The Orangeburg news. [volume] (Orangeburg, S.C.) 1867-1875, 1871-02-11
STATE OF SOUTH CAROLINA

per, IN the year OF our Lord one Thousand
eight hundred and.sixty-niue, and thence
continue by divers APPOINTMENTS to the
twenty first day of December, in the year
of our Lord one thousand eight hundred
and sixty-nine: :
AN ACE TO BETTER PROTECT OLDER OF IN
sURANrE POLICIES IN THIS STATE.
SEcTloN L. BE 1t enacted by the Senate
and House of Representatives ofthe State of
South Carolina, now met and sitting in Gem
eral Assembly, and by the authority of the
same: No Company or Association which
is now organized. or which may be hereaf-
ter organized in this State, to carry on the
business of insurance of any kind or kinds,
shall proceed further with business las the
case may be) until they have deposited with
the Comptroller General of this State bonds
or stocks of this State equal to the sum of
fifty thousand dollars par value for each Life
Insurance Company or Association, and
twenty thousand dollars par value for each
other Insurance Company or Association.
The Comptroller General shall hold such
bonds or stocks as security for policy holders
In the Company or Association; but, SO long
rs any Company or Association so depositing
shall continue solvent, the Comptroller Gem
eral may permit such Company to collect
and receive the interest on such bonds or
stocisso deposited.
SEC. =. Whenever any Company or Asso-
citation is, or shall become fully organized,
and the said Company or ASS citation have
deposited with the Comptroller General the
requisite amount of State bonds or stocks, il
shall become his duty to furnishthe Corpora
lion or Association with a certificate Of such
deposit, which certificate or duplicate thereof
certhled by the Comptroller General, may be
u5ed i'll and be evidence for and against the
Corporation.
SEQ. {, 1t shall pot be lawful for any per-
son or persons, Corporation of Corporations,
Association or Associations 10 act within this
State as agent, or otherwise, in receiving or
procuring applications for insurance OF any
kind or kinds, or in any manner. TO aid in
transacting the business of. insurance Of any
kind or kinds for any Company or Associa
ton 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, for the
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 10 the sum of fifty thousand dol
lars par value for each Life Insurance Com
pany on Association, and twenty thousand
dollars par value for each other Insurance
Company or Association; but, 50 long as any
Company or Associations depos;tiGg Ahan
'iAh IN I4kt ,ulUIttOslVE HtltStH
may permit sucl. Company or Associations to
collect ana 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 Comptroller General a
certified copy of the charter Of said Com
pany or Association, and also II certified copy
of the vote or resolutions Of the Trustees or
Directors of such Company or Association APP
tNAty - ..- l.,-.t H. 49, I
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, on may be
done by such Company or Association at any
time. When the foregoing requirements,
and such other requirements us now are. or
may hereafter be required by law. shall be
complied with the Comptroller General shall
give II certificate to that effect, and also state
the meme 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 10 commence business.
SEC. 4. Every violation OF this Act shall
subject the Company or Association. or agent
or agents, violating, jointly and scyeraliy, to
n penalty of five hundred dollars for each
violation, which shall be sued for and recov-
cred III IL joint OIL several civil action, III the
name of the State of South Carolina. by the
solicitor OF the Circuit in which the Com
pany or Association, or agent or agents so
violating, shallb situated onc-halt of such
penalty when recovered shall be paid into
the County Treasury of such County, and
the other half to tho informer of such viola
ton and. in cnsc of the non-paymcnt of
such penalty. the person or persons SO offend
ing shall be liable 10 Imprisonment for a pc.
rod not exceeding one year III the discrc-
ton OF the Court having cognizancc thereof.
SEQ. 8. The Comptroller General shall
stocks of each Company or Association, and
shall return the Identical bonds or stocks re-
ceived aud 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 made a deposit,
ms required by this Act and the State Shall
be responsible for the return of all said
bonds or stocks dy the Comptroller General.
SIC. 6. All Acts and parts of Acts incon-
sistent or conflicting with this Act are here
by repealed.
$50 1. This net shall AXE effect sixty
days after its passage.
In the Senatc-iloase, the twenty. first day
of pcccmber, in the year of our Lord one
thousand eight hundred and sixty nine.
(Signed) C.. w MONTGOMERY,
President pro tempore of he Senate.
(Signcd) FRANKLIN j. MOSES, Jr.,
Speaker ofthe House of Representatives.
Approved the 22d day ofDcoembcr. 1869.
(Signed) ROBERT X. SCOTT
Governor.
STATE OF SOUTH CAROLINA,
OFFICE SECRETARY or STATE.