3774f. Meetings Officers Quorum. 6. After the annual election of directors the newly elected directors shall meet within five days and shall choose from their number a president and vice-president, and shall either from their number or from the stockholders choose a secretary and treasurer, the duties of which officers and the manner of filling vacancies in said offices shall be prescribed by the by-laws of the company. A majority of the directors shall constitute a quorum to do business, and the meeting of the board both regular and special shall be called and held as shall be provided by the by-laws of the company. The board of directors or a majority of them may appoint any other officers or agents necessary for the transaction of the business of the company, and pay such salaries and take such securities as they may judge reasonable; they may ordain and establish such by-laws as shall appear to them necessary for regulating and conducting the business of the company.

3774g. Transfer of stock. 7. Transfers of stocks may be made on the books of the company by any shareholder or his legal representative, subject to such reasonable restrictions as the directors may from time to time make in their by-laws, and subject also to any provisions of the laws of this state relating to such transfers.

3774h. Amount insured. 8. No live stock company doing business in this State shall place upon any one risk or animal a greater amount than one-twentieth of its actual paid-up capital.

3774i. Real estate Holding. 9. No company organized under this act shall purchase, hold or convey real estate except for the purposes and in the manner herein set forth, to-wit: First, such as is requisite for its convenient accommodation in the transaction of its business; or, secondly, such as is mortgaged to it in good faith, by way of security for loans previously contracted, or for money due; or, thirdly, such as is conveyed to it in satisfaction of debt previously contracted in its legitimate business; or, fourth, such as is purchased at sale upon judgment, decree or mortgages obtained or made for such debts.

3774j. Statement to auditor of State. 10. Whenever a majority of the directors, of whom the president shall be one, shall file with the auditor of State a statement, under oath, that there has been a subscription of not less than one hundred thousand dollars to the capital stock of such company, and that fifty per cent thereof has been actually paid in and the certificate required by section 3 of this act and the deposit required by section 4 of this act have been made and the articles of association have been filed in the office of the secretary of State, the auditor of State shall, if satisfied that the provisions of this act have been complied with, certify to the secretary of State the name of the company, the amount of its subscribed and paid-up capital and the principal place of business of the company, which certificate shall be filed with the secretary of State, and thereupon the secretary of State shall issue to said company a certificate of incorporation authorizing it to do business, and such certificate shall be conclusive evidence of the validity of the organization of such company.

3774k. Fees of auditor and secretary. II. The fees of the auditor and secretary of State shall be $10 each for such certificate, which shall be paid by such company.

37741. Policies. 12. Every company organized under the provisions of this act, may make and issue policies of insurance against loss of live stock by reason of death from any cause, accident or theft, anywhere within the limits of the United States, but the principal office of said company shall be kept in the State of Indiana.

3774m. Form of policies. 13. The policies of such company shall be in such form as may be prescribed by the board of directors and shall be subscribed by the president and secretary, and the losses under policies for which the company may be liable shall be adjusted and settled in such a manner as may be directed by the board of directors, within such time as may be limited in the policy, not exceeding ninety days from the date of receiving notice of the loss: Provided, That the company may limit the period within which suit may be brought upon any policy, but no limit less than twelve months from date of loss shall be fixed.

3774n. Statement of condition. 14. After the third year of the existence of any company organized in this state the board of directors shall, on the first Monday of July in each year, make and file with the auditor of State, a statement under oath, signed by a majority of the directors and attested by the secretary, setting forth the number of policies issued, the number of losses adjusted and not paid, the number of losses unadjusted and the amount thereof, the amount of paid-up capital stock, the amount of subscribed capital stock, the amount of authorized capital stock and a description of the particular kind, character, and amount of assets of the company, and shall when required by the auditor of State so to do, publish the same in some newspaper nearest to the principal office of the company, and said company shall pay the auditor of state a fee of $5 for filing said statement.

