The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1875-04-03
PRODUCE.
AIN a IT
Regulating Fire and Marine snsu rance
Companies, ana Providing Fines ana
Families for its Enforcement.


Penalties for its Enforcement.
SECTION 1. BE ID enacted by the Legislature Of
me state Of 1erds, That herefter, when any
nun Der of persons associate themselves 10
gether for the purpose OF forming an insu
rance company, for any other purpose IMAM
life insu rance, they shall publish II notice OF
such intention once In each week, ior lour
weeks, in some public newspaper IN the
county in which such insurance company is
proposed to he located; and they slaii also
make certificate under their hand, specl-
flying the name assumed by sucn company
and by which it shall be known, tne opJect
for which said company shall be formed, the
amount of its capital stock, ana bne pltce
where the principal office CT SAID COMPANY
shall be located, which certificate snail De
ncknowledged before and certified by some
notary public or clerk OF courto record ana
forwarded TO the comptroller OF state, VINO
shall submit the same to the attorney yen,
eraI of state for examination, and II IT shall
DE found by the attorney -generai OF state 70
he IN accordance with the provisions OF thls
act, and not IN c0niilci Wien she ga III state
he shall make certificate OF the iacts, ana re,
turn IL to the comptroller of state, VINO snail
reject the name or TUE applied aou ny toS
similar to any one already appropriated Dy
any other company, or likely to mislead the
public. ,.,ao.,oo, tho said
company shall have received the approval OF
the attorney general OF state ana cohnptivpi-
Ter of state, the said company snail ciuse u, .ie
same to be recorded as now required ny law
for recording articles of incorporatlon; anu
said persons, when Incorporated anu hnSlhs
In ali respects complied with the PROVISIONS
of this act, are hereby authorized 10 carry
on the business of Insurance., as fameu IN
such certificate of incorporation, ana py tne
name and style provided therein, ana snaii
be deemed a body corporate with succession,
they and their associates, SUCCESSORS ana as
signs, and shall be capable OF suing ana De-
inr sued, AMI maintaining any action 10 n
nal Judgment and execution, anu snali IN
law be capable of purchasing, holding, I'M
proving and conveying any estate, real, per
sonal or mixed, for the use ofthe corporation,
ns hereinafter provided.
Sec. q. No Joint stock company shall be IN
corpOrated under the provisions of this ACT,
with a smaller capital than one hundred
thousand do,ar ;n,c cs NOR, which stock
shall be divided into shares OF one huhoreo
dollars each. 49,, A., .... o,,.,
aIsd publishers afiidayit OF the publication
thereof with the comptroller of state, to-
vrli,er with the certificate, as required by tne
first section of this act the persons II,
the certificate ofincorporation, or q n9ority
of them, shall be commissioned 10 open
books for the subscription of stock 10 the
company at such times and places as 70 the aii
may seem convenient and proper, ana shali
keep the same open until the full amount
specified in the certificate is subscribed.
sec. 5. The affairs of any company organ n.
izad under the provisions OF this act snail pc
managed by not more than thirteen nor
fewer than seven directors, all of whom
shall be stockholders. WITHIN thirsy t GAYS
alled. a majority of the subscribers shall hold
n meeting for the election OF directors, eacn
share emitting the holder Thereon 10 one
vote: and the directors there elected shall
continue in Office until their successors nave
been duly chosen and have accepted the
trust ,,..,,oo
compauy organized under this act to invest
lis capital in bonds and mortgages on unln-
numbered real estate, within the state OF
Texas worth double the sum loaned thereon,
exclusive OF buildings, unless such buildings
are in ured in some responsible company or
companies, and the policy or policies trans
ferred to said company, and also IN STOCKS 40, on
ms state or stocks or treasury notes of the
United states, in the stocks and bonds OF any
county or Incorporated city In TINS sttle,
which may have been heretofore authorized
to be issued by the legislature of this state,
and 10 lend the same, or any part thereol, on
the security OF such stock, or lands, or treas
ury notes, or upon bonds and mortgag =, %, az
commercial notes and bills, and not other
wise: and to change and reinvest the same
in like securities, as occasion may from tlllle
10 time require; Dut any surplus money over
and above the paid-up capital stock OF any
such company organized under TINS nct or
Incorporated under any law OF TINS s'a ne
NAV be invested in or loaned upon inc
nledee OF public stocks of the United STATES,
or any of the states, or stocks, bonds, orotn
| evidences of Indebtedness OF any solNent;
| under the laws Of this state or the Unlted
states, and in bills Of exchange, or otner
/ commercial notes or bills, except their own
stock. flro,icied, GlicdUs that the current mar
| Iat value of such stock, bonds, or other evil
| dences OF Indebtedness shall be At All tiines s
i during the continuance Of such loans n leas.
| twenty per cent more than e sam leaned
Nee. 4. Upon receiving notification that the
reouirements of the preceding sections nave
been complied with, the comptroller OF s.a y
1 - ,..ada nv some disinterested person, ON