Agency of the Company is, or is to be, established Must authorize agent to receive service of process.and must expressly authorize such Agent to receive process in all suits and proceedings against such Company in Canada, for any liabilities incurred by the Company therein, and must declare that service of process for or in respect of such liabilities, at such Chief Agency or personally on such Agent at the place where such Chief Agency is established, shall be legal and binding on the Company to all intents and purposes whatever.
Service of process on Companies according to such documents to be valid.10. After the certified copies referred to in the next preceding section, and such Power of Attorney are filed as aforesaid, any process in any suit or proceeding against such Company, for any liabilities incurred in Canada, may be served on the Company at its Chief Agency, in the same manner as process may be served upon any Company incorporated in Canada, and all proceedings may be had thereupon to judgment and execution in the same manner and with the same force and effect as in proceedings in any Civil suit in Canada.
Company to give public notice of its being licensed.11. Every Company obtaining such License as aforesaid, shall forthwith give due notice thereof in the Canada Gazette, and in at least one Newspaper in the County, City, or place where the Chief Agency is established, and shall continue the publication thereof for the space of one calendar month, and the like notice shall be given when such Company shall cease, or notify that they intend to cease, to carry on business in Canada.
Every Foreign Stock Company must have at least $100,000 unimpaired capital.12. No Foreign Stock Company shall transact any business of Insurance in Canada, unless such Company is possessed of at least one hundred thousand dollars of paid up and unimpaired Capital, or accumulated surplus Funds invested in good and sufficient securities, nor shall any License be issued in favour of such Company, until a statement under oath to that effect is filed with the Minister of Finance sworn to by some one whose duty it is to know and who is personally cognisant of the fact sworn to; Proviso: deposit to be reckoned as part.Provided that the unimpaired amount of the deposit of any Company then in the hands of the Receiver General shall be reckoned as part of its capital.
Penalty for issuing policy, &c., without license.13. Any person who shall deliver any Policy of Insurance or collect any premium, or transact any business of Insurance on behalf of any such Company as aforesaid, without such License as aforesaid, or if such License has been withdrawn, without the renewal thereof, or without filing the copy of the Charter, Act of Incorporation, or Articles of Association of the Company, and a Power of Attorney as hereinbefore provided, shall be liable to a penalty of one thousand dollars for each such contravention of this Act, How recoverable, &c.which penalty may be sued for and recovered on information filed in the name of the Attorney General for Canada, and shall be paid to the Crown, and in case of non-payment of such penalty in one month after such judgment, the person so offending shall be liable to imprisonment
