The Birmingham age-herald., 1909-09-16

other safe. marketable and interest-bear- ing stocks or bonds or other securities, the value of which shall be at or above par; and such corporation shall also, be- fore it is authorized to become surety, deposit with the treasurer of this State twenty-five thousand dollars of securities created by or under the laws of the ! United States or by or under the laws of this State or in other safe, marketable and interest-bearing stocks, bonds, or other securities, the value of which shall be at or above par in trust for the bene- fit of the resident holders of the obliga- tions of such corporation, at their market value: and the liabilities of such corpora tion shall not exceed it's available assets; but such liabilities shall not be construed
 within the meaning of this section, to in clude it's capital stock, nor it's contingent liabilities upon bonds or undertakings ex- ecuted by or under the provisions of this article, but shall include it's outstanding debts and a premium reserve equal to fifty per cent of the annual premiums on all outstanding risks then in force; and such corporation shall also file with the Insurance Commissioner written applica- ton to do business under this article, signed by the president or other manag- ing officer, under its corporate seal, and attested by its secretary, or other officer acting as secretary, to be authorized to do business under this article, and also a statement, signed and sworn to by its president or other managing officer, and by its secretary, or other officer acting as secretary. stating the amount of its paid-up capital stock. and how 1t is in- vested, stating each item of such invest ment, the amount of premiums on exist ing bonds upon which it is surety the amount of liability for unearned portions thereof, estimated at fifty per cent of the annual premiums all outstanding risks for one year or less, and pro rata for items of more than one year; stating also the amount of it's outstanding debts and liabilities of all kinds; and thereupon the Insurance Commissioner, If satisfied that such corporation is solvent, and has the cash capital herein provided for, and that 1t has in all respects compiled with and is qualified under this article, shall issue to such corporation a certificate that it is authorized to become and be accepted as sole surety on all bonds or undertakings required permitted by the laws of this State, or by the charters, ordinances rules and regulations of any county, municipal corporation, board, body, organization public officer; such company shall also annually, not later than the first day of March of each year, furnish to and file with the insurance commissioner sworn statement showing the condition of such company as of De- cember 31 of the year preceding. Such company shall also at such times as he may demand the same, furnish to the in- surance commissioner such other informa- ton touching its condition and credit as he may require, signed and sworn to in this section provided; and 1t shall also | pay to the insurance commissioner the annual license fees and charges provided in sections 4557 and 4577 of the Code. 1907.
 Sec. ?. That Section 1909 of the Code of | Alabama, 1907, be and the same is hereby i amended so as to read as follows: 1909. | Prerequisite to granting authority to for 1 eign corporation; application showing financial condition; deposit charter; 1 agent and place of business; certificate of authority; semi-annually reports; an- nual license tax.-If such corporation be incorporated under the laws of any other State, in order to be qualified to so be- come such surety, 1t must have an au- thorized capital stock of at least two hun dred and fifty thousand dollars, which must be fully paid up and unimpaired, | and safely invested in the securities cre- ated by the laws of the United States. or by or under the laws of the State where 1t Is incorporated, or in other safe, marketable and interest-bearing stocks, bonds or other securities, the value of which shall be at or above par, one hum dred thousand dollars of which shall be deposited with or held by the insurance commissioner or other corresponding financial officer of the State in which such corporation is incorporated and has It's principal place of business in trust for the benefit of the holders of the obliga- tions of such corporation and, in addition thereto, such corporation shall also de- post with the treasurer of this State fifty thousand dollars of like securities in trust for the benefit of the resident holders of the obligations of such corporation, at their market value; and the liabilities of such corporation must not exceed It's available assets, but such liabilities must not be construed within the meaning of this section. to include It's capital stock. nor its contingent liabilities upon bonds or undertakings executed by it under the provisions of this article but shall include Its outstanding debts and a premium re- serve equal to fifty per cent of the annual premiums of all outstanding risks in force; and such corporation shall also be- lore transacting any business in this State, file with the insurance commits sioner certified copy of its charter or act of incorporation, and the written ap- plication and statements required herein- before in the preceding section of this article of domestic corporations. Such corporation shall also, in addition to the foregoing requirements. file in the office of the insurance commissioner of this State an instrument in writing under the seal of said company and signed officially by its president or one of its vice presi- dents, and by it's secretary or one of It's assistant secretaries. designating a known place of business in this State, and the insurance commissioner, the agent upon whom service of any process or notice required or authorized by law may be made for on behalf of such corpora tion. Whereupon, and upon the payment of the license hereinafter required, the insurance commissioner, if satisfied that such corporation is solvent, and has the cash capital herein provided for, and sur plus assets, in excess of its capital stock, its outstanding debts and premiums re- serve specified, and that 1t has in all re- spects complied with and is qualified un-