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SEC. 6. [Additional statement.]-It shall be unlawful for any incorporated company or association, partnership, firm, or individual, or any member, or agent or agents thereof, or for any agent or agents of any company incorporated by any foreign government, other than a state of this Union, to transact any business of insurance in this state without procuring a certificate of authority from the auditor of this state; such company, association, partnership, firm, or individual, or any agent or agents thereof, having first filed, under oath, in the office of said auditor, a statement setting forth the charter or act of incorporation of any and every such incorporated company, and the by-laws, co-partnership agreement, and articles of association of any and every such unincorporated company, association, partnership, or firm, and the name and residence of such individual and the name and residence of the members of every such partnership or firm; and the matters required to be specified by the provisions of this chapter, and the written authority therein mentioned; and furnish evidence to the satisfaction of the auditor of the state, that said company has invested in stocks of some one or more of the states of this Union, or of the United States, the amount of one hundred thousand dollars, and that such stocks are held by citizens of the United States, or in bonds or mortgages of real estate situated in the United States, fully securing the amount for which the same is mortgaged, or bonds of cities of the United States, the aggregate market value of the investment of the company in which shall not be less than one hundred thousand dollars; and such incorporated company or unincorporated company, association, partnership, firm, or individual, or any agent or agents thereof, filing said statement and furnishing evidence of investment as aforesaid, shall be entitled to a certificate of authority for such body or individual, in like manner as is provided in this chapter.
SEC. 7. [Renewed annually.]-The statement and evidences of investment required by this chapter shall be renewed annually in the month of January of each year. The auditor of the state, upon being satisfied that the capital, securities, and investments remain secure, shall furnish a renewal of certificates as aforesaid; and the company, agent, or agents obtaining such certificate shall file the same, together with the statement upon which it was obtained or renewed, in the office of the auditor of state.
SEC. 8. [Agents.]-Any person or firm in this state who shall receive or receipt for any money, on account of or for any contract of insurance made by him or them, or for any such insurance company or individual aforesaid, or who shall receive or receipt for money from other persons, to be transmitted to any such company or individual aforesaid, for a policy or policies of insurance or any renewal thereof, although such policy or policies of insurance may not be signed by him or them, as agent or agents of such company, or who shall in any wise, directly or indirectly, make or cause to be made any contract or contracts of insurance, for or on account of such company aforesaid, shall be deemed to all intents and purposes an agent or agents of such company, and shall be subject and liable to all the provisions of this chapter.
SEC. 9. [Evidence.]-Copies of all papers required by this chapter to be deposited in the office of the auditor of this state, certified under the hand of such auditor to be true and correct copies of such papers, shall be received as evidence in all courts and places in the same manner and have the same force and effect as the original would have if produced.
SEC. 10. [Penalty.]-Any person or persons violating the provisions of this subdivision shall, upon conviction thereof, in any court of competent jurisdiction, be fined in any sum not exceeding one thousand dollars, or imprisoned in the county jail not more than thirty days, or both, at the discretion of the court. Violations of the provis ions of this subdivision may be prosecuted by information filed by the prosecuting at torney of the proper county, or by indictment of the grand jury.
SEC. 6. Cited 18 Neb. 282. Section refers to life insurance companies. Bankable notes cannot be included as a part of capital stock. 21 Neb. 501.
