The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1875-03-20


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/ tln pfDgldput ar Vlrr pfH IIdtul .Urtlhrr rliN
OnlG. O., aud The secretary ~ tltp company fuf
rOmpnuy uud the plrNC whore lnrutflt tllo
amount of NJ capital win " detailed State.
ment Of the fuCiH und liolns us required nom
companies organized under tho luWs Of thi4
siatc,ns prHoctio ngoycnteCn hCreOf,nnd shall
nlgO nlG the rtl1lrato OF compliance with
the laws Of thclr own state; hnh no agent
shall be- allowed 10 transact business for any
company whose capital IN impaired bv tho
liabilities, ns stated IN section seventeen Of
this act, 10 the extent of Twenty-Five per
cent thereof, while such deficiency shall
soc. 90 II shall not be lawful for any ngent
or agents to act for any insurance company
or companies referred 10 In this act, In TAX
Ing risks or transactlng business OF Insurance
In this state, without procuring from the
com ptrollcr of state certificate of author.
ity, stating TINT such company has complied
with all the acquisitions Of this act
See. 81. The statements and evidences OF
invest mcnts required OF foreign companies
as above, shall be renewed annually IN such
manner aud form ms required by This act,
and as said comptroller may direct, with
any add onal statement of the amount OF
the losses incurred or premiums received In
this state during the preceding period, SO
long nS such agency continues ana me snlu
comptroller, on being satisfied mat the eapi-
nj, securities and investments remain
secure, as hereinhefore provided, sha lur-
nish newal of his certificate ms aforesaid.
Sec. %. IL shall be the duty of the comp
trOller OF state upon receiving reliable inior-
nation that the affairs OF any insurance
company, incorporated bv, or doing business
in this state, are In an unsound CONDITION ny
impairment of capital or otherwise, to call
m IA N suph full statement
of its condition, and in event OF refusal or
neglect of any company To answer me requi-
sltiOp, or, II TIE exhibit be unsatisfactory 10
him, he shall make the examination him
self or appoint one or two persons, not OIL
GERS, employees or agents ofnny insurance
company and IL shall be the duty of the of
hcers or agents of such company or compn-
MES to cause Their books and assets to he
opened for the inspection of the comptroller
or the person or persons SO appointed, ana
otherwise facilitate such examination as iac
ms may be In their power so to do and for
the purpose OF arriving ut the truth IN Such
cases, the comptroller or person or persons
so appointed by him, shall have power 10
examine un 'er oath, the officers or agents
of any company or others, If necessary, relat-
ing to the business and condition ofsaid COM
pany and whenever the comptroller shall
deem IL best for the interest of the pubic so
to do, he shall publish the result of such in
vestigatiOu In one or two papers OF the state,
one of which shall be published In the coun-
ty in which the principal Office OF SAID com
pear to said comptroller from such eXami-
nation, that the assets and funds or any
company incorporated III this state are re-
duced or impaired by the Liabilities oil sald
company, as described under the head of liza
DiitieS IN the statement required by this
act, more than twenty-five per cent below
the paid up capital stock required by this
act, he shall direct the officers thereof to re-
quire the stockholders to pay in the amount
of such deficiency within sixty days from
the date of such requisiiion. should SAD
rnr
make good said deficiency, he shall com
municat- the fact to the attorney general
of state, whose duty it shall then become to
apply to the district court, or, If in vacation,
to one of the judges thereof, for an order re-
quirinI said company to show cause why
their business should not be closed; ana The
court or judge, as the case may be, shall
thereupon proceed to hear the allegations
and proofs of the respective parties; ana IN
case II shall appear to the satisfaction OF said
courtot Judge that the assets ana lunds OF
said company are not sufficient as aforesaid,
or that the interest of the public require II,
the said court or judge sha II decree dissolu-
ton of said company, and distribution OF
its effects; the said court or judge shall have
power to refer the application OF the attor-
II ay.general of state to referee, to inquire
into and report upon the facts stated herein
and If the comptroller, upon examination, Is
satisfied that the affairs of any insurance
d.ing business in this state, and
not organized under its laws, are in an un-
sound condition, he shall revoke the certifi- |
shall cause the notification thereof TO be
published in two ncwspape in general cir
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 |
are, after such notice, required to
the issuing of any new policy, |
or the renewal OF any previously issued. For |
such examination, ordered by the oDptrol- |
Ter, under this act there shall be allowed to |
the person or persons making such eXamln-
n 4 on ln a I'M n N Ar dollars
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 |
Investigation.
