The weekly clarion., 1880-03-24
AN ACT in relation TO the deposits of InsuI
ance Companies, and to equalize the same.

AN ACT in relation to the deposits of Insur
ance Companies, and to equalize the same
SECTION l. Be it enacted by the Legislature
of The State of Mississippi, That immediatel,
| after the passage of this Act, the State Treas
urer shall give notice that insurance compa
nies whose license to transact business in thi
State, expired twelve months or more before
the date of such notice. will be permitted tC
withdraw deposits from the treasury thu
first day of June next; and also that compa
nies, if there be such, whose license expired
within less than twelve months, may withdraw
on or after the first day of August next, giving
the n SINE of such company thus permitted tC
withdraw.
SEC. 2. Be it further enacted, That at the
time fixed in section one of this Act, for the
withdrawal of deposits the rate of interest tC
be paid by the State on such deposits, shall be
reduced from six to four per cent per annum
and the rate of interest all other depozts
of insurance companies shall be Fedueed to
the same rate to take erect at the time of OBJ
tanning or renewing the privilege or license to
transact business in the State, but not more in
any than six months after the passage OF
this Act.
SIC. 8. Be further enacted, That the laws
in force at the date Of the passage of This Act
in relation to warrants issued prior to April
!, 1874 or for dues prior to that date, shall
continue in full force and effect, but such war
rants may be received in exchange for bonds,
as hereinafter provided; and when any such
warrants are Withdrawn from the State Treas
insurance companies, the state Treas
urer IS hereby authorized to receive the same
In exchange for an equal amount Of the bonds
authorized blythe next section of this Act..
SEC. 4. Be 1t further enacted, That for the
purpose of carrying out the provisions of this
Act, the State Treasurer is hereby authori Eed
and required to have prepared, bonds of the
State of Mississippi, Of ene thousand dollars
each, Rst 10 exceed in all three hundred thous-
and dollars, bearing interest at the rate of
four per cent per annum, from the date of
" IN
the first days of January and July, at the
office of the State Treasurer, in the city of
Jackson. Said bonds shall be payable to or
der and registered, and transferable only by
assignment, under such rules and reguia items
as the Treasurer may prescribe. They shall
be signed by the Governor, and countersigned
by the Treasurer, and shall be made due and
payable on the first day of January, 1890, but
State, at any time hereinafter provided.
SEC. 5. Be it further enacted, That all
Auditors warrants remaining on deposit by
insurance companies, shall as soon as practf-
cable, be cancelled by the Treasurer, and the
bon9s authorised by this Act substituted
therefor, unless the respective companies
owning such deposits object in writing to such
cancellation and the bonds so substituted
shall remain on deposit, subject to all laws
and conditions governing the original deposit,
except as modified by this Act Upon all war
rants remaining on deposit and nst cancelled,
interest shall cease SIX months from the pas
sage o. this Act. H'.'l- q.
SEC IS. Be itfnrther enacted That each in
surance company, now doing business in this
State. and desiring TO continue the same, shall,
at the time of renewing the privilege or license
to carry on or continue the business of insur-
ance, add to the present deposits, sufficient
sum in United States bonds, to make the
whole amount for each company as aforesaid,
twenty-five thousand dollars, and any foreign
company hereafter desiring to do an insur-
surGnee business in thfs State, shall deposit
with the State Treasurer, twenty-five thous-
and dollars in the bonds authorized by this
Act, and in United States bonds, in the same
proportion as regards the two classes of bonds,
as may at the time be on deposit by compa-
nies of like capital, then lice nsed and having q
deposit in the Treasury.
SEC. 2. Be it further enacted Yhat the
State Treasurer laal, upon the approval of
the lsovernor, whenever there may be funds
IN the treasury not necessary, for the
support Of the State government or for
the payment of the bonded debt of the
State annually matsring, if deemed for
the best interest of the State, purchase
part or all of the honda of any company
Withdrawing deposits from the treasury or
any deposit which IL may be necessary TO sell
Or convert into money for the satisfaction of
Judgment rendered by court of competent
jurisdiction in favor of Q citizen Of the State
and for which auah deposit is liable. When
the bonds issued TO eompanies that have with-
drawn deposits or ceased 70 procure license
and transact bHsine6s IN this State have been
the same rules, regulations and conditions,
above mentioned, purchase or pay of any Of
the bonds or other liabilities OF the State re-
maining on deposit in the treasury, and re-
quire in lieu Of the amount so paid, al equal
amount of United States bonds Such pur-
chases or payments Ahan be so made as to
lAave IS near as practicable. equal propor-
fion of State bonds aud United States bonds on
deposit by each company, unless he righa 20
snch pro rata distribution of paynsenf be waiv-
ed by one or more companies, in which case the
equality shall be maintained among the
remaining companies
EEc s. Be Il further enacfed Thai stha
State Treasurer IS herabE authorized q sell
at par. q any csmpany desiring to comply
W1fntAe provisions ofthis Act and to do an
Insurance business IN this State the amount
Of bonds required out Of any that may have
been purchased q thai may be on hand;
free.esa That no interest shall he allswed
Or paid ON any hondA tor 8hn time tie sam 3 are
|0wnna TIN thn GGa&e. =
80. H1 "a further enncfad That upon ths
deposits 1k inEN1AEee cempsrils. confertcd