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CH. 71]

LAWS OF THE THIRTY-SECOND GENERAL ASSEMBLY.

Register and Leader and Des Moines Daily News, newspapers published at Des Moines, Iowa.

Approved April 6, A. D. 1907.

I hereby certify that the foregoing act was published in the Des Moines Daily News, April 9, 1907, and the Register and Leader, April 10, 1907.

W. C. HAYWARD,
Secretary of State.

CHAPTER 71.

CORPORATIONS FOR PECUNIARY PROFIT.

S. F. 109.

AN ACT to amend the law as it appears in chapter one (1), title nine (IX) of the code, relating to corporation for pecuniary profit.

Be it enacted by the General Assembly of the State of Iowa:

SECTION 1. Capital stock-how issued-executive council to fix value. That from and after the passage of this act no corporation organized under the laws of the state of Iowa, except building and loan associations as defined and provided for in chapter thirteen (13), title (9) of the code, shall issue any capital stock or any certificate or certificates of shares of capital stock, or any substitute therefor, until the corporation has received the par value thereof. If it is proposed to pay for said capital stock in property or in any other thing than money, the corporation proposing the same must, before issuing capital stock in any form, apply to the executive council of the state of Iowa for leave so to do. Such application shall state the amount of capital stock proposed to be issued for a consideration other than money, and set forth specifically the property or other thing to be received in payment for such stock. Thereupon, it shall be the duty of the executive council to make investigation, under such rules as it may prescribe, and to ascertain the real value of the property or other thing which the corporation is to receive for the stock; and shall enter its finding, fixing the value at which the corporation may receive the same in payment for capital stock; and no corporation shall issue capital stock for the said property or thing in a greater amount than the value so fixed and determined by the executive council.

SEC. 2. Certificate filed with secretary of state. It shall be the duty of every corporation to file a certificate under oath with the secretary of state, within ten (10) days after the issuance of any capital stock, stating the date of issue, the amount issued, the sum received therefor, if payment be made in money, or the property or thing taken, if such be the method of payment.

Cancellation of stock. The capital stock of any corporation issued in violation of the terms and provisions hereof shall be void, and in a suit brought by the attorney general on behalf of the state of Iowa in any court having jurisdiction, a decree of cancellation shall be entered; and if the corporation has received any money or thing of value for the said stock, it shall remain the property of the corporation for the benefit of the remaining stockholders.

SEC. 4. Dissolution of corporation. Any corporation violating the provisions hereof shall, upon the application of the attorney general, in behalf of the state, made to any court of competent jurisdiction, be dissolved, its affairs wound up, and its assets distributed among the stockholders other than those who have received the stock so unlawfully issued.

LAWS OF THE THIRTY-SECOND GENERAL ASSEMBLY.

[CH. 73

SEC. 5. Penalty. Any officer, agent or representative of a corporation who violates any of the provisions hereof shall, upon conviction, be fined not less than two hundred (200) dollars nor more than one thousand (1,000) dollars, and be imprisoned in the county jail for not less than thirty (30) days nor more than six (6) months.

Approved April 4, A. D. 1907.

CHAPTER 72.

FALSE STATEMENTS CONCERNING PECUNIARY CONDITION OF CORPORA

TIONS.

S. F. 171.

AN ACT to prohibit the making or publishing of false or exaggerated statements or publications of or concerning the affairs, pecuniary condition or property of any corporation, or joint stock association, which said statements or publications are intended to give or shall have a tendency to give a less or greater apparent value to the shares, bonds or property, or any part thereof, of said corporation or joint stock association than the said shares, bonds or property shall really and in fact possess, and providing a penalty therefor. [Additional to chapter one (1) of title nine (IX) of the code.]

Be it enacted by the General Assembly of the State of Iowa:

SECTION 1. False statements-penalty. Every director, officer or agent of any corporation or joint-stock association, who knowingly concurs in making, publishing or posting, either generally or privately to the stockholders or other persons, any written report, exhibit, or statement of its affairs or pecuniary condition, or book or notice containing any material statement which is false, or any untrue or willfully or fraudulently exaggerated report, prospectus, account, statement of operations, values, business, profits, expenditures, or prospects, or any other paper or document intended to produce or give, or having a tendency to produce or give, the shares of stock in such corporation a greater value or a less apparent or market value than they really possess, is guilty of a felony, and upon conviction thereof shall be punished by imprisonment in the penitentiary not to exceed one year, or by imprisonment in the county jail not to exceed six months or a fine not exceeding five hundred dollars.

