The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1875-03-13

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M ifH lava I iia tote nnd WHiVlnr HU
IrlnIm uf flsli nfttf0f nv feHqun ~ snel no.
FnOWl ismed Of sftieel hl elyn genlntcg
o1Dy M tIHlf rhnftff 0f iced N aeiieutnii
together Win stniemoni, under ~ ml y ~,
To- president uf Vice ItslH0nii ~ oihrf rhlfI
0nlf.f and tio stHftinfg ~ ille company inf
which tho inhy nr', gfitlnn Tie name ~ ne
rIfuInny uud ihp place Whtft lntaigdl W"
nmuuut ~ W. Wpiiul, WIN y detailed sihr.
ufut uf tho nctH aud iirnIa nH required iiuin
companies OfanniNrd under the laws ~ luis
| atnto,nH Der HoptlUngt yontcen lUreuiihnd shall
also ne the certificate Ot conpl lance WIN
tho laws Of iholr uWu statei nnd no hRent
shall he allowed IA lfnusirt business iOf nny
company wliu,n capital II impaired Nv Tue
! liabilities, rs stated ~ section seventeen ~
this act, 10 the exlunt oi twenty-five yer
cent thereof while sucll deficiency shall
continue.
Sec. 20. II shall not be- lawful for any agent
or agents To act for any Insurance company
| or companies fefcrted 10 In this net, III tax
| Ing risks on truDsuctlng business OF insurance
In this state, without procuring from the
comptroller Of state II certificate Of author.
| Ity, stating tInt such company has compiled
with all the acquisitions OF this act
See. u. Tho statements and evidences OF
| Investments required OF foreign companies
~ above. shall DO renewed annually ia such
manne + and form w required by this act,
and rs said comptroller mny direct, win
amy add ional statement OF the amount OF
| the losses incurred or premiums received IN
this state during the preceding period, 80
| long Ms such agency continues; anu lhe shih
comptroller, on being satisfied that the capi-
al, securities and investments remain
secure, rs hereinbefore provided, shn iur-
| nish II newul of his certificate as aforesaid.
| Sec. y. IL shall be the duty of the comp
| trOller OF state upon receiving reliable inlor-
| nation that the affairs OF any insurance
| company, incorporated bv, or doing business
| In this state, are In an unsound CONDITION ny
impairment of capital or otherwise, 10 can
| upon any such company for IA full statement
| OF its condition, and In event OF refusal or
neglect OF any company To answer the rtqu,-
| silios, or, II tae exhibit be unsatisfactory 10
| him, he shall make the examination MIN
| self, or appoint one OF two persons, not ON
GERS, employees or agents OF any insurance
company and 1t shall be the duty OF the Of
| ticers or agents of such company or compa-
| MICS to cause theiI books and assets TO he
opened for the inspection of the comptroller
or the person or persons so appointed, anu
otherwise facilitate such examination as far
| us may he in their power SO TO do; ana Tor
the purpose OF arriving NJ the truth IN such
cases, the comptroller, or person or persons
so appointed by him, shall have power 10
| examine, un ter oath, tho Officers or agents
| of any company or others, II nects airy, re'tt-
ing 10 the business and:condiiion ofsaid COM
pany and whenever the comptroller Shnll
| deem II best for the interest of the pubic so
| to do, he shall publish the result of such In
ves,igation Ia one or two papers OF the state
ono Of which shall be published In ths coun-
| ~ in which the principl office of said com
pany Is located and VIII never 1t shall APP
pear to said comptroll"r from such exami-
| nation, that the assets and funds of any
company Incorporated ia this state are 70.
| duced or i'm paired by the liabilities of said
| company, as described under the head oflia
| oiiities IN the statement required by TINS
act, more than Twenty-Five per cent below
the paid up capital stock required by THIS
| act, he shall direct the officers thereof to re-
quire the stockholders to pay in the amount
of such deficiency within sixty days from
the date of such requisition. Should SAID
company syood de sad Sr M" she aYIe COM
municate the fnct to the attorney general
of state, whose duty 1t snail then become to
apply TO the district court, or If in vacation d
quirin said company TO snow cause why
| thei business should not be closed ami the
court or judge, a. the case may De, s ,iii
and proofs of the respective parties; ana IN
case 1t shall appear to the satisfaction OF SAID
courtoi judge that the assets ana Innds OF
| said company are not sufficient as aforesalu,
| or that the interest of the pubic require H.
