visions repealed shall be impaired or in any manner Same. affected by this repeal, and whenever a limitation or period of time is prescribed by such repealed provisions for acquiring a right or barring a remedy, or for any other purpose, has begun to run before this Act takes effect, and the same or any other limitation is prescribed by this Act, the time of limitation which shall have run when this Act takes effect shall be deemed part of the time prescribed by this Act. tion of Act. SEC. 287. With relation to the laws passed at the Construepresent session of the Legislature, this Act must be construed as though it had been passed on the first day of the present session. If the provisions of any law passed at the present session of the Legislature contravenes or is inconsistent with the provisions of this Act, the provisions of such law must prevail. SEC. 288. This Act shall take effect on the first day of July, eighteen hundred and seventy-four. [Chap. 612.] AN ACT TO AMEND SECTION FOUR HUNDRED AND TIONS TO THE CIVIL CODE. [Approved March 30th, 1874.] NEW SEC The People of the State of California, represented in SECTION 1. Section four hundred and nineteen of the Civil Code is hereby amended so as to read as follows: capital. Section Four Hundred and Nineteen. No com- Insurance pany, corporation, or association, except mutual life, health, and accident corporations, shall hereafter be formed or organized, under the laws of this State, for the transaction of business in any kind of insurance, Same. except on live stock, without a subscribed capital equal to at least two hundred thousand dollars in United States gold coin; twenty-five per cent whereof must be paid in previous to the issuance of any policy, and the residue by monthly or quarterly installments, within twelve months from the day of filing the certificate of incorporation. No individual, or person, or corporation, organized under the laws of any other State or country as a stock company, must transact any kind of insurance business in this State, except on live stock, unless such person or corporation has a paid up capital stock equal to at least two hundred thousand dollars in United States gold coin, and has available cash assets, exclusive of stock notes, equal to two hundred thousand dollars in such gold coin over and above all liabilities for losses, reported expenses, taxes, and reinsurance of all outstanding risks, as provided in section six hundred and two of the Political Code of this State. Nor must any individual or person, as agent of any person or corporation, organized under the laws of any other State or country as a mutual insurance company, transact any kind of insurance business in this State, except on live stock, unless such person or corporation possess available cash assets equal to at least two hundred thousand dollars in United States gold coin, over and above all liabilities for losses reported, expenses, taxes, and reinsurance of all outstanding risks, as provided in section six hundred and two of the Political Code of this State. SEC. 2. The following sections are added as new sections to said Code, and must be inserted in said Code after section four hundred and forty-eight, and designated as sections four hundred and forty-nine, four hundred and fifty, and four hundred and fifty-one, respectively: clause. Section Four Hundred and Forty-nine. When the Retaliatory certificate of the Insurance Commissioner of this State, of the valuation of the policies of a life insurance company, as provided in section four hundred and forty-seven of the Civil Code of this State, issued to any company organized under the laws of this State, shall not be accepted by the insurance authorities of any other State, in lieu of a valuation of the same, by the insurance officer of such other State, then every company organized under the laws of such other State, doing business in this State, shall be required to have a separate valuation of its policies made under the authority of the Insurance Commissioner of this State, as provided in section four hundred and forty-seven of the Civil Code. issued State. Section Four Hundred and Fifty. Every policy of Policies insurance upon life issued hereafter within the limits within of the State of California, whether by a person or corporation, organized under the laws of this State, or under those of any other State or country, or by the agent of such person or corporation, must contain written evidence that it was issued in this State. And any such policy issued in this State, which shall not contain such written evidence, is, at the option of the holder, null and void. And the person or corporation issuing such policy, without the evidence hereinbefore required, shall forfeit to the people of the State of California, for each and every policy so issued, the sum of one hundred dollars in United States gold coin, to be collected by the Insurance Commissioner as provided by section five hundred and ninety-eight of the Political Code. tion and Section Four Hundred and Fifty-one. Whenever, Cancelladuring the life of any policy of insurance hereafter payment. issued in this State, such policy shall be, by the legal holder thereof, presented to the person or corporation Same. issuing the same, or to the agent of such person or corporation, for payment and cancellation, such person or corporation must, within sixty days after such presentation and demand of payment, pay to the holder of such policy, in like currency to that of the policy, a sum equal to seventy-five per cent of the then present value of such policy, as ascertained and determined in accordance with the provisions of section four hundred and forty-seven of the Civil Code, and such payment shall be a full and complete liquidation of such policy. [Chap. 623.] Tolls, etc. AN ACT TO AMEND SECTION FIVE HUNDRED AND [Approved March 28th, 1874.] The People of the State of California, represented in SECTION 1. Section five hundred and fourteen of the Civil Code is hereby amended so as to read as follows: Section Five Hundred and Fourteen. All wagon road corporations may bridge or keep ferries on streams on the line of their road, and must do all things necessary to keep the same in repair. They may take such tolls only on their roads, ferries, or bridges as are fixed by the Board of Supervisors of the proper county through which the road passes or in which the ferry or bridge is situate, except that in the Counties of Klamath, Butte, Del Norte, Plumas, Humboldt, and Sierra the Directors may fix their own tolls, but in no case must the tolls be more than sufficient to pay fifteen per cent nor less than ten per cent per annum on the cost of construction, after paying for repairs and other expenses for attending to the roads, bridges, or ferries. If tolls other than as herein. provided are charged or demanded, the corporation forfeits its franchise, and must pay to the party so charged one hundred dollars as liquidated damages. [Chap. 524.] AN ACT TO AMEND SECTION FIVE HUNDRED AND [Approved March 18th, 1874.] The People of the State of California, represented in SECTION 1. Section five hundred and seventy-four of the Civil Code is hereby amended so as to read as follows: savings and Section Five Hundred and Seventy-four. Savings Property, and loan corporations may purchase, hold, and convey real and personal property, as follows: First-The lot and building in which the business of the corporation is carried on, the cost of which must not exceed one hundred thousand dollars; except, on a vote of two thirds of the stockholders, the corporation may increase the sum to an amount not exceeding two hundred and fifty thousand dollars. Second-Such as may have been mortgaged, pledged, or conveyed to it in trust, for its benefit, in good faith, for mney loaned in pursuance of the regular business of the corporation. Third-Such as may have been purchased at sales under pledges, mortgages, or deeds of trust made for its benefit, for money so loaned, and such as may be conveyed to it by borrowers in satisfaction and discharge of loans made thereon. Fourth-No such corporation must purchase, hold, loan corpo rations. |