The Orangeburg news. [volume] (Orangeburg, S.C.) 1867-1875, 1871-01-21
:'j SAT u RDA5Y MORNING,
..spArE nF sonTin1 cARohINA

Der, In the year OF our LORD one 4 housand
EE eight hundred h6dsixty- q, Vapd thence
/ twenty. first day of December, in ibe year
..ofour'Lord one shoTsdhds eight hundred
S,aud sixty-niiie. "a ~
An ACT TO BETTER PROTECT HOLDERS OF ~
''p''' sUnANnE POLICIES IN THIS STATE. :
SEoTIoN L. BE 1t enacted by the gSenafe
and lIonse Of Representa- EvcsSof the State of
South Carolina, now met and sitting in Gen
ernl Assembly, andlbyithe2 nthoifty 81 the
same no Company or Association whchs
is no'f organised. wfriear may 55 herea!
Ter organized in this State, tot carry on the
business of insurancecof any kind or kinds,
shall proceed further with business (hs' the
case.may be) until they baSe deposited with
the Comptroller General of this Stutc 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 forl each
other Insurance Company or Association.
The Comptroller General shall hold such
bonds or stocks as stcurity for policy holders
In the Company or ASSOCIATION; but, SO long
as any Company. or Association so depositing
shah ii.continoc solvent, the Comptroller Cen
ernl mny permit such Company to collect
and receive the interest such bonds CIR
stocks s.so.deposited.-@--,-. .~,-' 49, -
SIC. 2. Whenever any Company or Asso-
III.
Nnd the4saiH Company or AssSciaton have
| posted with the SC5mptrollcr General the
requisite amount of State bonds or stocks, it
shall become his duty TO turnisl tbe Corpora
ton orgassociat ipns With ceitifcateiof such
kdeposts which certiiieate or, uhlicate hsrcof
ceriiedo by the Cohpt rolieity General, ,.nnty he
Sassed in and os evidence fqrb and ag'dnsts the
&SEc. 'B..~It s1ralf not be lawful for any per-
son or persons, Corporation of Corporations,
Association or Associl ions TO 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 uii in
transacting the business of insurance of any
kind or kinds for my Company or Assocn
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
otAplrollcr General of this State, for the
benefit Of the policy holders of such Com
pany OK Association. citizens or residents of
the United STATES. bonds or stocks of this
State equal 10 the sum OF fifty thousand dol
Lars far valGa Tor each Life lneurancc Com
pnny o. Association, and twenty thousand
idgllprs par vulue for each ct!ier Insurance
Company o.. Asslciu Ion; bat, so long AS any
EcompanS or Association so dcposting shall
econtinuc hs so.vent, thc Comptroller General
may pcrlnii such Company ur Association TO
collect aud receive the interest or such bonds
orls,ocss so deposited, aud have appointed
an X storney IN this State onsrlora fpro2c CO. oi
law can be ssryed :.spS ssis Afta.acy sl,sll
have Fled w.:h The Comptf0licr fGencrat Il
certified copy OF the charter of said Com
pany or Association, and nlso certified copy
of the vote or resolutions OF the Trustees or
Diree tors of sach Company or Assoc.a ioriiap-
pointin ing Him the Attorney Of such Company.
wh!cn appointments shall continue until
ANOTHER Attorney be substituted; which
shall be done upOnEthc death removal or in
capacity 10 net of such Attorney. or may be
done by such Company or Association at any
time. When the foregoing requirements,
and such other requirements as now are. on
may. hereafter be required by law, shall bc
Fcomplied. With the Gomptrolicr General shall
give cert t!catc TO that effect, and also state
the meme OF the Attorney, which certificate,
when I'll ii III the County Uerk's;CffiGe OF the
| County where the agency il TO he located.
shal! be the authority 10 com ncncc business
SEo.NA. Every violation OF this Act shall
subjcct the Company oI1Association, or agent
or agents, violating Jointly and scyerally, to
| a.penalty OF fsc hundred dollars for each
violation, which Shall be sued for and rccov,
cred III Il joint or several civil action, in Tie
name of the Stateof South Carolina. by tho
ilSoiciter of the Circuit in which ~rhe Com
pany or Association, or agent on agents so
NloatlnS, sAall Dc Situated: Onc-liuit o.! such
penalty when recovered shall be paid into
the, County Treasury of such Comfy, and
i.thc'et half 10 tho intormcr Of such viola
ton; and, in case of the non payment of
such ipennli liysthe person or persons % Offend
fling shall he Liable TO Imprisonment for "A pc.
triod not exceeding one year in the discrc.
| tion of the Court having cogniznncc thereof.
SEo. 81. The Comptroller General SHALL
safely and separately keep tlIe bonds or
stocks of each Company or Association, and
shall return ihc identical bonds or stocks re-
ceivtd'; and during the usual office hours.
shall keep the bondat or stocks subject o the
exam nation of the Representative of any Con-
pany on Association having made deposit.
as required by this Act; and the State shall
be responsible. for the return of NIL said
bonds or stocks dy the Comptroller General.
SEc. q. All Acts aud parts of Acts, incon-
sistcnt or conflicting with this Act arc here,
byrepcalol
sGG, This ap, sshaH take effect sixty
In the Senate House, the twenty first day
of December, in the year of our Lord one
thousand eight hundred ana sixty nine.
(Signcd) c. w MONTGOMERY,
President pyo tomporc OF the Senate.
(Signcd) FRANKLIN j. MOSES, Jr.,
Speaker ofthe House Of Representatives
Approved the 22d day OF December. 1859
(Signed) ROBERT X. SCOTT
- Governor.