Gainesville daily sun. (Gainesville, Fla.) 190?-1938, 1909-07-29

It's liabilities on said policies, according 10 the
terms OF the policy, after the said liabilities shall
have been adjusted between the parties IN the
mode presented by the policies, II mode be pre-
scr1bed thereby or after the same shall have been
ascertained IN any mode agreed upon by the par
ties or by the lndement or order or decree Of
shall, upon the application OF the party 20 whom
the debt nr money is due and upon satisfactory
proof that the notice therein required 70 be gwen
said company has been given, proceed TO sell AZ
public auction such An amount OF the said bonds
As viii pay the sum due and expenses OF sale, and
out Of the proceeds Of the sale pay said sums and
expenses, Provided. That the party making said
application shall give 10 the company. or TO the
agent OF the company m this State, twenty days
notice OF has intention TO apply for sale OF sad
bonds to the State Treasurer; and PROVIDED iur-
Their That such company shall be required forth
with 20 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 pnoT to the date of sale
in paper published IN the city Of Tallahassee,
and shall state IN said advertisement the bonds 10
be sold and the company depOsting them. copy
Of which shall be mailed by registered letter TO
said company.
Sec. 4. Upon the bonds deposited as aforesaid
company. the holders OF all policies OF said com
pany. who citizens or residents OF this state at
such time shall have a hen for the amount due
them, respectively. under or IN consequence OF
such policies for losses return premiums or equit-
able values and shall be entitled 20 be paid rate
ably out Of the proceeds OF sad bonds ~ such pro
eecds be not sufficient TO pay all OF said policy
holdersl Whenever any such company deposit
ing bonds as aforesaid shall have become nsolvent
or bankrupt, or shall have made an assignment
for the benefit Of its creditors any holder OF such
policy shall have the night TO begin an action m
the Circuit Court of the County OF Leon. State OF
Florida 20 enforce the said lien for the benefit of
all the holders Of such policies. The State Treas
urer shall be a party TO the sui:, and the funds
shall be distributed by the Court but no costs OF
such action shall be adjudged against the State
Treasurer.
Sec. 8. n any company cease 20 carry on bust
ness in this State and It's 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 20
such company the bonds in his possession be-
longing TO a. 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 10 persons
residing in this State below the value OF the bonds
in possession Of the State Treasurer. he may de-
liver to such company. a 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 or II 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 reinsurinR
company II non resident 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 20 u.
Sec. D. Whenever any fire insurance company
shall 6le an application with the State Treasurer
20 be admitted TO do business in this State il shall
be the duty of the said Treasurer to require of Il
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 he allowed until October Ist
1909. 90 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 Treasures OF the State 20
revoke its license TO do business in Florida and IL
shall be unlawful for IL thereafter 10 do business in
tins State until licensed as provided by law.
Approved June Sth, 1909