limits of any such city or town to the extent of one acre with the buildings thereon and all of such property one mile or more distant from such cities or towns to the extent of five acres with the buildings thereon, shall be exempt from taxation when and so long as the said property is used exclusively for religious worship, for schools or educational purposes, or for purposes purely charitable, and also all such property, real or personal, of such corporation as may be used exclusively for agricultural or horticultural societies. (New section.)

SEC. 1535. Stock may be subscribed for by other corporations.-Any corporation now or hereafter doing business in this state is hereby authorized and empowered by vote of a majority of its board of directors to subscribe to the stock of any company organized under the provisions of this article, whenever in the judgment of such board of directors it is to the interest of the corporation to do so. (New section.)

SEC. 1536. Bond investment companies required to deposit cash or bonds with state treasurer to protect investors.-That every corporation doing business in this state as a bond investment company, or company to place and sell bonds, certificates or debentures on the partial payment or installment plan, shall and the same is hereby required to deposit with the state treasurer, in cash, United States or Missouri state bonds, or bonds of any county, municipal township or school bonds, or mortgage bonds secured by deeds of trust on unencumbered real estate which, together with the improvements thereon, shall be worth at least double the amount of said notes, or such parts of each of the above mentioned securities, so that the whole deposit will be equal to the sum of one hundred thousand dollars ($100,000), and whenever the liabilities of such bonds, certificates or debentures in force on the books of the company shall exceed the sum of one hundred thousand dollars, said company shall make an additional deposit on the first day of January and July of each year a sum sufficient in amount to cover the excess liabilities accrued during the preceding six months, for the protection of the investors in such bonds, certificates or debentures. (Laws 1897, p. 90-f.)

SEC. 1537. Failure of domestic corporations to comply, a forfeiture of charter.-If any company, being a domestic corporation, whether heretofore or hereafter organized, or whether it has heretofore made a deposit with the state treasurer, shall fail for sixty days after the passage of this article, or for thirty days after the organization of such company, to make with the state treasurer the deposit required by this article, it shall be considered to have forfeited its (f) 136 Mo. 537; 138 Mo. 408.

charter, and shall be proceeded against as hereinafter provided: Provided, however, that any such company which has already deposited one hundred thousand dollars in valid securities with the state treasurer shall not be required to make any further deposit under this article, unless the liabilities of its bonds, certificates or debentures in force on the books of the company shall exceed the said sum of one hundred thousand dollars, as provided in section 1536 herein. (Laws 1897, p. 90.)

SEC. 1538. Penalty for failure to comply with provisions of article.-If any officer, agent or representative of such company or companies, whether they be foreign or domestic corporations, shall attempt to place or sell shares, or to transact any business whatsoever in the name or on behalf of such company or companies while they fail or refuse to comply with the provisions of this article, said officer, agent or representative shall be deemed guilty of a misdemeanor, and, on conviction thereof, shall be fined not less than $100 nor more than $1,000 for each offense, or be imprisoned in the county or city jail for not less than thirty days nor more than six months, or by both such fine and imprisonment. (Laws 1893, p. 121.)

SEC. 1539. Receiver, how appointed powers and duties. In case of the failure of any company covered by this article, the circuit court of the county or city in which the principal office is located, upon the application of one or more shareholders, shall appoint a receiver for such company, whose duty it shall be to wind up its affairs, liquidate its debts and distribute its assets, using therefor, upon the order of the court, the deposit previously made, to secure the shareholders, with the state treasurer; and the state treasurer is hereby authorized to pay out such deposit in accordance with requisitions made upon the state auditor by said receiver and approved by the court, upon the warrant of the state auditor. (Laws 1893, p. 121.)

SEC. 1540. Supervisor, who shall be-powers and duties of.—The supervisor of building and loan associations is hereby made ex officio supervisor of bond investment companies. He shall have like power to examine into the affairs of these companies as is now or may be provided by law for the examination of building and loan associations by appointing one or more persons to make such examination, who shall be paid by the companies examined five dollars per day and the necessary expenses. (Laws 1897, p. 90.)

