The Coeur d'Alene press. (Coeur d'Alene, Idaho) 1892-1907, 1899-03-04

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companies may become suFitles for Of.
liclals has become q law and II now in
force, ~ II carries the emergency clause.
II Is very important measure. Sec
ton Of the Law provides:
"That whenever any bond, undertak-
Ing. recogIIizance or other obligation
10 BY Law, or the charter. ordinances,
rules or regulations Of any municipality.
board. body, organization, court. judge
or public ofIicer. required or permitted
70 be made. given, rendered Or 6led
with surety OF sureties, and whenever
the performance Of any act. duty or
obligation, or the refraining from any
act. is required or permitted to be guar
anteed, such bond. undertaking. obligs-
ton, recOgDizance Of guarantee may be
executed By surety company qualified
~ hereinafter provided; and such exc
eution Of such company Of such bond.
undertaking, obligation. recognizance or
guarantee shall be In all respects full
and complete compliance with every
requirement Of every law, charter, oTdi-
nance. rule or regulation that such bond.
undertaking. obligation, recognizance
or guaranty shall be executed by one
surety or BY one or more sureties, or
that such sureties shall be residents or
householder. or free holders. or either
or both, Of possess any other qualI6ca.
ton; and all courts. judges. heads Of
departments, boards. bodies, municipal
titles. and public officers Of every char.
acter shall accept and treat sdeh bond,
undertaking. obligation, recogniEance.
or guarantee. when 90 executed BY such
company. As conforming TO and fully
and completely complying with every
such requirement Of every sdch Law.
charter, ordinance. rule or regulation.
II will be seen that the act Govern
mot only otIicial bonds. but all similar
obligations. A surety company that
has complied with the requirements
may execute such obligations.
Careful provisions are made respect
ing the conditions under which com.
panies OF this character may do bust.
ness 10 the state. They must die with
the secretary Of state evidence Of their
good standing. and pay the state treas.
nrer an annual fee Of ESQ. The seere-
taFy OF state shall issue q certificate
authorizing the company 70 do business
IN idaho.
In addition. Il 10 provided that only
such companies aA are authorized 70
become surities on bonds running 10 the
United states shall be permitted 70 do
business here. They must have com.
piled with the act Of congress Of Aug.
ust u. 1924. Under that act the attor-
ney general Of the United states passes
upon the standing Of all companies that
may become sureties on bonds required
by the United States. This provision
OF our state law secures to the state the
bene6t Of the national supervision.
Very important provisions are made
by secnion Q OF the act, which is a.
follows:
THE premium or charge for prOcur
ing bonds from surety companies for
state, district. county, city, village or
school district treasurers shall be paid
by the state. district. county. city. vii.
lAge or school district respectively, not
20 exceed, however, the sum Of three and
o0e-hAlf dollars per Annum for each
thousand dollars Of the bond. In case
Of all other state, district. county, city,
village, or school district officers one.
half the premium shall be paid BY such
state, district, county. city, village or
school district"
As the premium on bonds for treas
ureu shall be paid by the state, county
or district, Il follows that there should
be no dificulty 10 securing guaranty
company bonds for all such officers.
The treasurer viii not desire to hunt up
private bondsmen when he ran secure q
company bond without cost 70 himself,
and the friends Of such officials will be
relieved from signing their bonds, while
the public will be secured by bonds
upon which II will be easy to realize in
case OF defalcation. In the case Of
other officers. Il will be optional whether
they give guarantee or private bond.
IL they elect to give the former, half
the fee shall be paid from the public
treasury.
One OF the most important provisions
OF the law is one intended to secure
guaranty company surety upon bond OF
any trustee, Committee. guardian, As.
signee, receiver, executor, or admins.
TRAITOR. OF other IlduciaFy,