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

VIZ Gtull Olo .6uIh
bonds or stocks.as security for policy holders
in the Company or association; but, SO long
as any Company or Association so depositing
shall continue solvent,,t Comptroller Gem
eral may permit such Company to collect
and receive tue interest on such bonds or
stocks SO deposited.
SEC. z. Thvtteyer any Company or Asso.
eiatiun rs, or shall become fullysorgat.ized,
anti the said Company or Ass citation have
Deposited with the Comptroller General the
requisite amount Of aIotbonds or stocks, it
shall become his duty to furnishthe Corporae
ton or Association with a certificate Of such
deposit, which certificate or duplicate thereof
certiied by the Comptroller General, may be
used in and BIO evidence for and against the
Corporation.
SEC. 8, II shall not be lawful for any PER-
son or persons, Corporation of Corporations,
Association or Associations to act within this
State MS agent, or othcrwise, in receiving or
procuring applications for insurance Of any
kind or Kinds, or in dry manner to aid in
transacting tho 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 Tie
dement, 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 fifty thousand dol
lars par value for each Life Insurance Com
pany OF Asseciation, aud twenty thousand
dollars par value for each other Insurance
Company or Association but, Sc long MS any
Company or Association go. depositing shall
continue solvent, the Comptroller General
may permit such Company or Association 10
collect and receive the interest on such bonds
or stocks so deposited, aud have appointed
an Attorney in this St&tp on whom process of
law can be served and said Attorney shall
have fled with the Comptroller General n
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 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 Mt any
time. When the foregoing requirements,
and such other requirements as now arc, or
may hereafter be required by law, shall be
complied with the Comptroller General shall
give Il certificate 10 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 to m business.
SEC. a. Every violation of this Act shall
subject the Company or Association, or agent
or agents, violating, jointly and sevcrnliy, to
a penalty OF five hundred dollars for each
violation. which shall be sued for and recoy-
cred in a joint or several civil action, in 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, 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 tho inforner of such viola
.;G@ ; aaii, =; 5is0 % @0 iioii-payinvnt ot
such penalty, the person or persons 30 offend
ing shall be liable to Imprisonment for II pc.
Rod not exceeding one year in the discrc-
lion OF the Court having cognizance Thereof.
SEQ. 5. The Comptroller General shall
safely md separately keep the bonds or
stocks OF each Compapy5or Association, and
shall return tho Identical bonds or stocks re-
ceiyed and during Che usual oftice hours.
shall keep the hondl or s,echs, subject TO the
examination OF the representative of any Com
or MISUNDERSTANDING mtie a deposit.
as required by this set; and the State shall
Be sz.saz.sslz. :gr hte5a oil said
SIC. @. Ai1Acts and aarts Of Acts neon
sistcnt or conflicting with this Act arc here
by repealed.
SEC. Z This net. shall tssc effect sixty
days after lis passage.
In the Scnate-ilousc, the twenty first day
of December. in the year of our Lord one
thousand eight hundred and sixty nine.
{. w MONTGOMERY,
President pro 'Hnrpore of the Senate.
(Signcd) FRANKLIN j. MOSES, Jr.,
Speaker of'he House or Representatives.
Approved the I'D day o.Dcccmber. 1859.
(Signcd) ROBERT X. SCOTT
Governor.