shall not be less than the net premium at age of entrance, for the term applied for, according to the actuaries' or combined experience table of mortality with interest at four per cent. All policies written under this section shall be non-participating and shall have no cash surrender value or extended or paid-up insurance and no part of the net premium shall be used for expenses after the first policy year. Sec. 5. After the first policy year the mortuary premium according to the terms of premium payments of each policy, with the loading of the same as provided in section four (4) of this act, together with all interest and other accumulations of said fund, except the special loading for limited payment policies with interest thereon, as provided in section six (6) of this act, shall constitute the insurance fund of the corporation. Sec. 6. Any association transacting a stipulated premium business under the provisions of this act, may issue limited payment and investment policies on which the net premium rates shall equal the full requirements of the actuaries' or combined experience table of mortality and four per cent interest, and all limited payment and investment policy issued by associations under the provisions of this act shall be valued as provided in section 1774 of the code, and the net value thereof deposited with the auditor of state as therein provided. Sec. 7. Any corporation transacting business under the provisions of this act may allow fixed cash surrender value on its limited payment or investment policies, or the equivalent of the cash value in extended loan or paid-up insurance, after two years, the amount to be set apart for such fixed cash value, or its equivalent must be plainly stated in the policy, and such fixed cash value shall not be in excess of the portion of the premium with interest accretions collected for that purpose. Sec. 8. Any stipulated premium life insurance corporation, organized under this act, may consolidate with any other corporation engaged in the business of life insurance, or transfer or reinsure its risks with any other corporation, or assume to reinsure the risks of any other corporation, with the approval of a majority of the stock or policy holders present or voting at a regular or special meeting duly called. Any such corporation may reinsure a fractional part of any single risk but no such reinsurance shall in any manner release the corporation from its obligation under the contract with the policy holder. All such reinsurance shall be reported annually to the auditor of state. Sec. 9. Any domestic life insurance, corporation, company or association existing or doing business in this state at the time this act takes effect, may, by the vote of the majority of its members at an annual or special meeting of the policy holders called for that purpose re-incorporate as a stock or mutual corporation, company or association and accept the provision of this act and amend its articles of incorporation to conform to the same, so as to cover and enjoy any and all of the provisions and privileges of this act, and the same as if it had been originally incorporated thereunder, and it shall file such amended articles of incorporation in the office of the secretary of state and shall thereafter perpetually enjoy the same and be deemed to have been incorporated under this act. Re-incorporation, however, shall in no way annul, modify or change any of the existing contracts and liabilities of such corporation, company or association and any and all such contracts or liabilities shall continue in full force and effect the same as though such corporation, company or association had not re-incorporated or qualified under this act, neither shall re-incorporation in any way prejudice, impede or impair any pending action or proceeding or any rights previously acquired. Sec. 10. The provisions of sections 1785, 1789, 1790, 1791, 1792, 1793, 1794, 1795 and 1796 of the code, shall, so far as applicable, control corporations organized under this act. Sec. 11. This act shall be in force and effect from and after its publication in the Des Moines Leader and the Iowa State Register, newspapers published in Des Moines, Iowa. Mr. Temple, from the committee on Judiciary, submitted the following report: MR. SPEAKER-Your committee on Judiciary, to whom was referred House file No. 93, a bill for an act to legalize the incorporation and ordinances of the town of Rodman, Palo Alto county, Iowa, beg leave to report that they have had the same under consideration and have instructed me to report back to the House the attached substitute for the said House file No. 93, with the further recommendation that the substitute do pass. M. L. TEMPLE, Ordered passed on file. Committee substitute for House file No. 93. Chairman. A bill for an act to legalize the incorporation and ordinances of the town of Rodman, Palo Alto county, Iowa. Read first and second times. SUBSTITUTE FOR HOUSE FILE NO. 93-BY BARRINGER. A bill for an act to legalize the incorporation and ordinances of the town of Rodman, Palo Alto county, Iowa. WHEREAS, Doubts have arisen as to the legality of the incorporation of the town of Rodman, Palo Alto county, Iowa, and of the acts and ordinances of said incorporated town, Be it Enacted by the General Assembly of the State of Iowa: Section 1. That the incorporation of the town of Rodman, Palo Alto county, Iowa, and the acts and ordinances of said incorporated town be, and the same are hereby legalized and confirmed, but nothing herein contained shall affect pending litigation. Also: MR. SPEAKER-Your committee on Judiciary, to whom was referred House file No. 286, a bill for an act amending section fourteen hundred and sixty-seven (1467) of the code, and exempting certain property from collateral inheritance tax, beg leave to report that they have had the same under consideration and have instructed me to report the same back to the House with the recommendation that the same be indefinitely postponed. M. L. TEMPLE, Ordered passed on file. Chairman. MR. SPEAKER-Your committee on Judiciary, to whom was referred House file No. 289, a bill for an act to legalize the levy made by the town of Bonaparte, in Van Buren county, Iowa, and the acts of its council, beg leave to report that they have had the same under consideration and have instructed me to report the same back to the House with the recommendation that the same do pass. Ordered passed on file. M. L. TEMPLE, MR. SPEAKER-Your committee on Judiciary, to whom was referred House file No. 282, a bill for an act to amend title nine (9), chapter one (1) of the code of Iowa, relating to corporations for pecuniary profit, and to protect minority stockholders in such corporations, beg leave to report that