Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1868-05-27

To cause their books - be opened Tor TOO io'
spection Of the Auditor or the person or persons
~ appointed, aud otherwise facilitate such ex-
animation So far m may be 10 their power % 70
do; and for the purpose of arriving Ut the truth
in such cases, the Auditor, or the person or per
sons so appointed hy him. shall have power 10
exaSnine under oath. the officers or agents o.
any company, or others IL necessary, rcistivet W
the business and condition Of said company, and
whenever The Au iitor shall deem IL best Tor the
intsrest of the public 80 to do. he shall publish
the result of such Investigation in one Or more
papers in this State, and whenever II shat. ap-
pear to the said Auditor. from such examination,
that the assets and funds Of any company incor-
poraied in This State are reduced or impaired BY
the liabilities Of said company as described I'M
der the head of liabilities IN the statement re-
CURED by this act more than twenty per cent.
below the paid up capital stock required by TINS
act, he may direct the officers thereof 10 require
the stockholders TO pay in the amount or such
deficiency, within such period - he may des
ignate in such requisition, or he shall commun-
icate the fact to the Attorney General. whose
duty 10 shall thsn become TO apply 70 the su-
preme Court, o. II in vacation, 70 one OF she
judges thereof, for an order requiring said COM
psny TO show cause Why their business should
case may be, shall thereupon proceed to hear
the allegations and proofs Of the respective par
ties; and in case it shall appear to the satisnc.
tion OF said court, or Judge, thrt the assets and
funds of said company are not sufficient, as afore-
said, or that the interest of the public require II,
the said court, or judge. shall decree a dissolu-
tion OF said company and distribution OF its e.
fects. The said court or Judge, shall have pow
er TO refer the application Of the Attorney Gene
raj to referee, to inquire into and report up on
the facts stated herein.
Sac 20. ANY company receiving the afore
said rsquisltion from tie said Auditor, shall
forth with call upon its stockholders fer such
amounts will make its paid up capital equal
to the amount ixod by his act or the charter
of said company; and in case any stakeholder
shall refuse or neglect to pay the amount so
called for, after notice personally given or by
Advertisement, in such time and manner said
Auditor shall approve, il shall be lawful for the
said company to require the return of the orig
inal certificate Of stock held by such stockhol
der, and IN lieu thereof to issue new certificates
or for such number Of shares a. the said stock
holder may be entitled TO in the proportion that
the asceftaiued value Of the funds OF the said
company may be found TO bear 70 the original
capital Of the said company the value OF such
shares for which new certificates shall be issued
10 be ascertained under the direction OF the said
Auditor. the company paying for the fractional
parts Of shares; and it shall be lawful for the
directors of such company 10 create new stock
and dispose Of the same, and to issue new
certificates therefor, TO an amount sufficient TO
make up the original capital Of the company.
And in event Of any additional lesses accruing
upon any now risks. taken amer the expiration
Of the period limited BY the said Auditor in the
Aforesaid requisiti0n for fling up the before said
deficiency shall have been made mp. the diree.
tors shall BE- individually responsible 10 the sx-
tent thereof.
Spo 80 II spon such examination II shall
appear 70 the said Auditor, that tho assests Of
any company chartered upon the plan Of mutual
Insurance under this aet. are inefficient 10 JUS
fifty the continuance Of such company in busin-
sss it shall be the duty to proceed 10 relation TO
such company. in the same manner - 70 herein
required. in regard TO joint stock companies ;
and the trustees or directors Of such company
are hereby made personally liable for any loss.
e. which may be sustained upon risks taken Of
ter the expirstico Of the period limited BY said
Auditor for the filling up the deficiency in the
capital land before such deficiency shall have been
made ,up. Any transfer Of the stock Of any
company, organised under this ct, made during
the pending Of party making the transfer from
his liability for losses, which msy have aceru-
ed previous 70 such transfer.
SIC 81 The Auditor Of State shall be author
lied to examine into the condition an affairs Of
any insur ance company, a. p-ovided for in this
act, dong business in this State, not organised
under the laws Of this State, or cause such ex-
amination to be made by some person or pea
eoas appointed BY him, having no interest in any
insur auce company; and whenever il shall ap-
pear to the satisfaction Of said Auditor that the
affairs os any such company are in an unsound
condition, he shall revoke the certificates grant
ed in behalf Of such company. and shall cause
n notification thereof to be published IN some
newspaper Of general circulation, published in
the city of Des Moines and the agent or agenti
Of such company are. after notice. required q
discontinue the issuing Of any new policy, or thu
renewal OF any previously issued.
