New Ulm review. (New Ulm, Brown County, Minn.) 1892-1961, 1895-05-22

made. given. rendered OF filed Tor the se-
scurity or protection of any person, persons.
Evaporation, municipality or any depart
whatever, conditioned for the doing or not
sdbing of anything In such bond, recoeni
3zance Obligation, stipulation Or undertak
ments. public officers, state county, town
or municipal, and any and all boards,
courts, judges, municipalities now or here
after required or permitted to accept or
approve OF the suthciencv of any such
bond, recognizance, obligation, stipulation
or undertaking., may In the discretion Of
such head OF department., court, Judge, pub
ne omcer or municipality, accept such
bond, recognizance, obligation, stipulation
OF OH nnd 1e and approve the same when
ever the same is executed, or the condi-
ions tnereOf are guaranteed solely by a
corporation authorized under its charter to
guarantees ansl the fidelity of persons holding
PAGES OF pubic or private trust, to guaran-
tee the performance Of contracts, other
than insurance policies, and to executetand
graranaee bonds and undertakings required
OF permitted i'll actions or proceedings at
law, and whenever any such bond, recogni-
z Fan Obligation. stipulation or undertake
ing IS SO required to be made, given, ten
dered or fled with one surety, or with two
or more sureties, the execution Of the same,
OF the guaranteeing Of the performance Of
the conditions thereof, shall be sufficient
when executed or guaranteed solely by
such company SO authorized and admitted
TO do business In this state. and shall be
In all respects full and complete compli-
ance with every requirement Of every law,
ordinance, rule or regulation, that such
bond, undertaking, recOgniZance, obligation
or stipulation shall be executed or guaran-
teed by one surety, or by two or more sure
ties. or that such sureties shall be residents
or householders or freeholders or both, and
any and all heads of departments. courts,
judges. boards and municipalities, and any
and all public officers. state. county. town
or municipal, whose duty it may be, or
shall BE- to or
zance. obligation, stipulation or undertake
Ing, may accept and approve the same,
when executed or guaranteed solely by such
company so admitted to do business in this
state, and all such corporations are hereby
vested with full power and authority to
zances, stipulations, obligations or under
takings, whether given under the laws OF
this state or of the United States or of any
state or country: The certificate Of the
the effect that it appears to his satisfac-
ton, from sufficient evidence on file in his
ONCE, that the company, corporation or as
ISOLATION executing any such bond as surety
thereon, or as guaran tor thereof, has fur
nished the same security which is required
by law. or regulations of this department,
visions OF sections three hundred and fifty
i've to three hundred and tifty-eight, in
clusiye, Of chapter thirty-four. Of the Gen
enty-eight, which provisions, so far as the
same can reasonably apply, are hereby
made applicable to all companies, corpora
and such sureties shall not be accepted or
approved unless such certificate is pro-
duced, or a duly certified copy thereof is
produced and filed with the officer, board
or party approving the same.
Sec. 81 Any receiver, assignee, trustee,
committee, guardian, executor or admins
~ taat o. OF otner hduclary required by law
TO give pond as such may include as
part of his lawful expenses such reasonable
sum PAID such a company for such surety
SNIP sup, not exceeding one per centum per an
mum on the amount of said bond as the
head of department., court, Judge or officer
by whom, or the court or body by which he
was appointed, allows; and in all actions
or proceedings the party entitled to recover
costs may include therein such reasonable
sum as may have been paid such company
ior a e executing or guaranteeing any bond or
Sec. 5s Any company executing any
pond, repentance. obligation, stipulation
be- reeasad rom and such surety may
same terms and conditions nit as al are 'o or
may be by law prescribed for the
h release Of individuals upon any such
ton or undertaking, it being the true in
tent and meaning Of this act to enable cor
porations created for the purpose to be-
come surety on bonds, recognizances, obi
municlpal or otherwise, or the rules or
regulations of any court, judge board, city
quarter, village, town, organization or 9TH
Sec So Any, company. which shall exc
cute any bond, recognizance obligation,
stipulation or undertaking as surety under
IN any proceeding to enforce the liability
which it shall have assumed to incur, to
Heny us corporate mower to execut> such
instrument or assr9I0 such liability
Sec. 60. Companies may be formed in the
manner provided in this chapter, with a
capital OF not less than two hundred thou
SAND sane aollars nor more than one million dol
iarS, Tor the purpose of examining titles to
real estate, Of furnishing information in
relation thereto, and of insurng owners and
others Interested therein against loss by
reason Oh membranes and defective title
Such companies shall not be subject to
the provisions of this chapter except as re-
CARDS the manner OF their formation and
poration, before it shall issue any policy
or make any contract of guarantee or in
surance, shall file with the insurance com
its certificate of it's Organization in the
office Of the secretary of state, and shall
obtain from the insurance commissioner
his certificate that it has complied with the
laws applicable to it. and is authorized to
do business. Every such corporation shall,
on or before the fifteenth day OF February
OF each year, file in the office of the insur-
ance commissioner statement such as he
may require of its condition and of its af-
fairs for the year ending on the preceding
thirty-tirst, day of December, signed and
treasurer, and one. of it's directors, and tor
neglect to file such annual statements, or
for maxi; making Wilfully false statement, shall
be liable to the same penalties as are i'm
posed upon other insurance companies. The
insurance commissioner shall have the
same power and authority to visit and eX-
anime such corporations as he has in the
case of othey domestic insurance compa-
MES, and the duties and liabilities of such
corporations and their agents in relation
to such examination shall be the same as
those other domestic
MES so far as the same are aDpncable.
Sec. 81. Every such corporation shall set
its its capital, and not less than one hundred
thousand dollars in any case, as guar
anty fund, and shall invest the same in the
securities in which domestic insurance
companies may invest their capital and
shall issue no policy and make no contract Of
guaranty or insurance until such sum is
so set apart and invested.
The principal of such guaranty fund shall
be trust for the protection of policy
holders, and shall be applied only to the
payment of losses and expenses incurred
by reason Of the guaranty or Insurance con
tracts of the corporation. Whenever the
cornoration shall increase it's capital, two
fifths, or a sufficient part, of the increase
shall be set apart and duly invested and
fund shall always be not less in amount
than two-ffths of the entire capital.
Whenever by reason of losses or other
the und is sh"
make no further contract of guaranty or in
surance until the fund is made good.
Sec. 60. Any corporation heretofore or
ganized under or confirmed by the prOyi-
sions Of chapter one hundred and thirtyfve
of the General Laws Of 1887 shall, upon
complying with the provisions of chapter
Laws Of 1888, as amended by chapter three
of the General Laws of 1885, as amended by
this act. or as the same may be hereafter
amended, be subject to the provisions of
said Laws Of 1888, as amended by said
Laws of 1885, and this act as aforesaid,
or as the same may be hereafter amended,
lod To oil nj tc ri,,il