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hundred and five and four hundred and eight of this code, and deposit with the Insurance Commissioner of this State a certified copy of its charter or other instrument required by its home authorities; a statement under oath, of its president or secretary, of its business for the preceding year, in such form as may be required by the Insurance Commissioner of this State; an appointment of a general agent, service upon whom binds the corporation; a certificate that for the next preceding twelve months it has paid in full the maximum amount named in its contract of insurance; a certificate from the proper officer of its State or government that like corporations of this State are legally entitled to do business in such State or country ; copies of its contracts of insurance and applications, which must show that the liabilities of its members are not limited to fixed premiums; and evidence, satisfactory to the Insurance Commissioner, that the corporation has accumulated a fund equal to that required of like corporations in this State, constituting a reserve or surplus fund, held in trust for the benefit of its contract-holders, and so invested and held as required by the laws of the State or government under which such corporation was organized. The Insurance Commissioner must thereupon issue a license to such corporation to do business in this State. This license must be renewed annually, and may be revoked whenever it is ascertained that the statements required to be made by this section are not true. Upon such revocation, notice thereof must be given by the Insurance Commissioner by publication in some newspaper published in the City and County of San Francisco, for two weeks, daily, and no new contracts must be made by such company in this State. When any other State or country imposes any additional license, fees, taxes, or penalties upon any corporation organized or doing business under this chapter, like license, fees, taxes, or penalties are imposed upon corporations of the same kind and their agents of such State or country doing business in this State. [New section; approved March 20, 1905 ; in effect in sixty days.]

Note. - See note to § 453d.

$ 453j. No corporation doing business under this chapter, except accident or casualty corporations, must issue a contract of insurance upon the life of any person under fifteen nor over sixty-one years of age. Every such contract of insurance must be founded upon written application therefor, and, except where the application is for health, accident, or casualty insurance only, or for one hundred dollars life insurance or less, such application must be accompanied by the report of a reputable physician, containing a detailed statement of his examination of the applicant, showing the applicant to be in good health, and recommending the issuance of a contract of insurance. Any solicitor, agent, employé, examining physician, or other person, making a false or fraudulent statement to any corporation doing business under this chapter, with reference to any application for insurance, or for the purpose of obtaining any money or benefit from such corporation, is guilty of a misdemeanor; and any person who makes a false statement of any material fact or thing in a sworn statement as to the death or disability of a contract-holder, in any such corporation for the purpose of procuring or aiding the beneficiary or beneficiaries or contract-holder in procuring the payment of a benefit named in the contract, is guilty of perjury. [New section; approved March 20, 1905 ; in effect in sixty days. ]

Note.-See note to § 453d.

$ 453k. The money, benefit, annuity, endowment, charity, relief, or aid to be paid as provided by the contracts issued by any corporation doing business under this chapter, is not liable to attachment or other process, nor to be seized, taken, appropriated, or applied by any legal or equitable process, nor by operation of law, to pay any debts or liability of the contractholder or any beneficiary named thereunder. [New section; approved March 20, 1905; in effect in sixty days. ]

Note.-See note to $ 453d.

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$ 4531. Every corporation, whether domestic or foreign, doing the business of effecting insurance on the assessment plan must, annually, on or before the first day of February, file with the Insurance Commissioner, in such form as he may prescribe, a statement of its affairs for the year ending on the preceding thirty-first day of December. The Insurance Commissioner, in person or by duly authorized deputy, has the power of examination into the affairs of any domestic corporation doing business or claiming to do business under this chapter, at any time, in his discretion, and must make such

exam

examination at least once a year.

If he, after an ination of the affairs of a corporation, finds that it is not doing its business in conformity to this chapter, or that it is doing a fraudulent or unlawful business, or that it is not carrying out its terms of contract, or that it cannot, within three months from the date of notice of default, pay its obligations, he must cite the president, secretary, manager, or general agent of the corporation, or all of them, to appear before him, stating the time and place, to show cause why the authority of the corporation to do business should not be revoked, and if cause is not shown, then he must report the facts to the Attorney-General of the State, who must commence proceedings in the proper court to restrain the corporation from doing any further business. [New section; approved March 20, 1905; in effect in sixty days.]

