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

| ne ff1nifed 6y Ia Ihim hnd hydrocarbons
I ~ tlili NOT, thtn lo shnll ~ certify aud N
/ iiH eknnilnHilpn he made ~ other tlinn the
/ com ptfUllef, then Tie nndlnH shall be rofii.
| tlod under oath. The c0fpofaiors or Officers
| NJ any such company ~ pfVpsed cOinppny
| Contemplated Wy lls noil shall " feg9lfel
| ~ certify undof oath, a. The coiipirollnr NJ
state, that the capital oxlilblled "a tile pgf.
son making the oxainlnnti0n directed Ia this
| section, was bona nde properly ~ the com
l pnny ~ examined, the certificates above
| Contemplated shall bo filed IN the Office Of
said comptroller, who shall thereupOn de-
/ liver 10 such company u certified copy ~ the
same, with his written permission tot them
~ commence business ~ proposed In their
/ written certificate Of incorporation, which
on belpg placed ON record In the office Of the
| recorder IN the county In which the COM
| pnny IN 10 be located, by the recorder, In u
| book prepared by him for that purpose, shall
| he their authority 10 commences business
| AMI Issue pOllclesi and suSh ceftlneu copy OF
said certificate may be used In evidence for
or against said company with the same effect
| M the originals.
See. 3. II shall he lawful for any company
| organized under this act, or doing business
| IN this state, To Insure houses, buildings, ana
| all other kinds OF property, against loss or
damage by fire, aud TO make all kinds of In
| surance on goods, merchandise or other prop
| rrty, In the course oftrunsporlatlon,w whether
IN land or water, or any vessel aiioat, where
ever the same may be; to lend money ON bot.
| tomry or reSpOndcltid, aud TO cause Itself TO
| he insured against any loss or risk 10 may
| have incurred In the course OF It's business
and upon the interest which IL may have In
| any property by means OF any loan or loans
| which II may have made on mortgage, bot
tomry, or respondenhd; and generally 10 40
and perform all other matters proper to pro-
mote these objects. And no company organ
| lied under this act, or transacting business
| In this sta q shall expose itself to loss on any
one risk or hazard, except when insuring
| cotton in bales, To an amount exceeding ten
| per cent OF its paid up capital, unless the eN-
cess shall be insured by the same In some
other good and reliable company.
Sec. o. The annual meeting for the election
| of directors shall be holden during the
| month OF January, as the bylaws OF the
company may direct; Pr0pided, hOWecor, that
| II for any cause the stockholders shall fail
| 10 elect at any annual meeting, then they
| may hold a special meeting some day sub
| quent thereto for that purpose, by giving
| thirty days notice thereof In some newspa-
| per in general circulation In the county In
| which the principal Office of the company
| shall be located; and the directors chosen at
any such annual or special meeting shall
continue In office until the next annual
neeting, and until their SUCCESSORS duly
| elected shall have accepted.
Sec. 10. The directors shall chose by ballot
| / president from their own number, and
shall fill all vacancies which shall arise In
| the board or In the presidency thereon, ana
| the board Of directors thus constituted, or n
majority of them, when convened AT the Of
! dee of the company, shall he competent to
! xercise all the powers vested In them by
shall have power to appoint n secretary and
| my other officer or agent Necessary for trans
acting the business of the company, paying
such salaries and taking such securities as
| they may deem reasonable; they may or
dain and establish such bylaws and regula-
| tlons, not inconsistent with this act or with
the constitution and laws OF the United
| states and of this state, as shall appear to
them necessary for regulating and conduct
| ing the business of the company; and 1t
shall be their duty to keep full and correct
4 trt.a fHntr frn nj nj M a
all times, during business hours, be open to
the inspection OF such persons rs are enti-
| tied the reto.
Sec. u. All policies or contracts of insur.
| ance made or ell tered into by the company
may be made either with or without the seal
| of said company; but said policies shall be
| subscribed by the president or such other of
icer as may be designated by the directors
Tor that purpose, and shall be attested by the
| secretary thereof
by stakeholder or his legal representative,
subject to such restrictions as the directors
shall from time to time establish in their by
| laws.
