The Montgomery advertiser., 1909-09-16

engage in such business during the
 year in which or for which 1t is is-
 sued; and such corporations must <oh-
 tain such certificate annually and not
 later than March first each year.
 Sec. 1. That section 1613 of the
 Code of Alabama. 1907. be, and the
 same is. amended so as to read as fol-
 lows: 1513. Insurance commissioner
 must revoke certificate when corpora tion deemed unsafe; effect notice; ad- Editional bonds; duty of approving offi-
 cers--The insurance commissioned
 shall at any time, on becoming satis-
 fed that any corpoatioii. Is insoivent,
 Or cannot be safely accepted as surety
 upon the Instruments hereinhefore
 provided for, or upon such coSporatior
 failing on demand to furnish the in-
 surance commissioner full and satis-
 factory information touching Its busi-
 ness, securities, or investments, or up
 on such corporation violating any or
 the provisions of this article. revoke
 the authority of such corporation to
 transact any new business in this
 State; and thereupon the right of such
 corporation to transact any new busi-
 ness shall cease, and 1t shall not
 thereafter be allowed to transact such
 business until 1t has again received
 from the insurance commissioner an-
 other certificate of the character here
 inbefore prescibed. UpAa revoking
 such authority, the insurance commits
 sioner shall serve. notice thereof. In
 some newspaper of general circulation
 published at the seat of government.
 and by circular letter to each officer
 In this State authorized to approve of
 ficial bonds. stating the grounds Of
 such revocation If sslch authority IS
 revoked upon the ground that such
 corporation is insolvent, or cannot De
 safely accepted as surety upon such
 bonds or undertakings it shall be the duty of any such officer. upon receiv-
 ing such circular letter. or upon his having brought to his attention such publication to require the principal In any such bond upon which such cor poration has become surety to give an additional bond as provided by law.
 Sec 5. That section 1517 of the Code
 of Alabama, 1907, be, and the same Is, hereby amended so as to read as fol-
 lows: 1517.-Judgment on bond certi- fled to insurance commissioners; sale
 of securities.-If any such foreign or domestic corporation shall fail or re- fuse to pay any final judgment or de- cree rendered against 1t upon any such bond or undertaking from which no appeal and supersedeas has been taken for thirty days after the rendi- ton of such judgment or decree. it shall be the duty of the clerk or regis ter of the court in which such judg- ment or decree was rendered to certify a copy thereof to the insurance cora- missioner together with the fact that 1t remains unpaid, and the insurance must require the State treasurer to sell as many of the bonds or other securities deposited by such with the State treasurer as may be necessary to pay such judg- nent or decree and the interest and costs thereon. and to pay to the clerk or register of such court, from the pro- ceeds of such sale, the amount of such judgment or decree, with interest and costs; and it shall be the duty of the State treasurer to sail such bonds or other securities at private or public sale, with or without notice, or so many as may be necessary. for the best price he can obtain in the mar ket, to assign the same to the pur- chaser and to apply the proceeds, or so much thereof as may be necessary, to the payment of such judgment OF decree, with interest and costs. the sur plus, if any. remaining on deposit ip lieu of the bonds or other securities 30 sold. of such sale the insurance must forthwith notify such corporation and require it to sup- ply the deficiency within thirty days; and if such corporation shall fail to do so, the insurance commissioner must cancel its authority to act under this article. and give notice thereof to the persons and in the manner pre- scribed by the fourth preceding see tipn.. ..,.a,. .s .,la...........s, .s Code of. Alabama. 19O7., be and the tame Is, hereby amended so as to read IS follows: l520 When value of de- posit impaired by sale Or deprecia. lions the same must be made good; 'aith and credit of State pledged to return securities, etc.--If at any time he bonds or other securities deposited ,y foreign or domestic corporations with the State treasurer under the provisions of this article should be in amount by sale. as hers- nbefore provided, or should depfe. .iate in value, the insurance commis. ,ioner shall require such corporation 10 deposit other bonds or other securi. ties of like kind. as hereinbefore pro- 1ided, with the State treasurer, so that the amount and value of such ponds or other securities in the hands of the State treasurer shall, at an times be fifty thousand dollars. For III bonds and securities deposited by LII such corporations under the pro- visions of this article, the faith and credit of the State are hereby pledged, that the said bonds and securities shall be returned to the parties entit- ed to receive them, or disposed Of as in this article.
 Sec. [. That section 1523 of the Code of Alabama, 1907. be. and the same Is hereby amended so as to read IS follows: 1522. Insurance commits 'ioner may order examination into the financial conditions of corporations; iuty of corporations; penalty for with holding information.-The insurance shall at any time when le considers the public interest so demands. examine by himself and, or oy some one competent to do so, into he financial condition of any corpora ion, foreign or domestic, doing busi- less under the provisions of this arr .icle, such corporation shall submit % the examiner all such books, papers, md securitiees as he may require; and Iuch examiner shall also have the power to examine the officers of such under oath touching its business and financial condition. and he authority of any such corporation 70 transact business under this article, hat refuses to allow such examina. ion, shall be revoked by the insurance and such corporation shall not thereafter be allowed to
 transact further business in this State until 1t has fully complied with the provisions of this section.
 Sec. S. That section 1523 of fthe Code of Alabama, 1907, be, and the