37740. Foreign companies. 15. That no company organized under the laws of any other State or country shall be permitted to do the business of live stock insurance in this State unless it shall have a subscribed capital of $100,000.00 or more, and an actual paid-up capital of not less than $50,000.00; nor shall it be lawful for any such company to do business in this State until it shall have furnished under oath to the auditor of State, a statement of like character as that required by this act of companies organized under its provisions, which statement shall also show the amount of actual paid-up capital possessed by the company and shall be renewed semi-annually on the first Monday of January and July of each year; nor shall such foreign company do business in this State until it shall have complied with the provisions of chapter, twenty of the Revised Statutes of 1852, being sections 3022 to 3030 inclusive of the Revised Statutes of 1881.

3774p. Liability of stockholders. 16. The stockholders of companies organized under the provisions of this act shall each be liable personally for any losses or debts of the company to the extent of and not beyond the stock subscribed by such stockholders.

3774q. Organized companies to comply with act. 17. No joint stock, live stock insurance company doing business in this State shall continue the same after June 1, 1893, without having first complied. with the provisions of this act.

3774r. Violations of act - Penalty. 18. Any person who violates

any of the provisions of this act, 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 act shall be fined not more than one thousand dollars nor less than one hundred dollars, to be recovered by action in the name of the State on the relation of the proper prosecuting attorney, and when collected shall be paid into the county treasury for the benefit of the common school fund.

3774s. Obligations imposed by other States. 19. When any other State or country shall impose any obligation upon any live stock insurance company of this State, the like obligations shall be imposed on similar corporations and their agents of such State or country doing business in this State; and it shall be the duty of the auditor of State to enforce the provisions of this section, and for that purpose he may refuse to grant such company a certificate to do business in this State or revoke any that has been granted.

3774t. Copies of articles by foreign companies. 20. Such foreign company shall furnish to the auditor of State certified copies of its articles of association or charter, and its by-laws, together with a sworn statement of its business of the preceding year, itemized as directed by the auditor of State. Such foreign corporation shall also furnish to the auditor of State on the first day of January and July of each year a certificate from the insurance department, if any, of its home, State or country, that it is authorized to do business in such home, State or country, and shall also, if the auditor of State requires, submit to a full examination of its business affairs by the auditor of State. Such company shall pay the fees for examination which shall not exceed five dollars per day for each person employed in making such examination, 3774u. Certificates of foreign companies. 21. Upon the compliance with the provisions of the preceding section and all of the provisions of this act applicable to foreign companies and the payment of a fee of $25 the auditor of State may issue to such foreign company so complying a certificate of authority to do business within this State for a period of six months from the date of its issue, unless the same be sooner revoked: Provided, That such certificate of authority to do business in this State shall not be issued unless such corporation is doing business in conformity with the provisions of this act. The auditor shall have power to revoke or modify any certificate of authority when any condition prescribed by the laws granting it no longer exists.

3774v. Receivers-Appointment. 22. A receiver may be appointed for any such corporation under the general provisions of the law for the appointment of receivers for corporations. In the event of the appointment of a receiver for any such corporation, such receiver shall be entitled to receive all securities of such company deposited with the auditor of State. And receivers may be appointed by the courts of this State for foreign corporations doing business in this State under this act, and such receivers shall have the right to the possession of any securities of such corporation in the hands of the auditor of this State. And receivers appointed under the provisions of this act shall collect or dispose of securities and pay out the funds realized therefrom as the courts appointing them may direct..

3774w. To whom act applies. 23. The provisions of this act shall apply to all individuals and parties, and to all companies and associations, whether incorporated or not, now or hereafter engaged in the insurance of live stock, except mutual companies organized by the farmers of this State, and it is unlawful for any corporation or association, whether organized in this State or elsewhere, either directly or indirectly to engage in the business of insuring live stock or enter into any contract substantially amounting to insurance on live stock or in any manner to aid therein, in this State, without first having complied. with all the provisions of this act.

3774x. Repealing clause. 24. All laws in conflict with this act, and especially an act entitled "An act concerning the incorporation of live stock insurance companies, defining their powers and prescribing their duties," approved March 9, 1891, are hereby repealed.

[1895 S., p. 137. In force March 6, 1895.]

