The Orangeburg news. [volume] (Orangeburg, S.C.) 1867-1875, 1871-02-11
STATE OF SOUTH oARobINA

Columbia on the fourth Tuesday in Noyem-
Der, in the year of our Lord one thousand
eight hundred and.bixty-niDe, and thence
continue by Divers adjournments to the
twenty first day of December, in the year
of our Lord one thousand eight hundred
and sixty-nine: =
AN ACT TO. BETTER PROTECT OLDER OF H.
sUnANGE Policies IN THIS STATE.
SEcrIoN l.. BE 1t enacted by the Senate
and House of Representatives of the State of
South Carolina, now met and sitting in GEN
cral Assembly, aud by the authority of the
same: No Company or Association which
is now organized, or which may be hefeES-
ter organized in this State, to carry on tho
business of insurance of any kind or. kintls,
shall proceed further with business (as the
case may be) until they have deposited with
the Comptroller General of this State bonds
or stocks of this State equnlto the sum of
fifty thousand dollars pnr value for each Life
Insurance Company or Association, and
twenty thousani dollars par value for each
other Insurance. Company or Association.
The Comptroller General shall hold sucl,
bonds or stocks as security for policy holders
IN the Company or Association; but, SO long
MS any Company or Association SO deposising
shall continue solvent, the Comptroller Gem
eral may permit such Company to collect
and receive the interest OH such bonds or
stocksso deposited.
SIC. 2. Whenever any Company or Assoc
citation is, or shall become fully. organized,
and the said Company or Association have
deposited with the Comptroller General the
requisite amoun, of State bonds or stocks, 1t
shall become his duty to fdrnisbthc Corpora
ton or Association with a certificate OF such
deposit, which certificate or duplicate thereof
ccrtifedsby the Comptroller General, may be
used in and be evidence for and against the
Corporation.
SEQ. B, 1t shall pot be lawful for any per-
son or persons, Corporation of Corporations,
Association or Associations to act within this
State MS agent, or Otherwise, in receiving or
procuring applications for insurance of any
kind or kinds, or in any manner, 10 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 have. deposited with the
Comptroller General of.this State, for the
benefit of the policy holders Of such Com
pauy or Association, citizens or residents of
the United States, bonds or stocks of this
State equal 10 the sum of fifty thousand dol
lars par value for each Life Insurance Com
pany OF Association, and twenty thousand
dollars par value for each other Insurance
Company or Association; but, SO long as any
thaapany or Association so dcpoSitiGg shall
continue solvent, the ComT,rOilcr Gcue,Ht
may permit such Company or Association to
collect and receive the interest on SUCH bonds
OF stocks so deposited. and have appointed
AN Attorney in this State on whom process of
law can Deserved and said Attorney shall
have filed with the Comptroller General a
certified COPY of the charter of said Com
pany or Association. and also II certified copy
of the vote or resolutions of the Trustees or
Directors of such Company or Association APP
pointing him the Attorney oil such Company.
winch appointment shall continue until
another Attorney be substituted; which
shall be done upon the death, removal. or in
capacity to net Of such Attorney, or may be
zone 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 the Comptroller General shall
give II certificate TO that effect, and also state
the meme OF the Attorney, which certificate,
when filed in the County Clerks Office of the
County whore the agency is TO be located.
shall be the authority 10 commence business.
SIC. 4. Every violation OF this Act shall
subJauu the Company or Association, or agent
or agents, violating. jointly and seyeraliy, to
n penalty of five hundred dollars for each
violation, which shall be- sued for and recov.
cred III II joint or several civil action, III 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 tho informer. of such viola
ton and. in case of the non-payment of
su"h penalty, the person or persons SO offend
ing shall he liable TO imprisonment for "A pc.
riod not exceeding one year in the discrc.
ton of the Court having cognizance thereof.
SEQ. s. The Comptroller General shall
safety anu separately AeeP INC uvA-s -.
stocks of each Company or Association, and
s!&!! return the ;dentical bonds or stocks re-
ceived and during the usual Office hours,
shall keep the bonds or stocks, subject to the
examination of the representative of any Com
pany or Association having mmlc n deposit.
MS required by this Act and the State shall
be responsible for the return of all said
boad3 or stocks dy the Comptroller General.
SEC. 6. All Acts and parts of Acts incou-
sistent or conflicting with this Act are here
by repealed.
$50. & This act shall take effect sixty
days after its passage.
In the Scnate-liouse, the twenty-frst day
of December, in the year of our Lord one
thousand eight hundred and sixty nine.
(Signed) c.. w MONTGOMERY,
President pro tempore of The Senate.
(~Signed) FRANKLIN J.. MOSES, Jr.,
Speaker ofthe House of Representatives.
Approved the 22d day of Dccember, 1869.
~(Sisncd) ROBERT K. SCOTT
Governor.
STATE OF SOUTH CAROLINA,
OFFICE SECRETARY OF STATE.