The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1875-03-27

aitf nf any hqscii M Hng Hnfli rIiumnN H
glinll hn tpn4lioi in nns NJ llu HintNfnr i.r
] ~ Insured ihHfdlhi nni fuY HurH ruiIrIuI
/ doairInr IA transact nrv IuHh iuHln. u
/ afnfefnll, ~ ihiH niniCi may hu lOHl lu nu'
l county la ills state In which the puuHn I'll
| appoint unc ATTORNEY IN he ntntr, ana fltulI
| nle with tho comptroller NJ state p W. iier
/ Instrument, duly Hirnpd aud Honled' author
, lllng such attorney " such company lp uc'
/ knowledge RcfylrC NJ prucoN for uud IN br
] halfOfsirli company IN this estate, rOnartiiliig
| that such service Of process, mcsue or ilnhl
| aud held as valid rs II served upon
| the company, and service Of process
| may bC Ind on any such company ny dtliv-
| ering copy thereof 10 the prcsident, scctr'
| tary or treasurer ~ such company, nrcnldlng
| To the laws Of this state, mud waving nll
| claim or right oferrOr hy REASON Of suCn ne.
acknowledgement or srrN lee, ana nisp Cnttlird
copy of their charter or deed of scitomt nj,
| together with n statement, under the oath Of
| the president or vice president, orOther chirl
officer, and the secretary of The company inr
which they may aci, stating Inc name 81 ne
company aud the place where located, the
amount Of It's capital, with detailed state
ment of the lucts ana Items uS required from
companies organized under the laws OF TINS
stutc,ns per section seventeen hcr"oi;nnd shull
also file the certificate of compliance win
the laws OF their own stntc unh no agent
shall be allowed to transact business for any
company whose capital IL impaired by the
liabilities, us stated IN section seventeen of
this act, to the extent Of twenty-five per
cent thereof, while such deficiency thall
continue,
See. 20. II shall not be lawful for any agent
or agents to act for any insurOu cs company
or companies referred 10 In THIS act In tax
ing risks or trnnsncting business OF insurance
In this state, without procuring rom lhe
comptroller of state "A csrltncite OF hutnoi-
ity, stating TINT snch company has compiled
with all the acquisitions of this net
Sec. 81. The statements and evidences OF
invest ments required oi foreign companies
as above, shall be renewed annually III such
manner and form MS required py inns mel
ana MS said comptroller may Direct win
amy additional statement Of The amount of
the losses Incurred or premiums received III
this state during the preceding period, so
long as such agency continues; ana the said
comptroller, on being satisfied that the cGpl-
al, securities md Investments remain
secure, ms hcrelnheiore provided, Sha lnr-
niSh newal of his certificate as aforesaid.
See. -. IL shall be the duty of the comp
troller OF state upon receiving reliable in.or-
nation that the affairs OF any insurance
company, incorporated by, ordoing business
| in this state, are In an unsound condition by
impairment of capital or otherwise, To call
upon any such company for full statement
of Its condition, ana In event OF refusal p
neglect of any company tn answer the rcqul-
sition, or, II the exhibit be unsatisfactory TO
him, he shall make the examination him
self, or appoint one or two persons, NOT Olli-
GERS, employees or agents OF any insurance
company and 1t shall he the duty of the Of
ticers or agents of such company or c0mpn-
mics to cause theii books ana assets 10 ne
opened for the inspection Of the conip,lOler
or the person or persons so appointed, aud
otherwise facilitate such exam inailon AS las
as may be in their power so to do and Tor
the purpose of arriving ut the truth in such
cases, the comptroller, or person or persons
so appointed by him, shall have power 10
examine, I'M 'er oath, the OHl'crS or agents
of any company or others, II necessary, relnt-
ing to the business and,cOndiiiOn otSald com
| pnny and whenever the comptroller shall
| deem it best for the interest of the public so
to do, he shall publish the result OF s'ich IN
yestigation In one or two papers OF the state,
one of which shall be published In the .coun-
| ty in which the principal office OF said com
pany Is located and whenever II shall ap-
| pear to said comptroller from such eNnmi-
| nation, that the assets and iunGs Of any
company Incorporated in this state are re,
duced or impaired by the liabilities OF said
| company, rs described under the mead oilln-
| bilities In the statement required by this
act, more than twenty-five per cent below
| the paid up capital Stock required by inns
| act he shall direct the officers thereof To re-
! quire the stockholders to pay In tile amount
/ of such deficiency within sixty days from
the date of such requiSiilon. should sa!h
make good said deficiency, he snail com,
municatc the fact to the attorney general
of state, whose duty 1t shall then become to
apply to the district court, or, II IN vacation
curing said company to snow cause why
their business should not he closed; ana The
court or judge, as the case may be, Slall
aud proofs of the respective parties; ana IN
case it shall appear to the satisfaction OF SAID
court oil Judge that the assets and funds 81
said company are not sufficient us aforesaid
or that the interest Of the public require IT,
the said court or judge shall decree u dissolu,
ton of said company, ana alSlrDutlnh ol
its effects; the said court or Judge shall nave
power to refer the apple ton OF the ait lr-
II ~. general Of state 10 a referee, 10 Inquire
into and report upon the facts stated herein
and IL the comptroller, upon examination, Is
satisfied that the affairs of any insurance
company d ing business In this stale, and
not Organized under It's laws, are in an m
sound condition, he shall revoke the cortih,
cate granted IN behalf Ofsuch conipnny, and
shall cause the notification thervuiio b.
