The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1875-04-03

iuan stroFa. NOTES, honda. 0r inod4neoa, ne
nee required by Tho thi1 ma slsin aoetllng
" tll not, thtn llo shnll ~ cWnlfEj and N
The examination be- made ~ other than Tue
comptroller, then tho nndlnR Hlnll he ccfti
nod iindfr unil. The cnrpnfntufg Uf officers
M any s1oli company ~ pf9r!sol COMPANY
| contemplated by thla nct, shall bn required
Ia oprtlfy, under Ontif, Ia tho comptroller ~
state, that the capital exhibited IA the pof-
son mai, ING the examination directed IN THIS
many 80 examined; the certificates above
contemplated shall be nled ~ the ONCE OF
| said comptroller, who shall thHreup0n de-
llvor 10 such company oeftlnen copy % l.e
same, with his written permission for them
10 commence business M proposed In thelr
written certificate Of Incorporation, whlch
on bclag placed ON record In me Office OF the
recorder IN the county In which the COM
| pany " 10 be located, by the recorder, IN 9
book prepared by him for that purpose, shnll
he their authority TO commence business
and issue policies; and su;h certified copy OF
said certificate may he used In evidence for
or against said company with thesame effect
| NJ the originals.
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
| surunce on goods, merchandise or other prop
orty, in the course of transporlntion,w whether
on land or water, or any vessel ail0at, where
ever the same may be; to lend money ON bot
tomry or respOHdentid, and to cause Itself 10
be insured against any loss or risk IL may
have Incurred In the course OF lts business
and upon the interest which IL may have IN
any property by means Of any loan or loans
which IL may have made on mortgage, bot
tomry, or rcSpondentd; ana generally TO 20
and perform all other matters proper to pro-
mote these objects And no company organ
iZed under this act, or transacting business
in this sta g, shall expose Itself 10 loss on any
one risk or hazard, except when insurlng
cotton in bales, to nm amount exceeding ten
per cent of Its paid up capital, unless the eX-
cess shall be insured by the same in some
| tl,..r ...ln "A lfy.lNt La nnU IN
See. .. The annual meeting for the election
of directors shall be holden during the
month of January, as the bylaws OF the
com pany may direct; PrOriticd, hOpcCcr, that
If for any cause the stockholders shall fail
to elect Mt any annual meeting, then they
mny hold special meeting some day sub
snquent thereto for that purpose, by giving
thirty days notice thereof in some newspa-
per n general circulation in the county In
which the principal office OF the company cG !,
any such annual or special meeting shaIi
continue in Office until the next annual
meeting, and until their successors duly
elected shall have accepted. .
Sec. 10. The directors Shall chose by ballot
n president from their own number, ana
shall FIJI all vacancies which sh ,a arise IN
the board of directors thus constituted, or u
majority of them, when convened nj the Of
flee of the company, shall be competent to
exercise all the powers vested in them by
tnis net.
Sec. H. The directors of any such company
any 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-
tons, 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 ana correct
entries of their transactions, which snail NJ
all times during business hours, be open TO
the inspection of such persons as are enti-
tied the rcto
ance made or ntered 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
ficer 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 stakeholder or his legal repres entative
subject TO such restrictions as the directors
shall from time to time establish IN their by
laws.
Sec. II. 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
file with the comptroller of state n certihcat'
setting orth the amount of such desired IN
crease, and thereafter such company shal
= be entitled 30 have the increased amount o
capital fixed by said certificate; and the ex
animation OF securities composing TIN
cnpital stock thus increased shall be made II
the same manner MS provided in section sev
en- of this act, for the capital stock first pai'
1t.
