The enterprise-recorder. (Madison, Fla.) 1908-1933, 1909-07-29

them. a copy OF which shall be man,
registered letter TO said company. y
Sec l. Upon the bonds depoeit.,
aforesaid with the State Treasurer X, 8
such insurance company, the hol6giug
an policies OF said company, Wbo q
citizens or residents Of this State az az
time, shall have lien for the amo,,nta va
them, respectively. under or In consssHs.oa4
OF such policies, for losses. return n-.aes
iums or equitable values, and shall h.u'
titled to be paid rateably out Of tbe n sa'
ceeds OF said bonds or such proceeall ~
not sufficient TO pay all OF said nSl.es
holders). Whenever any such comnsre
posting bonds as aforesaid shall havs "
come insolvent or bankrupt, or shall bsus-
made an assignment for the bensst
lis creditors, any holder OF such ny,
shall have the right to begin an s bU,iisy
in the Circuit Court Of the Couptv w y,
Leon, State Of Florida, to enforce tbsy
lien FOR the benefit OF all H. hoIdsrs ~
such policies. The State Tfeasurer ~ ~ ~
be a party to the suit, and the funds sbshh
be distributed by the Court, but no c Ss,aa
Of such action shall be adjudged against
the State Treasurer As'
Sec. 8. II any company cease 10 oar.
on business in this State, and It's psbni
ties whether liked or contingent uno,
its policies 70 persons residing In M
State, shall have been satisfied or sSsn
have terminated upon satisfactory ss4
dence OF the fact to the State Treas,,i.
he shall deliver TO such company ~
bonds in his possession belonging to H. o.
liabilities aforesaid, or II such con5nsrv
shall reduce the amount Of its iab1fes
both fixed and contingent, upon ltg nsi,
icies to persons residing n this State bs.
of the State Treasurer, he may delys-
to such company a part Of such bond
taking care, however, that the bonds N
his possession shall always be equal
upon its policies to persons residing
this State; or II such company cease
carry on business in this State, and Y,
fixed liabilities for losses and for tars
tingent liabilities under its policies shsB
have been assumed by another companv
doing business in this State, in case such
reinsuring company, II nonresident, hsd
not less In value than those Of the Com.
pany proposing TO retire, the State Treas.
urer upon being satisfied Of these facts
shall, upon receiving a duly attested oonv
| panies by which the risks Of the retiring
| company are assumed by the other com.
pany deliver 70 such company proposing
70 withdraw the bonds in his possession
Sec. s. Whenever any fire Insurance
] company shall file an application with the
state Treasurer TO be admitted to do busl-
ness in this State, II shall the duty Of
the said Treasurer to requt Yof II a CON-
F. pliance with the provisiofiB7 OF this Act
| before issuing a 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 list, 1909, TO comply with
/ the provisions Of this Acts and upon thel
failure to comply with the provisions o
this Act on or before that time, It shal
be the duty OF the State Treasurer Of tn
State to revoke its license TO do bushes
in Florida, and 1t shall be unlawful 10
I IL thereafter 10 do business in this Stat
until licensed as provided by law.
] Approved June Sth, 1903.