Gainesville daily sun. (Gainesville, Fla.) 190?-1938, 1909-07-29

=. .-,-...... oo said policies. accordina 20 IN ~.
Us hAplhss .i;cv, Alter the said haoihues -
s elm 49, aAi,aated between the pass - orr-
80 or~serihed by the pohcies M 49, bcen
sr;bed thereby OF after inc 80, bv The par
asoert - 80 ;,,aenent OF order OF deere W
nes " n.y,s~g sarisdiction. the State $500,
sSsn ,,non the Application OF the p@I,y ,st.rsors
the debt ar money y due ano ...;S.d to he given
S,o.f has the notice the~in reaaltsu A. Iii M
"a ocTnnanv has been gwen proSsen ~ 800
$40 s,,rt;on such an amount OF tne 49, a.sJ
- Ill nav the sum due and expense. ~ -, snJ
out Of the proceeds Of sns ; ,Ss ps2ty making said
,,l'i,es,;cn ran give 10 the company. or 20 Wv
pps "a ~. eompanV in this State, twenty nAys
a,,;c. az his intention 20 apply ior n $3.50 ~ g.,
h,nds 20 the State Treasurer AM II...."S So,th
,hsr That such company shall DC requIeu .'.n,
~ =, 80 good any such deficit IN the amount
~ its deposit caused by such sac. -. 49,. III. ~
Ia. STATE treasurer shall advertise the sae az
s.;d bonds Tor thirty days PRIOR 70 tne r1,s
- -, aoer published IN the city OF aiahAsses,
III shsi tate IN said advertisement the oonds to
-, .oiJ a,,d he company depositing them, Guy
~ ~hieh shaii be mailed by registered lettei 10
ss,a eonpG1iy ,n the bonds deposited as Aforesaid
1t -. State Treasurer by any such insurance
comnany the holders OF all policies o. salu eoil,
oanv Who are citizens or residents OF ts o.aJ ~
s,,ch time, shall have hen tor the amount que
them. respectively. under or IN Consequence OF
.h ,oi,r,es Tor losses return premiums or cquit-
~ ,sI,.s - shaIl be entitled TO be paid rate
ahiv an, al the proceeds OF said bonds ui such pro
ceeds be not sufficient 10 pay all OF said policy
holderxI Whenever any such company deposit
;ng hods AZ Aforesaid shall have become 'asolvent
or BANKRUPT, or shall have made an assignment
for the benefit of its creditors. any hodef OF suSh
policy shall have the night 10 begin an action IN
he Circuit Court Of the County OF Leon, state OF
Pior,da 10 enforce the SAID lien for the benefit OF
All the holders OF such policies. The state Treas
urer shali he a party to the suit, and the funds
hall he distributed by the Court, but no costs OF
such action shall be adjudged against the state
Treasurer.
Sec. 8. n any company cease TO carry on bust
ness in this State and is liabilities whether hxed
or contingent upon its policies 20 persons residing
In this State, shall have been satisfied or shall
Rave terminated, upon satisfactory evidence OF
the fact to the State Treasurer he shall deliver Ia
uach company the bonds IN his possession be
ongina 20 H. or such OF them As remain after pay
ing the liabilities Aforesaid. or II such company
,haiI reduce the amount Of It's liabilities, both
ixed and contingent. upon its policies TO persons
residing IN this State below the value OF the bonds
N possession Of the State Treasurer. he may de-
liver to such company. part o. such bonds, TAX
hall always be equal in value 90 the liabilities Of
aid company upon its policies 90 persons residing
n this State or " such company cease 20 carry on
business in this State, and ITS hNed liabilities Tor
he contingent liabilities under its policies shall
rave been assumed by another company doing
business IN this State, IN case such reinsurinR
company. II non resident, had deposited with the
state Treasurer bonds not less IN value than those
u the company proposing 20 retire, the State
Treasurer upon being satisfied OF these facts shall
ipon receiving duly attested copy Of the CON |
ract between the two companies by which the |
isks OF the retiring company are assumed by the |
'ther company. deliver 20 such company propos- |
nc 10 withdraw the bonds IN his possession be- |
onging 10 t.
Ssc. O. Whenever any FIRE insurance company
ali 81, aU~isra nth b. Set.
o be admitted 20 do business in this State il shall
,e the duty OF the said Treasurer 20 require OF u
compliance with the provisions Of this Act before
ssuing a license for such company 10 do business |
n this State.
Any IRE insurance company now doing business |
n this State shall be allowed until October Ist |
900. 20 comply with the provisions Of this Act |
md upon their failure 20 comply with the pro
isions OF this Act on OF before that time u shall |
e the duty Of the State Treasurer Of the State 70
evoke its license TO do business IN FLORIDA and Il
hall be unlawful for Il thereafter TO DO business IN
his State until licensed as provided by law
Approved June sth. 1909