The Portland daily press., 1895-07-23
STATE OF MAINE
EXTRACT FROM BILL OF INcoRpoEAr1o2

In the gear Of our Lord one thousand
eight hundred and ninety7fve.
AN ACT TO INCORPORATE THE ANGLo-AMER-
ICAN GUARANTEE COMPANY
SIC. 2 The said compa ny is hereby an
| 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
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
ard approved by the court or magistrate named
as the obIgee in the bond; also to guarantee
the payment of stock and certificates of accu-
mulative Indebtedness of corporations, except-
ing those doing a purely mutual association
business under the laws of this State, under the
assessment plan, each corporation whose accu-
mulat!ve 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
Ill 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
custom or law such commission or fee as NAV
be agreed upon.
SEC. 3. 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 upincumbered 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-tourth more than the
amount loaned thereon. Investments may be
made in 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. 5. 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 a
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 certifi-
cate holders i'll said company, &C. &c.
SEC. Z. 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 ex-
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 it any. shall be annually set apart for
he purpose Of constituting a reserved fund 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 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 divi-
dends of six per cent per annum and the con-
tributions required to keep the said reserved
fund or surplus entire. may thereafter be divid-
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 Senate-M0rch st. 1895.
This bill having had two several readings
passed to be enacted.
Signed by tho President.
March |, 1895
Approved by the Governor oftAe State Of Maine