The Providence news. (Providence [R.I.]) 1891-1906, 1903-02-12

AN ACT In Amendment Of Chapter 1876
Of the General Laws. Entitled "Of Cor
porate Suretyship on Bonds Required
by Law"
Passed Dec. Il. 1907
II IL enacted by the General Assembly as
follows:
Section 1. Chapter 1856. Of the General
Laws entitled "Of corporate suretyship
on bonds required by law Is hereby
amended SO az to read as follows:
Chapter 1856.
"Of Corporate Suretyship.'
Section /. Any Incorporated surety
company which has a paid-up capital OF
at least two hundred and fifty thousand
dollars, and doing only surety business
in this state. and which has complied
with all the requirements OF law regulat-
ing the admission OF such companies to
do business in this state. may To the ex-
tent OF its corporate powers enter into
any contract of guaranty or may be ac-
cepted "a sole surety upon the bond un-
dertaking or obligation OF any person
or corporation giving bond In this state
or required by law to give bond IN this
state whether such bond he given In
civil or criminal judicial proceedings or
for the due performance OF the duties Of
any Office or employment, or however
otherwise such guaranty. bond. undertak-
ing or obligation may be given; and such
surety company may also be accepted as
sole surety upon any recognizance OF
other obligation Of record that any person
OF corporation may be required by law
in any way to enter into In this state.
No additional surety shall be required
upon any judicial or official bond or upon
anv recognizance OF other obligation Of
record. by the Judge. head OF depart
ment. or other officer approving such bond
or taking such recognizance he shall
deem such surety sufficient, but addi-
tional surety may be required by him, "
in his discretion necessary. In all bonds.
undertakings or other obligations, and
I'm all recognizances or other obligations.
of record in which "sureties" are required,
by law or otherwise I'm this state, the sole
suretyship OF any surety company duly
authorized To do business In this state, IL
deemed SUFFICIENT surety by the person.
Judge or official approving or accepting
| such bond. undertaking. or other obliga
| tion. or taking such recognizance or other
obligation Of record. shall be deemed a
full compliance with any requirement for
| ''sureties" Any surety company author
lied 20 do business In this state may
| make sign seal. execute. acknowledge
| and deliver any bond. guarantee. under
taking or other obligation whatsoever IN
| this state. or may enter into any recoE-
| nizance or other obligs tion Of record
| whatsoever In this state. by its attorney
I'm fact or by its officer or officers agent
| or agents thereunto duly authorized: and
such authority from such surety company
| may he shown In tho same manner that
similar authority may be shown In the
| case of other corporations. IL IL hereby
| declared 20 he the true intent and mean
| Ing of this chapter 70 enable my surety
company. duly Incorporated and author
| ized To do business under the laws of this
| state To tho extent Of It's corporate pow
ers 10 become ruarantor IN this state or
| 10 become surety upon any bond. under
| taking. or other obligation or to enter
4 into any recognizancc ~ other oblirs ton
4 ~ record. In any wav whatsoever 90 the
same extent. with the same rights. and