paid in full, for each and every year, before any payment of dividend upon the common stock; and whenever the net earnings of the corporation, which shall be applied in payment of interest on preferred stock and of dividends on the common stock, shall be more than sufficient to pay both said interest of seven per cent. on the preferred stock in full, and seven per cent. dividend on the common stock for the year in which said net earnings are so applied, then the excess of such net earnings, after such payments, shall be divided upon the preferred and common shares equally, share by share:” Held, that the preferred stockholders had no claim on the property superior to that of creditors under debts contracted by the company subsequently to the. issue of the preferred stock, and that their only valid claim was one to a priority over the holders of common stock: Warren v. King, 108 U. S. Supreme Court, 389. : An agreement by stockholders that new subscribers shall receive a preferred dividend is not an issue of preferred stock, but is valid: Painesville Nat. Bank v. King Varnish Co., 8 C rn Si EOE MD eael yes SEc. 3264. [Reduction of capital stock.] The board of directors of any such corporation may, with the written consent of the persons in whose names a majority of the shares of the capital stock thereof stands on the books of the company, reduce the amount of its capital stock and the nominal value of alf®the shares therof, and issue certificates therefor ; but the rights of creditors shall not be affected or impaired thereby; and a certificate of such action shall be filed with the secretary of state. [1886, May 11:'83 v. 13 4; Rev. Stat. 1880; :50 v. 274, § 74; 65 v.51, $8.42, 3 Ape bast Bea 200 = SiS. 2427) ae As a general rule, a corporation can not deal in its own stock. It can not decrease the amount of the same, except as provided by statute; but it may take back its own stock in satisfaction of a debt due to it, on the ground that such act is necessary to avoid loss: Morgan v. Lewis, 46 O. S., 1. SEC. 3265. [Change of bonds authorized.] A corporation which has lawfully issued or may hereafter lawfully issue its registered or cou- pon bonds, may, upon request of the holder thereof, change such regis- tered bonds into coupon bonds, or such coupon bonds into registered bonds either by substitution, or proper indorsement thereon; and all liens, securities, and rights which existed or accrued to such original bonds shall continue to such substituted or endorsed bonds, the same as if such substitution or indorsement had not been made. [73 v. 124.950 ceeaey _ SEC. 3266. [Corporate property to be employed only for the objects of the corporation.] No corporation shall employ its stocks, means, assets, or other property, directly or indirectly, for any other pur- pose whatever than to accomplish the legitimate objects of its creation. [50 v. 274, § 73; S. & C. 309.] OHIO INSURANCE LAWS. 39 Creation of Corporations, Etc. Chalk A corporation organized under the general incorporation act of May 1, 1852, for the purpose of manufacturing and supplying gas to the inhabitants of a city or village, may borrow money to enable it to accomplish the legitimate objects of its creation; and secure the payment of the same by note and a mortgage of the corporate property: Hays v. Galion Gas Light and Coal Co., 29 O. S. 330. A corporation can not make a vaild subscription te the stock of another corporation, unless . 44, authorized by statute: Railway Co. v. Iron Co., 46 SEC. 3267. [Change in number of directors.] A company may, by a vote of a majority of its stock, at any regular meeting of the company, increase the number of directors to any number not greater than fifteen, or decrease the number before or after such increase to any number not below five; provided, that at any stockholders’ meeting, called in the man- ner and as provided in section three thousand two hundred and forty six, and notice of which has been given in accordance with the provisions thereof, any corporation, incorporated for manufacturing purposes, may, bv a vote of a majority of its stock, increase the number of its directors as hereinbefore provided, who shall hold their offices respectively until the next annual election for directors, and until their successors are elected and qualified. [1886, May 15: 83 v. 163; Rev. Stat. 1880.] SEC. 3268. [Annual statement of condition of corporation to be furnished stockholders.] Every corporation organized under the laws of this state shall make a statement annually of its financial condition, setting forth its assets and liabilities, and shall furnish to each stockholder a true copy of the same, together with a list of the stockholders thereof and their place of residence. This section applies as well to a policy issued by a Company organized and conducted outside the limits of Ohio as to a policy issued by a company of this state: Cross v. Armstrong, AAS Oe Ss 615% 614: ' As to the right of the administrator to share in the fund where suit has been previously brought and judgment obtained against the company by the widow, in a court in the state where as company is located, and an order made in such court making the administrator a party: 3 SEc. 3269. [When provisions of this chapter do not apply. | The provisions of this chapter do not apply when special provision is made in the subsequent chapters of this title, but the special provision shall govern, unless it clearlv appear that the provisions are cumulative; and no corporation shall by anvthing in this tit.e be relieved from any liability in actions now pending or causes of action heretofore accrued. DIVIDENDS. (3269—1 Sec. 1. [Corporate dividends to be paid from sur- plus profits only.] Be it enacted by the General Assembly of the State of Ohio, That it shall not be lawful for the directors of any corporation organized under the laws of this state to make dividends except from the surplus profits arising from the business of the corporation. [1888, April 11: 85 v. 182.] (3269—2) Sec. 2.[Unpaid interest due corporation not to be included in profits.] In the calculation of the profits of any corpor- ation previous to a dividend, interest then unpaid, although due, on debts feat to the company, shall not be included. [1888, April 11: 85 v. 182. My 3269—3). -SEC. 3. [Surplus profits; how ascertained; prohib- iting advertisement of capital not subscribed and paid in.]| In order to asecrtain the surplus profits, from which alone a dividend can be made, there shall be charged in the account of profit and loss, and deducted from the actual profits. 40 OHIO INSURANCE LAWS. Ch. 1. Creation of Corporations, Etc. 1. All the expenses paid or incurred, both ordinary and extraordi- nary, attending the management of the affairs and the transaction of the business of the corporation. 2. Interest paid, or then due or accrued on debts owing by the corporation. } ‘ ; 3. SEC. 3636. [Election of directors.] Within one month after the subscription books are filled, and the articles of incorporation filed with the secretary of state, a majority of subscribers to the stock shall hold 2 meeting for the election of not less than five nor more than twenty-one 84 OHIO INSURANCE LAWS. Che. Insurance Companies Other Than Life. directors, who must be stockholders or members, and the number thereof may at any time thereafter be increased or diminshed between the same limits, at the will of the stockholders representing a majority of the stock or a majority of the members; each member of a mutual company shall be entitled to one vote, and each stockholder in other companies shall be entitled to one vote for each sare of stock he holds; and mutual companies may, if they so provide in their by—laws, elect directors for the term of three years, the term of office of one-third of the numebr elected to expire each year, and those who receive the highest number of votes at the first election to serve the longest term. [70 v. 180, § 5; 60 v. Dee etl. a, 200) 51 Sec. 3637. [How company must invest its capital.] No com- pany organized under this chapter, or incorporated under any law of this state, for the purposes provided in section thirty six hundred and thirty two, shall invest its capital, or any part thereof, otherwise than in—1. United States bonds; 2.Ohio state bonds; 3. Bonds of a county, township, or municipal corporation in this state, issued in conformity with law; 4. Bonds and mortgages on unincumbered real estate within this state, worth fifty per cent. more than the sum loaned thereon, ex- clusive of buildings; 5. The stock of any national bank located in this state, organized under the provisions of an act of congress entitled “An act to provide a national currency, secured by the pledge of United States stocks, and to provide for the circulation and redemption thereof,” approved February 25, 1863, and acts amendatory thereof and supple— mentary thereto; or, 6. First mortgage bonds of railroads within this state, upon which default in the payment of the interest coupons has not been made within three years previous to the purchase thereof. [70 v. 147, $1.03. (S2&.S; 206)<] SEc. 3638. [How it may invest its accumulations.] Funds ac- cumulated in the course of business, or surplus money over and above the capital stock of the company, may be loaned on or invested in the above named securties, or, 1. Bonds and mortgages on unincumbered real estate within the state, worth fifty per cent more than the sum loaned thereon, exclusive of buildings, unless such buildings are insured in some company authorized to do business in this state, and the policy is transferred to a company making the investment; 2. Bonds of any state of the United States; 3. Stocks, bonds, or other evidences of indebted- ness of any solvent, dividend—paying institution incorporated under the laws of this or any other state, or of the United States, except its own stock; or 4. Negotiable promissory notes maturing in not more than six months from the date thereof, secured by collateral security through the transfer of any of the classes of securities above described in this or the preceding section, with absolute power of sale within twenty days after default in payment at maturity. [70 v. 147, § 6.] SEC. 3639. [Limitation on the powers of investment.]..No com- pany shall own more than one-fourth of the capital stock of any national bank, nor invest in nor loan on the stocks and bonds, both included, of any railroad company, to an extent exceeding one-tenth of its own capital, nor in the aggregate shall the investment in and loan on all railroad prop- erty exceed one-fourth of its capital ; not more than one-half of its capital. shall be loaned on mortgage of real estate, as above provided for the invest— . . OHIO INSURANCE LAWS. | 85 Insurance Companies Other Than Life. Che Al, ment of capital, and not more than one-tenth of the capital actually ex— isting of any company sall be invested in a single mortgage; the current market value of all such stocks, bonds, or other evidences of indebted— ness as above mentioned, in which the accumulations or surplus money over and above the capital stock of any insurance company may be loaned or invested, shall be at all times during the continuance of such loans at least twenty per cent. more than the sum loaned thereon ; and if any invest- ment or loan be made in a manner not authorized by this chapter, the directors who make or authorize the same shall be personally liable to the stockholders for any loss occassioned thereby; but insurance companies organized under the laws of this state, now doing business, shall not be compelled to change any investment made in accordance with the acts here— tofore passed regulating such companies. [70 v. 147, § 6.] SEC. 3640. [Examination by the superintendent.] When a com- pany notifies the superintendent of insurance that the proceedings required by the preceding sections have been had, he shall make an examination of the condition of the company, and if he find that the capital required of the company has been paid in and is possessed by it in money, or in such stocks, bonds, and mortgages as are required by this chapter, he shall so certify ; or he may cause such examination to be made by some disinterested person specially appointed by him for the purpose, who shall certify his finding to the superintendent under oath; the signers of the articles of in— corporation, or the offices of the company, shall also certify, under oath, that the capital exhibited is, bona fide, the property of the company, ; such certificates shall be filed in the office of the superintendent, who shail there— upon deliver to such company a certified copy thereof, which, on being placed on record in the office of the recorder of the county wherein the company is to be located, in a book provided for that purpose by him, shall be its authority to commence business and issue policies; and such certified copy of certificates may be used in evidence for or against the company with the same effect as the original. [69 v. 140, § 7; (SG: 207.) | _ SEC. 3641. [Power of companies; limitation; guaranty compa- nies must make deposit; corporate power cannot be denied.]_ A com- pany organized under this chapter may : 1. Insure houses, buildings and all other kinds of property against loss or damage by fire and lightning and tornadoes, in and out of the state, and make all kinds of insurance on goods, merchandise and other property in the course of transportation, whether on land or water, or on any vessel or boat wherever the same may be. _ 2. Make insurance on the health of individuals and against personal injury, disablement or death, resulting from traveling or general acci- dents by land and water ; make insurance against loss or damage result— ing from accident to property, from cause other than fire or lightning ; guarantee the fidelity of persons holding places of public or private trust, who may be required to, or do, in their trust capacity, receive, hold, control, disburse public or private moneys or property ; guarantee the performance of contracts other than insurance policies, guarantee the validity of titles to real property, and execute and guarantee bonds and undertakings re— quired or permitted in all actions or proceedings, or by law allowed. 86 OHIO INSURANCE LAWS. Agives 1) Insurance Companies Other Than Life. 3. Make insurance on the lives of horses, cattle or other live stock against loss by death caused by accident, disease, fire or lightning, and against loss by theft and damage by accident, provided, that such company shall have a capital of one hundred thousand dollars, with at least twenty— five (25) per cent. of the capital stock paid up. 4. Receive on deposit and insure the safe—keeping of books, papers, moneys, stocks, bonds and all kinds of personal property; lend money on bottomry or respondentia, and cause itself to be insured against any loss or risk it may have incurred in the course of its business, and upon the in- terest which it may have in any property by means of any loan which it may have made on mortgage, bottomry or respondentia, and generally to do and [perform] all other matters and things proper to promote these objects ; but no company shall be organized to issue policies of insurance for more than one of the above four mentioned purposes, and no company organized for either one of said purposes shall issue policies of insurance of any other; provided, however, that no company organized under the laws of the state to transact the business of guaranteeing the fidelity of persons holding places of public or private trust, or of executing or guar-— anteeing bonds or undertakings, as aforesaid, shall commence business until it has deposited with the superintendent of insurance two hundred thousand dollars in securities permitted by sections 3637 and 3638 of the Revised Statutes, which shall be held by the superintendent for the benefit and security of all policyholders of the company, and which shall not be received by the said superintendent at a rate above their par value; nor shall a company, organized under the laws of another state, be licensed to trans— act any such business in this state unless at least two hundred thousand. dollars of its assets are invested in securities permitted by sections 3637 and 3038 of the Revised Statutes of this state, and such securities are depos— ited with the superintendent of insurance of this state, or the superintendent of imsurance or other officer ‘of the state in which such company was organized, designated by the laws of such state to receive the same, and if such securities are deposited with the superintendent of insurance or other officer of another state, the su- perintendent of insurance of this state shall be furnished with the certificate of such state officer under his hand and official seal that he, as such officer, holds in trust on deposit for the benefit of all the policy-holders of such company the securities above mentioned, giving the items of such securities, and stating that he is satisfied such securities are worth at ieast two hundred thousand dollars ; and in addition to such certi- cate such company shall deposit and maintain with the superintendent of Insurance of this state thirty thousand dollars for the purpose of paying any judgment obtained against them in this state, in securities as per- mitted by sections 3637 and 3638 of the Revised Statutes of this state, and the securities so deposited with the superintendent of insurance may be ex- changed from time to time for other like securities, and so long as the corporation depositing the securities shall continue solvent and comply with the laws of this state it shall be permitted by the superintendent of insurance to collect the interest or dividend on such deposit ; provided, also, that any company which shall execute any bond as surety under the pro- visions of this act shall be estopped in any proceeding to enforce the liability which it shall have assumed to incur, to deny its corporate power to exe-— cute such instrument or assume such liability. [93 v. 170; O1 V. 138; 96 } | ’ . OHIO INSURANCE LAWS. 87 Insurance Companies Other Than Life. Che Ti. W057, 88 Vo 102) S2 Vv. 185 +Rev. State! 1880; 71 v. 65, § 8; (5 & 5S. 229).] The expression in paragraph 2 “‘guarantee the performance of contracts other than insur- ance policies’? does not authorize credit indemnity business: Ins. Supt. Ruling, 1900. Sec. 3641a. [Fire insurance companies may insure against light- ning, explosion and tornadoes.] All companies heretofore organized or that may hereafter be organized, for the purpose of insuring against loss or damage by fire, may insure against loss or damage by lightning, explosions from gas, dynamite, gunpowder, and other like explosions and tornadoes. [88 v. 304; 81 v. 93; 80 v. 170.| . SEc. 3641b. [Accident and guaranty companies may insure against accidents to employes, etc.; deposit.] A company heretofore organized or that may hereafter be organized to do business under clause 2 of section 3641b,*chapter 11, title 2 of the Revised Statutes of Ohio, may make insurance to indemnify employers against loss or damage for personal injury or death, resulting from accidents to employes, or persons other than employes, subject, however, to the restrictions in said section provided; and, provided, that any company incorporated by or organized under the laws of any other state, or of a foreign government that is now doing business in this state by virtue of original section three thousand six hundred and forty-one 0, shall, on or before the first day of April after the passage of this act, and any company incorporated by or organized under the laws of any other state or government that may de- sire to do business in this state, shall, before being authorized to transact such business, deposit with the superintendent of insurance, for the benefit and security of the policy-holders residing in this state, a sum not less than fifty thousand dollars, in bonds of the United States or the state of Ohio, or of any city, county, township or other municipality in the state of Ohio, which shall not be received by the superintendent at a rate above their par value; the securities so deposited may be exchanged from time to time for other like securities; so long as the company so depositing continues solvent and complies with the laws of this state it shall be per- mitted by the superintendent to collect the interest or dividends on such deposits. Said deposit shall be held by the superintendent of insurance for the benefit, security and protection of the policy-holders of the com- pany residing within this state; and it shall be stipulated by the com- pany that such deposit is made, and such sum set aside from the general assets for that purpose, the same to be held until all claims of policy- holders within this state are adjusted. Provided further, that the provisions of chapter two,” title two of the Revised Statutes of Ohio, so far as the same may be applicable and not inconsistent with the provisions of this section shall apply to such companies organized under or incorporated by the laws of another state or government. [91 v. 352; 88 v. 304.] *The legislature intended section 3641 and not 3641b as will be manifest by referring to original section 3641b in 88 v. 304. Se al oT legislature evidently here intended chapter eleven, and not chapter two, which refers to railroad companies, SEC. 3641c¢. [Sufficiency of bonds, etc., executed by companies; other bonds.] In all cases in which any bond, recognizance or under- taking is now, or hereafter may be required or permitted by law, with one or more sureties, the execution of the same or the guaranteeing thereof, as the case may be, as sole surety, shall be sufficient by a company au- 88 OHIO INSURANCE LAWS. Ghd: Insurance Companies Other Than Life. thorized to guarantee the fidelity of persons holding places of public or private trust, to guarantee the performance of contracts other than in- surance policies, and to execute and guarantee bonds and undertakings in actions or proceedings or by law allowed; and when so executed and guaranteed, shall be in all respects, a full and complete compliance with every requirement of law, ordinance, rule or regulation that such bond, undertaking or recognizance shall be executed and guaranteed by one ‘surety or two or more sureties, or that such sureties shall be residents or house-holders or freeholders; and any judge, court or officer, whose duty it is to pass upon the account of any assignee, trustee, receiver, guardian, executor, administrator or other fiduciary, required by law to give bond as such, and whenever any such assignee, receiver, trustee, guardian, executor, administrator or other fiduciary, has given bond with a surety company as surety thereon, shall allow, in the settlement of the account of such assignee, receiver, trustee, guardian, executor, adminis- trator or other fiduciary, a reasonable sum paid a company authorized under the laws of this state so to do, for becoming his surety on such bond, not exceeding, however, one-half of one per cent. per annum on the amount of such bond; unless such bond shall be in double the amount of the liability of such fiduciary, when the sum so allowed shall not ex- ceed the sum of one-fourth of one per cent. per annum; provided, however, that such company has complied and continued to comply -with the laws of this state relative to such companies, and with such requirements as to justification, as may be prescribed by the head of the department, court, judge, or officer required to approve or accept the same, and provided that such bond, recognizance or undertaking be approved by the head of the department, court, judge or officer required to approve or accept the same. This section shall apply to and authorize any surety company above definea to become surety upon the bond required by law of any state officer, (except the superintendent of insurance,) and of-any county, township or municipal officer. Such surety company may be accepted by the officer or officers required to approve such bond, in lieu of the sureties now required by law. [92 v. 320; 90 v. 157; 88 v. 14.] Applies to existing cases: Commercial Bank assignment, 3 N. P. 286; 4 O. D. 228. SEC. 3641d. [Deposit required of title guaranty and abstract company ; requirements as to stock. ] Every company organized for the purpose of guaranteeing the titles to real property shall before com- mencing business 1n this state, deposit an amount equal to one-half of its capital stock, and in no event less than the sum of two hundred and fifty thousand dollars, with the superintendent of insurance, in the securities permitted by sections 3637 and 3638 of the Revised Statutes, and the entire stock of such title guaranty and abstract company shall be paid up, and with the exception of the deposit aforesaid, shall be invested only as the board of directors of said company may prescribe. [92 v. 320.] SEC. 3642. [Directors of insurance company to elect officers; by- laws and regulations.] The directors shall choose from their own number by ballot, a president, and shall fill all vacancies that may arise in the board, or in the presidency thereof ; the board of directors, or a majority of them, when convened at the office of the company, may appoint a sec- retary and any other officers or agents necessary for transacting the busi- ness of the company, and pay such salaries and take such securities as they — OHIO INSURANCE LAWS. 89 Insurance Companies Other Than Life. Ghai hi. may judge reasonable ; they may ordain and establish by-laws and regula- tions not inconsistent with the constitution and laws of this state and of the United States, as shall appear to them necessary for regulating and conducting the business of the company ; but no new by-laws or regulation shall take effect until the same has been approved by the state commis- sioner of insurance and a copy thereof has been filed in the office of said commissioner, and they shall keep full and correct records of their transactions, which shall, at all times, be open to the inspection of the members or stockholders. [1883, March 5: 80 v. 41; Rev. Stat. 1880; 0G V“140,-8 TO} (3.&'S, 2087] SeEc. 3643. [Extent of liability under policy of insurance.] Any person, company, or association, hereafter insuring any building or struc- ture against loss or damage by fire or lightning, by a renewal of a policy heretofore issued, or otherwise, shall cause such building or structure to be examined by an agent of the insurer, and a full description thereof to be made, and the insurable value thereof to be fixed by such agent; in the absence of any change increasing the risk without the consent of the insurers, and also of intentional fraud on the part of the insured, in case of total loss, the whole amount mentioned in the policy or renewal upon which the insurers receive a premium shall be paid; and in case of a partial loss the full amount of the partial loss shall be paid; and in case there are two or more policies upon the property, each policy shall con- contribute to the payment of the whole or the partial loss in proportion to the amount of insurance mentioned in each policy; but in no case shall the insurer be required to pay more than the amount mentioned in its policy. [76 v.26, §.1.| Effect of compromise with portion of companies upon liability of others: Good v. Insurance Co., 48 O. S. 394. . ; The insured covenanted that the insurance asked for did not exceed two-thirds of the actual cash value of the property. Vhe policy insured it for the sum asked, and made the application a part of the contract. Issue was joined (in a suit on the policy) upon an averment by the company that the covenant was untrue, as the applicant well knew when he made it. At the trial, conflicting evidence was before the jury on this issue, but the court directed a verdict for the plaintiff for “the value of the property destroyed by fire covered by the policy of insurance described in this case, not exceeding the amount of insurance upon the part thus destroyed,” and refused to give any instruction applicable to the issue as to the covenant: Held, this was error: Insurance Co. v. McCluckin, 40 O. S. 42. In case of total loss the entire amount of the policy is recoverable: Ins. Co. v. Leslie, 47 O. S. 409; Ins. Co. v. Hull, 51 O. S. 270, 278; Sun Mut. Ins. Co. v. Hock, 8 C. C. 341; 1 O. D. 690. The neglect of the agent to examine the property and fix a value does not prevent the operation of the statute: Ins. Co. v. Leslie, 47 O. S. 409. Conditions in the policy for a different rule are not binding: Jd. A condition in a policy avoiding it if the building becomes vacant is modified by this ae ieee the company must show that the risk was increased thereby: Moody v. Ins. Co., 52 “This section does not relate to the title or encumbrances: Webster v. Ins. Co., 53 O. S. 558 (affd. 7 C. °C. 611), contra see 7 C. C. 356. : Additional insurance increases the risk as matter of Jaw and hence a condition against it is not within § 3643: Sun Fire Office v. Clark, 53 O. S. 414. . A eet on cognovit is not ‘suffering’? an incumbrance: People’s Mut. Ins. Co. wv. Bowersox: Supr. Ct. not rep. 31 Bull. 56. Mortgaging the property is no defense unless risk was increased, which is a question of fact: Henderson v Ohio Far. Ins. Co., 2 N. P. 17; 2 O. D. 189. en oes and engine may be a “‘structure” under § 3643: Ins. Co. v. Luce, 11 C. C. 476; & } ‘Where there is a total loss on a structure, the insurance company is bound to pay the entire amount named in its policy, although there was a concurrent insurance by other com- panies; a clause requiring the determination of the amount of loss to be submitted to appraisers. 1s void: Ins. Co. v. Port Clinton Fish Co., 14 C. C. 169; 7 O. D. 468. As to what is a total loss, see same case. Insured assigned his peties to M. as collateral to a loan on mortgage. The house burned down. The policy provided to pay the mortgagee $400 or as much thereof as was necessary to satisfy the mortgage after applying the proceeds derived from’the mortgage; also that where: a policy is issued to a mortgagee, or is held as collateral to a mortgage, the assured cannot demand or recover any part until collection of the mortgage. It was contended that “demand or recover _did not prevent action but only stayed execution, especially in view of a six months’ limitation on the olicy; also that §3643 prohibited any defense except fraud and’ increase of hazard. Held, the petition is not demurrable and action lies though the property 90 OHIO INSURANCE LAWS, Gh. Li: Insurance Companies Other Than Life. SE Se ee ee ee Ne PUMICE TS TT has not been sold on foreclosure: German Ins. Co. vy Mirick, Supreme Ct. without report, 38 eB. re: é f : . An insured by consenting to arbitrate the amount of loss sustained by fire in pursuance to the provisions of the policy, is not precluded, in a suit upon the policy from claiming and recovering as for a total loss, if the evidence sustains his claim. The provisions of section 3643 Revised Statutes being founded upon public policy, the insured can not be held to a waiver of them: Penna Fire Ins. Co. v. Drackett et al., 63 O. S. 41. par" 5 : Where a building is so far destroyed by fire as ‘to lose its identity and specific character as a building, and the parts that remain cannot be utilized to its advantage in re-construction, there is a total loss within the meaning of section 3643 Revised Statutes: supra. SEc. 3643a. [Insertion of co-insurance clause in policy un- lawful; penalty.] It shall be unlawful for any insurance company doing business in this state, to insert, or cause to be inserted, any condition in any policy of insurance issued in this state, upon property therein, any clause prescribing that the insured shall carry any given per cent. of insurance upon insured property, or in case the assured failed to do SO, he shall be held to be a coinsurer to the amount of the difference between the insurance carried and the amount required to be carried, by any per cent. clause set out in any policy of insurance; and any insurance com- pany violating this section, the superintendent of insurance shall forth- with revoke and recall the license or authority of it to do or transact business within this state, and no renewal of authority shall be granted to it for three years after such revocation; and it shall thereafter be pro- hibited from transacting any business in this state until again duly licensed and authorized. Provided, that the provisions of this section shall not apply to railroad or marine insurance. fo24v 7074] _ So called “limited liability” and “average” clauses prohibited by this section: Ins. Supt. Ruling, 1901. SEC. 3643b. [Arbitrators and umpires must be residents of county; how long.] In a case where arbitrators and umpires are se- lected to ascertain a loss under any insurance policy issued on property in this state, said arbitrators and umpires shall be residents of the county in whicn such loss has occurred, at least one year prior to the said loss. [91 v. 357.] . _A condition in a policy of insurance against fire, that in case of loss and a disagreement or difference between the parties as to the amount of the loss, that amount shall be ascertained by arbitration or appraisal, is a proper and valid condition: and where it is also provided that the condition as to arbitration or appraisal must be complied with before a suit can be brought against the insurer, the condition is thereby made a condition precedent, and to entitle the insured to maintain an action to recover under the policy, he must show that he has either performed the condition or has a legal excuse for non-performance thereof: Phoenix Ins. Cor v. Carnahan, 63 O. S. 258. Where, upon receiving proofs of loss from the insured, the insurer disputes the amount as therein claimed by the insured, and demands an arbitration or appraisal, as provided in the policy, to ascertain the amount of the loss, therc is a disagreement or difference such as will be the foundation for such arbitration or appraisal: Ibid. SEC. 3644. [Wnen solicitor held to be agent of insurer.] A per- son who solicits insurance and procures the application therefor, shall be held to be the agent of the party hereafter issuing a policy upon such ap- plica..on or a renewal thereof, anything in the application or policy to the contrary notwithstanding. h76'V. 26. eee ~ A soliciting agent, procuring for an insurance company risks and applications on which popes are issued, who fills up the application, is, in so doing, the agent of the company, an as of the insured; and if the agent make a mistake, in wrongly stating facts which were correctly given him by the insured, in preparing the application, the company is bound by and ani for such mistake: Insurance Co. v, Williams, 39 O. S. 584. 