The Monmouth inquirer., 1889-08-29

| such company and to be used in its business ana
dealings second, the place or places in tns state
where the central Office of said company is 10 pc 10
Gated; third, the object for which said company
shall be formed fourth, the total amount OF captal
STOCK OF such company, when shal not pe iess FL 81
company will commence business which shall not
be less than ten thousand dollars paid into the said
company IN cash. and the number OF shares lnto
which the said capital stock is divided, and the par
value of each share fifth, the names and residences
of the stockholders the number of shares held by
each sixth the period at which said company
shall commence and terminate, not exceeding fifty
years; said certificate shall be approved or ac-
knowiedged and recorded as required in deeds of
real estate in book to be kept for that purpose, in
the office of the clerk Of the county where the prn
cpalsofce or place of business of such company in
this state shall be located and after being record
ed shall be filed in the office of the secretary of
state the said certificate copy thereof, duly
certified by such clerk secretary, shall be evi
dence in all courts and places.
2. And be it enacted. That said company, before
it shall commence the transaction of any business
or the making of any contracts or other engage
ments shall deposit with the comptroller of this
state first bond and mortgage security, or other Sc
curity which shall be approved by the insurance
commissioner of this state, to not less amount than
ten thousand dollars, and the said insurance COM
missioner shall be authorized, whenever, in his
judgment for the safety of the obligations of such
company it shall be necessary to so do to call upon
and direct the said Company. within sixty days
after the date of such notice. to deposit additional
securities of like character to additional amount
not to exceed ten thousand dollars, which securi-
ties shall be and remain in the custody of said
comptroller, subject to change or reinvestment,
Will ike uppiONdl VI thc nelu luoulhuCc ColuluS-
soner as guarantee for the fulllment of the obli
cations and Undertakings of the said company.
g. And be it enacted, That no company organized
under the provisions of this act shall be authorized
to act as collection agency or employ attorneys
for that purpose nor shall it be lawful for any
such company, when so organized, to give certih-
Gates pass upon the credit of any individual part
nership or company engaged in any retail business
which said Individual partnership or company
shall be dealing with, or proposing to deal with,
any wholesaler or jobber having, or proposing to
have any agreement with the company for the
limiting or guaranteeing of such wholesaler or job
ber against losses in business shall 1t be lawful
for any company organized under this act to re-
ceive, by assignment, otherwise, from any person.
partnership, or corporation to whom they may give
a guarantee the bad debts or claims which shall
have been the cause of the loss sustained by the
party or parties who may have been insured or
guaranteed by them.
T. And be it enacted, That it shall not be lawful
for any company organized under the provisions of
this act to insure guarantee any person or cor
poration against losses damage any single sale
or transaction, or in any other way than upon
basis ofthe average loss the business of the per
guaranteed sustained by such person or corpor-
alton within period of not less than one year
nor shall any company organized under the pro-
visions hereof require of any person partnership or
company, whose loss may have been limited or
guaranteed by them that they shall make proof of
any loss or losses sustained by them, to the COM
pany so guaranteeing limiting within q less
period than six months after the expiration OF the
end of the contract or agreement of guarantee.
And be it enacted, That this act shall take eff
feet Immediately.
Approved February 27, 1889.