Cedar Falls gazette. [volume] (Cedar Falls, Iowa) 1860-1895, 1868-06-19

Innmnnnnunnnu1l1nl IIHlun1ununk-snnunnn
tho proportion that tho ascertainc,l
value 0f tho funds OF said company
may he f0und to bcnr TO the original
capital of thu said company: the
value or ouch shares for which new
certificates shall no issued to be ascer-
tnined under the direction Of the said
Auditor the company paying for the
fractional parts Of shares; and II
shall DO lawful for the directors Of
such company to create new stock
and disr0~e of thc same, aud 10 Issue
new certificates therefor, 10 an
amount sufficient TO-, make up tho
original capital Or the company.
And In the event of my additional
losses accruing upon new risks, taken
after tho expiration Of the period
limited by tho said Auditor In tho
aforesaid requisition for tho filling up
or the deficiency In tho capital OF
such company and before said def
cheney shall have been maslo up, the
directors shall he individually liable
to tho extent thereof.
Sec. Sd. III upon such examine
tion NJ shall appear totlie said Audi
tor, that tho assets OF any company
chartered upon tho plan OF mutual
insurance under this net, are INSULT
ciont to justify the continuance or
such company In business, II shall bc
his duty to proceed In relation To such
company, In tic Same manner as Is
herein required, IN regard to Joint
stock companies; and the trustees or
OF such company aro hereby
mnde personally liable for any losses
which may bc sustained upon risks
taken. aftcr the expiration Of tho
period limited by tho said Auditor
for Aillng up tho deficiency in the
capital and before snch deficiency
shah have been made up. Any
transierQf the stock or any company,
organized under this net, nude dur
Ing tho pending Of any investigation
required above, shall not release tho
party making tho transfer from his
for losses which may hnvc
accrued previous TO such transfer.
Sec. 81. The Auditor Of State shall
10 authorized 10 examine into the
condition and affairs OF any insurance
company, as provided for I'm this net,
doing business In this State, not or
gnnized under the laws Of this State,
or cause such examination to bo ninde
hy some pcra0n or persons appointed
by him, having no Interest In any
insurance company; and whenever
tt.shatl appear 10 tho satisfaction Of
said Auditor that THO affairs Of any
such company are In an unsound con-
conditions, he shall revoke the ccrtiil-
Gates granted I'm behalf of such com.
pany, and shall cnuse notification
thereof TO be published Id some news
paper OF general circulation, publish
cd In the city OF Dcs Moincs, aud the
agent or agents OF such company arc,
after such notice, required 10 dfscon-
unuc tho Issuing OF any new. policy,
or the renewal Of any previously
issued.
See. 80. Thcrc shall be pald by
every company, association, pcrsoil
or persons, agent or agents, tO whom
this act shall apply tho following
fees: For Hing and examination Of
the frat application of any eulnpany,
and tho issuing Of the certificate 0i
license thereon, ten dollars, i've dol
lars OF which shalt GO 10 the Attorney
General, and five dollars TO tire Audi
tor; for filling each annual statement
herein required two dollars; for. each
certificate VI authority, iitty cents;
for every copy OF paper fled az here
In provided, the sum Of ten cents per
folio, and fifty cents for certifying
tho same aud ailxing tho seal thereto,
all OF which fees shall be paid 10 the
officer required to perform tho duties.
Sec. 33. Whenever the existing Oh
future laws Of any other State or the
United State shall require uf inrur.
ancc compauics, Incorporated by or
organized under tile laws OF this
State, having agencies insuch other
state, or OF the agents thereof, any
deposit of securities In such State. fol
the protection Of policy holders, OF
otherwise, or any payment for taxes,
incs, penalties, certificate OF author.
ity, licctse fees, or otherwise, greater
than the amounts required for sliclI
purposes from similar companies oi
other States by the then existing
laws Of this State, then, and I'm every
such case, all companies Of sucl
States establishing or having thereto
fore established MI agency or agencies
In this State, shalt DO, and arc hcreb,
required TO make tho same deposit fOI
like purpose with the Auditor o.
this State. and To pny to said Auditor
Tor taxes, fines, penalties, certificates
or authority, license fees, or other.
wise, an amount equal 10 the amount
OF such charges and payments Inn,
posed upon or required by tho laws
or sucii StatuAof the companies o
this Stnteo or tlie agents thereof.
bi. SEQ. 3k IL shall DO the duty o
every Insurance company OF tho kind
provided for In this net, doing busi.
ness In this State; organized undoI
tine laws Of tiiis or any other state oI
country, to publish annually, In two
newspapers Of general circulation
one Of which newspaper shall BIZ
published at tho capital or this state
and I'm case Of companies organized
In The State OF Iowa, one of which
shalt DO published In the county
whcro the principal ntIIcc Is located
ccrti6cat frosn tho Auditor OF Stat
that sticll company has, I'm oil 20
specta, complied with tho laws o
this State Rotating To insurance. Sait
certificate shail also contain stntc'
ment under oath Of tho President 0I
Secretary Of such insurance company
Of the actual amount Of paid-up capt
tai, tho aggregate Amount of asset.
md liabilities at the duto Of such Ger
tiflcato, together with the aggregate
income and expenditures " sncl
company for tllc yenr preceding Lhs
date OF such certificate.
SEC. 85. The necessary expcndl
ture of any examination ina<io or or.
dered 10 be made by thea,idit0rOf State
under this act shall be certified ~ .by
him and paid on Ills requisitIun, by III,
com rany which II the subject OF stscl
examination; PROVIDED such exam.
nation l,o not required OF c0mpauics
organized outside VI this State doing
business IN States where nii instif
ance department Is establislscd, and
who furnish. whencxcr required Il
do so by the Auditor the certificate
Of suclr insurance department. OK
hibItlng the solvcncy ut such coIiipa
NY. iNtAt's hyt4
SIC. 90. IL shall be tho duty b
the Auditor Of State 10 cause 10 Jbt
prepared and furnished 10 each o
the companies organized under tlis
laws Of this state, aud tn tic attor
heys or agents 0f COMPANIES incorpo
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