4\n agent may waive notice and proof of loss, although the policy express] rovides that an agent has no such authority: Ohi Far 5’ In 5 i Sad co i report, 88 W. [pe tag y o Harmers’ Ins. Co. v. Danison, Supreme Court without Where an insurance a 2 ) in i , z 2 agent employs another broker to obtain insurance, both agents are 600, Oe the, agents of the insurance company: Ins. Co. v1, Lake Erie ‘Provision Co.. 18 Cx Gs “> F « v62Z. Cited: Ins. Co. v. Port Clinton Fish Co., 14 C. C. 168; 7 O. D. 468. OHIO INSURANCE LAWS. 91 Insurance Companies Other Than Life. Cheat Src. 3645. [How contracts to be evidenced.] All policies or contracts of insurance made or entered into by the company may be made either with or without the seal of the company; and they shall be sub- scribed by the president or such other officer as may be designated by the directors for that purpose, and shall be attested by the secretary, and, when so subscribed and attested they shall be obligatory on the company, PO Ab, S10 (528 5265). | When the charter of an insurance company confers upon it power ‘“‘generally to do and perform all things relative to the object of the association,’’ and provides in a subsequent section that ‘‘all policies or contracts of insurance’’ shall be subscribed by the president, or some other officer designated by the board of directors for that purpose, the latter provision does not disable the company from binding itself by contract for policies and immediate insurance executed in other modes and hy other agents, but merely prescribes the manner in which the final contract or policy shall be executed: Insurance Co. v. Kelly, 24 O. S. 345. A policy of insurance must be in writing: Cockerill v. Insurance Co., 16 O. 148. A verbal waiver of the forfeiture of a policy of insurance is not binding: Jb. SEc. 3646. [Transfers of stock.] Transfers of stock may be made on the books ot the company by any shareholder, or his legal rep- resentative, subject to such reasonable restrictions as the directors may, from ume to time, make in their by-laws, and subject, also, to any pro- \isions of the laws of this state relating to such transfers. [69 v. 140, § aie oe 605: COG )s| SEC. 3647. [How stock may be increased.] When a company organized under this chapter requires, in the opinion of the directors there- of, an increased amount of capital, they shall, if authorized by the holders of two-thirds of the stock, file with the secretary of state a certificate setting forth the amount of such desired increase, and thereafter such company shall be entitled to have the increased amount of capital fixed by such certificate ; and the examination of securities composing the capital stock thus increased shall be made in the same manner as is provided in section thirty-six hundred and forty for capital stock originally paid in. 160.7. 140, § 13; (S: & S:209).] SEC. 3648. [Dividends to be payable from surplus profits only; reservations therefrom; penalty for violations of this section; scrip dividends by participating or mutual companies; interpretation of words “year” and “profits;” accumulation of a permanent fund; rights of policy holder after determination of policy.] No fire insurance company organized under any law of this state shall make any dividend except from the surplus profits arising from its business ; and in estimating such profits there shall be reserved therefrom: Furst. A sum equal to fifty per cent. of the whole amount of prem- ums on unexpired risks and policies, which is hereby declared to be un- earned premiums. \ Second. All sums due the company on bonds and mortgages, bonds, stocks, and book accounts, of which no part of the principal nor the in- terest thereon has been paid during the preceding year, and on which an action has not been commenced, or which, after. judgment obtained thereon, has remained more than two years unsatisfied, and on which in- terest has not been paid; and Third. All interest due or accrued, and remaining unpaid, for which the company does not hold securities as herein before provided. Any dividend made contrary to the provisions of this section shall subject the company which makes the same to a forfeiture of its charter and each stockholder who receives it to a liability to the creditors of the com- 92 OHIO INSURANCE LAWS. ie «Ta Insurance Companies Other Than Life. pany to the extent of the dividend received, besides the other penalties and punishments prescribed by law; but this section shall not prevent the declaration of scrip dividends by participating or mutual companies, yet on such scrip dividend shall be declared to an amount in excess of or be paid except from profits, after reserving all sums above provided including the whole amount of premiums on unexpired risks: and the word “year,” wherever used in this section shall be construed to mean the calendar year, and the “profits” of a mutual insurance company are that portion of its cash funds not required for payment of losses and expenses nor set apart for any purpose required by law. Any such company may in its by- laws, provide for the accumulation of a ‘permanent fund, by reserving a portion of the net profits, to be invested and be a reserve for the security of the insured. When the business of such company is confined to the state of Ohio,. such reservation shall not exceed twenty-five per cent. of said net profits; and when the sum so accumulated amounts to two per cent. of the sum insured by all policies in force, the whole of the net profits thereafter shall be divided among the insured at the expiration of their policies. But, any such company doing business outside the state of Ohio may set aside and thereafter maintain a permanent fund equal to the minimum amount of net cash asséts or capital required to do business in any other state or states, according to the insurance laws thereof. The permanent fund so accumulated shall be used for the payment of losses and expenses, whenever the cash funds of the company in excess of an amount equal to its liabilities are exhausted; and whenever the said fund is drawn upon, the reservation of profits as aforesaid shall be renewed or continued until the limits of accumulation as herein provided is reached, but within a reasonable time after the determination of any policy the owner thereof shall be entitled to receive, and shall be paid his pro rata share of all net profits not included in the aforesaid permanent fund, and a scrip dividend for his contribution to said fund. [94 v. 1215 85-v. 2783 R. S. of 1880; 70 v. 147, § 14; (S. & S. 209 ).] See note to § 3634. SEc. 3649. [What real estate company may hold.] No com- pany organized under this chapter shall purchase, hold, or convey real estate, except for the purposes and in the manner herein set forth, to wit: I. Such as is requisite for its convenient accommodation in the trans- action of its business; or, 2. Such as is mortgaged to it in good faith, by way of security for Icans previously contracted, or for money due; or, 3. Such as is conveyed to it in satisfaction of debts previously con- tracted in its legitimate business, or for money due; or, 4. Such as is purchased at sales upon judgment, decree, or mort- gages obtained or made for such debts. No such company shall purchase, hold, or convey real estate in any other case, or for any other purpose; and all such real estate as may be ac- quired as aforesaid, and which is not necessary for the accommodation of the company in the transaction of its business, shall be sold and disposed of within two years after title thereto is acquired, unless the company procure a certificate from the superintendent of insurance that its interests will suffer materially by a forced sale thereof, when the sale may be post- poned for such period as the superintendent shall direct in such certificate. [69 v. 140, § 15; (S.&S. 209).] OHIO INSURANCE LAWS. 93 Insurance Companies Other Than Life. Che bi. Sec. 3650. [Liability of members of mutual companies to as- sessment; assessments, how made; for what purposes a debt may be created.] Every person who affects insurance in a mutual com- pany, and continues to be insured, and his heirs, executors, administrators, and assigns shall thereby become members of the company during the period of insurance, shall be bound to pay for losses and such necessary expenses as accrue in and to the company in proportion to the original amount of his deposit note or contingent liability ; and the directors shall, as often as they deem necessary, settle and determine the sum to be paid by the several members thereof, and publish the same in such manner as they may choose, or as the by-laws prescribe, and the sum to be paid by each member shall always be in proportion to the original amount of such liability, and shall be paid to the officers of the company within thirty days next after the publication of such notice; provided, that whenever such company is not possessed of cash funds above its reinsurance reserve suf- ficient for the payment of incurred losses and expenses, it shall be deemed to have impaired its capital, and when such impairment shall exceed twenty-five per cent. of the reinsurance reserve required to be maintained, it shall make an assessment for the amount needed to pay such losses and expenses upon its members liable to assessment therefor in proportion to their several liabilities, and to make good the reinsurance reserve; and no such company shall borrow money or create a debt unless for the purpose of necessary office buildings, to continue beyond the period when such as- sessment may be collected and applied to the payment thereof, and no member shall be assessed for liabilities incurred prior to his membership. [Passed April 14, 1888; took effect July 1, 1888: 85 v. 273, 275; 79 v. 133; Rev. Stat. 1880; 69 v. 140, § 16.] See note to § 3634. SEc. 3651. [Enforcement of assessments; partial payment of loss.] If a member neglect or refuse, for the space of thirty days after the publication of such notice, and after demand for payment, to pay the sum assessed upon him in [as his] proportion of any loss as aforesaid, the directors may sue for and recover the whoie amount of contingent liability, with cost of suit; but execution shall only issue for assessments and costs as they accrue, and every such execution shall be accompanied by a list of losses for which the assessment is made; and if the whole amount of such liability be insufficient to pay the loss occasioned by any fire or fires, the sufferers insured by the company shall receive, toward making good their respective losses a proportional share of the whole amount of such liability, according to the sums by them respectively in- sured ; but no member shall ever be required to pay for any loss occasioned by fire, or inland navigation, more than the whole amount of such lia- bility. [Passed April 14, 1888; took effect July 1, 1888: 85 v. 273, 275; Rev. Stat. 1880; 69 v. 140, § 16.] A fire policy in a mutual company contained a condition that it should be void if the assured neglect to pay any assessment for thirty days after request; also, a provision that the assured shall be required to submit to an examination under oath touching the questions relating to the claim, and subscribe the same: Held, that after the non-payment of an assess- ment for more than thirty days, a loss by fire having occurred during the time, if, with full knowledge of all the facts, the company subjects the assured to an examination under said oe the policy, the right to a forfeiture is waived: Phoenix Ins. Co. uv Hoeffler, SEC. 3652. [How assessment and notice proved.] In actions for the recovery of assessments duly levied by the directors of any mutual 94 OHIO INSURANCE LAWS. Ch. 11. . | Insurance Companies Other Than Life. fire insurance company of this state, or for money due on the liability of the members of any such company, the official statement of the president or secretary of such company, under seal, and sworn to, shall be received in court as evidence of the facts essential for making the same, and that such assessment, for the non-payment of which any such action is com- menced, has been duly levied, and notice thereof given. | Passed April 14, 1888; took effect July 1, 1888: 85 v. 273, 276; Rev. Stat. 1880; 39. v. 35, § 1; (S&C. 352).] SEC. 3653. [What kind of policies company to issue.] Every mutual company shall embody the word “mutual” in its title which shail appear upon the first page of every policy and renewal receipt, and every stock company shall express, upon the face of every policy and renewal receipt, in some suitable manner, that such policy or receipt is a stock policy or receipt; but neither class of companies doing business in this state, shall issue any policy other than that appropriate to its class, except that any mutual company now doing business in this state, having net assets not less than two hundred thousand dollars invested as provided in section thirty six hundred and thirty seven, may issue policies either upon the mutual or stock plan, and may continue to do such kind of business. so long as its assets continue so invested, and may expose itself to loss on any risk or hazard, either by one or more policies, to an amount not exceeding five per cent. thereof. [69 v. 140, § 17.] SEc. 3654. [Annual reports of companies; mutual insurance companies.] The president or vice-president and escretary of such [each] insurance company organized under any law of this or any other state, and doing business in this state, shall, annually, on the first day of January, or within thirty days thereafter, prepare, under oath, and deposit in the office of the superintendent of insurance a statement of the condition of such company on the thirty-first day of December then next preceding, exhibiting the following facts and items, and in the following form, nainely: First — The amount of the capital stock of the company, specifying the amount paid and unpaid. Second — The property or assets held by the company, specifying 1. The value of the real estate owned by such company, where it is situated and the value of buildings thereon. 2. The amount of cash on hand and deposited in banks to the credit of the company, specifying in what banks the same is deposited. 3-_ The amount of cash in the hands of agents and in course of transmission. 4. The amount of loans secured by bonds and mortgages, which are first lien on real estate, and on which there is less than one year’s in- terest due. 5. The amount of loans on which interest has not been paid within one year. 6. The amount due the company on which judgments have been obtained and the cash value thereof. - 7. The amount of stocks in this state, the United States, of any city of this state, and of any other stocks owned by the company, specify- ing the amount, number of shares, and the par and market value of each kind of stock. OHIO INSURANCE LAWS. 95. Insurance Companies Other Than Life. Basile ie 8. The amount of stock held as collateral security for loans, with the amount loaned on, and the par and market value of each kind of stock. g. he amount of unpaid assessments on stock, premium notes or contingent liabilities. to. The amount of interest due and unpaid and the amount of in- terest accrued but not due. 11, The amount of premium notes or contingent liabilities on which policies are issued. 12. The number of policies in force. 13. The amount insured under all policies in force. 14. The amount of premiums received thereon. 15. Lhe amount and description of all other assets. Third. — The liabilities of the company, specifying: I. The amount of losses due and unpaid. 2. The amount of claims for losses resisted by thé company. 3. The amount of losses incurred during the year, including those claimed and not due, and those reported to the company upon which no action has been taken. 4. The amount of dividends declared and due and remaining un- paid. 5. The amount of dividends, either cash or scrip, declared but not due. 6. The amount of money borrowed and the security given for the payment thereof. : _ 7. The amount required for reinsurance, being in stock companies, a sum equal to fifty per cent. of the whole amount of premiums on un- expired risks and policies; and in mutual companies a sum equal to fifty per cent. of the cash premiums received on unexpired risks and policies. 8. The amount of all other existing claims against the company. Fourth. — The income of the company during the preceding year, specifying: 1. The amount of cash premiums received. 2. The amount of notes or contingent assets received for prem- iums. 3. The amount of interest money received. ‘4. The amount of income received from other sources. Fifth. — The expenditure during the preceding year, specifying: 1. The amount of losses paid during the year, stating how much of the same accrued prior and how much subsequent to the date of the pre- ceding statement, and the amount at which losses were estimated in each preceding statement. a 2. The amount of dividends paid during the year. 3. The amount of expenses paid during the year, including com- missions and fees to agents and officers of the company. 4. The amount paid for taxes. 5. The amount of all payments and expenditures. 6. Amount of scrip dividend declared. Every mutual fire insurance company created by or organized under any general or special law or act, and doing business in Ohio under any law of this state, upon or without the premium note plan, which shall, by its policy, by-laws or published statements of its financial affairs, claim the benefit of the guarantee fund, or the contingent liability of its policy hold- 96 OHIO INSURANCE LAWS. Gh. Insurance Companies Other Than Life. ers, as provided for in section 3634 of the Revised Statutes, as now in force, shall be held as having organized under the laws of this state as now in force, and be governed by all the provisions thereof as applicable to such companies; and every such mutual fire insurance company that shall neglect or refuse to make and forward to the superintendent of in- surance such annual report of its affairs as is required by law, or shall refuse to allow or permit the superintendent of insurance free access to its books and papers, and investigate the financial standing of such com- pany, the charter of every such company organized under the laws of this state as aforesaid, and so neglecting and refusing, shall thereby become forfeited, and the said superintendent of imsurance shall proceed without delay to bring the affairs of such company to a close. [QI v. 211; 90 Vv. 159; 88 v. 308; 85 v. 273, 276; Rev. Stat. 1880; 70 v. 147, § 18; (S. & S. 2i1y.| See note to § 3634. See 7 (3691—5) as to reports of companies insuring their members against loss, by death, of domestic animals. Sections 3654, 8655 apply to charters granted before the present constitution and are valid: State ex rel. v. Eagle Ins. Co., 50 O. S. 252; Eagle Ins. Co. v. Ohio, 153 U. S. 446, 453. SEC. 3655. [Special report required of certain insurance compa-_ nies; penalty.] The statement of any such company, the capital of which is composed in whole or in part of notes, shall, in addition to the foregoing, exhibit the amount of notes which originally formed the capi- tal, and also what proportion of such notes is still held by the company and considered capital; and every company organized under any law of this state which fails to make and deposit such statement, or to reply to an inquiry of the superintendent, with respect to such statement, shail be subject to a penalty of five hundred dollars, and an additional five hun- dred dollars for every month that it continues thereafter to transact any buiness of insurance, to be recovered by action in the name of the state, and, on collection, paid into the state treasury for the benefit of the state common school fund; and the attorney-general, on the request of the superintendent of insurance, shall institute such action against any com- pany so delinquent, in the court of appropriate jurisdiction of Franklin county, or in the court of appropriate jurisdiction of the county in which said company is located or has its principal place of business, as he prefers. [1887, January 21; 84 v. 5; 83 v. 416; Rev. Stat. 1880; 69 v. 140, § 10 (§ 19); (S. & S. 212).] The act of 83 v. 416, about which there seems to be some question as to its having been regularly enacted, is identical with 84 v. 5, as above given. SeEc. 3656. [Foreign companies must obtain licenses from super- intendent.] No company, association or partnership, incorporated, organized or associated under the laws of any other state of the United States, or of any foreign government, for any of the purposes mentioned in this chapter, which does a banking or any other kind of business tn connection with insurance, shall, directly or indirectly, transact any busi- ness of insurance in this state, nor shall any such company, association or partnership do any such business in this state until it procures from the superintendent a certificate of authority so to do; nor shall any person or corporation act as agent in this state for any such company, association or partnership, directly or indirectly, either in procuring applications for Insurance, taking risks or in any manner transacting the business of in- OHIO INSURANCE LAWS. 97 Insurance Companies Other Than Life. Client: surance, until it procures from the superintendent a license so to do, stating that the company, association or partnership has complied with all the requirements of this chapter applicable to such company, and de- positing a certified copy of such license in the office of the recorder of the county in which the office or place of business of such agent or agents is established ; nor shall any company, association or partnership organized under the laws of any other state, take risks or transact business of in- surance in this state, directly or indirectly, unless possessed of the amount of actual capital required by similar companies formed under the pro- visions of this chapter, nor unless the capital stock of the company is paid up and invested as required by the laws of the state where it was organ- ized, and if a live stock insurance.company has deposited in such state or in this state, for the benefit of its policy-holders, securities approved by the insurance department of such -state in an amount equal to one- fourth of its entire capital stock; but if the company is a mutual fire inv- surance company, it shall have actual cash assets of the same amount and description as is required of mutual fire insurance companies of this state, after organization, invested as required by the law of the state where such company was organized, and such companies must have either premium notes or contingent liability of the same amount as is required of similar fire insurance companies of this state, which contingent liability may be either in writing or be expressed in the policies issued by such company. [91 v. 139; 88 v. 340; 75 v. 572, § 20; 70 v. 147, § 1.] See ? 282. The loan, by a foreign insurance company, of its money on a note and mortgage, is not in violation of the provisions of this section, which forbid such an insurance company from engaging in the business of banking: Bank v. Insurance Co., 41 O. S. 1. A mutual fire insurance company organized under the laws of another state, but similar to domestic fire insurance companies, which has at least fifty thousand dollars in premium notes, on which at least ten thousand dollars in cash has been paid before commencing the business of insuring may, so far as capital is concerned, be admitted to transact business within this state: State ex rel. v. Moore, 42 O. S. 103. It is within the province of the superintendent, in considering the application of an insur- ance company for admission to transact business within this state, to inquire into its financial soundness, and if upon such inquiry, made in good faith, he is not satisfied, he is invested with discretion to refuse such admission, and his exercise of such discretion will not be con- trolled by mandamus: Jb Te has no power, however, in the exercise of a mere arbitrary discretion, to refuse such admission: Jb. This section applies to an association of individuals not incorporated: State ex rel. v. Ackerman, 51 0. S. 163. SEC. 3657. [The waiver companies must file.] Any such com- pany desiring to transact any business by an agent in this state, shall file with the superintendent a written instrument, duly signed and sealed, authorizing any agent of the company in this state to acknowledge service of process in this state for and in behalf of the company, consenting that service of process, mesne or final, upon any such agent, shall be taken and held to be as valid as if served upon the company according to the laws of this or any other state or country, waiving all claim or right of error by reason of such acknowledgment of service, and consenting that suit may be brought against it in the county where the property in- sured was situate, or where the same was insured, and that service of pro- cess made therein by the sheriff of such county, by sending a copy thereof by mail, addressed to the company at the place of its principal office lo- cated in the state where it was organized, or, if it is a foreign com- pany, to such company at the place of its principal office in the United States, at least thirty days prior to taking judgment in such suit, shall be as valid as if personally made upon the company according to the laws Wek te 98 OHIO INSURANCE LAWS. Cheelis Insurance Companies Other Than Life. of this state, or any other state or government, and that if suit be brought against it after it ceases to do business in this state as aforesaid, and there be no agent of the company in the county in which suit is brought upon whom service of process can be had, service upon it may be had by the sheriff sending a copy thereof, mailed as aforesaid, and within the time aforesaid ; but the sheriff’s return shall show the time and manner of such service. [75 v. 572, § 20.] What service is required upon a foreign insurance company, and upon what causes of action it may be sued in this state: Handy v. Insurance Co., 37 O. S. 371. ‘ Service by mailing, as herein provided, held good: Mohr & Mohr Co. v. Firemen’s Ins. Co. (Ham. Dist. Court), 10 W. L. B. 82. SEC. 3658. [Must also file statement.] Every such company, association, or partnership shall also file with the superintendent a cer- tified copy of its charter, or deed of settlement, together with a statement, under the oath of its president or vice-president, or other chief officer, and the secretary of the company, stating the name of the company, the place where it is located, and the amount of its capital, with a detailed statement of the facts and items required from the companies organized under the laws of this state by sections thirty-six hundred and fifty-three and thirty-six hundred and fifty-four; and they shall also file with the superintendent a copy of their last annual report, if any was made, under any law of the state by which it was incorporated. [75 v. 572, § 20.] SEC. 3659. [Revocation of license of foreign insurance company other than life.] If any such company, association or partnership doing business within this state makes an application for a change of ve- nue, or to remove any suit or action wherein such company has been sued by a citizen of this state, now pending, or hereafter commenced in any court of this state, to the United States district or circuit court, or to any federal court, or shall enter into any compact or combination with other insurance companies, or shall require their agents to enter into any compact or combination with other insurance agents or companies, for the purpose of governing or controlling the rates charged for fire insurance on any property within this state, or for the purpose of gov- erning or controlling the rates per centum or amount of commission or compensation to be allowed agents for procuring contracts for fire insurance on any property within this state (provided that nothing herein shall prohibit one or more of such companies from employing a common agent or agents to supervise and advise of defective structures, suggest improvements to lessen the fire hazard, and to advise as to the relative value of risks), the superintendent of insurance shall forthwith revoke and recall the license or authority to it to do or transact business within this state, and no renewal of authority shall be granted to it for three years after such revocation; and it shall thereafter be prohibited from transacting any business in this state until again duly licensed and a [94 v. 165; 88 v. 485; 82 v. 231; Rev. Stat. 1880; 75 v. 572, § 20. _ SEC. 3660. ]Certain companies must make deposit.] A company incorporated by or organized under the laws of a foreign government shall deposit with the superintendent of insurance, for the benefit and security of the policy-holders residing in this state, a sum not less than one hundred thousand dollars in stock or bonds of the United States, or the state of Ohio or any municipality or county thereof, OHIO INSURANCE LAWS. 99 Insurance Companies Other Than Life. (Gin ak which shall not be received by the superintendent at a rate above their par value; the stocks and securities so deposited may be exchanged from time to time for other like securities; so long as the company so depositing continues solvent and complies with the laws of this state, it shall be permitted by the superintendent to collect the interest or divi- dends on such deposits; and for the purpose of this chapter the capital of any foreign company doing fire insurance business in this state shall be deemed to be the aggregate value of its deposits with the insurance or other departments of this state and of the other states of the United States, for the benefit of policy-holders in this state or in the United States, and its assets and investments in the United States certified according to the provisions of this chapter; but such assets and invest- ments must be held within the United States, and invested in and held by trustees, who must be citizens of the United States, appointed by the board of directors of the company and approved by the insurance commissioner of the state where invested, for the benefit of the policy- holders and creditors in the United States; and the trustees so chosen may take hold and convey real and personal property for the purpose of the trust, subject to the same restrictions as companies of this state. [oientG s7Ocv. 147) $121 5(S. &S..212).] SEC. 3661. [All foreign companies must make annual state- ments.] Every company, other than a life company, organized by act of congress, or under the laws of any other state or government, shall, annually, at the time, and in the form and manner, required of similar companies organized under the laws of this state, file a statement of its condition and affairs in the office of the superintendent of insurance: any company organized under or incorporated by any foreign government shall also furnish a supplementary statement for the year ending on the preceding thirty-first day of December, verified by the oath of the manager of stich company residing in the United States, which shall comprise a report of its business and affairs in the United States, as required from companies organized in this state, together with any other information that may be required by the superintendent of insurance, and if such annual statement be satisfactory evidence to the superin- tendent of insurance of the solvency and ability of such company to meet all its engagements at maturity, and that the deposit is maintained as hereinbefore provided, he shall issue renewal certificates of authority to the agents of the company, certified copies of which shall be filed in the recorder’s office of each county wherein an agency is located, during the month of January in each year, or within sixty days there- after, which certificates shall be the authority of such agents to issue new policies in this state for the ensuing year. [69 v. 140, § 22; (S. pierce. c2k3)'.| Sec, 3661a. [Fire insurance company to include in advertisement only assets admitted by superintendent of insurance.] [No] fire insur- ance company, organized under the laws of this state, or admitted to do business in this state, shall, in any public advertisement, card, or circular, include in any statement of assets, any item of value, of a class or char- acter not admitted by the superintendent of insurance of this state in the annual reports of said companies. And every such advertisement, card, or circular, containing a statement of assets, shall, in all cases contain also a full statement of all the liabilities of said company, includ. 