The Birmingham age-herald., 1909-09-16

engage in such business during the year
 in which or for which it is issued: and
 such corporations must obtain such cer-
 lihcafe annually and not later than March
 first each year.
 sec I. That section 1513 of the Code of Alabama, 1907, be, and the same is, amended, so as to read as follows: 1513 l Insurance commissioner must revoke cer-
 tlncate when corporation deemed unsafe: eHect notice; additional bonds; duty of approving officers.-The insurance com
 missioner shall at any time, on becoming satisned that any corporation is insolv-
 ent' or cannot be safely accepted as sure
 ty upon the instruments hereinbefore pro-
 vided for, or upon such corporation fail ing on demand to furnish the insurance commissioner full and satisfactory infor
 nation touching its business, securities.
 or investments, or upon such corporation violating any of the provisions of this
 article, revoke the authority of such cor 1 poratlon to transact any new business in this State: and thereupon the right of
 such corporation to transact any new bus l mess shall cease, and 1t shall not there 1 after be allowed to transact such business
 until it has again received from the in-
 surance commissioner another certificate l Of the character herenbefore prescribed. ! Upon revoking such authority, the in- 1 surance commissioner shall serve notice thereof. in some newspaper of general circulation published at the seat of gov
 ernment, and by circular letter to each l officer in this State authorized to ap-
 prove official bonds. stating the grounds or such revocation. If such authority Is
 revoked upon the ground that such cor | poration is insolvent or cannot be safely accepted as surety upon such bonds or
 undertakings, it shall be the duty of any
 such officer, upon receiving such circular
 letter, or upon his having brought to his
 attention such publication, to require the principal in any such bond upon which
 such corporation has become surety to give an additional bond as provided by
 law
 Sec 5. That section 1617 of the Code or Alabama, 1907, be and the same is
 hereby amended so as to read as follows:
 lbl7-Judgment on bond certified to in-
 surance commissioners sale of securities
 If any such foreign or domestic corpora ton shall fail or refuse to pay any final Judgment or decree rendered against it
 upon any such bond or undertaking from
 which no appeal and supersedeas has
 been taken for thirty days after the rem
 dition of such judgment or decree. 1t
 shall be the duty of the clerk or regis
 ter of the court in which such judgment
 or decree was rendered to certify a copy
 thereof to the insurance commissioner to-
 gether with the fact that 1t remains un-
 paid. and the insurance commissioner
 must require the State treasurer to sell
 as many of the bonds or other securities
 deposited by such corporation with the
 State treasurer as may be necessary to pay such Judgement or decree and the in- terest and costs thereon. and to pay to the
 clerk or register of such court from the
 proceeds of such sale the amount of such
 Judgment or decree, with interest and
 costs; and 1t shall be the duty of the State treasurer to sell such bonds or other securities at private or public sale, with or without notice, or so many as may be necessary for the best price he can obtain in the market, to assign the same to the purchaser and to apply the proceeds. or so much thereof as may be necessary, to the payment of such judg- ment or decree, with interest and costs, the surplus, if any, remaining on deposit In lieu of the bonds or other securities so sold. Of such sale the insurance com- missioner must forthwith notify such cor poration and require it to supply the de- f1ciency. within thirty days; and if such corporation shall fail to do so, the in- surance commissioner must cancel it's authority to act under this article, and give notice thereof to the persons and in the manner prescribed by the fourth pre- ceding section.
 Sec. 6. That section 1920 of the Code of Alabama. 1907, be and the same Is, hereby
 amended so as to read as follows 1920.
 When value of deposit impaired by sale
 or depreciations the same must be made good; faith and credit of State pledged to
 return securities etc.-If at any time the
 bonds or other securities deposited by for
 eign or domestic corporations with the
 State treasurer under the provisions of
 this article should be diminished in
 amount by sale. as hereinbefore provided,
 or should depreciate in value the insur-
 ance commissioner shall require such cor
 poration to deposit other bonds or other securities of like kind, as hereinbefore provided, 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 fifty thousand dollars. For all bonds and securities deposited by all such corpora
 tions under the provisions of this article, the faith and credit of the State are hereby pledged that the said bonds and
 securities shall be returned to the parties entitled to receive them, or disposed of as provided in this article.
 Sec. [. That section 1522 of the Code of
 Alabama, 1907, be- and the same is here by amended so as to read as follows: 1922.
 Insurance commissioner may order ex animation Into the financial conditions of corporations; duty of Corporations; pen atty for withholding information.-The in | surance commissioner shall at any time
 when he considers the public interest so demands, examine by himself and. or by
 some one competent to do so, into the financial condition of any corporation. foreign or domestic, doing business under the provisions of this article, such cor poration shall submit to the examiner all such books, papers, and securities as ho may require; and such examiner shall also have the power to examine the officers of such corporation under oath touching it's business and financial condition, and the authority of any such corporation to | transact business under this article, that
 refuses to allow such examination, shall be revoked by the insurance commission CT, and such corporation shall not there after be allowed to transact further bus mess in this State until 1t has fully com piled with the provisions of this section. Sec 8. That section 1923 of the Code of c,.A to