The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1875-03-13

desirng w Transact any surll hutlnpss ~
aforesaid, 10 tilla hlNlri may be sued lll hhl
county 10 lhis state in Wllrh Pc eNllH III
action 90 plfi llirltnl nfrlhlli hnl elAi
appoint nnn ATTORNEY 100 ne state, 400 sllali
ulf Will ihn comptroller nf stale Willlfn
Instrument duly Msuei Hnl arnifd HNlhnI-
iHiug such nltOTurf NJ hnrli company W pc
knpWlpdgr snlYlrnpi Wlgr l.i Anh " ~
half0i hlah company in lllsslHle,r OnhenlinH
iliai such sriFinr M process meme ~ NllAli
upnn such attorney snail hr taken
aid held aH Ynlld 90 u nrlYh NpnN
ihn company uhN friNNN ~ FiWie'
may hr had 90 any Hurii COMPANY bN NrllN-
fring rppy thereof ~ llln pIehdrnl shrlr-
tnry nT treasurer Oi huGii company according
~ lhn laws nI lhih state ana WhlVlhB hll
claim M rlglii nl rfipf hl reason ~ hNVl HN,
acknowledgement nr go lrrlAhl piHh tN,lllt,n
COPY iul tnriT charter 81 deed ul hnillrintnli
lnRnlhNr win u statement under lhn pAl pl
thn president ~ vice uuhdflili nfpllfI nhlrl
0lllprr lnd lhe SECRETARY ul We hnlhphhS lnl
which lhty may act tlllnH lhr lihit ~ we
Nnnpnny and tho place Wllrlr lnrhlrli 10
amount Of iis capital, WIN u detailed hlalN
mpnl NJ The faGlh and lihius ~ required nom
companies organized under TIE laws ~ lhlh
atniN,nh pef section, srYelrtl ilirlfnlihlll Aliu
also iil6 The certificate ~ nnmp lance WIN
tho laws 0f their own slHiei nlih no agent
shall no allowed a. Transact hnhlnrhh lnr aus
company whose capital N Impaired Nv the
liabilities, 40 stated Ia section seventeen nl
lhlH ncli lp the extent ~ twenty -lNr pul
cent thereof while SUCH deficiency thhll
continue,
Soc, 20 II shall not be- lawful for any agent
ar agents ~ act Tor any insurance company
or companies referred a. IN ms act ~ ihk'
ing risks pf tfhnhnpllng puHllrtho l Insurance.
Ia ihlH state without plufuiins linlil lhe
comptroller Of huip u rufllnuhlt ~ hulhuf.
ny, stating liHt Huoll company has complied
with all the regulations uf ms act,
heo, ~ The statements ana evidences pi
Investments required Of lortlgn companies
As.an. a a
manner nnl iOrm M required 10y illlh nol,
ANA ~ said comptroller may diircl, with
any add lOnal statement OF the amount Oi
tho LOSSES Incurred pr premiums received IA
THIS state during the preceding period, ~
long m such agency continues aud the said
comptroller ON bolng satisfied ihut the capt
tai, securities and Investments lemnln
secure, ~ horelnheioro provided, hlln mr.
niRh neWnl Of his certificate ~ aforesaid,
hec, ~, II shall be the duty Of The comp
tfullNr Of slate upon receiving reliable lnlOrr
nation ihnt the affairs 0i any Insurance
company, Incorporated by, Ordulng business
IN thiR state are Ia IN unNuund condition ny
impairment OF capital or otherwise 10 call
upon any such company for iull statement
Of us condition. ana Ia event Ol refusal 81
neglect nf amy company Ia answer the rCuui-
Hltlun, or litAc exhibit he unsatisfactory u
HIN, hO shull mako the examination hltn'
self or appoint one uf Two persons, not on
Gers, employees or agents OF amy insurance
noorA or ugcnN of such company OF GOmpn'
Mica 10 cause thoii books and assets 10 he
opened Tor the inspection of the comptroller
or tho person on persons sO appointed, rl II
otherwise facilitate such examination us ia
~ may bo Ia their power 40 10 doi ana FOR
the purpose Of arriving ~ the truth In such
cnseA, tile comptroller, or person or persons
10 appointed by hlnk shall have power u
examine, I'm ter OATH tho OlllcorS or agents
of any COMPANY on others, II necessary, rUlnt,
Inm Ia lla htgiIlNHl uI'pnnnl Inn lI q
pnny Rnd whenever the comptroller shall
deem II best for the Interest of the public M
to do, heshnll publish the result OF snch In
vesiigntlOn Ia one or two papers OF the state
one OF which shall bo published In tho cOun.