they have had the same under consideration, and on February 23, 1900, reported the same back to the House for passage with amendments, and upon further consideration have instructed me to report the same back to the House with the recommendation that the same do pass with the following amendment as a substitute for the amendments recommended in the report of February 23, 1900, to wit: "Sec. (6). But nothing herein shall be held to apply to state or savings banks." M. L. TEMPLE, Chairman. Ordered passed on file. MR. SPEAKER-Your committee on Judiciary, to whom was referred House file No. 72, a bill for an act to amend section two hundred ninetysix (296), chapter eight (8), title three (3) of the code, relative to fees to be collected by the clerk of the district court, beg leave to report that they have had the same under consideration and have instructed me to report the same back to the Лouse with the recommendation that the same be indefinitely postponed. Ordered passed on file. M. L. TEMPLE, Chairman, MR. SPEAKER-Your committee on Judiciary to whom was referred House file No. 193, a bill for an act to repeal sections two hundred and fiftysix (256) and two hundred and fifty-eight (258) of the code, relating to the submission to the qualified electors of a city, the question of the establishment of a superior court; the election and term of office of the judge thereof and the certification of the results of the election and filling vacancies in said office, and to enact substitutes therefor, beg leave to report that they have had the same under consideration and have instructed me to report back to the House the attached substitute for House file No. 193, with the further recommendation that the substitute do pass. M. L. TEMPLE, Chairman. Ordered passed on file. Committee substitute for House file No. 193, a bill for an act to repeal sections two hundred fifty-six (256) and two hundred fifty-eight (258) of the code, relating to the submission to the qualified electors of a city, the question of the establishment of a superior court; the election and term of office of the judge thereof and the certification of the results of the election and filling vacancies in said office, and to enact a substitute therefor. Read first and second time. COMMITTEE SUBSTITUTE FOR HOUSE FILE NO. 193. A bill for an act to repeal sections two hundred and fifty-six (256) and two hundred and fifty-eight (258) of the code, relating to the submission to the qualified electors of a city, the question of the establishment of a superior court; the election and term of office of the judge thereof and the certification of the results of the election and filling vacancies in said office, and to enact substitutes therefor. Be it Enacted by the General Assembly of the State of Iowa: Section 1. That section two hundred and fifty-six (256) of the code, is hereby repealed, and the following enacted in lieu thereof: Upon the petition of one hundred citizens of any such city, the mayor, by and with the consent of the council, may at least ten days before any general election issue a proclamation submitting to the qualified voters of said city the question of establishing said court. At the same election and every fourth year thereafter (if the said court is established) there shall be elected a judge of the superior court. Should a majority of all the votes cast at such election be in favor of said court, the same shall thereby be established. The judges of all superior courts now or hereafter established shall be elected at the last general election preceding the expiration of the term of office of the present incumbent, the names of candidates for judge to be upon the same ballot as used in the city for state, county and township officers, and the vote to be returned and canvassed in the same manner as for county officers. Certificates of nomination of candidates for judge by conventions or primaries of political parties and nominations by petition, shall be filed with the auditor of the county in which said city is situated within the same time as provided by law for the filing of certificates of nomination and nominations by petition for offices to be filled by the electors of counties. Each judge shall qualify and hold his office for the term of four years from the first day of January next ensuing after said election, and until his successor is elected and qualified; provided, however, that the term of office of successors of the present incumbent shall begin at the expiration of the term of the present incumbent and shall expire on the thirty-first day of December of the third year following the beginning of their term. Immediately after the election of any judge, the board of supervisors of said county shall transmit a certificate of the election of said judge to the governor of the state, who shall thereupon issue to him a commission empowering him to act as judge as herein provided. Sec. 2. That section two hundred and fifty-eight (258) of the code, is hereby repealed and the following enacted in lieu thereof: That in case of vacancy in said office, the governor shall appoint a judge, who shall hold the office until the next general election, and in case of inability of any judge to act, through sickness, or any other cause, a judge shall be appointed by the governor to hold during such inability. Also: MR. SPEAKER-Your committee on Judiciary, to whom was referred House file No. 285, a bill for an act to amend section two thousand, nine hundred forty-two (2942) of the code, relating to notaries public doing business in adjoining counties, beg leave to report that they have had the same under consideration and have instructed me to report the same back to the House with the recommendation that the same do pass, after having been amended by striking out all of section 2 thereof. Ordered passed on file. Also. M. L. TEMPLE, Chairman. MR SPEAKER-Your committee on Judiciary, to whom was referred House file No. 310, a bill for an act to legalize the incorporation of the town of Bussey, Marion county, Iowa, and the acts of the city council thereof, beg leave to report that they have had the same under consideration and have instructed me to report the same back to the House with the recommendasion that the same do pass. Ordered passed on file. M. L. TEMPLE, Chairman. MR. SPEAKER-Your committee on Judiciary, to whom was referred House file No. 294, a bill for an act to amend chapter two (2), title nine (9) of the code, relating to corporations not for pecuniary profit, beg leave to report that they have had the same under consideration and have instructed me to report the same back to the House with the recommendation that the same be indefinitely postponed. Ordered passed on file. M. L. TEMPLE, Chairman. |