Untitled Texas Attorney General Opinion ( 1942 )


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  • ~FF~~EOF~EA'LTORNEY'G~NERALOF~~A~ AUSTIN Pear Stir .., sion next menti~mib r&a, that it end oolleotad level p~dame, oontraoteQ Eonorable 0. P. Lo&hart, Page P no al& &se’sements~ ‘haW: sm?ipbeen needed~ or pada .,and that. the, probabflitle6. sre~ t&&t ever be'necided. no eaaesamentavi.l.l. “Xq 1941. the Dompauy:snanded its aliar- ter anix, br-lay 80’as to ‘prvvlde .that thenosf&th It oodld opera?% 88’8. legal reserve iriutual. oomgmy; But it la stated in the ‘Mm.ndod’eharter and.by-laws that the amailments ‘were eff beted ,by the. Oompahy without $bandoning.Its~right to operate utqdei the other proe~,ai6ne .oi GsJiforni~ law uuder pihiah pr+vZouslg it had ‘been: ,tiy ear orsted, lioansed and operatiingg ana tha e further operations should be nith- out &wgirrg or affecting In shy wag the, old out stEinding poLieiee . *It Is etated, that slnoe the amend- ment a&l polloisa ,pow ‘fesuad, an& to be issued in the rutu.26, are to be without aaseeambnt poyera and upon the level pram- ium, legal reserve ba,sis,’ providi.ng fok unalterable sma oertalu In benefits. 520’ ‘We enoloa~+ hazewith &a-oer$iiied oopy of 9hq66~ aa amandatland Bp4aw8 as amenbaa, whi,ah we iek you ts PebUn 6e w with polir epiaien a8 to whe6har wdaP this plan OS OQaqa6irm 6hfS ~qmkpanycan 1awfuU.y .bS ad- JtQe& to Texas as a mutwl ooapanp ‘opbrit Fos on the old line ox? Legal rsrerve .ba~im* under ow ,br+la 475717.” A%W.sle’ 6757, VQPIIM~~Annotated Tetis GtrtZ Statubw ;, reada sis foli6wal “No maoh. ftirei@~ life forrur&ee aim- panes, or ~3.We and aoaident, bealth~aixd ao1 oidan6, or ~life; health ana aaoident inmarana~~ oompqny, shall traneaot any bW&ien~ of inmrauae ia thl8 State, uulers swh aompaqp ia poeserasd oi at leaat me hundred thousand dollara of aotual~paid~ up sash 5oney oapftal invested ia uuah tae’au- rlbiaa ae~provlded under the laws of the Btrafe, tiamitory Or oomtry Of its oree6ion. JYa.mutW1 life ~inouranae OP auoidant izmm- anae OaplPWi or llia.and aeoident, health and aooidant,, o$ l.ir?, health and aooldent iuaurataoe ‘ocm~paxty operatfng on the old’lina -of legal meerre basis, ahall traneaet any b+aineas or ineu~~oa in thtrr State, unleae euoh aampesy Is posaeesed of at leant one hundred t+oueand dollare of net eurplw aaeet~s Invested in seaurities provided ror udar the Lawa of the State, terri6org or oow6ry of its oreation.* ‘After a ,aareiul examination of the oharter and by-laws rubnltted UB by you with ~eforanoa to the above named oompa~y it ie ‘hour 521 opinian that sw,h ampany aan be Iawreallq admIttea WTamaa aa a mutual wmgany 0 6Pabing an the old Una as .lagaZ reoono baris uni ar Artfola~ 4757, Vu, A* @I. 8:,) 10 it posroroas wla not etlrplu8 r* @xed.by.~Arttele 4737, and ir not othemiaa air~mL&fied. We are retuning herewith the instPoment8 you sent w with raiesanea to.ttil8 matbar. Wm. a. Paoning; Aeaistent ATTORl?EY GENERAL 03 !J!ms

Document Info

Docket Number: O-4723

Judges: Gerald Mann

Filed Date: 7/2/1942

Precedential Status: Precedential

Modified Date: 2/18/2017