San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1893-01-06
MEXICO TAXES
Revenue or Tax Law on Insurance
Companies Departments of
the Treasury.
Translated for the LIGHT
THIRD SECTION.

Translated for the LIGHT.
THIRD SECTION.
The president of the republic has for
warded to me the following decree:
Porfirio DiaZ. Constitutional president
of the United States of Mexico, to It's in
habitants makes known:
That M congress Of the United MeSl-
can states decrees:
Article /. The Insurance companies, ma
tive or foreign, already established, and
those which may be established in future,
are subject TO the dispositions OF this law
and others relative now in force;
Art. 2. Insurance. com or all KINDS
established in the republic can begin their
operations Immediately after having
qualified before the department OF the
treasury and having fulfilled the require
ments which are exacted by the commer-
cial code, the same as those contained IN
the clauses or prescriptions OF this law:
Art. 3. In order TO prove That the IN
surance companies have the legal right
referred to in the previous article, they
shall submit to the department OF the
treasury:
|. Certified legal copies of the articles of
incorporation and statutes or bylaws APP
proved at general meeting.
III. A statement of the names and other
details of the general manager, it's board
of directors or administrative body.
III. A registered certificate proving
hat thew have complied by law in all that
is requisite for Incorporation.
w. A certifcaee that they have given
the ,,exacted in Article OF this
| law or decree.
Art. a.. Insurance companies OF all
kinds formed in foreign countries wishing
| to operate and do business in the Repub-
| lie, besides complying with that already
| mentioned in the three first fractions OF
the above article, are also Obliged TO
| prove before the Department OF the treas
ury.
| guarantee exacted by article 8 OF this law.
III. The appointment of an agent with
| residence in the capital Of the Republic
| or any other city If sanctioned or APPROX
| ed by the Department OF the Treasury
| duly authorized and empowered to repre-
| sent the company judicially and other,
| wise, in all business transactions entered
| public, and to appear and deal with the
| competent authorities in all that may be
| necessary and according to law. z
| Art. 5. The Insurance companies nome
| or foreign already formed and operating
| when this law is proclaimed, shall Within
| four months from date OF its promuiga-
| tiop, s"eertify and establish that they are
legally qualified by it, submitting to the
| Department of the treasury the proofs
| called for in articles 8 and t..
Art. 6, The National or home Insur-
/ cOmpanies organized or that may be or
ganized in the Republic, shall guarantee
| the fulfilment of it's obligations TO the
public and the government by the acquis-
| ition of immovable properties within the
| Republic or territory, or depositing in the
| National Treasury or the National Bank
| of Mexico, a deposit either in cash or gov
eminent bouds that will Weld at least 5
per cent.
Art. :. The amount of this deposit or
| the value of unmovable securities shall be
| 3d. 0 90. Ten thousand dollars, for all
| kinds of companies tefore beginning OPP
erations, but after the trst year and sue
| cessively the rule shall be established ac-
| cording to the value OF policies issued as
A, Policies I'D to s., 600 coo. 90. 80. 100000
B. For each million of dollars in
policies or fraction OF a mil
lion a,UOOO
Art. 8. The foreign Insurance compan-
les which may be operating or established
in the republic, shall give double the
amount of guarantee of that eXacted from
the home companies taking for a basis the
value of the policies issued by them In the
Republic, cbCt, il any company should
| prefer to deposit a fixed amoun they can
deposit the sum named by the Depart
| ment of the Treasury in each case, which
II III Nv case Sioli w vs. h"N
Fifty thousand dollars.
Art 9. To fix the amount In which the
~immovable properties acquired by the In
surance Companies hould be appraised.
the same as whan should constitute the
guarantee, they snail observe as a basis,
| the rules issued by the executive.
Art. 10. The Department of the Treas
| ury, shall organize a board OF Inspectors
| composed of a sufficient number, to see
| that the Insurance companies shall strict
" comply with all that is prescribed by
law. and the rules or the matter.
Art. IL. All uInsurance Companies are
bound:
/. To present to the Department Of the
| Treasury every six months a report on
| the policies issued, those that have eX-
| pired, and those that have been paid.
III. To publish annually a certified re-
| port of the actual state of the business 2f
| the company, comprising the points
| named by the rules and to name the
| amount of the reserve corresponding to
| the Mexican policies.
III. To place at the disposition OF the
| inspectors or examiners the documents
| and entries on the books which justify the
| operations Of the company in regard to
| the report sent to the Department of the
| Treasury.
Art. IL. for the registry and recording
of documents the insurance companies
shall pay or be guided by the stamp law
in reg ard TO books and documents in the
following proportion:
|. When the capital, active or social,
does not exceed one million dollars, Tor
each one hundred dollars O0c) ten cents.
IL. When it exceeds one million dollars
but not twenty, they shall, pay for the
first million at the rate of (l0c) ten cents
for each one hundred dollars, and for the
remaining millions at the rate of one cent