L. 1884, C. 29. § 29: one or more of the defendants shall not abate the proceedings, 2092. When the mortgagee of any land or tenements shall die leaving minor heirs, the executors or administrators of such mortgagee shall be and are hereby authorized, on receiving the amount due the estate of such deceased mortgagee, to release to the mortgagor the legal title of the said mortgaged premises, and such deed of release shall be valid. § 2093. Whenever in this act the district court or the judge thereof is referred to, it shall mean and be construed to mean the district court in a regular term or the judge thereof sitting at chambers anywhere in the district, and the acts of said judge sitting at chambers anywhere in his district shall be made a matter of record in the record of the district court for the county in which the proceedings shall be commenced, and his said acts as such, at chambers, shall have the same force and effect as if done at a regular term in the county in which proceedings may be pending, and shall not for that reason be held or deemed invalid. Mortgagee release: when. Id. § 30. may Terms used in act; defined. Id. § 31. Procedure when $2094. In case all the executors or administrators of any executors refuse to will or estate shall refuse to commence and carry on the pro- act. ceedings authorized by this act in any proper case, when there may be more than one executor or administrator, any one or more of them may commence and carry on the same, making the remaining executors or administrators parties defendant, and alleging the fact that they refuse to join as complainants, and in case none of the executors or administrators will commence and carry on said proceedings in any proper case, any one or more of the creditors whose claim may have been allowed properly in the probate court may do, by complying as near as may be with the terms of this act and by making such administrators or executors parties defendant, and alleging the fact of their refusal to commence the proceedings or carry them on. Id. § 32. Incorporation; procedure for. Certificate. C. 102, L. 89, § 1: Feb. 28. Record. Authority. INSURANCE. § 2095. When any number of persons associate themselves for the purpose of forming an insurance company, for any other purpose than life insurance or the insurance of titles to real estate, they shall publish a notice of such intention once in each week for four successive weeks in some newspaper in the county in which said insurance company is proposed to be located, and they shall also make a certificate under their hand specifying the name assumed by such company and by which it shall be known: the object for which Said company shall be formed; the amount of its capital stock, and the place where the principal office of said company shall be located, which certificate shall be acknowledged before and certified by some notary public or clerk of a court of record, and forwarded to the territorial auditor, who shall submit the same to the attorney general for examination; and if it shall be found by the attorney general to be in accordance with the provisions of this act, and not in conflict with the constitution and laws of the United States and this territory, he shall make a certificate of the facts and return it to the territorial auditor, who shall reject the name or title applied for by any company when he shall deem the same too similar to any one already appropriated by any other company, or likely to mislead the public. When the said certificate of the said company § 2096. shall have received the approval of the territorial auditor, the said company shall cause the same to be recorded, as now required by law for recording articles of incorporation: and said persons, when incorporated and having in all respects complied with the provisions of this act, are hereby authorized to carry on the business of insurance, as named in such certificate of incorporation, and by the name and style provided therein, and shall be deemed a body corporate with succession; they and their associates, successors and assigns shall be capable of suing and being sued in any court of law or L. 1882, chap. 16, § equity in this territory. 1: Feb. 18. Capital; limit of. $ 2097. No joint stock company shall be incorporated under the provisions of this act with a smaller capital than two hundred thousand dollars, nor more than one million dollars, L. 1882, chap. 16. § 3: Feb. 18. Restrictions on mutual companies. Notes: how pay as may be specified in the certificate of incorporation, which § 2098. Having published the notice and filed publisher's affidavit of the publication thereof with the territorial auditor, together with the certificate as required by section two thousand and ninety-five, the persons named in the certificate of incorporation, or a majority of them, shall be commissioned to open books for the subscription of stock to the company, at such times and places as to them may seem convenient and proper, and shall keep the same open until the full amount specified in the certificate is subscribed, or in case the business of such company is proposed to be conducted on the plan of mutual insurance, then open books to receive propositions and enter into agreement in the manner and to the extent specified in section two thousand and ninety-seven. $2099. The affairs of the company organized under the provisions of this act shall be managed by not more than twenty-one nor fewer than five directors, all of whom shall be stockholders. Within thirty days after the subscription books Subscription books; open when. Id. § 4. Directors, number of: meeting: term. C. 4. L. 2. § 5; shall have been filed a majority of the stockholders shall hold Feb. 18. Investments aulimita thorized: tions. Id. § 6. Examination auditor. by a meeting for the election of directors, each share entitling the holder to one vote, and the directors thereof shall continue in office until their successors have been duly chosen and have accepted the trust. § 2100. It shall be lawful for any insurance company organized under this act or incorporated under any law of this territory to invest its capital