That the saiu section be further amended by inserting after the word "bank" in line twenty-nine (29) of said section the words ''or loan and trust company" and by adding at the end of said section the words or of a loan and trust company." And when so amended the bill do pass. W. C. STUCKSLAGER, Chairman. The substitute was read first and second time and passed on file. MR. PRESIDENT-Your committee on Banks to whom was referred Senate file No 233, a bill for an act to provide for increasing the capital of banks, beg leave to report that they have had the same under consideration and have instructed me to report the same back to the Senate with the recommendation that the same be amended by adopting the following substitute. SUBSTITUTE FOR SENATE FILE NO. 233. A BILL for an act to provide a method for increasing or decreasing the capital of state and savings banks. Be it Enacted by the General Assembly of the State of Iowa: Section 1. The capital of state and savings banks may be increased or decreased by an affirmative vote of two-thirds (%) of all the shares of the stock of such bank at any regular meeting of the stockholders, or at a special meeting called for that purpose, as provided by the articles of incorporation and by-laws of such bank. Provided, however, that upon such action being taken, the president and cashier shall furnish to the auditor of state a verified transcript of the proceedings of the bank at such meeting as shown by their record and also furnish him a sworn statement of the condition of such bank on the date such action is taken, and any further information that may be required by the auditor. If the auditor is satisfied that the proposed increase or decrease of capital is proper, and if an increase that such increase has actually been paid up in cash, it shall be his duty to approve the action of such bank in such proceedings and furnish the bank a certificate to that effect. Upon the receipt of such certificate such bank shall cause the amendment to its articles of incorporation in the matter of such increase or decrease of its capital to be filed with the county recorder of the county where such bank is located, and also in the office of the secretary of state, and shall also publish notice of such amendment as provided by law and increase or decrease of its capital together with the anditor's approval certificate herein provided for once each week for four consecutive weeks in some newspaper of general circulation in the town or city where such bank is located, or if no such newspaper, then in such newspaper in the county where such bank is located and shall furnish sworn proof of such publication to the auditor and shall also file the same in the office of the secretary of state as now required by law. Upon compliance with the provisions of this act the auditor of state, if he deems proper, shall issue a certificate to such bank showing the increase or decrease of capital of such bank and thereupon the capital of such bank shall be in the amount stated in such certificate of the auditor. Section 2. Any bank heretofore organized in this state with an authorized capital stock larger than its paid up capital as provided by its articles of incorporation that has paid the incorporation fee to the secretary of state for the full amount of its authorized capital stock may increase its paid up capital as provided by this act, to any amount not exceeding its authorized capital stock for which it has once paid the fee without the payment of the incorporation fee to the secretary of state on such increase of paid up capital. Section 3. This act being deemed of immediate importance, shall be in force from and after its publication in the Register and Leader and Des Moines Daily Capital, newspapers published at Des Moines, Iowa. And when so amended the bill do pass. W. C. STUCKSLAGER, Chairman. The substitute was read first and second time and passed on file. Senator Whipple, from the committee on Insurance, submitted the following report: MR. PRESIDENT-Your committee on Insurance to whom was referred Senate file No. 13 a bill for an act to create a legislative commission to examine the subject of insurance and the practice of insurance companies doing business in this state and to whom was referred concurrent resolution by Senator Molsberry relative to the appointment of a committee to investigate life insurance companies, beg leave to report that they have had the same under consideration and have instructed me to report the same back to the Senate with the recommendation that the same be amended by the adoption of the following substitute. SUBSTITUTE FOR SENATE FILE NO. 13. A BILL for an act to create a legislative commission to examine the subject of all insurance and the practice of the insurance companies doing business in this state and revise the insurance laws and provide a uniform policy for life and fire insurance and report their findings and recommendations to the next General Assembly and for other purposes. Be it Enacted by the General Assembly of the State of Iowa. Section 1. There is hereby created a legislative insurance commission, consisting of five members of the General Assembly, two of whom shall be members of the Senate and three of whom shall be members of the House of Representatives. Section 2. The members of the Senate above mentioned shall be appointed by the Lieutenant Governor, and the members of the House of Representatives shall be appointed by the Speaker thereof. Section 3. Said commission shall have the authority to employ such clerical and legal assistance as may be required to properly perform the duties hereby imposed upon said commission, which together with the necessary expenses incurred therein, by said commission shall be paid out of the treasury upon the approval of the Executive Council, upon filing with the Auditor of State a detailed and itemized statement duly verified of same, Section 4. Said commission or a majority thereof, in case of absence of any member, shall constitute a quorum, who shall as soon as practicable, after the adjournment of the present General Assembly, meet in the Capitol building and organize by the election of one of its members as chairman, who shall preside at all meetings of said commission, if present, and in his absence the chairman shall be elected from those present. Said commission shall meet from time to time, as determined by said body, or on the call of the chairman. Section 5. Said commission shall have the power. to thoroughly investigate the system, practice, character, and policies of all insurance companies, and all insurance written by the insurance companies doing business in this state; to examine all the methods employed by them in transacting their business, their relation to other coporations, the salaries paid to their officers and