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

satisfied that such corporation has dis
charged or been relieved from all such
risks and liabilities, he shall deliver to
such corporation the securities so depos-
tied by it with him.
Sec. II. Be it further enacted, That any
corporation becoming surety on any bond
or undertaking, as authorized by this act,
shall have the same right to be relieved
from further liability thereon, or to re-
quire the principal to give new or addi-
tional bonds or undertakings as is con-
ferred by law upon the other sureties or
like bonds or undertakings.
Sec IL. Be 1t further enacted That any
corporation CIR officer or agent of such
corporation, who shall transact the bust
ness herein authorized, without first OBJ
tanning the certificate from the auditor
herein provided for authorizing such
corporation to transact such business,
or who shall transact such business after
the authority to do so has been revoked
by the auditor, as herein provided shall
be guilty of a misdemeanor, and upon
conviction must be fined not exceeding
$1,000 Nothing, however, in this section
shall render invalid any bond or under
taking executed by such corporation.
Sec. IA, Be 1t further enacted That no
such corporation shall, however be ac-
cepted as sole surety on the bond of the
state treasurer, but such corporation may
become and be accepted as a co-surety
with other persons; or with other corpcr-
dilOIS Vi like DOWeTS anu QUALIFICATIONS.
upon said bond; and in the event any such
corporation does become co-security on
said bond, it's property or credit shall not
be estimated to exceed 100000
Sec. 10. Be it further enacted, That If
at any time the bonds or other securities
deposited by foreign or domestic corpor-
atoms with the state treasurer under the
provisions of this act should be dimin-
ished in amount, by sale as hereinbefore
provided, or should depreciate in value.
| the auditor shall require such corpora
tion to deposit other bonds or other Sc
curties of like kind as hereinbefore pro-
vidcd, with the state treasurer, so that
the amount and value of such bonds or
other securities in the hands of the state
treasurer SHALL at all times be $50 000
For all bonds and securities deposited
, by all such corporations under the pro-
visions of this act, the faith and credit
of the state are hereby pledged, that the
said bonds and securities shall be re-
turned to the parties entitled to receive
them, or disposed of as provided in
this act
Sec. Is. Be it further enacted, That if
any corporation organized, under the
laws of this state, and authorized to be-
come surety as herein provided, should
extend its business of becoming surety.
on official or other bonds or undertake
ings hereinbefore mentioned beyond the
limits of this state, then such corpor-
alton shall, before being entitled to fur
tHeI carry Ou SQCil DuSlI6SS III LHlS STATE,
| deposit with the treasurer of this state,
| $4,000 including the $4,000 hereinbefore
provided to be so deposited by it, of like
| securities, as those required to be de-
posted by foreign corporations by sec
ton three 90 of this act.
Sec. II. Be it further enacted That
whenever any testator, by the terms of
his will, so provides no such corporation
shall be accepted upon the bond Of any
executor or administrator of such tesla
| tor.
Sec IS. Be it further enacted, That the
| governor shall at any time, when he con-
| siders the public interest SO demands,
! direct the examiner of public accounts
| to examine into the financial condition
! of any corporation, foreign or domes-
| tic doing business under the provisions
| of this act, and make report thereon to
| the auditor; and upon the governor so
| directing, and upon the demand of said
! examiner, such corporation shall submit
| TO the examina ton of such examiner all
| such books, papers and securities as he
! may require; and such examiner shall
| also have the power to examine the Off
| GERS of such corporation under oath
| touching it's business and financial condi-
| ton, and the authority of any such cor
| poration to transact business under this
| act that refuses to allow such GAMMA
| ton, shall be revoked by the auditor, and
| such corporation shall not thereafter be
allowed to transact further business in
| this state until it has fully complied with
the provisions of this section.
| Sec. 10. Be 1t further enacted, That
| nothing herein contained shall apply to
| any bond or undertaking which Is not
| by law required to be approved by any
| state county, municipal, precinct. town.
| ship, district or other like office, or by any
| Judge, clerk or register of any court Of
this state, or to corporations engaged
| merely in the business of becoming sure
ties on any such bond or undertaking.
| Approved February IL. 1897.
Official: ]. K. JACKSON,
| Secretary of State.