The St. Lucie County tribune. (Fort Pierce, St. Lucie County, Fla.) 1905-1920, 1909-07-16

i,o liabilities on said policies, aGeording 70 thu
ss IS tbe nolicy after the SAD liabilities snail
nave been adjusted between the patuss w VIZ
mode prescribed by the policies II iiioae oe pa.
,nr;bs5 therebv or after the same snail nave peeh
..as.a;,sd IN any mode agreed upon by the par
~ nr nv the Judgment or order or decree Oh
VS. bavino jurisdiction, the state treasurer
shall upon the application oil the party ~
,hs deht or money is due and unon sal,sIae.o,y
~ ,ba, the notice therein required 70 De gwen
Pa com'nany has been given proceed 70 sen az
o,hlc ,uction such an amount OF the saiu oonds
~ o;il nav The sum due and expenses OF SAFE anu
out of The proceeds OF the sale pay Salu sums a':
exnenses. Provided, That the party inaklus sa,u
appl,gation shall give 20 me COMPANY, y. VI w
age,t of the company in this State, twenty Gays
$50, of hi, intenton to apply for sale oil SAID
honds 10 the State Treasurer, and ProVdea lur'
,ber That such company shall be required lorln-
with 10 make good any such dencit III the a'''ou"'
OF It's deposit caused by such sale A., al, of
Tbe State Treasurer shall advertise the SAFE OF
sad honds for thirty days prior to the date OF sale
in some paper published in the city oil aliahassee'
a,d shall ,tate in said advertisement the ponds 10
he sold and the company depositfng them copy
Of which shall be mailed by registered letter 10
said company, j,-;.ot - aforesa;d
,,.;tb the State Treasurer by any such insurance
co,,nanv the holders OF all policies OF said COM
na,v yho are citizens or residents OF thiS STATE at
such time shall have lien Tor the amount que
them. respectively, under or in consequence Oh
s,,ch nocies for losses. return premiums or equit-
Lii v,ines and shall be entitled to be paid rate
aby out OF the proceeds OF said bonds III Sucn pro
Goods he not sufficient TO pay all OF SAID pohcy-
hoders) Whenever any such company deposit
inc bonds as aforesaid shall have become inSolVent
or bankrupt, or shall have maze an assisHiIlent
for The benefit OF its creditors any holder OF such
nolicy 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 beneht OF
all the holders OF such policies The state treas
urer shall be party TO the SUIT, and the tunds
shall be distributed by the Court put no costs OF
such action shall be aiiui}ei against the state
Sec, 5. II any company cease to carry on bust.
ness in this State and its lab whether hXed
or contingent upon its policies 10 persons residing
in this State, shall have been SATISFIED or snail
have terminated, upon satisfactory evidence OF
the fact TO the State Treasure" he shall deliver to
such companv the bonds in his possession be-
l)nping to it, or such OF them as remain after pay
ing the liabilities aforesaid, or ii 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 he equal in value to the liabilities OF
said company upon It's policies 10 persons residing
in this State or such company cease TO carry on
business in this State and its fixed liabilities for
losses and for taxes shall have been satisfied and
the contingent liabilities under It's policies shall
have been assumed by another company doing
business in this State, in case such reinsuring |
il nonresident hal deposited with the |
State Treasurer bonds not less II vaue than those
Of the company proposing 10 retire, the State
Treasurer upon being satisfied Of these facts shall
upon receiving 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
lg to withdraw the bonds in his possession be-
)nging 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 it shall |
Ne the duty Of the said Treasurer to require of it
with the provisions Of this Act before
;suing license for such company 10 DO business
l this State.
Any fire insurance company now doing business
n this State shall be allowed until October ist,
9oo 10 comply with the provisions OF this Act
,ad upon their failure to comply with the pro-
visions OF this Act on or before that time, it shall
oe the duty Of the State Treasurer OF the State to
evoke its license to do business in Florida, and it
hall be unlawful for it thereafter to do business in
his State until licensed as provided by law.
Approved June Sth, 1909