The Orangeburg news. [volume] (Orangeburg, S.C.) 1867-1875, 1871-03-11

The Comptroller General shall hold such
bonds or stocks rs security for policy holders
in the Company or Association; but, SO long
rs any Company or Association so depositine
shall continue solvent,st Comptroller Gem
eral may permit sach Company to collect
and receive tie interest on such bonds or
stocks so deposited. Z
SEC. 2. Whenever any Company or Assoc
citation is, or Shall become f,illy~sorganized,
andethe said Company or Ass citation have
deposited with the Comptroll ~ General the
requisite amount of State bonds or stocks, il
shall become his duty to furnishthe Corpora
ton or Association with a certificate, Of such
deposit. which certificates r duplicate thereof
certified ny the Comptroller G GENERAL, may be
used in and BIO evidence for and against the
Corporation.
SEC. q, 1t 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, or in duy manner to aid in
transncting tho business of insurance Of any
kind or kinds for any Company or Associa
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
Comptroller General of this State, fer the
Dencat or the poiiey,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 fifty thousand dol
lars par value FOR each Life Insurance Com
pany or Association, and twenty thousand
dollars par value for each other Insurance
Company or Association; but, SO long MS any
Company or Association go depositing shall
continue solvent, the Comptroller General
may permit such Company or Association TO
collect and receive the interest on suci bonds
or stocks so deposited, aud have appointed
All Attorney in this S.~tp on whom process of
law can be served; and said Attorney shall
Fave hieu with the Comptroller General n
certihed copy. OF the CHARTER OF said Com
pany or Association, and also n certified copy
OF tile vote or resolutions of the Trustees or
directors OF such Company or Association ap-
pointing him the Attorney of such Company,
which appointment shall continue until
another Attorney be substituted which
shall be done upon the death, removal orin-
capacity to act of such Attorney, or may be
done by SUCH CompanY or Association at my
time. When the 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 a certificate to that effect, and also state
inc meme OF the Attorney. which certificate,
whcn hicd IN the County Clerks Office of the
county where the agency IS to be located.
shall be the authority to business:
Sko, a. Every vioiaaon OF tins Act shall
snojec. tne Ionpany or association or agent
Vr agents violating Jointly and severnlly, TO
n penalty OF iive hundred dollars 5r each
'ioiaioh' wnich Shall be sued for and recov..
ereu III a JONI or several evil action, IN the
name oil the state OF South Carolina, by the
oOnc''or OF me circuit In which the Com
pahy or ASSOCIATION or agent or agents so
N'o'a,ihg' s'a'i DC situated one .ha't OF such
t'"",y ""em icco'efeu snaii ne paiu INTO