The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1885-04-01

as any liability remains outstanding against the
company in this state. A certificate of such APP
pOintment, duly certified and authenticated, shall
be filed in the Office of the said insurance commits
sloner, and copies certified by him shal@be re-
ce1Ved IN evidence in all the courts of this state.
Service upon such attorney, or upon any duly ap-
pointed agent of the company within this state,
snail be deemed sufficient service upon the COM
pany.
section 3. Whenever lawful process against a
surety company shall be served upon said insur-
ance commissioner he shall forthwith forward a
copy or the process served on him, by mail, post
paid and directed to the secretary of the company.
For each copy of process, the insurance commits
sloner shall collect the of two dollars, which
snail be paid by the plaintiff at the time of such
service the same to be recovered by him as part of
the taxable costs, if he prevails in the suit.
Sectl0n 4. NO person shall act within this state,
as agent or otherwise, in procuring securing APP
pications for suretyship upon the bond of any per-
son or corporation or aid in transacting the bust
ness or such suretyship for any company incorpo-
rated or organized under the laws of any other
state or country unless such company is possessed
OF two hundred and fifty thousand dollars capital.
and unless at least one hundred thousand dollars
OF said capital is invested in stocks or securities
created by the laws of the United States, or in
other safe stocks securities, the value of which
at the time of such deposit, shall be at or above
par, and deposited with the insurance commission
er, auditor, comptroller, chief financial officer
or the state under whose laws such company ia in
corporated; and in case of a company Incorporated
under the laws of foreign country, such deposit
shall be made with any Of the officers above desig-
mated IN the state of New York or in any of the
New England states; and unless the insurance com
missioner is furnished with the certificate of such
insurance commissioner auditor comptroller, or
cn1ef financial officer aforesaid under his hand and
onlclal seal, that he, such insurance commission
en- auditor comptroller or chief financial officer
OF such state holds in trust for the benefit of all
OOHgeeS OF such company, the deposit before men
toned; which certificates shall embrace the items
OF security held and shall state that he is salts
ned that such securities are worth hundred
thousand dollars.
Section 5. Every person who shall so far repre-
sent any surety company established in any other
state or country,as to receive transmit applica-
tons for suretyship, to receive for delivery
bonds founded on applications forwarded from this
stte or otherwise to procure suretyShip to be eff
fected by such company upon the bonds of persons
or corporations in this state, or upon bonds
given to persons corporations in this state shall
be deemed as acting as agent for said company,
and shall be subject to the restrictions and liable
TO the penalties herein made applicable to agents
of such companies.
Section 6. Every such company, before transact
ing any business aforesaid shall deposit with the
insurance commissioner copy of its charter and
also statement, signed and sworn to by the presi-
dent and secretary of the company, stating the
amount OF its capital and the manner of it's invest
ments, designating the amount invested in mort
gage in public securities in the stock of incorporat
Ell companies, stating what companies, and also the
amount invested in other securities particularzing
each item Of investment, the amount of existing
bonds upon which such company is surety stating
What portion thereof IS secured by the deposit with
such company of collateral security, the amount
OF premium thereon, and the amount of liabilities
specifying therein the amount of OUTSTANDING
thereupon said commissioner may grant license,
authorizing said company to transact surety bust
ness il this state subject to its laws until the first
day OF july next following, and such license NAV
be renewed annually thereafter.
Section Z Every such company shall, in the
month OF January, annually, also deposit with the
SAID insurance commissioner similar statement of
Its capital, assets and liabilities and the invest
ments and risks as aforesaid to be made up to the
th1rty-hrSt day of December next preceding signed
and sworn to above directed, and the Insurance
an extract thereof.
Section g. No person shall act as agent as afore-
SAID for any such surety company in this state, I'M
less the capital stock of the company which he
represents amounts to the sum of two hundred and
nifty thousand dollars actually paid in, in money
and invested, exclusive of any obligations of the
stockholders of any description.
Section 8. No person shall act as agent of any
such surety company until such company and such
agent shall have complied with all the REQUIREMENTS
of the laws of this state relating to such companies
and their agents, and every person acting without
lars.
Section 10. The insurance commissioner shall
annually examine the statements and returns re-
CURED to be made by the companies as aforesaid
and IT III his opinion any return shall be Obscure
defective OF unSat sfactOry, he shall imnoediatov
require answers under oath from the officer or
officers by whom such obscure, defective or unsat
lsfactory return stall have been made to such in
terrogatorles as he may deem necessar y or nroner in
oroer TO explain such return and exhibit full and
accurate view OF the business and resources of the
company.
Section H. Every company, the officers of
which shall refuse neglect to answer such inter
rogatores for the space of thirty days. may be sus-
pended from transacting business in this State I'M
I'll SATISFACTORY answers are made by them.
Section r. The insurance commissioner either
personally, or by committee appointed by him,
consisting OF one or more persons not directors,
ofncers or agents of any surety company doing
business in this state, may at any time examine into
the affairs OF such surety companies. The officers
or agents Of such companies shall exhibit their
BOOKS TO SAID commits Toner or committee, and
otherwise facilitate such examination, and the
commissioner or committee may examinr, under
oath, the officers and agents of such companies in
relation to their affairs; and said commissioner
shall, if he deems it ssary or proper, publish
the result of such investigation in one or more