The Compiled Laws of the State of Michigan Volume 1, PT. 2

The Compiled Laws of the State of Michigan Volume 1, PT. 2

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1872 edition. Excerpt: ...policies until any deficiency of securities caused by the necessity of ' meeting such claims, shall have been made good by further deposit with the said State Treasurer of the like securities: Provided howProviso. ever, That if any such company shall become insolvent, and proceedings shall betaken in equity with a view to its dissolution, nothing in this section contained shall prevent an equal and just distribution of all its assets, including the securities so deposited with the State Treasurer, among the persons equitably entitled thereto. _ ' 033131-poydr m (2945.) Sac. 10. No company organized or existing under any 100,000.wi authority whatsoever, other than the statutes of _this State, shall me mum" be at liberty to transact the business of life insurance within this State, until such company, in addition to the requirements now made by law, shall have deposited with the State Treasurer one Nature and con-hundred thousand dollars of the like securities required to be. dl?-tons of the deposit.-deposited by companies formed under this act, which shall be held as security for any losses suffered by policy-holders therein, upon the same terms and conditions, and with the same authority of sale or collection to satisfy judgments, as are set forth in the last Penalty for preceding section; and any person who shall solicit and obtain taklnginsuranoe......... mm deposit is within this State apphcations _for insurance upon llves, or issue polie' cies of insurance upon lives, or contracts, guaranties, or pledges. for the payment of annuities, or endowments to families, or repre sentatives of policy or certificate holders, in any company not v organized under the statutes of this State, before such securities are deposited, shall be...
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Product details

  • Paperback | 262 pages
  • 189 x 246 x 14mm | 472g
  • United States
  • English
  • black & white illustrations
  • 1236870441
  • 9781236870445