Page:United States Statutes at Large Volume 48 Part 1.djvu/1180

 1 .154 73d CONGRESS. SESS. II. CH. 672 . JUNE 19, 1934 . (5) Suc h as shall have been conv eyed to it in s atisf actio n of debts , prev iousl y con tract ed, in the cour se of its deali ngs. (6) Such as it shall have purchased at sales on judgments, decre es, or mor tgage s obt ained or m ade for su ch debts. Sale of surplus prop- All such real estate specified in paragraphs (3), (4), (5), and (6) erty. of th is section, whi ch shall not be necessary for its accommodation in the convenient transaction of its business, shall be so ld by the com pa ny and disposed of within fi ve years after it shall have acquired the title to the same, or within fiv e yea rs after the sa me shall have ceased to be necessary for the accommodation of its busi- ness unless the company procure the certificate of the Superintendent th at its interests will suffer materially by a forced sale thereof, in which event the time for the sale may be extended to such time as the Superintendent shall direct in suc h certificate. Reinsurance by do- SEC. 37. REINSURANCE BY DOMESTIC COMPANIES IN AUTHORIZED mestic companies in autho rized comp anies. COMPANIES .-Any domestic company may reinsure any part of an individual risk in another company having power to make such reins uranc e, and wit h the cons ent of the Supe rinte ndent may reins ure Credit for reserve for any part or all of its risks in another such company . But no credit unearned premiums. shall be taken for the reserve for unearned premiums on such rein- surance unless the company accepting the reinsurance is authorized to do bu sines s in the D istri ct by the Super inten dent, or in one or m ore States in the United States, and the Superintendent shall have approved the reinsurance. vuc he rs .rsements . SEC. 38. VOUCHERS FOR DISBURSEMENTS. -N O domestic company shall make any disbursement of $100 or more unless the same be evidenced by a voucher signed by or on behalf of the person, firm, or corporation receiving the money and describing the consideration for the payment ; and if the expenditure be in connection with any matter pending before any le islative or public body or before any dep ar tme nt or officer of any State or government, the voucher shall describe the nature of the matter and the interest of the company the re in, or, if su ch vo uc her cannot be obtained, the expenditure sha ll be evidenced by affidavit describing its character and object and stating the reasons for not obtaining such voucher. Books, records, as- SEC. 39. BOOKS, RECORDS, ACCOUNTS, AND VOUCHERS OF DO MESTI C counts, and vouchers of domestic companies . CO MP A NI ES .-Every domestic company shall keep its books, records, Requirement. accounts, and vouchers in such manner that its financial condition can be ascertained and so that its financial statements filed with the Superintendent can be readily verified. Capital stock acqui- SEC. 40. CAPITAL-STOCK ACQUISITION BY COMPANY OF ITS OWN own s hares. SHARES.--It shall be unlawful for any company to acquire shares of its own ca pi tal stock except upon approval of the Superintendent whe re the tot al outstanding st ock is being di min is hed in accordance wit h thi s Act. Foreign and alien companies. Application for au- thority to do business in the District. Documents to be filed. CHAPTER IV-RELATING TO ADMISSION OF FOREIGN AND ALIEN COMPANIES See.l. Application of foreign or alien company for authority to do business in the District. Sec.2. Trustees of alien companies. S ECTIO N 1. APPLICATION OF FOREIGN OR ALIEN COMPANY FOR AUTHOR- ITY TO DO BUSINESS IN THE DISTRICT .-A f oreig n or alien insu rance company desiring to transact business in the District shall file with the S uperi ntend ent (a) Its application for certificate of authority, stating the kind or ki nds of insurance it pro po ses to transact.