Approved March 26, A. D. 1907.

CHAPTER 73.

POLITICAL CONTRIBUTIONS BY CORPORATIONS.

S. F. 38.

AN ACT prohibiting any corporation doing business within the state or any officer, agent or representative thereof acting for such corporation, from giving or contributing any money, property, labor or thing of value, to any member of any political committee, party or employe thereof, or to any candidate for any office, for campaign expenses or political purpose whatsoever, or to any person, partnership or corporation for the purpose of influencing or causing said person, partnership or corporation to influence any elector of the state to vote for or against any candidate for public office or candidate for nomination for any public office or to any public officer for the purpose of influencing his official action. And prohibiting any member of any political committee, party or employe thereof, or any candidate for any office from soliciting, requesting or knowingly receiving any such contribution from any corporation for campaign expenses or political

CH. 74]

LAWS OF THE THIRTY-SECOND GENERAL ASSEMBLY.

purpose whatsoever, and providing a penalty for the violation thereof. [Additional to chapter one (1) of title nine (IX) of the code.]

Be it enacted by the General Assembly of the State of Iowa:

SECTION 1. Political contributions by corporations prohibited. It shall be unlawful for any corporation doing business within the state, or any officer, agent or representative thereof acting for such corporation, to give or contribute any money, property, labor or thing of value, directly or indirectly, to any member of any political committee, political party, or employe or representative thereof, or to any candidate for any public office or candidate for nomination to any public office or to the representative of such candidate, for campaign expenses or for any political purpose whatsoever, or to any person partnership or corporation for the purpose of influencing or causing such person, partnership or corporation to influence any elector of the state to vote for or against any candidate for public office or for nomination for public office or to any public officer for the purpose of influencing his official action, but nothing in this act shall be construed to restrain or abridge the liberty of the press or prohibit the consideration and discussion therein of candidacies, nominations, public officers or political questions.

SEC. 2. Solicitation from corporations prohibited. It shall be unlawful for any member of any political committee, political party, or employe or representative thereof, or candidate for any office or the representative of such candidate, to solicit, request or knowingly receive from any corporation or any officer, agent or representative thereof, any money, property or thing of value belonging to such corporation, for campaign expenses or for any political purpose whatsoever.

SEC. 3. Testimony-immunity from prosecution. No person, and no agent or officer of any corporation within the purview of this act shall be privileged from testifying in relation to any thing herein prohibited; and no person having so testified shall be liable to any prosecution or punishment for any offense concerning which he is required to give his testimony, provided that he shall not be exempted from prosecution and punishment for perjury committed in so testifying.

SEC. 4. Penalty. Any person convicted of a violation of any of the provisions of this act shall be punished by imprisonment in the county jail not less than six months or more than one year and in the discretion of the court, by fine not exceeding one thousand dollars ($1000.00). Approved March 26, A. D. 1907.

CHAPTER 74.

PROPORTIONATE REPRESENTATION TO MINORITY STOCKHOLDERS OF INSURANCE CORPORATIONS.

S. F. 50.

AN ACT regulating the election or appointment of the directors or other persons by whom the affairs of corporations organized on the stock plan for transacting the business of life or fire insurance companies are to be conducted, so as to secure proportionate representation to minority stockholders, and providing for the election of directors, nominated by a minority of the stockholders; additional to chapters one (1), four (4), six (6), seven (7) and eight (8) of title nine (IX) of the code.

Be it enacted by the General Assembly of the State of Iowa:

SECTION 1. Proportionate representation. From and after the taking effect of this act, the holder or holders, jointly or severally, of not less than one

LAWS OF THE THIRTY-SECOND GENERAL ASSEMBLY.

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fifth but less than a majority of the shares of the capital stock of corporations organized on the stock plan under the laws of this state for transacting the business of life or fire insurance, shall be entitled to nominate to be elected or appointed, as the case may be, directors or other persons performing the functions of directors by whom, according to the articles of incorporation of such corporations its affairs are to be conducted. In the event such nomination shall be made, there shall be elected or appointed to the extent that the total number to be elected or appointed is divisible, such proportionate number from the persons so nominated as the shares of stock held by persons making such nominations bear to the whole number of shares issued; provided the holder or holders of the minority shares of stock shall only be entitled to onefifth (1-5) (disregarding fractions) of the total number of directors to be elected for each one-fifth (1-5) of the entire capital stock of such corporation so held by them; and provided further that this act shall not be construed to prevent the holders of a majority of the stock of any such corporation from electing the majority of its directors. Vacancies occurring from time to time shall be filled so as to preserve and secure to such minority and majority stockholders proportionate representation as above provided.