the said court or judge shall decree dissoiu.
ton Of said company ana distri6aTl1 hav %.
| power to refer the apple 't'on OF the allpr-
| n ,y.general OF state to referee, To- inquire
into and report upon the facts stared nerein
and II the comptroller, upon examination, Is
satisfied that the "fiairs or any insurance
| com pany ding business in this state, ana
not organized under It's laws, are IN an VA
| sound condition, he shall revoke the ccrtln,
cate granted in behalf OF sucn company, anu
shall cause the notification thereof 10 pc
published in two newsp"pe IN si genera a eipf
which shall be published in tho county
where the principal Office of such company
is located and the agent or agents q, sHc IN
discontinue the issuing of any new poncy,
or the renewal OF any previously issued. For
such examination, ordered ~ sne SoInpaiIo.i "
the person or persons making such eNamin-
alton the amount of ten dollars per day, not
to exceed in all two hundred ana hity dol
i lars, together with actual travelling xnenS es,
to be paid, on the cOmptroller's certificate,
by the company which is the subject OF such
Investigation.
said requisition from the said comptroller,
shalt forthwith call upon its stockholders
Tor such amounts as will make its paid up
capital equal to the amount filed by this act,
or the charter of said company; and case
any stakeholder shall refuse or neglect to pay
the amount so called 70, after notice per-
| time and manner as said comptroller SUall
approve, it shall be lawful for the said COM
pany to require ihe return Of the I, orlginai
and In lien thereof to issue new certificates
for such number OF shares as the said stock
holders may be enti I'D to, in the proportion
that the ascertained value OF the funds OF
the said company may be found to bear To
the original capital of tn. said company, the
value of such shares for which new
tanned under the direction of the
comptroller, the said company paying
for the fractional parts of shares. And 1t
shall be lawful for the directors of such COM
pany to create new stock and dispose of the
same, and to issue new Ger, ificaies therefor,
to an amount sufficient to make up the ori-
ginal capital or the company; and in the
event of any adcitionol losses accruing upon
new risks taken upon the eXpirat on OF the
period limited by The said com ptroller In the
afo esaid requisition for the filIit up of the
deficiency in the capital OF such COMPANY,
and before said deficiency snail have been
made up, the directors shall be individually
liable to the extent thereof
| Sec "A. There shall be paid by eve COM
| pany, assoclat on. 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
rissung 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 sum of ten cents per folio, ana nifty cents
for certifying the same ana afi1xing the seal
of Office thereto; which fees shall go to the
| comptroller for the payment of the sal ry of
an insurance clerk and the comptroller il
| he eby authorized aud en- powered, upon the
passage OF this act, to appoint suitable per-
son experienced In the business of insurance
as clerk nj the insurance department, whose
duty IL shall he, under the supervision and
direction of the comptroller, TO attend to all
matters in detail connected with insurance
in this STATE and said clerk shall receive in
| full of all compensation for his services tho
| fees exclusive OF taxes required 10 b1 paid
by Insurance companies unde: this act.
| Sec. %. When, b. tho 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 p:ohibi-
| lions, are imposed upon companies of this
| state, as n condition prior 10 doing business
in such other state the same obligations
shall be i'm posed upon all insurance compa-
MES of sucn other state doing business In
this state; and such companies required to
make deposits 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 %. IL 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 )uniry, TO publ sh once
annually, in two newspapers of general cir
culation, one of which newspapers shall be
published ut the capital o. the state land In
case OF companies organized In the state OF
Texas, one Of which shall be published In
tile county where the principal office is To-
cat ID, u certificate from the comptroller OF
$ ate that such company has in ali respects.
complied with the laws of this state relating
TO i'm urance.
See. "a. Ii shall be the duty of the comp
trOller of state to cause to be prepared and
furnished 10 each Of the companies Organized
under the laws of this stale, and TO attorneys
or agents of comp lnics incorp rated 10y 9TH
or states ant ioiCign goyernlu nj, who may
apply for the sane, printed forms Of state
meals required by this act, ana ne may from
time 10 lime, make su IA changes in the
him best adapted to elicit from the compa-
MES n true exhibit OF their condition In re-
spect 10 the several points hefeinbefOre emu