336

INSURANCE COMPANIES. [ART. 42.

paid in money, and is held by the board of directors subject to
their actual control, according to the provisions of the charter of
said company, or has been by them invested in securities negotiable
and worth in the market not less than the sum of one hundred

Mutual com-
pany

thousand dollars; or if a mutual company, that it has received and
is in actual possession of the promises or bond fide engagements of
insurance or other securities, as the case may be, to the full extent
and of the value required by law; and the name and residence of
the maker of each premium note forming part of the capital or
assets, and the amount of such note, shall be reported to the insur-
ance commissioner; and the officers or corporators of such company

Certificate of
capital.

shall be required to certify under oath that the capital exhibited to
the insurance commissioner is bond fide property of the company,
which certificate shall be filed in the office of the insurance com-
missioner; and any officer swearing falsely in regard to the provi-
sions of this section, shall be deemed guilty of perjury, and shall
be subject to the penalty or penalties prescribed for such offences
by the laws of this State.

1878, c. 106
Conditions to be
complied with
by foreign com-
panies, etc.

4. It shall not be lawful for any insurance company, association,
partnership, or corporation, organized under the laws of any other
State of the United States, or by the government of the United
States, or any foreign government, directly, or indirectly, to take
risks or transact any business of insurance, whether, life, fire,
marine, or inland, or other insurance risks in this State, unless it be
fully organized and possessed of the amount of actual capital re-
quired of similar companies formed under the laws of this State,
or until the following conditions have been fully complied with:

Copy of charter,
etc, to be filed.

There must be filed with the insurance commissioner, first, a copy
of its charter, declaration of organization or deed of settlement,
duly approved and certified by the secretary of state, 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; second, a power of attorney appointing a

Resident citi-
zen of State to
be appointed
agent, etc

citizen of this State, resident within this State, the agent or attorney
for the company, upon whom process of law can be served; there
must also be filed with the insurance commissioner a certified copy
of the vote or resolution of the directors appointing such attorney,
which appointment shall continue until another attorney be sub-
stituted. And said writing or power of attorney shall stipulate and
agree on the part of the company making the same, that any lawful

Service of pro-
cess on agent.

process against said company which is served on such agent, shall
be of the same legal force and validity as if served on such com-
pany or association within this State; and also, that in case of
the death or absence of the attorney so appointed, service of pro-
cess may be made upon the insurance commissioner of this State;
and such power of attorney cannot be revoked or modified (except
that a new one may be substituted), so long as any policy or liability
remains outstanding against such company in this State. The