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-to surety in legal proceedings.

become

-to become surety for

bonds or recognizances as may be required by law in such

cases.

Eleventh. To become surety upon any writ of error, supersedeas or appeal, or in any proceedings institued in any court of this State or of the United States held within this State, in which security may be required.

Twelfth. To become surety for the faithful performance of the duties of any clerk, officer or employe of officers, etc., any corporation, firm or individual.

of firms, etc.

-for purpose

parties de

legal proceed

Thirteenth. For the purpose of indemnifying and of indemnify-saving harmless any company executing any bond uning, where der the provisions of this act, or for making any loans fault without or accommodations, to receive and hold on deposit ings therefor. and in trust as security, estates, real and personal, including the notes, bonds and obligations of States, counties or municipal corporations, individuals, firms, or corporations, and the same to purchase, collect and adjust, settle and dispose of, in case of default upon such bond or any note or obligation for which such property has been received as indemnity, or

To become surety for

land taken

lateral security, without proceedings at law or in equity, and for such price and upon such terms as may be obtained, or as may be agreed upon between such company and those persons making such deposit or creating such trust.

Fourteenth. To become surety for the payment of all damages that may be assessed and directed to be damages for paid for lands taken in the building of any railway, or for the purposes of any railway, or for the opening of streets or roads, or for any purpose whatever where land or other property is authorized by law to be taken.

for public

use.

-may take,

Fifteenth. To stipulate, provide for and take, indemetc. Indemnity from persons, firms or corporations for whom such nity, enforce company shall so become surety, and enforce any bond, bond, etc. contract, agreement, pledge, or other security, made or given for that purpose.

Court may

2. That, whenever any court shall appoint any such order investi- company, trustee, receiver, executor, administrator, gation of guardian, curator or committee, or to execute affairs, when trust authorized by this act, or whenever any such

company's

any

and how. company is offered as surety to any court, or the clerk thereof, the said court may, in its discretion, upon the application of any person interested, appoint a suitable person to investigate the affairs and management of the company so appointed or offered, who shall re

-report.

port to such court the manner in which its investments

are made and the security offered to those by or for

whom its engagements are held; and the expenses of expenses, such investigation shall be defrayed by the applicant, who to pay. unless the investigation shall show the last quarterly statement of the company, as provided for in section six of this act, to be false and misleading, in which case the expenses of such investigation shall be borne by the company.

take the oath

iary, when.

3. That whenever any court or clerk thereof shall Officers of appoint any such company trustee or receiver, assignee, company to guardian, executor, administrator, curator or committee, of a fiduc or to execute any trust, or whenever any such company is offered as surety to any court or clerk thereof, the president, vice-president, secretary or treasurer of such company shall, either in person before such court or clerk, or before any officer authorized to administer an oath or affirmation, take the oath or make the affirmation required by law to be made by any such fiduciary or surety.

kept sepa

funds Trust funds,
assets etc., must be
said rate.
trust -invest-

4. Every such company shall keep all trust and investments separate and apart from the of the company, and all investments made by the company as fiduciary shall be so designated that the to which such investments shall belong shall be clearly fiduciary.

shown.

ments as

of company

acting in a

5. That whenever any such company, having complied with the requirements of section six hereof, shall What funds become trustee, assignee, receiver, guardian, executor, liable when administrator, curator or committee, or shall be di- fiduciary rected by the order or decree of any court to execute capacity. any trust whatever, the capital of such company together with any deposits which may now or hereafter be required to be made with any officer or officers of this State, whether such deposits be a part of said capital or not, shall be taken and considered as the security required by law for the faithful performance of its duties. aforesaid, and shall be absolutely liable in case of any default whatever.

6. That before any corporation shall be entitled the benefit of the provisions of section five, or other provisions of this act, in relation to its as fiduciary, it shall furnish and file with the tary of state a duly authenticated certificate

certif

icates re

be

to what any quired to acting filed with secsecre- state before showing business.

retary of

transacting

-how verified.

further re

as fiduciary

a paid up capital of at least one hundred thousand dollars, and before it shall be accepted as surety on any bond or obligation of any kind, outside of the county where its principal office is located, it shall furnish and file with the secretary of state a duly authenticated certificate showing a paid up capital of at least one hundred and fifty thousand dollars, which certificates shall be verified by the oath or affirmation of the president, secretary, or some other officer of such quirements corporation; and such corporation before it shall act before acting in any fiduciary relation, or be accepted as surety, or surety. shall also deposit and keep on deposit with the auditor of the state, to secure the faithful performance of its obligations, at least twenty per centum of its paid up capital (but such deposit need not exceed in any case seventy-five thousand dollars) in cash, or bonds of the United States, or bonds of some county, magisterial district, school district, independent school district, or municipal corporation in the State of West Virginia, or of the bonds of some railroad corporation operated in the State of West Virginia, to be approved by the board of public works; the in-interest on terest accruing on such bonds or securities so deposited to be received by the company making such

bonds, etc.,

deposited. deposit. The said board of public works shall from

-duty of time to time, as often as deemed necessary, investipublic works gate all such deposits, and if in the opinion of the board

board of

as to such deposits.

