Page:United States Statutes at Large Volume 48 Part 1.djvu/1170

1144 Cap it al stock, amount, shares, par value . Number of dir ectors . Other particulars . Publication of arti- cles. copy filed with Su- perintendent . Filing of bond . Sureties. Examination and ap- proval of artic les . P owers of corpo ratio n thereafter. Issue of permi t ; "company in course of organization." Authority of c om- pany . Issue of policies de- n ied . Certificate of author- ity as insuranee eom- pany to issuc upon com- pletion of organization . 73d CONGRESS . SESS . II. CH. 672. JUNE 19, 1934 . (g) The amount of its capital stock, if any, the number of shares, and the par value of each share . (h) The number of directors who shall manage the company for the first year and their names . (i) Su ch ot her p articu lars as may be necessary to manifest and explain the objects and purposes of the company . SEC. 2. PUBLICATION OF ARTICLES OF INCORPORATION ; NOTICE OF INTENTION TO FORM COMPANY ; BOND OF INC OR POR AT ORS .-The incor- porators shall file such articles with the Superintendent and shall publish in a ne wspaper of gener al circu lation i n the Di strict n otice of the filing of such articles and of the intention to form such com- pany. Copy of such notice verified by the oath of the publisher of the newspaper, or his agen t, cop ies o f pro posed bylaw s and forms of subscription for capital stock and of proposed applications for member ship and for insurance and of al l pro posed forms of i nsur- ance policies, literature, and advertisements shall be filed with the Superintendent. The incorporators shall also file with the Super- intendent a bond payable to the Superintendent and his successors, as trustee, in the sum of $10,000 with approved corporate sureties, and conditioned upon the faithful accounting to the proposed com- pany, on completion of its organization and the receipt of its certifi- cate of authority from the Superintendent, or the stockholders, member s, ap plica nts fo r pol icies, and credi tors, or th e tru stee, receiv er, o r ass ignee of th e prop osed compa ny, d uly ap point ed in any proceedings in any court or department of competent jurisdic- tion in the District, in accordance with their respective rights in ca se the organization of the proposed company shall not be co m- pleted a nd a cer tificate of auth ority sh all not b e procur ed from the Superintendent . SEC . 3. APPROVA L OF ARTICLES OF INCORPORATION ; COMPLETION OF ORGANIZATION OF COMPANY.-The Supe rint ende nt s hall sub mit the proposed article s and ot her pape rs so fi led with him to t he corpo ra- tion cou nsel of the Dist rict, wh o shall examine t he same, and, if he finds the same in accordance with law, he shall so certify and return the same to the Superint endent, who shal l cause t he artic les and the certific ate of t he corpo ration c ounsel t o be reco rded in the reco rds of the Superintendent and issue to the incorporators two certified copies thereof, one of which shall be recorded in the office of the recorder of deeds for the District of Columbia, and thereupon such incorporators and their associates shall become and be a body cor- porate with power to sue and be sued, contr act a nd be contr acted with, adopt a seal, and do such other acts, subject to the provisions of this Act., as shall be needful to accomplish the purposes of its organization. If the Superintendent shall approve the sureties on the bond so filed, or on any like bond substituted therefor, he shall issue to the corporation a permit, as a " company in course of organ- ization ", authorizing it to complete its organization . Sa id com- pany in course of organization shall have authority under such permit t o solici t subscr iptions and paym ents for capital stock, i f a stock company, and applications and advance premiums for insur- ance, and to exercise such powers, subject to the limitations in this Act pr escri bed, as may be necessary and proper in completing its organization and qualifying itself for a certificate of authority from the Superintendent to transact the business of insurance ap- pertaining to persons. But su ch co mpa ny shall not issue policies or enter into contracts of insurance until it shall have received the certificate of the Superintendent authorizing it so to do . Up on c ompl etio n of org aniz atio n in acc orda nce with thi s Act the Superintendent shall issue to such company, in course of organ- ization, a certificate of authority as an insurance company .