The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1895-04-27

certificate said person SO associating,
their successors and assigns, shall be in
mentioned in said certificate.
9. And be 1t enacted That whenever
any bond, undertaking, recognizance or
ter. ordinances, rules or regulations Of
any municipality, board, body, ~organiza-
ton, court or public officer, required or
permitted to be made. given, rendered or
filed. with surety or sureties. and when
eyer the performance of any act, duty or
obligation. or the refraining from any act
is required or permitted to be guaranteed,
such bond. undertaking, obligation.
recognizance or guarantee may be exc
cuted by such surety company qualified
to act as surety or guarantor as herein
after provided; and such execution by
such company of such bond, undertaking,
obligation, recognizance or guarantee
plete compliance with every require
ment of every law, charter, ordi-
nance. rule or regulation that such
zance of guarantee shall be executed
by one surety or by one or more surittes,
or that such surities shall be residents
or both, or possess any other quahh-
cation; and all courts, courts, judges,
heads of departments. boardsss bodies,
every character shall except and treat
accordingly such bond, undertaking,
~obligation5 -recognizance of guarantee.
~ ACSolC
conforming to and fully and completely
comply such law, charter, ordinance,
rule or regulation.
4. And be it enacted, hat such COM
or guarantor, must comply with the re-
ouirements of every law of this state
business therein: must ave good avail
able assets exceeding its liabilities, which
liabilities, for the purposes of this act.
shall be taken to be it's capital stock its
outstanding debts and a m re-
serve at the rate of fifty per centum of
the annual premiums. On all outstanding
obligations of Ike character in force;
must have or deposit with the COM
ptroner of this state at least fifty thous-
and ollar in good securities, worth at
par and market value at least that sum.
and held 70 the benefit of the holders of
the obligations of such company; must
insurance a certified copy of its certih-
cate of Incorporation, a written applica-
ton to be authorized to do business I'M
der this act, and olso with, said appii-
cation, and in each year thereafter in
January, a statement signed and sworn
to by its president or vice president
made up to December ~thirty-frst precec-
ing, stateing the amount of its paid-up
capital, particularizing each item of in
listing bonds upon which it is surety, the
amount of liability for unearned portion
thereof, estimating at the rate Of fifty
ali outstanding obligations, Stating also
the amount Of its Outstanding debts Of
similarly verified as may be by the laws
of this state required of such company
in t~ransacting business therein; said Sc
curtiies deposited with sale comptroller
shall remain with him in trust to answer
any default of such ompan as surety
upon p any 81 sne Gibbs bong o5,,,d un tier tagii,s reei
by final judgment upon which
"a lawfully be issued against said COM
sors in office being hereby directed to so
receive and thereafter retain such de-
posit under this act in trust for the pur-
all times to have the right to collect the
interest, dividends and profits upon such
securities, and from time to time to
thereof, substituting therefor others OF
equal good character and value to
the satisfaction OF the comptroier; and
shall be at all times exempt from and
not subject to levy under any writ or
process of attachment, and, further, shll
not be sold under any process against
= company without at least thirty
days notice to said ~onpany specifying
the time, place and manner of such sale
and the process under which and pur-
poses for which it is made, accompanied
by a copy of such process; provided,
however. that a foreign corporation hav-,,
ing not less than one hundred thousand
dollars in good securities deposite with
a state officer of the state where 1t Is
Incorporated and held for the benefit of
after provided. and not engaging in the
business of executing or guaranteeing
bonds, undertakings, recognizances or
ings, legal, equitable or otherwise, or
which are required by law or by the
char. ordinances, rules or regulations of
any county, municipality, township, town,
village or borough commission for the
performance Of any written contract for
work or supplies or Off the enforcement
in such contract shall not be required to
make deposit of fifty thousand dollars
with the comptroller as in this section
provided. 4,
S. And be it enacted. That. no surety
mpan shall hereafter be formed in
this state except in pursuance of this
act.
g.. And be it enacted. That any cor
poration of another state which is by
the laws of the state where it was in
corporated and under it's charter authori-
zed to become surety upon such bonds
and undertakings as are in this act
mentioned. may engage in the business
of the. suretyship and indemnity in this
state in the same manner and to the
same extent as allowed by corporations
created under this act. provided. that
aid foreign corporation shall comply
section of this act, except as therein
otherwise provided concerning a foreign
corporation; and in addition thereto shall
superintendent of insurance or other
state officer of the state where IN
corDorated in good securities worth at
par and at market value at least one
hundred thousand dollars, held for the
security of its obligations, and has a
fully paid up. safely invested and un-
impaired capital of at least two hundred
and fifty thousand dollars; and also
appoint an attorney in this state upon
whom process of law can be served, and
file in the office of the commissioner of
banking and insurance a written in
strument. duly signed and sealed, GER
the residence and office of such attorney
within this state. which appointment
shall continue until another attorney
be submitted.
Z. And be it enacted, That whenever any
such onpany domestic or foreign, has
been engaged in this state in the in
demnity or suretyshiy business as con-
templated by this act and has made de-
post in this state in trust or otherwise:
. ueh company upon any bond, undertake
ing recognizance. guarantee or obliga-
ton. such securities so deposited shall be
NV tho tr1stee or cr7to9ian thereof tro-s-
ferred and delivered to said comptroller
an trust for lne same purposes, unuer and
all parties. interested n to the terms
and provisions of this act. and t~hereupon
such deposit, shallremain in trust under
and subject to the terms and provisions
of this act: and whenever such deposit
has been made with a trustee by order of
court, ~ order or otherwise; to. direct
such transfer TO said comptroller; in case
such deposit is less than the sum of fifty
thousand dollars. then such company
must deposit with said comptroller Sc
c~urities sufficient to increase said de-