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or its assigns the securities held by him belonging to it. 90 0.

L. 103

$ 287. Applicable to companies under the laws of the

United StatesAll the provisions of this chapter relating to insurance companies 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 laws 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 company, 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. 59 v. 32, S 23.

$ 288. Penalty for violation of statutory provisions relat

ing to insurance companies. Any person who violates any of the 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 violation 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. 91 O. L. 331.

$ 289. Insurance business unlawful except under provi

sions of this chapter. The provisions of this chapter shall apply to individuals and parties, and to all companies and associations, whether incorporated or not, now or hereafter engaged in the business of insurance; and it is unlawful for any company, corporation, or associa

tion, 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, without first having complied with all the provisions of this chapter. 69 v. 32, $ 25.



3617. When foreign companies must appoint

agents to receive service. 3618. Who are agents to receive service. 3619. Companies may change securities and

collect interest. 3620. Authority to be withdrawn in certain


3621. Policy holders entitled to copies of ap

plications, 3622. Effect of failure to deliver copies. 3623. Copies of applications to accompany

policies issued. 3624. Applications, etc., in cipher void. 3625. When a salse answer is material. 3626. When companies estopped from certain

defenses. 3627. This chapter applies to companies

heretofore organized. 3628. Husband may insure his life for bene

fit of wife and children. 3629. Wife may insure life of husband. 3630. Mutual protection associations. 3630a Sworn statement of its transactions ;

contents of statements. 3630b. To take report to superintendent with


90 days after passage of act. 36300. Failure to file statement to work for


3587. For what purposes companies may be

formed 3588. Articles of incorporation-what to con

tain. 3589. Articles must be approved by the

attorney-general. 3590. Notice of opening books of subscrip

tion. 3591. The whole capital must be paid in, and

in advance. 3592. A company may increase its capital

stock. 3593. Deposit of securities to be made with

superintendent. 3594. Company may change such deposits,

and collect interest. 3595. When company may commence busi

ness. 3596. What kind of business company may do. 3597. Companies may reinsure their policies. 3598. How home companies may invest ac

cumulations. 3599

What real estate they may acquire. 3600. When real estate must be sold. 3601. Certain actions authorized. 3602. When dividends may be paid. 3603. Home companies must make annual

reports to superintendent. 3604, Companies organized by congress or in

other states must procure license. 3605. Must invest one hundred thousand

dollars in certain securities. 3606. Must file copy of charter and a state

forfeiture of franchise. 3630d. Superintendent of insurance may ex

amine corporation. 3630e. Rules

under which foreign associa

tions may do business in this state. 3630f. Where action against such association

may be brought. 3630g. To whom policies not to issue; penalty. 3630h. Expenses, how paid. 3630i. Corporation may be organized to carry.

an accident insurance. 3631. Agents and treasurer must give bond. 3631a. Act exempting certain corporations

from filing statements. 3631-1. Colored persons not to be discrimi

nated against in premiums. 3631-2. Company shall certify reason of re

jection. 3631-3. Penalty.


3607. Must also file a waiver.
3608. Must file annual statement.
3609. Renewal certificate of authority.
3610. Foreign companies must make deposit,

and appoint agent for service.
3611. Annual and other statements to be

filed. 3612. Supplementary statements. 3613. Renewal certificates of authority. 3614. Certificate of authority to act as agent. 3615. Penalties for failure to make state

ments. 3616. Duration of licenses.


3631-4. Discrimination or inducements un-

3631-5. Penalty for violation by company.
3631-6. Penalty for violation by officer or

agent. 3631-7. Revocation of license. 3631-8. Benevolent association may

stock in building for lodge purposes. 3631-9. Company liable on stock. 3631-10. Election of directors. etc. 3631-11. Fraternal beneficiary association de

fined. 3631-12. Conditions for present associations. 3631-13. Conditions for admission of foreign

associations, 3631-14. Annual reports required. 3631-15. Process to be served on superintend

ent as attorney. 3631-16. Annual permit, and fee. 3631-17. Formation of association, meetings,

etc. 3631-18. Benefits exempt from liability for

debt. 3631-19. Meetings; votes in lodges outside


3631-20. Penalty for false statement.
3631-21. Penalty for failing to make reports.
3631-22. Persons liable to penalty.
3631-23. Repeals; to whom act applicable.
3631-24. Life insurance on stipulated pre-

mium plan.
3631-25. Organization; deposit of securities.
3631-26. Plan defined; application of statutes.
3631-27. Existing companies may accept pro-

visions, 3631-28. Minimum premiums. 3631-29. Reserve fund. 3631-30. Limited payment policies. 3631-31. Cash values. 3631-32. Distribution of surplus. 3631-33. Contents of policy; obligation of

company 3631-34. Foreign companies; regulation and

duties 3631-35. Discriminations prohibited. 3631-36. Policy holder not liable personally, 3631-37. Withdrawal of securities. 3631-38. Taxes.

