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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 Act 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 outstanding
bond, undertaking, recognizance and obligation of like charac-
ter in force ; must file with the State Tax Commissioner a cer-
tified copy of its certificate of incorporation a written applica-
tion to be authorized to do business under this Act, and also
with such application and in each year thereafter, a statement
verified under oath made up to December 31st preceding,
stating the amount of its paid up cash capital, particularizing
each item of investment, the amount of premiums upon exist-
ing bonds, undertakings, recognizances and obligations of like
character in force upon which it is surety, the amount of lia-
bility 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 such farther facts as may be by the laws of this
State required of such company in transacting business therein;
and if such company be organized under the laws of any
other State than this State, it must have on deposit with a
State officer of one of the States of the United States, not less
than $100,000 in good securities, deposited with and held by
such officer for the benefit of the holders of its obligations ;
must also appoint an attorney in this State upon whom process
of law can be served, which appointment shall continue until
revoked, or another attorney substituted, and must file with
the State Tax Commissioner evidence of such appointment,
which shall state the residence and office of such attorney.
244 C. The State Tax Commissioner upon due proof by any
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Comply with
the law.
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