year or longer to run; and in marine and inland in-
surance he shall charge all the premiums received
on unexpired risks as a re-insurance reserve; provided
that the foregoing requirements, of re-insurance re-
serve, when applied to companies organized under
the laws of foreign governments, shall he calculated
only upon the business of such company in the
United States; and the basis of the reserve fund so
required shall be the assets of such company held
and invested in the United States.
Sixth. Having charged against a company the re-
insurance reserve as above determined for fire, inland
and marine insurance, and adding thereto all debts
and claims against the company, he shall, in case he
finds the capita! stock of the company impaired to
the extent of forty per cent., give notice to the com-
pany to make good its whole capital stock -within
sixty days; and if this is not done he shall require
the company to cease to do new business within this
State, and shall thereupon, in case the company is
organised under the authority of this State, imme-
diately institute legal proceedings, as required in this
Act, to determine what further shall be done in the
case; and any company receiving the aforesaid notice
of the Insurance Commissioner to make good its
whole capital stock within sixty days, shall forthwith
call upon its stockholders for such amounts as will
make its capital equal to the amount fixed by the
charter of said company, and in case any stockholder
of such company shall neglect or refuse to pay the
amount so called for, after notice personally given,
or by advertisement in such time and manner as the
said Insurance Commissioner shall approve, it shall
be lawful for the said company to require the return
of the original certificate of stock held by such stock-
holder, and in lien thereof to issue new certificates
for such number of shares as the said stockholder
may be entitled to, in the proportion that the ascer-
tained value of the funds of the said company may
be found to bear to the original capital of the said
company; the value of such shares, for which new
certificates shall be issued, to be ascertained under
the direction of the said commissioner, the company
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Marine and
inland.
Proviso.
Capital stock
Impaired.
Cease to do
new business
Make good
capital stock.
Value of
shares.
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