language to be deleted (2) new language
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 thereofthat 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 tomay transact business in the entire territory of the merged companies, but the territory of the surviving company in the merger shallmust not be larger than 250300 townships. Presented to the governor April 12, 1999 Signed by the governor April 15, 1999, 10:57 a.m.
Official Publication of the State of Minnesota
Revisor of Statutes