The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1895-06-20
STATE OF MAINE.

EXTRACT FROM BILL OF INCORPORATION.
Edn the gear of our Lord one thousand
III eight hundred and ninety7fUe.
| AN ACT TO INCORPORATE THE ANGLo-AMER-
IcAN GUARANTEE COMPANY.
SIC. The said company is hereby au-
thorlzed 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 a written instrument or
otherwise, for the faithful performance by 9TH
ers, of any trust, office or duty; and in any
case where, by law or otherwise, two suretfes
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-
muative 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-
muat!ye indebtedness is so guaranteed to be-
come mutual guarantors; and Tor the transac-
ton and adjustment of such other business
incident thereto and connected Herewith. in
such way and manner as may be provided for
| III the bylaws OF said corporation; and said
corporation may charge and receive such law
ful commissions as is customary in the busi-
ness, and in cases where there is no established
auot nr,, Iaxu
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 Sta te 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 cor pora ton.
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 onefourth 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.
SEC. 8. The capital stock of this corporation
shall be five hundred thousand dollars land
may be increased to not exceeding two million
dollars.)
| SEC. 6. Tqis 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, subjecr, 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 certifi-
cate holders in said company SC. sc.
SEC. Z. After deducting 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 shall be required for the cost
Eof management, and for such dividends not ex-
seeding six per centum per annum on the CAPT.
| 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
the 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 divl-
dends of six per cent per annum and the con-
tributions required to keep the said reserved
fund or surplus entire, may thereafter be diyid-
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. 23rd, 1895,
This bill having had three several readings.
passed to be enacted
Signed by the Speaker
IN Sendte-Morch / st. 1895.
This bill having had two several readings,
passed to be enacted.
Signed By the President
March l, 1895.
Approved By the Governor ofthe State Of Maine.