curred in the conducting of said agency; provided, said expenses shall not exceed $300.00 per year.

Emergency.

Section 2. It being immediately necessary for the preservation of the public peace, health and safety, an emergency is hereby declared to exist by reason whereof this act shall take effect and be in full force from and after its passage and approval.

Approved April 3, 1915.

CHAPTER 223.

INSURANCE INDEMNITY CORPORATION AUTHORIZED TEAMS AND VEHICLES.

AN ACT in relation to the incorporation of Mutual Indemnity Associations to do the business of indemnifying the owners of teams and vehicles, including vehicles operated by their own power against loss or damage resulting from the ownership, operation or maintenance of such teams or vehicles; and declaring an emergency.

Be It Enacted By The People Of The State Of Oklahoma:

How Organized-Regulation of Business.

Section 1. That any number of persons, not less than twenty, may associate and form an incorporated company upon the mutual plan for the following purposes, to-wit:

To transact the business of indemnifying the owners of teams and vehicles, including vehicles operated by their own power, against loss or damage resulting from the ownership, operation or maintenance of such teams and vehicles or against any hazard incident thereto, for all or either of such purposes.

Such associations shall be organized in the same manner as associations now provided by law for the organization of mutual fire insurance companies. No such com

pany shall commence to transact business until not less than one hundred thousand dollars of insurance, in not less than one hundred separate risks, no one of which, for the purpose of organization, shall exceed five thousand dollars or be less than five hundred dollars, shall have been subscribed and premiums to the amount of ten thousand dollars shall have been paid in cash; and, provided, that during the organization of any incorporated company under this act and prior to the issuance of a certificate authorizing such company to do business in this state, premiums paid to the promoters or organizers of such company for the purpose of organization shall be remitted at the end of each week, by such promoters or organizers of such company to the commissioner of insurance, with a report by such promoters or organizers, and each of them, taking subscriptions for the purpose of organizing such company of the name and post office address of each subscriber and the amount of the premium paid by such subscriber. All money collected by the promoters or organizers of any such company and transmitted or delivered to the commissioner of insurance, as herein required for the purpose of the organization of such company, shall be held by the commissioner of insurance until such company is organized and authorized to do business in this state at which time the same shall be delivered to such company. If for any reason, such company fails in its organization or to be authorized to transact business under this act, thereupon the commissioner of insurance shall return to each of the subscribers of such organization the amount of premium, or premiums, subscribed and paid by such subscriber to the promoters or organizers of said corporation for the purpose of organization. Said return of premiums by the commissioner of insurance shall be made out of the funds delivered or paid to him by the promoters or organizers of such company, under the requirements of this act. Such associations may issue certificates of membership or policies, the premium on which may be paid on the assessment, installment or cash plan. All such

associations shall be subject to the supervision of the commissioner of insurance in the same manner and to the same extent, and shall make the same reports, as fire insurance companies doing business on the mutual plan in the State of Oklahoma.

Admission of Foreign Companies.

Section 2. Mutual associations organized under the laws of any other state, for the purpose of transacting the business of indemnifying the owners of teams or vehicles including vehicles operated by their own power, against loss or damage resulting from the ownership, operation or maintenance of such teams or vehicles, and which have been licensed by the insurance commissioner of their home state for not less than one year and have on hand cash assets to an amount of not less than ten thousand dollars and a premium or assessment income of not less than twenty-five thousand dollars per annum, may be admitted to do business in this state by complying with the same provisions as are required of domestic companies. Such associations shall thereafter make all reports and be subject to examination and supervision by the commissioner of insurance to the same extent and effect as corporations organized under the provisions of this act.

Fee.

Section 3. All foreign corporations admitted to do business in this state under this act shall, at the time of such admission, pay to the commissioner of insurance a fee of fifty dollars. All corporations organized under this act shall pay each year to the commissioner of insurance fifty cents for each agent authorized by said corporation to solicit or transact business for it in the state; and each corporation not organized under this act shall each year pay to the commissioner of insurance a fee of three dollars for each agent authorized or employed by such corporation to solicit or transact business for it in this state. For filing the annual report each corporation organized or admitted to do business

in this state under this act shall pay each year to the commissioner of insurance a fee of ten dollars.

Emergency.

Section 4. It being immediately necessary for the preservation of the public peace, health and safety, an emergency is hereby declared to exist, by reason whereof this act shall take effect and be in full force from and after its passage and approval.

Approved April 5, 1915.

CHAPTER 224.

INSURANCE INDEMNITY CONTRACT.

AN ACT authorizing and regulating certain classes of indemnity contracts; empowering corporations to make such contracts and fixing certain fees; and fixing a penalty for the violation thereof.

Be It Enacted By The People Of The State Of Oklahoma;

Mutual Indemnity Contracts.

Section 1.

Individuals, partnerships and corporations of this state, hereby designated subscribers, are hereby authorized to exchange reciprocal or inter-insurance contracts with each other or with individuals, partnerships and corporations of other states and countries, providing indemnity among themselves from any loss which may be insured against under other provisions of the laws, excepting life insurance.

How Executed.

Section 2. Such contracts may be executed by an attorney, agent or other representative herein designated attorney, duly authorized and acting for such subscribers. The office or offices where such contracts are issued shall be located as designated in the power of attorney.

Filing of Declaration-Amount of Insurance-Funds.

Section 3. Such subscribers, so contracting among themselves, shall through their attorney, file with the State Insurance Board of this state a declaration verified by the oath of such attorney, setting forth:

(a) The name or title of the office at which such subscribers propose to exchange such indemnity contracts. Said name or title shall not be so similar to any other name or title previously adopted by a similar organization or by any insurance corporation or association, as in the opinion of the State Insurance Board is calculated to result in confusion or deception. The office or offices through which such indemnity contracts shall be exchanged shall be classified as reciprocal or inter-insurance exchanges.

(b) The kind or kinds of insurance to be effected or exchanged.

(c) A copy of the form of policy contract or agreement under or by which such insurance is to be effected or exchanged.

(d) A copy of the form of power of attorney or other authority of such attorney under which such insurance is to be effected or exchanged.

(e) The location of the office or offices from which such contracts or agreements are to be issued.

(f) That applications have been made for indemnity upon at least one hundred or more separate risks, aggregating not less than one and one-half million dollars, as represented by executed contracts or bona fide applications, to become concurrently effective, or, in case of liability or compensation insurance, covering a total pay roll of not less than one and one-half million dollars.

(g) That there is on deposit with such attorney and available for the payment of losses a sum of not less than twenty-five thousand dollars.