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those by or for whom its engagements are held; and the expenses of such investigation shall be defrayed by the applicant, unless the investigation shall show the last quarterly statement of the company, as provided for in section four of said chapter fifty-four-c, to be false and misleading, in which case the expenses of such investigation shall be borne by the company. If at any time it shall be made to appear to such court or board by any person interested that the insurance commissioner of this state has revoked the authority of such company to act as such surety on bonds in this state, or that such company has lawfully withdrawn from the business of becoming surety on bonds in this state, or is in process of liquidating its surety business in this state, or is in the hands of a reciver, then it shall be the duty of such court or board, upon the application of the principal, said surety, or any person in interest, to require any person who has given such bond to execute a new bond within a reasonable time, not exceeding sixty days from the date of service of such order as hereinafter provided, as such court or board may fix by order entered of record, the penalty of which bond shall be fixed by said court or board, and a copy of such order shall be served upon the principal in such bond, if such principal be a resident of this state, but if he be a non-resident, or if the return of an officer of the county in which such principal last resided in this state shows that he is not found, then a copy of such order shall be published once a week for two successive weeks in some newspaper of general circulation in the county in which such bond was given and such order shall also be posted at the front door of the court house of said county. It shall then be the duty of such principal, within the period of time fixed by such order, to give such new bond with surety or sureties as required by law. If such bond be not given within sixty days, or other period fixed in said order, from the date of service, or from the date of the last publication, as the case may be, of such order, then such.court or board shall, in the case of all bonds, except bonds given by some state, county, district or municipal officer, and may in its discretion in the case of bonds given by any state, county, district or municipal officer, enter an order terminating the authority of such principal to perform any duties or erercise any powers in connection with which such bond was given and from and after the entry of said order terminating authority, no new liability shall accrue under said bonds. Any unearned premium shall be refunded by such company upon the entry of said order. The costs of any proceedings under this section shall be paid by any person or persons in interest as such court or board may order, except the costs of inspection herein above provided for. (Code 1916, c. 54C.)

§ 11. Same: oaths as surety.—That whenever any 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 surety. (Code 1916, c. 54C.)

§ 12. Same: conditions of doing business.—That no company incorporated under this act shall exercise any such power or right as is mentioned in the first, second, third, fourth, fifth, sixth, seventh, eighth, tenth, eleventh and twelfth clauses of section nine hereof until there has been filed, with the secretary of state, a duly authenticated certificate showing the capital of such company to be at least two hundred and fifty thousand dollars, fully paid and unimpaired, and unless there be 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 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 the bonds of some railroad corporation organized under the laws of the State of West Virginia and operated in said State, to be approved by the board of public works; the interest accruing on such bonds or securities so deposited to be received by the company making such deposit. But such deposit shall not be less than fifty thousand dollars and need not exceed seventy-five. thousand dollars in any case. And such duly authenticated certificate shall be filed with the secretary of state in the month of January of every year thereafter. The said board of public works shall from time to time as often as deemed necessary, investigate all such deposits and if, in the opinion of the board, any such deposit does not comply with the requirements of this act, the company making the same shall not exercise any such power or right as mentioned in section nine until it shall have de

posited such other or additional security of the nature above required, as in the opinion of the board will make the value of the deposit equal to the deposit required. The face value of the security to be so kept on deposit shall not be less than the deposit required by this act. Every company exercising rights or powers such as are mentioned in the first, second, third, fourth, fifth, sixth, seventh, eighth, tenth, eleventh and twelfth clauses of section one hereof shall, before commencing business, and thereafter within the first ten days of each of the months of January and July of each year, 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 shall be made a part of the public records of each county, and be recorded in a well bound book to be kept for such purpose, and to be called “Surety 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. Any officer or employee of any such company who shall knowingly make any fraudulent, false or misleading statement, under the provisions of this act, shall be guilty of a misdemeanor, and shall, upon conviction thereof, be punished by a fine not less than five hundred dollars and not more than twenty-five hundred dollars. (Code 1916, c. 54C.)

§ 13. Same: restrictions of powers.—That no company which may be hereafter engaged in this State in the business of title insurance, fidelity insurance, or suretyship for the faithful performance of any office, shall accept money on deposit, or act in any fiduciary or other capacity not specificially permitted by the provisions of this act. (Code 1916, c. 54C.)

§ 14. Same: doing business without authority.—That any company exercising or attempting to exercise any of the rights or powers mentioned in the first, second, third, fourth, fifth, sixth, seventh, eighth, tenth, eleventh and twelfth clauses of section nine hereof, without having fully complied with the provisions of section four hereof, by filing the certificate required with the secretary of state or by making the deposit required with the auditor, or by making and filing the statements required to be made and filed with the clerks of the county courts, or any company violating the provisions of section 15 hereof, by accepting money on deposit, or acting in a fiduciary capacity, shall be guilty of a misdemeanor, and, upon conviction thereof, shall be fined not less than five hundred dollars; and in such cases, whether or not there be a prosecution for the misdemeanor, the auditor, upon being satisfi ed of the facts, shall publish by at least two insertions, at the expense of such company, in a paper of general circulation in each of the cities of Wheeling, Parkersburg, Huntington, Charleston, Bluefield, Sistersville and Martinsburg, West Virginia, an advertisement of the fact that such company is not entitled to exercise the powers and rights mentioned in section nine, or is transacting, or attempting to transact, a banking or other business in violation of the provisions of section five, as the case may be. (Code 1916, c. 54C.)

§ 15. Same: supervision by auditor.That all companies which may be hereafter engaged in this state, in any of the classes of insurance mentioned in this act, and all title insurance, guaranty, surety and indemnity companies, and all other companies of similar character, shall be subject to the same examination and supervision, by the auditor, as now provided for insurance companies incorporated under the laws of the state of West Virginia. (Code 1916, c. 54C.)

16. Same: agent for service of process.—That every such company, exercising the powers and rights mentioned in section nine, shall, by a power of attorney duly acknowledged and authenticated, and filed by it in the office of the secretary of state, appoint some person residing in the State to accept service of process and notice, 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 acceptance by the said attorney, or service upon him, anywhere in this State, shall be. equivalent to the service in the county where the suit was brought. And, notwithstanding the provision of section two of chapter one hundred and twenty-four of the code, any suit may be instituted. and process directed against any such company in the county in which the cause of action arises. And the process may be directed to the sheriff of the county where such company has its principal office, or where its attorney in fact resides. (Code 1916, c. 54C.)

§ 17. Same: approval of security by court.-In any case where the approval of any security by any corporation, court, officer, or body, is now required by law, nothing in this act shall be so construed as to dispense with such approval. (Code 1916, c. 54C.)

§ 18. Foreign guaranty and surety companies.—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 relation to domestic corporations incorporated for the same purpose, to exercise all the rights, powers and privileges that are conferred by law upon corporations duly incorporated under the laws of this State, and not otherwise: provided, however, that in lieu of the examination by the commissioner of banking required of companies incorporated under the laws of this State, such companies incorporated 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. (Code 1916, c. 54C.)

§ 19. Same: prior contracts.--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. (Code 1916, c. 54C.)

§ 20. Same: process agent.—Said company shall, by power of attorney duly acknowledged and authenticated, and filed by it in the 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

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