such orders or decrees in such suit or judgment; and Approved-The 28th day of April, A. D. 1903. Duty of prothono No. 259. AN ACT To provide for the incorporation and regulation of corporations for the purpose of making insurance upon the health of individuals, and against personal injury and disablement and death therein; limiting the amount for which such corporations may issue policies, and providing the manner in which certain existing corporations may become reincorporated under this act. life and accident Section 1. Be it enacted, &c., That any ten or more Incorporation of persons, citizens of this Commonwealth, may asso- insurance comciate in accordance with the provisions of this act, panies. and form an incorporated company for the purpose of making insurance, either upon the stock or mutual principle, upon the health of individuals, and against personal injury or disablement, and against death, resulting from natural or accidental causes: Provided, That such corporations shall not issue policies agreeing to pay more than ten dollars per week in the event of sickness, accident or disablement, nor more than two hundred and fifty dollars in event of death. Limit of policy. How company shall be formed and incorporated. Capital stock. Shares. Forfeiture of partial payments. Annual meeting. Election of directors. Proviso. Division of into classes. Vacancies. When mutual company may do business. Section 2. Such persons shall associate themselves together, and the company shall be formed and incorporated, in the manner provided by law for the incorporation of insurance companies, and shall be authorized to transact the business of insurance in the same manner and upon the same conditions as insurance companies are by law authorized to do, in so far as such laws are not inconsistent with the provisions of this act. Section 3. The capital stock of a joint-stock company, organized under this act, shall be not less than twenty-five thousand dollars, and shall be divided into shares of not less than ten dollars each, payment of which shall be made in lawful money, ten per centum on each share at the time of subscribing, and the balance at such times as the company may direct, not exceeding one year from the time of subscription; and the company may provide such rules, with regard to forfeiture of partial payments on subscriptions, as they may deem advisable; which rules shall be binding upon the subscribers, provided they are made known at the time of subscription. Section 4. The annual meeting for the election of directors shall be held at such time in the month of January as the by-laws of the company may direct, and such notice of the time and place of meeting shall be given to the stockholders or members as may be provided in the by-laws; and at such annual meeting the stockholders or members shall elect, by ballot, not less than five nor more than thirteen directors, to serve for one year, and until their successors are duly chosen: Provided, That at any annual meeting of the stockholders or members it may and shall be lawful to divide the directors, which are to be chosen, into two, three or four classes, and to elect the first class to serve for the term of one year, and the second, third and fourth to serve two, three and four years, respectively; and at all ensuing elections of said company the stockholders or members shall only elect the number of directors necessary to take the place of those whose terms of office shall then expire, and such directors shall be elected for the longest term for which any class may have been elected, as hereinbefore provided. And in case a vacancy or vacancies shall happen in the number of said directors, the board of directors shall choose and elect a proper person, or proper persons, to fill such vacancy or vacancies during the remainder of the term or terms for which the person or persons, in whose place or places such vacancy or vacancies shall have happened, shall have been elected. Section 5. Any mutual company, organized under the provisions of this act, shall be authorized to do Commis the business of insurance when it shall have received, from not less than five hundred persons, applications for insurance against death amounting to not less than fifty thousand dollars, upon which applications one-twelfth of the annual premium shall have been paid: Provided, That no such company shall be au- Proviso. thorized to do the business of insurance until it shall have deposited with the Insurance Commissioner the Deposit with Insum of five thousand dollars in cash or approved se- sioner. curities; which sum the Insurance Commissioner is hereby authorized and empowered to receive, and it shall be his duty to hold the same for the benefit of the members of such corporation and its creditors, preference being given thereto in the following order, to wit: first, claims under policies; second, salaries of employes; third, general creditors. surance Existing cor Section 6. Any corporation now formed or organized under the provisions of the ninth paragraph, section two, of the act, entitled "An act to provide for the incorporation and regulation of certain corporations," approved April twenty-ninth, one thousand eight hundred and seventy-four, namely: "The maintenance of a society for beneficial or protective purposes to its members, from funds collected therein," except fraternal, benevolent, charitable or secret so- porations. cieties, issuing beneficial certificates, and paying benefits to their membership through the lodge system, and insurance or relief associations formed by or for the exclusive benefit of employes of corporations or firms, or formed by or for the exclusive benefit of members of any religious corporation or association, may be reincorporated under the provisions of this Incorporation of