" In which The principal office OF said COM
pany N located and whenever II shall mp
pear TO said comptroller from such eXnml'
nation, thnt the uSScts ana funds of amy
company Incorporated In this state are re-.
duced or impaired by the liabilities of said
company, ms described under the head uflin-
bilitics IN the statement required by this
act, more thnn twenty-five per cent below
the paid up capital stock required by this
act, he shall direct the officers thereof 10 re .
quire the stockholders Ia pay In the amount
of such deficiency within sixty days from
tho date of such rcqulsitiOn Should said
company decline or willmlly neglect IA
make good said deficiency, he shall com
munic0te the fact TO the attorney general
of state whose duty II shall then become ~
apply to the district court, or, If In vacation,
10 one of the judges thereof, Tor an order re-
quillnR said company TO show CRuSe why
their business should not be closed and the
court or Judge, Ms the case may be, shall
thereupOn proceed to hear the allegations
and proofs of the respective parties; and In
case II shall appear to the satisfaction OF said
courtOl judge that the assets and funds of
said company are not sufficient as aforesaid,
or that the interest of the public require IL,
the said court or judge shall decree II disSolu-
tlon ofSaid company, and u distribution of
its effects; the said court or Judge shall have
power to refer the application OF the attOr-
n ay.general of state TO Il referee, to inquire
into and report upon the facts stated herein
and If the comptroller, upon examination, is
satisfied that the fairs of any insurance
company doing business In this state, and
not organized under its laws, are III an un-
sound condition, he shall revoke the certif-
cate granted in behalf ofsuch company, and
shall cause the notification thereof to be
published in two newspapers IN general cir
culation, published in this state, one of
which shall be published in the county
where the principal Office of such company
Is located; and the agent or agents of such
company are, after such notice, required to
discontinue the issuing of any new policy,
or the renewal OF any previously issued. For
such examination, ordered by tue comptrol-
Ter, under this act there shall be allowed to
the person or persons making such eXamln-
alton the amount of ten dollars per day, not
to exceed In all two hundred and fifty dol
lars, together with actual travelling expenses,
to be paid, ON the comptroller'S certificate,
by the company which is the subject of such
siec. - Any company receiving the aiore-
said requisition from the said comptroller,
shah forthwith call upon its stockholders
for such amounts as Will make its paid up
capital equal to the amount filed by this act /,
or the charter of said company; and In case
any stakeholder shall refuse or neglect to pay
the amount so called for, after notice per-
HVt. Nst.
time and manner rs said comptroller shall
approve, II shall he lawful for the said COM
pany to require the return of the original
certificate of stock held by such stock holder,
and IN lieu thereof, TO issue new certificates
for such number OF shares as the said stock
holders may be emil led to, In the proportion
that the ascertained value of the funds of
she said company may be found to bear to
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 it
shall be lawful for the directors of such COM
pany to create new stock and dispose of The
same. and to issue new certificates therefor,
to an amount sufficient 10 make up the orr i
giual capital of the company; and in the
event of any additional losses accruing upon
new risks taken upon the expiration of IN o
period limited by the said comptroller in the
aforesaid requisition for the filing up OF the
deficiency in the capital OF such company,
and before said deficiency shall have been
made up, the directors shall be individually
liable to the extent thereof.
Sec. u. There shall be paid by every COM
pany, association, person or persons, agent
or agents, to whom this act shall apply, the
following fees: For filing aud examination
OF the first application of any company and
issuing of the certificate OF license thereon,
twenty-five dollars for ding 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 fifty cents
for certifying the same and affixing the seal
of office thereto; which fees shall go to the
comptroller for the payment of the salary of
an Insurance clerk /; and the comptroller is
he eby authorized and EN- powered upon the
passage OF this act, to appoint u suitable per-
son experienced in the business of insurance
as clerk OF the insurance department, whose
duty 10 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 lin
full of all compensation for his services In e
Tees exclusive OF taxes required 10 be paid
by Insurance. companies under this act
sec. %. When, by the laws OF any other