Buchanan County bulletin and guardian. (Independence, Iowa) 1866-1869, 1868-11-06

l
Ger, aud the Secretary Of the company for whic
they may act stating the name Of the compan
andthc place where located the amount Of il
capital, with detailed statement OF tho fact
and items as required from companies organ
izcd uuder the laws Of this State, a. per scc,io
twenty hereof also copy Of the Ia I annua
report, if any, made under any law of the Sta;
by which such company was incorporated; Al
no agent shall be allowed to transact bushes
for any company whose capital is impaired b
the liabilities as stated in ssctton twenty Of thi
act to the ext Mt OF twenty per cent thereof
while such de9ccacy shall continue.
Sec. -. II spall not be lawful for ary agen
or agents to act for any insurance company o
companies referred 10 in this act, directly o
Indirectly, in taking risks or transacting bust
mess OF insurance in this State without pro
curing from the Auditor of State certifi
cate Of authority stating that such company
has complied with with all the acquisitions 0
this act
Sec. %. The statements and evidences o.
investments required of foreign companies
as above, shall be renewed annually in such
manner and form as required by this act
and as said Auditor may dire I, with any
additional statement OF the amount of the
losses incurred or premium received in this
State, being the preceding period, as long as
such agency continues. And the said Au
/ ditor, on being satisfied that the capital, Sc
curties, and investments remain secure, as
hereinbefore provided, shall furnish a re-
newal Of his certificates AS aforesaid.
Sec. &c. Every insurance company or
ganized under the laws of. or doing business
in, this State, shall conform to all the pre-
visions Of this act applicable thereto, on Or
before the first day OF January, 1863; and
when necessary, any existing company shall
change its charter and bylaws so as to con.
form hereto, by vote OF majority Of its
board of directors. and ary President, Sec
rotary, or other officer Of any company or
ganized ander the laws Of Iowa. or any Off
Ger or person doing, or attempting to 90,
business in this State for any insurance com.
pany organized without this State, failing to
comply with any or the requirements c. lis
act, or violating any Of the provisions there.
Of, shall be deemed p";.,...; ii misdemeanor,
and upon CONNECTION thereof, shall be fined
IN sn...n not exceeding one thousand dos
.a..s, and be imprisoned in the county Jail
for q period not less than thirty days nor
more than six months.
See. q. Every agent Of any Insurance
company shall, in all advertisements in such
agency, publish the location of the company,
giving the name OF the city, town, or village
in which the copany is located, and the
State or government under the laws OF which
it is organized. The term agent or agents
used in the foregoing sections shall include
the acknowledged agent or surveyor or aay
other person or persons who shall, in any
manner, directly or indirectly transact or
aid in transacting the insurance business OF
any insurance company rot incorporated by
the laws of this State. The provisions ofthe
foregoing sections relative to foreign com-
panies shall apply TO all such companies,
partnership, association, or individuals,
whether incorporated or not.
Sec. 20. Ii shall be the duty of the Au-
di,or Of State, whenever heshall deem il ex>
pedient SO to do in his Judgment, to appoint
one or more persons, not officers, agents or
stockholders Of any insurance company do
ing business in this State, to examine into
the affairs and condition Of any insurance
company incorporated or doing business in
| tn 8 State, or to make such examination
himself: aud it shall be the duty of the off
GERS or agents Of said Ct said company OF
| compaaics to cause their hooks to he opened
| for the inspection of the Auditor or the per-
| son CT persoas 50 appointed, and otherwise
| facilitate such examination so far a. may be
in their power to do so and for the purpose
| Of arriving at the truth IN such cases, the
Auditor, or the person or persons SO appoints
ed by him, shall have power to examine
under ath, the officers or agents Of any
company, or others il necessary, relative to
the business and condition of said company,
and Whenever the Auditor shall deem il bes,
/ L. &c tka M In he
! shall publish the result OF such investigation
in one or more papers in this State; and
whenever j, shall appea, to the said Auditor
| from such examination, that the assets and
funds Of any company Incorporated in this
State are reduced or in paired by the iabil
| tiles Of said company as described under the
head OF liabilities in the statement required
by this act, more than twenty per cent be-
low the paid up capital stock required by
| this ar;, he may direct the officers thereof &c
require the stockholders to pay in the amount
Of such deficiency, within such a period as
he may designate in such rcquisition, or be
shall communicate the fact to the Attorney,
General whose duty il shall thea Lecome &c
apply to the Jupreme Court, or if in vaca'
ton, to one Of the judges thereof, for an or
der requiring said company to show cause
why their business should not be closed; and
the court, or judge, as the case may be, shall
,hescup0n proceed to hear the alb cation;
and proofs OF the respective parties; anc il
case ], shall appear to the satisfaction O
said court, or Judge, that the assets am
funds Of said company are not sufficient, a.
aforesaid, or that the interest Of the public
require it, the said court, or judge, shall de-
cree dissolution Of said company and q
distribution Of its effects. The said court, OF
Judge, shall have power to refer the appli
cation Of the Attorney General to q referee
to enquire irto the report upon the facts
stated herein.
Sec. 80. Anr company receiving ths
Aforesaid requisition from the said Auditor
shall forthwith, call upon its stockholders fol
such amounts as will make its paid-up cap
| isal ebual to the amount fixed BY this act OF
the charter of said company; and in cast
snv s,ocLhoMer sbali refuse or NEGLECT /,
paw the amount so called for, after notice
personally given Or BY advertisement. in sncll
time and manner as said Auditor shall ap'
prove, it shall he lawful tor the said company
to require the 1eturn Of The or gnal certif
cate Of stock held by such stakeholder, and
in lieu thereof TO issue new certificates for
such number Of shares Us the said stock
holder may be entitled to in the proportion
that the ascertained value of the funds Of
said company may be found to bear to the
original CAPT al Of the said company the
| value OF such shares for which new certif'
| Gates shall be issued to be ascertained under
the direction Of the said Auditor, the com
pany paying for the fractional parts o.
shares and it shall be lawful for the direc'
tors Of such company to create new stocl
and dispose Of the same, and to issue new
certificates therefor, 10 an amount sufficient
10 make up the original capital Of the com,
pany. And in the event Of any additional
losses accruing from new risks, taken after
the expiration II the period limited BY the
said Auditor in the aforesaid requisition fol
the filling up ofthe deficiency in the capita
Of such company and before such deficiency
shall have been made up. the director.
shall be individually liable to the extent
thereof
Sec. 30. If upon such examination il
shall appear TO the said Auditor, that the
assets Of any company chartered upon the
plan of mutual insurance under this act, are
sufficient to Justify tae continuance Of such
company in business, il shall be his duty te
proceed in relation to such company, in the
same manner Is is herein required, in re-
gard to joint stock companies and the
trustees ur directors Of such company ar.
hereby made personally liable fer amy losso:
which may be sustoined upon risks taken
after the expiration Of the period limited BY
! thn sa;d Aud;tnp far fillinO nm the deficiency