Birmingham state herald. (Birmingham, Ala.) 1895-1897, 1897-02-19

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| position, or of any position OF public or
| private trust or employment, for the
| faithful discharge or performance OF any
duty or for the doing or not doing OF
/ anything in such bond or undertaking
specified; or when any person or corpor-
alton is required or permitted to execute
laany bond or other undertaking, of what
| ever nature. with surety or sureties. In
any judicial proceeding, or as guardian,
executor, administrator receiver, as
| signee or trustee the court officer or
person having authority or charged with
| the duty of approving such bond or UNI
dertaking, may If such bond or UNDER
taking is otherwise sufficient, approve
the same when executed by a corporation
having the power or authority under its
charter to become surety on such bond or
undertaking, as surety, and having com
piled with the provisions of. this act; and
the execution by any such corporation,
as surety of any such bond or under
taking shall be, in all respects. upon the
approval and acceptance of such bond,
full and complete compliance with the
requirements of any law ordinance, rule
or regulat ton requiring such bond or I'M
dertaking. or requiring that such bond or
undertaking shall be executed by one
surety, or by one or more suretfes, or that
such surety or sureties shall be residents
of the state. or any county therein, or
shall be house-holders or free-holaers, or
either or both, or shall possess any other
qualification.
Sec q. Be it further enacted, That any
such corporation, if incorporated under
the laws of this stat, in order to be quail
fed to- so become such surety. must have
an authorized capital stock of 100000, all
of which must be subscribed for and
paid in, and either held in money or safe
" invested in the securities created by
the laws of the United States, or, by or
under the laws of this state, or in other
safe, marketable and Understanding
stocks or bonds or other securities, the
value of which shall be at or above par;
and such corporation shall also, before 1t
is authorized tic become such surety, de-
posit with the treasurer of this state S25,-
600 of securities created by or under the
laws of the United States, or by or under
the laws of this state, or in other safe,
marketa Bile and interest-bearing STOCKS,
bonds, or other securities. the value OF
which shall be at or above par, in trust
for the benefit of the resident holders OF
the obligations of such corporation, at
their market value; and the liabilities of
such corporation shall not exceed
its available assets; but such La
within the meaning of this sec
tion to include its capital stock, nor it's
contingent liabilities upon bonds or IN
dertakngs executed by or under the pro
Visions of this act, but shall include its
Outstanding debts and premium reserve
equal to 80 percentum of the annual pre-
miums on all outstanding risks then in
force; and such corporation shall also file
with the auditor of this state written
application to do business under this act
signed by it's president or other managing
officer under its corporate seal, and at
tested by its secretary, or other officer
acting as secretary, to be authorized to
do business under this act, and also a
/ statement, signed and sworn to by It's
president, or other managing ofncer, ana
f1aaf% off
secretary, stating the amount of its
paid up capital stock, and how 1t Is in
vested stating each Item of such IN
| VPstment, the amount of premiums on
existing bonds upon which it is surety,
| the amount of liability for unearned por-
tons thereof, estimated at so peicentum
OF the annual premiums on all outstand-
ing risks fer one year or less, and pro-
rata for items of more than, one year;
stating also the amount or Its outstano-
| ing debts and liabilities OF all kinds; ana
thereupon the auditor, if satisfied that
such corpora ton is, solvent, and has the
| cash capital herein provided fer, and
| that 1t has in all respects complied with,
and is qualified under this act shall is
tsue to such corporation his certhcate
I that it is authorized to become and be
accepted as sole surety on all
bonds or undertakings required or
permitted by the laws Of this state, or by
the charters ordinances, rules and regu-
ldtions of any county, municipal corpora
| ton board body, organization, or pub
! lie officer: such company shall also semi
annually, on the first days of January
and July of each year furnish to and
| file with the auditor of the state a SINH
| lar statement to the one hereinbefore
| in this section provided for. Such COM
pany shall also, at such times as he may
| demand the same, furnish to the audi
tor such other information touching its
| condition and credit, as he may require,
signed and sworn to as is in this section
| proyided; and 1t shall also pay to the
| auditor an annual license tax of $500.
Sec g. Be it further enacted, That II
| such corporation be incorporated under
| the laws of any other state, in order to
be qualified to SO become such surety II
must have an authorized capital stock
| of at least $3.50, 900, which must be fully
paid up, and unimpaired, and safely in
| vested in the securities created by the
| laws of the United States. or by or under
| the laws of the state where 1t is incor-
| porated, or in other safe, marketable and
| interest bearing stocks bonds, or other
| securities, the value of which shall be
| at or above par, $4,000 of which shall be
| deposited with or held by the insurance
| commissioner, or other corresponding
| financial officer of the state in which such
| corporation is incorporated and has its
| principal place of business, in trust for
| the benefit of the holders of the obliga-
| tions of such corporation, and, in addi-
ton thereto. such corporation shall also
| deposit with the treasurer of this state
| $50 600 of like securities in trust for the
| benefit of the resident holders of the
| obligations of such corporation, at their
| market value; and the liabilities of such
| corporation musts not exceed its avaiIa-
| BILE assets, but such liabilities shall not
| be construed, within the meaning of this
| section, to include its capital stock. nor
| it's contingent liabilities upon bonds or
| undertakings executed by it under the
| provisions of this act, but shall include
| it's outstanding debts and premium
reserve equal to so per centum of the an
| nual premiums of all outstanding risks
| in force; and such corporation shall also,
| before transacting any business in this
| state, file with the auditor of this state
| a certified copy of it's charter or act of
| Incorporation. and the written applica-
| tim and statements required hereinbe-
| fore in the preceding section of this act
| OF domestic corporations. Such corpora
| ton shall also. in addition to the forego-
| ing requirements, file in the office of the
lrsetretary of state of this state
lam instrument in writing under
1tha seal of said company, and
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