SEC. 2. Articles of incorporation. All such existing corporations shall by amendment to their articles of incorporation, approved by the auditor of state, provide for the nomination, election or appointment, of the directors or other persons by whom its affairs are to be conducted, in conformity with the provisions of this act, and the articles of incorporation of all such incorporations hereafter organized shall contain like provisions.

SEC. 3. In effect. This act, being deemed of immediate importance, shall take effect and be in force from and after the date of its publication in the Register & Leader and in the Des Moines Capital, newspapers published in the city of Des Moines, Iowa. Approved March 26, A. D. 1907.

I hereby certify that the foregoing_act was published in the Des Moines Capital, March 27, 1907, and the Register and Leader, March 28, 1907. W. C. HAYWARD, Secretary of State.

CHAPTER 75.

REMOVAL OF GOODS AND MERCHANDISE COVERED BY INSURANCE.

H. F. 345.

AN ACT to amend the law as it appears in section one thousand seven hundred and forty-three (1743) of the supplement to the code, relative to the removal of goods and merchandise covered by insurance.

Be it enacted by the General Assembly of the State of Iowa:

SECTION 1. Removal without consent invalidates policy. That the law as it appears in section one thousand seven hundred and forty-three (1743) of the supplement to the code, be and the same is hereby amended by striking out the word "removal" and the comma following in the fourteenth (14th) line of said section.

Approved March 23, A. D. 1907.

CH. 76]

LAWS OF THE THIRTY-SECOND GENERAL ASSEMBLY.

CHAPTER 76.

IOWA STANDARD FIRE INSURANCE POLICY.

H. F. 49.

AN ACT providing for a uniform policy to be used by all fire insurance companies doing business in the state of Iowa. [Additional to chapter four (4) of title nine (IX) of the code.]

Be it enacted by the General Assembly of the State of Iowa:

SECTION 1. Additions, riders and clauses permitted. It shall be unlawful for any insurance company to issue any policy of fire insurance upon any property in this state other or different from the standard form of fire insurance policy herein set forth, except,

I. It may print in its policy its name, location, date of incorporation, amount of its paid up capital stock, (if a stock company), names of its officers and agents, the number and date of the policy, the amount (under dollar mark) for which it is issued, and if issued through an agent the words: "This policy shall not be valid until countersigned by the duly authorized agent of this company at ....

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II. It may use in or upon its policy forms or slips of the description, location and specifications of the property insured, together with permits upon such conditions not in conflict with the provisions of law, as may be agreed upon, for the use or storage of electricity, gasoline, explosives, or other extra hazardous products or materials; for repairs or improvements; for the operation or ceasing to operate; and for the vacancy of the premises; and permits for hazards other than those specifically mentioned above; also a mortgagee's or loss payable clause, and other permits or riders, not in conflict with law.

III. It may also by written or printed clause upon such conditions not in conflict with the provisions of law as may be agreed upon, provide that a policy shall cover any loss or damage caused by lightning, tornadoes, cyclones, hail or windstorms not exceeding the sum insured or the interest of the insured in the property; provided, if there shall be other valid insurance on such property whereby the same is insured against loss by lightning, tornadoes, cyclones, hail or windstorms, said company shall be liable only pro rate with such other valid and collectible insurance for any such loss by lightning, tornadoes, cyclones, hail or wind storms.

IV. Any company incorporated in this state, or authorized to do business herein, shall print in its policy or attach thereto any provision which such company is required by law to insert in its policies or attach thereto, not included in the provisions of this policy, but such provisions shall be printed apart from the other conditions and agreements of this policy and under a separate title as follows: "Provisions required by law to be stated in the policy of insurance."

V. It shall print upon its policy issued in compliance with the preceding provisions of this act, the words: IOWA STANDARD FIRE INSURANCE POLICY.

SEC. 2. Standard fire insurance policy-form. The policy shall be plainly printed, and no part thereof shall be in type smaller than brevier; the conditions thereof shall be printed in double column form with numbered lines, and such policy shall be in terms and conditions as follows:

1. In consideration of the stipulations herein named and of dollars, does insure for the term of

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