SEC. 11. [Statements.]-Any insurance company complying with the provis ions of this subdivision, and securing the certificate of the auditor for any of its agents, shall not be required to furnish the single statement, and evidences required hereby for more than one of such agents, which being filed with the auditor of this state, shall be deemed a sufficient compliance for its free transaction of business in this state. SEC. 12. [Guarantee fund.]—If any insurance company, firm, or individual, or their agent or agents, having filed its or their statement as required by this subdivis ion, and conformed to the requirements thereof, shall have on deposit in any other state or territory, or elsewhere than in this state, any portion of its capital or earnings as a guarantee fund for the exclusive benefit or security of persons insured in such state or territory, or other place, it shall be the duty of the auditor of the state to withhold from such body or individual, so alienating any such portion of their capital or resources, the certificates and authority in this subdivision provided for, until such body or individual shall file with the auditor of the state a statement, duly verified by the oath or affirmation of the president or secretary of such incorporated company, association, partnership, or firm, or of such individual, showing the amount of premiums received in this state by such company during the year ending on the first of January next preceding the filing of said statement, and shall deposit in this state, in such manner as the auditor of the state shall direct, five per cent. of the amount received in money, or any solvent state or United States, stocks of at least par value, or mortgages on real estate situated in this state, of at least double the value for which the same is mortgaged; which statement and deposit shall be so made from year to year, at the time of each renewal or original grant of authority by said auditor, until the sum of forty thousand dollars is deposited as aforesaid, which said sum and every yearly part thereof deposited as aforesaid, shall be held under control of such auditor of the state, as a guarantee fund for the benefit of such persons as may be in any manner insured in their property by such company in this state, and the same or any part of the sums so deposited shall not be drawn out of the depositors until all claims for losses or premiums, or risks unexpired, shall be paid and discharged, or until all deposits made in other states, territories, or other places not within this state shall be withdrawn; and in case of the insolvency of any such company, the sums so deposited as aforesaid shall be applied by the auditor of the state, pro tanto, toward the payment of all claims against such body or individual filed in his office duly liquidated and authenticated, and losses and premiums or risks unpaid on policies issued within six months after such insolvency may occur. Any such body or individual shall be deemed insolvent, upon failure to pay any undisputed loss insured against, within this state for the space of ninety days after final judgment for the amount of any loss so insured against, when no appeal shall have been taken from such judgment by either party or other proceeding begun to vacate, modify, reverse, or review such judgment, or to arrest the same, or to obtain a new trial. Such body or individual shall be entitled to receive the interest or dividends on such stock so deposited from time to time as the same may become due. This section shall not apply to any of the aforesaid bodies or individuals who have made no such deposits as in this section mentioned, elsewhere than in this state.
SEC. 13. [Mutual companies.]-Mutual insurance companies incorporated by any state or territory other than the state of Nebraska, upon filing in the office of the auditor the act of incorporation of said company, together with a written instrument under seal of said company, signed by the president and secretary of said company under oath, certifying that said company is possessed of a capital of at least one hundred thousand dollars, secured by lien on real estate worth at cash valuation at least five times the amount of said capital, and not encumbered to more than one-fourth of said cash valuation, shall be entitled to a certificate from said auditor with authority to transact business of insurance in this state, and said company shall be exempt from the provisions of this subdivision, with the exception of the publication of statement and certificate of the auditor.
SEC. 14. [Statement to be filed and published.]-It shall be the duty of the agent or agents in either of the foregoing sections mentioned, before taking any risks or transacting any business of insurance in this state, to file in the office of the county clerk of the county of which he or they may desire to establish an agency for any such company, a copy of the statement required to be filed with the auditor of the state as aforesaid, together with a certificate of such auditor, which shall be carefully preserved for public inspection by said clerk; and said statement and certificate shall be published one week in one daily and four weeks in one weekly newspaper, printed and published in the county in which such agent or agents has or have his or their office of business as such agents; and if no daily paper is published in such county, then such publication shall be sufficient if made in one weekly newspaper as aforesaid, but if no weekly newspaper be printed or published in such county, then such publication shall be made in one weekly newspaper of this state of most general circulation in such county.
COLLEGES, UNIVERSITIES, NORMAL SCHOOLS, ACADEMIES, ETC.
SEC. 15. [How incorporated.]-Any number of persons, not less than five, desiring to establish a college, university, normal school, or other institution for the purpose of promoting education, religion, morality, agriculture or the fine arts, may, by complying with the provisions of this subdivision, become a body corporate and politic with perpetual succession, and may assume a corporate name by which they may sue and be sued, plead and be impleaded in all courts of law and equity; may have a corporate seal, and the same alter and break at pleasure; may hold all kinds of estate, real, personal, or mixed, which they may acquire by purchase, donation, devise, or otherwise, necessary to accomplish the objects of the incorporation, and the same to dispose of and convey at pleasure.