published in two newspapc III general CIR
culation, published in this state. one %
which shall BE- published IN the county
where the principal Office Of Sncil company
is located and the agent OF nEentS oi >nri
company are, after such notice, required t.
discontinue the issuing OF any new policy
or the renewal OF any previously issued. Iol
such examination, ordered Ivy toe co e p'Iol'
Ter under this act there shall be allowed u
the person or persons making such "Nhmli-
alton the amount of ten dollars per day, not
to exceed in all two hundred and my dol
lars together with actun! tiAvclingcTl sn- eS
to be paid, on the Comptroller : .ertiiieate
by the company which is the subject Of such
investigation.
said requisltion from the said comptroller,
shall forthwith call upon It's stockholders
Tor such amounts as Will makeits phld up
capital equal to the amount hled by TINS act,
or the charter of said company; and case
any stakeholder shall refuse or neglect to pay
the amount so called for, after notlce per
sOnally given, or by advertisement, in such
time and manner as said comptroller STALL
approve, IL shall be lawful for the said COM
pany to require the return of the original
certificate of stock held by such stakeholder,
and in lieu thereof, to issue new certificates
for such number of shares as the said stock
holders may be entitled to, in the proportion
that the ascertained value OF the funds OF
htanr I'm
the original capital of the said company, the
value of such shares for which new
certificates shall be issued, to be ascer'
tanned under the direction OF the
comptroller, the said company paying
for the fractional parts of shares. And IL
shall be lawful for the directors of such conf
pany to create new stock and dispose OF The
same. and to issue new certificates therefor,
To an amount sufficient to make up the ori-
ginal capital of the company; and in the
event of any additional losses accruing upon
new risks taken upon the eXpirat ON OF the
period limited by the said comptroller in the
| aforesaid requisition for the hlllng up OF the
and before snid deficiency shall have been
made up, the directors shall be individually
liable TO the extent thereof.
| Sec, "a. There shall be paid by every com
| papy association, person or persons, agent
| or agents to whom this act shall apply, the
| following fees For filing and examination
OF the first application of any company and
issuing of the certificate of license thereon,
| twenty-five dollars; for filing each annual
statement herein required, ten dollars for
| each certificate of authority, one dollar FOR
every copy of paper filed as herein provided,
the SUN of ten cents per folio, ana nifty cents
for certifying the same and aiiixing the seal
of Office thereto; which fees shall go to the
comptroller for the payment of The sal Try OF
| an insurance clerk and the comptroller Is
/ he eby authorized and EN- powered, upon the
passage of this act, to appoint n suitable per-
| son eX perienced in the business of insurance
as clerk OF the insurance department, whose
duty it shall he, under the supervision and
direction of the comptroller, to attend to all
matters in detail connected with insurance
| In this $, ate and said clerk shall receive in
| full of ali compensation for his services tn G
fees exclusive of taxes) required 10 be paid
by insurance companies under this act.
Sec. %. When, by the laws OF any other
state, any taxes, fines, fees for certificates OF
| license, penalties, deposits of money or of
securities, or other o legations or prohibit
| tions, are imposed upon companies of this
/ state as q condition prior 10 doing business
| in such other state, the same obligations
| shall be imposed upon all Insurance conpn-
/ MES of such other state doing business in
this state; and such companies rrquired to
| make de posits in this state are likewise re-
| quired to make said deposit either In the
| bonds of the state of Texas or In the curren-
| cy of the United States.
| Sec 20. l. shall be the duty of every such
| Insurance company doing business in this
state, organized under the laws of this state
or any other state or country, topubl sh once
annually, in two newspapers OF general cir
culation, one of which newspapers shall he
| published at the capital Of the state land in
| case of companies organized in the state of
Texas, one of which shall be published In
| the county where the principal office Is To-
catedl, certificate from the comptroller OF
| $ ate that such company has in ali respects
complied with the laws of this state relating
/ TO In urance.
Sec. q. 1t shall be the duty OF the comp
troller of state 10 cause TO be prepared and
! furnished TO each ofthe com panies organized
/ bn Ia xrS N fliS state. and 10 ATTORNEYS