Three-A sum sufficient to re-insure all outstanding policies, as ascertained and determined upon the basis of the American Experience Table of Mortality, and interest at the rate of four and one-half per cent. per annum. SEC. 6. This Act shall be in force from and after its passage. Insurance policies to contain cer evidence. CHAP. DCVI.-An Act to amend the Civil Code, and to repeal certain Acts relative to insurance. [Approved April 1, 1878.] The People of the State of California, represented in Senate and SECTION 1. Section four hundred and fifty of said Code is amended to read as follows: 450. Every policy of insurance upon life hereafter issued and delivered within the limits of the State of California, tain written whether by a person, or corporation organized under the laws of this State, or under those of any other State or country, or by the agent of such person or corporation, must contain written evidence that it was issued in this State, and the person or corporation, and the agent thereof, issuing and delivering such policy, without the evidence hereinbefore required, shall forfeit to the people of the State of California the sum of one hundred dollars for cash and every policy so issued, to be recovered by the Insurance Commissioner by suit, in the name of the people of the State of California, in any Court of competent jurisdiction. Policy holders entitled to recover forfeiture. Surrender value; how SEC. 2. Section four hundred and fifty-one of said Code is amended to read as follows: 451. Under any policy of insurance on life hereafter issued and delivered in this State, whether by person, or corporacondition of tion organized under the laws of California, or under those of any other State or country, the holder thereof, at any time during the continuance of the policy, shall be entitled to claim and recover of the insurer, any stipulation or condition of forfeiture contained in the policy or elsewhere to the contrary notwithstanding, a surrender value to be determined as follows: The net value of the policy, at the time of demand determined. upon the insurer for settlement and liquidation of the same, shall be ascertained according to the American Experience Rate of Mortality, with interest at four and one-half per centum per annum; from such value shall be deducted and canceled any indebtedness of the assured growing out of the policy, and a surrender charge to the company, to be ascertained as follows: Assuming the rates of mortality and interest as aforesaid, the present value of all the future contributions of the policy to pay death claims, or, in other words, of all the normal future yearly costs of insurance which by its terms it is exposed to pay, in case of its continuance, shall be calculated, and eight per centum of this sum shall be the legal surrender charge, and the remainder of the net value of the policy ascertained as aforesaid, after deducting this surrender charge, and any debts due the insurer, as aforesaid, shall be payable to the insured, in cash, "within sixty days after the amount is ascertained." If there shall not have been a settlement and liquidation of the policy as hereinbefore provided, and it shall have lapsed by reason of the non-payment of a premium, the insurer must nevertheless continue it in force as provided in the next ensuing section. SEC. 3. The following is added as a new section to said Code, to be known as section four hundred and fifty-two: expiration determined. 452. The net value of the policy, at the expiration of the Net value of term for which the full amount of premiums shall have been option paid, must be ascertained and determined in accordance of term to be with the formula set forth in the preceding section, after deducting from such net value any indebtedness to the insurer growing out of the policy, and canceling the same, and deducting also a surrender charge, as ascertained in accordance with the provisions of said preceding section, the remainder of such net value shall be considered as a net single premium of insurance, and in the case of any policy, other than an endownment, the amount which it will insure as a life policy shall be determined according to the age of the insured at the time of the lapse of the policy, and the rates of mortality and interest assumed in determining the net value of the same. In the case of an endowment paya-. ble at a certain time, or at death, if it should previously occur, the remainder of the net value of the policy, ascertained as herein before required, shall be considered as a net single premium of endowment insurance, and the amount which it will insure as an endowment for the unexpired term of the policy, shall be determined according to the age of the insured, and the rates of mortality and interest assumed in determining the net value of the policy. As thus adjusted the policy is to be considered as continued in force, in accordance with its original terms, except for a smaller amount, which said amount shall be, by the company, indorsed on the policy as paid up insurance. SEC. 4. An Act to regulate the forfeiture of policies of life Repeal. insurance, approved February second, eighteen hundred and seventy-two, and an Act to amend an Act to provide for official valuation of life insurance policies, approved April fourth, eighteen hundred and seventy, approved February thirteenth, eighteen hundred and seventy-two, are hereby repealed. SEC. 5. This Act shall be in force from and after its passage. Repeal. CHAP. DCXXI.-An Act to repeal section four hundred and seventy-one of the Civil Code. [Approved April 1, 1878.] The People of the State of California, represented in Senate and SECTION 1. Section four hundred and seventy-one of the SEC. 2. This Act shall take effect immediately. How much land certain may hold. CHAP. XXXV.-An Act to amend section five hundred ninetysix (596) of the Civil Code. [Approved January 25, 1878.] The People of the State of California, represented in Senate and SECTION 1. Section five hundred and ninety-six of the 596. In addition to that provided for in the preceding associations section, Masons, Odd Fellows, Good Templars, and Pioneer incorporated associations, may hold such real estate as may be necessary to carry out their charitable purposes, or for the establishment and endowment of institutions of learning connected therewith. In case any such corporation is the owner, by donation or purchase, of more lands than herein or in preceding section provided for, such surplus must be sold and conveyed by the corporation within five years after its acquisition. Such sale may be made without the order or decree of the District Court, as hereinafter provided. CHAP. DXXII.