SEC. 16. [Value of property.]-To ascertain the property and value thereof of any institution desirous of becoming a body corporate, under the provisions of this subdivision, it shall be the duty of the probate judge of any county of this state, on application in writing, of any number of persons not less than five, of whom not less than five shall be resident freeholders of the county where such application is made, or where such institution is or is intended to be located, setting forth the objects for which they desire to become incorporated, to select three disinterested freeholders of the county and voters therein, as appraisers, who shall first take an oath for the faithful discharge of their duties, before some competent officer, and such appraisers shall then proceed to make a schedule, and upon actual view to appraise the true value, in money, of all such goods, chattels, lands, and tenements, choses in action, rights, credits, and subscriptions, as such applicants shall exhibit to such appraisers, and shall return such schedule with their appraisement, and certificate of some officer authorized to administer oaths, that such appraisers were first duly sworn by him to discharge their duties as such apprais ers, to the probate judge of the proper county; and if the amount so found shall be equal to the sum required for the commencement of any such institution as said applicants desire, such probate judge shall give such applicants a certificate of the fact, and they shall enter it in a book of records, by them provided for that purpose, which certificate, together with the corporate name and the articles of association, they shall also cause to be recorded in the county clerk's office of the county where such institution is or is intended to be located, and they shall thenceforward be a body corporate and politic, according to the provisions of this subdivision, and such probate judge, appraisers, and county clerk shall be entitled to the same fees as for like services in other cases, and
SEC. 17. [Trustees.]-The corporators of any college or university which may be organized in accordance with the provisions of this subdivision may elect five or nore trustees, of whom not less than five shall be resident freeholders of the county here such college or university is located, who shall constitute a board of directors for
such institution, and they shall have power to fill vacancies that may occur in their board, and shall hold their offices until their successors are elected and qualified according to the rules and by-laws, that may be adopted by the board of trustees, but at all times at least five of such board of trustees shall be residents, freeholders of the county where such institution is located; and when any such board, in their corporate name, shall have acquired for the benefit of such institution five thousand dollars, in real and personal property, to be ascertained as herein provided, said trustees shall have power to appoint a president, professors, tutors, and teachers, and any other necessary agents and officers, and fix the compensation of each, and may enact such by-laws not inconsistent with the laws of this state or the United States, for the government of the institution, and for conducting the affairs of the corporation, as they may deem necessary, and shall have power to confer, on the recommendation of the faculty, all such degrees and honors as are conferred by colleges and universities of the United States, and such others, having reference to the course of study and the accomplishment of the student, as they may deem proper.
SEC. 18. [Failure to elect.]-In case it should happen that an election for directors should not be held on the day appointed by the by-laws of any institution or company formed under the provisions of this subdivision, such corporation shall not, for that reason, be deemed to be dissolved, but it shall be lawful on any other day to hold a meeting and elect its directors in such manner as shall be prescribed by the by-laws thereof.
SEC. 19. [Devises and donations.]-The trustees of any university, college, or academy may hold in trust any property devised, bequeathed, or donated to such institution, upon any specific trust, consistent with the object of said corporation.
SEC. 20. [Faculty.]-The president and professors shall constitute the faculty of any literary college or university instituted under the provisions of this subdivision, and have power to enforce the rules and regulations enacted by the trustees for the government and discipline of the students, and to suspend and expel offenders, as may be deemed
SEC. 21. [Academy.]-When any number of persons shall have procured by subscription, donation, devise, purchase, or otherwise, the sum of five hundred dollars, for the purpose of establishing and sustaining an academy, such persons may adopt a corporate name and enter the same in the county clerk's office of the proper county, and proceed to the election of such officers and teachers as they may deem necessary; may, in their corporate name, sue and be sued, plead and be impleaded, in any court of law or equity of competent jurisdiction, and may have a corporate seal, may purchase and hold personal or real estate, and dispose of the same at pleasure, and do all other acts and things necessary for the promotion of education and the general interests of such academy.
