The Orangeburg news. [volume] (Orangeburg, S.C.) 1867-1875, 1871-02-25
STATE OF SOUTH CAROLINA

Der, in the year of our Lord one thousand
eight hundred and siStysnice, >and. thence
continue by divers a~djournmcnta 10 the
twenty first day of December, in tho year
of our Lord ono tfonsand eight handred
and sixty-nine:
AN ACT TO nETTER rRofECT HOLDERS OF H.
suRANnE POLICIES IN THIS STATE.
SECrIoS l. DO 1T 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 The
same: No Company or Association which
is now organized, or which may be hercaf-
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 bel until they have deposited with
tho Comptroller General of this State bonds
or stocks of this State equalto the sum Of
f:ss'tJ s..oasai.a. aao::..1s pal valGe cSs 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 OF stocks rs security for policy holders
in the Company or Association; but, SO long
as any Company or AS ISOLATION so dcpositing
shall continue solvent, the Comptroller GEN
eral may permit sach Company TO collect
and receive the interest on such E5nds or
stocks so deposited.
SIC. 2. 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, it
shall become his duty TO furnish :hc Corpora
ton or Association with n certificate of such
deposit, which certificate or duplicate thereof
certified by the Comptrollcf General, may be
used in and be eridcnec for and against the
Corporation.
SEC. 3, 1t shall net be lawful for any per-
gpn- nv nnrSnna fpry,nraf 10, Of rn,,n,t;,xo "a
Association or Associations to act within this
State as agent, or otherwise, in receiving or
procuring applications for insurance Of any
kind or kinds, OF in any manner to all i'll
transacting the business of Insurance of any
kind or kinds ior any Company or Associa
tion Incorporated by, or organized under the
laws of this or any other State Government,
or any foreign Government. until suclr Com
pany or Association have deposited Siih 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 for each Life Insurance Com
pany or Association, and twenty thousand
dollars par value for each other Insurance
Company or Association but, 80 long rs any
Company. or Association 20 deros.,ing shall
continue solvent, The COMP. oiicr G3a:ca,
- s;:c' Conn I" : AsS$.ttan TO
coll ct and receive The interest on suc!. bonds
or stocks so deposited, and have appointed
an Attorney in this Stale on whom proccsso OF
Law ciu.5e served /; and said Attorney shall
have filed with the Comptroller General n
certified copy OF the charter of said Com
phiy or Association, aal also II certified copy
OF the vote or rcsoldtilns of the Trustees or
ore tors OF such Company or Assoc.a'ion APP
pointing him the Attorney of such Company,
which appointment shall c~tntin;sc until
another Attorney be substituted whicl,
shall be done upon the death, removal or in
Scapncity to act of sue, attorney, or may be
donc'b by such Company or Association at 9ny
time. When the foregoing requirements,
nht such'othc r' requirements as now are, or
may hereafter be required h. law, shall be
comptred with the Com Itrolicr General shall
give a certificate to that effect, and also state
the ncmc Of the Attorney, which certificate,
when flied in The Couu'y Clerks Office of the
County where the agency is 10 be located.
siiaii be the authority t. commence business.
SIC. 4. Every violnt OH o; this Act shall
subject the Ccmt<,ny or association. or agent
or agents, violating. jointly AMI scvcralIy, to
II penalty OF five hundred dollars for each
violation. which shah b. sued for and recov.
cred i'll n joint or several civil action, in the
name of the State of South Carolina. by the
Solicitor of the Circuit in which the Com
paiiy or Assnciation. or agent or agents so
violating. shall be situated onc-hali of such
penalty when recovered shall he paid into
the County Treasury OF such County, and
the other half to tho infor,ncr of such viola
ton and, i'll case of the noa-paymcnt OF
such penalty. the person or DECISIONS so cfFend-
ing shall ~ Liable 70 imprisc+frnen+ for n pc
rinl not exceeding orc 5car in the discre.
ton of the Court having cognizanca thereof.
SEQ. D. 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-
ccivcd and during the usual Office hours,
shall keep the bonds or stocks, subject to the
examination OF thc reI rcscutatiyc of any Com
pany or Association having INA lc q deposit.
he Responsible for the return of all said
bonds or stock dy the Comptroller General.
SIC. q. All .Acis and parts Of Acts incon-
sistcnt or conflicting with this Act are here
by repealed.
SIC { This net shall take effect sixty
lays after its passage.
- In the Scna;c-IIousc the twenty first day
of December, in tile year of our Lord one
thousand eight hundred and sixty nine.
tSigucd) C. MONTGOMERY,
President pro temporc OF the Senate.
~iSignc,l) b FRANKLIN j. MOSES, Jr.,
Speaker ofthc House of Representatives.
Approved the I'D day ofDcccn!Scr. 1859.
(Signcd) ROBERT X. SCOTT
Governor.
STATE OF SOUTH CAROLINA,
OFFICE SECRETARY OF STATE.