The Montgomery advertiser., 1909-09-16

othsr safe. marketable. and interest bearing stocks or bonds or other ss- curities. the value of which shall be at or above par; and such corporation shall also, before 1t Is authorized to become surety. deposit with the treas urer of this State twenty-a Ave thou sand dollars of seourities created by or under the laws of the United States. or by or under the lawn of this State. or In other safe. mark etable. and in- terest-besring stociksr bonds, or other. securities. the value of which shall be at or above par in trust for the bene-
 it of the resident holders of the obli- gations of such corporation. ct their market value; and the liabilities of such corporation shall not exceed it's available assets; but such liabilities shall not be construed. within the
 meaning of this section. to include its capital stock. nor its contingent lia- blities upon bonds or undertakings executed by or under the provisions Of
 this article. but shall include its out. standing debts and a premium reserve equal to fifty per cent. of the annual
 premiums on all outstanding risks then in force;, and such corporation shall also ,file with the Insurance Com.
 missioner written application to
 " OoSAhCoS uhucE IulS AILlCle,
 signed by the - president or oth-
 CT managing oficer. under its
 corporate seal. and attested by it's secretary. or other officer acting as secretary. to be authorized to do busi-
 ness under this article. and also statement. signed and sworn to by its president. or other managing officer, ana by It's secretary, or other officer
 acting as secretary. stating the amount or It's paid-up capital stock. and how 1t IS invested. stating each Item of
 such investment, the amount of prem lums on existing bonds upon which 1t IS surety, the amount of liability for unearned portions thereof. estimated at nifty per cent. of the annual prem iums on all outstanding risks for one
 year or less. and pro rato for Items or more than one year; stating also the amount of its out standing debts and liabilities of all kinds; and thereupon the Insurance
 Commissioner. if satisfied that such corporation is solvent, and has the cash capital herein provided for. and that it has in all respects complied
 with and is qualified under this article, shall issue to such corporation a cer- tificate that 1t is authorized to be- come and be accepted as sole surety on all bonds or undertakings requir- ed or permitted by the Jaws of this
 State, or by the charters, ordinances, rules. and regulations of any county,
 municipal corporation, board, body, or- ganization, or public officer: such com.
 pany shall also annually, not later than the first day of March of each year. furnish to and file with the insurance commissioner sworn statement showing the condition of such com pany as of December 31, of the year preceding. Such company shall also at such times as he may demand the same, furnish to the insurance cop- missioner such other information touching its condition and credit as he may require. signed and sworn to In this section provided; and 1t shall also pay to the insurance commission. CT the annual license fees and charges
 provided in sections 4557 and 4577 of the Code. 1907.
 Sec. 2. That Section 1909 of the Code of Alabama, 1907. be and the same is hereby amended so as to read as follows: 1909. Prerequisite to granting authority to foreign corpora tion; application showing financial condition; deposit; charter; agent and place of business;- certificate of au- thority: semi-annually reports: annual license tax.-If such corporation be tuCOTpOTdlcQ uuuCT kH0 1aWo Ol 6Ay other State, in order to be qualified to so become such surety, 1t must have an authorized capital stock of at least two hundred and fifty thousand dol- lars, which must be fully paid up and unimpaired. and safely invested in the securities created by the laws of the United States. or by or under the laws of the State where 1t is incorporated. or in other safe. mark table; and if- terest-beartng stocks. bonds. or other securities, the value of which shall be at or above par. one hundred thousand dollars of which shall be deposited with or held by the insurance commits sioner or other corresponding finan- ciai officer of the State in which such Is incorporated and has its place of business, in trust for the benefit of the holders of the of such corporation and. in addition thereto, such corporation shall also deposit with the treasurer of this State fifty thousand dollars of like securities, in trust for the benefit of the resident holders of the obliga>> tions of such corporation, at their market value: and the liabilities of such corporation must not exceed its available assets. but such liabilities must not be construed. within the meaning of this section, to include It's capital stock, nor It's contingent lia- bilities upon bonds or undertakings executed by it under the provisions of this article, but shall include it's out. debts and premium reserve equal to fifty per cent of the annual premiums Of all outstanding risks in force: and such corporation shall also, before transacting any business in this State, file with the insurance a certified copy of its charter or act of incorporation. and the written application and statements required hereinbefoRe in the preced- ing section of this article of domestic Such corporation shall also, in addition to the foregoing re. quirements, file in the office of the in- surance commissioner of this State an instrument in writing under tha seal of said company aud signed officially | by its president or one of its vice. presidents, and by its secretary or one of it's assistant secretaries, designat- ing a known place of business in this State, and the insurance commission CT the agent upon whom service Of any process or notice required or au- thorized by law may be made for or on behalf of such corporation. Whereup- on, and upon the payment Of the lie cense hereinafter required, the insur. ance commissioner, if satisfied that such corporation is solvent, and has the cash capital herein provided for, and surplus assets. in excess of it's capital stock. its outstanding debts and premiums reserve specified, and that it has, in all respects, complied with and is qualified under this article shall issue to such corporation. and to