Sec. 70. Amy company receiving the afore
said requisition from the said comptroller,
shall forthwith call upon its stockholders
Tor such amounts rs Will make its paid up
capital equal to the amount filed by this act,
Dr. the charter of said company: and IL case
my stakeholder shall refuse or neglect to pay
;onally given, or by advertisement, in such
lime and manner as said comptroller shall
approve, 1t shall be lawful for the said com,
Dany to require the return of the original
certificate OF stock held by such stakeholder,
md in lieu thereof to issue new certificates
or such number OF shares as the said stock
hat the aScertained value of the funds of
he said company may be found to bear to
he original capital of the said company, the
'alue of such shares for which new
certificates shall be issued, to be ascer-
aimed under the direction of the
comptroller, the said company paying
or the fractional parts of shares. And it
hall be lawful for the directors of such com
,any to create new stock and dispose of The
anne. and to issue new certificates therefor,
o an amount sufficient to make up the ori-
inal capital of the company, and in the
vent of anv additional losses accruing upon
lev risks taken upon the eXpirat on OF the
'eriod limited by the said comptroller in the
ia! esaid reuuisitiOn for the filing up OF the
pnrianpV the rnDitul of Sllpb rnmpnny
nd before said deficiency shall have been
made up, the directors shall be individually
liable to the extent thereof.
Sec. a. There shall be paid by every com
any, association, person or persons, agent
+ agents. to whom this act shall apply, the
blowing fees: For filing and examination
the first application of any company and
suing of the certificate of license thereon,
twenty-five dollars; for filing each annual
tatement herein requlreU, ten dollars for
ach certificate of authority, one dollar FOR
very copy OF paper iiled as herein provided,
ne sum of ten cents per folio, ana fifty cents
Dr certifying the same and afliSing the seal
f office thereto; which fees shall go to the
for the payment of the sal ry of
II insurance clerk ana the comptroller is
e eby authorized and empowered upon the
assage of this act, to appoint suitable per-
IN experienced III the business of insurance
clerk OF the insurance department, whose
uty it shall he, under the supervision and
ERECTION of the comptroller, To attend to all
lattrrs in detail connected with insurance q
this S ate and said clerk shall receive in
Ill Of all compensation for his services tn e
es exclusive of taxes required 10 be paid I
Y insurance companies unue: this act. q
Sec. %. When, by the laws OF any other
ate, any taxes, fines, fees for certificates OF I
cense, penalties, deposits of money or of b
curtleS. or other o legations or prohibi- L
Dns, ara imposed upon companies of this
ate, as n condition prior 30 doing business O.
such other state, the same obligations ~
all be imposed upon all insurance co,npa-
es CT such other state doing business in
is state; and such companies required to
AXE deposits in this state are likewise re
Tired TO make said deposit either in the
nds of the state of Texas or In the curren j
Of the United States.
Sec. 29. 1t shall be the duty of every such
surance company doing business in this
lte, organized under the laws of this state (
any other state or country, TO publ sh once |
nrally, In two newspapers Of general cir
lation, one of which newspapers shall he
blished nj the capital o. the state land in
sc OF companies organized in the state o:
NaS, one Of which shall be published in
2 county where the principal office is 10
b d), n certificate from The comntroller Of
tie thar such company has in all rCspet Is
mDlinn with flg Laws a This state rplafinu ID