SEC. 81. There shall be paid by every com
pany, association, person or persons, agent oil
agents, 10 whom this shall 0apply the following
fees: For filing and examination of the frs
mil inn 1T n ia gSn N q n
| tee cestiEcate Of license thereon, ten dollars
Eve dollars Of which shall 70 to the Attorney
General, and tive dollars TO the Auditor fol
filing each annual statement herein required two
dollars; for each certificate off authority. Hfty
cents; for every copy Of paper filed a. hereiI
provided, the sum Of ten cents per folio, and
hfty cents for certifying the same and afixina
the seal Of office thereto, al Of which fee shall
be paid TO tie officer required to preiorm the
duties.
laws Of any other State Of the United States
shall require Of insurance companies, incorpo
rated or organized under the laws OF THU
State, having agencies in such other State, OF
of the agents thereof, any deposits of securities
in such State. for the protection Of policy hold
fines, penalties, certificate Of authority, license
fees, or otherwise, greater than the amounts
required for the purposes from all similar com.
pauies Of ohter States by the then existing laws
OF this State. the. and in every such case, all
companies of such States establishing or having
heretofore established an agency or agencies in
this State, shall be, and are hereby required to
make the same deposit for like purpose with
the Auditor Of this State. and to pay said Audi
tor for taxes, fines, penaltis. certificate Of au-
thorlty. license Tees or ortherwise, an amount
equal to the amount of such charges and pay
ments imposed upon or required-bv the laws
OF such States OF the companies Of this State
or the agents thereof.
Src. "a. II shall be the duty of every insu-
rance company of the kind provided for in his
act, doing business in this State, organized I'm
der the laws Of this or any other State or coun-
te, to publish annually, in two newspapers Of
general circuletion. one Of which newspaper
shall be published at the capital of the State,
and in case Of companies organized in the State
Of Iowa. one Of which shall be published in the
county where the principal Office Is located, n
certificate from the Auditor of State that such
company has, in oil respects complied with the
laws Of this State relating TO insurance. Said
certificate shall contain u statement uBdsr oath
Of the President end Secretary Of such insu-
rance company. ofthe actual amount Of pad-up
abilities At the date Of such certificate, together
with the aggregate income and expenditures Of
such company fer the yssr preceding the date Of
such certificate.
SEC. 80. The necessary expenditure Of any
exhaustion made Or or 1ersd 20 made by the Au.
BY him, and paid on his requisition. by the com.
psny which 10 the subject Of such sxamiaatiou ;
provided such examination be not required OF
conpsniss organized outside Of this State doing
business in States where IN insurance depart.
nent 10 es.ablished. and whs furnish, whenever
required TO do 90 BY the Auditor, the certificate
Of such insurance department exhibiting the
eelvencv of such company.
SEC. IS. 1t shall b the duty Of the Auditor
Of State TO cause 70 b. prepared and furnished
to each Of the companies organized under the
laws Of his6tate, and 70 the attorneys or sgenta
81 companies incorporated BY other States and
foreign governments who may apply for th(
same printed terms Of otatsnente required By
thia act, and be may from time to time make
such changes II the form Of these statements
a shall seem 20 him best sdapted to elicit from
the companies true exhibit Of t.ler condition
ia respect TO The several points hereinbefers
enumerated.
Sac. 81 ltshail b. the duty Of the Audito,
of 6tsts - cause The Information eontained il
the statements required BY the companies organ
ICED in this State, 10 be arranged in tabular
form, and prepare the same in = single docu
ment for printing. Such report shall be mad,
on or before the first day Of March, and fvs
hundred copies shall b printed for the use y
the Auditor. and the same numer for the uso o.
the Legislature.
SEC. 3S. Section seven hundred and eighteen
Of the Revision Of 1860, and all acts and part 0
acts amendatcry thereto, in releation TO taxing
insurance companies in this State are hereby re
pealed; and it's eupcted in lieu thereof fh,
following, TO wit Every insurance compan,
doing business in this State shall Il tho tim,
OF making the annual statement A. provided II