and the funds accumulated in the course of its business, or any part thereof, in bonds and mortgages on unincumbered real estate within the Territory of New Mexico worth double the sum loaned thereon, exclusive of buildings, unless such buildings are insured in some responsible company or companies, and the policy or policies transferred to said company, and also in stocks of this territory, or stocks or treasury notes of the United States; in the stocks and bonds of any county or incorporated city in this territory which may have been heretofore authorized to be issued by the legislature of this territory, and to lend the same, or* any part thereof, on the security of such stocks, or lands, or treasury notes, or upon bond and mortgages as aforesaid, and not otherwise, and to change and re-invest the same in like securities, as occasion may from time to time require; but any surplus money over and above the paid up capital stock of any such company organized under this act or incorporated under any law of this territory, may be invested in or loaned upon the pledge of public stocks of the United States, or stocks, bonds or other indebtedness of any solvent, dividend paying institutions incorporated under the laws of this territory, or the United States, except their own stock: Provided, always, That the current market value of such stock, bonds, or other evidences of indebtedness shall be at all times during the continuance of such loans, at least twenty per cent. more than the sum loaned thereon. § 2101. Upon receiving notification that the requirements of the preceding sections have been complied with, the territorial auditor shall make an examination, or cause one to be made, by some disinterested person, officially appointed by him for that purpose, and if it shall be found that the capital herein required by the company named, according to the nature of the business proposed to be transacted by such company, has been paid in and possessed by it in money, or in such stock, notes, bonds or mortgages as are required by sections two thousand and ninety-seven and two thousand one hundred, then he shall so certify; and if the examination be made by other than the auditor, then the finding shall be cerCertificate under tified under oath; or, if it is proposed to be a mutual insurance company, that it has received and is in actual possession of the capital, premiums, or bona fide engagements of the insurance or the securities, as the case may be, to the extent and value required by sections two thousand and ninety-seven and two thousand one hundred, the name and residence of the maker of each premium note forming part of the capital of any such proposed mutual insurance company, and the amount of such note shall be returned to the auditor. The corporators or officers of any such company, or proposed oath. C. 46, L. 82. § Feb. 18. Authority to com company, contemplated by this act, shall be required to certify under oath to the territorial auditor, that the capital exhibited to the person making the examination directed in this section was bona fide property of the company so examined. The certificates above contemplated shall be filed in the office mence business of said auditor, who shall thereupon deliver to such company a certified copy of the same, with his written permission for them to commence business as proposed in their written certificate of incorporation, which, on being placed on record in the office of the recorder of the county in which the company is to be located, by the recorder, in a book prepared by himself for that purpose, shall be their authority to commence business and issue policies, and such certified copy of said certificate may be used in evidence for or against said company with the same effect as the originals. § 2102. It shall be lawful for any company organized under this act, or doing business in this territory: First. To insure houses, buildings and all other kinds of property against loss or damage by fire or other casualities, and to make all kinds of insurance on goods, merchandise or other property, in the course of transportation, whether on land, water or any vessel afloat, wherever the same may be. Second. To make insurance on the health of individuals and against the personal injury, disablement or death resulting from traveling, or general accident by land or water. Third. To insure the fidelity of persons holding places of public or private trust. Fourth. To receive on deposit and insure the safe keeping of books, papers, moneys, stocks, bonds and all kinds of personal property. Fifth: To insure horses, cattle and other stock against loss or damage by accident, theft or any unknown or contingent event whatever, which may be the subject of legal insurance, to lend money on bottomry or respondentia, and to cause itself to be insured against any loss or risk it may have incurred in the course of its business, and upon the interest which it may have in any property by means of any loan or loans which it may make on mortgages, bottomry or respondentia, and generally to do and perform all other matters and things proper to promote these objects: Provided, That no company shall be organized to issue policy of insurance for more than one of the above mentioned purposes; and no company that shall have been organized for either one of said purposes shall issue policies of insurance for any other; and no company organized under this act or transacting business in this territory shall expose itself to loss on any one risk or hazard to an amount exceeding ten per cent. of its paid up capital, nor to write on risk within the corporate limits of any one city an amount representing more than the paid up capital of the company, unless the excess shall be insured by the same in some other good and reliable company or companies: And, provided, That the restriction as to the amount of risk any company shall assume shall not apply to companies organized to guaranty the fidelity of persons in places of public or private trust, nor to companies that receive on deposit and Certificate to be recorded. Powers of corporation. Proviso: restric tions. |