Sec. IA. Whenever any company organized
under this act shall, in the opinion of the d.
rectors thereof, require an Increased amount
of capital, they shall, If authorized by the
holders OF majority of the stock to do so,
die with the comptroller of state certificate
setting Orth the amount of such desired in.
crease, anu Thereafter such company shall
be entitled TO have the increased amount OF
capital fixed by said certificate; and the eX-
animation of securities composing the
capital stock thus increased shall be made in
the same manner MS provided in section sew
On of this act, for tile capital stock first paid
IN. Pm. t ..t
Sec. 10. 1t shall not be lawful for the directors
trustees or managers of any insurance COM
pany organized under TINS act or iucorpo
rated und any law of this state, to make
any dividend except from the surplus profit
arising from their business. and IN estlmnt'
ing such profits there shall be reserved there
n I'M n MOI IN
amount received as prem iuns on uneNpired
fire risks and policies, and one hundred pei
cent of the premiums received on uneSpired
marine and inland transportation risks
which amount so reserved is hereby declared
to be unearued premiums; and there shall!
llso be reserved the amount of all unpaid
losses, whether adjusted or unadjusted, al
sums due the CORPORATION on bonds and
mortgages, bonds, stocks and book accounts
If which no part of the principle or Interest
thereon has been paid during the year pre-
cedlng such estimate of profits, and upon
which suit for foreclosure or collections has
not been commenced or which, after Judg
ment has been obtained thereon, shall have
eulained more than two years unsatisfieo
) and upon which interest shall not have beer
paid; and in case of any such Judgment, thu
interest due or accrued thereon and remain
ing unpaid shall also be reserved. Any div
idends made contrary to these provisions
shall subject the company making 1t to ;
forfeiture of their charter.
Sec. 10. No company organized under thi'
act shall purchase, hold or convey any rea
estate save for the purpose and in the man
ner herein set FORTH to-wit: LIST Such a'
shall be requisite for its convenient accom-
mediation in the transaction of Its business
ID. such Ms shall have been mortgaged to II
in good faith by way of security for loans
previously contracted or for money due; or
3D. Such as shall have been conveyed to il
In satisfaction Of debts previously contract
ed in the legitimate business ofth company
or for money due; or, 4th. Such as shall have
been purchased at sales or upon judgments
iecrees or mortgages obtained or made fol
such debts.
Sec. IL. It shall be the duty of the presi-
dent or of the vice.president and secretary OF
each company organized under this act or
Incorporated under any law of this state, or
doing business in this stale, annually, on
the first day of January of each year, OF with
In sixty days thereafter, 10 prepare under
oath and deposit in the office of the comp
trolcer of state, full, true and complete
statement of the condition of such company
on the last day ofthe month OF December
preceding. which last statement shall exhib'
II the following items and facts In the follow
ing forms, viz:
First. The name ofthe company, and where
located.
Second. The name of the officers.
/ Third. The amount vi capital Stock Oh lIe
company.
Fourth. The amount of capital stock paid
run. The property or assets held by the
| company, specifying the value, as near as
may be, ofthe real estate owned by such COM
pany. ,, ,all, ,
in banks to the credit of the company, and
in what bank the same is deposited
The amount of cash in the hands OF agents
and in course oftransmi. sion. 800
The amount of loans secured by first mort
cages on real estate, with the rate of interest
thereon, specifying the location of such real
estate and Its valuation
The amount OF all other bonds and loans,
and how secured, with the rate of interest
thereon.
| iudum n have bppn Obt lined.
The amount Of stocks OF this state, of the
United States, of any Incorporated city OF
this state, and of any other stock owned by
the company, specifying the amount, num-
bers of shares, and par fand market value OF
each kind OF stock.
The amount of stock held by such com
pany a. collateral security for loans, with
amount loaned on each kind of stock, its par
and market value.
The amount OF interest actually due and
unpaid.
All other securities and their value.
ISirth. The liabilities of such company,
specifying the losses adjusted and due.
| Losses djusted and not due.
Losses unadjusted.
Losses in suspense and the causes thereof.
Losses resisted and In litigation.
Dividends either in scrip or cash, specify
ing the amount of each declared, but not
due.
Dividends declared and due.
| The amount required to reinsure all out
standing risks ON the basis OF forty per cent
| of the premium on all unexpired fire risks,
and one hundred per cent OF the premiums
on all unexpired marine and inland trans
portation risks.
The amount due banks or other creditors.
The amounto of money borrowed, and the
security therefor.
All other claims against the company.
Ssuenth. The Income OF the company during
| the previous year, stating the amount re-
| ceived for premiums, specifying separately
for fire, marine and inland transportation
| premiums, deducfing reinsurance, the
| amount received for interest, and from ali