Page:United States Statutes at Large Volume 76A.djvu/130

–34– -34§ 873. Additional requirements for insurance companies I n addition to the other requirements of this chapter, an insurance company organized under the laws of a State of the United States or of a foreign country shall file the following documents: (1) a certificate of an authorized official, showing that the company is authorized to transact business in the State or country under whose laws the company is organized; (2) a duly certified copy of the last annual statement of the insurance company to an authorized official in the State or country where the company is organized; (3) a deposit with the executive secretary of the Canal Zone Government of $10,000 in cash or current marketable securities, which shall be held in trust by the executive secretary for the account of the company, to satisfy any judgment that may bo rendered against the company, under insurance policies that it may issue. § 874. Annual statement and license tax for insurance companies An insurance company licensed pursuant to this chapter shall file with the executive secretary of the C\inal Zone Government before March 1 of each year a verified statement showing the business transacted within the Canal Zone by the company during the previous calendar year and a duly certified copy of its annual report to an authorized of&cial of the State or country in which the company is organized. Upon a showing of good cause therefor, the executive secretary may extend the time for filing the statement for a period not exceeding two months after March 1. An insurance company licensed pursuant to this chapter shall pay before March 1 of each year, in lieu of all other taxes except the annual fee provided for by section 876 of this title, a license tax equal to li/^ percent of its net premium receipts in the Canal Zone for the preceding calendar year. § 875. Issuance of license Upon compliance by a corporation with the conditions prescribed by sections 872-874 of this title, and if the Governor is satisfied that the business desired to be transacted is proper, legitimate and permissible under the laws of the Canal Zone, and not in conflict with the policy of administering the Canal Zone as an adjunct of the Panama Canal, he may issue a license to do business in the Canal Zone. § 876. Continuance after first license period The right of a corporation to continue to do business for the calendar year, and the successive calendar years, after the calendar year during which the original license was issued, shall be contingent upon: (1) compliance with the provisions of this chapter applicable to corporations licensed under it; (2) payment of a license fee of $10, payable in advance, on January 1 of each year; and (3) designation of a new process agent before March 1, if the process agent previously designated has ceased during a preceding calendar year to reside within the Canal Zone. § 877. Revocation of license The Governor may revoke a license issued pursuant to this chapter if, upon examination, he is satisfied that the operations of the corporation are conducted in an illegal manner, or in a manner contrary to public policy or to the policy of administering the Canal Zone as an adjunct of the Panama Canal.

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