The Orangeburg news. [volume] (Orangeburg, S.C.) 1867-1875, 1871-02-18
STATE OF SOUTH cARonfNA

Der, IN the year Oh our Loru ohe thoushn"
eight hundred and sixty-nine, ana thence J
continue bv divers od~iournments to the 4
twenty first day of Decolnber, in the yenr
of our Lord one thousand eight hundred
and sixty-ninc:
AN ACT TO DETER PROTECT HOLDERS OF IN
suRAYrE POLICIES IN THIS STAGE.
SRcrIos l. BE 1t enacted by the Senate I
and House Of Representatives CT 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 hereaf-
ter organized in this State, to carry on the
business of insurance of any kind or kinds,
shah proceed further with business ms the
case may bcl until they have deposited with
the Comptroller General OF this State bonds
or stocks Of this State equal to the sum Of
fifty Thousand dollars par value for each Life
Insurance Company OF Association, aud
twenty thousand dollars par value for each
other Insurance Company or Association.
The Comptroller General shall hold such
bonds or stocks rs security for policy holders
in the Company or Association; but, SO long
as any Company or Association so dcpositing
| shall continue solvent, the Consp,roller Gen
| eral may permit such Company to collect
| and receive the interest on such bonds or
stocks so deposited.
SEC. 2. Whenever any Company or Asso- /!
citation is, or shall become fully organized,
and the snid 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 a certificate OF such
deposit, which certificate or duplicate thereof
certified by the Comptroller General, may be
used in and be evidence for and against the
Corporation.
SEC. 3, 1t shall not be lawful for any per-
son or persons, Corporation of Corporations,
Association or Associations 10 act With 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
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 hNe deposited with the
.omptrollcr 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 OF Association, aud twenty theasand
dollars pa-Salua .or Bsc!t piacr irset@nce
.iI,61np3tyb1s s&lciRtlau bait se }SisSs35 aSy
! fANsayl OF. sys9ciafit3& 20 tsyesslaE niep..
Ssu ss,tt 80 geasEsFSS hgiss:s
.ESsas Z Z ysSSaassw5s
waGS 81 Il @FcS;icsl, and Rlse TfroiTTc.;
a~f'ofUcy IL this STATE on whcm rrocess oc
tfw- car BE- served and Said A~t:orncy SHAH
have fled w.'h tic Cu,urtrolier GcaoTal -
~SNfiiHvi copy .: the c~l.arlcr OF SAID Com
Parry on association. atNi tlsU It certified CON-
o' tao vote or resolutions of the trustee. or
p-rS'toTs OF surli Company on As.ocia'ionU r-
foih.'n2 4!Ll the Attorney oi -GcA Company.
! 40 ~ q ~
another Attorney br Substituted: which
shall be done upon the death, removal or liz
caracity to net OF such ittornry, or mny be
u"ne hy st'ch tompnny or Association at ary
'lilc. When the foregoing requirements.
anu such ofhcr requirements as now are. on,
my Icrcafttr be rcqrircd b. law, shall be
cotnI lied with the Coiu.trollcr General Shall
slrr - certificate 20 that effect. and also state
me meme of the Attorney. which certificate
when fled in The County Clerks Office Of thoo
county where the agency is TO be located.
snail De thn authority 10 commence business.
Stc. a. every violation OF this Act shall
SUBJECT the Company or Association. or agtn,
or agents, Violating, iointly ami scycrally. TO
a penalty OF frc h"nlrci dollars for Gael,
violation, Whlch shall b" sued for and rccov.
cred in II JONI Or several civil action. in NE
nhme OF the Stale OF South Carolina. by the
Solicitor OF the Circuit in which the Com
Pitniy or Association, or agent or agents so
violating, siIai! he situated onc-halt of srch
penalty wien recovered shall be paid into
the County Treasury Of such County. and
the other half to tho intorIncr OF such violin
non and, IN case of the non uaymen, Of
such penalty, the person or persons so offend.
ing >!'ail be liable 10 Imprisonment for a pc.
ROD not exceeding one year IN the digcre.
ton OF the Court havlng cognizance thereof.
SEQ. %. The Comptroller General shall
safely aud separately keep the bonds or