3774y. Certain conditions in policies prohibited. 1. It shall be unlawful for any fire insurance company doing business in this State to issue any policy or contract of insurance covering property in this State which shall contain any clause or provision requiring the assured to take out or maintain a larger amount of insurance than that expressed in such policy, nor in any way providing that the assured shall be liable as co-insurer with the company issuing the policy for any part of the loss or damage which may be caused by fire or lightning to the property described in such policy, and any such clause or provision shall be null and void and of no effect, except that it may be lawful for such insurance companies to issue, and it may be optional with the assured to accept a policy or contract of insurance containing a co-insurance clause or provision when a reduction in the rate for insurance on the property described in such policy is the consideration named, and when so accepted the co-insurance clause or provision shall be binding on the assured and the company: Provided, That the provisions of this act shall not apply to railroad or marine insurance. [As amended 1901 S., p. 580. Approved March 12, 1901.

3774z. Certain conditions void. 2. That the insertion of any such clauses, riders, or provisions except as provided in the first section of this act shall be null and void. [As amended, 1901 S., p. 580. Approved March 12, 1901.

3774aa. Penalty. 3. That any insurance company violating the provisions of this act, shall upon conviction, forfeit its right to do business in this State.

The

3774bb. Filing charges Notice. 4. Any person, upon knowledge of a violation of the provisions of this act may file with the auditor of State, charges in writing, detailing the charge clearly auditor of State, upon receiving such notice, shall forthwith give ten days' notice to the president of the insurance company charged with such violation requiring said company to appear before him and show cause why the authority of said company to do business in this State, should not be revoked.

3774cc. Failure to appear after notice. 5. Any insurance company doing business in this State, failing to appear before the auditor of State as required in notice issued by him, for a period of twenty days. after the mailing of such notice as required by this act, shall be found guilty of having violated its provisions, and the auditor of State shall forthwith suspend such company from doing business in this State until its compliance is made with this act.

3774dd. Hearing - Judgment -- Penalty. 6. Upon the appear. ance of any insurance company charged with a violation of the provis

ions of this act, a full hearing of the charges shall be had before the auditor of State. The auditor of State shall have exclusive jurisdiction of such hearing. After such hearing is had, the auditor of State shall render a judgment of guilty or not guilty; and in case he shall find such insurance company guilty of a violation of this act, he shall forthwith suspend such company from doing business in this State, and said company shall stand so suspended until a full and complete compliance is made by it with the provisions of this act.

[1897 S., p. 125. In force March 4, 1897.]

3774ee. Mutual live-stock insurance. 1. That any number of persons, not less than five, may form an association for the mutual insurance of the horses, mules, asses, cattle, sheep, hogs, and other domestic live stock of its members, against loss by death from disease or accident, or against partial loss by accidental injury, or by theft: Provided, That no company organized under this act shall do any business, take any risks or make any insurance in more than seven counties, which counties shall be contiguous to one another, and shall be set forth in the articles of association.

3744ff. Articles of association Officers. 2. The articles for forming such association shall be signed by the persons who at first form such association and be recorded in the office of the recorder of the county in which the principal office is situated; such association shall be managed by such officers as their articles may provide for and in the election of such officers each member shall be entitled to one vote. The secretary shall give bond in the sum of five thousand dollars for the faithful discharge of his duties and accounting for all moneys which shall come into his hands, and the treasurer shall give bond in like manner in the sum of not less than twenty-five thousand dollars, to be approved by the auditor of the county in which the principal office is situated; said treasurer to collect all assessments made by such association. Every such association may sue or be sued by such name as may be set forth in the articles of association, and shall have all other powers of corporate bodies.

3774gg. Semi-annual reports. 3. The persons holding the offices or performing the duties of secretary and treasurer of such associations shall on the first Mondays of January and July of each year make out a . sworn statement in writing, setting forth the number of policies issued by the association, the amount issued on each kind of live stock, the number of losses paid and the aggregate amount thereof; the number of losses sustained and unpaid and the aggregate amount thereof; and the amount of money in the hands of the treasurer at the time of making such report; for the filing and recording of each of which statements, the association shall pay to the recorder of the county in which the principal office is situated, the sum of one dollar. He shall also file said report with the auditor of state, who shall receive like compensation and who shall have power to increase bonds at any time.

3774hh. Policies. 4. Any association organized under the provisions of this act shall be entitled to issue policies of insurance to any of its members against loss of live stock by death from disease or accident, or against partial loss by accident or theft.