See. Is. II shall not he lawful for the directors
trustees or managers OF any insurance com
pany organized under TINS net OF lhcorpo
rated und any law of this state, TO max
any dividend except from the surplus prom
arising from their business and III estimat
ing such profits there shall be reserved there
nom Il sum equal to forty per cent OF IN
amount received rs premiums on uncXpife'
fire risks and policies, and one hundred pc
cent of the premiums received ON uneXpire'
marine and inland transportation iisks
which amount so reserved Is hereby declare.
to be unearned premiums; ana there shui
also be reserved the amount Of al unpai
losses, whether adjusted or unadJusted, al
sums due the corporation ON bonds an
mortgages, bonds, stocks and book accounts
Of which 10 part of the principle or interes
thereon has been paid during the year pre-
ceding such estimate of profits, ana upo
- which suit for foreclosure or collections ma
- not been commenced, or which, after JUG
ment has been obtained thereon, shill nav
n ed npen w a9 Interest," T Snail
r. paid; and in case of any such judgment, TN
n interest due or accrued thereon and remain
ing unpaid shall also be reserved. Amy div
idends made contrary to these provision
shall subject the company making Ito
forfeiture of their charter.
Sec. 10. No company organized under TIL
a. act shall purchase, hold or convey any rea
or estate save for the purpose and In the man
ar ar ner herein set FORTH to-wit: LIST Such a
u shall be requisite for its convenient accom-
mediation In the transaction of its bushes,
ID. Such MS shall have been mortgaged To
Is. in good faith by way of security for loan
- previously contracted or for money due; o.
Sd. Such as shall have been conveyed 10
In satisfaction Of debts previously contract
ed in the legitimate business of the compan
&c or Tor money due; or, 18th. Such ms shall nav
ID been purchased at sales or upon judgments
DEGREES or mortgages obtained or made 10
Of Sec. il. 1t shall be the duty of the presi
~ dent or of the vice.president and secretary @
o. each company organized under this act, o
u Incorporated under any law of this state, o
NJ doing business i'm this state, annually, o.
oil the first day of January OF each year, OF win
lr in sixty DAYS thereafter, 10 prepare unde
he oath and deposit in the Office of the comp
is trolcer of state, full, true and complet
SO statement of the condition of such compan
IL on the last day of the month OF DeccmDe
~ preceding. which last statement shall eXhih
Ct It the following items and facts in the follow
ne ing forms, VIZ:
ce First. The name ofthe company, anu whcf
De Second. The name of the officers.
ne Third The amount of capital stock of I'll
10 E5Hrih. The amount OF capital stock pal
a, up. ..
to conf any, specifying the value, as near q
Is may be, ofthe real estate owned by such com
'u pany. =,
G. in banks to the credit of the company, an
vi in what bank the same is deposited.
~ The amount of cash in the hands OF agent
~ and In course OF tfufslll>SlOn.
~ The amount of loans secured by first mort
ne cages on real estate, with the rate of intere
thereon, specifying the location Of such rei
III estate and its valuation.
OF The amount of all other bonds and loan
IL and how secured with the rate of intere'
ne thereon.
W The amount due the company on whic
I'd judgments have been obi lined.
lg The amount of stocks of this state, OF III
us United States, of any incorporated city {
~ this state, and of any other stock owned D
In the company, specifying the amount, mum
ne bers of shares, and par eand market value
vi each kind OF stock.
N, The amount of stock held by such CON
IS pany ~ collateral security for loans, VIII
e. amount loaned on each kind OF stock, its pa
n and market value.
in The amount of interest actually due an
n unpaid.
N, lSirth The liabilities of such compan,
speclfying the losses adjusted ana due.
n Losses adjusted and not due.
81, Losses unadjusted.
ed Iosses in suspense and tho causes thereo
he Losses resisted and in litigation.
tx Dividends either in scrip or cash, specify
ed ing the amount of each declared, but ne
, due.
nd Dividends declared and due.
On The amount required to reinsure all on
o. standing risks ON the basis OF forty per cef
he of the premium on all unexpired fire risk
In and one hundred per cent OF the premium
ty on all unexpired marine and inland tram
he The amount due banks or other creditor
m The amount of money borrowed, ana I'll
Ill security therefor.
mt All other claims against the company.
Sepeiith The income of the company durin
n the previous year, stating the amount :,
be ceiyed for premiums, specifying separator
or for fire, marine and inland transportatio
IN premiums, dedueiing reinsurance, u