JOHN LEE CARROLL, ESQUIRE,. GOVERNOR

403

tions of this act, must be complied with: it must be

fully organized; if it be not a company of this State,

a copy of its charter, duly accepted, or its declaration

of organization or deed of settlement, duly approved .

and certified by the insurance commissioner or other

proper officer of its own State or nation, with his

certificate, that the company is entitled to assume

risks and issue policies therein, must be filed with

the insurance commissioner of this State. The cap-

Not be less
than.

ital stock of every insurance commissioner — mutual

insurance companies excepted — incorporated by this

State, or incorporated bv the laws of another State

or country, and doing business in this State, whether

fire, life, accident, marine or inland insurance, shall

not be less than one hundred thousand dollars, an

amount equal to the re-insurance; reserve of all

insurance companies shall be invested in the bonds

Reserve — bow
invested

of treasury notes of the United States, or bonds or

stocks of this or any other State of the United States,

or of any incorporated city or corporation of this or

any other State having legal authority to issue the

same, bearing interest, or it may be invested in real

estate for their office or business purposes only, or

in ground rents, or loaned on mortgages of unin-

cumbered real estate in this or any other State of

the United States, worth at least double the amount

loaned thereon, exclusive of buildings, except where

such buildings are insured, and the policies duly

assigned as additional security, or loaned on pledges

of any security named in this section, or on the

policies of the company in force, each loan being less

than the net value of the policy on which the loan is

made; provided always, that the current market

Proviso.

value of such pledged securities, other than the

bonds and stocks of this State or of the United

States, shall be at all times during the continuance

of such loans, at least ten per cent, more than the

sum loaned on them, and all such loans are subject

to the power of the company to terminate the same

in case of depreciation of the securities below that

limit; and provided, in all investments made upon

Proviso.

mortgaged securities, the evidence of the debt shall

accompany the mortgage or deed of trust.