100 OHIO INSURANCE LAWS. Cine liz ; Insurance Companies Other Than Life. ing the reinsurance reserve, which in no case shall be less than fifty per cent. on the gross premiums received on all unpaid [unexpired] risks. [1880, April i277 yaissr Sec. 3661b. [Penalty.] Any violation of this act, after the sec- ond notice from the superintendent of insurance of this state, shall render such company liable to a fine of one thousand dollars ($1,000), and each subsequent violation to a similar fine, to be recovered for the benefit of the common school fund of the county, in an action to be instituted by the prosecuting attorney in the name of the state of Ohio, against said company. [1880, April 12: 77 v. 185, 186.] SEC. 3662. [Companies must apply dividends to stock notes. | Every company heretofore organized under any law of this state, for any of the purposes mentioned in this chapter, which has not called in the whole amount of its subscribed capital stock, whether the unpaid balance of such capital is secured by indorsed notes or otherwise, shall retain from each and every dividend declared to its stockholders, their heirs or assigns, fifty per cent. of such dividend, and apply the amount so with- held as a credit upon the balance remaining unpaid on the shares of such stockholders, until such balance shall be fully paid; and the dividends, from time to time so credited, with the capital previously paid in, shall be invested by the company in the manner required by section thirty-six hundred and thirty-seven; but if the dividends so credited did not, by the first of January, 1878, equal such balance in full, such company shall hereafter retain the whole amount of any and every dividend declared to its, stockholders, their heirs or assigns, and shall credit and invest the same as aforesaid, until the whole subscribed capital, not less in any case than one hundred thousand dollars, shall be paid up and invested, and any company which violates any of the provisions of this _section shall thereby forfeit its charter. [70 v. 147, § 23.] SEc. 3663. [Lien of mutual companies for premium notes.] All buildings insured by any mutual company shall be pledged to such com- pany, together with the right and title of the assured in the lands upon _ which they are situate, to the amount of the premium note or contingent liability, and the company shall have a lien thereon to the amount of such note or liability, but the lien of the company shall not take effect until the company files with the recorder of the county in which the property insured is situate, a certificate, stating the date, number and amount of premium note, or contingent liability, and such a description of the property insured as will enable any person readily to identify the same; the recorder shall record and index the certificate in his book of liens, for which he shall receive the sum of fifty cents; and all liens heretofore acquired by any such company shall continue in force under this chapter. [Passed April 14, 1888; took effect July 1, 1888: 85 v. 273, 278 ; Rev. Stat. 1880; 69 v. 140, § 24.] See note to § 3634. SEc. 3664. [Insured may require fire policy to be cancelled.] Any fire insurance company doing business under the laws of this state which hereafter issues policies of insurance covering any property located in this state, and on such policies receives from the persons insured either cash payments of premium, or notes subject to assessment for payment of losses, or notes for the installments of premium, shall be required to ee ee OHIO INSURANCE LAWS. 101 Insurance Companies Other Than Life. Chast ls insert in every policy so issued an obligation to cancel the policy at any time, upon the written request of the person insured, on conditions as provided in the following five sections. [75 v. 88, § 1.] Sections 3664 to 3667 apply to cancellation on request of the insured, and not to those by 542, the company’s sole volition: Ins. Co. vw. Brecheisen, 50 O. S. SEc. 3665. [Rates for cancellation of cash policies.] When a policy issued on the cash plan is canceled, in accordance with the pro- visions of the preceding section, the companies so issuing may retain customary short rates, as now established and charged by companies doing a cash business, for the time the policy has been in force, and return to the insured the unearned premium on the policy for unexpired time. [75 v. 88, § 2.] Sec. 3666. [Rates for policies of mutual companies.] When pol- icies issued on the mutual plan are canceled, as provided in section thirty- six hundred and sixty four, the companies so issuing must surrender to the insured the note or notes received from the insured for premium or payment of losses; such policies shall first be sent to the secretary or agent of the company, and within sixty days after the receipt thereof for cancellation the premium note shall be returned; but the assured must first pay his proportion of all losses which have actually occurred up to the date when the policy was received for cancellation, and the com- pany shall not be liable for any loss under any such policy after it is returned for cancellation. [75 v. 88, § 3.] SEc. 3667. [Rates when premium is paid in installments. ] When policies issued on the installment plan are canceled, in accordance with the provisions of section thirty-six hundred and sixty-four. the compa- nies so issuing may collect and receive of the insured customary short rates for the time the policy has been in force, to be computed on the full term of insttrance mentioned in the policies as charged by such compa- nies, and on receipt of such short rates must return all installment notes then unpaid, and refund to the insured any premium collected in excess of such short rates. [75 v. 88, § 4.] SEc. 3668. [Premium notes not negotiable.] When companies doing business under the laws of this state receive notes in consideration of premiums on their policies, they shall be required to insert or the face of each note the following words, to wit: “It is hereby understood and agreed that this note is not transferable.” [75 v. 88, § 5.] SEC. 3669. [Superintendent to enforce certain provisions.] When it comes to the knowledge of the superintendent of insurance, or any officer having charge of the insurance department of this state, that any provision of the five preceding sections has been violated, he shall at once proceed to make a thorough investigation, and, upon receiving sufficient proof of such violation shall revoke the certificate of authority of the company guilty of such violation. [75 v. 88, § 6.] SEC.3670. [Accident insurance companies authorized; deposit of securities for the purpose of doing business in another state.] Com- panies may be organized for the special purpose of insuring. persons against accidental personal injury or loss of life sustained while traveling by railroad, steamboat or other mode of conveyance, and making all and every insurance connected with the accidental loss of life, or personal 102 OHIO INSURANCE LAWS. Cheat Insurance Companies Other Than Life. injury sustained by accident, of every description whatever, and against expenses and loss of time occasioned by sickness or other disability, and on such terms and conditions, and for such periods of time, and confined to such countries and localities, and to such persons, as shall from time to time be provided for in the by-laws of the company ; and when any company so organized desires to do business in any other state, by the laws of which, to qualify it therefor, it is required to make a deposit of securities assigned in trust for the benefit of its policy-holders with an officer of this state, it shall be, and hereby is made the duty of the state treasurer to receive such deposit, and issue therefor to such company his receipt, giving a pertinent description of said securities and a certificate of the market value of the same, and he shall also issue a like certificate to the superintendent of insurance, who shall place the same on file in his office. Such company shall have the tight to exchange said securities for other like securities, in whole or in part, as far as its businéss may require, and to wholly withdraw the same should it discontinue business in such other state; but all such changes or withdrawals of securities shall be at once duly certified by the treasurer to the superintendent of insurance. [1885, May 1: 82 v. 210: Rev. Stat. 1880; 62 v. 12, §1; (S. 5.230) :] Sec. 3671. [How companies may consolidate.] When any joint stock fire and marine insurance company of this state, heretofore organ- ized, or that may hereafter be organized, determines by a vote of the hold- ers of two-thirds of its stock to consolidate and make joint stock with any other like company or companies engaged in or incorporated for like business, and each of such companies agrees, by the vote aforesaid, to such consolidation, such companies may, by a vote of the holders of a majority of the stock so consolidated, choose and determine under which corporate organization or articles of association of the consolidating com- panies, and under what name, their future business shall be conducted ; upon filing with the superintendent of insurance a certificate of such con- solidation, the companies shall from thenceforth become and be consoli- dated under the corporate organization or articles of association and cor- porate name thus chosen; and thereupon all franchises, rights, equities, property, and estate, of whatever name or nature, belonging to or vested in either of the consolidating companies, shall immediately, upon and by the act of such consolidation, become the property and estate of and be vested in such consolidated company, and the corporate existence of the consolidating companies shall cease. and be merged in the consolidation from thenceforth; and such consolidated company shall have the exclu- Sive right and power to demand, sue for, collect, convey, and dispose of the rights, equities, property, and estate aforesaid, or any part thereof, under its own name chosen as aforesaid, and all debts, liabilities, and obli- gations of the consolidating companies shall be assumed and paid by the. consolidated company. [70 v. 1S Sia tes ea SEC. 3672. [Distribution of the stock of consolidated company. | Upon such consolidation of companies the just and ‘true value of each outstanding share of the capital stock of each of the consolidating com- panies shall, by their respective directors, be ascertained through ‘a suit- able valuation of all the assets and liabilities thereof at the time of the consolidation, and new shares of the consolidated company shall be appor- OHIO INSURANCE LAWS. 103 Insurance Companies Other Than Life. (Chains ae tioned to each stockholder, equal to the sum so ascertained to be the just and true value of his shares in each or either of the consolidating compa- nies, and the shares thus apportioned shall be substituted for his original shares, and all certificates of shares in the consolidating companies shall be surrendered when the new certificates of the shares so apportioned are issued; but any stockholder in either of the companies so consolidating who refuses to agree to such consolidation shall be entitled to receive for the stock by him owned the just market value of the same at the time of such consolidation, to be paid to him previous to such consolidation. [70 ¥- 19;°8 2:| Src. 3673. [Election of directors.] Immediately upon the con- sideration [consolidation] of such companies the directors of the several companies so consolidating shall proceed to elect, from their members, the directors for the consolidated company, who shall serve until their successors are elected and qualified. [70 v. 19, § 3.] Sec. 3674. [Capital stock limited.] The capital stock of such consolidated company may be equal to, but shall not, by virtue of such consolidation, exceed, the aggregate authorized capital of the consolidat- ing companies. [70 v. 19, § 4.] Sec. 3675. [Certificate of consolidation must be filed with sec- retary of state.} Within thirty days after such consolidation a certi- ficate, setting forth the fact of the consolidation, and the name and organ- ization adopted thereby, shall be filed in the office of the secretary of State. '['70°w) 10; -§5-| Secs. 3676-3682. [Repealed 1880, April 17: 77 v. 317. Former statutes: Rev. Stat. 1880; 53 v. 113; 55 v. 144; (S. & C..353-355).-| Sec. 3683. [Examination of mutual fire companies.] The court of common pleas in each county in which the office of any mutual fire insurance company is situate shall, on the application of any three or more persons interested, appoint one or more suitable persons, resident in such county, to make a thorough and careful examination into the affairs and condition of such company; the persons so appointed shall have power to require the production of all books and papers belonging to such com- pany, or pertaining to its business, and to examine under oath all the officers, servants, or agents of the company, or any other person, touching its aftairs and condition, which oath may be administered by any person appointed to make the examination, and they shall report thereon to the court, at its next regular term, in which they shall set forth in full the condition of the company, and transmit a copy of such report to the superintendent of insurance forthwith; and such examiners shall each receive two dollars per day for the time actually employed in making the examination and report, to be paid out of the treasury of the company examined; but such examination shall not be had oftener than once in Six months. [56 v. 37,.$1;-S. & ©. 353.| Src.3684. [Persons refusing to appear and testify are in con- tempt.] If any such officer, servant, agent or other person, fail or re~ fuse to appear before such examiners, or refuse to testify, or to produce before them any book or papers in his possession, and required to be produced, such failure or refusal shall be deemed a contempt, and shall 104 OHIO INSURANCE LAWS. Gh: it, Insurance Companies Other Than Life. forthwith be reported to such court, which shall punish the person in contempt in the same manner and to the same extent as though such contempt had been committed against the court. [56 v. 37, § 2, S. & C.- 353-] SEc. 3685. [Certain bonds may be approved by probate judge.] Any insurance company which, by the terms of its charter, is required to have its official bonds approved by a judge of the court of common pleas, may, at its option, have the same approved by the probate judge of the county in which the office of the company is located. [54 v. 17, ESR tee Tok Fy SEc. 3686 [Mutual protection associations authorized.] Any number of persons of lawful age, residents of this state, or residents of an adjoining state and owning insurable property in this state, not less than ten in number, may associate themselves together for the purpose of insuring each other against loss by fire and lightning, cyclones, tor- nadoes or wind-storms on property in this state; and may make, assess and collect upon and from each other such sums of money, from time to time, as may be necessary to pay losses which occur by fire and lightning, cyclones, tornadoes or wind-storms to any members of such association, and the assessment and collection of such sums of money shall be regulated by the constitution and by-laws of the association. An association formed for the purpose of insuring against loss by fire and lightning, cyclones, tornadoes or wind-storms may insure farm buildings, detached dwellings, school houses, churches, township buildings, grange buildings, farm implements, farm products, household goods and furni- ture in such buildings, and other property not classed as extra hazardous. [93 V. 335; 86 v. 377, 380; 82 v. 71; 81 v. 185; Rev. Stat. 1880; 74 v. sets] These sections authorize such assessments to be made on members as may be necessary to pay losses which occur to members, and to pay incidental expenses; but any plan contem- plating a profit or dividend is unauthorized. No member can be assessed for losses occurring prior to the time he became a member, or subsequent thereto. An agreed annual deposit in advance can not take the place of the assessments levied upon each member to pay losses, nor can a policy be declared forfeited for non-payment of such deposit. It is a misapplication of trust funds to purchase the assets of another like corporation and unnecesssary real estate, or to apply the same to losses of the members of said like corporation: State v. Monitor Fire Ass’n, 42 O. S. 555. , Non-residents of the state can not be received as members or directors in companies organ- ized under §§ 3686 to 3690, nor can the company do the business defined in § 3634: State ex rel. v. Man. Mut. Fire Ass’n,50 O. S. 145. The loss is not a debt for which the trustees are personally liable: Man. Fire Ass’n vy. Lynchburg Drug Mills, 8 C. C. 1123-1 O. D. -364. i iene association cannot classify risks and have fixed rates. (Atty. Genl. Opinion, Feby 26, Assessments must be for losses and expenses previously incurred, and liability of mem- bers can not be limited. (Atty. Genl. Opinion, Feby. 26th, 1895). Such association may classify risks. (Atty. Genl. Opinion, Oct. 5, 1901.) SEC. 3687. [Certificate of organization.]_ Such persons shall make and subscribe a certificate setting forth therein: First. The name by which the association shall be known. = Second. The place which shall be regarded as its center or business Office. _ Third. The object of the association, which shall only be to enable its members to insure each other against loss by fire and lightning, ‘cyclones, tornadoes, or wind storms, and other casualties, and to enforce any contract which may be by them entered into, by which those entering therein shall agree to be assessed specifically for incidental purposes and OHIO INSURANCE LAWS, 105 Chit. Insurance Companies Other Than Life. manner: The board of trustees of such association shall give notice, by publication in a newspaper of general circulation, and published in the county wherein its principal office is situated, at least three consecutive weeks before such application be made, of their intention to so organize; and shall thereupon make application to the superintendent. of insurance respecting their desire to assume the requirements of all the laws gov- erning mutual fire insurance companies organized and doing business under the laws of Ohio, setting forth the amount of insurance carried, the number of policies in force, the amount of its assets and liabilities; and if said superintendent of insurance shall be satisfied, by an examination, or otherwise, of the condition of such association, that at the date of the passage of this act it possessed the required amount of assets, and the number and amount of policies in force required to organize a mutual fire insurance company, he shall so certify, upon a certificate of incorpora- tion, containing the requisite statements required to incorporate a mutual fire insurance company, which certificate, after having been duly executed, shall be delivered to the secretary of state, who shall record the same, and issue his certificate of incorporation as in other cases for change of name, capital or location of an incorporated company, charging only such fees therefor as authorized by law in other cases for change in capital or location of company. [87 v. 88.] (3690-—2) [Rights of policy-holders; how affected.] There- after the business of such fire insurance association shall be conducted as and be subject to all laws governing mutual fire insurance companies ; and all members of said association shall be members of said mutual fire insurance company, to the time of the expiration of [or] cancellation of their policies, and entitled to all the benefits as such, precisely as if original members of such company, without exchanging policies or contracts, and entitled to all the benefits as members of said company precisely as if original members of said company. [87 v. 88.] 3690—3) [Policies; by-laws, etc.] After such change in the plan of insurance by such association, and the organization of such mutual fire insurance company, all policies thereafter issued shall be in the name and by the authority of such mutual fire insurance company, and the policies theretofore in force, and the by-laws, rules and regulations of such association, if not in conflict with the laws governing mutual fire instirance companies, shall be and remain in full force and effect until the same shall have terminated or been lawfully changed by said company or its board of directors, as authorized by law. [87 v. 88.] SEc. 3691. [Cellar and foundation not considered part of struc- ture in settling loss.] The cellar and foundation walls shall not be included or considered a part of the building or structure in settling loss, anything in the application or policy to the contrary notwithstanding. This provision was probably adopted in the first instance in the Revised Statutes of 1880, A boiler and engine may be a structure: Ins. Co. v. Luce, 11 C. C. 476: 5 O. D. 310. MUTUAL COMPANIES FOR INSURING ANIMALS. (3691—1) Sec. 1. [Mutual protective association.] Be it en- acted by the General Assembly of the State of Ohio, That any number of persons of lawful age, residents of this state, not less than five, may associate themselves together for the purpose of becoming a body cor- 106 OHIO INSURANCE LAWS. Insurance Companies Other Than Life. Ghee tt, for the payment of losses which occur to its members. [1889, April 15: 86 v. 377, 380; 82 v. 71, 72; 81 v. 185 ;-Rev. Stat. 1880; 74 v. 66, § 2.] See reference under ? 3686. Sec. 3688. [When certificate to be filed.] The certificate shall be filed in the office of the secretary of state, and a copy thereof, duly certified by the secretary of state, shall be evidence of the existence and due incorporation of the association for the purposes therein named. [74 v. 66, § 3.] SEC. 3689. [Election of officers; powers.] When such certificate is so filed, and a copy thereof so certified forwarded to the association, the persons named therein shall elect their directors, and a president, sec- retary, and treasurer, and such other officers as may be necessary for the complete performance of all the business and objects of the association herein provided, to serve for one year; and such officers shall thereafter be chosen in such manner, and at such time as shall be fixed upon in the constitution ; but directors shall not be chosen for a longer period than three years; and such association so organized shall be known and held to be a body corporate for all the purposes aforesaid, and may sue and be sued, and plead and be impleaded, in all courts of law and equity, but in no instance shall the power to insure against losses by fire or tor- nadoes be exercised to other than members of the association. [1886, April 30: 83 v. 106, 107; Rev. Stat. 1880; 74 v. 66, § 4.] SEC. 3690. [Certain insurance companies must adopt constitution and by-laws; official statement to be made to superintendent of in- surance.]_ Every such association shall adoplt such constitution and by-laws not inconsistent with the constitution and laws of this state or of the United States as will, in the judgment of its members, best sub- serve the interests and purposes of the association; and all persons who sign such constitution shall be considered and held to be members of the association, and shall be held in law to comply with all the provisions and requirements of the association; and the president or vice-president and secretary of every such association shall annually on the first day of January, or within thirty days thereafter, prepare under oath and deposit in the office of the superintendent of insurance a statement of the condition of such association on the thirty-fist day of December then next preceding, exhibiting such facts as are enumerated in section thirty-six hundred and fifty-four (3654), and applicable to such associations, and such other information necessary to reveal the financial condition of such associations as the superintendent may require, in a printed form to be by him supplied to such association for that purpose, and every such association which fails to make and deposit such statement or to reply to any inquiry of the superintendent, shall be subject to a penalty of five hundred dollars, and an additional five hundred dollars for every month that it continues thereafter to transact any business of insurance. [ 1883, April 19: 80 v. 197; Rev. Stat. 1880; TAIN GOO, 8 ia) _(3690-—1) [Mutual fire insurance associations authorized to or- ganize as companies.] Any mutual fire insurance association organ- ized under section 3686, now doing business and now having the number of policies and amount of insurance in force and the amount of assets required in order to organize a mutual fire insurance company, may reorganize as such mutual fire insurance company in the following OHIO INSURANCE LAWS. 107 Insurance Companies Other Than Life. Choa porate, and may insure themselves, and any person becoming a member of such incorporation, in accordance with the rules and regulations of such corporation, against loss, from death, of domestic animals, and may assess and collect, upon and from each other, such sums of money, from time to time, as may be necessary to pay losses which occur, from death of domestic animals, to any member of such incorporation; and _ inci- dental expenses, and the assessments and collections of such sums of money shall be regulated by the constitution and by-laws of the cor- poration. [1889, April 15: 86 v. 377. ] (3691—2) Sec. 2.- [Certificate of organization.] Such _per- sons shall make and subscribe a certificate, setting forth therein— Ist. The name by which the corporation shall be known. 2d. The place which shall be chosen as its principal office. 3d. The object of the corporation, which shall only be to enable its members to insure each other against loss from death of domestic animals, and to enforce any contract which may be by them entered into, whereby they specifically agree to be assessed for the payment of losses and inci- dental expenses. 4th. Shall acknowledge the signing of such certificate before a notary public, or other officer authorized to take the acknowledgments of deeds and mortgages. [1889, April 15: 86 v. 377, 378.] (3691—3) Sec. 3. [Certificate to be filed with secretary of state.] | The certificate shall be filed in the office of the secretary of state, and a copy thereof, duly certified by the secretary of state, shall be evidence of the existence and due incorporation of such company for the purposes therein named. [1889, April 15; 86 v. 377, 378.] (3691—4) Src. 4. [Election of officers.] When such certifi- cate is so filed, and a copy thereof, so certified, forwarded to the company, the persons named therein shall elect their directors, and a president, secretary and treasurer, and such other officers as may be necessary for the complete performance of all the business and objects of the company herein provided for, to serve for one year, or until their successors are duly elected and qualified. Such officers shall thereafter be elected an- nually, by the members of the association, at such time as shall be fixed upon in the constitution; and such company so organized shall be known and held to be a body corporate, for the purpose aforesaid, and may sue and be sued, and plead and be impleaded, in all courts of law and equity; but in no instance shall the power to insure against loss by death of domestic animals be exercised to others than the members of the company ; and no such company shall receive applications nor issue policies to persons not bona fide residents of Ohio. [1889, April 15: 86 v. S77 aront (3691—5) Src. 5. [Constitution and by-laws; annual state- ment to commissioner of insurance.] Every such company shall adopt such constitution and by-laws, not inconsistent with the constitution and laws of this state and the United States, as will, in the judgment of its members, best subserve the interest and purposes of the company ; and all persons who obtain insurance in such company shall thereby become members thereof, with power to vote at all regular meetings of such members, upon all subjects, and shall be held, in law, to comply with all the provisions and requirments of the company; and the president, or vice-president, and secretary of every such company, shall annually, on 108 OHIO INSURANCE LAWS. Cho Te: Insurance Companies Other Than Life. the first day of January, or within thirty days thereafter, prepare, under oath, and deposit in the office of superintendent of insurance, a statement of the condition of such company on the thirty-first day of .December then next preceding, exhibiting such facts as are enumerated in section thirty six hundred and fifty four of the Revisd Statutes of Ohio, and applicable to such companies, and such other information as is necessary to reveal the financial condition and general management of such com- pany, as the superintendent of insurance may require in printed form, to be, by him, supplied to such companies for that purpose; and every such company failing to make and deposit such statement, or to reply to any inquiry of the superintendent, shall be subject to a penalty of five hundred dollars, and an additional five hundred dollars for every month that it continues thereafter to transact any business of insurance, and shall forfeit its right to do the business contemplated by this act, which forfeiture the superintendent shall enforce by proceedings in quo warranto. [1889, April 15: 86 v. 377, 378.] (3691—6) Src. 6. [Examinations by commissioner of insur- ance.] The superintendent of insurance may, whenever he may deem it advisable, cause an examination of the affairs of such company or corporation to be made by one or more disinterested persons, at the expense of the company, such expense not to exceed five dollars per day for each person so employed; and if, upon such examination, it shall appear that such company or corporation is exercising powers or franchises contrary to law, the superintendent of insurance shall institute proceedings in quo warranto against the same, and if it be found, in such proceedings, that such company or corporation has exercised powers or franchises contrary to law, a forfeiture of its right to do business shall be declared. [ 1889. April 15: 86 v. 377, 379.] (3691—7) Src. 7. [Amount of applications for insurance re- quired before commencing business.] No company organized under this act shall issue any certificate or policy of insurance until bona fide applications for insurance to the amount of fifty thousand dollars shall have been filed with the secretary of such company, and a statement of such fact sworn to by such secretary and president of such company, filed with and approved by the superintendent of insurance. Nor shall the treasurer of such company receive any money, as such treasurer, until he shall have filed with the superintendent of insurance, payable to the state of Ohio, for the benefit of the members of such company, his bond, in the sum of ten thousand dollars, with security, to be approved by the super- intendent. Such bond shall be conditional for the faithful application of all money coming into his hands as such treasurer. [ 1889, April 15: 86 v. 377, 379. ] (3691—8) Src. 8. [When company may commence business. ] When the statement of the secretary and the president, and the bond of the treasurer, provided for by the preceding section, shall have been filed and approved by the superintendent of insurance, the superintendent shall issue, to such company, his certificate, certifying such fact, and such certificate shall constitute the authority of such company to com- mence business. [1889, April 15: 86 v. 3774370, (3691—9) Src. 9. [When charter may be forfeited.] Should the amount at risk in such company, at any time, become reduced below OHIO INSURANCE LAWS. 109 Insurance Companies Other Than Life. Gh: 11; fifty thousand dollars, such company shall issue no more certificates or policies of insurance until bona fide applications, sufficient to restore such insurancé to said amount, shall have been secured, and a sworn statement of such fact shall have been filed with and approved by the superintendent of insurance, and by him certified to the company; and should such com- pany fail to so restore such amount, for the period of six months, then such company shall forfeit its right to do [the] business contemplated by this act ; and when the liabilities of such company shall exceed three per cent. of the amount of risk in force, as determined by the last preceding assessment, such company shall be deemed to be insolvent, and to have forfeited its charter; and such forfeiture shall be enforced by the superin- tendent of insurance by proceedings in quo warranto. [1889, April 15: 86 v. 377, 380. ] (3691—10) Src. 10. [Bond of secretary and treasurer.] The treasurer and secretary of such companies shall give bond for the faithful performance of their duties, to the directors or trustees of the company, in such sum and with such security as shall be prescribed in the by-laws of the company, the security to be approved by such directors or trustees. [1889, April 15: 86 v. 377, 380.] (3691—11) Src. 11. [Directors.] The directors or trustees of such company shall, before qualified, take an oath, to be administered by any officer authorized to take acknowledgments of deeds, to faithfully per- form the duties required of them as such officers. [1889, April 15: 86 v. 377, 380.] (3691—12) Src. 12. [Statement of secretary and bond of treas- urer to be filed with commissioner of insurance. | Any company or association, organized under sections three thousand six hundred and eighty-six and three thousand six hundred and eighty-seven of the Re- vised Statutes of Ohio, as amended February 27, 1885, for the purpose of insuring its members against loss from death of domestic animals, and still doing business, shall, within ninety days after the passage of this act, file the statement, and the treasurer shall file his bond as provided in section seven of this act, and, failing so to do, shall forfeit the right to do the business contemplated by this act. [1889, April 15: 86 v. 377.] An Act to authorize insurance compames to re-insure their risks. (3691—13) Src. I. [Companies may re-insure their risks. ] Be it enacted by the General Assembly of the State of Ohio, That any fire, marine, fidelity, accident, plate glass, boiler, or other insurance company, now or hereafter organized or existing, under or by virtue of the laws of Ohio, shall have authority by and with the consent and approval of the commissioner of insurance, to re-insure any and all risks undertaken by it, in any company authorized by law to transact a similar class of insurance business in this state. [1884, April 14: 81 v. 179.] See #7 266 and 3597. CREDIT GUARANTY COMPANIES. _ (3691—14) Src. tr. [Credit guaranty companies; organiza- tion.]