Page:United States Statutes at Large Volume 48 Part 1.djvu/1181

 73d C ONGRESS. SESS. II. CH. 672 . JUNE 19, 1934 . 1155 (b) A copy of its charter, articles of incorporation, or deed or Application for cer- settlem ent, ce rtified by th e offic ial who is re quired to keep or re cord ti Copy of charter. the same in the State under whose laws the company is incorpo- rated, or if organized under the laws of a foreign Government, Provin ce, or State, by the pr oper official of such Government, Province, or State. (c) A copy of its bylaws, or regulations, if any, certified to by the Bylaws, regulations. secretary of t he company. (d) Copies of the policies it is issuing or proposes to issue and of Policies. the applications therefor. (e) The instrument authorizing service of process on the Super- izing (Instrument proem . intendent required by this Act . (f) A statement of its financial condition and business, in form c S tatem ent o or finan . as prescribed by law for annual statements, signed and sworn to by the president and secretary or other principal officers of the company . If an alien company, the statement shall comprise only its condition and business i n the United States, and s hall be signed and sworn to by its United States manager . (g) It shall satisfy the Superintendent that the company is duly Requirements . organized under the laws of the State, Province, or government under whose laws it professes to be organized, and authorized to do the business it is transacting or proposes to transact, and that its name is not identical with, nor so similar to, that of another com- pany organized prior to the organization of the applyi ng company as to lead to confusion . (h) It shall satisfy the Superintendent that it has, if a capital p CaPltal stock com- stock company, paid-up capital stock and surplus at least equal to the capital stock and surplus required of domestic companies inve sted in acco rdan ce w ith the laws of the Dist rict or the Gove rn- ment under which it is organized, and, if a company without capital other companies. stock, that it has assets at least equal to the assets required of domestic companies and an additional contingent liability of its policyholders equal to not less than the cash premium expressed in the policies in force, and, if an alien company, that it has a surplus of assets invested according to the laws of the District or of the State in the United States where it has its deposit, held in the United States in trust for the benefit and security of all of its policyholders in the United States, over all its liabil ities in the United States, of an amount equal to the surplus of assets required of a like domestic Deposit of securities company ; and such alien company shall also deposit securities of the amount and value of $100,000 and of the classes in which insurance companies are permitted by this law to make investments, or satisfy the Superintendent that it has on deposit with the official of a State of the United States, authorized by the law of such State to accept such deposit, securities of the amount and value of $100,000 of the classes in which like insurance companies of such State are permitted to make their investments, for the benefit and security of all policy- holders of such company in the United States, and the company shall file with the Superintendent the certificate of such official of any such deposit with such official of any such State. SEC. 2. TRU ST EES OF ALIEN COMPANIES .-The directors of an alien Trust ees o falie n com - company may appoint citizens or corporations of the United States, pa ny d approved by the Superintendent, as its trustees to hold funds and assets in trust for the benefit of the policyholders and creditors of the company in the United States. A certified copy of the record Filing, certified copy of such appointment and of the deed of trust shall be filed with the o m f e Dtcora of appoint Superintendent, who may examine such trustees and any officers and agents, books, and papers of the company in the same manner as he may examine officers, agents, books, papers, and affairs of insurance