ART. 23.] TRUST AND SURETY COMPANIES. 679

given, tendered or filed with surety or sureties, and whenever
the performance of any act, duty or obligation, or the refrain-
ing from any act. is required or permitted to be guaranteed,
such bond, undertaking, obligation, recognizance or guaranty
may be executed by a surety company qualified as hereinafter
provided; and such execution by such company of such bond,
undertaking, obligation, recognizance or guaranty, shall be in
all respects a full and complete compliance with every require-
ment of every law, 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 free-
holders, 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, recogni-
zance or guaranty when so executed by such company as con-
forming to and fully and completely complying with every
such requirement of every such law, charter, ordinance, rule or
regulation.

1898, ch. 302, sec. 244 B.

340. 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 commis-
sioner a certified copy of its certificate of incorporation a written
application to be authorized to do business under the preceding
section, and also with such application and in each year there-
after, a statement verified under oath made up to December 31st
preceding, stating the amount of its paid-up cash capital, par-
ticularizing each item of investment, the amount of premiums
upon existing bonds, undertakings, recognizances and obliga-
tions of like character in force upon which it is surety, the