The Orangeburg news. [volume] (Orangeburg, S.C.) 1867-1875, 1871-01-21

..spArE oF soUTiIt cAkoLLiIINA

AT a General Assembly begun totbe holden at
Columbia on the fourth Tuesday in NoSem-
Der, in the year of our Lore. one Aousand
EE eight hundred And sixty -nio q, apd tlencc
by divers adjpdrHmepts 20 the
/ twenty. First day of DecumBer, in The year
eiaud sixtysnines ist - iH9Sit1'i
AN ACT 70 pTfrAn PROJECT HOLDERS OF rs!.s
'''''' suRANnEs POLICIES IN THIS STATE. :
SRcTIoN L. Be 1t enacted by the ySeppte
and H9nse Of Rspreserita Gsesjof the State of
South Carolina, now inst and sitting in Gen
eral Assembly, aatlIbyathc authority 81 the
same: No Gannary. ersAssociutiorY whiche
is now organized, or which may be hereaf-
ter organized in this State, to- carry on the
buslness of iMsuranceoof any kind or kinds.
shall proceed 1rthst with businesss ttis' the
case;nay1bel until they, haSe deposited with
the comptroller General of this State bonds
or stocls Of this State equalto the sum of
fifty thousand dollars par value for eath Life
Insurance Company or Association, and
twenty thousand dollars par value forl each
other Insurance. Company or Association.
The Comptroller General shall hold such
bonds or stocksds Security for policy holders
In the Company or ASSOCIATION :, but, solong
ms any Company or Association so depositng
shalicontinuc solvent, the Comptroller Cen
ernt mny permit, such Company to collect
and receive the interest on such bonds CIR
stocksso-tlepositetl.-s~ -.s-''-,' - ~'s
SEC 2 Whenever any Company or Asso-
citation is. or shall sbeeomes sfuilyorganized,
and thesata ComPGuy or Ass1ciation have
= Posred with the SComptrolleF General the
requisite amount of.iState bonds or stocks, it
shall become his duty 10 furnsht ! he Corpora
tion orgfgs9cia ioiew With q certifcatetof such
deposity wing rdiicntv ptI,i.I;iicti;E u hereof
verified by the Com roiierG General,inrty be
iesed in and sbs evidence fqrs and aginsts tho
corporatPn. sbs#a ZEE. Z
ln.sSEc ., It Shall t-not be lawful for any rer-
son or persons. Corporation Of Corporations,
Assotiatiop or. Association to act within this
State IA agent, or otherwise, in receiving or
procuring applications for INSURANCE of Any
kind or Kinds, or ins any manner to aid in
transacting the business of insurance of any
kindior kinds FOR any Company or Assoca
tion Incorporated by, or organized under the
laws of this or any other State Government
or any foreign Government until such Com
pany or Association have deposited with the
-omp,roiler General of this State, for the
benefit of the policy holders of such Com
pany or Association. citizens or residents of
tho United States, bonds or stocks of this
State equal to the sum OF fifty thousand dol
lars par value for each Life Insurance Com
pany or Association, and, twenty Thousand
lSdpliars rar,value for each other Insurance
Company o. Assaca ton but 50 long as any
beon,inue Solvent, the Comptroller General
may permit such Company or Association.to
collect aud receive the interest OF such bonds
orsstocks so deposited, aud have apRoin,cd
an .ittorney in this State on rlleua sprocs:- Of
ascau be Served ;ssp,l: ,l:ssiSSA 9.acy shull
have fled With the ComftFolte. fGenerai d
certified copy of the charter of said Com
papy OF Association, undlniso certified copy
of the vote or resoldtionsof the Trustees or
rp( fur rof rugl
pointing him the Attorney OF such Company
wlGcn appointment shall continue until
aiothsr Attorney be substituted; which
| slallfbc done upon=thc death, removal or in
! capacity 10 net of such Attorney, or may be
done by such Company OF Association at any
tine.t-H hen the foregoing requirements
| and such other requircments as now are, or
may hereafter be requirodby law, shall be
Fcomh lied. With the Comptrolior General shall
give cert.ficatcto that effect, and also state
the meme of the Attorneys which certificate, I
when fl.d in the County Uerk,s,cfiice OF ih6
County where the agency is to- be located
shnl! be the authority TO commence business
SEg;4. Every violation of this Act shall
| subject the Company onlfssociation,pr agent
or agents, violating jointly ana seyerally, to
apcnaDty of ffe hundred dollars for each
Iaviolasion;, which Shall We sued for and recov
cred in u joint or several civil action, in tie
| name, OF. the Stateof South Carolina. by llel
lISoliciter of the Circuit ingwhioh 1.-The COM
t'pany or Association, OF agent or agents so
violating, stall be situated; onc-half OF such
! penalty WHOM recovered shall By paid into
the, epnty Treasury of such County. and
lAthc'other half TO tho inforIncr Of such viola
ton and, l. ase of the non-pnyment Of
suchspenalty, person or persons % offend
fling shallbc liable 10 Imprisonment for pc
friod notexcceding ono year in the discre
tion of the Court hny 'g cogniznnce thereof
|, SEQ. 90 Tbe, Conn o!ler General snail
! safely and separately keep, tffe bonds or
stocks of each Company or, Association, aad
shall return thc identical bonds or stocks re-
l'ceived$; dndsduring the usual office hours.
5ihiii. kisasT ~ s.eks anhjeet nc
OK am nation of iefeprescntative OF any Con-
pany or Association having made deposit,
as required by this Act and the State shall
be responsible for the return of all said
bonds or stocks dy the Comptroller General.
= SEc- 6. All Acts and parts Of Acts inaon-s
sistent or conflicting with this Act are heres
by repealea
slsr -; :.=:z-!.=ii. -=esrc. =;=.~
days after its passage. & se 81
In The Senate He,isc,s thc twenty first day
of December, inthe year of our Lord one
Thousand eight hundred and sixty nine.
(Signed) G. w MONTGOMERY,
President pro tenlporcof The Senate.
(Signcdy FRANKLIN j. MOSES, Jr.,
Speaker ofthe House of Representatives.
Approved the 22d day 6fD6ccmbcr, 1859.
(signed) ROBERT K,ScQrT
- - Governor.
81 STATE OF SOUTH CAROLINA,
H..r OFFICE SECRETARY OF STATE.
( |. F. L. Cardoza, Secretary of State of
South Carolina do hereby certify that the