_ Any number of persons not less than five, may associate and form a company to guarantee and indemnify merchants, manufacturers, 110 OHIO INSURANCE LAWS. ) ae Insurance Companies Other Than Life. traders and those engaged in business, and giving credit from loss and damage by reason of giving and extending credit to their customers and those dealing with them, by making, acknowledging and filing articles of incorporation pursuant to, and by complying with sections 3588, 3589 and 3590 of the Revised Statutes of Ohio. [91 v. 415.] (3691—15) Sec. 2.. [Capital stock.] No such company shall be organized with a less capital than one hundred thousand dollars ($100,000), and the whole capital shall, before proceeding to business, be paid in and invested in treasury notes, in stocks or bonds of the United States, in stocks or bonds of the state of Ohio, or of any municipality or county thereof or in mortgages on unincumbered real estate within the state of Ohio, worth double the amount loaned thereon at the time such loan is made. [91 v. 415.] (3691—16) Src. 3. [Increase of capital stock.] Any such company may increase its capital stock as provided in section 3592 of the Revised Statutes of Ohio. [gr v. 415.] (3691—17) Src. 4. [Investment of capital; deposit.] Any such company may invest its capital stock and change such investment as provided in section 3593 of the Revised Statutes of Ohio: but no such company shall commence business until it has made the deposit of se- curities provided for in said section, which shall be held and controlled by the superintendent of insurance for the purpose and in the manner provided in said section 3593 and in section 3594 of the Revised Statutes of Ohio. [91 v. 415.] (3691—18) Src. 5. [Certificate of deposit; right to transact business.] When such company is fully organized and has deposited the requisite amount of securities, as hereinbefore provided, together with a certified copy of the papers required by this act, the superintendent of insurance shall, unless he find the name assumed by such company so nearly similar to the name of another company organized in this state as to lead to uncertainty or confusion on the part of the public, furnish such company with a certificate of such deposit and of authority to commence and transact business. [91 v. 415.] (3691—19) Src. 6. [Powers of companies.] No such com- pany shall undertake any business or risk except as herein provided, and such companies shall have the right, power and authority to agree to pay to merchants, manufacturers, dealers and persons engaged in business and giving credit, the debt or debts, or such part thereof as may be agreed upon, owing to them, or which may be thereafter owing to them, and to indemnify them from loss on account thereof in such an amount or per cent. as may be agreed upon, and to charge and receive therefor such a sum or per cent. as the consideration for such an agreement, guaranty or indemnity, as shall be agreed upon between such corporation and the person guaranteed or indemnified, and _ to buy, hold, own and take an assignment of any and all claims, accounts and demands so guaranteed, and to hold, own and_ collect the same, and to enforce the collection thereof by action the same as the original holder and owner thereof might or could do; and such corporation may also guarantee the payment of money for personal services under con- tract of hiring. Any such corporation may use its capital stock or its a an OHIO INSURANCE LAWS. ath Insurance Companies Other Than Life. Ch, 11. funds accumulated in the course of its business to purchase or pay for any claim or demand, the payment of which it has guaranteed; or against the loss of which it has indemnified the holder; and such of its capital stock or accumulated funds as may not be so used shall be invested in the same classes of securities in which the deposit to be made with the superintend- ent of insurance is required by the provisions of this act to be invested; provided, that when on account of losses or otherwise, the amount of the funds of any such corporation shall fall below such sum as is required to be deposited by this act, no further guaranty of indemnity shall be issued until the deficiency has been made good. [91 v. 415.] (3691—20) Src. 7. [Annual statements.] The president or vice president of each company organized under this act, or under the laws of any other state, and doing business in this state, shall, annually, on the first day of January, or within thirty days thereafter, prepare under oath and deposit in the office of the superintendent of insurance a state- ment of the condition of such company on the thirty-first day of December then next preceding, exhibiting the following facts and items, and in the following form, to wit: First. The amount of the capital stock of the company, specifying the amount paid and unpaid. Second. The property or assets held by the company, specifying : I. The value of the real estate owned by such company, where it is situated, and the value of the buildings thereon. 2. The amount of cash on hand and deposited in banks to the credit of the company, specifying in what banks the same is deposited. 3. The amount of cash in the hands of agents and in course of trans- mission. 4. The amount of loans secured by bonds and mortgages which are first liens on real estate and on which there is less than one year’s interest due. 5. The amount of loans on which interest has not been paid within one year. 6. The amount due the company on which judgments have been obtained, and the cash value thereof. 7. The amount of stocks in this state, the United States, of any city in this state, and of any other stocks owned by the company, specifying the amount, number of shares, and the par and market value of each kind of stocks. 8. The amount of stock held as collateral security for loans, with the amount loaned on, and the par and market value of each kind of stock. 9. The amount of unpaid assessments on stock, premium notes or contingent liabilities. to. The amount of interest due and unpaid, and the amount of in- terest accrued but not due. 11. The amount of premium notes or contingent liabilities on which policies or bonds of guaranty or indemnity are issued. 12. The number of policies or bonds of guaranty or indemnity in 13. The amount of pemiums received thereon. 14. The amount and description of all other assets. 15. The amount guaranteed under all policies in force. 112 OHIO INSURANCE LAWS. Ciel Insurance Companies Other Than Life. Third. The liabilities of the company, specifying: 1. The amount of losses due and unpaid. 2. The amount of claims for losses resisted by the company. 3- Gross losses in process of adjustment or in suspense, including all reported and supposed losses. 4. The amount of dividends declared and due and remaining unpaid. 5. The amount of dividends, either cash or scrip, declared, but not due. 6. The amount of money borrowed, and the security given for the payment thereof. 7. The amount of all other existing claims against the company. Fourth. The income of the company during the preceding year, specifying : 1. The amount of cash premiums received. 2. The amount of notes or contingent assets received for premiums. 3. The amount of interest money received. 4. The amount of income received from other sources. Fifth. The expenditure during the preceding year, specifying: 1. The amount of losses paid during the year, stating how much of the same accrued prior and how much subsequent to the date of the preceding statement, and the amount at which losses were estimated in such preceding statement. 2. The amount of dividends paid during the year. 3. ‘The amount of expenses paid during the year, including commis- sions and fees to agents and officers of the company. 4. The amount paid for taxes. 5. The amount of all payments and expenditures. 6. The amount of scrip dividend declared. [91 v. 415.] (3691—21) Sec. 8. [Requirements of companies of other states.]_ Any corporation, company or association organized under the laws of any other state of the United States to transact a like business as that provided for in this act, may be admitted and licensed to do busi- ness in this state; but as a condition precedent to being admitted to, and transacting business in this state, shall comply with the following condi- tions, to wit: Deposit with the superintendent of insurance (1) a certified copy of its charter or articles of incorporation; (2) a certificate from the insurance commissioner or superintendent of insurance of its own state showing its authority to do such business ; (3) a certificate from said com- missioner or superintendent or like authority of its own state, that corpora- tions, companies or associations of this state engaged in a like business, are, upon complying with the laws of said state, legally entitled to do busi- ness in such state; (4) a statement under oath of its president and sec- retary, or like officers, in the form provided for in this act of its business for the preceding year; (5) a copy of its policy, bond or guaranty, ap- plication and by-laws; (6) a certificate from the insurance commissioner, superintendent of insurance or other proper officer of its own state, that such company has invested at least one hundred thousand dollars of its as- sets in the interest-paying bonds or stocks of the United States or of this state, or of some other state of the United States, of the market value of one hundred thousand dollars in the city of New York, or in bonds and mortgages on unincumbered real estate in this state, or in the state under OHIO INSURANCE LAWS. 113 Insurance Companies Other Than Life. Ch.. 11. the laws of which it is organized, of at least double the value of the amount loaned thereon ; that such securities are held under the laws of such state by such officer for the benefit of all its policy, bond or guaranty-holders; and such certificates shall also state the character of the securities held by such officer, and their value; (7) a duly certified copy of the resolution of its board of directors appointing an attorney in this state upon whom service of summons or other process in all actions begun in this state may be made. [91 v. 415.] (3691—22) Src. 9. [When company from other state ex- empted from making deposit.] No deposit in this state shall be re- quired of any corporation, company or association of another state, if stich company, corporation or association has made the deposit in its own state, referred to in the last preceding section, and has filed with the superin- tendent of insurance of this state the certificate mentioned in the last preceding section as evidence of such deposit. [91 v. 415.] (3691—23) Src. 10. [Forfeiture of right to do business.] Any corporation organized under this act, or doing business in this state hereunder, which shall fail or refuse to file a statement or report, shall for- feit its right to do business under this act, which forfeiture the superin- tendent shall enforce by proceedings in quo warranto; and it is hereby made the duty of the attorney-general of the state to institute such proceedings upon his request in writing. [91 v. 41 5.] (3691—24) Sec. 11. [Examination.] Any such corporation, association or company shall be subject to examination by the superin- tendent of insurance of this state under and pursuant to the provisions of the laws of this state relative to the examination of life insurance com- panies. [QI v. 415.] BURGLARY AND ROBBERY INSURANCE COMPANIES, ; (3691—24a) Sec. 1. ‘[Licensing of companies organized for insurance against burglary, robbery, etc.] That any insurance com- pany organized or incorporated on the mutual plan under the laws of this state [or any other state] for the purpose of insuring against loss or damage from burglary and robbery or attempt thereat, and securing against the loss of money and securities in course of transportation shall be authorized, admitted and licensed to do business in this state, as here- inafter provided. [94 v. 350.] (3691—24b) Sec. 2. [Requisites for beginning business.] Be- fore any such company shall be authorized to transact business in this state, except to solicit and receive applications for insurance and portions and premiums thereof, as hereinafter provided, it shall have in force five hundred or more policies on which premiums shall have been paid in cash, or shall be evidenced by the written contracts or [of] the policy-holders, on which not less than one-fifth of the amount shall have been paid in cash, the cash and contracts for premiums shall amount in the aggregate to a sum not less than one hundred thousand dollars. The premium con- tracts so held shall constitute a part of the valid assets of the company. [94 v. 351.] (3691—24c) Src. 3. [Copy of charter, and statement to be filed with superintendent of insurance; what statement shall contain. ] Shi Te 114 OHIO INSURANCE LAWS. Ghislilk Insurance Other Than Life. And every such company, association or partnership shall also file a certi- fied copy of its charter, articles of incorporation or deed of settlement, together with a statement under the oath of the president or vice-presi- dent and secretary of the company for which he or they may act, stating the name of the company and the place where located, a detailed statement of its assets, showing the number of policy-holders, aggregate amount of premium contracts, the amount of cash on hand, in bank, or in the hands of agents, the amount of real estate, and how the same is enctum- bered by mortgage, the number of shares of stock of every kind owned by the company, the par and market value of the same, amount loaned on bond and mortgage, the amount loaned on other securities, stating the kind and amount loaned on each, and the estimated value of the whole amount of such securities, and other assets or property of the com- pany ; also stating the indebtedness of the company, the amount of losses adjusted and unpaid, the amount incurred and in process of adjustment, the amount resisted by the company as illegal and fraudulent, and all other claims existing against the company ; [Foreign company to file last annual report; agent forbidden to transact business when company’s reserve is impaired.] and for a company organized under the laws of any other state, a copy of the last annual report, if any, made under any law of the state by which such company was incorporated and no agent shall be allowed to transact business for any such company who[se] reinsurance reserve, as required by this act, as [is] impaired to the extent of twenty per cent. thereof, while such deficiency shall continue. [Agent to procure certificate from superintendent of insurance. ] Nor shall it be lawful for any agent or agents to act for any company or companies referred to in this act, directly or indirectly, in taking risks or transacting the business of burglary and robbery insurance or the insurance of the safe shipment of money and securities, without pro- curing from the superintendent of insurance a certificate of authority, stating that such company has complied with all the requirements of this act which apply to such companies, and as to companies organized under the laws of any other state there shall be added the name of the at- torney appointed to act for the company. [94 v. 351.| (3691—24d) Src. 4. [Character of business to be conducted in this state.] Any company organized, admitted and licensed to transact business in this state under this act shall confine its line of busi- ness to that stated in the first section of this act, and shall confine its business in this state to banks, bankers, loan companies, trust companies, city and county treasurers, and shall not issue any policy or policies to [any] person, firm or corporation in this state other than banks, bankers, loan companies, trust companies, city and county treasurers. [Reinsurance reserve.] Every such company shall set aside a reinsurance reserve of fifty per cent. of its premiums for unexpired term, whether collected in cash or represented by the obligations of the policy- holders, as written in its policy. [94 v. 352.] (3691—24e) Sec. 5. [Liability of policy-holders.] Policy- holders of any company organized and admitted to transact business in this state under this act, shall be held liable to pay the membership fee OHIO INSURANCE LAWS, Hts Insurance Other Than Life. Chega’ and premium on their insurance as paid or contracted to be paid at the time the policy is taken out, and shall not be held liable for any further or other assessments or claims on the part of the company or its policy- holders. The membership fees and premiums agreed upon may be col- lected in cash at the time the policy is issued or evidenced by written obli- gation of the policy-holder, as may be agreed upon by the company and the policy-holder. Such payment or obligation shall be the limit of the liability of the policy-holder to the company for premiums on their in- surance. [94 v. 352.] (3691—24f) Src. 6. [Appointment of attorney.] It shall not be lawful for any insurance company, association or partnership incorpor— ated by or organized under the laws of another state of the United States for any of the purposes specified in this act, directly or indirectly, to take risks or transact any business of insurance in this state by any agent or agents in this state, until it shall first appoint an attorney in this state, who shall be the superintendent of insurance on whom process of law can be served, and file in the office of the superintendent of insurance a written instrument duly signed and sealed, certifying such appointment. [Service of process.] and any process issued by any court of record in this state, and served upon such attorney by the proper officer of the county in which such attorney may reside or be found, shall be deemed a sufficient service of the process upon such company. [94 v. 352.] (3691—24¢) Sec. 7. [Annual statements.] The statement and evidence of membership, assets and investments required by section three of this act, shall be renewed from year to year in such a manner and form as may be required by said superintendent of insurance with an additional statement of the amount of premiums received in this state during the preceding year, so long as such agency continues, and the said superintendent of insurance, on being satisfied that the membership, assets, securities and investments remain secure, as hereinbefore mentioned, shall furnish a renewal of the certificate as aforesaid. [Revocation of authority of company.] Any corporation or- ganized under this act doing business in this state hereunder, which shall violate any of the provisions of this act, the superintendent of insurance shall revoke its authority to do business in this state, and no renewal of authority shall be granted to it for a period of one year after such revo-— cation. [94 v. 352.| 116 OHIO INSURANCE LAWS. Ch. 14. To Change Name. CHAPTER XIV: DIVISION VII—TITLE I—PART THIRD. TO CHANGE NAME. SECTION. SECTION. : 5852. What names may be changed. 5005. Proceeding to change name of corpora- 5853. Proceeding to change name of person. tion. g . 5854. Proceeding to change name of town, vil- 5856. Copy of order to be filed, and_publica- lage, or hamlet. tion made. . ‘ 5857. Effect of change of name of corporation. SEC. 5852. [What names may be changed.] The names of per- sons, the names of towns, villages and hamlets, and the names of com-— panies or associations incorporated in this state, may be changed in the manner provided in this chapter. [40 v. 28, § 1; 51 v. 293, § 1; 50 v. 27AV8 77 7 S08 Gs 13835) Bae BO0s SUS Cast) SEC. 5853. [Proceeding to change name of person.] A person desiring to change his name may file a petition in the court of common pleas, or in the probate court of the county in which he resides, setting forth that he has been a bona fide resident of such county for at least one year prior to the filing of the petition, the cause for which the change of name is sought, and the new name asked for; and the court, upon being satished, by proof in open court, of the truth of the facts set forth in the petition, that there exists reasonable and proper cause for changing the name of the petitioner, and that notice of the intended application has been given by one publication in a newspaper of general circulation in such county at least thirty days prior to the flling of the petition, may order such change of name, [Fee of probate judge.] And the probate judge is authorized to charge for his services in the proceedings, the sum of three dollars, and no more. [92 v. 28; 40 v. 28, § 2; S. & C. 1138] SEc. 5854. [Proceeding to change name of town, village, or ham- Jet.] Not less than twelve freeholders of the vicinity may file a petition in the court of common pleas of the county, for the change of the name of any town, village, or hamlet in such county, setting forth the reason why such change of name is desirable, and the name proposed to be substituted; and the court upon being satisfied by proof, that the prayer of the petitioners is just and reasonable, that notice as required in the last section has been given, that at least three-fourths of the inhab— itants of such town, village, or hamlet desire such change, and that there is no other town, village, or hamlet in this state of the same name as that which is prayed for, may order such change of name. [40 v. 28, § 3; S. & C. 1138.] _ SEC. 5855. [Proceeding to change name of corporation.] The directors or trustees of a corporation incorporated in this state, may file a petition in the court of common pleas of the county in which its principal office is located, or, if it has no principal office in the county in which it is situate, for a change of name of such corporation; and the court, upon being satisfied that thirty days’ notice of the object and prayer of the OHIO INSURANCE LAWS. TL. To Change Name. Ch 44. petitioners has been given, by publication in a newspaper of general cir- culation in the county, and upon good cause shown, shall order the change of name as prayed for. [51 v. 293, §§ 1, 2; 50 v. 274, § 77; S. & C. 309; e317: SeEc. 5856. [Copy of order to be filed, and publication made. ] A copy of the order of the court shall be filed with the secretary of state, if the articles of incorporation were filed in his office, or with the recorder of the county, if the certificate was filed in his office; and in either case, a copy of the order shall be published in some newspaper of general circu— lation in the county. [51 v. 293, § 3, 50 v. 274,§8 77;S. &C. 309;S.& oo 257;| Sec. 5857. [Effect of change of name of corporation.] When the provisions of the last section have been complied with, such corporation shall thereafter be known by such new name, and shall have all the powers, and be subject to the same restrictions, as if no change of name had been made; and no such change of name shall affect the rights of such corpora— tion, or of any individual, or other corporation. [51 v. 293, § 4; 50 v. 274, So AOC. a CS S77, | 118 OHIO INSURANCE LAWS, Tax Laws Applicable to Insurance Corporations. * TAX LAWS APPLICABLE TO INSURANCE CORPORATIONS. Sec. 2744. [Corporations generally; their returns.] The pres- ident, secretary, and principal accounting officer of every canal or slack— water navigation company, turnpike company, plank—road company, bridge company, insurance company, telegraph company, or other joint stock company except banking or other corporations whose taxation is specific— ally provided for, for whatever purpose they may have been created, whether incorporated by any law of this state or not, shall list for taxation, verified by the oath of the person so listing, all the personal property, which shall be held to include all such real estate as is necessary to the daily operations of the company, moneys and credits of such company or cor- poration within the state, at the actual value in money, in manner following: In all cases return shall be made to the several auditors of the respective counties where such property may be situated, together with a statement of the amount of said property which is situated in each towu— ship, village, city, or ward therein. The value of all movable property shall be added to the stationery and fixed property and real estate, and ap- portioned to such wards, cities, villages, or townships, pro rata, in propor— tion to the value of the real estate and fixed property in said ward, city, village, or township, and all property so listed shall be subject toand pay the same taxes as other property listed in such ward, city, village, or township. It shall be the dutyof the accounting officer aforesaid to make return to the auditor of state during the month of May of each year of the aggregate amount of all property by him returned to the several auditors of the re— spective counties in which the same may be located. It shall be the duty of the auditor of each county,on or beforethe first Monday of May, annually, to furnish the aforesaid president, secretary, principal accounting officer, or agent the necessary blanks for the purpose of making aforesaid returns ; but no neglect or failure on the part of the county auditor to furnish such blanks shall excuse any such president, secretary, principal accountant, or agent, from making the returns within the time specified herein. If the county auditor to whom returns are made is of the opinion that false or incorrect valuations have been made, or that the property of the cor- poration or association has not been listed at its full value, or that it has not been listed in the location where it properly belongs, or in cases where no return has been made to the county auditor, he is hereby required to proceed to have the same valued and assessed: provided, that nothing in this section shall be so construed as to tax any stock or interest in any joint stock company held by the state. [73 v. 139;§ 16; (S. &C. 1446.)] _ Express, telegraph and telephone companies expressly taken out of this section, see § 2778. Also sleeping car companies, see § (2780—13). Also freight line and equipment companies, see § (2780—8). Listing by insurance company: Farmers’ Insurance Co. v. La Rue, 22 O. S. 630. A franchise is not property, and not taxable: Bank v. Hines, 3 O. S. 1. See note to Pomeroy Salt Co. v. Davis, Treas., 21 O. S. 555, under § 2734. That the legislature intended to embrace the capital stock of a company, is too obvious to: be misunderstood. No other meaning can be drawn from the language employed, and no other construction is better calculated to do justice: Jones v. Davis, 35 O. § 477. TS OHIO INSURANCE LAWS. TY Tax Laws Applicable to Insurance Corporations. See note to Bradley v. Bauder, 36 O. S. 28, under § 2730. | Re-insurance is not a “legal bona fide debt”? within the meaning of § 2780, to be deducted from “claims and demands” due the company: Insurance Co. v Cappeller, 38 O. S. 560. : The exemption from taxation of investments in stocks, provided by the statute, applies only to shares of those corporations which are required to return their capital and property for taxation in the state. This clearly means those corporations which are required to return all, or substantially all, their capital and property. Jones v. Davis, 35 O. S. 474, approved and followed: Sturges v. Carter, 114 U. S. Supreme Court 522. See note to same case under § 2746. Cited: Express Co. v. State, 55 O. S. 80. Sec. 2745. [Returns by foreign insurance companies.] [Every agency of an insurance company incorporated by the authority of any other state or government, shall return to the auditor of each county in which such company does business, or from which it collects premiums on or before the first day of May, annually, the amount of the gross premium receipts of such agency for the previous calendar year in such counties ; pro- vided, however, that in the case of regular companies, wherein policy— holders participate in the surplus and earnings of the company, dividends or surplus from previous payments allowed and used in the payment of current premiums, cancellation or surrender values, and commissions paid to the citizens of this state, during the same period for which receipts are recorded, shall be deducted from such gross receipts,and the net amount after such deductions shall be the basis of taxation for such companies in the counties, which shall be entered upon the tax list of the proper county, and be subject to the same rate of taxation, for all purposes, that other personal property is subject to at the place where located; and the whole of said tax shall be due and payable on the twentieth day of Novem— ber next ensuing. And it shall be the duty of the superintendent of in— surance, in the month of December, annually to charge and collect from all such companies such a sum as, added to the sum paid to the county treasuries, will produce an amount equal to two and one-half per cent. on the gross premium receipts of such companies, as shown by their an— nual statements, under oath, to the insurance department ; provided, how— ever, that if, by the laws of any other state, territory or nation, a larger _tax than two and one-half per cent. on such gross premium receipts is charged companies organized under the laws of Ohio, then the superin— tendent of insurance shall charge a like tax upon companies from such state, territory or nation doing business in this state. If any such company refuse to pay said tax, after demand therefor has been made, or if it shall make any false statement of its gross premium receipts, the superintendent of insurance shall revoke the license of such company to do business in this state. If, at any time, said superintendent has reason to suspect the cor— rectness of the return make [made] of the gross premium receipts of any such company he may, at the expense of the state, make an examination of the books of such company, or of its agents, for the purpose of verifying the same. ~All taxes collected under the provisions of this section by the superintendent of insurance shall be paid by him, upon the warrant of the auditor, into the general revenue fund of the state. [QI v. 91; 90 Vv. 201 ; 86 v. 274; 85 v. 183; Rev. Stat. 1880; 73 v. 139, § 16.] As to disposition of tax on foreign insurance companies, see as follows: In counties containing cities, to firemen’s pension fund, § (2477—54); see note under § (2477—51). In counties containing cities in which the police hold their positions during good behavior, except Cincinnati, Cleveland, Columbus, Dayton, and Toledo, to police pension fund, § (2030—18). In counties containing a city of the first class, first grade (Cincinnati, Ham- ilton county), to firemen’s pension fund,’ §§ (2477-4), (2477—63); to police pension fund, § (1903—1). 120 OHIO INSURANCE LAWS. Tax Laws Applicable to Insurance Corporations. In counties containing a city of the first class, second grade, (Cleveland, Cuyahoga county), to firemen’s pension fund, §§ (2477—18), (2477—63), (1945—2) ; to police pension fund, § (1945—1), (1945—2); to sanitary police pension fund, § (1945—2). ; In counties containing a city of the first class, third grade (Toledo, Lucas county), to police pension fund, § (1997—1). In counties containing a city of the second class, first grade (Columbus, Franklin county), to firemen’s pension fund, § (2477—40). In counties containing a city of the second class, second grade (Dayton, Montgomery county), to police pension fund, § (2022—35¢. ae In counties containing a city of the second class, third grade, to firemen’s pension fund, § (2477—70). In counties containing a city of the second class, third grade (a) (Spring- field, Clarke county), to firemen’s pension fund, § (2477—84). For the annual valuation of outstanding policies, etc., by superintendent of insurance, see § 279. This section prescribes the rate of taxation upon every foreign insurance company doing business in this state. The last clause of § 282 is operative only when it is shown that the law of the state where such company is organized taxes Ohio companies doing business there at The superintendent may exercise the power of revoking or declining to renew a license by virtue of this section, although an ck brought by him for the taxes, is still pending: es! We Applies to mutual fire insurance companies, but not to assessment life and accident asso- ciations and not to fraternal beneficiary associations: Atty. Genl. Opinion, Dec. 27, 1900. SEC. 2745a. Insurance policy on Ohio property not to be placed in agency outside of state.] It shall be unlawful for any insurance company or agent legally authorized to transact insurance business in the state of Ohio to write, place or caused to be written or placed, any policy, renewal of policy, contract for insurance upon property situated or located in the state of Ohio, except through a legally authorized agent in the state of Ohio, who shall countersign all policies so issued and enter the payment of the premium upon his record, and the writing, renewal placing or causing to be written or placed any policy of insurance in any other manmer or form is hereby declared to be a violation of the law pro- viding for the payment of taxes by foreign insurance companies doing business in the state of Ohio, as set out and provided in section 2745 of an act passed by the General Assembly of the state of Ohio, April 12, 1889 (88 v. 487). _ [Reinsuring, ceding, pooling or dividing risk with unauthorized foreign company forbidden.] And no fire insurance company or as- sociation authorized to do business ini this state shall reinsure, dispose of, cede, pool, divide or in any manner or form whatsoever, reduce any por- tion of its risk or liability, covering property located in whole or in part in this state, in or with any company, association, person! or persons what- ever, incorporated or otherwise, not authorized by law to do the business of fire insurance in this state, or to 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 whole or in part in this state, of or for any instirance company, association, person or persons, incorporated or otherwise, not authorized by law to do the business of fire insurance in this state. _ [Annual report required of chief officer of company, or associa- tion.] It shall be the duty of the superintendent of insurance of this state annually, and at such times as he may see fit, to require the OHIO INSURANCE LAWS. 121 Tax Laws Applicable to Insurance Corporations. president or other chief officer of each company or association, to file a statement under oath, showing the names of each fire insurance com- pany, or association, with whom or for whom any liability: for insurance on property located in whole or in part in this state has been reinsured, disposed of, ceded, pooled, divided, or in any manner or form whatsoever reduced or increased. [94 v. 299; 88 v. 487.] SEc. 2745b. [Revocation of license for violating above.] That any company or companies violating the provisions of section 2745a of this act upon notice and satisfactory proof thereof being made to the superintendent of insurance of the state of Ohio, shall have its or their authority to transact business in the state of Ohio revoked for a period of not less than ninety days; and any insurance company whose license to do business in the state of Ohio may be so revoked by the superin- tendent of insurance of the state of Ohio, shall not be again permitted to do business in the state of Ohio, until all taxes and penalties due thereon shall have been paid, together with any expense that may be due under the provisions of this bill, to the superintendent of insurance of the state of Ohio; and such company shall only be re-admitted to trans- act business in the state of Ohio upon a complete re-compliance with the laws now in force in regard to the admission of insurance companies to do business in Ohio. [88 v. 488.] SEC. 2745c. [Superintendent of insurance to inspect company charged with violating law.] That when notice of any violation of the first section of this act is received by the superintendent of insurance of the state of Ohio, [that] it shall fortwith be his duty in person, or by deputy, to visit the office of such company or companies where such con- tract of insurance may have been written or made, and demand an in- spection of the books and records of such company or companies; any company or companies refusing to exhibit its or their books and records for his inspection shall be deemed guilty of violating the provisions of the first section* of this act, and the penalties provided in this act shall immediately be enforced against such company or companies, by the superintendent of insurance of the state of Ohio. [88 v. 488.] *The first section includes section 2745a, b, c, and d. SEC. 2745d. [Expenses of inspection.] The superintendent of insurance of the state of Ohio shall receive, as a compensation for the services rendered under the provisions of this act, his necessary expenses, which sum shall be charged against the company or companies so visited by him, and shall be collected from such company or companies by suit in any court of competent jurisdiction. [88 v. 488.] SEc. 2843. [Unlawful to act as agent of or perform services for certain companies when taxes due and unpaid for twenty days; pen- alties.]