The Laws of Texas, 1923-1925 [Volume 22] Page: 1,601 of 1,648
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GENERAL LAWS. 673
and shall state whether or not said association is associated,
federated or directly or indirectly connected with any other,
and shall show what, if anything, has been contributed during
the preceding year by said association, or the members, to any
person or officer, or director thereof for salaries, commissions
or promotion expenses, and the name and residence of the party
or parties receiving the same. The Commissioner of Insurance
may, at his option, and it shall be his duty, if not satisfied with
said statement, to demand other and additional statements and
examine the books, papers, and records of said association,
either himself or by some other suitable person authorized
by him. Should it appear to the Commissioner of Insurance
that any such local mutual aid association is not carrying on
business as set forth in this article, and is not entitled to the
exemption therein set forth, such association shall be subject to
and comply with all provisions of this chapter as a fraternal
beneficiary association. Every such local association claiming
to be entitled to the benefit of the exemption created by this
Article shall plainly state upon its certificates, applications and
all advertising matter, in a conspicuous manner, that said association
is a local mutual aid association or same shall be deemed
subject to all provisions of this chapter concerning fraternal
beneficiary associations.
Article 4859a. The Commissioner of Insurance shall require
the Secretary or other person having charge of the funds of
every Local Mutual Aid Association doing business in this State
to give bond in an amount not less than $1000.00 and $1.00 in
addition thereto for each member over 1000 with some surety
company having a permit to do business in this State or a sufficient
personal surety bond.
Article 4859b. The secretary or other person having charge
of the funds of every Local Mutual Aid Association which is
now doing business in Texas or which may hereafter be organized
shall be required to furnish either a surety company bond
or a personal surety bond to be approved by the president of
such Local Mutual Aid Association which bond shall at no time
be less than $1000.00 and which at all times shall be for an
amount not less than $1.00 for each member in good standing
in said Local Mutual Aid Association.
Article 4859c. Every person organizing a Local Mutual Aid
Association who shall fail to execute the bond required herein
shall be deemed guilty of a misdemeanor and punished by a fine
of not less than $100.00 or more than $500.00 or by imprisonment
of not less than thirty days or more than six months or
both such fine and imprisonment.
Article 4859d. Every such Local Mutual Aid Association
shall have a president who shall be the presiding officer thereof
and to whom the bond provided herein shall be payable for the
use and benefit of the members.
SEC. 2. The fact that there is now no sufficient law in this
State to properly protect the public against the imposition in the
22-Gen.
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1923-1925 [Volume 22], book, 1925; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth15500/m1/1601/: accessed May 9, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .