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


curities so deposited, and the manner in
which they are held by him, and stating
that he is satisfied that such securities
are fully worth one hundred thousand
dollars, and that said corporation is sol
vent; and such corporation shall also
furnish the auditor at such times as he
may demand the same such other infor-
nation touching its condition and credit
as he may require, signed aud sworn to,
as in this section provided; and it shall
also pay to the auditor an annual license
tax Of one hundred dollars.
Sec A. Be it further enacted, That the
certificates hereinbefore provided for by
the auditor to such corporations. foreign
or domestic, shall only authorize such
corporations to engage in such business
during the year in which, or for which
1t is issued; and such corporations must
obtain such certificates annually at the
beginning of each year.
Sec 5. Be it further enacted, That the
auditor shall at any time on becoming
satisfied that any such corporation is in
solvent, or cannot be safely accepted as
surety upon the instrument hereinbefore
provided for, or upon such corporation
falling on demand, to furnish the auditor
| full and satisfactory informa ton touch
| ing its business, securities or invest
ments, or upon such corporation violating
any OF the provisions of this act, revoke
| the authority of such corporation to
| transact any new business in this state;
and thereupon the right of such. corpora
| tion to transact any new business snail
| cease and it shall not thereafter be al
| lowed to transact such business until
| it has again received from the auditor an
| other certificate of the character herein
| before prescribed. Upon revoking such
| authority, the auditor shall give notice
| thereof in some newspaper of general
circulation published at the seat of gov
| eminent, and by circular letter to each
| officer in this state authorized to approve
! official bonds, stating the grounds of such
| revocation. If such authority is revoked
| upon the ground that such corporation is
| insolvent, or cannot be safely accepted
as surety upon such bonds or undertake
| ings, it shall be the duty Of any such
| officer, upon receiving such circular let.
| ter, or upon his having brought to his
| attention such publication, to require the
| principal in any such bond upon which
| such corporation has become surety, to
| give an additional bond as provided by
| law.
Sec. 6. Be it further enacted That if
| the agent designated by any corporation
| es provided in the third section of this
act shall die, resign, remove from the
| state, become insane, or otherwise incapa-
bic OF acting. it shall be the duty of such
| corporation to appoint another agent in
| his place as in said section prescribed;
| and until such appointment shall have
| been made or during the absence of the
| agent of said corporation from the state,
4 OF at ally Title NDcH SdlQ has
| no agent in this state, service of process
| against such corporation may be made
| upon the auditor with like effect as up
| on an agent so appointed by such corpor-
alton The officer serving such process
| upon the auditor must Immediately trans
| nit copy thereof by mail to the cor
| poration, and state such fact in his re-
| turn.
Sec 7. Be it further enacted, That any
bond or undertaking executed by such
1 he, 1Ol in he
| ty of the residence of the principal, or in
| which he resided at the time of the exc
! cuticn of the same; but suits by the state
may be brought in Montgomery county.
| Sec. s. Be it further enacted, That no
| corporation having signed any such bond
| or undertaking, shall be permitted to deny
| it's corporate power to execute such in
| strument, or incur such liability. In any
| proceedings to enforce liability against it
| hereunder.
Sec. 9. Be it further enacted. That
if any such foreign or demes-
tic corporation shall fail or re-
fuse to pay any final Judgment or
| degree rendered against it upon any such
| bond or undertaking, from which no APP
| peal or supersedeaS has been taken for
thirty days after the rendition of such
| judgment or decree it shall be the duty
| of the clerk or register of the court in
| which such judgment or decree was rem
| dered to certify a copy thereof to the
| auditor. together with the fact that it
| remains unpaid: and the auditor must
| require the state treasurer to sell as
| many of the bonds or other securities de-
| posted by such corporation with the
| treasurer as may be necessary to pay
| such judgment or decree and the inter-
| est and costs thereon, and to pay to the
| clerk or register of such court from the
proceeds of such sale. the amount of such
| judgment or decree, with interest and
costs; and it shall be the duty of the
| treasurer to sell such bonds or other Sc
| curities, at private or public SALE with
or without notice. or so many as may be
! necessary, for the best price he can OBJ
| tain in the market, to assign the same
| to the purchaser, and to apply the pro-,
| ceeds, or so much thereof as may be nee
| essary, to the payment of such Judgment
or decree. with interest and costs. the
| surplus If any remaining on deposit in
| lieu of the bonds or other securities so
sold. OF such sale the auditor must
| forthwith notify such corporation and re-
| quire 1t to supply the deficiency within
thirty days; and If such corporation shall
| fail to do so the auditor must cancel its
| authority to act under this act, and to
give notice thereof to the persons and in
the manner prescribed by section 5 of this
| act.
Sec. 10. Be 1t further enacted That
such corporation as surety on any bond
undertaking or obligation. is entitled to
! all the rights and remedies of other sure
ties on such instruments.
| Sec. II. Re it further enacted That
| when any foreign or domestic corporation
| transacting business in this state under
the provisions of this act ceases to trans
F, act such business 1t may withdraw the
a securities deposited with the treasurer,
upon satisfying him that II has discharg-
| ed or been relieved from any and all risks
| and liabilities 1t has incurred in this
state; and upon the treasurer becoming