The Orangeburg news. [volume] (Orangeburg, S.C.) 1867-1875, 1871-03-25

The Comptroller General shall hold such
bonds Or stocks % Security for policy holders
In the ComfAny or Association but, so long
as my COMPANY or Association SO deposii;ng
shall continue solvent, the Cemptrolier Gem
erai may permit such Company TO collect
and receive 4 Interest Oh such bonds or
stocks 30 derositeu:
Sgc. p Whenever any Company or Asso-
citation is, or shall become fully organized,
and the said Company or Aes citation have
deposited With the Saaipir6fief General the
requisite amount OF State bonds or stocks, IL
shall become his duty to furnishthe Corpora.
ton or Association ass::t!.: a certificate 81 stsA
deposit, which certificate or duplisHtH thereof
certified by the Comptroller Gehcral, may be
used IN and be eyidcA6o for and against tho
CorpcFa.iUti.
SIC. 3, II shall not be lawful for any per-
son. or persons, Corporation of Corporations,
Association or Associations 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 aid in
transacting the business OF insurance Of any
kind or kinds for any Company or Associa
t!en Incorporated by, or organized under the
laws df This Or dHS ether State Government,
or any foreign Government, until snch Com
pany or Association have deposited with the
Comptroller General of this State, for the
Va WIZ YUatV9 uUtutfb VI buCH COU-
pany or Atsbeihtibh, citizens or residents of
the United States, bonds or stocks of this
Stale si;:s. &c the sum Of hfty thousand dol
lars par yalue for each Life Insurance Com
pany or Association, and twenty thousand
dollars par valuo for each other Insurance
Company or Ass5sintirf; bat, SO long rs any
Company u Association so depositing shall
continue Solvent, tho Comptroller General
may permit suck C6aiPGts br Association to
collect and receive the interest on such bonds
or stocks 30 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 u
certified copy of the charter Of said Com
pnny or Associations and also o certified copy
Of the vote or resolutions Of the Trustees or
Directors of fuch Company or Association ap-
pointing him the Attorney Of such Company,
which appointment shall cenfihae until
another Attorney be substituted which
shall be done upon the death, removal or in
capacity to act of such Attorney, or may be
done by such Company or Association at any
time. When tho foregoing requirements,
and such other .rcaHrfements ms new are, or
may hereafter be required by law, shah be
complied with the 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 10 TO be located,
shall be the authority TO commence business.
SEC. 4. Every violation Of this Act shall
subject the Company or Association, or agent
or agents, violating, jointly and severally, 10
n penalty OF FIVE hundred dollars for each
violation, which shall be sued for and recos-
cred in n joint or several civil action, in the
namc 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 informcr of such viola
tion and, in case Of the non-paynent Of
such penalty the PERSON or persurs 50 ottctd-
ing shall be liab,e to imprisonment for n pc.
.:~i not exceeding one year in the discre-
tion Of the Court having cognizancc thereof.
SEQ. 8. The Comptroller General shall
safely and separately keep the bonds or
stocks Of eaSfr Company O. &sstcFsti6h, and
shall return tio identical bonds or stocks re-
ccivcd and during the usual ofic hours.
shall keep the bonds or stocks, subject to the
examination of the representative Of any Com
pany or AssvciutioT having made n deposit,
rs REQUIRED by this AT; and the State shall
be responsible for tho return of all said
bonds or stocks dy the Comptroller General.
SIC. g.. All Acts and parts Of AUS incon-
sistent or conflicting with this Act nre here
by repealed.
SEC. Z. This act shall take effect sixty
after its passage.
In the Senatc-llousc, the twenty first day
of December. in tho year Of our Lord one
thousand eight hundred and sixty nine.
(Signcd) c.. w MONTGOMERY,
President pro tenpore Of the Senate
(Signcd) FRANKLIN j. MOSES, Jr.,
Speaker ofthe House of Representatives.
Approved the Odd day ofDecembcr, 1859.
(Signed) ROBERT h. SCOTT
Governor.