Page:United States Statutes at Large Volume 47 Part 1.djvu/1172

 1148 Insurance companies to file additional docu- ments and deposits. Insurance companies to file statement and to pay licen~a rss. Issuance of license. Annual license fee. Punishment for trans- acting business with- out license. Contracts void. Loss of benefits. 72d CONGRESS. SESS. II. CIL.128. FEBRUARY 27, 1933 . (e) Corporations licensed under the provisions of this chapter shall also be required to file with the Executive Secretary any amendment of or change in any of the provisions of its original articles of incorporation ; (f) With the application for Iicense there shall also be submitted the sum of $10 w hich amount shall cover the filing fee and the annual license ee for the remainder of the calendar year during which the license is issued. SEC. 171. INSURANCE COMPANIES TO FILE ADDITIONAL DOCUMENTS AND DEPOSITS .-In add ition to the req uirement s hereinb efore pr escribed , insurance companies organized under the laws of any State or Terri- tory of the Un ited States or o f any foreign co untry shall be r equired to file the fo llowing document s (a) A certificate of the Co mm iss io ner o f In surance or other duly authorized official, showing that the company is authorized to trans- act business in the State or country under whose laws the company is organized ; (b) A duly certified copy of the last annual statement of the insur- ance company to the Commissioner of Insurance or other duly author- ized official in the State or co untry where the company is organi zed (c) A deposit with the executive secretary or his successor in office of $10,000 in cash or current marketable securities, which shall be held in trust by the executiv e secret ary for t he accou nt of th e company, to sati sfy, any judgmen t that m ay be ren dered ag ainst th e company under any insurance policies that it may issue. SEC. 172. INSURANCE COMPANIES TO FILE STATEMENT AND PAY LICENSE TAX .-Insurance, ompanies licensed under this chapter shalll pale with the executive secretary between January 1 and March 1 of each year a verified state ment showing the business transa cted within the C anal Zone by the company during the previous calendar year and a du ly certified copy of its annual report to the insurance commissioner of the State, Territory, or country in which the company is organized. Such insurance companies shall pay before March 1 of each year, in lieu of all other taxes save the annual fee provided for in section 174, a license tax equal to 11/2 per centum of its net premium receipts in the Canal Zone for the calendar year preceding. SEC. 173 . ISSUANCE of LICENSE .-U pon complianc e with t he fore- oing conditions, the Governor of the Panama Canal, if he is satis- fied that the business desired to be transacted is proper, legitimate, permissi ble unde r the la ws of th e Canal Zone, and not in conflict with the policy of administering the Canal Zone as an adjunct of the Panama Canal, may issue a license to do business in the Canal Zone. SEC. 174. ANNUAL LICENSE FEE .-The right to continue to do busi- ness after the perio d for which the license is issued shall be con- tingent upon the payment of a li cense fee of $10, payable in adva nce, on January 1 of each year. SEC. 175 . TRANSACTING BUSINESS WITHOUT LICENSE, HOW PUNISHED ; CONTR ACTS VOID .-Any corporation which does business in the Canal Zone without having complied with the provisions of this chapter shall be subject to a fine of not more than $500, and any agent or person acting for sucl2 corporation, unless it shall have complied with the provisions of this chapter, shall, upon conviction, be pun- ished as for a misdemeanor. In addition to this penalty, every con- tract made by or on behalf of any such foreign corporation affecting the liability thereof or relating to property within the Canal Zone shall be held void on its behalf and on behalf of its assigns, but shall be enforceable against it or them. SEC. 178. SAME ; LOSS OF BEN EFIT OF LIM IT ATI ON LA ws .-Corpora- tions doing business in the Camel Zone which fail to comply with