The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1895-07-18
STATE OF MAINE
EXTRACT FROM BILL OF INcoRpoRAr1oN

STATE OF MAINE.
EXTRACT FROM BILL OF INCORPORATION.
IN the year OF our Lord one thousand
| eight hundred and nthety-fve.
AN ACT TO INCORPORATE THE ANGLo-AMER.
ICAN GUARANTEE COMPANY.
SIC. The said company is hereby an
thorized and empowered to act as surety mon
the official bond or liability of any person on
corporation to the United States; to any coun
ty. city or town; to any Judge of probate. Oh
other court or magistrate; to any corporation
or association. public or private; and upon
bond or liability to any person or persons con,
ditloned upon the performance of any trust.
also upon bonds to indemnify against loss any
person or persons who are responsible as sure.
| ty or sureties, upon a written instrument or
otherwise, for the faithful performance by otha
ers. of any trust, office or duty; and in anv
case where, by law or otherwise two suretiea
| are required upon any obligation which this
company is hereby authorized to assure this
company may act as sole surety, IL so accepted
and approved by the court or magistrate named
as the ob1gee in the bond; also to guarantee
thu payment OF stock and certificates of accu.
mulatlve Indebtedness of corporations, except.
ing those doing purely mutual association
business under the laws of this State, under the
| assessment plan, each corporation whose aecua
mulatIve Indebtedness is so guaranteed to be-
come mutual guarantorS; and for the transac.
ton and adjustment of such other business
incident thereto and connected Herewith, in
such way and manner as may be provided for
IN the bylaws of said corporation; and said
corporation may charge and receive such law
ful commissions as is customary in the bust
ness, and in cases where there is no established
custom or law such commission or fee as NAV
be agreed upon.
SEC. 8. Said corporation may purchase, take
and hold by deed, gift bequest devise or other
wise. real and personal estate in this State or
elsewhere for the purposes of said corporation;
and it shall be the duty of the board of direc
tors to invest the capital of said corporation.
and to keep the same invested in good securi-
ties, and it shall be lawful to make such invest
ments of its capital, and Of the funds accumu-
lated by its business. or any part thereof in
bonds and mortgages upon unincumbered real
estate, worth at least one-third more than the
amount loaned thereon, and upon stocks or
bonds or personal property, worth at the time
of loaning at least one-fourth more than the
amount loaned thereon. Investments may be
made fin the name of trustees, whenever the
directors deem it necessary to do so, in order to
preserve and protect the interests of the corpo-
ration. and to secure perfect title to property
held as investments or as security for invest
ments.
SEC. 8. The capital stock Of this corporation
shall be five hundred thousand dollars (and
may be increased TO not exceeding two million
dollars.)
SEC. 6. This corporation shall at all times
keep on deposit with the treasurer of state
sum of money, in Uunited States Bonds or such
securities in which savings banks are allowed
to invest, subject, however, TO the approval of
the insurance commissioner or bank examiner,
equal to one hundred thousand dollars, to be-
held by said treasurer Of state on deposit and
in trust for the benefit of all bond and cert1f-
cate holders in said company, sc. sc.
SEC. T. After deducting from the earnings of
the company, no part of the premiums received
on risks not terminated being considered earn
lngs, and from the income of its invested funds,
such an amount as shall be required for the cost
OF management, and for such dividends not ex4
ceeding six per centum per annum on the capi-
al stock as the directors may determine up
on, the residue less the losses incurred during
the year If any, shall be annually set apart for
he purpose OF constituting reserved iand or
surplus for the payment OF losses, until the said
reserved fund or surplus shall equal fifteen per
ent OF the amount OF the capital stock paid ms
and in case the reserved fund or surplus shall
ever be impaired, it shall be made up to the
full amount in the manner originally provided;
and the said capital stock shall in no case be
impaired or diminished until said reserved fund
or surplus shall have been exhausted, provided,
that whenever the said reserved fund or sur
plus shall equal fifteen per cent of the amount
OF the capital stock paid in, the earnings OF the
company, over and above the aforesaid diyi-
dends of six per cent per annum and the con-
tributons required to keep the .said reserved
fund or surplus entire, may thereafter be dlyid-
ed among the stockholders etc., etc.
SEQ. s. Said corporation shall be subject to
examination by the insurance commissioner
etc., etc.
IN House Of Representatives, Feb. 2Srd, 1895,
This bill having had three several readings.
passed to be enacted.
Signed By the Speaker
IN Senate-Mdrch LIST. 1895.
This bill having had two several readings
passed to be enacted
Signed By the President.
March I, 1895.
ADnro1,e6 I'M the Go1er3loT oftHe State of Molina