Page:United States Statutes at Large Volume 42 Part 1.djvu/439

SIXTY-SEVENTH CONGRESS. Sess. II. Ch. 93. 1922. 4].]. least two-thirds of the stock of each corporation re resented and voted upon m person or by proxy at a meeting, callied se arately for that purpose, upon a notice stating the time, place, ang object of the meeting served at least thirty days previously upon each personally or_mailed to him at his last known post-office address, and also published at least once a week for four weeks successively in some newspaper printed in the District. Ever such a eement t¤iitlZIiiEiv°l°f°u°°rm` must have the approval of the superintendent befiire the gdtails of said agreement may be carried into effect as provided therein. _ The new corporation mayil require the return of the original cer- ceiii€€a€°é.°°w S°°°k tificates of stoc held b eac stockholder in each of the corporations to be merged or consolidated and issue in lieu thereof new certificates for such number of shares of its own stock as such stockholder , h may be entitled to receive. Upon such merger or consolidation all mlilieeiieeiliitiiiivpiiiz rights and property of the several companies shall become the prop- P°'°“°“ erty of the corploration composed of such companies, and the new corporation sha succeed to all the obligations and liabilities of the old corporations in the same manner as if the had been incurred or contracted by it. The stockholders of the old corporations shall continue subject to all the liabilities, claims, and demands existing _ against them at or before such merger or consolidation. No action mgP',°§§§"u§‘§§,$§S’}°’§{§ or proceeding pending at the time of the consolidation, in which *° °°°· any or all o the old corporations may be a party, shall abate or discontinue by. reason of the merger or consolidation, but the same may be prosecuted to iinal judgment in the same manner as if the merger or consolidation had not taken place, or the new corporation may be substituted in place of an corporation so merged or consolidated b_y order of the court in which the action or proceeding may be pending. Trrnn VIII.—Es·rAnmsmmN·r or- Fonmou Ooimmcrrons. °“°r Sec. 21. That any domestic company authorized to write insur- mi);i:iiiiiiai¤Yi:giSi¤méi§ ance or reinsurance within the District may establish and maintain "'°’°“d‘ one or more agencies beyond the United States for the transaction of its lawful business upon such terms and conditions as it may prescribe and may omit from its annual report the transactions by any such agency, if beyond the North American Continent, for six months previous to the time when the report is made, but such omitted transactions shall be included in the next annual report. D t 0, {mum If such company is required by the foreign nation within which it secuiiiizi allowed as transacts business to make a deposit in the securities of its own ‘“s°”’ “°‘ Government, or otherwise, the excess of such deposit over the local reserve liability, computed according to the terms of this Act, shall be allowed as an asset in the compa.ny's home statement. The company shall also be allowed to inc ude in its admitted assets all agents’ alances in foreign countries which are collectible and which are not more than one hundred and eighty days past due. mmm in mmigu Sec. 22. That corporations engaged exclusive y the writing_of ¤¤mm·1¤s._ insurance in foreign countries may be organized within the District ,,,$Hisxc’{£¥,-gif; in the same manner and under the same conditions as prescribed by *0;-mk holdings Bm this Act for companies writing risks within the United States. The ' capital stock of such insurance corporations may be owned by American corporations enga ed in the same kond of nnsurance, and the holding companies shsj be given credit for the stock thus owned as admitted assets when rendering their financial statements to the TmS,,,,,_ superintendent. Any corporation organized under this section shall 4··¢¢.v· 405- pay taxes and fees as provided under Chgpter V of this Act and shall comply with and receive the benefit of other sections of this Act so far as the same may be applicable.