Minnesota Session Laws - 1999, Regular Session

                            CHAPTER 53-H.F.No. 1066 
                  An act relating to insurance; township mutual 
                  insurance companies; regulating the territories of 
                  operation; amending Minnesota Statutes 1998, section 
                  67A.01. 
        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
           Section 1.  Minnesota Statutes 1998, section 67A.01, is 
        amended to read: 
           67A.01 [NUMBER OF MEMBERS REQUIRED, PROPERTY AND 
        TERRITORY.] 
           (a) It shall be lawful for any number of persons, not less 
        than 25, residing in adjoining townships in this state, who 
        shall collectively own property worth at least $50,000, to form 
        themselves into a corporation for mutual insurance against loss 
        or damage by the perils listed in section 67A.13. 
           Any such (b) Except as otherwise provided in this section, 
        the company shall operate in no more than 150 adjoining 
        townships in the aggregate at the same time; provided, that when 
        any such.  The company may, if approval has been granted by the 
        commissioner, operate in more than 150 adjoining townships in 
        the aggregate at the same time, subject to a maximum of 300 
        townships.  If the company confines its operations to one county 
        it may transact business in the whole thereof that county by so 
        providing in its certificate of incorporation, and provided 
        further that.  In case of merger of two or more companies having 
        contiguous territories, the surviving company in the 
        merger shall have the right to may transact business in the 
        entire territory of the merged companies, but the territory of 
        the surviving company in the merger shall must not be larger 
        than 250 300 townships. 
           Presented to the governor April 12, 1999 
           Signed by the governor April 15, 1999, 10:57 a.m.