Page:United States Statutes at Large Volume 48 Part 1.djvu/1168

 1142 73d C ONGRESS. SESS. II. CH. 672 . JUNE 19, 1934. the meantime suspended or revoked ; provided any qualified person may be licensed as a broker regardless of place of residence or domicile. Penalty provision. An y person who vio lates an y provis ion of t his sect ion upon convic- tion shall be fined not exceeding $100 for each and every violation. al Embezzlement S EC. 30. EMBEZZLEMENT ; PENALTY.-An insurance agent, solicitor, or broker who acts in negotiating or renewing or continuing a con- tract of insuran ce for a company lawfull y doing b usiness in the D is- trict, and who receives any money or substitute for mo ney as a premiu m for such a con tract from the i nsure d, wh ether he shall be entitled to an interest in same or otherwise, shall be deemed to hold such p remiu m in trust for t he com pany makin g the contr act. If he fails to pay the same over to the company after written demand made upon him therefor, such failure shall be prima facie evidence that he has used or applied the said premium for a purpose other than pay- ing the sa me ove r to the company, and upo n con vi cti on thereof he shall be deemed guilty of embezzlement and punished accordingly. li4e . Minors, health , coa end acts acci- for SEC. 31. CONTRAC T OF MINORS FOR LIFE, HEALTH, AND ACCIDENT dent insurance. INSURANCE .-An y min or of the age of fi ftee n ye ars or m ore may, notwithstanding such minority, contract for life, health, and accident insurance on his own life for his or her own benefit or for the benefit of his f ather, m other, h usband, wife, ch ild, brot her, sis ter, or for the benefit of any person who has the care or custody of said minor or with whom said minor makes his or her home, and may exercise all s uch contractual rights wit h res pe ct to any suc h contract of insurance as might be exercised by a person of full legal age and may at any time surrender his or her interest in any such insurance or give a valid discharge for any benefit accruing or money payable there- under. A ssessm ent c ompa- SEC. 32. ASS ESSMENT de nied. COMPANIES .-Any comp any which makes Dies ; Licensing insurance or reinsurance the performance of which is not guaranteed by the reserves required by this Act, but is mainly contingent upon the pa ym ent of assessments or calls ma de up on its members, shall not be formed, admitted, or licensed in the District. Appeal from Superin- SEC. 33. APP EAL FROM S UPERINTEND ENT TO COMMISSIONERS .-Any tendent to Commas- sioners. appeals to the Commissioners from rulings of the Superintendent shall be perfected and filed with the Commissioners within twenty da ys exclusive of Sundays and legal holidays from the da te su ch rulings are communicated to the party at interest. CHAPTER III-DOMESTIC COMPANIES See. 1. Articles of incorporation. See. 2. Publication of articles of incorporation ; noti ce of intention to form company ; bond of incorporators. Sec. 3. Approval of articles of incorporation ; co mpl et ion of organization of company. Sec. 4. Authority to solicit subscriptions to capital of company in course of organization. Sec. 6. Subscription to capital stock ; limitation of expense on sale of capital stock. See. 6. Examination of company in cou rse of organiz ation. See. 7. When corporate powers of company in course of organization shall cease. See. 8. Capital stock requirements. Sec. 9. Amendment of articles of incorpo ration. Sec.10. Increase of capital stock. Sec. 11. Decrease in capital stock . See. 12 . Liabilit y of stoc kholde rs. Domestic companies.
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