SEC. 22. [Existing corporations.]-Any college, university, or academy now instituted may come under the provisions of this subdivision by complying with the requisitions herein contained, and all such institutions now in existence, or that may hereafter be established, may connect therewith, to be used as a part of their course of education, any mechanical shops, or machinery, or lands for agricultural purposes, not exceeding three hundred and twenty acres, to which may be attached all necessary buildings for carrying on the mechanical or agricultural purposes of such institution.
SEC. 23. [Increase of capital stock.]-Any company which may be formed in pursuance of this subdivision, or which may now exist by virtue of any special act of incorporation, the property of which is held as stock, and not derived by donation, gift, devise, or gratuitous subscription, may increase its capital stock or change it into scholarships, when it becomes necessary for the purpose of carrying out the object for which such company or corporation is formed, in the following manner: The directors for the time being shall make out and sign a certificate in which they shall set forth the amount to which such capital stock is to be increased, and the object, which certificate shall be deposited in the office of the county clerk of the proper county, and be by him
recorded in the same manner as the articles of association and corporate name are required by this subdivision to be recorded.
SEC. 24. [Notice.]-Before the capital stock of such company shall be increased, it shall be the duty of the directors to publish a notice, signed by at least a majority of them, in a newspaper of general circulation in the county in which such institution is located, at least four consecutive weeks, appointing a time and place for holding a meeting of the stockholders of the said company, specifying the amount to which it is proposed to increase the capital stock thereof; and a vote of at least two-thirds of the shares of the stock represented at such meeting shall be necessary to an increase of its capital stock, and to authorize the directors to make and sign the certificate mentioned in the preceding section.
SEC. 25. [Liability of stockholders.]-Any university, college, or academy that may become a body corporate under the provisions of this subdivision, the property of which is not derived by donation, gift, devise, or subscription, but is owned by individuals in the shape of stock subscribed or taken, the owners of said stock shall be individually liable for the debts of said corporation to the amount of their stock respectively, and also in a sum equal thereto, over and above the amount of their stock; Provided, That the trustees or directors of any corporation organized under the provisions of this subdivision, the property of which is not owned by individuals in the shape of stock subscribed or taken, but is held upon trust or derived by devise, donation, gift, or subscription, shall not contract any indebtedness beyond the actual means or assets of said corporation, and if said trustees or directors contract debts or incur liabilities beyond the actual means or assets of said corporation, the trustees or directors so contracting shall be held liable in their individual capacity for the payment of the same, but the property of said corporation shall first be exhausted.
SEC. 26. [Trustees of endowment fund.]—Whenever three or more persons shall desire to create a board of trustees, to become incorporated as the trustees of an endowment fund for any educational, religious, or charitable purpose, they shall do so in the following manner, to-wit: Whenever, at any meeting called for the purpose, the said persons, at least three of whom shall be residents of this state, not less than three in number, as aforesaid, shall resolve to become a body corporate and politic, having a seal and corporate name, whereby they may sue and be sued in courts of justice in this state, they shall prepare a statement, setting forth the name by which they shall be called, the amount of said fund, and the manner in which and the district to which the said fund shall be applied, whether within or without this state, together with the names of the persons who shall act as trustees, which said statement shall be subscribed by all the persons composing said meeting, in the presence of some magistrate or judicial officer having a seal, who shall attest the signing of the same, and the same shall be recorded in the office of the county clerk in the county where said meeting was held, and thereupon the persons named in said statement as trustees, and their successors in office, shall become a body corporate and politic for the purposes in said statement named and specified; and a certified copy of said record, under the hand and seal of the county clerk of said county, shall at all times be prima facie evidence of the existence of said corporation. [Amended 1871, 105.]
SEC. 27. [Application of fund-How changed.]—In any case where, in the original statement in the preceding section provided for, it is contemplated that the fund may be applied to any object not inconsistent with the purposes of education, religion, or charity, different from that particularly specified in said statement, the trus tees above named, or their successors in office, may apply to the district court in the county where the record herein before provided for was made, for the privilege to make such change, designating particularly the purposes to which it is proposed to apply the same; and the said court, on being satisfied that such change is not inconsistent with the object of the original creation and institution of said fund, shall authorize and sanction such change.