—An Act to add a section to Title Twelfth, of [Approved March 30, 1878.] The People of the State of California, represented in Senate and SECTION 1. The following section is added to Title Twelfth, of Part Fourth, of the First Division, of the Civil Rules, etc., Code, viz.: of religious denomina tions requir 602. Whenever the rules, regulations, or discipline of ing adminis- any religious denomination, society, or church, require for tration of the administration of the temporalities thereof, and the management of the estate and property thereof, it shall be lawful temporal ities. tion shall set for the bishop, chief priest, or presiding elder of such religious denomination, society, or church, to become a sole corporation, in the manner prescribed in this Title, as nearly as may be, and with all the powers and duties, and for the uses and purposes in this Title provided for religious incorporations, and subject to all the conditions, limitations, and provisions in said Title prescribed. The articles Articles of of incorporation to be filed shall set forth the facts author- incorporaizing such incorporation, and declare the manner in which forth what. any vacancy occurring in the incumbency of such bishop, chief priest, or presiding elder is required by the rules, regulations, or discipline of such denomination, society, or church to be filled, which statement shall be verified by affidavit, and for proof of the appointment or election of such bishop, chief priest, or presiding elder, or of any succeeding incumbent of such corporation, it shall be sufficient to record with the Clerk of the county in which such bishop, chief priest, or presiding elder resides, the original or a copy of his commission, or certificate, or letters of election, or appointment, duly attested; provided, all property held by such bishop, chief priest, or presiding elder, shall be in trust for the use, purpose, and behoof of his religious denomination, society, or church. The limitation in section five hundred and ninety-five shall not apply to corporations formed under this section, when the land is held or used for churches, hopitals, schools, colleges, orphan asylums, parsonages, or cemetery purposes. The District Judge of the district in which any corporation is formed under this Chapter, shall, at all times, have access to the books of such incorporation. istence. SEC. 2. Any corporation sole, heretofore organized and Continuexisting under the laws of this State, may elect to continue ance of exits existence under this Act by filing a certificate to that effect, under its corporate seal and the hand of its incumbent, or amended articles of incorporation, in the form required by the preceding section, as prescribed by section two hundred and eighty-seven (287) of the Civil Code; and from and after the filing of such certificate, or amended articles, such corporation shall be entitled to the privileges and subject to the duties, liabilities, and provisions of this Act expressed. SEC. 3. This Act shall take effect immediately. CHAP. DCXV.-"An Act to amend section one thousand one hundred and sixty of the Civil Code, relative to recording tran scripts of letters patent." [Approved April 1, 1878.] The People of the State of California, represented in Senate and SECTION 1. Section one thousand one hundred and sixty (1160) of the Civil Code is amended to read as follows: Letters patent may be recorded without acknowledgment. 1160. Letters patent from the United States, or from the State of California, executed and authenticated pursuant to existing law, may be recorded without acknowledgment or further proof, and where letters patent have been lost, or are beyond the control of any party deraigning title therefrom, or for any reason they remain unrecorded, any person claiming title thereunder may cause a transcript of the copy of such letters patent kept by the government issuing the same, duly certified by the officer or individual having lawful custody of such copy, to be recorded in lieu of the original; and such recorded copy shall have, prima facie, the same force and effect as the original, for title or for evidence, until said original letters patent be recorded. What contracts must be written. CHAP. CLXV.-An Act to amend section sixteen hundred and twenty-four of the Civil Code. [Approved March 9, 1878.] The People of the State of California, represented in Senate and SECTION 1. Section sixteen hundred and twenty-four of the Civil Code is hereby amended so as to read as follows: 1624. The following contracts are invalid, unless the same, or some note or memorandum thereof, be in writing, and subscribed by the party to be charged, or by his agent: First-An agreement that by its terms is not to be performed within a year from the making thereof. Second-A special promise to answer for the debt, default, or miscarriage of another, except in the cases provided for in section twenty-seven hundred and ninety-four of this. Code. Third-An agreement, made upon consideration of marriage, other than a mutual promise to marry. Fourth-An agreement for the sale of goods, chattels, or things in action, at a price not less than two hundred dollars, unless the buyer accept or receive part of such goods and chattels, or the evidences, or some of them, of such things in action, or pay at the time some part of the purchase money; but when a sale is made at auction, an entry by the auctioneer in his sale book, at the time of the sale, of the kinds of property sold, the terms of the sale, the price, and the names of the purchaser and person on whose account the sale is made, is a sufficient memorandum. Fifth-An agreement for the leasing for a longer period than one year, or for the sale of real property, or for an interest therein; and such agreement, if made by an agent of the party sought to be charged, is invalid, unless the authority of the agent be in writing, subscribed by the party sought to be charged. |