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

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Hoo. % Tho annual iuf.iiuB i0r ihc election
~ directors hall De- holden duflng. tht
month Of January, ~ the hy.luws Uf ne
company may diret, Prgrhigi, h0percr, that
| " fOf any cause the stock holders shall nl
"a elect at any annual meeting, ihcn ihej
may hold special meeting so ~ dag sub
scquenl thereto for that purpose, by NVlnL
thirty days notice thereof IN some nHwspa
per ~ general circulation In the county la
| which the principal Oillcc OF the company
| shall be located; aud the directors chosen M
any such annual or Gpeclnl meeting shall
continue In Office until the next annual
meeting, and until their SUCCESSORS duly
elected shall have accepted.
| See. 10. The directors shall chose by ballot
u president from their own number, aud
shall hil all vacancies which shall arise In
the board or In the presidency thereof, hnd
the board Of directors thus constituted, or 2
majority of them, when convened NJ the Of
| flee OF the company, shall be competent Ia
exercise all the powers vested IN them by
this act.
shall have power 10 appoint II secretary and
any other officer or agent n 4cesSary for trans
| acting the business OF the company, paying
such salaries and taking such securities as
| they may deem reasonable; they may Or
daln and establish such bylaws and regula-
| lions, not inconsistent with THIS net or with
the constitution aud laws of the United
| States ana of this state, rs shall appear To
them necessary forregulating and conduct
Ing the business Of the company; and II
shall be their duty To keep full and correct
| entries of their transactions, which shall NJ
all times, during business hours, be open to
the inspection of such persons as are enti-
| tied thereto
ance made or entered into by the company
may be made either with or without the seal
of said company; but said policies shall ba
subscribed by the president or such other Of
| flcer as may be designated by the directors
for that purpose, and shall be attested by the
| secretary thereof.
Sec. l3 Transfers OF stock NAV be made
by stockholder or his legal reprGs .ntntive,
subject to such restrictions rs the directors
shall from time to time establish in their by
| laws.
Sec. "A. Whenever any company organized
under this act shall, in the opinion of the di-
rectors thereof, require an increased amount
| of capital, they shall, If authorized by the
holders OF majority, of the stock to do so,
| setting orth the amount of such desired IN
crease, and thereafter such company shall
be entitled TO have the increased amount Of
| capital fixed by said Ger illcate; and the eX-
| animation of securities composing the
capital stock thus increased shall be made in
| the same napner us provided IN section seV.
en- of this act, for the capital stock hrst PAID
in.
Sec 10. II shall not be lawful for the directors,
| trustees or managers vi any insurance COM
pany organized under tins net or incorpO
rated und, + any law of this state, 10 make
| any dividend except from the surplus profit
arising from their business. and III esiimat-
ing sucl profits there shall be Reserved there
| nom II sum equal to forty per cent of the
| amount received ms premiums on uneXpired
fire risks and policies, and one hundred per
| cent of the premiums received on uneNpired
| marine and inland transportation ilsks.
| which amount so reserved Is hereby declared
to he unearned premiums; and there snail
also be reserved the amount of all unpaid
losses, whether adjusted or unadjusted, all
sums due the corocration on bonds ana
mortgages, bonds, stocks and book accounts,
| of which no part OF the principle or interest
thereon has been paid during the year pre-
ceding such estimate of profits, ana upon
which suit for foreclosure or collections has
not been commenced, or which, II ter judy
ment has been obtained thereon, shall have
| remained more Than two years unsatisied
and upon which interest shall not have been
paid; and in case of any such judgment, the
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 n
forfeiture of their charter.
Sec. 10. No company organized under this
| act shall purcha Sc, hold or convey any real
estate save for the purpose ana in the man
ner herein set forth, to-wit: LIST Such as
shall be requisite for its convenient accom-
mediation in the transaction of its business
I'd. Such us shall have been mortgaged to II
in good faith by way of security for loans
previously contracted or for money due; or
| 81. Such as shall have been conveyed to II
| in satisfaction of debts previously contract
ed in the legitimate business of the company
| or for money due; or, 18th. Such as shall have
been purchased at sales or upon judgments
DEGREES 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 o.
each company organized under this act o,
| Incorporated under any law of this state, OF
doing business in this state, annually, on
the first day OF January of each year, OF with
IN sixty days thereafter, TO prepare uudel
oath and deposit in the Office of the comp
troicer of state, q full, true and complet.
statement of the condition of such company
| on the last day of the 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 wher,
located.
jSecond. The name of the officers
1Hird. The amount of capital stock of the
E5tUth. The amount of capital stock pait
| up.
run. The property or assets held by the
company, specifying the value, rs near ~
may be, ofthe real estate ownedby such com
pany.
in banks to the credit of the company, and
in what bank the same is deposited.
| The amount of cash in the bands of agents
and i'm course of transmit sion.
| The amount OF loans secured by first mort
cages on real estate, with the rate of Interest
thereon, specifying the location of such rea
estate and its valuation.
The amount of all other bonds and loans
anu how secured, with the rate OF interest,"
thereon.
The amount due the company on which
Judgments have been obt lined.
| The amount of stocks of this state, of the
| Irpital StotpS inpprpprntaI pity n
| this state, and of any other stock owned by
the company, specifying the amount, num-
bers of shares, and par and market value OF
| each kind OF stock.
The amount of stock held by such com
pany as collateral security for ioans, will,
amount loaned on each kind OF stock, its pal
and market value.
The amount of interest actually due and
| unpaid.
All other securities and their value.
Si1th. The liabilities of such company
specifying the losses adjusted and due.
| Losses adjust d and not due.
| Losses unadjusted.
| Losses in suspense and the causes thereof.
Losses resisted and in litigation.
Dividends either in Strip 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 rulexpiied 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 amount of money borrowed, and the
security therefor
| All other claims against the company.
| iSereRth. 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, deduciing reinsurance, the
amount received for interrs, and from al
other sources.
Eighth. The expenditures during the pre-
ceding year, specifying the amount OF losses
paid during said term, stating how much Of
the same accrued prl r, and how much sub
seuuent to the date of The preceding state
ment and the amount ut which losses were
estimated in such preceding statement.
The amount paid for dividends, the
amount paid for return premiums, commits
sions, salaries, expenses, and other charges
of officers, agents, clerks and other en-
ployees.
The amount paid for local, state, national
internal revenue, and other taxes and duties
The amount paid for all other eNpens es,
including printing, stationery, rents, furni-
ture, etc.
Ninth. The largest amount insured in any
one risk.
Teifh The amount OF risks written dur
ing the year then ending.
Eleventh. The amount OF risks In force hav
ing less than one yea" to run.
TtCelfth. The amount OF risks inforce hav-
ing more than one, and not over three years
to run.
Thirteenth. The amount of risks having
more than three years 10 rum
Fourteenth. The following question must
H. -. n II.