employes, their securities and investments, the relation of the officers and members of said companies to said investments, their relation. to or with other corparations transacting business with said insurance companies, the amount of taxes paid by them, their liability to their policy holders, the cost of insurance, the expenses of said companies, the relation of said insurance companies to subsidiary corporations; to examine into all expenditures of said companies and the said commission is hereby authorized and empowered to require and enforce the attendance of witnesses, and the production of books and papers, and any member of the commission is hereby authorized to administer oaths, and said commission, shall have access, at all times, to the office of the Auditor of State, and the said Auditor shall render to the commission such aid and assistance as is within his power to give. Section 6. Said commission shall on or before December 1, 1906, file with the auditor of the State, its report which shall be printed by him for distribution to the members of the next General Assembly which report shall contain a detailed statement of all expenses incurred and the results of its investigation together with such recommendations and conclusions as will improve and perfect the insurance laws of the State and define the rights of the companies and the equities of the policy holders. Section 7. Said commission shall make such recommendations in reference to perfecting the insurance laws of the state as the investigation herein provided for and the judgment of the commission shall approve, and said report shall contain all recommendations on said subject and shall also contain such recommendations as said committee may approve, concerning a uniform policy or policies of insurance, and the form of such policy or policies recommended. Section 8. The members of said commission shall receive as compensation for said service ten dollars per day each together with their traveling and personal expenses while actually engaged in said work, to be paid from the treasury upon the order of the executive council. Section 9. The amount of money authorized by this act for the purpose herein provided for shall not exceed ten thousand dollars which sum is hereby appropriated out of any money in the State Treasury not otherwis appropriated. Section 10. The printing and binding of said report and all expense connected therewith shall be at the cost of the State as provided by law. Section 11. This act being deemed of immediate importance shall be in full force and effect upon the publication in the Register and Leader, and the Des Moines Daily Capital, newspapers of Des Moines, Iowa. And when so amended the bill do pass. W. P. WHIPPLE Chairman. The substitute was read first and second time and passed on file. By unanimous consent Senate file No. 13 was made a special order to follow the special order under consideration and that it be referred to the Appropriations committee. By unanimous consent Senate file No. 240 was passed for further consideration until Tuesday morning. REPORTS OF COMMITTEES. Senator Garst, from the committee on Appropriations submitted the following report: MR. PRESIDENT-Your committee on Appropriations to whom was referred substitute for House file No. 167, a bill for an act relating to fish and game and making an appropriation for the Fish and Game Commission of the State of Iowa, beg leave to report that they have had the same under consideration and have instructed me to report the same back to the Senate with the recommendation that the following substitute be adopted in lieu thereof: SENATE SUBSTITUTE FOR HOUSE SUBSTITUTE FOR HOUSE FILE NO. 167. A BILL for an act relating to fish and game, and making appropriations for the Fish and Game Commission of the State of Iowa. Be it Enacted by the General Assembly of the State of Iowa: Section 1. That there is hereby appropriated out of any money in the State Treasury, not otherwise appropriated, for the Fish and Game Commission, for the State of Iowa, the sum appearing hereinafter, or so much there of as may be necessary to be expended for the purpose expressed, viz: 1st. For the protection of fish and game and payment of deputy wardens and salary of assistant, two thousand ($2000.00) dollars. 2nd. For gathering fish at Sabula for distribution, seven hundred and fifty ($750.00) dollars. 3rd. For repairs on State Fish Car Hawkeye, three hundred ($300.00). dollars. Making a total appropriation of three thousand and fifty ($3050.00) dollars Section 2. Any unexpended balance of money hereby appropriated and not required for the purpose mentioned, shall be returned to the State Treasury. And when so amended the bill do pass. WARREN GARST, The substitute was read first and second time and passed on file. Also: MR. PRESIDENT-Your committee on appropriations to whom was referred Senate file No. 198 a bill for an act appropriating the sum of two hundred and seventy-eight dollars, twenty-one cents ($278.21) to be paid to Crawford county in settlement of claims against the State of Iowa by reason of expense incurred in the transporting of Russel Gifford and William Butterworth, insane persons, out of the State, beg leave to report that they have had the same under consideration and have instructed me to report the same back to the Senate with the recommendation that the same do pass. WARREN GASRT, Ordered passed on file. Chairman. MR. PRESIDENT-Your committee on Appropriations to whom was referred Senate file No. 277 a bill for an act to appropriate the sum of one hundred ($100) dollars to pay E. S. Frank for money advanced by him to the State of Iowa as rent for certain lake beds situated in Wright and Hancock counties, Iowa, beg leave to report that they have had the same under consideration and have instructed me to report the same back to the Senate with the recommendation that the same do pass. Ordered passed on file. Also: WARREN GARST, MR. PRESIDENT-Your committee on Appropriations to whom was rereferred substitute for House file No, 86 a bill for an act to require and regulate the registration of births and deaths in the state of Iowa, and to repeal section twenty-five hundred sixty-six (2566) twenty-five hundred sixtyseven (2567) of the code, and to repeal chapter one hundred (100) laws of the Thirtieth General Assembly, beg leave to report that they have had the same under consideration and have instructed me to report the same back to the Senate with the recommendation that the same be amended as follow Amend section seven (7) of the substitute bill by striking out the words and figures, "three thousand ($3,000.00) dollars" and inserting the words and figures "two thousand five hundred ($2,500) dollars" in lieu thereof, and when so amended the bill do pass. Ordered passed on file. WARREN GARST. Chairman. |