Page:United States Statutes at Large Volume 96 Part 1.djvu/1090

 96 STAT. 1048

PUBLIC LAW 97-258—SEPT. 13, 1982

(b) The Secretary may authorize in writing a surety corporation to provide surety bonds under section 9304 of this title if the Secretary decides that— (1) the articles of incorporation of the corporation authorize the corporation to do business described in section 9304(a)(2) of this title; (2) the corporation has paid-up capital of at least $250,000 in cash or its equivalent; and (3) the corporation is able to carry out its contracts. (c) A surety corporation authorized under subsection (b) of this section to provide surety bonds shall file with the Secretary each January, April, July, and October a statement of the assets and liabilities of the corporation signed and sworn to by the president and secretary of the corporation. (d) The Secretary— (1) shall revoke the authority of a surety corporation to do new business if the Secretary decides the corporation is insolvent or is in violation of this section or section 9304 or 9306 of this title; (2) may investigate the solvency of a surety corporation at any time; and (3) may require additional security from the person required to provide a surety bond if the Secretary decides that a surety corporation no longer is sufficient security. (e) A surety corporation providing a surety bond under section 9304 of this title may not provide any additional bond under that section if— (1) the corporation does not pay a final judgment or order against it on the bond; and (2) no appeal or stay of the judgment or order is pending 30 days after the judgment or order is entered. § 9306. Surety corporations acting outside area of incorporation and place of principal office (a) A surety corporation may provide a surety bond under section 9304 of this title in a judicial district outside the State, the District of Columbia, or a territory or possession of the United States under whose laws it was incorporated and in which its principal office is located only if the corporation designates a person by written power of attorney to be the resident agent of the corporation for that district. The designated person— (1) may appear for the surety corporation; (2) may receive service of process for the corporation; (3) must reside in the jurisdiction of the district court for the district in which a surety bond is to be provided; and (4) must be a domiciliary of the State, the District of Columbia, territory, or possession in which the court sits. (b) The surety corporation shall file a certified copy of the power of attorney with the clerk of the district court for the district in which a surety bond is to be given at each place the court sits. A copy of the power of attorney may be used as evidence in a civil action under section 9307 of this title. (c)(1) If a resident agent is removed, resigns, dies, or becomes disabled, the surety corporation shall appoint another agent as described in this section. (2) Until an appointment is made under paragraph (1) of this subsection or during an absence of an agent from the district in

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