_ If the taxes assessed against any express company, telegraph company, telephone company, or insurance company, in any county in this state, shall remain due and unpaid to the treasurer of such county, for the period of twenty days after the time provided by law for the pay- ment thereof, it shall be unlawful for any person or persons, or corpor- ation, to act as agents, or do or transact any business for such company so in default to such county, until said tax, and interest, and penalty is fully paid; any person, or agent, manager or clerk of any corporation, 122 OHIO INSURANCE LAWS, Where Actions May Be Brought. who shall, after such default, directly or indirectly act as agent of, or do or transact any business whatever on account of or for the benefit of such company so in default, other than the payment of said tax, shall be held to be guilty of a misdemeanor, and on conviction thereof, shall be fined in any sum not less than one hundred nor more than five hundred dollars, or punished by imprisonment in the county jail, and fed on bread and water only, not exceeding thirty days, or both, at the discretion of the court ; after such default, made as aforesaid, any railroad company which shall, directly or indirectly, convey or carry for said defaulting express, telegraph, telephone company or insurance company, any package of money, merchandise, or other articles, or transmit any telegraphic mes- sage, after having notice of such default, shall, for every such offense, forfeit and pay a sum equal to the amount of. such tax due and unpaid, with the interest and penalty thereon, to be recovered by an action in the name of the state, in| the county where such tax is assessed, with costs of suit. [1885, March 20; 82 v. 92; Rev. Stat. 1880; 59 v. 91, § 7; (S. & 5770): Ouoted Ratterman v. Express Co., 49 O. S. 608, 616. *For additional tax provision applicable to foreign and domestic fire insurance companies for support of the office of State Fire Marshal, see section 409-56 Revised Statutes, supra. WHERE ACTIONS AGAINST CORPORATIONS MAY BE COMMENCED. DEC. 5023. [Actions against corporations other than those men- tioned in sections 5019 to 5023; where to bring.] An action other than one of those mentioned in the four preceding sections, against a corporation created under the laws of this state, may be brought in the county in which such corporation is situated, or has or had its principal office or place of business, or ini which such corporation has an office or agent, or in any county in which a summons may be served upon the president, chairman or president of the board of directors or trustees or other chief officer ; [Insurance company.] but if such corporation is an insurance company, the action may be brought in the county wherein the cause of actioi, Or some part thereof, arose; [Mining company. and if such corporation be organized for the purpose of mining, either exclusively or in connection with other business, the action may be brought in any county where such corpora- tion owns or operates a mine, and the cause of action, or some part thereof, arose. [74 v. 29, § 48; (S. & C. 960); S. & S. 541; R. S. of 1880, § 5026; 82 v. 5; 93 v. 1253 94 v. 270, § 5023.] Original § 5023 R. S. of 1880. is now § 5020. This section was not intended to apply to statutory actions in which a different rule or perce proceeding is specially authorized: Muskingum Co. Infirmary v. Toledo, 15 O. S. Annlies to life as well as fire insurance companies. Action may be brought in county where death of the insured occurred: Insurance Co. v. Pyers. 36 O. S. 544 Annlies to a corporation under a special charter, which has brought itself under the general laws: Knox Co. Mut. Tns. Co. 7 Bowersox, 6 C. C. 275, 278. oA A municipality located in two counties may be sued in either county: Fox v. Fostoria, 14 The word “may” in this section should be read “must”; Kinsey v. Burgess Steel & Iron Works. 4 N. P. 298: 60. D. 446. whe annearance in court of the defendant corporation for the purpose of objecting hy motion to the inrisdiction over the nerson is not an appearance in the cause. Jd. Tf it had heen as to the merits of plaintiffs’ case. or as to the jurisdiction of the subject matter. or upon any other ground, it would be an appearance: Id. OHIO INSURANCE LAWS. 123 How Service of Process May Be Made. HOW SERVICE OF PROCESS UPON INSURANCE CORPORATIONS MAY BE MADE. (1N CIVIL ACTION.) SEC. 5042. [On insurance company.] When the defendant is an insurance company, and the action is brought in a county in which there is an agency thereof, the service may be upon the chief officer of such agency. [51 v. 57, § 67; 5S. & C. 963; R. S. of 1880, § 5045; 94 v. 273, § 5042.] Original § 5042 R. S. of 1880, is now § 5039, See Heart v. Insurance Co., 26.0. S. 594. A policy of marine insurance was issued by a corporation of the state of Connecticut, also doing business in Ohio. The cargo was sunk in waters of the state of Michigan: Held, that a breach upon the part of the insurer constitutes a cause of action against the company, cognizable by the courts of this state: Handy v. Insurance Co., 37 O. S. 366, Src. 5043. [On foreign corporation.] When the defendant isa foreign corporation, having a managing agent in this state, the service may be upon such agent. [51 v. 57, § 68; S. & C. 963; R. S. of 1880, § 5046; 94 v. 274; § 5043.] Original § 5043 R. S. of 1880, is now § 5040. As to service of summons before a justice of the peace, see § 6480. Foreign corporation must designate person upon whom or where summons can be served, § 148d. What constitutes a ‘‘managing agent’ within the meaning of this section: Am. Ex. Co. v. Johnson, 17 O. S. 641. Section 68 of the Civil Code, cited in Handy v. Insurance Co., 87 O. S. 369. (IN ACTION BEFORE MAGISTRATE.) SEc. 6479. [Insurance company.] Where the defendant is an incorporated insurance company, and the action is brought in a county in which there is an agency thereof, the service may be upon the chief officer of such agency. [51 v. 179, § 16; S. & C. 744.] SEc. 6480. [Foreign corporation.] Where the defendant is a foreign corporation, having a managing agent in this state, the service may be upon such agent. [51 v. 179, § 17; S. & C.774.] PENAL STATUTES APPLICABLE TO INSURANCE CORPORATIONS, THEIR AGENTS AND OTHER PERSONS. SEC. 68g1. [Arson.] Whoever maliciously burns, or attempts to burn, any dwelling house, kitchen, smoke-house, shop, office, barn, stable, storehouse, warehouse, railroad coach or car, malt house, still house, mill, pottery, or any other building, the property of another person, or any church, meeting house, court house, work house, school house, jail, or the Ohio penitentiary, or any shop, store house or building, within the inclosed walls thereof, or any other public building, or any ship or other water craft, or any toll bridge or any part thereof, erected across any river, wholly or partly within this state, or any other bridge erected across any of the waters within this state, or sets fire to or attempts to set fire to anything in or near to any such building, coach or car, water craft or bridge, with intent to burn the same, shall, if the value of any such building, coach or car, water craft or bridge, burned, attempted or intended to be burned, is fifty dollars or more, be imprisoned in the peni- tentiary not more than twenty years, or if the value is less than that sum, be fired not more than two hundred dollars, or imprisoned not more than thirty days, or both. [1889, January 15: 86 v. 3; 83 v. 81; Rev. Stat. 1889 ; 33 v. 33, §§ 12, 13; 60 v. 85, §§ 1, 2; 66 v. 122, § 1; (S.&C. 406; S. & S. 267, 268).] 124 OHIO INSURANCE LAWS. Penal Statutes. Procuring another to burn a warehouse, the property of a third person, by a person in pos- session, held to be an offense within §§ 12 and 36 of the crimes act of 1835: Alien v. State, 10 O. S$. 28% : ; A house used exclusively for storing goods, is a warehouse, although the building had been constructed and formerly used for another purpsoe: tb: -Thalls wv “State) £21 "OFeSe 233) So, if used alone for storing the tenant’s goods: Allen v. State, supra. er A room occupied as a news depot, may be described as a “storehouse.” Bauer v State, 25 bet Ge A tobacco house, a building erected upon a farm for the purpose of storing and drying to- bacco, and used for that purpose, may be the subject of burglary, under the act defining that crime, and may be described in an indictment as a “barn:” Ratekin v. State, 26 O. S. 420. Where the indictment charged the burglary of a barn, and the evidence showed the break- ing into a storehouse within the barn, see Walters v. State, 39 O. S. 216. ; Sufficiency of evidence: Searles v. State, 6 C. C. 331, 347. SEc. 6832. [Burning property with intent to prejudice insurer. | Whoever maliciously burns or sets fire to any dwelling house, kitchen, smoke-house, shop, office, barn, stable, store house, warehouse, still house, mill, pottery, or any other building of the value of fifty dollars, or any goods, wares, merchandise, or other chattels, of the value of fifty dollars, the same being his own property, and insured against loss or damage by fire, with intent to prejudice the insurer, shall be imprisoned in the peni-- tentiary not more than twenty years. [57 v. 49, §§ 1, 2;S. &C. 4574; ae Coa be An indictment is not defective in not stating that the barn was insured for at least fifty dollars. The value of the property, and not the amount of the insurance thereon, must be fifty dollars: Elliott v. State, 36 O. S. 323, An accomplice in this crime, not being the owner, could not be indicted under this section: Searles v. State, 6 C. C. 381, 344. SEC. 7078. [False statement by medical examiner of insurance company.] A medical examiner for any life insurance company, or for any person seeking insurance therein, who knowingly makes any false statement or report to such company, or any officer thereof con- cerning the health or bodily condition of any applicant for insurance, or - concerning any other matter or thing which might affect the granting of such insurance, shall be fined not more than five hundred dollars, or imprisoned not more than three months. [69 v. 159, § 31.] SEC. 7084. [Fraudulently obtaining money from insurance com- panies; penalty.] Whoever obtains or attempts to obtain from any life or accident insurance company, any stm of money on any policy of life or accident insurance issued by any company in this state, by falsely and fraudulently representing the person insured to be dead; or procures any policy of insurance to be issued to or in any fictitious or assumed name and falsely represents the fictitious person so insured to be dead, and thereby obtains or attempts to obtain from such company the amount of such insurance or any part thereof; or obtains insurance upon the life of any person not himself actually applying for such insurance; or attempts to obtain insurance upon another life for his benefit at the death of any such person without the knowledge of such person to be insured ; or falsely obtains or attempts to obtain from any such company any sum of money upon any policy of such company by means of any false and fraudulent written representation or affidavit, that the person whose life was insured is dead, or that the person insured against accident 1s injured, shall be imprisoned in the penitentiary not more than fifteen years ; provided, that when the thing obtained or attempted to be obtained 1s a sum of money, and less than thirty-five dollars, the person convicted shall be fined not more than five hundred dollars, or imprisoned not more than six months, or both. [1888, March 27: 85 v. 119; Rev. Stat. 1880 ; 64 v. 229, § 1; (S. & S. 273).] . APPENDIX. The following sections were repealed April 14, 1888 (85 O. L. 273) except as to premium note mutual companies then doing business which should not re-organize under the amended law as contingent liability companies. Several such premium note companies have not so reorgan- ized and are still operating under these sections : Sec. 3634. No company shall be incorporated under this chapter with a smaller capital than one hundred thousand dollars, which shall be divided into shares of one hundred dollars each; nor shall any company on the plan of mutual insurance be organized in this state until agreements have been entered into for insurance with at least two hun- dred solvent applicants, the premiums on whose policies shall amount to not less than fifty thousand dollars, of which at least twenty per cent. has been paid in cash by each applicant on his note, and their notes founded on actual and bona fide applications for insurance have been received for the remainder; no one of the notes received as aforesaid shall amount to more than five hundred dollars, and no two shall be given for the same risk, or be made by the same person or firm, except when the whole amount of such notes does not exceed five hundred dollars; nor shall any note -be represented as capital stock unless a policy be issued upon the same within thirty days after the organization of the company, upon a risk which shall be for no shorter period than twelve months; each of the notes shall be payable in part or in whole, at any time when the directors deem the same requisite for the payment of losses by fire, or inland navigation, and such incidental expenses as may be necessary for transacting the business of the company ; and no note shall be accepted as part of such capital stock unless the same be accompanied by a cer- tificate of a justice of the peace of the town or city where the maker of such note resides, that the maker is in his opinion, pecuniarily good and responsible for the same; and no such note shall be surrendered during the life of the policy for which it was given; but nothing in this section shall apply to associations for the mutual protection of their members against loss by fire, heretofore or hereafter organized. [75 v. 561, § 3.] Sec. 3648. No fire insurance company organized under any law of this state shall make any dividend except from the surplus profits arising from its business; and in estimating such profits there shall be re- served therefrom— First. A sum equal to fifty per cent. of the whole amount of premiums on unexpired risks and policies, which is hereby declared to be unearned premiums. Second. All sums due the company on bonds and mortgages, bonds, stocks, and book accounts, of which no part of the principal nor the interest thereon has been paid during the preceding year, and on which an action has not been commenced, or which, after judgment obtained thereon, has remained more than two years unsatisfied, and on which interest has not been paid; and Third. All interest due or accrued, and remaining unpaid, for which the company does not hold securities as hereinbefore provided. 126 OHIO tNSURANCE LAWS. Appendix. Any dividend made contrary to the provisions of this section shall subject the company which makes the same to a forfeiture of its charter, and each stockholder who receives it to a liability to the creditors of the company to the extent of the dividend received, besides the other pen- alties and punishments prescribed by law; but this section shall not apply to the declaration of scrip dividends by participating companies, and no such scrip dividend shall be paid except from surplus profits, after reserv- ing all sums above provided, including the whole amount of premiums on unexpired risks; and the word “year,” wherever used in this section, shall be construed to mean the calendar year. [70 v. 147, § 14.] SEC. 3650. Every person who affects insurance in a mutual company, and continues to be insured, and his heirs, executors, administrators and assigns shall thereby become members of the company during the period of insurance, shall be bound to pay for losses and such necessary expenses as accrue in and to the company in proportion to the amount of his deposit note ; the directors shall, as often as they deem necessary, after receiving notice of any loss or damage by fire sustained by any member, and ascertaining the same, or after the rendition of any judgment against the company for loss or damage, settle and determine the sums to be paid by the several members thereof as their respective portions of such loss, and publish the same in such manner as they may choose or as the by-laws prescribe, and the sum to be paid by each member shall always be in proportion to the original amount of his deposit note, and shall be paid to the officers of the company within thirty days next after the publication of such notice; and every such company shail assess its members on the 30th day of September of each year, sufficiently to liquidate all liabilities of the company existing at the time of the assessment, and no such company shall borrow money or create a debt unless for the purpose of necessary office buildings, to continue beyond the period when such assessment may be collected and applied to the payment thereof, and no member shall be assessed for liabilities incurred prior to his membership. [79 v. 133-] Sec, 3651. If a member neglect or refuse for the space of thirty days after the publication of such notice, and after personal demand for payment, to pay the sum assessed upon him as his proportion of any loss as aforesaid, the directors may sue for and recover the whole amount of his deposit note, with costs of suit; but execution shall only issue for assessments and costs as they accrue, and every such execution shall be accompanied by a list of losses for which the assessment is made; and if the whole amount of deposit notes be insufficient to pay the loss occasioned by any fire or fires, the sufferers insured by the com- pany shall receive, toward making good their respective losses, a propor- tional share of the whole amount of such notes, according to the sums by them respectively insured, but no member shall ever be required to pay for any loss occasioned by fire, or inland navigation, more than the whole amount of his deposit note. [69 v. 140, § 16.] SEc. 3652. In actions for the recovery of assessments duly levied by the directors of any mutual fire insurance companies of this state, or for money due on the premium notes of the members of any such company, the official statement of the president or secretary of such company, under seal, and sworn to, shall be received in court as evidence of the fact that such assessment, for the non-payment of which any such action is com- menced, has been so levied, and notice thereof given. [39 v. 35, §1.] OHIO INSURANCE LAWS. iy Appendix. SEc. 3663. All buildings insured by any mutual company shall be pledged to such company, together with the right and title of the insured in the lands upon which they are situate, to the amount of the premium note to be insured, and the company shall have a lien thereon to the amount of such note; but the lien of the company shall not take effect until the company files with the recorder of the county in which the property insured is situate a certificate, stating the date, number, and amount of such premium note, and such a description of the property insured as will enable any person readily to identify the same; the recorder shall record and index the certificate in his book of liens, for which he shall receive the sum of fifty cents; and all liens heretofore acquired by any such company shall continue in force under this chapter. [69 v. 140, § 24.] SECRET BENEVOLENT SOCIETIES. (But see 8631—11 to 3631—23.) SEC. 3796a. [Secret benevolent society empowered to invest re- serve funds.] That any secret benevolent association, or society in- corporated under or by the laws of the state, which shall have any reserve or accumulated funds, or moneys, held by them for the purpose of en- dowment of the widows, orphans, families, blood relatives or heirs of the members of such benevolent society or association, or for purely charitable purposes, shall have the right and power to invest such funds or moneys upon interest and shall take securities for such investment upon real or personal property, or otherwise, as such society or associa- tion may deem fit. [94 v. 355; 77 v. 146.] SEc. 3796b. [May elect trustees to take charge of such funds.] Any such association or society may elect a board of trustees, consisting of not less than three members, to whom they may entrust the right to manage, control, take charge of, invest, collect, demand, receive and de- posit all reserves, surplus or accumuated funds or moneys, which such association or society holds, or may hold, from time to time for the pur- pose of such endowments as are named in the first section of this act. [1880, April 9; 77 v. 146.] SEc. 3796c. [Society to fix terms of trustees and define their duties, powers, etc.] Any association or society as aforesaid, may, by law, define and limit the term of office of each and all of the said trustees; may define the duties and powers of said trustees and of said board of trustees; may remove either one for good cause; may fill all vacancies occurring in said board; shall demand from each of said trust- ees security for the faithful performance of their several duties, as it may deem fit ; shall have power to cause investments to be made by said trust- ees, in the name or names of either or all of them, and in which name or names suit may be brought; may empower said trustees to discharge, acquit, and release all claims or demands of such association or society upon payment thereof. Such trustees may sue for any claim or demand, for any loan or investment heretofore made, or hereafter to be made by any such association or society; and upon foreclosure of any mortgage held by such association or society for any investment or loan, may pur- chase and hold any lands, tenement or interest in land, in fee or otherwise 128 OHIO INSURANCE LAWS. Appendix. and may lease, rent, sell, and convey the same by deed. [1880. April 9; 77 Vv. 146.] Sec. 3796d. [May sue and be sued.] Any such association or society may sue or be sued, answer or be answered unto, plead or be impleaded in any court in this state. [1880, April 9; 77 v. 146.] SEC. 3796e. [Society may accept donations; may pay endow- ment not exceeding $5,000.] Any such association or society shall have power to accept and receive any donation or voluntary contribution, may collect its assessments, which shall not exceed one-fifth of one per centum of the amount payable at the death of a member ; may pay endow- ments in the mode and to the persons named and provided by its laws but in no case exceeding in the aggregate five thousand dollars on the death of any one member. [1880, April 9: 77 v. 146. ] ‘The word “foreign,” when applied to a corporation and not accompanied by other qualifying words, indicates a non-Ohio corporation, A ACCIDENT ASSOCIATIONS. (See Assessment Accident Associations.) ACCIDENT AND SICK BENEFIT ASSOCIATIONS. (See Assessment Acci- dent and Sick Benefit Associations.) ACCIDENT INSURANCE COMPANIES. (See Insurance Companies Other than Life.) SECTION, Domestic, when may reinsure, etc: oo... eee Se eed 3597 Domestic, for what purpose may be organized......... 3641 Par Domestic, may do employers liability business, when.... 36416 Porcien, reqiirements for admission: of.) ). oo.. weds oe 3656 Penalty against person fraudulently obtaining money NET TE SS, E 5 i nalle B e Ma e 7084 ACCUMULATIONS.. (See Assets; Profits; Surplus.) Of domestic life insurance companies may be invested, BOB ARNE. DER «i aie Placaun eho ni HOt a 3598 Of domestic insurance companies other ‘than life may PMI OS CURIOS 5 apron Fok eo Sake eck 2 On LA eC Of domestic credit guaranty companies must be invested, IRS out Arcee aie aap ge nN Lee 3691-19 ACKNOWLEDGMENT. (See Process; Service of Pro- cess; Summons; Waiver.) Of service, life insurance companies of other States Mtist=appoint weent: to GIakes cokes oc cea ces Secs wen 3607 Of service, foreign life insurance company discontinu- ing business must appoint agent to make............ 3617 Of service, foreign assessment life or accident association PAUSE SHPOMbraTet tO: MAKE. ..5 Fate las ceccee den cle d nes 3630e Of service, foreign fraternal beneficiary association must appoint Superintendent of Insurance to make......... 3631-15 Of service, foreign insurance company other than life Mist aDpOlite arent tO" Makes obs n wc sea ox aes 3657 ACTION — To enforce liability of officers or stockholders of cor- Horstion to be, brotight.wheres toa fh. 6. fens «core ae ve 3260 Receiver of insolvent corporation must prosecute what. 3260d Domestic life insurance companies may bring against Oy eh: WE ais Bac net c, Aenen bab a a SC ou ccejchnie Sk detoele 3601 Policy holders may bring against domestic life insur— POOR MOM MONED A ORR Grist oo ve ova, a. bsrsiers GA uals 3x eae 3601 Against assessment life or accident associations may be PEE tie UME a le ae Oh ans Sark oh ck kuch ote viel etc ack) ROOOE Authority of foreign life insurance company removing, toederaeoaure to be revoked... <.2i< vos cake de oevcc 3620 Assessments made by mutual insurance companies other SnGW Witerteebe- Cntorced: DY fo. fe «cc cae weleeied Be Dads, 3651 Authority of foreign insurance company other than life removing, to federal court to be revoked............ 3659 Against insurance corporation may be brought, where.. 5023 ‘Change of name of corporation may be effected by...... 5855 9 I (129) PAGE. jee aa 116 130 OHIO INSURANCE LAWS. Index. SECTION: PAGE. ADDITIONAL COMPENSATION. (See Compensation.) Of Deputy Superintendent of Insurance................ 269 3 Of .Supermtendeént? of). lnsuraiee- $70. os, eee 4 ADVERTISEMENT — Fire insurance company must include in, only admitted ASSCLS ines FS rece ee a Doe res eee aR eee ee nee er SLi 99 Fire insurance company must include in, what reinsur— ATIGESs f ESET VCs te RnR ite nee Sw cUP AE rie Ce Gh ee ee 3661a 99 Penalty against fire insurance company violating law PESPE CHING FN ee RP eT I te en tne 36610 100 AGENTS. (See Attorney.) ‘ Of foreign insurance companies must have license...... 283 Hg Of foreign insurance companies may be appointed by Senenal agents: 34,524 sta Ue ee ee ee eee eee 285 Ng May insure property in this state only with authorized COLM PAT vo chee dora. s,5 sors iacd Se ele Re ec, eR eee ee 2745a 120° Acting for foreign insurance company in default for taxes... penalty sagainst< wee hee ae een ee 2848 121 Of life insurance companies of other states must procure HGS SG acetn oa ale Jos ee AG Bee Oe 3604 48 Of life insurance companies of other states must file copy Of. license. with) County Recorder. :... 2. 7.5.400.2. ee aoe 48 Of life insurance companies of other states must be authorized to acknowledge service..............0.00. 3607 50: Of life insurance companies of foreign governments must ‘be -avthorized tovaccept services:si.4.....0 bok. 3610 51 Of life insurance companies of foreign governments having no deposit, unlawful to act as................ 8610 51 Must not act for unauthorized life insurance company of foreign sovernment <2 .4 sagen Aone Saictcie-» PaO Ee 52° Of life insurance companies of foreign governments, when renewal authority to be issued to.............. 3613 52 Of life insurance companies of foreign governments, where copy of renewal certificate to must be filed.... 3613 52 Of foreign life insurance companies failing to file annual statement, penalipapainsts-\y arya eee ante 3615 52 Of foreign life insurance company, duration of license to 3616 53 To accept service, foreign life insurance company dis- continuing business' must appoint.4 [)\.. 4. (228 ce ee. 3617 53 To accept service, of foreign life insurance company, dis— continuing business, who to be deemed............... 3618 53 Knowledge of, as to fraud in application for life policy is-knowledgeé“of ‘companys «2600 acs. ee ba 55 Of foreign assessment life associations must have license 3630e 61 Of foreign assessment life association violating law, penalty against. 0S oe Gi a ele eae a ae ee ne eta 61 Of foreign assessment life and accident associations must “have tHeesser.. va. ome Witte oe eee 3630e 6r Of foreign assessment life and accident association violating law, ‘penalty against. 7...2 0... s. 2/0 30c0) BenveE 61 Of foreign assessment accident association must have LECOMSE: id io bok ds cetas vino tah eirceeee a as ato nT 61 Of foreign assessment accident association violating law; penalty against:35/0. 2.4 bac. 04 on eee ee re 61 Of domestic life association collecting money must give what’ Bond! “Po, cnsutee avs als aiake a lent ne ie OR rane 56 Of domestic life and accident association collecting money must-sive what, bonds. 055 acento eT 66 Of domestic accident association collecting money must give: what bond’ 7...) 24 ect ne 3631 66 Of domestic sick and accident association collecting money must give what bond: 27.22 esse te ae ee ee 66 —- OHIO INSURANCE LAWS. 131 Index. AGENTS — Coucluded. SECTION. PAGE. Of life insurance company rebating premium, penalty _ MO Meee Tea! fc TSin es diye ne phaeonto. vb wid ye? 3631-6, 3631-7 68 Of fraternal beneficiary association violating law, : JONAS SM ECER IT |r eee Rt Seger 3631-22 75 Of stipulated premium life insurance company, when no EWE OMClC Sat OM NERTSSUCUM DY. giao: occ sete see av cs are cise 3631-33 73 Of stipulated premium life insurance companies to make MOMCOMLTACL MOL SpPeCieds In POLICY me cristae) s oner nares 3631-85 79 Of insurance company other than life, solicitors of insur— ALC CMA LC eeaeee er MTR Neier Smee ere eed eIMe ATA MSMR Ne Fess > 3644 90 Of foreign insurance company other than life must pro- CUCM KCCLISCU ES Shai aia STO tat et mitts GoM Ek IN pelt tmnt 3656 Y6 Of foreign insurance company other than life to file copy Crolicenseswith COUNTY ax ECOndeh= acae os casl en «aes ues O00 96 Of foreign insurance company other than life must be authorized to accept service of process.............- 3657 97 Of insurance companies other than life of foreign gov— ernments. must procure renewal slicenses.............. 3661 99 Of insurance companies other than life of foreign gov— ernments, where copy of renewal license of, to be filed. 3661 99 Of burglary and robbery insurance company must have [Eos Yc 2s ets Tah te eae Oe SR BR RN OT Sr Se eP 3691-24c 113 AGENTS’ LICENSE. (See License.) 5 AD AMENDMENT— To articles of incorporation, in what respects and how CCIE Low" 2s CO eae ee 1 em, a 3238a 21 To articles of incorporation to be filed with Secretary OR eye nt g eC rok yk BRhas Sse eta, om Minera he 3238a al To constitution or by-laws of domestic assessment life OSORALHON PHOW LINAC 8 2 cbc cain whe ats aragcea linemen 3630 YG To constitution or by-laws of domestic assessment life and, accident association, how made. sos sc. cevi.ooae 3630 ot To constitution or by-laws of domestic accident associ— UE Ht PARON OMRCLE, at oes tof a cured bolero Ponds s ok leche wee JOO 57 To articles of incorporation, change of corporate name MO ACME RE CLOG UY okie sets etna acorn ¢ arash ad aidan, 8238a al ANNUAL REPORT. (See Annual Statement; Financial Statement.) Of insurance company must exhibit re-insurances...... 2745a 120 Of domestic life insurance company to Superintendent ef insurance, when must be filed. vc... csc. s clos eee. 3603 48 Of domestic life insurance company to Superintendent Pe Mietr ance, s wWitat, Miust. Coltain....2..00,.0. 8. 3603 48 Of instirance company other than life to Superintendent of Insurance, when must be filed.....:.............. 3654. 94 Of insurance company other than life to Superintendent Om Ineurance, whats must Gortain eco.) spec ccc. c cece S654 94 Penalty against domestic mutual fire insurance company Rar be eae Pires ditties its wie ook Soci, i hk 3654 94 Special required of insurance companies other than life with part of capitalvinanotess a... +. ie. tblelates. .. S655 96 Foreign insurance companies other than life must file... 3661 99 Insurance company other than life of foreign govern— ment must file supplementary .............. Pacis S668 99 Of assessment fire association, what must be filed...... 3690 105 Penalty against assessment fire association failing to file. 38690 105 Of assessment live stock association, when and what GPU CRINC Ae Pets ON 36) 20s iE ee, Wn oa ute a ey 2 OS 107 Penalty against assessment live stock association failing OMI Re es; . 8691-5 107 Of credit guaranty company, when to be filed, and what to contain 5 Orel PCL rotten tee EP ERCRE RRR te” 3691-20 1h1 ‘T32 OHIO INSURANCE LAWS. Index. ANNUAL REPORT — Concluded. Penalty against credit guaranty company failing to file. . Of burglary and robbery insurance companies, what must be tiled)... 08s. tee elton oe eee tain ACEO of mS Cae ain Pe Meni getey Dice otto eh & Of domestic assessment life and accident association, where to be iiled' aj ©... oh bce oe ase ee ee Of domestic assessment life and accident association, what sastst: cantata Asus Cc eo eee Of domestic assessment accident association, where to be filed: 245 ioe ee ee ee ee Of domestic assessment accident association, what must CONTI i5.0'poer to bechtie ne CS Oe ee Penalty against domestic assessment life association failing to vile. 055756 Fe ee eee eee Penalty against domestic assessment life. and accident association: failing’ to filet 4 hee cae eee Penalty against domestic assessment accident association failing to: files bso yr, cece ol ee eae Of assessment life associations of other states, when and what:to Des nledi 77 oo oot: beatae ee ene Of assessment life and accident associations of other states, when.and-wiat fo. beiiled:750..4 % ae ee, Of assessment accident associations of other states, when and. what te hbemhled..- onde oat patns ae eee ee Penalty against assessment life associations of other states: Madingtohiles 2.583 oon cote ee eae Penalty against assessment life and accident associations of; other ‘states Salina to. Ales cee ee ee eee Penalty against fraternal beneficiary association failing to mist ‘furnish; “6. eee e. F eee 36307 64 Bond of, to. be deposited with Superintendent of Insur— ATICE 7324s vo «in tany, mais meoee beget amen Ree ee 36307 64 Violating law, penalty against........................ 