act in the following manner: A meeting of the members of such corporation shall be held, and, if a majority shall vote in favor of the proposed reincorporation, a resolution to that effect shall be adopted, and upon the recording of such resolution in the office for the recording of deeds, et cetera, in the county where such corporation has its principal office, it shall be lawful for the directors of such corporation to make the articles of association, as herein provided for the incorporation of new corporations; upon which articles the same proceedings shall be had as upon an original application for incorporation under this act. And from and after the approval of said articles, the corporation shall be and become a corporation under this act. Section 10. All laws and parts of laws inconsistent herewith are hereby repealed. Approved-The 28th day of April, A. D. 1903. under this act. Procedure. Repeal. Annexation of a city, borough, township, etc. Procedure. fled voters. No. 260. AN ACT For the annexation of any city, borough, township, or part of a township, to a contiguous city, and providing for the indebtedness of the same. Section 1. Be it enacted, &c., That any city, borough, township, or part of a township, may become annexed to any contiguous city in the same county, in the following manner, namely: There shall be presented to the court of quarter sessions of the county a petition, signed by at least twenty per centum of the qualified voters, as shown Petition of quall by the registry lists for the last preceding general election of the city, borough, township, or part of a township, desiring annexation to a city under this act; and, in case such petition is for the annexation of Part of township. a part of a township, there shall be a plan attached showing such portion, and the petition shall only be signed by qualified voters as above defined, and residing in such portion. The petition shall be subscribed by the petitioners within three months immediately preceding the presentation thereof to the court, and shall be verified by affidavit of one or more of the petitioners. Time of signing petition. Amdavit. Notice to execu Duty of councils. Section 2. The petition shall be filed, and thereupon the court shall direct notice to be given to the chief tive officer of city. executive officer of the city to which the annexation is proposed to be made; and it shall be the duty of the councils of such city, within three months from the date of said notice, to, by ordinance, consent to or disapprove the proposed annexation. If the councils disapprove, then there shall be no further proceedings under that petition; but if the councils approve, then the court shall direct such notice to be given the people of the territory proposed to be annexed as the court shall consider to be proper and reasonable, and the said notice shall state a reasonable date thereafter at which the petition will be considered and all parties heard. Notice to the people. Hearing. Order. Time for holding election. Upon the date fixed for the hearing, or as soon thereafter as practicable, the court shall hear the case; and, if the requirements of this act have been complied with, then shall order an election to be held in the petitioning city, borough, township or any part thereof, referred to in the petition, upon the question of annexation. If such order be made within three months and more than thirty days before the date of any general election, such election shall be held at such general election; otherwise, it shall be held at such date as the court shall fix, but in no case within thirty days from the making of such order. Notice of election. Section 3. The court shall direct that notice be given by advertisements or hand-bills, or both, of the time of such election; and shall also order the county commissioners to prepare separate ballots for such Ballots. election, which shall read on the outside "Annexation" and on the inside "For Annexation" or "Against Annexation," and said commissioners shall provide for the placing of such ballots at the polling places, at the opening of the polls on the day fixed, and for separate ballot-boxes to receive the ballots. Ballot boxes. Mode of conduct Section 4. The election shall be held at the regular polling-places, and by the regular election officers, or, ing election. in case of their absence, their places shall be filled as provided by law. In receiving and counting, and in making returns of, the votes cast, the inspectors, judges and clerks of said election shall be governed by the laws of this Commonwealth regulating municipal elections; and the vote shall be counted by the court as is now provided by general laws governing municipal elections, and all the penalties of the said election laws, for the violation thereof, shall apply to the voters, inspectors, judges and clerks voting at, and in attendance upon, the elections held under the provisions of this act. The result of the election shall be certified to the court of quarter sessions having juris- certified to the diction of the proceedings. Result shall be court. Section 5. If it shall appear by the vote when count- ing such petitions to be filed: Provided, however, Proviso. Annexed territory Section 6. If a decree be entered for annexation, on Annexation. the first Monday of January thereafter the territory so annexed shall become a part of the city to which it is annexed. The territory annexed shall pay its own floating and bonded indebtedness and the inter- shall pay indebtest thereon, as said floating and bonded indebtedness exists at the time of annexation, and for that purpose an annual tax shall be levied by the city to which it is annexed, and which shall be levied upon the subjects of taxation in such annexed territory only. Such an edness. Annual tax. |
