Page:United States Statutes at Large Volume 53 Part 1.djvu/595

 CODIFICATION OF INTERNAL REVENUE LAWS LIMITATION OF ACTIONS AGAINST SUBETIES SEC. 2. If, upon the statement of the account of any official of the United States, or of any officer disbursing or chargeable with public money, by the General Accounting Office, it shall thereby appear that he is indebted to the United States, and suit therefor shall not be instituted within five years after such statement of said account, the sureties on his bond shall not be liable for such indebtedness. (Aug. 8, 1888, c. 787, § 2, 25 Stat. 387; June 10, 1921, c. 18, §301, 42 Stat. 23.) (U. S. C., Title 6, § 5.) ACT OF AUGUST 13, 1894 (Aug. 13, 1894, c. 282, 28 Stat. 279, etc.) SURBET COMPANIES AS SURETIES SECTION 1. Whenever any recognizance, stipulation, bond, or undertaking con- ditioned for the faithful performance of any duty, or for doing or refraining from doing anything in such recognizance, stipulation, bond, or undertaking specified, is by the laws of the United States required or permitted to be given with one surety or with two or more sureties, the execution of the same or the guaranteeing of the performance of the condition thereof shall be sufficient when executed or guaranteed solely by a corporation incorporated under the laws of the United States, or of any State having power to guarantee the fidelity of persons holding positions of public or private trust, and to execute and guarantee bonds and undertakings in judicial proceedings: Provided, That such recognizance, stipulation, bond, or undertaking be approved by the head of department, court, judge, officer, board, or body executive, legislative, or judicial required to approve or accept the same. But no officer or person having the approval of any bond shall exact that it shall be furnished by a guarantee company or by any particular guarantee company. (U. S. C ., Title 6, § 6.) APPOINTMENT OF AGENTS BY SURETY COMPANIES; SERVICE OF PROCESS SEC. 2. No such company shall do business under the provisions of this Act beyond the limits of the State or Territory under whose laws it was incorpo- rated and in which its principal office is located, nor beyond the limits of the District of Columbia, when such company was incorporated under its laws or the laws of the United States and its principal office is located in said District, until it shall by a written power of attorney appoint some person residing within the jurisdiction of the court for the judicial district wherein such suretyship is to be undertaken, who shall be a citizen of the State, Territory, or District of Columbia, wherein such court is held, as its agent, upon whom may be served all lawful process against such company, and who shall be authorized to enter an appearance in its behalf. A copy of such power of attorney, duly certified and authenticated, shall be filed with the clerk of the district court of the United States for such district at each place where a term of such court is or may be held, which copy, or a certified copy thereof, shall be legal evidence in all controversies arising under this Act. If any such agent shall be removed, resign, or die, become insane, or otherwise incapable of acting, it shall be the duty of such company to appoint another agent in his place as hereinbefore pre- scribed, and until such appointment shall have been made, or during the ab- sence of any agent of such company from such district, service of process may be upon the clerk of the court wherein such suit is brought, with like effect as upon an agent appointed by the company. The officer executing such process upon such clerk shall immediately transmit a copy thereof by mail to the company, and state such fact in his return. A judgment, decree, or order of a court entered or made after service of process as aforesaid shall be as valid and binding on such company as if served with process in said district. (U. S . C., Title 6, § 7.) DEPOSIT OF COPY OF CHARTER SEO. 3 . Every company, before transacting any business under this Act, shall deposit with the Secretary of the Treasury of the United States a copy of its charter or articles of incorporation, and a statement signed and sworn to by its president and secretary, showing its assets and liabilities. If the said Secretary of the Treasury shall be satisfied that such company has authority under its charter to do the business provided for in this Act, and that it has a paid-up capital of not less than two hundred and fifty thousand dollars, in cash or its equivalent, and is able to keep and perform its contracts, he shall grant author- ity in writing to such company to do business under this Act. (Amended Mar. 23, 1910, c. 109, 36 Stat. 241.) (U. S . C, Title 6, § 8.)