-additional security, when.

-certified

statement

with clerks

any such deposit is not sufficient security for the deposit required by this act, the company making same shall deposit such other or additional security as in the opinion of the board will make the value of the deposit equal to the deposit required, but the face value of the security to be so kept on deposit shall not be less than the deposit required by this act. And before it shall be accepted as surety on any bond or must be filed obligation outside of the county where its principal of county office is, and thereafter within the first ten days of courts; when each of the months of January, April, July and October of each year, such corporation having complied with the foregoing requirements of this section, shall file with the clerk of the county court of each county in this State, a statement certified by the secretary, treasurer or other officer of such corporation under oath or affirmation, showing the financial condition of the company on the first day of the month in which such statement is filed, which statement shall show all the resources and liabilities of the company and the nature of its investments, and such statement

and what to show.

ment.

of

-fee of clerk

shall be made a part of the public records of each record county, and be recorded in a well bound book to be such statekept for such purposes and to be called "Trust Company Statements," for which filing and recording the clerk of the county court shall be allowed a fee of fifty cents to be paid by the company making such statement; and before such company shall act in any -similar fiduciary relation it shall file for record a similar agreement, statement for each county in the State in which it so as fiduciary, acts. Any officer or employe of any such company and where. who shall knowingly make any fraudulent, false or misleading, statement under the provisions of this act, for false, etc., shall be guilty of a misdemeanor, and shall upon con- statement. viction thereof be punished by a fine not less than five hundred dollars and not more than twenty-five hundred dollars.

when acting

-penalty

panies, by

7. All companies incorporated under this act shall be Examinasubject to an examination by the commissioner of bank- tion of coming, as provided for by the laws of the State of West whom." Virginia.

proval this

8. In any case where the approval of any security by What apany corporation, court, officer or body, is now required act not to by law, nothing in this act shall be so construed as to dispense dispense with such approval.

with.

repealed.

9. All acts or parts of acts inconsistent with this act Acts are hereby repealed.

(Senate Bill No. 163.)

CHAPTER 86.

AN ACT to amend and re-enact chapter twenty-seven of the acts of eighteen hundred and ninety-three as amended and re-enacted by chapter thirty-seven of the acts. eighteen hundred and ninety-nine.

[Passed February 12, 1901. In effect 90 days from passage. Approved February 14, 1901.]

Be it enacted by the Legislature of West Virginia:

amended.

That chapter twenty-seven of the acts of eighteen Acts hundred and ninety-three as amended by chapter thirty-seven of the acts of eighteen hundred and nine

Foreign surety, fidelity, etc.. companies.

ty-nine, be amended and re-enacted so as to read as follows:

1. That any fidelity, guaranty, surety or other company duly incorporated under the laws of any other state or territory, of the United States or District of Columbia, having under its charter the power to become surety be, and the same is hereby, authorized and empowered, upon complying fully with all the laws of West Virginia made in lation to domestic corporations incorporated for the same purpose, to exercise all the rights, powers etc., of such and privileges that are conferred by law upon corporations duly incorporated under the laws of this to the exam- State, and not otherwise: provided, however, that in ination of lieu of the examination by the commissioner

-powers,

companies.

-proviso as

such com

panies.

What contracts and agreements are void.

Service of

pointment

person to

accept.

of

banking required of companies incorporated under the laws of this State, such companies incorcorporated under the laws of any other state, or of the United States, shall be subject to examination, supervision and regulation, by the auditor of the state under all the provisions of law applicable to fire insurance companies of other states doing business in this State.

2. All contracts and agreements made by any foreign corporation in this State, before such corporation shall have fully complied with the requirements of this act, and all acts made in relation to such corporations, shall be absolutely void and incapable of being enforced by either party.

3. Said company shall, by power of attorney duly process; ap- acknowledged and authenticated, and filed by it in the and how, of office of the auditor, appoint some person residing in the State to accept service of process and notice, in this State, for the said company; and by the same instrument shall declare its consent that service of any process or notice in this State on said attorney, or his acceptance of service endorsed thereon, shall have the same effect as if served on him in the county where the surety is given or where the suit is instituted, and shall, in all respects, have the same effect as service thereof upon the company. And thereafter such ac

instrument appointing, what to declare.

-effect of

service on,

or acceptance ceptance by the said attorney, or service upon him, anywhere in the State, shall be equivalent to service

by such at

torney.

in the county where the suit was brought, and for all purposes, to service upon its principal.

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