$ 3587. For what purposes companies may be formed

Any number of persons, not less than thirteen, may associate and form a company to make insurance upon the lives of individuals, and every insurance appertaining thereto or connected therewith, on the mutual or stock plan, and grant, purchase or dispose of annuities. 69 v. 150, § 1.

Where a corporation purchases property in a mode or for a purpose not authorized, a stranger to the agreement and not injured thereby, cannot defeat the title. Ehrman v. Union Central Life Insurance Co., 35 Ohio

St. 324.

Held, where note given to insurance company was sold to another insurance company, it was no defense to maker that the sale was unauthorized, in absence of proof of prejudice. Ib.

Where a policy is properly forfeited for non-payment of assessments, the neglect of assured's book-keeper to pay them is not an excuse, or does delay in declaring the forfeiture waive the right to forfeit the policy. Graveson v. Cin. Life Assn., 8 C. C. 171, affirmed in 37 B. 129.

Although such companies have no power to transact business on the assessment plan, this results solely from an omission of the legislature. Ohio ex rel. v. Life Ins. Co., 58 Ohio St. 1.

$ 3588. Articles of incorporation; what to contain

Such persons shall file in the office of the secretary of state articles of incorporation, signed by them, setting forth their intention to form a company for the purposes named in this chapter, which articles shall comprise a copy of the charter they propose to adopt; and the charter shall set forth the name of the company, which shall not be the corporate name or title used to designate any fire, life, marine or other insurance company already existing under the laws of this state, the place where it is to be located, the kind of business to be undertaken, the manner in which the corporate powers of the company are to be exercised, the number of directors or trustees, who must be stockholders, or members, and which number may be increased, at the will of the stockholders representing a majority of the stock, or of a majority of the members, to any number not exceeding twentyone, the manner of electing trustees or directors and other officers, a majority of whom shall be citizens of this state, and the time of such election, the manner of filling vacancies, the amount of capital to be employed, and such other particulars as may be necessary to explain and make manifest the objects and purposes of the company, and the manner in which it is to be conducted. 69 v. 150, $ 4; 60 v. 75, $ 1; 75 v. 557, § 1; S. & S. 217.

$ 3589. Articles must be approved by the attorney-gen

eralWhen such articles are filed in the office of the secretary of state, and the name assumed by the company is not so nearly similar to the name of any other company organized in this state as to lead to confusion or uncertainty on the part of the public, the secretary of state shall submit the same to the attorney-general for examination, and if found by him to be in accordance with the provisions of this chapter, and not inconsistent with the constitution and laws of the United States and of this state, he shall certify to and deliver the same to the secretary of state, who shall cause the same, with the certificate of the attorneygeneral, to be recorded in a book to be kept for that purpose, and, upon application of the signers thereof, the secretary of state shall furnish to them a certified copy of such articles and certificate. 69 v. 150, $ 5; 75 v. 557, § 1.

$ 3590. Notice of opening of books for subscription

When the signers of the articles of incorporation receive from the secretary of state a certified copy thereof, and desire to organize such company, they shall publish their intention in a paper published and having general circulation in the county in which the company is to be organized; and when such publication has been made in such newpaper for six weeks, they may open books to receive subscriptions to the capital stock, keep such books open until the amount required by this chapter is subscribed, distribute the stock among the subscribers, if more than the necessary amount is subscribed, collect the capital, and complete the organization of the company. 69 v. 150, $ 6.

$ 3591.

No joint stock company shall be organized under this chapter with a less capital than one hundred thousand dollars, 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, exclusive of buildings. 91 0. L. 39.

For decisions on demand of notes due insurance companies and construction put upon notes and mortgage given for subscription, see Union Central Life Insurance Co. v. Curtis, 35 Ohio St. 343, and Same v. Jones, 35 Ohio St. 351.

$ 3592. May increase its capital stock

When a company organized under any law of this state requires, in the opinion of the board of directors thereof, a larger amount of capital than that fixed by its articles of incorporation, 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 the certificate, and the same shall be invested as required by the preceding section. 69 v. 150, $ 6.

$ 3593. Deposit of securities with superintendent

Any company may invest its capital in the stocks, bonds or mortgages mentioned in section thirty-five hundred and ninetyone, and change and invest the same, or any part thereof, in like manner, at pleasure; but no company shall commence business until it has deposited with the superintendent of insurance at least one hundred thousand dollars in the stocks, bonds and

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