The Orangeburg news. [volume] (Orangeburg, S.C.) 1867-1875, 1871-03-04

y ~ nnuil uDsQ SUCH
boads Or stocks as sccurity for policy holders
In the Company or Association; but, so long
as any Company or Association so depesitiug
shall continue solvent, the Comptroller Gem
cral may permit such; Company to collect
and receive the interest on such bonds or
stocks SO deposited.
$50. 2. Whenever any Company or Asso-
citation Is or shall become fully organized,
and the ssid Company or Ass citation have
deposited with the Comptroller General the
requisite amoantlof State bonds or stocks, IL
shall become his duty to furnish the Corpora
ton or Association with q certificate of such
deposit, which certificate or duplicate thereof
certified by the Comptroller General, may be
used In n be evidence for and against tho
Corporation.
7 Src. 8, It shall not be lawful for any per-
son or persons, Corporation of Corporations,
Association or associations to act within this
State as agent, or otherwise, in receiving or
procuring applications for insurance OF any
kind or kinds, erin any manner to aid In
transacting the business Of insurance of any
kind or kinds for any Company or Associa
ton Independently, or organized under the
laws Of this or any other State Government,
or any foreign Government, until such Com
pany OF Association have deposited with the
Comptroller General of this State, for tho
benefit Of the policy holders of such Com.
pany or Association, citizens or residents of
the United States, bonds or stocks of this
State equal to the sum of fly thousand dol
lars par vn're for each Life Insurance. COM
pany or Association, and twenty thousand
dollars par value for, each other Insurance
Company or Association; but, se long MS any
Company or Association so depositing shall
continue solvent, the Comptroller General
may permit such Company or Association 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 tho Comptroller General q
certified copy of the charter of said Com
pany or Association, and also n certified copy
Of the vote or resolutions of the Trustees or
Directors of such Company or Association APP
pointing him the Attorney of such Company,
which appointment shall continue until
another Attorney be substituted which
shall be done upon the death, removal or in
capacity to act Of such Attorney, or may be
done by such Company or Association ut any
:::aa. When tho foregoing requirements.
and such other requirements as now are, or
may hereafter be required by law, shall BE-
complied with the Comptroller General shall
give o certificate to that effect, and also state
the meme of the Attorney, which certificate,
when filed in the County Clerks Office of the
Noah.J ~ uSShSy 10 W oc IOC'itcu.
shall be the authority to commence business.
Sec. a. Every violation OF this Act shall
subject the Company or Association, or agen,
OF agents, violating, Jointly and scvcrally, 80
n penalty of five hundred dollars for each
violation, which shall be sued for and recov-
cred in n joint or several civil action, in tue
name Of the State Of South Carolina. By the
Solicitor of the Circuit in which the CON-
or Association, or agent or agents 30
violating, shall lie situated one halt Of such
penalty when recovered shall nc paid into
the County Treasury Of such County. and
the other half 10 tho informcr of such viola
tion and, in Case of the no l-payment OF
such penalty, the person or persons so Offend
ing shall be liable TO Imprisonment for n pc
Rod not exceeding one year in the discrc-
tion of the COURT having Cognixlnce thereof.
SEQ. 5. The Comptroller General shall
safely and separately keep the bonds or
stocks of each Company or Associations, AMI
shall return the identical boads or stocks re-
.ceived and during the usual Office hours,
shall keep the bonds or stocks. subject to the
examination of the representative of any Com
pany or Association having mile a depasit.
rs required oy ms iel ahH the State shall
be responsible lssshhe return of al said
asas-ers.ssASTy fhs Gaw.AGansr-GenAi++
SEC. 6. All .lcis %auiSparts Of Acts iucol,-
sistcnt or conflicting with this .Ac: are here
by repealed.
Sec. Z. This act shall take effect air.y
days after its passage.
In the Senate puFc, the twcnty-hrA dry
Of December, in th9 year % our Lorl one
thousand eight bundtcd nnl sixty nine.
~tSigned) C. w MONTGOMERY,
President pro t%fmporc of the Senate.
(Signedl FRANKLIN j. MOSES. Lr.,
Speaker ofthe Hoisc OF Representatives.
Approved The oddly ofDr"embcr. lS69.
(Signed) ROBERT X. SCOTT
Governor. -