personal property, as the purposes of the association may require; to appoint such subordinate agents or officers as the business may require; to admit associates or members, and to sell or forfeit their interest in the association for default of installments, or dues, or work, or labor required, as provided by the by-laws; to enter into any and all lawful contracts or obligations essential to the transaction of its affairs, for the purpose for which it was formed, and to borrow money, and issue all such notes, bills, or evidence of indebtedness or mortgage as its by-laws may provide for; to trade, barter, buy, sell, exchange, and to do all other things proper to be done for the purpose of carrying into effect the objects for which the association is formed. 1258. Dissolution. SEC. 10. Any association formed or consolidated under this act may be dissolved and its affairs wound up voluntarily by the written request of twothirds of the members. Such request shall be addressed to the directors, and shall specify reasons why the winding up of the affairs of the association is deemed advisable, and shall name three persons who are members to act in liquidation and in winding up the affairs of the association, a majority of whom shall thereupon have full power to do all things necessary to liquidation; and upon the filing of such request with the directors, and a copy thereof in the office of the county clerk of the county where the principal business is transacted, all power of the directors shall cease and the persons appointed shall proceed to wind up the association, and realize upon its assets, and pay its debts, and divide the residue of its money among the members, share and share alike, within a time to be named in said written request, or such further time as may be granted them by two-thirds of the members, in writing, filed in the office of said county clerk; and upon the. completion of such liquidation the said association shall be deemed dissolved. No receiver of any such association or of any property thereof, or of any right therein, can be appointed by any court, upon the application of any member, save after due process of law. SEC. 11. Any member may upon or subsequent to becoming a member nominate upon his application, or otherwise file with the secretary of any corporation incorporated under this act, and of which he is a member, the person whom he desires shall succeed to his membership and interests in said corporation upon his death; and upon proof of said member's death being made, according to the by-laws and to the satisfaction of said corporation's board of directors, said deceased member's membership and interests in said cooperative corporation shall by the said secretary be transferred to the person or persons so nominated, with the consent of the board of directors, without letters of administration. And in case said board of directors do not consent to said nominee becoming a member, then said corporation shall, within ninety days after proof, pay said nominee the amount which the deceased member has paid on said membership, together with the amount of his other interests in said corporation. 1260. "Lawful business" construed. SEC. 12. This act being passed to promote association for mutual welfare, the words "lawful business" shall extend to every kind of lawful effort for business, education, industrial, benevolent, social, or political purposes, whether conducted for profit or not, and this act shall not be strictly construed, but its provisions must at all times be liberally construed, with a view to effect its object and to promote its purposes. An Act concerning franchises for furnishing electric light, heat and power. Approved March 20, 1909, 154, 1261. Must pay percentage of profits. 1261. Must pay percentage of profits. 1263. Appurtenances of best make. SECTION 1. Any person, company, corporation or association engaged in supplying electric light, heat or power to the inhabitants of any county, or to the inhabitants of any town or city in any county in the state, and which filed its acceptance of the terms of the provisions of an act entitled "An act granting to persons and corporations the right to supply electric power, heat and light to the inhabitants of counties, cities and counties, cities and towns of the State of Nevada and granting to such persons and corporations the right to construct and maintain poles and wires on the county roads and highways, and in the streets of said cities, cities and counties, cities and towns of this state, and to conduct electricity over said wires and providing for the punishment of obstruction, hindrance or damage thereto," approved March 2, 1901, the same being chapter 25, Laws of 1901, with the county recorder of such county, or which complied with the procedure authorized by chapter 190 of the Laws of 1907, entitled "An act to define the rights and responsibilities of owners of electric light lines and power lines in the State of Nevada," or which applied for and received a formal permit or franchise from the county commissioners of such county prior to the passage of this act, and has since the filing of such acceptance, or the receipt of such franchise, or said compliance, been actually engaged in supplying electric light, heat or power to the inhabitants of any county or of any town or city therein, shall have and there is hereby granted to such persons, company, association or corporation the franchise, rights and privilege to supply electric light, heat and power to the inhabitants of such county, and to the inhabitants of any town or city therein, and that to carry out said purpose, the right, privilege and franchise is hereby granted to such person, association or corporation to construct and maintain poles and wires on the county roads and highways, and in the streets of the said cities and towns, together with all the necessary appurtenances, and to conduct electricity over said wires and appurtenances to any part of said county, and to the towns and cities therein, for the purpose of furnishing electric heat, power, and light to the same extent as if the terms and provisions of said act had originally been fully complied with. But no person, company, corporation or association shall have the benefits of the provisions of this act until there has been paid to such town, city or county two per cent of the net profits made in furnishing or supplying such electric light, heat or power, since the filing of its acceptance of the terms and provisions of chapter 25 of the Laws of 1901, or since such permit or franchise was received from the board of county commissioners, or since such compliance with the procedure authorized by chapter 190 of the Laws of 1907; provided, however, that nothing herein shall be so construed as to enlarge the powers or to extend the term granted by any existing franchise; provided, that any person, company, association or corporation accepting the benefits of the provisions of this act as hereinafter provided shall pay annually two per cent of its net profits, made in furnishing such electric light, heat and power, to the county or counties in which such person, company, association or corporation is engaged in business; and provided further, that this act shall not be held or construed to relieve any such person, company, corporation, or association which has received a franchise from any board of county commissioners in this state prior to the passage of this act from the full performance of the terms and conditions imposed by such franchise; but that compliance with the terms and provisions of this act shall be required in addition thereto. See Franchises, secs. 2129-2141. Chapter 25, Statutes of 1901, and chapter 190, Statutes of 1907, mentioned in foregoing section, repealed by section 2140. 1262. Must keep appliances in good order. SEC. 2. Such persons or corporations shall keep their plants, poles, wires, and necessary appurtenances in good repair, so as not to interfere with the passage of persons or vehicles or the safety of persons or property. Such poles shall be not less than thirty feet in height, and the wires strung thereon shall be not less than twenty-five feet above the ground, and such persons or corporations shall provide a competent electrician at the expense of said persons or corporations, to cut and repair such wires as are necessary for the removal of buildings or other property through the streets of said counties, cities or towns with all due diligence. 1263. Appurtenances of best make. SEC. 3. The appurtenances of said plant shall be of the most approved construction for the comfort and conveniences of the inhabitants of said counties, cities and towns of this state. 1264. Length of franchise. SEC. 4. The franchise and privilege hereby granted shall continue for a period of twenty-five years from and after the date of the filing of the notice of intention and agreement as required by said chapter 25 of the Laws of 1901, or from and after the receipt of such formal permit or franchise, or from and after said compliance with the procedure authorized by chapter 190 of the Laws of 1907. Such person, company, association or corporation shall file annually with the county recorder an affidavit showing the gross receipts and expenditures derived from and expended in the furnishing of such electric light, heat and power; provided, however, that no person or persons, company or corporation shall be entitled to any of the benefits or be included within the provisions of this act unless and until such person or persons, company or corporation shall, within ninety days after the passage hereof, file in the office of the secretary of state and in the office of the county recorder of the county in which such person or persons, company or corporation maintains its principal office or place of business, a duly executed and acknowledged acceptance of the terms, conditions and provisions of this act, which acceptance, in the case of a corporation, shall be evidenced by a duly attested or certified copy of a resolution of its board of directors. See sec. 2140. An Act to grant certain privileges to gas companies and others. Approved February 26, 1877, 94 1265. May erect buildings and lay pipes. SECTION 1. Any person, persons, or company desiring to supply the inhabitants of any city or town in this state with illuminating gas, it shall have the license and authority to erect within the limits of such city or town the necessary buildings, works and machinery for the manufacture or production of such gas; to make the necessary excavations in the public streets of such city or town, for the purpose of laying gas pipes therein; to lay all necessary pipes, and to reopen such excavations at any time for replacement, repair, or examination of the pipes; provided, that no street shall be obstructed to an unnecessary degree, or for an unnecessary period of time, by any work as aforesaid. An Act to license and regulate insurance business in this state. 1266. Insurance companies prohibited from doing business without a certificate. SECTION 1. No company, corporation, or association organized under the laws of this state, or any other state, or government, or firm, or individual, shall be permitted to transact an insurance business in this state, without a certificate from the state controller authorizing and permitting the transaction of such business. See note following sec. 1218. 