The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1870-01-22
Acts Passed by tho Legislature of South
Carolina.

| SECTION i. BE IL enacted by tho Senate
and House of Representatives of the
State of South Carolina, now met and
sitting in General Assembly, and by the
authority OF the same, No Company or
ASSOCIATION which is now organized, or
which may he hereafter organized in
this State, to carry on the business of in
surance of any kind or kinds. shall pro-
ceed further with business or to business
las the case may be) until they have de.
posted with the Comptroller General of
this State bonds or stocks of this State
equal to thesum Of fifty thousand dollars
par value for each Life Insurance Com
pany or Association. and twenty thou-
sand dollars par value for each other In
surance Company or Association. The
Comptroller-G General shall hold such
bonds or stocks rs security for policy
holders in said Company or Association;
but, SO long rs any Company or Associa-
tlon so depositing shall continue solvent,
the ComptrollcrG General may permit such
Company to collect and receive the
interest on such bonds or stocks so de-
posted.
SEC. .. Whenever any Company or
Association is. or shall become fully
organized, and tho said Company or
Association have deposited with the
Comptroller Generalthe requisite amount
OF State bonds OF stocks, it shall become
his duty to furnish the Corporation or
Association with n certificate of such de-
posit, which certificate or duplicate
thereof, certified by the Comptroller-
General, may be used in and be evidence
for and against tho Corporation in all
sIits.
SEC. ). 1t shall not be lawful for any
person or persons. corporation or corpo-
ratlcns. association or associations, to
act within this State us agent, or other
wise, in receiving or procuring applica-
tons for insurance of any kind or kinds,
or i'll any manner to solicit any one to
insure, or in any manner to aid in tran
snctlng the business Of insurance of any
kind or kinds for any Company or Asso.
ciatlon incorporated by, or organized
under, the laws of this or any other
State Government, or any foreign Go
vernmcnt, until such Company or Asso-
citation have deposited with the Comp
troller-G General Of this State, for the
benefit of the policy holders of such
Company or Association, citizens or
residents of the United States, bonds or
stocks Of this State equal to tho sum of
fifty thousand dollars par value for each
Life Insurance Company or Association,
and twenty thousand dollars par value
Tor each other Insurance Company or
Associations; bat, so long us any Com
pany or Association so dcpositing shall
! continue solvent, the Comptroiler- Gene
rnl may permit such Company or Associ-
alton to collect and receive the interest
on such bonds or stocks so deposited,
and have appointed an attorney in this
State on whom process of law can be
served; and said attorney shall have filed
with the mptrollcr- General n certified
copy of the charter of said Company or
Association, and also q certified copy Of
the vote or resolutions OF the Trustees
or Directors of such Company or Asso-
citation appointing him the attorney of
such Company, which appointment shall
continue until another attorney be sub
stituted; which shall be done upon the
! death, removal, or incapacity to net of
such attorney, or may be done by such
Company or Association ut any time
When the foregoing requirements, and
such other requirements rs now are, or
may hereafter be required by law, shall
be complied with, the Comptroller Gene
raj shall give certificate to that effect,
and also state the name of the attorney,
which certificate, when filed in the
| County Clerks Office of the County
where the agency is to be located, shall
be the authority to commence business.
| SEC. 4. Every violation of this Act shall
subject the Company or Association, or
agent or agents, violating, Jointly and
severally, to q penalty of five hundred
dollars for each violation; which shall be
sued for and recovered in n joint, or Sc
veral, civil actions, in the name Of the
State of South Carolina, by the Solicitor
of the Circuit in which the Company or
Association, or agent or agents, so vio-
lating, shall be situated. One-half Of
such penalty, when recovered, shall be
paid into the County Treasury of such
County, and the other half to the in
former of such violation. And, in case
OF tho non-payment of snch penalty, the
person or persons so offending shall be
liable to Imprisonment for period not
exceeding one year, in the discretion of
the Court having cogniZance thereof.
SEC. 3. The Comptroller General shall
safely and separately keep tho bonds or
stocks of each Company or Association,
and shall return tho identical bonds or
stocks received; and, during the usual
Office hours, shall keep the bonds or
stocks subject to examination of the
representative of any Company or Asso-
citation having made n deposit, as re-
quired by this Act; and tho State shall
be responsible for the return Of nll said
bonds or stocks by the Comptroller-
General.
SEC. 6. All Acts and parts Of Acts
| inconsistent or conflicting with this Act
arc hereby repealed.
Sec. Z. This Act shall take effect sixty
days after its passage.
In the Senate House. the twenty first day
of December, i'll the year of our Lord
one thousand eight hundred and sixty
nino.
Signed: