Laws Passed at the Session of the Legislature of the State of South Dakota Volume 1

Laws Passed at the Session of the Legislature of the State of South Dakota Volume 1

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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. 1890 edition. Excerpt: ... the laws of this State, or organized under the laws of any other State or foreign country, and doing business in this State, in the office of the Auditor, he may proceed to ascertain the net cash value of each policy in force upon the basis of the American experience table of mortality and four and one-half per cent. interest, or Actuary's combined table of mortality and four per cent. interest. For the purpose of making such valuations the Auditor may employ a competent Actuary to do the same, who shall be paid by the company for which the service is rendered, but nothing herein contained shall prevent the auditor from accepting valuation furnished by the company upon such proof as he may determine. When the net cash value of all policies in force exceeds the amount of securities deposited with the proper officer of the State where the principal place of business of the 'company is located, 'the Auditor shall require additional securities to the amount of such excess to be deposited before he shall issue his certificate of au thority. 11. FAILURE TO MAKE DEPosIT--PENALTIEs FOR NOT FILING. Upon the failure of any company organized in this State to make the deposit, or file the statement in the time stated herein, the Auditor shall notify the Attorney-General of the default, who shall at once apply to the circuit court, if in session, or, if in vacation, to any judge thereof, for an order requiring said company to show cause why its business shall not be closed; and, if upon hearing the company shall fail to show suflicient cause for neglecting to make the deposit, or file the statement required by this chapter, then the court shall decree its dissolution. Companies organized and chartered by the laws of any foreign State more

Product details

  • Paperback | 156 pages
  • 189 x 246 x 8mm | 290g
  • United States
  • English
  • black & white illustrations
  • 1236914570
  • 9781236914576