The Ocala banner. (Ocala, Marion County, Fla.) 1883-194?, 1909-07-30

Ire liabilities on said policies, according to the
terms Of the policy after the said liabilities snail
have been adjusted between the parties IN the
mode prescribed by the policies, If asmode De pre-
Scribed thereby or after the same shall have been
ascertained in any mode agreed upon 6y the par
ties or by the judgment or order or decree Oh =
court having jurisdiction, the State treasurer
shafl ,1oon the application of the party TO whom
the debt or money is due and upon Satisfactory
proof that the notice therein required 20 DC gwen
n,b1;c auction such an amount of the said bonds
as will pay the sum due and expenses OF sale, an9
out of the proceeds of the sale pay SAID sums and
expenses: Provided That the party making salo
application shall give to the company, or 20 tne
agent of the company in this State, twenty DAYS
notice of his intention TO apply Tor sale OF sa1d
bonds to the State Treasurer; and FroVldeq IuI-
tber That such company shall be required forth
with to make good any such deficit in the amount
of its deposit caused by such sale
The State Treasurer shall advertise the sale OF
said bonds for thirty days prior to the date OF sale
in some paper published in the city OF Tallahassee,
and shall state in said advertisement the bonds 20
be sold and the company depositing them, a COPY
of which shall be mailed by registered letter 10
Sec. 4. Upon the bonds deposited as aforesaid
with the State Treasurer by any such insurance
company the holders of all policies OF said com
pany who are citizens residents OF this State at
such time shall have lien tor the amount due
them respectively, under or IN consequence OF
such nolices for losses return premiums or equit
able values and shall be entitled to be paid rate
ably out of the proceeds OF said bonds W such pro-
holders. Whenever any such company deposit
ing bonds as aforesaid shall have become fnSolVent
or bankrupt or shall have made an assignment
for the benefit of its creditors, any holder OF such
policy shall have the right to begin an action in
the Circuit Court of the County of Leon, State OF
Florida to enforce the said lien for the benefit OF
all the holders of such policies. The State Treas
urer shall be a party to the suit and the funds
shall be distributed by the Court, but no costs of
such action shall be adjudged against the State
Treasurer.
Sec : II arv coropanv cease to carry on bust
ness in this State and its liabilities, whether fixed
or contingent upon its policies to persons residing
in this State, shall have been satisfied or shall
have terminated, upon satisfactory evidence OF
the fact to the State Treasurer he shall deliver to
such company the bonds in his possession be-
longing to it. or such OF them as remain after pay
ing the liabilities aforesaid or if such company
shall reduce the amount OF its liabilities both
fixed and contingent. upon its policies to persons
residing in this State below the value of the bonds
in possession of the State Treasurer, he may de-
liver to such company, part of such bonds, tax
ing care however, that the bonds in his possession
shall always be equal IN value TO the liabilities of
said company upon its policies to persons residing
in this State; if such company cease to carry on
business in this State and its liked liabilities for
losses and for taxes shall have been satisfied and
the contingent liabilities under its policies shall
have been assumed by another company doing
business in this State, in case such reinsuring
company, If nonresident, had deposited with the
State Treasurer bonds not less in value than those
of the company proposing to retire, the State
Treasurer upon being satisfied of these facts shall
upon receiving a duly attested copy of the con-
tract between the two companies by which the
risks of the retiring company are assumed by the
other company, deliver to such company propos-
ing to withdraw the bonds in his possession be-
longing to it.
Sec. g. Whenever any fire insurance company
shall file an application with the State Treasurer
to be admitted to do business in this State il shall
be the duty of the said Treasurer to require of it
compliance with the provisions of this Act before
issuing license for such company to do business
in this State.
Any fire insurance company now doing business
in this State shall be allowed until October Ist
1909, to comply with the provisions of this Act,
and upon their failure to comply with the pro-
visions of this Act before that time il shall
be the duty of the State Treasurer of the State to
revoke its license do business in Florida and it
shall be unlawful for it thereafter to do business in
this State until licensed as provided by law
Approved June Sth, 1909