The Marlboro democrat. [volume] (Bennettsville, S.C.) 1882-1908, 1901-03-15


10 deposit with the treasurer of this
State valid State securities aQgregating
ten thousand dollars, aaid Hoousitios to
DO subject to any jud gment against said
companies, and said judgment ehall
operate as q loan on auoh securities,
and providing a penalty for tho viola
ton OF tho provisions Of this act ,,sBsSs rs
Socti0n ]. Be it enacted by the gen Y
ersl assembly of the State Of S8utq
Carolina. that section ]; Of said act as
amended, bo further amonded BY add !
ing 10 section i the following proyiiso:' iit,;'
Provided. however. that all fivo ms ur.
ance companies incorporated Under the
laws Of this State, with q capital stook
OF $50, 900 or moro shall not bo COM
pelle to deposit certain valid securities
or bond as above required; provided, |,
SAID company shall procure and file
with the comptroller general a@ oerti
fioato Of tho county auditors ia coun-
ties whore stockholders reside; hat the
majority Of tho stookhold ers in the
capital Of said corporation are free.
holders, and rehide within the State,
are worth tho amount of their stock
subscribed to the capital of said COR
poration over all thoir debts and liabili.
ties, and exclusive Of property exempt
by law from execution; so that WHOM
amended said sootion will read as xol-
lows: e 6 4 81
R SEQ. | Bo it enacted by the general
assembly of tho State of South Caro-
lima, that it'ehall be u ualawful hereafter
Tor any insurance company or assooia.
tlon to transact any business in this
State unless possessed Of at least ono
hundred thousand dollars or surplus or
capital, or in lieu thereof, shall filo with
the comptroller general the certificate
OF tho official of some State Of the
United States, under his hand and Off !
DIAL seal, that ho holds on de posits or ie
trust, for tho benefit Of all policy hold.
ers or mombers Of suoh company or as.
ISOLATION, securities worth at losst one
hundred thousand dollars, or in tho
absence Of suoh capital or deposit, then
to deposit with tho State Treasurer Of
South Carolina, valid securities agpro-
eating SIC, 900, or q bond for said
amount made by a solvent security
company, said treasurer to bo tho Judge
of the validity Of suoh seourities and
bonds, whiot bond shall be conditioned
to pay any judgment catered up in ar1y
court OF competent jurisdiction in this
State, upon a policy Of insurance issued
TO any citizen Of this State by any suoh
company, and said judgment shall 3bo
q lien'upen such securities: Provided
however, that all fire insuranco 90 ! com
panies inoorpcr. under the lave Of
this State. with . capital stock Of $25,
0uO or more, shall not be compelled to
deposit said valid securities on bond as
abovo rt qairod, provided said company
shall procure and file with the comp
troller general tho certificates Of tie
county auditors annually: in couuties
whore stockholders reside, that tho ma.
Jorlty OF tho .atookhclders inS capital of
said stockholders arc free holdera md
reside within he State, and arc worth
the amount Of their. subscription to tia
capital Of said corporation, over ali
their debts and liabilities, and exclu.
siye q, Of property exempt BY law from
execution. " "A
~ !i9s Nj s,
tention " Il; y " Ytf sss sssS
was passed 81 ,4 Svof \
ing any offioer FROM also harginp tia
duties of his position until he had
giyon bond and had been commission.
cd. College trustees, membors 81 3 tasas
boards, aongtahles, etc; are oonaid 6rsd
6fieers under tho law. aid n ARD I'D ier'
niemk hers nfs bonrda of syari0us & Qhaars
.SSStta WHO are provided for by stbe
diem 81 mileage, but they cannot 49,
gally assume duty OF act untilStheys
have been duly commissioned by?the1
secretary Of state. They do not have
to pay any for this oommission;N ;Nit3is a J!
moro matter Of form. A great many
membors of various kinds Of boards
have neglected. to carry out the pro,
visions of tho law, and their attention
is oallod to tho fact. The now act in.
deed makes It unlawful to fail to ale
the oaths and got q commission before
attempting to discharge the dutios in
,dicated. The State. l55sa
tt}'E ftStie.s:s ,f r. "a