The Portland daily press., 1895-06-24
STA TIE OF MAINE.

STATE OF MAINE.
In the gear Of our Lord one thousand
eight hundred and ninety.fue.
AN ACT TO INCORPORATE THE ANGLo-AMER-
ICAN GUARANTEE COMPANY.
SEC. 2 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 corpora tions, except
ing those doing a purely mutual association
business under the laws of this State, under the
| assessment plan, each corporation whose accu-
mulatIve 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 law
full commissions as is customary in the busi-
ness, and in cases where there is no established
| custom or law such commission or fee as may
be agreed upon.
SEC. B. 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 shalt 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. s. The capital stock of this corporation
shall be five hundred thousand dollars (and
may be increased to not exceeding two million
doliars.)
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
til 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, &c. 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
| of management and for such dividends not ex-
ceeding six per ccntum 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
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 reservedlf 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 OF 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. s. Said corporation shall be subject to
examination by the insurance commissioner.
| etc., etc.
In House of Representatives, Feb. 23rd, 1896
This bill having had three several readings.
passed to be enacted.
Signed By the Speaker
In Seyate-March 1st. 1895.
| This bill having had two several readings
passed to be enacted.
Signed by the President.
March 1, 1895.