3630 64 Agent of, collecting money must give what bond....... 3631 66 Treasurer of, must give what bond, and where filed, a dypudiai a's "eH ait efee ah gta bag alee Rea ane eee ann ER 36311, 3631 64-66 Exemptions:.as to. certain s.c) te ee ee 3631a 67 ASSESSMENT FIRE ASSOCIATIONS. (See IJnsur- ance Companies other than Life.) When and for what purpose may be organized........ 3686 104 May insure what kinds of property...................- 3686 104 OHIO INSURANCE LAWS. 135 Index. ASSESSMENT FIRE ASSOCIATIONS — Concluded. Incorporators of, must subscribe what certificate...... Where such certificate-mtst be filéd...:..:.i.... 005 Officers and directors of, to be elected when and: how. What constitution and by -laws to be adopted by...... Subscribers to constitution are members of........... How may reorganize as mutual fire insurance companies Rights and liabilities of members of, not to be affected Dy aren Ar cAMOT VOL cer. ui ae. os Sse mst nie Hie ie Bye pes Reorganized, when policies in, to conténue in force as Deiore Sreoreanizations.. 0. 62S a. Gi ee ene ne eg Reorganized, future policies of, must be on plan of mu-— tual fire insurance company.........-..-. ses eeseeees Policy in, covering structures not to include cellar or foundation walls. Speech a eect te Seas MARS TE rahe Si Mech anes eaalGt ae Not subject to provisions of section 3634.............. ASSESSMENT LIFE ASSOCIATIONS — Domestic, for what purposes may be formed........ Aa eke exempted from operation of certain insurance Use rites aise RG dcid a dere SESE MM asc de aly bin, Frelehe MOTIVES co Domestic, amount of certificate of, not to exceed AMO Gr One aSsessmientis ccvx skye tre canine) clewitces Domestic, must file what annual statement.......... Domestic, failing to file annual statement, penalty.. Domestic, how power of, to issue endowment certifi ALC MEN CS UCT tint iyo ei ais b ousnerskiiess: ogee ienaie shsas nic ter aieteie Domestic, when Superintendent of Insurance must Gariee fo De EXAMMEC ed cise ne aa empe del siejeah owl Hemel Of other states, upon what terms may be admitted... ‘O fother states, agents of, must have license............ Of other states, must file what annual statement.. i -otmer statess aust. pay what fees.¥. oo ensesenc canon Of other states, violating law, Denial Gach eas Where action against, iia yore DOr eD LOU tape ieee ane a sree How service of summons upon, may be made........ Owe Testrictedads Oates OF VMMCIMDCLS . tr cir fore, tele paste Not to issue certificate without medical examination. . SECTION. 3687 3690-3 3690-3 3691 3634 3630 3630 3630 3630a 3630¢ 3630¢ 3630d 8630e 3630e 36302 3630e 3630e 3630f 3630f 8630¢ 36302 86302 3630h 3630h 3631 3631 3631 3631a 3630¢ 3630d 3630e Penalty against officers and agents of, in certain cases TisepeniSes. FOL ORY INCE sod 20s hc aye Se eo esa acleloels cigig ss Mortuary fund of, must not be used for expense pur-— UOC TS 20 Eo ern a na Seer Eiri Domestic, agent of, collecting money must give what [pyop Ted. Oo ok Ae OR ak nis Peete i yo Fe RA ROSES Cree Domestic, treasurer of, must give what bond.......... Domestic, bond of treasurer to be filed with Secretary EES PSs PAN SS Sal Dyce mh ee es SO ReWeMNHIONS TaS" tO. fCOMCAIN oo. as ep epee elma ots miatbnoes ASSESSMENT LIFE AND ACCIDENT ASSOCIATIONS — Domestic, for what purposes may be formed......... 3630 Domestic, exempted from operation of certain insur— AE Fai ERE We’ ORCI RGR ey a RED Serpe tea ei Domestic, amount of certificate of, not to exceed MONIT MOL MOTE 1 ASSESSIMCT Urtnare wolevcin ni srtyete sista stelnietsierelete Domestic, number and term of office of trustees of.... Domestic, must file what annual statement........... Domestic, failing to file annual statement, penalty. 5. Domestic, power of, to issue endowment certificates, re- BInIGLEC ELL ONVMMENCAItxctestoateens CRS vio wieloia io ae elarsner brain a Domestic, when Superintendent of Insurance must cause cipeIse GUA Lege ved ke siete ev nea Hsieh wie im etait es Of other states, upon what terms may be admitted.. Of other states, agents of, must have license........... Of other states, must file what annual statement...... Of other states, must pay what fees............0.008% Of other states, Violating Taw. DETAILY .). 5 0% 5's me died wets ] PAGE. 104 105 105 105 105 105 106 106: 106 106 OHIO INSURANCE LAWS. Index. ASSESSMENT LIFE AND ACCIDENT ASSOCIATIONS— Concluded. Of other states, penalty against agents of, violating law Where action against, may be brought........-....... How service of summons upon, may be made......... Not to issue certificate without medical examination. Penalty against oHigers and agents of, in certain cases Expenses oF, how ‘to ‘De -nietyo. «nse Seam len aeeee Mortuary fund of, must not be used for expense pur- POSES), 2h i wera. tw knw She vipeeyatees eee unin a ae Noe Domestic, agent of, collecting money must give what 130) 1G ame ees AI eee etd oh Oa iCe ae Snide - Domestic, treasurer of, must give what bond.. Domestic, bond of treasurer to be filed with Secretary ASSESSMENT LIVE STOCK ASSOCIATIONS. (See Insurance Companies other than Life). When and for what purposes may be Oreanized sn wahes May make what kinds of insurance ...... Incorporators of, must subscribe what certificate - Incorporators’ certificate must be filed with Secy. of State oe ess reece cae heen ate dae okey sen a nc Ie Se ae When and how officers of, to be elected .............. Must adopt what constitution and by-laws ............ Subscribers to constitution of, are members of . Annual report of, to Supt. of Insurance, when to be filed ANG What sO! CONtal tins ae ee nee ieee eae tee ee Failing to file anntal- report, penalty <3... ee Examinations of, by Supt. of Insurance, when may be ATTA sic as ole cecehy tiot> Gc cee av Oe Ries ABE Meee eel en ee Expense of examination of, how restricted ........... Amount of applications required before commencing UISINES Sis AEs 85 Paes Sa Ge ens ase eee en Treasurer of, must file what bond with Supt. of Insur— BREE ites « < cerivins Se URE OE So De ee ee oe When Supt. of Insurance must issue certificate of au- COLI GY SIO © dots cheat ae age ee When must discontinue the issue of new policies ...... Insolvent, when to be deemed .... Forfeiture of charter of to be enforced by quo warranto. Secretary and treasurer of, must give what bond to .... Directors or trustees of, must take what oath of office .. Pre-existing must comply with what provisions of ex— isting laws , Satins Sah eR TS ee eee ASSETS (See Capital; Accumulations) Of insolvent corporation, how to be distributed ...... Of Sagara to be He erploved only for pamaaees of its creation ‘ Of mutual life. insurance ‘Cos. ‘of ‘other ‘states; what 2 2c— ceptable: in «liew--of capital “stock>* ins: an eee Of life insurance Cos. of other states, how must be in- vested etc Domestic mutual fire insurance e company “must have what Mutual fire insurance Cos. issuing stock policies must Have: what ir atis po eee roe eee ee a eee ee Foreign mutual fire insurance Cos. must have what .... Of Foreign mutual fire insurance Cos. must be invested, OW | ag gs hs 20s wa we She RENAE oe Suse Rieu: live stock insurance associations must have WAT oa eo i soarnl lS iy oeone #1 cept Stes an sme eae er ae eee erie ne Fraternal beneficiary associations must have what .... SECTION, PAGE.. 3630 61 3630f 64 3630f 64 3630 64: 3630¢ 64 3630¢ 64 3630h 64 3630h 64 3631 66: 3631 66 3631 66 3631a ers | i 3691-1 106 3691-1 106. 3691-2 107. 3691-3 107 3691-4 107 3691-5 107 3691-5 107 3691-5 107 3691-5 107 3691-6 108 3691-6 108° 3691-7 108° 3691-7 108 3691-8 108 3691-9 108: 3691-9 108 3691-9 108° 3691-10 109 3691-11 109 3691-12 109 3260f 37 3266 38 3604 48 3605 49 3634 82 3653 O4 3656 96: 3656 - 96. 3691-7 108 3631-17 13 OHIO INSURANCE LAWS. Index. ASSIGNMENTS— SECTION. PAGE Of instrument by Supt. of Insurance to be received in SiS eo Bled eae AOAC AOD SORE ne aC eS 271 4 Of life policy to married woman to enure to her sole benefit : ; 3629 56 ASSISTANTS — Of state fire marshal, salaries of 409-56 14 ATTORNEYS. (See Agents; Process; Service of Process; Summons; Waiver.) To accept service, life insuranceCos. of foreign govern— ments must appoint 3610 51 To accept service, assessment ‘life. or accident | associa— MOMS HOE LOTHCT SALES « MUSE MNAIIIG. (srs sce syst ofaren ars ousy cies o<% 3630e 61 To accept service, foreign fraternal beneficiary associa— tions must appoint Supt. of Insurance 3631-15 12; To accept service, burglary and robbery insurance “Cos. of other states must appoint ‘ ae 3691-24f 115. ATTORNEY GENERAL — Must proceed against unsound domestic life insurance Cos., how i 275 6 Must proceed against ‘unsound domestic insurance ‘Cos. other than hfe, how 275 6 Must proceed against unsound ‘domestic mutual insur— ance companies, how .... 275 6. Must approve articles of incorporation of ‘aomestic ‘life PRLS MeTIG CMM Ce NG ae aot ec ulcers hrs Geavac Gd sbeh fe eat fkenoheys catatoe 3589 43 To be member of commission to hear petition for re- insurance etc ee. 3597 45 Must proceed against. ‘delinquent “domestic ‘assessment life or accident associations, how ? 3630¢ 60 Must proceed against delinquent domestic "fraternal DENCHCIALY AASSOCIATIONGS GOW) Jaluercvteatewods 6 aye «ite crebela 3631-21 74 Must approve articles of incornoration of domestic in- surance Co. other than life Spee 3632 82 Must proceed against delinquent domestic ‘premium “note ea POMOC ONT cog oy Lo Yooltiy Sects sb vv Fe phase Em 3659 96 Must proceed in quo warranto against domestic credit Bare y CORP Aly s — WCEh ok incl cis gua nie Se civce ee ice are 3691-23 113 AUDITOR — -Of county, foreign insurance Co. must make tax return to ah cone Reece. enka 119 AUTHOw1.s « \wee Certificate of Authority) Of domestic life insurance Co. to commence business, MLA PHC OI SHIT ILC So: oes reas eerie cans ciel bel Tease roo eke wee 8095 45, Of life insurance Cos. of foreign governments and their agents to commence business, what constitutes ..,. 3614 52 Of domestic insurance Cos. other than life to commence Ditswiess What cCONSLILULCE: |). cas was wa oes Mean et e. 3640 85 AVERAGE CLAUSE (Sce Co-Insurance ; Limited Liability) in. fire instirance policies prohibited ........5.....000. 3648a (Note) 90 B BANKING — Life insurance corporation not fo engage in Business of 3596 45 Foreign insurance Co. other than life not to engage in IDS ACC hs eee aw VON atk CEN AO e SoU Sate + dhnecsa BODO 96: 1388 ; OHIO INSURANCE LAWS. Index. BENEFICIAL ASSOCIATIONS. (See Fraternal Benetici ary Associations.) BENEFICIARY — Of assessment life association, who may be ...... Of assessment life and accident associations, who may ‘be Of assessment accident association, who may be ...... Of assessment accident and sick benefit association, who may be TOUTE Rhos hea beanie Eines Of fraternal beneficiary association, “who may be .. BENEFITS — Assessment life association may pay what mie Assessment life and accident associations may pay what Assessment accident associations may pay what......... Assessment accident and sick benefit association may Pay - what) 55.5 Pe Rr eer er ere ae ee ae eens Fraternal beneficiary associations may pay what ...... Of fraternal Pe genees associations are exempt from execution hI ee BENEVOLENT ASSOCIATIONS — Laws applicable to — Appendix. BOND — (Sce Undertaking) Superintendent of insurance must give what .. Ae Of superintendent of insurance, where to be filed ...... Deputy superintendent of insurance must give what..... Coupon and registered, of corporation may be inter— changed BIH Saag SP Tet Late Ag aM ia nits tse ioe Treasurer of domesiic assessment accident association must give what, and where to be filed .......2...... Of assessment accident and sick benefit association, AMOUNE Ofeand where tor pe: led: = scare aime icra Treasurer of domestic assessment life association must give what Of treasurer of domestic assessment life association, “to be approved by Superintendent of insurance Of treasurer of domestic assessment life association to be filed with Secretary, of State : Agent of domestic assessment life association “collect— lecting money must olverwhate= cava. ace cote sees Treasurer of domestic assessment life and accident as— SOCIATION ito,.and » penalty. i<,>shbaleleldes. 3659 98 COMBUSTIBLE MATERIAL — Removal ot by-« State ire, Marshalbsc. .c.s.cdcs agate vet. 409-54 14 COMMISSION — To hear petition of insurance company to effect consolida— tion or ré-msuranee) composition of kh Ss occ el ek. 3597 45 COMMON PLEAS COURT -— May direct examination of mutual fire insurance com— ASIN WEL OED Scr Seem R MR «Fete cit ake ce Seed ee ee ae: 3683 103 Bonds required to be approved by, may be approved DURE LODATe PILI e re WII. «co eit ete ce thee te ee 3685 104 May order change of name of corporation, when ....... 5855 116 COMPENSATION. (See Salary.) Additional, of Deputy Superintendent of Insurance.... 269 3 Additional, of Superintendent of Insurance............ 270 4 Of inspectors at election of directors of corporation, court may fix CPR D On OE Pere OMe Te Ons dl eR MRL aves 27 Of examiners of assessment life or accident associations, TCE Ip dotlrn ora eg a RO ae ee ap a PL IR 3630d 61 Of examiners of mutual fire insurance company ap- pointed by court, how Jimited....2........:..0.05+., 8683 103 examiners of assessment live stock associations, how PestriCre (len eee Meer aks PA Ce SRG oss: aro ahok, ecdaait Mies, 3691-6 108 COMPLIANCE. (See Certificate of Compliance.) 144 OHIO INSURANCE LAWS. Index. CONSOLIDATION — SECTION. PAGE. Of domestic insurance corporations, how effected....... 3097 45 Of domestic fire and marine insurance companies, how ; effecteds 8. See cheba Ute ad eae oe alee OI eee neni 3671 102 CONSTITUTION. (See By-Laws; Regulations.) Of domestic assessment life association, how may be AMONG vik ore Sec ere Clr cate olen Bae aba ie sens Magen Paes 3630 57 Of domestic assessment life and accident association, how: may’ be amended 3. 0.205.500. tee ea ers 3630 57 Of domestic assessment accident association, how may he - amended hee, Seinen 5 retem ome rene carte pp alee harcore gree 3630 57 Assessments upon members of assessment fire associa- tions to. be regulated by. co. nerds a erent ae aes 3686 104 Assessment fire associations to adopt what............. 3690 . 105 Of assessment fire association, subscribers to are mem— hy fe Rue Mane CMe ra Aad ot er RM RNAS Odin 3690 105 Assessment upon members of assessment live stock asso— ciation tobe “regulated “by. ete o > 2 ee ee ee ee 3691-1 106 Assessment live stock associations must adopt what.... 3691-5 107 CONTEMPT OF COURT — When witness refusing testimony before examiners of mutual fire insurance company guilty of............- 3684 103 CONTINGENT LIABILITY — Of subscriber in mutual fire insurance company, how IPSec eee NR IA edi ease UR Wer Shinied Te nihensa oe iscys 3634 82 Liability of policy holder in mutual insurance company other than life regulated Dy........-..0. cee eee won eee 3650 93 Old charter mutual fire insurance company claiming ben— efit of, to be governed by existing laws..........++-- 8654 94 Foreign mutual] fire insurance company must have what SINOUI CET, << ees ae Se St RED deal By aide a Res ey SR 3656 96 Mutual fire insurance companies may have lien on prop- erty insured for amount Of..........:sseeeeeeee eee 3663 100 CO-OPERATIVE ASSOCIATIONS. (See Assessment Life Associations;Assessment Life and Accident Associations; Assessment Accident Associations ; Assessment Accident and Sick Benefit Associa— tions; Assessment Fire Associations ; Assessment Live Stock Associations. COPIES. (See Certified Copies.) Certified, of papers in office of Superintendent of Insur- ance to be received in evidence......--+.-+seeeeees 271 4 Of certificate of compliance to be filed with County Recorder / och te ee eae ee dae ce eee eee 284 9 Of license to agents of life insurance company of other states to be filed with County Recorder...........--- 3604 48 Of charter of life insurance company of foreign govern— ment to be filed with Superintendent of Insurance.. 3610 5l Of license to agent of life insurance company of foreign government to be filed with County Recorders .s..5 0... 3614 52 Of application for life insurance policy, policy holder entitled: Goo ne he « t:e-ds cata agen en eloehs Beene ease inate 3621 _ 4 Of application for life policy, penalty againstt company failing to deliver to policy holder.......-...++++ee0: 3622 54 Of process served, Superintendent of Insurance must forward to foreign fraternal beneficiary association. . 3631-15 72 Of license to agents of foreign insurance company other than life to be filed with County Recorder.......3656, 3661 96-99 CORPORATIONS — Must make return of property for ‘taxation., when and BOW oes cc ca'sre-y ode. 20/oca Genie eux eine nh: nik oie hide serie mae 2744 118 By what laws governed, generally..........++sses+ees 3232 16 How and for what purpose may be formed..........+-- 3235 18 OHIO INSURANCE LAWS. 145 Index. a = CORPORATIONS — Concluded. Ny GRIST PE ne i aon ed AE a ee Re Annual statement of condition of, must be made to SLOSS MaMa te fee cc oe tend oka cuss pApct ete. Stock dividends payable only out of surplus prohts +224 When unpaid interest due, not to be considered profits. . How profits of, to be ascertained...........0.ccccceeee COSTS.(See Fees and Costs.) COUNTY RECORDER. (See Recorder.) COURT. (See Common Pleas Court.) CREDIT GUARANTY COMPANIES. (See Insurance Companies Other Than Life.) WUD AMIE Vere uIaGe, f30 2.) civseve oo 3c beka conkke LOM Ten: SECTION, PAGE. 3235 18 3235 18 3236 19 3238 2 3238a 21 3239 22 3239 22 3240 23 3241 93 3243 25 3244 25 3245 26 3245a 26 3249 30 3251 30 3252 30 8254 31 3254-1 32 3255 33 3256 33 3257 33 3262 37 3263 38 3263 38 3264 38 3265 38 3266 38 3267 39 3968 39 3269-1 39 3269-2 39 3269-3 39 5023 122 5042 123 5043 123 5855 116 5857 117 6479 123 6480 128 3691-18 109 3691-14 109 3691-14 109 3691-15 110 3691-15 110 3691-15 110 OHIO INSURANCE LAWS. Index. CREDIT GUARANTY COMPANIES — Concluded. Capital of may be increased, how..... NO eee Corse ae Must make what deposit of securities with superin— terident of~ istiranCe ss. ae e.avcte os cok cece olor ommorepele reat Certificate of such deposit,when superintendent of insurance. MUSt USSU. TO.-y5 ce ody ere bee et hee ee When superintendent of insurance must issue certificate OF AUTHOTIEY 10 og he echoed ee area ene ee POWERS MO Leoere i nccee cS ee theca 0e erecta ene Sonar res How accumulations of, must be invested............... Annual report of, when to be made and where filed.. Annual report of, what must contain................. Of other states, upon what terms may be admitted...... Of other states, when no deposit of securities required by When right to transact business to be forfeited by.... How such forfeiture to be. enforced... 205 s.5-.0sae Examinations of, when and how made..............5.. CREDITORS — Of corporation not to be prejudiced by reduction of Capital StOCke ,. capes ty eetle WOE see How far husband’s life policy for benefit of wife exempt ‘fron ClaiimGy Obs. 2c < ieee bercaaies aeertoe ee ele aia Of husband, wife’s policy on husband’s life exempt FOL Clalit Sic Ole cee fis ol ae aie ea a nee oe ae Benefits in fraternal beneficiary associations exempt FPO CLAIMS: OL eekioe. seein. ek ote tea ale eee ee CRIMES. (See Penalty.) Arson defined and punishment prescribed...........+. Burning property with intent to prejudice insurer, Penalty 5. .6 an ais Shee a oe eee pee ca tee Beane meres Medical examiner making false statement as to health of applicant, pendlty . te.ccss 050s ele ate sacs pore Fraudulently obtaining money from insurance company, penalty... . wher. tcut.co ae. e caleida eaten aan tes mee 5855 DISCONTINUANCE — Of business, how life insurance companies must preceed OMA 1Ka(C RR SI k per Te er Mint Ne reo ACRE dante, ah oltno ah ir 286 Of business, how insurance company other than life, must proceed. to; etkect..2 23. aah seins Weta ciety ae 2864 Of business, foreign life insurance company must appoint agent: tos recelye Service UPON en, vs ce nine Gis hare ols ek chee 3617 Of business, how stipulated premium life insurance com— PAI, Must proceed tO SHECE mice setae e vevstin sete tnt phantom 3631-37 DISCRIMINATION. (See Rebating) Against negro by life insurance company, prohibited and Penaltys of t..kicx oe came: ie dees dN eae ae 3631-1, 3631-3 Against insurants of same class by life insurance com— pany, prohibited and penalty........... 3631-4, 3631-5, 3631-6 DISTRIBUTION — Of surplus of stipulated premium life insurance company, Midaveran ehakelalaVane sel W pdo.otn oe pon sn /ondo srvbopomvegoc 3631-32 Of capital stock of consolidated domestic fire and marine insurance companies, how made ......-+.-.ssseeeeee 3672 DIVIDENDS — On preferred stock of corporation, how restricted....... 3263 To stockholders of corporation, payable only out of sur— PHIS™ PROMS cits. <. ary wie & Wp suchereeds azn ch eta cere elk Eee ts emai 3269-1 When stockholders of domestic life insurance companies PS iki (16 (OM Re WL Pe SOE tran on Gre DRYAS Ge Co ertQ Warr oibe 3602 Domestic fire insurance companies to pay only out of sur— plus’ profits cogs pach eects tot a ot ake teensg oe ke eee 3648 Penalty against domestic fire insurance company unlaw- fully payIN. ojo h< Be dete sq tee egeral Sb aia Le 3648 On stock of domestic insurance company other than life, when to be applied on unpaid stock subscriptions ...... 3662 DOMESTIC ANIMALS — Assessment live stock associations may insure against loss by. déath Of) 0: pots ceerah smn) tore a oteateie er e eenees 3691-1 DURATION — Of licenses to life insurance companies and their agents.. 3616 DYNAMITE Fire insurance companies may insure against loss by ex— pPlOSion” OF... es s-5ccn dra scie low reat ena ain meee 3641a PAGE. 102 100 106 53 87 OHIO INSURANCE LAWS. Index. E ELECTIONS — Of directors of consolidated fire and marine insurance ABUTS s aires 0 cea Cod ie ua aN ie age aig Oe ne Of officers and directors of assessment fire associations, WHeHraAnd HOW Mid Since, Salon me Os CaN Sie eo EMPLOYERS LIABILITY INSURANCE COMPANIES See Insurance Companies other than life.) What companies may transact employers liability business Must make what deposit with superintendent of insurance MEME Vat CP TRSUT Oman as cat ha ta Ree 5 ce Onloat ea eT ENDOWMENTS — Power of domestic assessment life association to issue, RIOWRROSETICL CC SKM ens see pire ph eels eee he Ot Bo OMS Power of domestic assessment life and accident associa— Gans toissties “how! restricted. v2... oh ees ESTOPPEL — NOONE Meta eto raes tan arp emel al ais ees che store oie ae Nee oe peels, ao ks tee EVIDENCE — Conveyance under seal of superintendent of insurance to ea ao a Ae ee edly RE ar a an Assignment under seal of superintendent of insurance to De OtR CRUG REP AS ier Sa Ge Wan yl We i CIN: Certificate under seal of superintendent of insurance to be BORCIME Gimme Mubirets iE chy s shies Failed qed Pt once Certified copies of papers in office of superintendent of INSHtANCEe” LO “be. receimed 708. osc: srs woke we Ried beens EXAMINATION — Of domestic life insurance companies must be made an- EASE IAS” Seah Se oa RR a Wa PA NR IE an Se I, Aa Of domestic life insurance companies, how expenses of, Ai Me RR ENS Sts ees, ov oes Ce vad Soe Of insurance corporations generally, how expenses of, EGS, SA St a oR le el Of. insurance corporation, superintendent of insurance By SMT PESUIESOL rete, teeth ir. Ot a ee Ge Of insurance company charged with violating tax laws, OPA CES eS Ee ae Re La RE, a 3631- 3642 3673 3689 17 3691-4 3641b 3641b 3691-13 3630¢ 3630c par 4 149 150 OHIO INSURANCE LAWS. Tndex. EXAMINATION — Concluded. Of domestic assessment accident association, when to be ria Kc | eee ea te Pn I Fag PMI Rae hOAT Glin ys eso By physician, required of proposed member of assessment life.” ASSOCIATIONS. waists aswel mac Cece sea eet erage cee cease ns fetes Penalty against mutual fire insurance company refusing LO! Stibmait tO Gat ory sales ee es a are era Of mutual fire insurance company, when may be made by direction Of sCOURE 2 ai .m acic ees rene ote ee cae epee Of assessment live stock associations, when may be made Of credit guaranty company, when may be made...... EXAMINERS — Superintendent of insurance may employ what .......... POWELS OL 2 nus Free ik ate aie eco en ee een oe ee neers When witnesses refusing testimony before, in contempt GE [COUPE Vin ow ee eee ee IE ei tee e Re eters EXAMINING PHYSICIAN. (See Physician) Of life insurance company making false report, penalty AGAINSE wrap: 9 gs» vin, « Site! nbc aes ie faiene oer gtnnea Rie EXCHANGE — Of securities deposited, when domestic. life insurance company. may Makers, <..j05 Suis on elaine gO neg a ee Of securities deposited, when life insurance corporations generally may: miake,.. sh adheu heen Walon emt emunets Of securities deposited, when fidelity insurance compan— JOS MAY MARE oss a an vies vee kartn Vo eee wn ern ed Of securities deposited, when surety companies may TdUEl {Rene eetan ye NaN Tithe Ooi nestle Naka eho See Of securities deposited, when employers liability insur— ance ‘companies may niaké<) wy duesson, eaetcwerdte- weiesse Of securities deposited, when insurance company other than life of foreign government may make........... Of securities deposited, when credit guaranty companies may. make ™ <.\.haveeiey eon bieinie Sate ee sae pean nee sete EXECUTION. (See Exemption) Shares of capital stock are liable to levy and sale on . Benefits in fraternal beneficiary association are exempt LEONE 1S yee ea ees eae Seeger ere ene Of contracts of insurance companies other than life, how Cf eCted Frjenks ccs ee hee eh eee ee eee ernetabaes EXEMPTION. (See Execution) Of husband’s life policy for benefit of wife and children Of wife’s policy on life of husband.................+- Of assessment life or accident association from operation of: certain | law Sie es eee ea eerie renner Of benevolent societies from operation of certain laws... Of fraternal beneficiary associations from operation of general insurances laws pnictele 2 ctr ee sil etela) tel shooter ers Of benefits in fraternal beneficiary association from exe— (fb ( (0; 1 RN eR MAR ite, Hea Air Letom otragh COONS Of certain societies from operation of fraternal benefi- Clary Laws eho. oe cular we earelaiece ia aa ane erate Of stipulated premium life insurance company from opera tion of certain slawesi wre torn: ante s opene rete teten eterna rate EXHIBIT — Of life policy obligations for valuation, when not re- quired vo vicdss Lceyet oe Rita oe ae ete 3606, EXPENSE — Of examinations of domestic life insurance companies, how: paid. ovfcc. tc scecie i aime aaa eeeraar peemenen tet a eaten eee eee SECTION. - 3630d 3630¢g 3654 3683 3691-6 3691-24 269 273 3684 7078 3594 3619 3641 Par 4 3641 Par 4 3091-17 3255 3631-18 3645 3628 3629 3630 3631la 3631-11 3631-18 3631-23 3631-26 3611 110 OHIO INSURANCE LAWS. Index. EXPENSE — Concluded. Of examination of insurance corporations generally, how Dai Meee Rees Secreta caer: Meo trons ete ann ns ieee Of fire marshal’s office, how restricted 2........000...0.. Of fire marshal’s office, itemized account of must be kept Syay Pan VS wim teria shseis WSs ta pe Ree cea, Re ee Of examination of domestic assessment life association, LONER OS DCLG CGE Rite tet eee ee Sly aoe Nona aa cere ate eae eck Of examination of domestic assessment life and accident HSCOCIAMOM MeO Wale stil CUCU. arty. aces. ae asics de selects oe Of examination of domestic assessment accident associa— CLO Hepes OE SURICUOG series ane mcciaies era elec, aye elise gevannlent es iere ie) 3 Of management of assessment life association, how to be LNG eetiaga cS RNA rasa ay atone Sesilo, Sha Pel cep sn srolty ecletisitae "ae orsrstays o) acal ay as Of management of assessment life and accident associa— TLOM IO WEBLO Gt OT CU Recreate ay aaieliteiat alee whois ere a Sate tala Of management of assessment accident association, how LOMO CRMING aan Meee Rel eich niece, © scele-chyente ieee Mortuary fund of assessment life association not to be TSCCMMEL OLAS Mea Pn Seven pe aire a W eepacirack Peete sah errtase Mortuary fund of assessment life and accident associa— Olen OEMLOnMerUSEd (LOLs seine samse wisest g Me eee cree Of management of assessment accident and sick benefit AGsOCiatONNNOw es PLOVAGe LOise acid. siete etd oto. of he asters see Reserve fund of fraternal beneficiary association not to IDS gl OsteCal aol eae ee RP TSTERG! Sh pret cticl oo trocho Claas chm charms Oke Of examination of mutual fire insurance company, how COM PaIMUS tee OSEHICE eataiecis trotiorcl sore ete eal deer aad saiarereh aye Of examination of assessment live stock association, NTO Viger t OS EMEC LCC sewn ycrahteveseharhe euege\ a orperoe ereaetaon ookepstere EXPERTS — To examine insurance corporations, Superintendent of ISGTANCOE INAV. CIMPLOY.c soo oases na oat eles casio pees EXPLOSIONS — Fire insurance companies may insure against loss by.... EF FARM BUILDINGS — Assessment fire associations may insure............... FARMING IMPLEMENTS — Assessment fire associations may insure..........s.e.0- FARM PRODUCTS — Assessment fire associations May imsure...........%. 10. FEDERAL COURTS — Penalty against foreign life insurance removing action to Penalty against foreign insurance company other than Vere RPOIOMEINO -ACUON BOS. /. bcaptucscicie aie, sishe siete Gaon s ape.e.cis) d FEES AND COSTS — InSturancercoLporations must pay what... «<0. ss. 0h Superintendent of insurance must cover into state treas— Vela tee Gi Sane et Nara ae wlorsteesie ayavera Of county recorder for filing certificate of compliance... Petitioner to pay, in proceeding to effect consolidation Oi ROMS An COM Rian tas chic piertga et Aone oie o cniente heeds Of assessment life association of other states. what re— eR Se ee a sae dk Mere as non bch winie nha Of assessment life and accident associations of other SUALCOMM WRAL eCUETEC A. acre tcketetole vo crs ecche che cumers crekaiey ere Of assessment accident associations of other states, what DOCU IG COMMENTS RR Chere chad hice Maais ele irda «thie ctbaieioeee ns SECTION. 3630d 3630/ 269 3641a 282 284 3097 3630¢e 3630¢ 36302 151 104 104 104 152 OHIO INSURANCE LAWS, Index. FEES AND COSTS — Concluded. For service of process on superintendent of insurance in suit against foréign fraternal’ order: ......2....se0sees Fraternal beneficiary association must pay what......... FIDELITY INSURANCE: COMPANIES. (See Insurance Companies other than Life.) For-what. purposes may Be formed: + s.e7. a2 os eee ee Must make what deposit with superintendent of in- SRT Pio deaike sedis arc sien eae esa gi eat Pa ee May do emplovers liability business, when............ As to sufficiency of bonds and undertakings signed by, GS 7SOLE SUT OLY ser vc Spa's stance ote tet ee Wien may \resinisare; . 15.5 foc... at ae eee FINANCIAL STATEMENT. (See Annual Report; An- nual Statement.) . Superintendent of insurance to furnish forms of, when. Of condition of corporation to be annually made to stockholderi..; ¢sc8 Susie ee ec Le ae FINE. (See Penalty.) Owner of premises violating order of state fire marshal Subject: Cowhate Sn a: We ceia see Rate eer eae eee eee Certain officers violating order of state fire marshal sub- fects to-~ Wihat x. tee tes bs ceccevd oe oo de a FIRE AND MARINE INSURANCE COMPANIES. (See Insurance Companies Other Than Life.) For what purposes may be formed..............---0--- Consolidation of; how éffecteds.o..2 0. aan ee ae Consolidated, how capital stock of, to be distributed.... Consolidated, how directors of, to be elected........... Consolidated, how issue of capital stock of, limited.... Certificate of consolidation of, must be filed with secre— LATY VOLS SPAVE Ses bseiatnss.n 0-0 decane panes Beek Aarne ee WHER: SAY. TEUMSUD Gon, ds cacao yoann . Leen a eae Ee eae FIRE INSURANCE. (See Fire Insurance Companies.) Not to be engaged in by life insurance company........ FIRE INSURANCE COMPANIES. (See Insurance Com- panies Other Than Life; Mutual Fire Insurance Companies.) Must pay what tax to support state fire marshal’s office. Old charter, when to be governed by existing laws..... Must; have what capital stock /i.2 «eh saeco ete ee Capital stock of, must be fully paid up..............06- For what purposes may be:formed.............ceeeees May insure against loss by explosions, lightning and tor- HOAOES iiss « olidg, cue Gama eee CE ote ee ee Liable for maximum sum under policy covering struct- ures Two or more policies of, covering structures to pro rate in. case:.af Voss. oo, ese ee ee ee ee Co-insurance or per cent. clause in policy of, prohibited May pay dividends only out of surplus profits.......... What constitutes surplus: profits. Of;< octan some eee What constitutes unearned premiums of................ Unlawfully paying out dividend, penalty............... Combinations by, to control rates, prohibited........... Of foreign governments, what to be deemed capital of.. May include in advertisement only admitted assets..... Must include in advertisement what re-insurance re- SOLVE. 5. Fb rss aoe xy ere stitial ae ee Falsely advertising financial status, penalty............. Must agree in policy to cancel on request.............0% Canceling policy, when may retain short rate premium. . 10 05S "Of 0, 4,68) 0 \a.'a 0 6 Eh.0 610 Dine ewe) Gane 6) Whale apie ®\ ea, & (Nese Shad Riera el 6. & SECTION. 3631-15 3631-16 3041 Pat. 2 3641 Par. 4 3641b 8641¢ 3691-13 280 3268 409-54 409-55 3641 Par. 1 3671 3672 8673 3674 3675 3691-13 3596 409-56 38234 3634 3634 3641 Par. 1 8641a 3643 3643 3643a 3648 85- 103: 103 109 OHIO INSURANCE LAWS. Index. FIRE INSURANCE COMPANIES — Concluded. Canceling installment policy, may retain what premium. . Cellar and foundation walls not part of structure in- SUC MD V ama tom eck GIetatekc tenes ck Rictote ote ahs Sues berhals, Lamtoiars WAT Etim tila vorke-stlS IEC aaeeimteuccte statin ole mara Sere td/e lata Stam wile Person burning property with intent to prejudice, how (OBEN AIDS. 9 5 Pe oherehociad: GR ACcIGIO DAN oR ER rc ERIC e tan FIRE MARSHAL. (See State Fire Marshal.) FIRES — Duty or Dre sinarshal £0) investigate. 0c fsck cee eee cee Fire marshal must keep public record of....... vie oes os When fire marshal must cause arrests in connection with When fire marshal to take testimony as to............. FOREIGN INSURANCE COMPANIES. (See Taxes.) When authority of unsound, to be revoked............. Agents, Or smmust ‘have license. ..254 seca css temedes ss May appoint general agents,. How... . 00... sce de te een Fire, must pay what tax to support state fire marshal’s VEEL a Se SPR aS oe ania SRO eB Da inant SEU AP Sma Must-pay what taxes, generally. vic. cee. cave cnv cc eteed How taxes to be-assessed agaist. 