The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1875-03-13
AM a TT
Regulating Fire and Marine Insurance
Companies, and Providing Fines and
Penalties for its Enforcement.


SECTION /. BE il enacted By the Legislature Of
The state Of Ierds, That herefter, when any
mum Der of persons associate themselves to-
gether for the purpose of forming an insu-
rance company, for any other purpose than
life insu rance, they shall publish n notice of
such intention once in each week. for four
weeks, in some public newspaper in the
county in which such insurance company Is
proposed to be located; and they shall also
make a certificate under their hand, specl-
Tying the name assumed by such company
and by which 1T 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 be located, which certificate shall be
acknowledged 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 of state for examination, and If IL shall
be found by the attorney general OF state to
be IN accordance with the provisions OF this
act, and not in conflict with the constitution
and laws of the United States and this state,
he shall make certificate Of the facts and re-
turn it to the comptroller of state, who shall
reject tire name Or titie applied for by any
company when he shall deem The same too
similar to any one already appropriated by
any other company. or likely to mislead the
public.
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 rs now required by law
said persons, when incorporated and having
In all respects complied with the provisions
of this act, are hereby authorized to carry
on the business of Insurance, AS famed in
such certificate of incorporation, and by the
name and style provided therein, and shall
be deemed u body corporate with succession,
they and their associates, successors and as
signs, and shall be capable OF suing and be-
ing sued, AMI maintaining any action to H.
nal Judgment and execution, and shall in
law be capable OF purchasing, holding, i'm
ytsafrs md an q N n
sonal or mixed. for the use ofthe corporation,
as hereinafter provided.
Sec. 3. No joint stock company shall be in
corpOrated under the provisions of this act,
with smaller capital Than one hundred
thousand dollars, as may be specified in The
certificate of Incorporation, which stock
shall be divided into shares of one hundred
dollars each.
Sec. L. Having published the notice and
filed publishers afiidavit 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 ofincorporation, or n majority
of them, shall he commissioned TO open
books for the subscription of stock to the
company at such times and places as to them
may seem convenient and proper, and shall
keep the same open until the full amount
specified in the certificate is subscribed.
Sec. 5. The 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
after the subscription books shall have been
filled, n majority of the subscribers shall hold
a meeting for the election OF directors, each
share emitting the holder thereof to one
vote; and the directors there elected shall
continue in office until their successors have
been duly chosen and have accepted the
trust.
Sec. 8. 1t shall be lawful for any insurance
company organized under this act to invest
its capital in bonds and mortgages ON unin-
numbered real estate, within the state OF
N. W. ri lnuhls. he m lpp pel m
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 OF
tn state or stocks or treasury notes of the
United States, in the stoc4s 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,
n nd To lend the same, or any part thereof, on
the security of such stock, or lands, or treas
ury notes, or upon bonds end mortgages as
aforesaid, or upon bills ofexchange, or other
notes and bills, and not other
wise; and to change and reinvest the same
in like securities, us occasion may from time
to time require; rut any 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 state;
pledge or public stocks of the United States,
or any of the states, or 81 ocks, bonds, or other
evidences OF Indebtedness of any solvent,
paying Institutions Incorporated
under the la VS. of this state or the United
States, and in bills of exchange, or other
notes or bills, except their own
stock; procided, dllGdys that the current mar
ket value of SUI h stock, bonds, or other evil
dences of Indebtedness shall be at all times
during the continuance OF such loans n least
twenty per cent more than the sum loaned
thereon.
Sec. 7. Upon receiving notification that the
requirements OF the preceding sections have
shall make an examination, or cause one TO
be made by some disintere ted person, Off |
cially appointed by him for that purpose;
and liz Ii shall be found that the capital here |
ing to the nature OF the business proposed 10
be transacted by such company, has been |
paid in and possessed by 1t In money, or in |
such stocks, notes, bonds. or mortgages, as
are required by the third and sixth sections |
of this act, then he shall so certify; and IL
the examination be made by other than the |
then the finding shall be certi- |
fed under oath. The corporators or officers
Df any such company or proposed company /
.ontern plated by this act, shall be required |
10 certify, under oath, to the comptroller of
,tate, that the capital exhibited TO the per-
cDn making the exam iaatf0n directed in this |
section, was bona fide property Of the COM
pany so examined; the certificates above i
shall be filed I'm the Office of
laid comptroller, who shall IN .reupon de-
liver To such company c.rtined cory OF the
'ame, with his written permission for them
a commence business as proposed In their
written certificate of Incorporation, which
IN being placed on record In The Office OF the
'ecorder I'm the county in which the COM
,any is 10 be located. by the recorder, in n
,ook prepared by him for that purpose, shall
,e their authority 10 commence business
md issue policies; and su IN certified copy of
aid certificate may be used In evidence for
n against said company with the same effect
IS the originals.
sec. s. 1t shall be lawful for any company
,rganized under this act. or doing business
n this state. To insure houses, buildings, and
II other kinds of property, against loss or
lamage by fire, aud to make all kinds of In
urance on goods, merchandise or other prop
rty, in the course oftransp0rfatlon, whether
N land or water. or any vessel efioaf, where
vsr the same may b :: 10 lend money on bot
Omry or rrssp0IifcnfiG, and TO cause itself to
,e insured against any Loss or risk IL may
ave incurred I'm the course OF its business
nd upon the interest which II may have IN