The Tipton advertiser. [volume] (Tipton, Cedar Co., Iowa) 1856-1962, 1868-11-12

under the laws Of this State, or do
ing business In this State, and which has
not made the deposit required In sec.
ton four Of this act, the Auditor shall
notify said company of the amount, aud
within thirty days after the date of such
notification. 1t shall be the duty Of the
officers ofsuch company to deposit with
the Auditor the amount OF such ascer-
tained valuation Of all policies within
the State In stocks Of the United States
or Of this State, or Of any other State In
this Union, or I'm bonds or mortgages on
real estate within the limits of this State
or within the State where such compa-
ny Ia located, or at least double the val
ue loaned thereon: Proridcd, That no
joint stock company organized under
the laws Of this State, or doing business
therein, shall be required to make such
deposit until the cash value of the poll.
ices In force, as nscertained by the Aud.
itor, exceeds the amount deposited by
said company under section two Of this
act: And Prorifcd, That foreign compa-
ies doing business In this State, are not
required to mako deposit In this State.
provided such deposit has been made ID
the State where located, or In any other
State, when they shall have complied
with esction four ofthis act.
10. On receipt Of tho deposit and
statement from any company as provid-
ed by the preceding sections, and the
statements and evidences of investment
according to law Of foreign companies,
which shall be renewed annually, the
Auditor shall issue a certificate setting
forth the corporate name Of the CON-
the State that IL has fully complied
with the laws Of this State in relation to
life insurance companies, and Is author
lied to transact the business of life in
surance for twelve months from the date
OF such certificate, or until the expira-
ton Of the thirty days notice given by
the Auditor OF the next annual val,,a-
tion Of its policies. The certificate shall
DO recorded in the recorders Office of
the county In which such principal
ONCE Is located, In book prepared for
that purpose. A copy Of the certificate
certified by tho Auditor, shall be. by the
general agent Of said company, furnish.
ed to each Of its local and travelling
thority for soliciting applications for
policies.
eli. Upon tho failure Of auy compa.
ny to make the deposit, or file the Ger
tidcdtc [statementl In the time as stated
In this act. the Auditor shall notify The
Attorney General Of the default, who
shall at once apply to the Supreme OF
District Court, il In session, or IL In va.
cation, to any member thereof, for al
order requiring said company to show
cause why its business shall not be
closed; and II upon the hearing the com
pany shall fail to show sufficient cause
for neglecting to make the deposit, OF
filing the certificate required by thi.
act, then II said company was organized
under the laws Of this State, the cour,
shall decree its dissolution, and IL or
ganized or chartered hv the laws of au 4,
foreign State or country, shall enjoin
said company perpetually from transact
ing business of any life insurance within
this State.
sl2. The Auditor may at any time
make a personal examination Of the
books, papers and securities of any life
insurance company doing business In
this State, or may authorize aud empow
er any other suitable person, to max.
sucl, examination, and for the purpos,
Of securing full and true exhibit Of it.
affairs, he or the person selected by hin
to make such examination, shall hav,
power to examine under oath. any office
or agent Of said company, or others i
necessary, relative TO its business and
management. If upon such examina
tion the Auditor Is of opinion that thu
company IL insolvent, or that its condi'
ton Is such rs to render its further pro
ceedings hazardous to the public or t.
the holders OF its policies, he shall
communicate the facts to the Attorney.
General, who shall at once apply to d
judge Of the Supreme or District Cour,
to issue All injunction restraining such
company from transacting further bust
ness except the payment Of losses al
ready ascertained aud due until full
hearing can be had. 1t shall be discre
tionary with the judge either to issu,
the injunction forthwith, or to Civ,
notice to the company, and cause +.
hearing to be had as in ordinary pro
ceedings for in junction. Upon the fina
hearing of the cause, he may dissolve o.
modify the injunction, or make 1t per
petua', and if made perpetual, shall al
so decree what disposition shall be mad
:, ofthe deposit Of the company in th'
hands of the Auditor, subject to the pro
visions Of the following section: Prori
ded, The certificate of the Auditor
:, Controller, or chief financial officer G
!, any State, shall be taken by the Audito
= of this State, as evidence Of such solyen
= cy.
:, s13. The securities ofa defaalting o
. insolvent company on deposit with til
Auditor OF State, shall vest in the Stat
!, for tho benefit of the policies on whic
!. such deposits were made, aud the pro
ceeds of the same shall, upon the orde
of the court, be divided among the hold
+. ers Of said policies in the proportion
. of the last annual valuation Of the same
or applied to the purchase Of reinsuranc
e for tho benefit of the policy hold