606 CORPORATIONS. [ART. 23

1888, art. 23, sec. 123. 1860, art, 56 sec. 29. 1858, ch. 432, sec 5.
1872, ch. 388. 1874, ch. 400. 1876, ch. 248. 1878, ch. 106.

163. No declaration of organization or charter of an insur-
ance company formed under this article, and no alteration or
amendment thereof, shall be operative until it has been sub-
mitted to the attorney-general for examination, and found by
him to be in accordance with the provisions of this article, and
not inconsistent with the constitution and laws of this State,
and so certified by him and delivered to the insurance commis-
sioner; and before any such company shall begin to do any
business, the insurance commissioner shall examine the officers
of said company under oath, to ascertain whether the capital
required of the company named in the charter, according to the
nature of the business proposed to be transacted by such com-
pany, to an amount of not less than one hundred thousand
dollars, has been paid in money, and is held by the board of
directors subject to their actual control, according to the pro-
visions 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 thousand dollars; or if a
mutual company, that it has received and is in actual posses-
sion of the promises or bona 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
insurance commissioner; and the officers or corporators of
such company shall be required to certify under oath that the
capital exhibited to the insurance commissioner is bona fide
property of the company, which certificate shall be filed in the
office of the insurance commissioner; and any officer swearing
falsely in regard to the provisions of this section shall be
deemed guilty of perjury, and shall be subject to the penalty
or penalties prescribed for such offenses by the laws of this
State.

1894, ch. 260, sec. 123 A

164. Associations of individuals, citizens of the United
States, whether organized within the State, or elsewhere
within the United States, formed upon the plan known as
Lloyds, whereby each associate underwriter becomes liable for
a proportionate part of the whole amount insured by a policy,
may be authorized to transact insurance other than life in this
State, upon the following conditions : That any such associa-
tion organized in this State may be permitted to transact the