05 Pt Me, CRI are Lane PEMAIEY.. . .. ca-thatce shs.cghe memrene enn { Annual report of, must exhibit re-insurance........... Violating resident agency law, penalty...............:. In default for taxes, penalty against agent of.......... When process against, to be served on managing agent Use FACTION te aie tlarstecs che Ups i. RIP aE oa 9 Ok When process against, to be served on managing agent of, in action before PAC ISEL ALE hon vite Papers tea ee FOREIGN INSURANCE COMPANIES OTHER THAN LIFE. (See Insurance Companies Other Than Life.) FOREIGN LIFE INSURANCE COMPANIES. (See Life Insurance Companies.) FORFEITURE. (See Penalty.) Of charter, results to assessment live stock association, Avila SEIMEI Re Pea SRS owe’ suena iste atic ioree oroee, Sine cesta cm ra Pate nclahe eeueras Of right to do business, results to credit guaranty com— DAU Y SENVILG TMs A Tecan hod aveeeN Reser otare cube! ielete tale sas.er.20 1 ipl, 0. nate 6 FORMS — Of financial statements, to be furnished companies, when FOUNDATION WALLS — Not to be held part of structure in settling losses....... FRATERNAL BENEFICIARY ASSOCIATIONS — . May consolidate with or re-insure risks of other com— Alive Once eee ae ch lode. seteanie Got a wislece ae Bid laaieke May purchase stock, in building company, when........ IDTeyehaveral ois 3 Soe At A os ee enh ee ee cael een Aas Must have representative form of government.......... Must have lodge system and ritualistic work.......... ROME IECOaeV Gr tO. De CeniVed. ...1...00 cs cducv ag cvs a va nes May accumulate reserve fund, how................ee005 Reserve fund of, not to be used for expenses............ Dave par ov atDETICHUS fy fy Asis’ sala 5 dab cerPicee one sea eae LO. Whom deat benefits payable. isi. oder aa Vherus asters asste Are exempt from operation of general insurance laws.. Conditions upon which pre-existing, may operate........ SECTION. 3667 3691 3691-13 6832 409-51 409-51 409-52 409-52 3691-9 3691-23 153 121 123- 123: 154 OHIO INSURANCE LAWS. Index. FRATERNAL BENEFICIAL ASSOCIATIONS — Concluded. Condtions upon which foreign, may operate............ Must file annual report with superintendent of insurance W.batesuch report: must-contaiti: jan ee ae ee eee Foreign, must appoint superintendent of insurance at- OLE Y= tol ACCepETSerVICeia. saeraten eee eee eran Must: pay’ what tees: and“ ‘tosts.. 45 alee cee atee eee When superintendent of insurance must issue permit to. Meetings to be held annually for election of trustees of. . Procedure in | formation Od: swan kt at ne ere eee Benefits in, exemption from execttion.. 4. ...:...).. Governing body of, may meet in other states........... Physician, etc., making fraudulent statement, penalty... Patling ‘to: file-annual repor, penalty. o<.c4e eee ae Exclusion of, to be effected by injunction.............. Exeluded, when.-to..be re-instated:2:4)7 4 0g yas ee tee FRAUD — In application for policy in life insurance company, 5 WHEN Vitlates "COnthacianes.cae nett eee ee 3625 In procurement of life policy, how far creditor may AVA TOL, Na bs Sy ete ko Oe OA dee oe In obtaining money from insurance company, how pun— thal a, Eee ay sete eas See cree eo Pala eee es GAS — Fire insurance company may insure against loss by ex— PIOSION: “OL GEM os 5.4 SM oes pate ert A ae Te ee GENERAL AGENTS — May be appointed by foreign insurance companies, how. Of foreign insurance companies may appoint sub-agents. ‘GOVERNMENT — Of fraternal beneficiary association must be representa— tIVE Yo sis cacc epee he Ae Cea ee a eee ee GOVERNOR — To appoint superintendent of insurance...............% To approve bond of superintendent of insurance....... To appoint and may remove state fire marshal....... To be member of commission to hear petition to effect FEINGSUFANCE # CtC Braces aoe eee GRANGE BUILDINGS — Assessment fire associations may insure................ GUARANTEE FUND — Old charter mutual fire insurance companies claiming benefit of, to be governed by existing laws............ ‘GUNPOWDER — Fire insurance companies may insure against loss by explosion ‘of 5. «tcf AVES Dee eee H SECTION. 3631-13 3631-14 3631-14 3631-15 3631-16 3631-16 3631-17 3631-17 3631-18 3631-19 3631-20 3631-21 3631-21 3631-21 3626 3641a 285 285 3631-11 266 267 409-50 3597 3686 3654 HEALTH INSURANCE. (See Health Insurance Companies.) Assessment accident and sick benefit associations may do 3630i Company may be formed for purpose of doing ....... Fraternal beneficiary associations may do.............. Stipulated premium life insurance company may do.... Life insurance companies may not do..........:..-.. 3641 Par. 2 3631-24 124 87 104 94 87 OHIO INSURANCE LAWS. 155 Index. HEALTH INSURANCE COMPANIES. (See Insurance Companies Other Than Life.) How may consolidate with or reinsure risks of other COM REIS Faerie oleic ite clays pice vee ald a ein tie whe ole Por, whats purposes. mMiays-be formed . fue. cece. nes wows ¢ When may do employers’ liability business............ HOUSEHOLD FURNITURE — Assessment fire associations may insure............... HOUSEHOLD GOODS — _ Assessment fire associations may insure.............. HUSBAND — May insure his life for benefit of wife and children.... Wife of, may insure his life for her sole benefit...... ; I IMPAIRMENT — Of stipulated premium life company’s reserve fund, how REMICC NGC MenrMe ee roars Mets Poe hol tet avnd Meters 8 HE, e asteruS INCOME — Of assessment life associations, how derived........... Of assessment life or accident associations, haw derived Of assessment accident associations, how derived...... Of assessment accident and sick benefit associations, HO WANCLOBLY. CCl eeroraiee dercea tection che ciara, aut otes foe rcuthainin e-chavejeuev Of fraternal beneficiary associations, how derived.... INCORPORATORS — May onity sot sinisteberGitizemsy On 1Stately verre 2s 2)+)el1sisiborel NVinematoubeaiispectOrs Or ElECtiON: q.joctic > aiaiesie «sistent Of assessment fire associations, must be citizens of this Otgna Ci OLMiM ome Stat espNet Clas tote isgra.che se fuectb au eeaeecdesie's) exehe are Of assessment fire associations, must subscribe what SSHAUNKCRIIS cs 6 SOI Othe OOO REC IC cio Dene ica ac oer te Of assessment live stock associations, must be residents GUE ISURNUS! 2 5 we Seats euler Ait SB Pataca Re Tee rae eae Be Of assessment live stock associations, to subscribe what CERtICALCme RC e Pe etm eure tetera) ales oem atenete INCREASE. (See Capital Stock.) Of capital of corporations generally, how effected.. Of capital of domestic life insurance company, how CXC CG | CN Bats to «hd ee re CREO CICAPR ES CRESCENT Sr LORS oO, eae Te RRO Of capital of domestic insurance company other than Ne eer RE CORA Ges SON Ait oye fiyoccs cams 6 eye) avai dianteey a Of capital of domestic credit guaranty company, how CIKCCTR CME TP Tarte Oe BETS ime es ete eee neva muehibras ee a5e INELIGIBILITY — : For office of superintendent of insurance, what consti- (SUN cic, Suc cro Budo BES UROR CEE OLD RICO Cao aor CaCnO ORC aoc For office of deputy superintendent of insurance, what COMSTUM RC Cam TREN Tonle eccshi sale! “Pas ails Weil axe lente ots ailar ute covane ts INJUNCTION — Exclusion of fraternal beneficiary association to be BIrOCte UC Mmnte Stn ch ina sialon es wae bee aE ele rea gee To be invoked against stipulated premium life insurance COMP Evan CM Ameen te Roa eres id auate/(clale) 07s lo calaekeceanane ayosote’ dus INLAND TRANSPORTATION INSURANCE. (See Inland Transportation Insurance Companies.) Not to be engaged in, by life insurance company........ SECTION. 3631-29 3630 3630 362 36301 3631-11 3236 3245 3686 3687 3691-2 3691-2 3262 3592 3647 3691-16 266 269 3631-21 3631-35 3596 PAGE. 156 OHIO INSURANCE LAWS. ee ee rs a ee See ee en ee Index. SECTION. PAGE, INLAND TRANSPORTATION INSURANCE COM-— PANIES. (See Insurance Companies Other Than Life.) For what purpose may be forméd.....0.¢5.:+.0:s0-0s 3641 Par. 1 85- When. (may reinstren cs swntetansccs See ee eee 3691-13 109 INSOLVENT CORPORATIONS. (See Unsound Companies.) How. liability of officers and stockholders in, to be enforced 15 kare dane ae MER eee 3260D 36 What actions receiver of, must prosecute.......... . 8260d 36: When and what notice to creditors of, must be given.. 3260e 37 How court must order assets of, distributed.......... 3260f 37 INSTALLMENT POLICY — Fire insurance company cancelling, may retain what Premiam. 2 ite een eet ee ee 3667 101 INSURANCE COMPANIES. ( See under appropriate titles.) Foreign, unsound, authority of must be revoked...... 277 6. Must annually publish certificate of compliance, etc.... 284 > Must pay ‘gvhat fees-and’ costs occu sa kaa kee eee 287 10 Organized under federal laws are subject to chapter Ne | al ee a Dem LOM OL rt Taree AAEM Ton ck enn cy a 287 10 When and how to make return of property for taxation 2744 118 Foreign, how taxes to be assessed against............. 2745 119 Foreign, failing to pay taxes, etc., penalty............ 2745 119 Foreign, violating resident agency law, authority of to be-cevoked 225" satan e os eee ee ee cee ero 2745b 121 Foreign, violating tax laws, authority of to be revoked.. 2745c 121 Foreign, in default for taxes, penalty against agent of, ACHNS TOr- SRA te erin soa a hte ts Aer ne an eee 2843 121 Actions against, where may be brought................ 5023 122 When process against, in civil action, may be served on. chief, officer*.6f; ageticy Olu... shi eek eee 5042 123 Foreign, when process against, in civil action, may be served. on managing agent. Of. .escos cnet ee een 5043 123: When process against, in action before magistrate, may be served on chief officer of agency of.............00+ 6479 123. Foreign, when process against, in action before magistrate may be served on managing agent of.............. 6480 123 INSURANCE COMPANIES OF FOREIGN GOVERN- MENTS. (See Insurance Companies; Insurance Companies Other Than Life.) INSURANCE COMPANIES OF OTHER STATES. See Insurance Companies; Insurance Companies Other Than Life.) INSURANCE COMPANIES OTHER THAN LIFE. (See Insurance Companies; Unsound Companies.) Domestic, articles of incorporation of, to be filed with secretary. of; stateic.. cte2tas eon eee 3632 82 Domestic, articles of incorporation of, to be approved by- attorney, general... 3.) ass ve ax ka ee 8632 82 Domestic, how organized +. .s05;..0)sch eaeen Ue 3232 et seq. 82 Domestic, copy of articles of incorporation of, to be filed with superintendent of insurance...............e0-0- 3633 82 Domestic, articles of incorporation of, to be recorded by secretary -ofpstates; 7.74. the en ee ee eee 3633 82 Domestic, must have what capital stock...............% 3634 82 Domestic, capital stock of, must be fully paid up...... 3634 82 Domestic, mutual, member of, must assume what con— tingent liability. -2.\.04 ca. sone eee Re 3634 82 Domestic, number and qualifications of directors or trustees. OF 652.5 sty «a Srikereeiy pate cena lene 3636 83: OHIO INSURANCE LAWS. 1% Index. INSURANCE COMPANIES OTHER THAN LIFE — Con- tinued. SECTION, PAGE, Domestic, how directors or trustees of, elected........ 3636 83 Domestic, how capital of, must be invested........... 3637 84 Domestic, how accumulations of, may be invested..... 3638 84 Domestic, how powers of investment by, limited.... 3639 84 Domestic, how organization of, completed............ 3640 85 Domestic, for what purposes may be organized. ... S641 85 Domestic, how restricted as to kinds of business.. 3641 Par. 4 86 Domestic, directors of, may adopt what by laws and VETTE IGV A ae’ 6 Ce Re See 3642 88 Womestic, how officers of, to be elected..........0..0005- 8642 88 Fire, when liable for maximum sum in case of loss.... 3643 89 Fire, when two or more policies of, must pro-rate...... 3643 89 Co-insurance clause in policy of, prohibited.......... 3648a 90 Qualifications of arbitrators to settle losses of.......... 3643D 90 DONCMOF OL iisutance for, 1s agent- Of. s. ce sess Gees 3644 90 Domestic, how policy contracts of, must be executed.... 3546 91 Domestic, how capital stock of, may be transferred.... 3646 91 Domestic, how capital stock of, may be increased...... 3647 91 Domestic, must have what re-insurance reserve...... 3648 91 Domestic, may pay dividends only out of profits........ 3648 91 Domestic. <.what- constitités profits “oft... obscene es « 3648 91 Domestic; may. own what real, estate. . 00. sc.ceselee a cee 3649 92 Domestic, when real estate of, must be sold............ 3649 92 Domestic, mutual, policyholder in, is member of........ 3650 93 Domestic, mutual, member of, not to be assessed for . dasseseprzar fo cmrember ship ©... nc: ky.ta bo ae slaves wae 3650 93 Domestic, mutual, limitations upon liability of member of 3650 93 Domestic, mutual, when capital of, to be deemed im-— Panel eee or Weer Wein eer Sain bie ie 6 ha Awe RR oka oan 3650 93 Domestic, mutual, limitations upon power of assessment ; Rammer etree sae Me thy CPS thie Sis Re nuk itd ae 3651 93 Domestic, mutual, assessments levied by, to be enforced aM med COTE ae, Bema Cae Pas Li ema lde ts hha ation see 3651 93 Domestic, mutual, what deemed sufficient proof of regu- larity of assessments lDNgiro nen NG Ciuc hae is Orie 3652 93 Domestic, mutual, what must appear on face of policy of 3653 94 Domestic, mutual, may issue policies on capital stock plan, eee tat CL cir nasce 2 he aoe 3603 94 Domestic, must file with superintendent of insurance Watat angiial TLeportania: When. 24% diblss 0s ad's e oGe a 3654 94 Domestic, on premium note plan, what additional re- Pee CCUMIROLIS Lead cages tcl nuts Ooi gia LOS oe oe ratios 3655 i 96 Foreign, doing banking business, not eligible to ad- ING SIOINEN Ce terre ee ACO hoe yee a's win ees Soca ns + 3656 96 Foreign, doing business other than insurance, not eli- SUC MEALS ON tere Be Si dis whedon Aste ore aE tee sare 3656 96 Foreign, must procure certificate of authority........ 8656 96 Foreign agents of, must have license. . .. 8056 96 Foreign, agents of, must file copy of ‘license, ‘with county Geary SRSA ps a aod eh a EG 3656 96 Of other states, must. have what capital............ 3656 96 Of other states, capital of, must be fully paid up....... 3656 96 Of other states, how capital of, must be invested. . 8656 96 Of other states, mutual fire, what assets of, acceptable i in lieu of capital 4 tite dug ke OREO Pan Se ee om tres 8656 96 Foreign, must file what waiver with superintendent of Aiea ee MN RO NE sc hid’ sia ahriruh F waleonhene wae aecon’® 3657 97 Foreign, must file copy of last annual report, when. . 3658 98 Oreign saree comys Of charter... stkeG see's cot as cohen 3658 98 Foreign, applying for change of venue, authority of, TOD CETONO KC CMN eR ere tore cit eons nhs atone Pee ware 8659 98 Foreign, removing action to federal court, authority of, LOM DOETC VO CUM eres Ne cae rie Coin, | On eet DRCeee ri 3659 98 158 OHIO INSURANCE LAWS. Index. INSURANCE COMPANIES OTHER THAN LIFE — Con- cluded. SECTION. PAGE. Of foreign governments, must make what deposit...... 3660 98 Of foreign governments, fire, what to be deemed capital OF 23 a.¢ vats Bis Brey ts fs CEs Oe ee ee 3660 98 Foreign, must file what annual reports..............00. 3661 99 Of foreign governments, must file what supplementary annual. reporte 3. Moers oS ee ee eee 3661 99 . Foreign, when renewal license to be issued to agents of.. 3661 99 Foreign, renewal of license to agents of, must be filed WIth: COUNtYs FECOLCEH in as,accn cere ate Rice: ere eee 3661 99 Domestic, stock dividends to be applied on unpaid stock SUDSCTIPtionSs -wlten’ = tocknesiee ene eat eee ee 3662 100: Cellar and foundation walls not to be held part of Structitre-instired byaie., nee see eee 3691 106 Domesticew hen sinay= Teinstt ctenaeaccsrrseenet ts Meets 3691-13 109 INSURANCE LAWS — Superintendent of insurance must enforce............. 268 3 Apply to corporations organized under federal laws..... 287 10 General penalty against person violating............... 288 10 General penalty against corporation violating........... 288 10 Provisions of chapter 8, revised statutes, apply to all per- soné atid “corporationsy.c.2.0 5b. nsw stent ae oa 289 : ll Certain assessment associations are exempt from opera— EAE OE: WTAE Sec wrccol vale dak Shee aetauass ae Ge ae ee ec ane 3630 57 Fraternal beneficiary associations not subject to general. 3631-11 69 INTEREST — Due and unpaid to corporation, when not to be consid- ered: pr Gls aS 5 as cs. ee a eee 3269-2 39 When domestic life insurance company may collect on securities: .deposited:}..is donnie set ene eee eee 3094 45 When life insurance companies generally may collect on Sectirities depositethewuities wey ee me 5 ies Delt 3619 53 When fidelity insurance company may collect on securi- ties- deposited: 4) nia ee ee oe 3641 par. 4 86 When surety company may collect on securities deposited 3641 par. 4 86 When employers’ liability company may collect on secu— ritiés. deposited over Cheha ones cae ee ee ee 3641b 87 Due and accrued, when to be deducted from profits be- fore snaking dividend.22% Wino ree ee 3648 91 When insurance company other than life of foreign gov— ernment may collect on securities deposited.......... 3660 98 INTERROGATORY — In application for life policy, when false answer to, not miater tat’ ”..os2 6.) Sete t ie cee oa Renee as ot eae eat 3625 55. INVESTMENTS. (See Accumulations; Assets; Capital; Securities.) ; Of capital by domestic life insurance companies, in what Securities. must) be maden..-.- cts eee rncente 8591 3593 44 Of accumulations by domestic life insurance companies, in what. securities maybe. madei. wk. 24> ae. ee 3598 47 Of capital by life insurance companies of other states, how mustube made: cde oe tele ctu cere eerie 8604 48 Of assets by mutual life insurance companies of other states, what acceptable in lieu of capital stock........ 3604 48 Of assets by life insurance companies of other states, how- Hable: 4.22.0 o5% wowace sen genes wo eems Domestic, unsound, how to proceed AUAINGE: cemcstdntale ore Domestic, must have what re-insurance reserve.......-. Foreign, unsound, authority of to be revoked... ....% MUTUAL LIFE INSURANCE COMPANIES. (See Life Insurance Companies.) Of other states, must have what cash assets. ..-..+..5++ Of other states, must notify policyholder as to div- idendsy:AGte se «pass easie s a siatneragt ees «5 Sie a MUTUAL PROTECTIVE ASSOCIATIONS. (See Assess— ment Life Associations; Assessment Life and Ae cident Associations; Assessment Accident Asso- ciations; Assessment Accident and Sick Benefit Associations; Assessment Fire Assoctations; Assessment Live Stock Associations.) N NAME — Of corporation may be changed by charter amend-— ment Rows Jw. stds Lab chatty abet Galata eros iaene etka elas Of-life insurance company not to be similar to that of other company: «4: .ieaaesc: estan aia mes seamen SECTION. PAGE. 650 93 3651 93 3651 93 3652 93 3653 94 3653 94 3653 94 3654 94 3654 94 3654 94 3654 94 3656 96 3656 96 3656 96 3656 96 3663 100 3664 100 3665 101 3666 101 3683 103 8691 106 S611S ee eo 100 Appendix. 276 6 276 6 276 6 276 6 Paarl 6 3604 48 3608 50 posses nef ye Ql 3589 aie 43 OHIO INSURANCE LAWS. Index. 165 NAME — Concluded. Of insurance company other than life, not to be similar LOMEMALLOIMOUNE TE COMUDAIIV, spreve cae eicic ee aeke sive ool pleree seteie Of corporation may be changed by action, how...... Of corporation where copy of court’s order changing, jie) Lakes Hakata bates b= con thane ch Rete Gon ane Be ot Reacts Of corporation, change of, by action not to prejudice PLE CMASINI Cen Cll tS meer eR ehh crab hs cateichomisonics eens NEGRO — Discrimination against by life insurance company pro-— TREE CCE MEET Cems AE Me Be Mea ia. Sdn Sid acces Shares ne Life insurance company refusing application of, must PUCIIS A WIIAENOET EIIICALEY COs aiuje Cisse whe isis iad aig Foe tw pn wi Penalty against life insurance company discriminating ASA TUS Pama Mee ecr ty NSE Se icare ee cere iree op Dotoiere. wicis ace Suet orate NET ASSETS — Mutual life insurance companies of other states must Ay CMU Nic) EER eee nS -anenea roe creases: fre eeroneen eve ais cy diers Mutual fire insurance companies issuing stock policies TIVUIGEre LAW Crm Wilt mucins aregeenovename tolaha, a7 chain, stocks suotedeisverc ate de Mutual fire insurance companies of other states must have eWillateeeee rL etae ecw Ie. Monta aie UNS reves NET PREMIUM — Stipulated premium life insurance companies must change wwitate mittiiniineaensrracteytetscfeeieeiter ation nn sfcueness NOTICE. (See Publication.) Of discontinuance of business by life insurance company, NOW AtOZDEROLV EN CEC Ptr raIaeotewin or nio asrre seer tise howe Of discontinuance of business by insurance company other than life, how to be given, etc...............0.. To state fire marshal as to fires, how to be given...... Of election of trustees of corporation not for profit, XO Win PLVEIU eetetear: Sai ie cera ha rerelaheretters ooo a tclcl a ate cle ete oe Of opening of stock subscription books, how given...... Of election of directors of corporation for profit, how PAVICIL Sa eee eee cist Ween We eee sien cade sar tieiete ers eae she sears rs To creditors of insolvent corporation, what to be given To stockholders of proposed increase of capital stock, TOW Cte ese yoo tauhene ecco otars Ging uate eee Of opening stock subscription books of life insurance COMMDATIV ARO WAS IVI er nnes an tee eae Aran ie kee ere ee As to dividends payable, when policyholder in life insurance’ comipatiy entitled) torte ussie sole sha To agent, of fraud in application for life policy, is NOLICHMLOS COMPANY Viens nem sOG EMSS SLT dala Dla es Of proposed withdrawal of deposit by stipulated prem-— PUM ILS COMPANY, - OW BIVER Ss 05, .Sawcite lve Mercere Of assessments by mutual insurance company other than ites shower tlarity Oly Provenls eb) eerciecls Seen eile : Ps O OFFICE — Of superintendent of insurance, where to be located .... Of state fire marshal, where to be located.............. OFFICERS — Of corporation, what must be chosen, and when, and how OP corporauonm, mala nncations Of3% ca... vowels commis ea ete SECTION, 3632 5855 5856 5857 3631-1 3631-2 3631-3 3604 3653 3656 3631-28 3260e 3262 3590 3608 3625 3631-37 3652 96 77 28 29 166 OHIO INSURANCE LAWS. Index. OFFICERS — Concluded. SECTION, PAGE. Of corporation must keep record of stock subscribed and transferred. i354 sa Biloss css SA eae a eee 8254 31 Of assessment life associations violating assessment law, pemalty Against domestic assessment life and accident association fanine tO oue afifitial Statement Wis... Pee eee lv aes wives Against domestic assessment accident association failing LOM MLS Rat Ile SEALCITIOI tat tekepeetocie ess he te tone ove al -Pe ies iets nt ais Against assessment life association of other states violat— bakes ERIS) 8's Golem Be eat Bids ie DI Ome toch Comic maere Against assessment life and accident associations of other ALCOR TO AOU ANS. arnt ore cte a cha, Cares vas see eS een cae Against assessment accident association of other states VAOlAbIING Mea wWSin errant Ces ie SAO eat Pear aac NC Against officers, agents, etc., of certain assessment asso— CIELO MS RIS ACES) LAW Stag etree isnt aes Sabie ev we setiate Ss Against life insurance company discriminating against EOL OM ROA Te Se eee hike ahi cee Per en ee? Against officer or agent of life insurance company dis— Cfiminatins against NESTO. .. ce. creer e eee crssccevens Against life insurance company rebating premiums..... Against officer or agent of life insurance company rebat— Mikes SCONES He Mince got Damo ad Oooo eo ot bOd Shou eC ONG Oo. Against officer, member or physician of fraternal order Makin’ Tramegient—stAtGMIent «.- ahcwn.< ore w oo Fis vied 8 pln a Against officer or agent of fraternal order violating any PFOWISION AOI EUACCMNAL IAW. wt ecw kee esas fs, Rew kay es Against fire insurance company unlawfully paying out ERA NGU SFA LG Oe eich lake CRORE IO REO eee OE aT Poor Against mutual fire insurance company failing to le an- AERC POL Ue rae Wea ithe cee eaale ice sure eeteie = lane epee ees eke oe Against mutual fire insurance company refusing to sub- Ait eLOw CxaTMMaAtIOM ees w er serasetae ete aes ie csucrs ererel Against fire insurance companies combining to control PEMAaSY | Bem Ad Hed dock tin COOIOA D5, CRUIO DIG TAL GOIG IO OOD: Against fire insurance company making false advertise— (MIEN twOLeAIN ANC AleStatlise suaouk weir = cele ol tees ease isco Against fire insurance company violating law as to re- ELEN: PLC NOTE, CAT COATION: Gods va 'y.n on cans elie olen oysinceiets Against assessment fire association failing to file annual REDO. a cod Sees OOO GUE CIG 0 6 GIN CGE DOO 6.0 CUROIG- OI OEP r Against assessment live stock association failing to file AVIA PRE POLE Mma n et cits cicticictnle cfs cicistele reise hcreca cise isi stab artes Against credit guaranty company failing to file annual re- PLONE KES. an odin diold ng EO COAG OGG Occ Od Ojcup-6 ito GOc.n omc TO Ono FOr ArSOn tenn ee ele es ate isl ate cfobsteo ote iese's ate eiala Sy eaRwace ls For burning property with intent to prejudice insurer.... Against medical examiner making false statement as to heal fhe Otamisunrante. cater mca ec ciecenlante e abimacten « Against person fraudulently obtaining money from insur- ANCGMCOMID AVE Mathes met oe einai Pac ee Noelia a aalie cewree 6 PER CENT. CLAUSE — In fire insurance policies prohibited, and penalty ....... PERJURY — Person making false affidavit in death certificate or report MCC Cmet EVMOTEET tice. sie ate itls Ste ate alas aie ches taerae cusuecusn 6 PERMIT — When superintendent of insurance must issue, to frater— Mae DEMCHE IAN Y ASSOCIATION... 4. sn aeeese merce thee s'sisis SECTION, 3630c 3630c 3630c 3630e 3630e 3630¢e 3630g 36301 3631-3 3631-3 3631-20 3631-22 3648 3654 3654 3659 3661b 3669 3690 3691-5 3691-23 6831 6832 7078 7084 3643a 3631-20 3631-16 100 101 105 107 113 123 124 124 124 90 74 72 168 OHIO INSURANCE LAWS. Index. PERSONAL LIABILITY — SECTION, PAGE. Of trustees or directors of mutual insurance company attsehes . WHER... 5s cay osc aie oie bo wae See 276. 6 Of stockholders of corporation, extent of .............. 3258 33. Of trustees of corporation not for profit, extent of...... 3261 37 Policy holder in stipulated premium life insurance com— pany exempt fron’); <. . iw..kb 5 Ohi eee oe eee 3631-36 80 PERSONAL PROPERTY — Shares: of stock: in ‘cofporation Areew.) «ask see on eee 3255 33 POLICIES. (See policy) Of life insurance companies to be valued annually by superintendent of insurance, and how ......4...+..... 279 t¢ Of life insurance companies, when annual valuation, of by superintendent of insurance not required ............. 279 7 In reorganized assessment fire association, effect of reor— ganization” upon, #..}04 2 eaeeae ered By te eee 3690-3 106. POLICY. (See Policies; Policy Holder.) Agent’s knowledge of fraud in application for, is know- ledge: of ‘Compans, whens. 5.5 pos. bak Ge oe ee 3625 50: Of husband for wife’s benefit in life company exempt from creditors to" what extent '.25..2 1 ore eee 3628 50 Of life insurance assigned to wife enures to her sole ben— fit -%s Rudin so od oe Se ec let aley ohh Seng ee eee 3629 56 On life of husband enures to benefit of wife’s children WHER BARC away soi heetd Sarat o/s Made Sea 3629 56 In stipulated premium life insurance company must be scaled downs when: cog veo. oe Ceti ee ane ee te eee 3631-29 17 In stipulated premium life insurance company must spec— ity amount payable amderit., 05 on ee 3631-83 73 Of insurance other than life, how to be executed ...... 3645 91 Of mutual insurance company other than life, what must appear on face: Of 5. otc ctu os toe ee 3653 94 On stock plan of mutual insurance company other than life, what maximum liability may be assumeu in ...... 3653 94 Of capital stock insurance company other than life, must show. witat .onditstace cate ct oc ok hee a ie eae 3653 94 Fire insurance company must agree in, to cancel at in- Sted so fequest fc Sins cee cent ares ne ee 3664 100 Fire insurance company, canceling, may retain short rate premium: when? os 00h eee eee ee eee 3665 101 Member of mutual fire insurance company, canceling en- titled to return of premiuny mote 5.020 ves eee 3666 101 POWERS — Of examiners of insurance companies ................ 273 5 Of state fire marshal to procure testimony .............. 409-53 13 Of state fire marshal to enter buildings ................. 409-54 14 Generals. of corporations: « / kaa soba aaa ene eee 3239 22 Of board of directors or trustees of corporation ........ 3248 29 Of corporation te-borrow: moneys ..0iou ees lee 3256 33 Of corporation to convert its obligations into stock ..... 3257 33 Of life insurance companies restricted, how............. 3596 45, Of domestic assessment life association restricted, how 3630 57 Of pre-existing domestic assessment life association not: impaired by existing daws 4.2... eae sea 3630 57 Of domestic assessment life and accident association restricted, OW es sc'cos cn: oh ee a ee 3630 5Y fl Of pre-existing domestic assessment life and accident association not impaired by existing laws............ 3630 57 Of domestic assessment accident association restricted, TOW Tos. o's ys duet hignatn aos ees 4 la ig ta eh ae et 3630 57 Of pre-existing domestic assessment accident associa— tion not impaired by existing laws..........:sss«:- 3630 57 OHIO INSURANCE LAWS. Index. POWERS — Concluded. Of domestic insurance companies other than life as to in- vestments, special limitations upon Si ie Of credit guaranty companies defined................0. PHYSICIAN — Of assessment life or life and accident association, pen- alty against in certain cases .... Seon Examining, of fraternal beneficiary “association, pen- ANY PAC ANIIGE Pil) COLTAID CASES) F. Secs tes wee ceva we noes Examining, of insurance company making false health CeGtiiCateMOGestatcinents mDCNalty. - 2 storue-c o's « « sisyeyane ove oes PLATE GLASS INSURANCE. (See Casualty Insurance.) POLICYHOLDER. (See Policy.) May maintain what actions against domestic life insur— AB RMCLD ATEN Leriais thet ocd ali ine cen 0) sPe Wigig ata wins ig elegy Domestic life insurance company may maintain what ac- tions against marae VEN Rica oo: Gece CaO Re ICME SCneen clone In life insurance company entitled to copy of applica- HOR an METNEr | PAPERS ek wa saci edae ans os Pee Penalty against life insurance company failing to deliver COPVaLOl application toys sco wate ere ee In stipulated premium life insurance company exempt PrGtis Persona plianiitty ) Pcie cn ee ness ease een In mutual insurance company other than life must con- tribute for losses and expenses, how .............. In mutual insurance company other than life not liable fomeosses fiir to membership «. |.) cag a5 sores oa weet In mutual insurance company other than life, assessment HpOMmanavebexentorced, Dy aCtiONe. .. acdicn sone e+ emule. In mutual insurance company other than life, limitations LIPOM pOwWernol assessment against |<: ec.. seek sm see. In mutual insurance company other than life, how as-— sessment upon and notice thereof proven ............ In burglary and robbery insurance companies, extent of Miaiete Ola ct sleet. = sty ak Dataals ld. Fase ee 35 moda POLICY OBLIGATIONS — When schedule of, need not be filed by life insurance CompaniesmoreOtnet estates atssc-c -uavssuts cise ese 2 cere PREFERRED STOCK — Ofcorporation. may "be issued) “whet (gem oes sane Of corporation, what dividends may be paid on .... PREMISES — Penalty against owner of, violating order of state fire LACS A RRM 5 Pac Si Nene Mtl Z eats edi s Ripe natamelels Pati: cals When owner of, may appeal from order of state fire EVV SUI MMe ene, ohare Mote a cra Ben ook od Mer tnckereterd iolane 8g hum eceyes PREMIUM NOTES. (See Premium Note Insurance Companies. ) Mutual companies on plan of, must have what re-insur- Be OMME NE ete Le A 8s 6 Es ook tak taint eastsT DISA oe Bie owe ce sv Special annual report required of company having part Geraint Mme: ky tts ss ates abe en aler dices Foreign mutual fire insurance company must have what ZUITIEO (IT lt ee OL er Getto osha avessn ciekctorn. deqeadt tyghe esstowsis ohcys stat Of fire insurance companies must be non-transferable. . PREMIUM NOTE INSURANCE COMPANIES. (See Premium Notes; Insurance Companies Other Than Life.) Mutual fire, must file what special annual report........ 169 SECTION. PAGE. 3639 84 3691-19 110 3630¢g 64 3631-20 74 7078 124 3601 48 3601 48 3621 54 3622 54 3631-36 80 3650 93 3650 93 3651 93 3651 93 3652 93 3691—24e 114 3606 50 3263 38 3203 38 409-54 14 409-54 14 276 6 3655 96 3656 96 3668 101 3655 96 170 OHIO INSURANCE LAWS. Index. PREMIUM NOTE INSURANCE COMPANIES — Con- cluded. May acquire lien on property insured for amount of pre- Mitim NOLES ss Son es Cea ate be Wie TNO eh entre Ferree ers Notes of fire companies must be non-transferable....... Laws applicable: toy generally ie wn Gere eee PREMIUMS — Taxes of foreign insurance companies to be based on SLOSS: LECEIP ES Or 3). care close Sea ee Pe eee Life insurance company receiving, is estopped to make cértain« détenses,, Gwihientivtcs acc ait ene oe ee are ete Paid in fraud of creditors by husband on life policy, SUDIECEL [Or EXECUTION. Wiener ta sextet ei ener oe Rebating, by life insurance company prohibited........ R Rebating, by agent of life insurance company prohibited Penalty against life insurance company rebating....... Penalty against agent of life insurance company rebating | Unearned, of fire insurance companies, what are....... Authority of fire insurance companies combining to con- trol: rates tor omustbesrevoxedic.. «.coen tease eee PROBATE JUDGE — May approve what bonds of certain insurance companies Other, “than Slite Vee ce eritrs atc ais eter eae ot aera PROCESS. (See Acknowledgment; Service of Process; Summons; Waiver.) Foreign life insurance companies must file authority to any agent to acknowledge service Of........seesseees Foreign life insurance companies discontinuing business must appoint agents to receive service Of............. Who deemed agent of foreign life insurance company discontinuing business, to accept service of........... Foreign assessment life or accident association must ap— point. attorney: to “atcept. service. Of :. x. 2. ous ne ee Foreign fraternal order must appoint superintendent of insurance its attorney to accept service of............ Foreign insurance company other than life must file au— thority to any agent to acknowledge service of....... Burglary and robbery insurance company of other states must appoint attorney to accept service of........... When service of, in civil action against insurance com-— pany may be made on chief officer of agency.......... When service of, in civil action against foreign insur- ance company may be made on managing agent...... When service of, in action before magistrate, against insurance company may be made on chief officer of ABCNEY ls shies: laid we cathe aieta aictst oye eae at a ee When service of, in action before magistrate against for— eign insurance company may be made on minaging YX) 6 | Se PRR ne Aen te peecireeno rr nce coceeh Wen Okt ee TOM EO PREMIUM RECEIPTS — Taxes of foreign insurance companies to be based on gross amount’ Of) 7. Asie cheeks feels eee ee anne ate PROFITS. (See Accumulations; Surplus.) Of corporation, dividends to stockholdérs payable out Of, Ponty oS Ras oe ere ae Penni ee eee Unpaid interest on debts due corporation not to be re- garded as <.25.05.4 Vit eno ne ae teen el ee arene eens Of corporation; how aseertained.: taolies ween SECTION, 3663 3668 Appendix. 