The Middlebury register. [volume] (Middlebury, Vt.) 1850-1882, 1853-01-26
NUMBER 40.

or agent Of every such company shall
annex to every mortgage lis affidavit
that said mortgage was taken in good
faith for money loaned by the company
which lie represents to the amount
therein named, and that no part Of it
has been since returned, and that he has
reason to believe aud does believe that
the premises thereby mortgaged are
worth at least fifty per cent. more than
the amount of the mortgage thereon
and the treasurer shall prescribe such
regulations for ascertaining the title and
value of such real estate as he may deem
necessary
Sec. S. The treasurer shall hold said
stocks and mortgages as security for
policy holders in said companies, but
shall, so long as any company so deposi-
ting shall continue solvent and shall
comply with all the requisites of the
laws of this state applicable to such
company permit such company to col
lect the interest or dividends on itS
mortgages or stocks so deposited, aud
from time to time withdraw any OF
such securities stocks or mort cages. the
par value Of such as may be withdrawn
each mortgage 50 substituted TO be also
accompanied with an affidavit as required
in the preceding section; and the treas
urcr shall prescribe such regulations for
ascertaiuing the title and value Of tho
real estate covered by mortgage as ho
may deem necessary.
See. 9. The sum so deposited with
the treasurer shall not be withdrawn 50
/ long as said company shall continue to
effect insurances or renewals of policies
within this state, nor until all It's debts
and liabilities of every kind are paid and
cxt:nguishcd that are due or may become
/ due upon any contract or agreement
made with any citizen Of this state and
said foreign companies transactiug life
insurance in this state shall pay all rea-
sonable charges for the services Of the
treasurer, and secretary Of state. aud
auditor, in complying with the duties
prescribed for each il this act.
Sec TO- Ifany such insurance com
pany shall make insurance as aforesaid
without complying with the provisions
of this act, the contract shall be valid
but the agent of such company acting
within this state respecting The eifcctig
of any policy Of insurance, shall forfeit
a sum not exceeding one thousand dol
lars. nor less than three hundred dollars
for each offence. And every person shall
be deemed an agent OF such company,
who shall receive or transmit proposals
for insurance or receive for delivery.
policies founded on proposals forwarded
from this state, or otherwise procure
insurance to be effected By such insu.
rance company for persons residing in
this state or who shall receive pay
ment for such policies and shall be
subject tc the restrictions and liable to
the penalties specified in this act bat
the provisions of this section shall hot
apply to any clerk or messenger acting
for such agent in the town or city where
such agent may reside or have Lis place
OF business.
Sec fl. Every person, acting as a
gent in this state for any life insurance.
company not incorporated by the legis-
lature of this state, she'll, on the first
Monday Of October in every year du-
ring the continuance Of his agency. make
a return on oath TO the treasurer Of the
state of the amount insured or procured
to be insured BY him in this stateas such
agent during tie year preceding, and Of
the amount Of premiums received and
assessments collected during the said
period. and shall at the same TINE pay
to said treasurer a tax Of one lalf ler
cent. on the amount Of such premiums
and assessments, and tie Nhc,e sum re-
cei,ei for policies, whether paid IL money
Or in notes. or BOTH shall be deemed to
be premiums for the purposes of this
section.
Sec IL If any such agent shall
neglec; to make such retrirs aud pay
ments as are required in tie preceding
section. or if he shall make the samo
frauducntly or falsely, he shall for every
such offence forfeit SUN not exceeding
one thousand dollars.
Sec. IS. Every such agent shall. be-
fore making or procuring to be made
any contract Of insurance as Aforesaid.
give bonds to the treasurer Of this state
with two or more sure ties TO be approy
cd by him, in sum Of not less than iivo
hundred nor more than three thousand
dollars, at the discretion ef the treasur-
err with conditions to make the annual
returns before required, and to pay tho
tax.
Sec. II. Every such agent shall ex-
hibit, in conspicuous letters, on the sign