The Laws of Texas, 1913-1914 [Volume 16] Page: 52 of 1,574
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42 GENERAL LAWS.
fund at the end of the current year, and if, at the end of such current
year the total of said policy holders' fund has not been appropriated or.
necessary in the payment of losses to policy holders, then such amount
of said fund so remaining may be invested in first mortgage notes on
lands in this State, said in-estrment not exceeding 50 per cent of the
value of said lands, or in bonds of this State, or in county, city, town or
school district bonds of this State, provided said bonds have been approved
by the Attorney General, which funds or securities shall be deposited
in trust for said policy holders with any bank approveJ by the
Commissioner of Insurance and Banking as a reserve fund, which fund
may be used for the payment of policy holderss, if necessary, in case of
excessive and unprecedented losses, and such company may collect and
receive the interest.and dividends thereon to be used in defraying the
expenses and. paring the losses of said company.
SEC. 8. The board of directors of such company shall have the authority
to fix the rates to be charged for such insurance, and may fix at their
discretion different rates for different sections of the States based upon
the frequency of hail storms in such sections.
SEC. 9. Every such corporation shall on or before January 1st, or
within thirty days thereafter, each year make and file with the Commissioner
of Insurance and Banking, a report upon blank forms to be furnished
by such Commissioner which report shall be verified by the oath
of the secretary of such corporation and shall show the number of pol*icies
issued for the preceding year, the number and amount of losses
paid, the gross amount received from premiums, the amount of expenses
paid, and the amount set aside or invested during the year as a reserve
fund, if any, and the books, records, and documents of such corporation
shall be subject to the inspection and examination of the Attorney Genera!
or the Commissioner of Insurance and Banking.
Smc. 10. The following fees shall be paid by companies organized
under this law:
In addition to the application fee, charter fee, to the Secretary of
State when charter is issued, $25.00 annual franchise tax of $50.00; and
-to the Commissioner of Insurance and Banking for filing annual statement,
$5.00, certificate of authority to corporation $1.00 and no other
fees shall be paid by said companies.
SEC. 11. The fact that there is great destruction of growing crops
in this State by hail and that there is no law under which mutual companies
for the insurance against hail may be organized creates a public
necessity and an emergency which requires the constitutional rule that
bills be read on three several days be and the same is hereby suspended,
and that this law shall take effect on and after its passage, and it is so
enacted.
[NoTE.-S. B. No. 7 passed the Senate by a two-thirds vote, yeas 22,
nays 0; and passed the House of Representatives by a two-thirds vote,
yeas 112, nays 0.]
Approved March 17,' 1913.
Became a law March 17, 1913.
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1913-1914 [Volume 16], book, 1914; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth10838/m1/52/?rotate=90: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .