The enterprise-recorder. (Madison, Fla.) 1908-1933, 1909-07-29
nAApIER ssse-iNo. 2Ol.

AN ACT to Require Fire Insurance Com
panies to Deposit Certain amount lllou n,,r IN
Cash or Securities with the treasurer
OF the State Of Florida.
Be it Enacted by the Legislature OF the
State of Florida:
this Act. every fire insurance company
shall deposit with the State. Treasurer OF
this State bonds of the United states
bonds OF any Of the states OF me 3o,H Unitgu
or bonds Of the cities or counties OF TINS
State, or cash, to the amount OF ten thQu-
sand dollars, or surety PONG IN Sue
surety company authorized to do business
in the State Of Florida, said bond and
company to be approved OF by the state
Treasurer; the surety company oiteTlng
such bond agreeing, In case OF failure
OF any fire insurance company 50 bondeu,
to deposit Immediately with the state
or marketable securities, to be held by
the Treasurer for the protection OF an
legal claims against such company IN TINS
state treasurer shall give the company
making such deposit receipt TOT same J
Provided, That the value Of the securities
SO deR SS 6os srs If o any bonds SO de-
posted be registered bonds, the company
Shall at the time give to the State Treas
urer a power Of attorney, authorizing him
to transfer said bonds, or any part there
Of for the purpose Of paying any OF the
liabilities provided for in this Act. me
State Treasurer. shall require, each such
company 70 make good any depreciation
or reduction in value Of said securities
and he shall in the month Of September IN
every year, examine all securities so de-
posted with him for the purpose Of as
pertaining whether any OF them have de-
preciated or been reduced In value. The
State shall be responsible for the safe
keeping Of all cash, bonds or other securi-
ties deposited with the State Treasurer
under this Act. Bonds or other securities
deposited with the state Treasurer by any
company under this Act shall not, on ac-
count OF such bonds being IN the state,
be subject to taxation, but shall be held
exclusively and solely for the protection
oi seq tne ' Companies depositing bonds as
aforesaid shall have the right to draw
the interest on said bonds as the same
accrues; and should coupon bonds be de-
posted under this Act, 1t shall be the duty
OF the Treasurer, upon the demand OF
the company, to surrender the coupons
as the same shall become due from any
and all such coupon bonds deposited by
Sec. 8. II the said company fail TO pay
any Of its liabilities on said policies, &C
cording to the terms Of the policy, after
the said liabilities shall have been ad-
| iusted between the parties in the mode
prescribed by the policies, II a mode be
sPb bsfSi have been s1 Entertained in any mode
| agreed upon by the parties or by the Judg-
ment or order or decree Of court having
jurisdiction, the State Treasurer shan
/ upon the application OF the party to whom
| the debt or money Is due, and upon salts
! factory proof that the notice therein re-
/ quired to be given said company has beer
/ given, proceed 70 sell at public auction
such an amount Of the said bonds as will
pay the sum due and expenses Of sale
and out Of the proceeds OF the sale pay
said sums and expenses; Provided, Tina
| the party making said application shall
give TO the company, or to the agent o
| the company In this State, twenty days
! notice OF his intention 10 apnly for salt
Of said bonds TO the State Treasurer ant
! Provided further, That such companl
/ shall be required forthwith TO make goo
] any such deficit in the amount OF its de-
/ posit caused by sucn sale.
] The State Treasurer shall adverta
/ the sale OF said bonds for thirty day
/ prior to the date Of sale IN some papo
! published IN the city OF Tallahassee, AM
/ shall state In said advertisement the bond
to be sold and the company depoaitlni