SEC. 1541. Attorney-general shall conduct proceedings -fees.-Proceedings instituted under the provisions of this article shall be conducted by the attorney-general of the state, and in the name of the state of Missouri as plaintiff, at the relation of said supervisor. The jurisdiction of the circuit court and processes, pleadings and proceedings had in the cases instituted under this article, shall be the same as are now provided by law for the winding up and the dissolution of insurance companies, so far as such provisions of law are applicable. The actual expenses of the attorney-general and the fees of the counsel, if the attorney-general deems it expedient to employ counsel, and the actual expenses of the supervisor in the discharge of his duties in the prosecution of the proceedings and the expenses of a receiver shall be allowed by the court and paid out of the assets of the bond and investment company proceeded against. (Laws 1897, p. 90.)

CHAPTER 119.

INSURANCE.

ARTICLE II.

LIFE AND ACCIDENT INSURANCE.

SEC. 7852. Purposes for which formed. Any number of persons, not less than thirteen, may associate and form a company for the purpose of making assurance upon the lives of individuals, and every assurance pertaining thereto or connected therewith, and to grant, purchase and dispose of annuities and endowments of every kind and description whatsoever, and to provide an indemnity against death, and for weekly or other periodic indemnity for disability occasioned by accident to the person of the insured; but such accident insurance shall be made a separate department of the busines of the life insurance company undertaking it. (R. S. 1889, § 5811.)

SEC. 7855. Declaration for organizing. The persons mentioned in section 7852 shall be designated as corporators, and such corporators, desiring to form a company for the purpose of transacting the business mentioned in said section 7852, or any part of the same, shall file in the office of the superintndent of the insurance department a declaration signed by each of said corporators, setting forth the place of residence of each of them, and their intention to form a corporation for the purpose of transacting the business aforesaid, which declaration shall comprise a copy of the charter proposed to be adopted by them; and they shall publish once in each week, or oftener, for at least four weeks, in a newspaper of general circulation, published in the county where such corporation is proposed to be located, a notice of the filing of such declaration, together with a copy of the same. (R. S. 1889, § 5814.)

SEC. 7856. Stock companies-declaration by.-When such corporators propose to form a joint stock company for the purposes designated in section 7852, the charter comprised in the declaration mentioned in the next preceding section shall set forth: First, the name assumed by such corporation and by which it shall be known; second, the place where the principal office for the transaction of its business shall be located; third, the specific kind or kinds of business which it proposes to transact; fourth, the amount of its capital stock, and the number of shares into which it shall be divided, and the manner in which it shall be paid up or secured; fifth, the manner in which the corporate powers granted by this article shall be exercised, showing the number of directors, which shall not be less than nine nor more than thirteen, their powers and duties, the manner of electing them, the mode of filling vacancies, and such other particulars as may be necessary to make manifest the objects and purposes of the corporation, and the manner in which it is to be conducted. (R. S. 1889, § 5815.)

SEC. 7857. To be submitted to the attorney-general.Whenever the corporators shall have filed the declaration required by section 7855, and also proof of the publication therein required, by the affidavit of the publisher of the newspaper in which the publication was made, his foreman or clerk, with the superintendent of the insurance department, it shall be the duty of said superintendent to submit such declaration to the attorney-general of this state for examination, and if it shall be found by him to be in accordance with the provisions of this article, and not inconsistent with the constitution and laws of this state and the United States, he shall so certify and deliver it back to the superintendent, who shall cause the said declaration and affidavit, with the certificate of the attorney-general, to be recorded in a book kept for that purpose, and shall furnish a certified copy of the same to the corporators, and shall also file a certified copy of the same with the secretary of state, who, upon payment into the state treasury of the tax required by section 956, shall issue a certificate of incorporation, upon the receipt of which they shall be a body politic and corporate, and may proceed to organize in the manner set forth in their charter, and to open books for subscription to the capital stock of the company, and keep the same open until the whole amount specified in the charter is subscribed, but it shall not be lawful for such company to issue policies or transact any business of any kind or nature whatsoever, except as aforesaid, until they have fully complied with the requirements of this article. (R. S. 1889, $ 5816.)

