The Portland daily press., 1895-07-08
STAT TE OF FMALNE.

STATE OF MAINE.
EXTRACT FROM BILL OF INCORPORATION.
In the gear of our Lord one thousand
eight hundred and ninetyJfve.
AN ACT TO INCORPORATE THE ANGLp-AMER-
ICAN GUARANTEE COMPANY.
SIC. The said company is hereby au
thorized and empowered to act as surety upon
the official bond or liability of any person or
corporation to the United States; to any coun
ty city or town; to any judge of probate, or
other court or magistrate; to any corporation
or association, public or private; and upon a
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 written instrument or
otherwise, for the faithful performance by 9TH
ers, of any trust. office or duty; and in anv
case where, by law or otherwise, two sureties
are required upon any obligation which this
company is hereby authorized to assure this
company may act as sole surety, If so accepted
and approved by the court or magistrate named
as the obligee in the bond; also to guarantee
the payment of stock and certificates of accu-
mulative Indebtedness of corporations, except-
ing those doing purely mutual association
business under the laws of this State, under the
assessment plan, each corporation whose accu-
mulatIye indebtedness is so guaranteed, to be-
come mutual guarantorS; and for the transac-
tion 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 lav'-
full commissions as is customary in the bdsi.
ness, and in cases where there is no established
custom or law such commission or fee as may
be agreed upon.
SEC. 3. Said corporation may purchase, take
and hold by deed, gift, bequest, devise or ether
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 d;rec
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 lin 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. mi
SEC. 5. The capital stock of this corporation
shall be five hundred thousand dollars land
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 Uupited 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 de!lars, to be
held by said treasurer of state on deposit and
in trust for the benefit of all bond and certii.
cate holders in said company, &c. SC.
SEC. 7. After deduciing from the earnings OF
the company, no part of the premiums received
on risks not terminated being considered earn-
ings, and from the income of its invested funds
such an amount as shallb required for the coss
of management and for such dividends not ex-
ceeding six per centum per annum on the capi-
tai 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 fund or
surplus for the payment of losses, until the said
reserved fund or surplus shall equal fifteen per
cent of the amount of the capital stock paid in;
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 div-
dends of six per cent. per anpum and the con-
tributions required to keep the said reserved
fund or surplus entire may thereafter be diyld-
ed among the stockholders, ETC., etc.
SEC 8. Said corporation shall be subject TO
examination by the insurance commissioner,
etc., etc.
IN House of Representatives, FEB. 2ord, 1890
This bill having had three several readings.
passed to be enacted.
| In Senate-8fdroh 1st. 1895.
This bill having had two several readings
passed to be enacted.
March l, 1895.
Approred by the Gorernor ofthe State Of Maine