The Orangeburg news. [volume] (Orangeburg, S.C.) 1867-1875, 1871-02-04
STATE OF SOUTH CAROLINA,

her, in theiyear of our Lord one thousand
sight hundred and sixty-nipe, and thence
continually divers adjournments to The
twenty first day of Decomber, in the year
of our Lord one thousand eight hundred
and sixty-nine.
AN ACT TO RETrER PnoTEcT HOLDERS or III.
suRAsGE Policies IN THIS STATE. s
SaorIoN /. De il enacted by the Senate
and House Of Representatives of the State OF
South Carolina, now met and sitting in GEN.
eral Assembly, and by the authority of tho
same: No Company or Association which
is now organized, or which may be hereef-
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 beg until they have deposited with
the Comptroller General of this State bonds
or stocks Of this State 'equalto the cum of
afty thousand a~siisrs 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
intthe Company or Association; but, SO long
as my 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
stocks,so deposited.
H. Soulpnu( VI <tSSC-r
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, it
shall become his duty to furnish the Corpora
ton or Association with u certificate Of such
deposit which certificate or duplicate thereof
by the Comptroller General, may be
used in and be evidence for and against the
Corporation.
- SEn q II obo1l ~ ~. Io 1or,r,l 81, 49, 49,
son or persons, Corporation Of Corporations,
Association or associations 10 act within this
State as gent, 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
kline or kinds for any Company or Associa
ton Incorporated by, or organized under the
laws of this OF 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 to the sum of fifty thousand dol
lars par value Tor each Life Insurance COM
pany or Association, and. twenty thousand
dollars par value for each other Insurance
Company or Association; but, SO long as any
Company or Association SO dcpositing shall
hthhu oViEShl, tue SOulptTOLlcT NeHeraI
may permit such Company or Association to
callcet and receive the interest on such bonds
o. stocks so deposited, ands hare appointed
an Attorney in this State 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
or Association, and also a certified copy
of the vote or resolutions Of the Trustees or
Directors Of such Company or Association APP
nninfinn him thn ~ nv, ~ -,oL
which appointment shall continue until
another Attorney he substituted which
shall be done upon the death, removal or in
capacity to act of such attorney, or may he
done by such Company or Association at any
time. When the foregoing requirements.
and such other requirements as now are, or
may hereafter be required by law, shall be
complied with tho Comptroller General shall
give a 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 TO business.
SEQ. 4. Every violation of this Act shall
subject the Company or Association, or agent
or agents, violating, jointly and severally, TO
a penalty of five hundred dollars for each
violation, which shall be sued for and recov.
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 onc-half Of such
penalty when recovered shall be paid into
the County Treasury OF such County, and
the other half to the informer of such viola
ton and, in case Of the non-payment of
snch penalty, the person or persons so offend
ing shall be liable to Imprisonment for q pc.
riod not exceeding one year in the discre-
ton of the Court having cognizance thereof.
SEQ. 8. The Comptroller General shall
safely and separately keep the bonds or
stocks of each Company or Association, and
shall return the identical bonds or stocks re-
ceived and during the usual Office hours,
shall keep the bonds OF stocks, subject to the
examination Of the representative of any Com
or Association having made q 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.
Ssv. .. nj hvss -.a P-.-s y isis !"23n
sistcnt or conflicting with this Act arc here
by repealed.
SEC. Z. This act shall take effect sixty
days after its passage.
In the Senate-House, the twenty first day
of December, in tho year of our Lord one
thousand eight hundred and sixty nine.
(Signed) G. w MONTGOMERY,
President pro tempore of the Senate.
(Signedl FRANKLIN j. MOSES. Jr.,
Speaker oftbe House of Representatives.
Approved the ODD day OF December, 1860.
(Signed) ROBERT X. SCOTT
Governor.
STATE OF SOUTH CAROLINA,
nprtn. Ice -, Sr.m, Z