SEC. 7860. Mutual companies, declaration by. - When corporators propose to form a mutual company, for the purpose designated in section 7852, the charter comprised in the declaration mentioned in section 7855 shall set forth: First, the name assumed by such corporation, and by which it shall be known; second, the place where the principal office for the transaction of its business shall be located; third, the specific kind or kinds of business which it proposes to transact; fourth, the number of persons from whom proposals for assurance shall be received, the amount of premiums to be received on deposit, and the amount of cash to be paid on the same, before the company shall begin to do business and issue policies; fifth, the manner in which the corporate powers granted by this article are to be exercised, showing the number of directors, which shall not be more than thirteen nor less than nine, their powers and duties, the manner of their election, the mode of filling vacancies, and such other particulars as may be necessary to make manifest the objects and purposes of the association, and the manner in which it is to be conducted. (R. S. 1889, § 5819.)

SEC. 7861. To be submitted to attorney-general.-Whenever the corporators shall have filed the declaration required by section 7855, and also proof of the publication therein required by the affidavit of the publisher of the newspaper in which the publication was made, his foreman or clerk, with the superintendent of the insurance department, it shall be the duty of said superintendent to submit such declaration to the attorney-general of this state for examination, and if it shall be found by him to be in accordance with the provisions of this article, and not inconsistent with the constitution and laws of this state, and of the United States, he shall so certify and deliver it

back to the superintendent, who shall cause the said declaration and affidavit, with the certificate of the atorney-general, to be recorded in a book kept for that purpose, and shall furnish a certified copy of the same to the corporators, and shall also file a certified copy of the same with the secretary of state, who, upon payment into the state treasury of the sum of seventy-five dollars, shall issue a certificate of incorporation, upon the receipt of which they shall be a body politic and corporate, and may proceed to organize in the manner set forth in their charter, and to open books and receive proposals and agreements for assurance and premiums for the same on deposit, and issue receipts therefor, and to keep such books open until the whole amount specified in its charter is received; but it shall not be lawful for such company to issue policies or transact any business of any kind, except as aforesaid, until it has fully complied with the requirements of sections 7862, 7863 and 7879. (R. S. 1889, § 5820.)

SEC. 7865. Stock and mutual companies, declarations of. The provisions of sections 7857, 7858 and 7859, relating to the formation of joint stock companies, shall apply, in all respects, to the formation of stock and mutual companies; and a certified copy of the articles shall be filed with the secretary of state, who shall issue a certificate of incorporation, as provided by said sections 7857 and 7861, on payment of the tax on the capital as by said sections required. (R. S. 1889, § 5824.)

ARTICLE III.

INSURANCE COMPANIES ON THE ASSESSMENT PLAN.

SEC. 7901. Character of insurance.-Every contract whereby a benefit is to accrue to a person or persons named therein, upon the death or physical disability of a person also named therein, the payment of which said benefit is in any manner or degree dependent upon the collection of an assessment upon persons holding similar contracts, shall be deemed a contract of insurance upon the assessment plan, and the business involving the issuance of such contracts shall be carried on in this state only by duly organized corporations. which shall be subject to the provisions and requirements of this article. (R. S. 1889, § 5860, amended, Laws 1897, p. 127-v.)

SEC. 7902. Number of corporators, etc. - Any number of persons, not less than seven, being citizens of the state of Missouri, may, upon application to the circuit court of the county or city in which it is proposed to locate the chief office or place of business, become a body politic or corporate under the name and style designated in the application, for the purpose of doing a life or casualty, or life and casualty insurance business on the assessment plan; said application shall in all cases be accompanied by the articles of association, or agreement, setting forth specifically the objects and purposes of the proposed corporation, as well as the methods and plans by which its business shall be conducted, and upon a hearing of the same,

(v) 56 A. 27; 122 Mo. 50; 77 A. 270.