The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1875-03-20
-AN ACT
Regulating Fire and Murine insyI rance
Companies, ai,d Providing Fines and
Penalties for las EnE1rceu,eut.

~ SECTION l. Be IL e,ltciei By the LcgiSi,t,uue 0
, The Stur Of Jrcus, That hereiter, when an.
u nan Der of persons associate themselves to
u gether for the purpose of forming an insu
"a rance company, for amy other purpose Than
! life Insurance. they shall publish a notice o
/ such Intention once IN each week, for fou
, county in which such insurance company il
proposed to be located; and they shall alst
make a certificate under their hand, speci
Tying the name assumed by such company
: and by which 1t shall be known, the obiec
. for which said company shall be formed, the
amount of its capital sock, and the place
where the principal office If said company
shall be located, which certificate shall be
acknowledged before ANA ceriiied BY some
notary pubic or clerk %! court of record and
forwarded 10 the comptroller OF state, who
shall sunmit The same to the attorney-gen-
eral of state for examination, and If it shall
; pc found by the attorney general of state to
, be III accordance with the provisions of this
act, and not in cOnflc with the constitution
and laws OF the United states and this state
he shall make certificate of the facts, and re-
turn 1t to the comptroller of state who shall
reject the name or title 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
See. .. When the said certificate of the said
company shall have received the approval OF
the Encouragement of state and com trO-
Ter of STATE, the said company shall cause the
same to he recorded aS now required by law
for recording articles of Incorporation; and
sulu ptIStnS, WnGu Incorporated anu lliNlIR
in ali respects complied with the provisions
of this act, are hereby authorized to carry.
on the bu mess of insurance, as ramed in
| such certificate of incorporation, and by the
name and style provided therein, ana shall
| be deemed II 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 IL
| nal Judgment and execution, and shall in
law be capable OF purchasing, holding, i'm
proving and conveying any estate, real, per
| as hereinafter provided.
Sec. 3. No Joint stock company shall be in
corpnrated 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. 4. Having published the notice and
filed publishers affidavit 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 of incorporation, or majority
of them, shall he commissioned to open
books for the subscription of stock to the
company at such timesand 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 .. 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
shall be stockholders. Within thirty days
after the subscription books shall have been |
filled, majority OF the subscribers shall hold
IA 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.
See. 6. 1t shall be lawful for any insurance
com pauy organized under this act to invest |
its capital in bonds and mortgages on unin-
numbered real estate, within the state of
Texas, worth double The sun loaned thereon,
exclusive of buildings, unless such buildings
are IN ured in some responsible company or
and the policy or policies trans
.erred to said company, ana also in stocks of
IN state or stocks or treasury notes of the
United States, in the stock and bonds of any
county or Incorporated city in this state
Which may have been heretofore authorized
to be issued ny the Legislature of this state,
and 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
nforesaid, or upon bills of eXchange, or other
notes aud bills, and not other
wise; and to change and reinvest the same
IN like securities, as occasion may from time
10 time require; nut any surplus money over
md above the paid-up capital stock of any
'uch company organized under this act or
Incorporated under any law of this state, ,
nay be inves ed in or loaned upon the :
pledge of public stocks of the United States, !
,r any of the states or siocts bonds, or other ,
evidences of Indebtedness OF any solvent,
Institutions Incorporated 4
lnder the Laws OF this state or the United
states, and in bills of exchange, or other 4
notes or bills, except their own I
took; procideh, Arrays tlat the current mar
iet value Of such stock, bonds, or other evil n
ences of Indebtedness shall be at all times
uring the continuance of suck loans at least =,
wenty per cent more than e sum loaned
hereon.
sec. !. Upon receiving notificationrhat the ii
equirements of the preceding sections have
cen complied with, the comptroller of state
hall make an examination, or cause one 10 u
. made by some disiniera ted person, Off
tally appointed by him for that purpose:
nd If il shall be found that the capital here n
4 required by the company named, accord
~ 10 the nature Of the business proposed to n
e transacted by such company, has been y,
aid In and possessed by IL In money, or in II
Ich stocks, notes, bonds. or mortgages, az "
r. required 10y the third lud sixih sections nj
T this act, then he shall 50 certify; aud IL n,
he examination ha made by other than the n
then the snding shall be certi-
ed under oath. The corporators or officers
any such company or proposed company al
10y th.s act, shall b. required In
certify, under oath, 10 the comptroller Of I'll
at, that the capital exhibited 10 the per- m
N making the examination directed in This h,
elton, was bona fide property of the COM OF
my 80 examined; the certificates above sh
shall be filed in TIE office of ed
ID comptroller. who shall tn .rpupon de-
yer to such comp any a q -rfified cory Of the su
me, with MS written permission for them sh
c. nnence b IsinesS rs rruposei In their pr
-ifi ~ certificate Of Incorporation, which or
b,.i - p-ac=-i on rncorl in tn Ollie Of the In
curder in the county in which the COM m
my is IN he located, bvsthe recorder, in n tri
ok prepared bv him for that purpose, shall ST
their authority 10 commences business sa
n Issue policies; ana su n certified COPY of si'
ia certificate may be used in evidence for sh
against said company with the same effect ri
the originals. tn
sec. 8. u shall be lawful for any company de
yaDiz5d under this act. or doing D. lSineSs af
this state, tn insure houses, buildings, and CO
other kinds OF property, against loss or &C
mage by fire, and to make all kinds of in an
rance on goods, merchandise or other prop Ill
y, in the coarse OF tranSpOr alton, whether in
land or water. or any vessel afioat, where III
sr the same may b.; to lend money on bot kr
nry or raspJafsafi7, and 10 cause itself 20 ha
insured against any loss or risk II may tn
We incurred In the course OF its business mp
4 upon the Interest which IL may have In an
Y property by means Of any loan OF loans tn
lch ID may have made on mortgage, bot m,
nry, or resspade1iia; and generally 70 do erl