1267. Insurance companies under laws of this state. SEC. 2. Corporations may be formed under the general laws of this state for the transaction of insurance business, but no such corporation shall be permitted to assume any risk as insurer, unless the same shall have at least five directors, who shall be residents and property owners in this state, and stockholders in the corporation; nor until such corporation shall have a paid up, unimpaired cash capital equal to two hundred thousand dollars, in United States gold coin, which shall be invested in this state in state or United States bonds; bonds and mortgages on first-class, otherwise unincumbered, real estate, the market value of which shall be at least double the amount invested in or loaned thereon; bonds of any city or county in this state, the issuance of which was duly authorized by law; bonds of any railroad, wagon road, ditch, or canal incorporation or association; provided, that such bonds or securities shall at no time be estimated as assets of such corporation at more than their actual cash market value; and nothing in this act shall be construed to permit any investment in mining stock. See sections 1 and 114 of the general incorporation act of 1903, and section 1 of the corporation act of 1865, sections 1105, 1215, and 1219. 1268. Loans prohibited. SEC. 3. No loan shall be made to any stockholder by any insurance corporation formed under the laws of this state, nor shall any stockholder be interested in any way in any loan, pledge, security, or property of any insurance company organized under the laws of this state, except as stockholder in said company, and any property claimed as belonging to such company, standing in the name of any person or persons, shall not be admitted as an asset of such company. 1269. Terms of insurers limited. SEC. 4. No association, firm, or individual, whose principal office shall be in this state, shall be permitted to transact business as insurer on terms more favorable than are defined in section 2 of this act. 1270. Controller to make examinations-Notice to repair capital-Revoke certificate and penalties. SEC. 5. The controller of state is hereby authorized and required, upon the receipt of a written request, signed by three citizens of this state, or whenever, from any cause, he shall deem it necessary, to make a thorough examination of the books, accounts, securities, and all property belonging to any company incorporated under the laws of this state, and if he does not find capital paid up to the amount of two hundred thousand dollars, or if he shall find the capital impaired, he shall give notice to such company to immediately repair its capital, and shall refuse or revoke his certificate of authority to such company to do business in this state; and if any company shall refuse to permit such examination, the controller shall refuse or revoke his certificate of authority to such company. If after such notice, refusal, or revocation of his certificate by the controller, such company shall continue to make contracts and issue policies, the officers, or any officer, agent, or other person so violating the provisions of this act, shall be deemed guilty of a misdemeanor, and on conviction thereof shall be fined the sum of five hundred dollars for each offense committed after the receipt of such notice, and in default of payment of such fine shall be imprisoned in the county jail of the county in which the offense was committed for a period not exceeding six months, or until such fine shall be paid. 1271. Assessment on stock. SEC. 6. For the purpose of repairing the capital of insurance companies or corporations, assessments may be levied upon the capital stock thereof, and collected as now provided by law for levying and collecting assessments upon the capital stock of other corporations in this state. 1272. Controller to have access to books-Duties of companies in facilitating the examination. SEC. 7. For the purpose of examination, the controller shall have free access to all books, papers, and property of any insurance company formed under the laws of this state, and shall thoroughly inspect and examine the same, as far as necessary to determine the financial condition and ability of such company to fulfil its engagements, and also to ascertain whether it has complied with all the requirements of this act. And it shall be the duty of such company to permit its books to be opened to the inspection of the controller, and otherwise to facilitate such examination. The controller shall have power to examine any officer, agent, or employee of such company, under oath, and require answers in writing, and if he shall find the books carelessly or improperly kept, or kept with intent to deceive, he shall have power to employ experts to thoroughly examine, rewrite, post and balance. the same at the expense of such company; and the controller shall refuse or revoke his certificate of authority to any company refusing to permit such. examination, or to pay the legitimate expenses thereof. 1273. Showings required of companies other than state corporationsService of notice. SEC. 8. No insurance company organized outside the State of Nevada shall be permitted to do business in this state until it shows to the controller, by the reports of the insurance commissioner or insurance officer of some other state having an insurance department, or by a certificate of such insurance officer, that it is possessed of a paid up, unimpaired cash capital of at least two hundred thousand dollars, nor until such company shall have filed with the controller a power of attorney which shall set forth that such company is a corporation or duly organized insurer (naming the principal place of business of the company and the principal place of business for the Pacific |