2745 3626 36314 3631-6 3631-15 3657 3691-24f 5042 5043 6479 6480 2745 3269-1 3269-2 3269-3 123 123 119 39 39 39 OHIO INSURANCE LAWS. 171 Index. PROFITS — Concluded. SECTION. Domestic fire insurance company may pay dividends out MEG RO TIE mega MaKe one VRS oie eee er erave we Oke. 8s 4) asi, + 6 aslevel eee 3648 Of domestic fire insurance company, how ascertained... 3648 Of domestic mutual fire insurance company defined.... 3648 PROPERTY — When and how corporation must make return of, for CANAL ON Meee TOR Ree TS inet On Co cee eel neues Saye all og 2744 Of corporation, to be employed only to effect purposes ies lES CREA UION Tat E Aaa Wa catch eioaT are hee sce tne 3266 PUBLICATION. (See Notice.) Of reports of insurance companies to be annually made DY Siperimiendent OFsMsurances . 22 sod els ee sels ale shes 278 Of certificate of compliance, where, when and how to be TOES CRIA ee Oe ere Ae Oe ay eee ae Sie aks 284 Of notice of liquidation by life insurance company, what HINES ERD ORIN ACM Omer scree euterore siamese Aclaie Atdele vel sions 286 Of notice of liquidation by insurance company other than detec Wont MITUStM DE) WAGE.) av cstctuccs eis sieve. cop ¢ fete esi arose os 286a Of notice of election of directors or trustees of corpora— EL TIMMAEVON UMM TIUALUL CMe Loe arta ere crea Rete oe lane OS ota eee 3246 Of notice to creditors of insolvent corporation, when to emt, Te ees od viala techies Lanta tcieck aaa: Say res ares 3260e Of notice to stockholders of proposed increase in capital StOCKehOw IaGdemy ies « metie se spia tte als se ekane sits, erase 3262 Of notice of opening books of subscription to stock of life-insurancé company, howlmade.!.. . 2.52 oo. neers 3590 Of notice of proposed withdrawal of deposit by stipu- lated premium Isfe. company how made ,..0 own. eso 3631-37 Of court’s order changing name of corporation, how TUN Le te tay oa cPoseray sae, hanes ate tee a avolarelopeinaeere es 5856 Q QUALIFICATIONS — Of superintendent of insurancé...-..............+ 020s 266 Of deputy superintendent of insurance................ 269 Dliest ate mice co Waar RtAl sere Gy dete seis vista sien ee anaes 409-50 QUO WARRANTO — Against domestic assessment life association, when to DEM CONTNEINC Camara cette ter Nisiors celeste ctsie eyetsre lain « va.cvs Hale Against domestic assessment life and accident associa— LIOU, S WHLCHLE Lee COMINENICEC, os piers cee vy css dnege ss ele Against domestic assessment accident association, when 3630¢ to be commenced............ Siaiis ees iige ne ABBR Against domestic assessment live stock association, when to be commenced...-.. 2... 1. .sseeseeseeeeee ees 3691-6 Against domestic credit guaranty company, when to be OTTETIC COR Me ine Sark saccetobc sis ieke anes SUF eesUeh ae Cote ai sushevenaraTsiaee 3691-23 R RAILROAD INSURANCE — Provisions of anti-coinsurance law not applicable to.. 3643a REAL ESTATE — Domestic life insurance company may own what...... 8599 Of domestic life insurance company must be sold, when 3600 Domestic insurance company other than life may own Vii AT RCO Fe pci ce - /P DRa scat aC EES cc tr aac NO cae ee Ea tage 3649 Of domestic insurance company other than life must GER a POIOT iia ici cdsigacto ue kg ccna aes conn ekee is 3649 117 108 113 90 47 47 92 92 172 OHIO INSURANCE LAWS. Index. REBATING. (See Discrimination.) SECTION. PAGR By life insurance company prohibited.................. 36314 68 By agent of life insurance company prohibited......... 36314 68 Penalty against life insurance company guilty of. .38631-5, 3631-7 68, 69 Penalty against agent of life insurance company guilty of Ee IESE OL Ea Reo toes estas aia aa eS 3631-6, 3631-7 68, 69 By stipulated premium life insurance company or agents, PLOHIUDICER San. «clave wakieia 3 %.0 rete Sak Gye ee tach eaten ae 3631-35 79 Penalty against stipulated premium life insurance com— pany oragents guilty Of. O21. secas sayse ew inne Perea 3631-35 79 RECEIVER — Of insolvent corporation, wlfen court may appoint...... 82600 36 Of insolvent corporation, to prosecute what actions.... 3260d 36 RECOGNIZANCE — Surety company authorized. to: Sigt.« .osscsc-s eu «ste 3641¢ 87 RECORD — Superintendent of Insurance must keep, of his proceed- TIS sc earthed ean oot og ede: Wie aca os coe en teeta 278 - State Fire Marshal must keep, of his proceedings....... 409-51 12 Secretary of State must keep, of articles of incorpora— FiGi, “Wenekally =. ness 1c eae ach dg ee an eee ae nee 3238 21 Officers of corporation must keep, of stock subscribed and transferred ...12 ccseakics sek etka eae ee 3254 31 Secretary of State must keep, of articles of incorpora- tion. Of life insurance > company a. ssa es ) a. wick cer ee ee wee Pees | eee 3631-11 Stipulated premium life insurance company must ae { 3631-29 Maintain “witat ~<..:.co pkterskero ete Late ee ene 1 3631-30 Of stipulated premium life insurance company, con- Sequences: Of *IMPAITGIENe “Ol. vee ce ne ead eee 3631-29 Of domestic mutual fire insurance company, how accum— ulated and. expended y: <-s.cec ino eee ee ee 3648 RESIDENT AGENCY LAW — PEO VISIONS OF Lact trate coerce cer chee ee ee eee eee 2745a etc. Authority of insurance company violating, to be revoked 27456 RESTRICTIONS — Upon kinds of business life insurance conipany may do 3596 Upon power of domestic life insurance company to own - TEALPEStATCN 5 ncetices ccs ses aie ete tecetale abe oe See ene ee Pe 3099 Upon powers of domestic assessment life associations.. 3630 Upon powers of domestic assessment life and accident ASSOCIATIONS metas acta aes eee tea Re REL ee Ene 3630 Upon powers of domestic assessment accident associa- ELOTUS ie Sse wf eel hails nce. ib, oy ood oecaeiseh hangs. SER Label e loli Maken a ete ome eNe erm eles Upon compensation of examiners of assessment life or ACGIGENt -ASSOCIALIONS as, 5 Suen Stern enieiae enter oat 3630d Upon powers of assessment sick and accident associa— (0) | Wet ge ae ete Me Crue seine Pee Ree Aloe Oo Dk ae 36307 Upon power of investment of domestic insurance com— pany, other’ than. lite. 2... wi. -5.c¢ was eee eo ae 3639 As to kinds of business insurance company other than TAPE: TAY LUGS oie cence site ele cle 8, cyt sehr eee See be oeeeea eeae 3641 Par. 4 Upon power of domestic insurance company other than Inféto-own real estatessii-i isis ohne ais oe eet eee 3649 Upon power of assessment by domestic mutual insurance comipany ‘ether) than life: i; <0 cae ee ce ee eee 3651 Upon risk mutual insurance company other than life may assume on single stock policy...............05. 3653 Upon aniount of capital stock of consolidated domestic fire and marine insurance companies..............+. 3674 Upon compensation of examiners of domestic mutual fire insurance company appointed by court................ 3683 Upon powers of assessment fire associations............ 3686 Upon compensation of examiners of assessment live Stock ASSOCIATIONS, 35.ale cdaea eee ate oe ie aie cree cee meen 3691-6 Upon powers of credit guaranty insurance company.... 3691-19 RETALIATORY LAW — As to violation of policies of foreign insurance companies 279 As to excessive fees charged by other states.......... 282 As to foreign stipulated premium life insurance com— PATICS oF bg cdi CT reais tee ee eee ee ores 3631-34 RISK — Mutual insurance company other than life may assume what amount of, on single stock policy.............. 3653 PAGE. 94. OHIO INSURANCE LAWS. 175 Tndex. ‘REVOCATION — Of authority, as to unsound foreign insurance companies Of authority, as to foreign life insurance company failing to. Submit policies: forovaluation. 2... .0.5....4..2.. RITUALISTIC WORK — Fraternal beneficiary association must have............ S) SALARY. (See Compensation.) Of Deputy State Superintendent of Insurance.......... SCHOOL, HOUSES = Assessment fire associations may insure................ SCRIP- DIVIDENDS — hen domestic mutual fire insurance company may SLCCAA IE gir PMs tte a NSN Mui Ny tetas Sept’ gs * SECRET ‘BENEOLENT ASSOCIATIONS — LAWS appuranicto on faci ce tetas fcuk labia Ie: SECRETARY -OF STATE— Must receive and file bond of Superintendent of Insur— OS ee RAGE Bi eta Py oo ee Ttvte, Ben wc Must receive, file and record articles of incorporation. . Must receive, file and record amendments to articles of PGES OMI cee cos ag teeth aces Riv PR Oe ea, Must receive and file certificate of increase of capital See em ey EEE Ne fi ee em ae Ae eh pe. Must receive and file certificate of reduction of capital Ea er essary) Auaghepiteings Sst oan ah easel Codes bor ops Must receive and file articles of incorporation of insur— aucercOmipanyvuatrher thatrclite.. cco. s coe pee cm due SECTION, 277 279 2745 2745b 3620 3643a 3659 3659 3631-11 269 270 409-56 409-56 3600 3649 3686 3648 Appendix 267 3238 32384 104 91 176 OHIO INSURANCE LAWS. Index. - SECRETARY OF STATE — Concluded. SECTION, PAGE. Must record articles of incorporation of insurance com— pany “other ‘than life. .; 0.0. aqeasps ot Sipiede eee ODD 82 Must receive and file certificate of increase of capital of insurance company other than life...............6.. 3647 91 Must receive and file certificate of organization of as— sessment fire Association 2.5 Pah ey Oesas 6. ade vo 3688 105 Must receive and file certificate of organization of as— sessment live stock assoGiation,... 5/407 hic. Soa kes 3691-13 109 Must receive and file copy of court’s order changing name of corporation, when..... 0.2... ce esate oe ce’ 5856 begs SECURITIES. (See Deposit.) Received by Superintendent of Insurance to be deposited with Treaster Of. States o::. «/itzs sinust aa Ramee 3641 Par. 4 85 Surety companies must make what deposit Of ....c.;. 28% 3641 Par. 4 85 Employers’ liability insurance company must make what deposit-Of 7.708 wiels © oe cae in ne mis arg ar svar ee 3641b 87 Title guaranty companies must make what deposit of.. 3641d 88 Insurance companies other than life of foreign govern— ments must make what deposit Of.....ccc.vecesyese. 9000 ~ 98 Credit guaranty company must invest its capital in what 3691-15 110 Credit guaranty company must make what deposit of, with Superintendent of Imsurance.........+.+e y+ seers 3691-17 110 Credit guaranty company may invest accumulations in Sh ee a RPS Prt Satay pCa Rc NG ee 3691-19 110 SERVICE OF PROCESS. (See Acknowledgment; Pro- cess; Summons ; Waiver.) Life insurance companies of other states must file au- thority to any agent to acknowledge.......-.-.+++++5 3607 50 Life insurance companies of foreign governments must appoint agent or attorney to accept....--ss++seseeees 3610 51 Foreign life insurance company discontinuing business must appoint agent to receive... 1... cece eee eens ees 3617 53 How made on domestic or foreign assessment life or accident association’ ....cscee cece to ccweeleeemouanwes 3630f 64 How made on foreign fraternal beneficiary association. . 3631-15 72 Foreign insurance company other than life must file authority to any agent to acknowledge.....-.-.-.++5 3657 97 How made on foreign burglary and robbery insurance COMPANY ...+ 5 aes sv dew paeval ed a eget e nats Gi mene 3691-24E 115 OHIO INSURANCE LAWS. 177 Index. SERVICE OF PROCESS — Concluded. SECTION. PAGE. In civil action against insurance company may be made Gl Chic, GuiceL. Ol ABENCY. WEN. jo ei sc os occa owe ves 5042 123 In civil action against foreign insurance company may be made on managing agent, when.................. 5043 123 In action before magistrate against insurance company may be made on chief officer of agency, when........ 6479 123 In action before magistrate against foreign insurance company may be made on managing agent, when.... 6480 123 SHORT RATE — Premium, when fire insurance company canceling cash Wa DO MCV ve: VOCAUIN Gr tid vc te Nhs sical eek wile, 3665 101 Premium, what fire insurance company canceling in- StaliMienieOOney MAY FECA ie ccc ceca ous mo kt wae en tion 3667 101 SICK AND ACCIDENT ASSOCIATIONS. (See Assess- ment Accident and Sick Benefit Association.) SICK AND ACCIDENT INSURANCE COMPANIES. (See Insurance Companies other than Life.) For what purposes may be organized.................. 3670 101 May make what deposit of securities with Treasurer SS RS A eer RN ae ern) AI Ao et ae ahs ec ak SE ee Ie 3670 101 SOLICITOR — Of insurance company other than life is its agent........ 3644 90 SPECIAL CHARTERS. (See Old Charter Companies.) SPRINKLER PLANT INSURANCE. (See Casualty In- surance Companies. ) STATE FIRE MARSHAL — How appointed, and term of office of................. 409-50 12 Weaeancy aomce ors how filledss. 056 see bales ok oaeurs 409-50 12 Namere tolice mamto De Kept: t.. cos ike dhol e coli eon 409-50 12 LGRApP OMIM Wate pulion nner. snuunasWoe soe oir aeeiran os. 409-50 12 SNES Ol a hens or cen eae Dict s hee sick GUS o Ee 409-51 12 Witsoe eepetceard Of Gres \ sen ahs ol elie ra donsuee eke 409-51 12 Must cause arrest of suspected persons, when.......... 409-52 13 Must take testimony as to fires, when.................. 409-52 13 Must make what report to Superintendent of Insur— ECS TNE S711 CSTE ileal ek Oe pe POA ae Dare ag SARE a 409-52 13 Powers of, as to procurement of testimony............ 409-53 13 Powers. of;-to. enter buildings. etc. .... i... eas ce aens 409-54 14 Pevaliteseavaiist -ceriainy OMCETS.. ood. . shokn as cee odes 409-55 14 Pepartment Of. ow, maintained. vite. 56 Sows os ode foe oe 409-56 14 URL P CUT CWT MALSSAIATY oe gas to cng ie cos doc ca ucdenet 409-56 14 Deputies atta receive what salary ..6 oi oid co ees cs fhe 409-56 14 Pxpense otseiice ot, restricted, how! . 24. 5%.54 ¢ 0x0.) 0. isso teehee tien nes Must keep full record of his proceedings 4 Must annually make report to legislature ..........>. Must prepare insurance report for publication annuall Must annually make valuations of life insurance policies, EXCEPE CLC Gs E ch wee Sangaen < Cremer slat oscars aie amen Must furnish forms of financial statements to insurance companies, when -. 2.0.0... 06.0 tee tee watfmae ce ee ees Must deposit all securities received ‘with treasurer of Stabe ears hte oS gdkchig wuettorle ofp bra) dus astertels retro mma mayo Noun abscess Entitled to what fees and costS ....i.5..52..0-65.-0;- Must pay such fees and costs into state treasury ...... Must proceed, on discontinuance of business by life in- surance company, NOW ......-eeee cree ects ne eeeeens Must surrender up securities deposited by life insurance companies, When .........eecereeseescceteseeececes Must proceed, on discontinuance of business by insur- ance company other than life, how ......-..-..-+-+. Must surrender up securities deposited by insurance company other than life, when .......-...+++++-ees Must collect what tax for support of state tire marshal’s PA rel een OnE Pe Oe rT ORE a a rine One NLS Cer ays ce State fire marshal must report to, annually .......... Must collect what tax from foreign insurance companies, ANC WHEL Hise he ake co orc tictehscreana nein: Wake Srareslata eaters packets Must revoke authority of foreign insurance companies failing to pay taxes, €tC 2.2.6 sd. seas ie cries slates Must require annual report of insurance companies showing re—inSufances . 2... 6+ eu wee cee cede cence Must revoke authority of insurance companies violat— ing resident agency law, etC .........eeeeee seer eee Must investigate insurance companies charged with vio- latins’ tax laws” 5... 6 vane eee tots va 8 ee ree ae Must revoke authority of insurance company violating tA LAWS ee kee ie el ete ne Sood heen ote eh et dates state tetesbore comet Domestic life insurance company. must make what de- posit of securities with «........0.-. sees ee cere trees Must hold such securities in trust for protection of pol- icyholders ~~ ocak Je be oe ide alg nla wl ny eae een Must allow domestic life insurance companies to col- lect interest and dividends on deposits, when ...... Must issue certificate of deposit to domestic life insur- ance .company, When .......0sceeene es os crenen ne dee Petition of insurance company to effect consolidation or re-insurance to be filed with .........--eeeeeeeeees Must be member of commission to hear such petition .. Must issue authority to hold real estate to domestic life insurance company , when PPE rer ae er eg ae i SECTION, 271 271 272 273 274 274 275 276 277 278 278 - 278 279 280 281 282 282 286 286 PAGE. OHIO INSURANCE LAWS. 181 Index. SUPERINTENDENT OF INSURANCE — Continued. SECTION. PAGE. Domestic life insurance company must file annual re- ENOTE “MIR Soa Secs GAD A SP a Ree eet ee ea 3603 48 Life insurance companies of other states must procure PeriWwmccie Ol sAUTDOrity. POM Ss estas te see see ada cs 3604 48 Agents of life insurance companies of other states must procure license from ....... 3604 48 Life insurance companies of other | states “must “make WHat ePOSIrT Or SCCUMLICS < WIEN «gnc, A cwdsacwes aka ge -GO0D 49 But what acceptable in lieu of such deposit Sonate Gh 3605 49 Life insurance companies of other states must file what WALVEEE Ole StiInmOns: witblim erento slicks u\srre neem take 3607 50 Life insurance companies of other states must annually tiles finaricial statenient “Withh: 2. hfs+ vce wt SS bk een 3608 50 Must issue renewal authority to life insurance companies OLBOUMERL StALES = Whe bee teem tert stesas cya. ceterers ke Gls Cede y 3609 51 Life insurance companies of foreign governments must file copy of charter with ...... 3610 51 Life insurance companies of foreign governments must file appointment of attorney to accept service with .. 3610 51 Life insurance companies of foreign governments must make what deposit of securities with Beas oO 3610 51 Life insurance companies of foreign governments must annually file financial statement Sf) aor nee 3611 52 Life insurance companies of foreign governments must file supplementary annual statement with............. 3612 52 Must issue renewal authority to agents of life insurance companies of foreign governments, when......... 3613 52 Must revoke authority of foreign life insurance com—- pany applying for change of venue, etc. a 3620 53 Annual statement of domestic fe association must ‘be : filed Se witligue, oe eee eek eek, Shea oS cents cai alee tentete 3630a 59 Annual statement of domestic life and accident associa— tion must be filed with ...... 3630a 59 Annual statement of domestic accident association to ‘be fiiled with. 3630a 59 Must make examination of domestic life association, WMArStioe ean ASOT TS crete laies naa Corres dhe ra 3630d 61 Must make examination of domestic life and accident ASSOCIAL OM ME VUNLEINE eet tetaty ce Aisro eine Ses aes endo 3630d 61 Must make examination of domestic accident associa— Ey PE NE TN rae eas ee A ieee ok Leg ee, ss Ao 3630d 61 Must refuse certificate of authority to assessment asso— eiationsror other states; when 00.7.0) JOS Pe 3630¢e 61 Must issue certificate of ‘authority to assessment associ- AUOLSUOLLOtNeIa States ® WHEN >a sens aie ctomieteae ate weir otiee 3630e 61 Must revoke certificate of authority to assessment asso- CiatiOris-O1 woumer -states,. whetiss ts. ice eeree bea renwes 36302 61 Bond of assessment accident and sick benefit associa— Pe bee CURE WAIL OV ns epid t Sag ae ed Saelnd Gt SeSieene > 36307 64 Bond of treasurer of assessment accident associations to Ree UME ahaa ina no's ahha oa aS WOR I 36301 64 Reserve fund securities of assessment accident associa— HCL S Et ORDO RIL ECW bila sciov stsrrs.cictic once reverence aoe a ne 36307 64 Bond of treasurer of domestic life association to be ap- Meer NG ect nc Fah ov ses terre cetibiatarc my cans, > 3631 66 Bond of treasurer of domestic life and accident associa— HoMetO Spe aeproved: DY gids. sib haan eee ea paleo 3631 66 Must revoke license of life insurance company rebating PIER TAR EERE nas ac 5 ic WC ae De Ane po Bee 3631-7 69 Must revoke license of agent of life insurance company CERT ITaN EMEMTONNS Po 67d ok oh cd vw eek om ah aes Oe 3631-7 69 Fraternal beneficiary association must file annual re— DEAE A WAL eS ea ata ihibiba gratis.» cto Rb aero ta ontens IEN § 3631-14 71 182 OHIO INSURANCE LAWS. Index. SUPERINTENDENT OF INSURANCE — Continued. SECTION. PAGE. Must be appointed attorney to accept service by foreign fraternal beneficiary association........ 4. CT a eae 3631-15 72 Must issue permit to fraternal beneficiary association, Heth ec ee aa eee eRe LUIS Oita ao nN neces eine rea 3631-16 72 Stipulated premium life insurance company must make what deposit of securities with..........--seeeeeeees 3631-25 75 Duty of, when impaired reserve fund of stipulated pre- mium life company not restored.........-.+--+e-e0es 3631-29 77 Must proceed against delinquent stipulated premium life insurance companies, how ..........seeeeeee- 3631-33, 3631-35 78-79 Discretion of, in refusing certificate of authority to for— eign stipulated premium life company........--..-. 3631-34 79 Must annually issue renewal authority to foreign stipu— lated premium life company.........0.eeeeeseee cree: 3631-34 79 Stipulated premium life company entitled to withdrawal of deposit made with, when...........+sesseeeeeeee 3631-37 80 Copy of articles of incorporation of ‘omestic insurance company other than lie to be filed with.............. 3633 82 Domestic insurance company other than life before com— mencing business must be examined by.........++-.- 3640 85 Fidelity insurance companies must make what deposit oes securities: With '0s Vee RMN e em oe coe eae eee ere 3641 Par. 4 85 Surety companies must make what deposit of securities With oc, WOE tidak eke Ta deca nN ele os Stairs He ares 3641 Par. 4 85 Employers’ liability insurance companies must make what deposit of securities with.......6-..ssseeeeeees 3641b 87 Title guaranty companies must make what deposit of Seeurities With 1.4 2674 wi fae a ie eR Semin nes 3641d 88 Must revoke authority of insurance company other than life violating anti-coinsurance law......... PERG 36434 90 Must issue authority to hold real estate to domestic insurance company other than life, when..........-. 3649 92 Insurance companies other than life must file what an- nual report -withs:. .i.2 dcwagewaiales Ras wwe Rican ae als 3654 94 Penalty against domestic mutual fire insurance company failing to file annual report with.............++++0++ 3654 94 Penalty against domestic mutual fire insurance company refusing to be examined by.........-.eeeee sere eeees 8654 94 Foreign insurance companies other than life must pro- cure certificate of authority from .........e. sees eeeee 8656 96 Agents of foreign insurance companies other than life must procure license from .......-.seeeeeereeenees 3656 96 Live stock insurance companies of other states must make what deposit of securities with. .........+++++++ 3656 96 But what acceptable in lieu of such deposit...........:- 3656 96 Foreign insurance companies other than life must file what waiver of summons with.........+.seeeeeeeees 3657 97 Must revoke authority of fire insurance companies com— ‘ bining to ‘control rates... 0a... as na os sds 45 NS 3659 98 Insurance companies other than life of foreign govern- ments must deposit what securities with............. 3660 98 Foreign insurance companies other than life must file what annual reports with. .........csceee ence neces 3661 99 Must issue renewal licenses to agents of insurance com— panies other than life of foreign governments, when. . 3661 99 Insurance companies other than life of foreign govern— ments must file what supplementary statement with.. 3661 99 Must revoke authority of fire insurance company violat- ing law as to return premium on cancellation........ 3669 101 Certificate of consolidation of domestic fire and marine insurance companies to be filed with. ........+.+se+405 3671 102 Assessment fire associations must file annual report with 3690 105 Assessment live stock associations. must file annual report with . cs...) cose esac cuneate ieee enn 8691-5 107 OHIO INSURANCE LAWS. 183 Index. SUPERINTENDENT OF INSURANCE — Coucluded. SECTION. PAGE, May make examination of assessment live stock asso— Ris rene COE eats Roles CAO wes ve ele ee sgaete es 3691-6 108 Must proceed against assessment live stock association SSI IO WETS, HOW. siateys cit Gale sn svcdals a0 oes vitals s 3691-6 108 Must issue authority to assessment live stock associa— PIC WREL Webs Re er NTC ie casey SaaS a Bila tpl ree es eos 3691-8 108 Domestic credit guaranty companies must make what Gepost OP BEGULILIES WIED.&.s ihn veer ade emies 2s blew 25 3691-17 110 Must issue certificate of deposit to domestic credit guar- AE eC OU AICSAVEUCT. eestor nan asia Sarre Hanis Oareale ses ® 3691-18 110 Domestic and foreign credit guaranty companies must file’*=what annual -statement with. ....0..023 5000.2 ue 3691-20 - jil Credit guaranty companies of other states entitled to REISS MDM WED rae cutee Sark trans ares a bce arya ected 3691-21 112 Must proceed against credit guaranty companies fail- ine tole antial ‘Statement, NOW... 6 ce are ees ot 3691-23 113 Credit guaranty companies may be examined by, when.. 3691-24 113 Agents of burglary and robbery insurance companies Gidsie PROWULS -AlEMOTILY SELON a, . wad). wists <0 siepna nels os 3691-24c¢ 113 Must be named as attorney to accept service by burglary and robbery insurance companies of other states...... 3691-24f 115 SURETY COMPANIES. (See Insurance Companies other than Life.) Por wat purpose miay bes formed... .vecct ccs ee ee ses 3641 Par. 2 85 Must deposit what securities with Superintendent of Destratice esse tes sak as OCA e on hee eae ran reas 3641 Par. 4 85 May not deny its corporate power, when.............. 3641 Par. 4 85 May do employers’ liability business, when............ 3641b 87 As to sufficiency of bonds and undertakings signed by, ARMROICRSUECUU oe) fai so asst Mae CAE Oe Eee eReN «a8 3641¢ 87 Woy ere—1NcUkes WHEE. oo iss ese are ace aire eleva sini D un hs .. 8691-13 109 SURPLUS. (See Accumulations; Profits.) Dividends on stock of corporation payable only out of... 3269-1 39 Ofecorporation.- NOW ,ASCerlaMmled. wan. wah svete ny 6.4 bre we 3269-3 39 In certain funds of assessment accident and sick benefit associations may be paid to members................ 36301 64 Of stipulated premium life insurance companies, what HODES ARCHOS ox So iaieG PAS tt Me ene He RES O dap awe 3631-82 78 Of stipulated premium life insurance company may be rabetiry Unrk! Pee Ck Ti Ve ety Wee Magen ore hikes MEOMR Ch teeene BAPE ete yes eee 3631-32 78 Of domestic insurance company other than life may be PIVERt Ch Wir atee een dec ribs sb be Gas SRE me te AGL 3638 84 Of domestic fire insurance company, what constitutes.. 3648 91 Domestic fire insurance company may pay dividends only RECs Saree Ic Pe eine Sk 4 Gus ethan oral Site whee 3648 91 ab TABLES OF MORTALITY — Reserves of life insurance companies must be computed Reis PLAT AE ke co erek oedti« sip SNe cece my he eh aatrlamgis 879 279 7 Net premium of stipulated premium life insurance com— pany to be computed upon what...........ssssseees 3631-28 17 Reserve fund of stipulated premium life insurance com— pany to be computed upon what.............-..+08- 3631-29 Lf Reserve on limited payment policy of stipulated pre- mium life company to be computed upon what........ 3631-30 77 TAXATION. (See Taxes.) When and how corporation must make return of prop- Sie ee MN eG ob dha c doce s hase ie enaeinins alike 2744 118 Of foreign insurance company, provisions regulating.... 2745 119 184 OHIO INSURANCE LAWS, Index. TAXES. (See Taxation.) What fire insurance company must pay to support State PireuiwWarshal’s SotneGs : 6 ielascue scare eee eee Foreign insurance companies must pay what.......... Authority of insurance company violating law as to paymient of, must: bel revoked. 22h. oe ikieie ear ie eee Penalty against agent acting for insurance company in default tor payinetity Olas. cia teeter Stipulated premium life insurance companies must pay 0g st: re Ie Aa ee AMOFTA oe Peon) ai (ery oa ake pOrac TERM OF OFFICE — Of Superintendent of Insurance.; <. iisss.-..nscuenes ens ObtrStatet Fire’ Marshals :iy.tescconret ieetceeries hires eek eon TESTIMONY — When State Fire Marshal must take, as to origin of fires Powers sof states Fite, Marshal. ton procures... tlre eas TITLE GUARANTY COMPANIES. (See Insurance Companies Other than Life.) For. what. purposes*may ‘be formed =..0.5 oto see ee oo May do employers’ liability business, when............ Must have-whatcapital: stock... 584. okct-e yore ae eee Capital stock of, must be fully paid up. ea Capital stock of, must be invested, owo cea ee Must deposit what securities with Superintendent OE AMSULAD ELA, sas Rube oes cote he «tls Cai aden an ere Wihenic mia MEIN SUTCs A xa rsa erereis . eeeare ute cee eae nes TORNADOES — Fire insurance companies may insure against loss by.. Assessment fire associations may insure against loss by.. TOWNSHIP BUILDINGS — Assessment fire associations may insure..............+. TREASURER — Of domestic assessment accident association must give what bond and. where filed...) A.* Jofe.c5ie. Vacs 36307, Of domestic assessment life and accident association must give what bond and where filed................ Of domestic assessment accident association must give what bond and -where;filed.y. waht anne vee eee ees Of assessment live stock association must give what bonds:4 Se yee ee a cua ib ge eee eer 3691-7, TREASURER OF STATE— Must receive for safe keeping securities deposited with Superintendent of Unsiranceity «nn cance ees ee eerie Must receive what costs and fees collected by Superin- fendent .Of- ANnSUTAN CE mies oerete oe he eerie aero eae Must receive tax collections of Superintendent of Insur-— ance for support of office of State Fire Marshal...... Must receive tax collections of Superintendent_ of Insur— ance from foreign insurance companies. Must receive what deposits from certain insurance com— PANIES. ran-reloe 40'S Conte areal lake reper cence Seema TRUST COMPANIES. (See Insurance Companies other than Life.) For what purposes’ may be formed. 4.77; .05.c0.. ge ae TRUSTEES. (See Directors.) Of unsound mutual insurance companies, when personal liability attaches to. 225.2% 5 0. 20 os oe egranicen aie Geena Of corporation not for profit, how elected, etc.......... SECTION. PAGE. 409-56 14 2745 119 2745c¢ 121 2843 121 8631-88 80 266 3 409-50 12 409-52 13 409-53 {= B04) Par 2 85 3641b 87 3641d 88 3641d 88 3641d 88 3641d 88 3691-13 109 3641la 87 3686 104 3686 104 3631 64, 66 3631 66 3631 66 3691-10 108, 109 981 8 989 8 409-56 14 9745 119 3670 101 3641 Par 4 85 276 6 3240 23 OHIO INSURANCE LAWS. 185 Index. TRUSTEES — Concluded. SECTION, PAGE, Of corporation not for profit, annual election of, to be legalkan,” Nil etetal, Si aed Bitar. Seaeeeiche ier te nt ae nee Racer 8246 28 Of corporation not for profit, notice of election of, to DE CCMA Weer asta ea eeisist cca egipemies Lop a 8246 28 Of corporation not for profit, oath and duties of...... 3248 28 Of corporation not for profit, vacancy in board of, filled BN ROME ore eat Aa ee ete eo cee Sahn astoiied 4 Fees ace a eX 3250 30 Of corporation not for profit, personally liable for debts DVAEELCTIORCOMUNACTCC seman cies tore aaartacteaieles Isis ciate sivarelts She 3261 37 Of life insurance company, number and qualifications of 3588 43 Of assessment life association, number and term of office SE steer he a ir ae eae Ate als poke laps Wise tadpoles. 9:8 3630 57 Of assessment life and accident association, number and CELI OOMICEH Oley ch ret Nae cs chasm o teaahe Ste cneioest Or iow « 3630 57 Of assessment accident association, number and term of OHICEMRO Terra Te eee rece ere Panic io trites rane vow te 3630 57 Of fraternal beneficiary associations, meetings for elec— HONeOrtomDe Meld s aniMGal kya trem asc creisieciitee cules 3631-17- 73 Of insurance companies other than life, number and qualifications--of, and how elected. :.......00csnsenes 3636 83 Of assessment live stock association, must take what RUSE Y CRE RCI Glee ae Rt a toch «Fore Sich tune) Se ghee a Sees. Cale done Para orn 3691-11 109 Of corporation, may effect a change of corporate name DY SCT OM eae LOE: tee ef eres teal Shiseido dein ae sand atals 5855 116 U UNDERTAKING. (See Bond.) Signed by surety company as sole surety authorized... 3641c 87 Signed by fidelity company as sole surety authorized.... 3641c 87 UNEARNED PREMIUMS. (See Reinsurance Reserve.) Ot fire insiranee. companys what area ise Van ce sew sian» « 3648 91 UNSOUND COMPANIES. (See Insolvent Corporations.) DOMESTICHITORRWihlate ALC. sche iar scchere orice ove wld Wnerer and esnge 5 Domestic life, duty of Superintendent of Insurance as to 274 5 Domestic, other than life on stock plan, what are ...... 274 5 Domestic, other than life, on stock plan, duty of Super- infendent ab: iisdrance aS 4tOici. aie. of sk Bae AG Hla teles 274 5 Domestic, life, duty of Attorney General as to........ 275 6 Domestic, other than life, on stock plan, duty of Attor- NEVA Crenlecale as tO emcee cee eee tee as dae eames 275 6 Domesticvmutualmwhatrare stated tect e eek meee ae ees 276 6 Domestic, mutual, how proceeded against............ 276 6 Domestic, mutual, when directors or trustees of, per— SEMEL Mem RR eet erccshee a Po eos cael weno ka web. « 276 6 ROreionemditnonitveotwtO™ berrevOKked s,s siec cecal lees 277 6 V VACANCY — In office of State Fire Marshal, how filled............ 409-50 12 In board of directors or trustees of corporation, how Pel eee Ne yo oars 5x base seb d's ahd GtCS ds Oise 3248 29 VALUATIONS — Of life insurance policies to be annually made by Super- UE EICTE ES 0 9 pn rr 279 a And upon what basis of reserve calculations........... 279 i miutimay pe dispensed with, when. <..6.cs.ssncseeeees 279 7 VENUE. (See Change of Venue.) 186 OHIO INSURANCE LAWS. Index. © VERIFICATION — SECTION, PAGE. Of annual reports by domestic life insurance companies, wn msi ake 55 0 seve ah oe cee ee eee ieee 3603 48 Of annual statement by life insurance companies of other states’ who “must Make,” 0% Ponsie caw tn eterna 3608 50 Of annual statement by life insurance companies of foreign government, who must make............... 3611 52 Of supplementary annual statement by life insurance companies of foreign governments, who must make.. 3612 52 Of annual report of fraternal beneficiary association, who maust®* malee. ss 24 POSS ee ae ee eee ee 3631-14 71 Of annual statement by domestic insurance company other than: life, ~who must: maker J... tees 3654 94 Of annual statement by foreign insurance companies other: than “life,~ who