Page:United States Statutes at Large Volume 47 Part 1.djvu/1026

 1002 72d CONGRESS. SESS. II. CH. 127. FEBRUARY 27, 1933 . where it was incorporated has such power, and which sha ll have c ompl ied with all the requirements of the law of the Canal Zon e regulati ng the admission of thes e corporations to transa ct such bu sine ss in the Canal Zone, may become and shall be acce pted as security or as sole and sufficient surety upon such undertaking or bond, and such corporate surety shall be subject to all the liabilities and entitled to all the rights of natural persons' sureties. t R equisites of under SEC. 533. ZJNDEzTAEINos MENTIONED IN THIS CODE, REQUISITES OF.- In any case where an undertaking or bond is authorized or required by any law of the Canal Zone, the officer taking the same must, except in the case of such a corporation as is mentioned in the next preced- ing section, require the sureties to accompany it with an affidavit tha t the y are each resid ents of the Cana l Zon e, and are each worth the sum specified in the undertaking or bond, over and above all their just debts and liabilities, exclusive of property exempt from execution ; but when the amount specified in the undertaking or bond exc eeds $3,000, and ther e are more than two s uretie s the reon, they may state in their affidavits that they are severally worth amounts less than the amount specified in the undertaking or bond, if the whol e amount is equiv alent to that of two suf ficient sureties. Any corporation such as is mentioned in the next preceding sec- tion may become sole surety on such bond. New undertaking. NEW UNDERTAKING.-Whenever an undertaking has been given and approved in any action or proceeding, and it is thereafter made to appear to the satisfaction of the court that any surety upon such unde rtaki ng has for any r eason becom e ins uffic ient, the c ourt may, upon notice, order the giving of a new undertaking, with sufficient sureties, in lieu of such insufficient undertaking. In case such new undertakiilg so required shall not be given within the time required by suc h order, or in c ase the sureties thereon fail to justify thereon when required, all rights obtained by the filing of such original unde rtaki ng sha ll im media tely cease. Justification by co r- SEC. 534. JUSTIFICATION BY CORPORATE SECURITY ON BONDS.-When- por ate s urety. ever the s urety on a bond or un dertak ing a uthor ized o r req uired by any law of the Canal- Zone is a foreign corporation, authorized to become surety on bonds or undertakings in the Canal Zone, and exception is taken to the sufficiency of such surety as required by law, such corpor ate s urety may justif y on such bond o r und ertak ing as follows Procedure. PROCEDURE .-Any agent, attorney in fact, ,or officer of such corpo ration shall submit to the court, judge, officer, board, or other person before whom the justification is to be made : otPrtorne~on of power First. The original, or a certified copy of, the power of attorney, by-laws or other inst rument showing the autho rity of the person or persons who executed the bo nd or undertaking to exe cu te the same ; it C ertifi cate o f aut hor- Second. A certified copy of the certificate of authority, showing that the corporation is authorized to transact business ; anion tin ation of such Third. A certificate from the executive secretary showing that the said certificate of authority has not been surrendered, revoked, can- celed, annulled, or suspended, or in the event that it has been, that renewed authori ty to act ' under such cer tificate has bee n grante d Financial statement. Fourth. A financial statement showing the assets and liabilities of such corporation at the end of the quarter calendar year prior to forty-five days next preceding the date of the execution of the bond or undertaking ; such financial statement must be verified under oath by the president, or a vice president and attested by the secretary or an a ssistant secretar y of suc h corpor ation.