The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1875-03-27
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AM "a. ,...e sT
Regulating Fire and Marine Insu rance
Companies, ANA Providing Fines ana
u1nnnitIes for lis En- GOrcement.


SECTION /. Beh en,tcted By The Legislature o
fias sttite 0f Iedis, That herefter, when any
nulu Der of persons associate themselves To-
gether for the purpose of forming an insu'
rance company, for any other purpose than
life insurance they shall publish notice Of
such Intention once in each week, for 1oul
weeks, in some public newspaper IN tne
county in which such insurance company Il
proposed to he located; and they shall nlst
make u certificate under their hand, speci'
flying the name assumed by such company
and by which it shall be Known, the Object
for which said company shall be formed, the
amount of its capital stock, and the place
where the principal Office CT said company
shall Relocated, which certificate shall bt
arlruOwlplgcl before and certified by some
notary public or clerk of court of record and
forwarded TO the comptroller of state, who
shall submit the same TO the attorney gen,
eral ol state for examination, and II IL shall
DC found by the attorney general OF state tC
be IN accordance with the provisions of this
act, and not in confiicl with the constitution
and laws of the United states and this state
he shall make certificate OF the iacts, anu re,
turn Ii to the comptroller of state, VINO shall
reject the name or title applied for by any
company when he shall deem the same voc
similar TO any one already appropriated Dy
any other company, or likely TO inislead the
Sec. q When the said certificate of the said
company shall have received the approval OF
the attorney general of state and comptrol-
Ter of state, the said company shall cause the
same to be recorded ~ now required by law
for recording articles of interpretation; and
said persons, when Incorporated ana havlne
in ali respects complied with the provisions
OF this act, are hereby authorized 10 carry
on the business of insurance, as famed IN
sn,.h certificate of incorporation, ana by the
name and style provided therein, ana shall
be deemed a body corpolate with succession
they and their associates, successors and as
signs, and shall be capable OF suing and be-
ing sued, AMI maintaining any acton 70 n,
law lie capable of purchasing, holding. I'M
ptoving and conveying any estate, real, per
sonal or mixed. for the use ofthe corporation
as hereinafter prOyiued. D.. ..sf.- - ..
Sec, B. No jofnt stock company shall be In
curpnrated under the PROVISIONS OF inns act
with u smaller capital than one hundred
thousand dollars, as may ne specihed IN .ns
shall be divided into shares OF one hundred
dollars each. it L.i.l -
Sec. !, Having published the notice and
filed publishers affidavft OF the publication
thereof with the comptroller OF state, To-
gether with the certificate, as required by the
first section Of this act, the persons named In
the certificate of incorporation, or majority
of. tltem shall be commissioned TO open
books for the subscription Of stock 10 the
company at such times and places as to them
may seem convenient and proper, ana snali
keep the same open until the full amount
specified in The certificate is subscribed.
Sec. 5. Tie affairs Of any company organ
lied under the provisions Of this act shall be
managed by not more than thirteen nor
fewer than seven directors, all Of whom
shall be stockholders. within thirty DAYS
afier the subscription books shall have been
filled, a maturity OF the subscribers SHAH bold
a meeting for the election Of directors, each
sharts entttlfng the holder Thereon 10 one
vote; aud the directors there elected shall
continue in Office until their successors have
been duly chosen and have accepted tne
Sec. 9. II shall be lawful for any insurance
conf any organized under this act to invest
its ca pifal in bonds and mortgages on unin-
rod aa1 f4ata within the sla1e OF
Texas, worth double the sum loaned thereon,
exclusive Of buildings. unless such bulldinRs
are in ured in SOME responsible company or
companies, and the policy or policies trans
ferred 10 said company, and also in stocks OIL
tn state or stocks or treasury notes If the
United states, IN the stock and bonds OF any
county or incorporated city in this state,
which may have been heretofore authorized
to be issued by the legislature of this state,
AID 10 lend the same, or any part thereof, on
the security Of such stock. OF lands, or treas
ur y notes. or upon bonds and mortgages as
af5rasa.d OF uDon bills ofexchange, or other
commercial notes and bills, and not other
wise; and 70 change and reinyest the same
in like securities, rs OCCASION may from time
20 time require; ut stny surplus money over
and above the paid-up capital stock of any
such company organized under this act or
incorporated under any law OF THIS sla ~,
NAV be invested in or loaned upon the
pledge OF public stocks OF the United states,
or any Of the states, or stocks bonds, OF Other
evidences of indebtedness Of any solvent.
dixidend-Dayine institutions incorporated
under the law vs. Of this state or the United
STATES, and in bills Of exchange. or Other
commercial notes OF bills, except their own
stock: JTDrided, oii0aDs that the current mar
kef value Of such stock. bonds, or other evil
dences Of Indebtedness shall be at all tunes
during the continuance Of snch loans 81 least
twenty per cent more than I sum loaned
thereon.
sseo- Z. Upon receiving notification that the
requirements Of the Preceding sections have
been complied with, the comptroller OF state
shall make an examination, or cause one 70
be made BY some disinferested person, Off
cialiy appointed by him for that purpose