Note.-See note to § 453d.

§ 453m. No policy or certificate issued by any corporation or association doing business under the provisions of this chapter lapses for the non-payment of any assessments, dues, or premiums, unless the corporation or association has first mailed to the insured under such policy or certificate, at his or her last given postoffice address, a notice setting forth the amount to be paid, and the time the same is due and payable ; and such notice must be mailed at least fifteen days before the assessment is due; provided, that such corporations doing business under this chapter as collect specific amounts at specific dates, as contained in the contract, are not compelled to send such notices; and an affidavit made by the officer, bookkeeper, or clerk of any such corporation having charge of the mailing of notices, setting forth the facts as they appear on the records in the office of the said corporation, showing that such notice was mailed and the date of mailing, is conclusive evidence of the mailing of such notice. [New section; approved March 20, 1905; in effect in sixty days.]

Note.-See note to $ 453d.

$ 453n. The fees for filing statements, certificates, or other documents required by this chapter, or for any service or act of the Insurance Commissioner, and the penalties for any violation of this chapter, must, except as otherwise provided herein, be the same as provided in the laws of this State relating to life insurance companies, and must be disposed of as provided by such laws. [New section; approved March 20, 1905; in effect in sixty days.]

Note.-See note to § 453d.

§ 4530. For all lawful expenses under this chapter, or by reason of any of its provisions, in the prosecution of any suit or proceeding, or otherwise, for the enforcement of the provisions of this chapter, the Insurance Commissioner must present bills, duly certified by him, and accompanied with vouchers, to the State Board of Examiners, who may allow the same, and direct payment thereof to be made; and the State Controller must draw warrants therefor on the State Treasurer for the payment of the same to the Insurance Commissioner, out of the General Fund, in addition to the ordinary contingent expense. [New section; approved March 20, 1905; in effect in sixty days.]

Note.-See note to § 453d.

$ 453p. The provisions of this chapter do not apply to secret or fraternal societies, lodges, or councils, which conduct their business and secure membership on the lodge system exclusively, having ritualistic work and ceremonies in their societies, lodges, or councils, nor to any mutual or benefit association organized or formed and composed of members of any such society, lodge, or council exclusively. [New section; approved March 20, 1905 ; in effect in sixty days.]

Note.-See note to § 453d.

TITLE III.

Railroad Corporations.

CHAP. I. Officers and Corporate Stock. $$ 454-459.

II. Enumeration of Powers. $$ 465-478.
III.

Business, How Conducted. $$ 479-494. [For powers and duties of Railroad Commissioners, see Appendix.]

CHAPTER I.

OFFICERS AND CORPORATE STOCK.
SEC. 454. Directors to be elected, when.

455. Additional provisions in assessment and transfer of stock.
456. Corporation may borrow money and issue bonds. Limitation

of amount.
457. To provide a sinking fund to pay bonds.
458. Capital stock to be fixed.
459. Certificate of payment of fixed capital stock.

§ 454. Directors of railroad corporations may be elected at a meeting of the stockholders other than the annual meeting, as a majority of the fixed capital stock may determine, or as the by-laws may provide; notice thereof to be given as provided for notices of meetings to adopt by-laws in article two, chapter one, title one, of this part.

132 Cal. 678.

§ 455. No stock in any railroad corporation is transferable until all the previous calls or installments thereon have been fully paid in; nor is any such transfer valid, except as between the parties thereto, unless at least twenty per cent has been paid thereon and certificates issued therefor, and the transfer approved by the board of directors.

$ 456. Railroad corporations may borrow, on the credit of the corporation and under such regulations and restrictions as the board of directors thereof, by unanimous concurrence, may impose, such sums of money as may be necessary for constructing and completing their railroad, with its equipments, and for the purchase of all necessary rolling stock and all else relative thereto, and may issue promissory notes therefor, or may issue

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