134 CORPORATIONS. [ART. 23

charter, ordinance, rule or regulation that such bond, undertaking,
obligation, recognizance or guaranty shall be executed by one
surety or by one or more sureties, or that such sureties shall be
residents or householders or freeholders, or either or both, or
possess any other qualification; and all courts, judges, heads of
departments, boards, bodies, municipalities and public officers of
every character, shall accept and treat such bond, undertaking,
obligation, recognizance or guaranty when so executed by such
company as conforming to and fully and completely complying
with every such requirement of every such law, charter, ordi-
nance, rule or regulation.

1898, ch. 802.

244 B. Such company or companies to be so qualified as to
act as such surety or guarantor, must comply with the require-
ments of every law of this State applicable to such company
or companies doing business therein, must be authorized under
the laws of the State where incorporated and under its charter,
to become surety upon such bond, undertaking, obligation,
recognizance or guaranty; must have a fully paid up and safely
invested and unimpaired capital of at least $250, 000; must
have good available assets exceeding liabilities, which liabilities
for the purpose of this and the preceding section shall be taken
to be its outstanding debts and a premium reserve at the rate of
fifty per centum of the current annual premiums on each out-
standing bond, undertaking, recognizance, and obligation of like
character in force; must file with the State Tax Commissioner
a certified copy of its certificate of incorporation a written appli-
cation to be authorized to do business under the preceding sec-
tion, and also with such application and in each year thereafter,
a statement verified under oath made up to December 31st pre-
ceding, stating the amount of its paid-up cash capital, particu-
larizing each item of investment, the amount of premiums upon
existing bonds, undertakings, recognizances and obligations of
like character in force upon which it is surety, the amount of
liability for unearned portion thereof estimated at the rate of
fifty per centum of the current annual premiums on each such
* bond, undertaking, recognizances and obligations in force, stating
also the amount of its outstanding obligations of all kinds, and