A. 1897, p. 27. 27. Political and civil code amendments. desires an amendment to its charter, changing its corporate name, or its principal office, or the face value of each share of its capital stock, or the number of its Board of Directors [any or all], as the case may be, and paying to the Secretary of State a fee of $25, to be covered by him into the Treasury of the State, and also file with such petition a certified abstract from the minutes of the Board of Directors, showing that the application for the proposed amendment has been auA. 1897, p. thorized by [the vote of a majority in amount of the entire capital stock at a meeting of the stockholders called for the purpose, by reso lution of the Board of Directors, notice of which meeting shall be mailed to each stockholder, or, in case of death, to his legal representatives or heirs at law, addressed to his last known residence, at least ten days previous to the day of said meeting; provided, however, if the petition is to change the principal office of any of such companies, then the certified abstract from the minutes shall show that the amendment was authorized by the unanimous vote of the stockholders present at the meeting held for such purpose]. Affidavit made and signed in due form of law by the president or secretary shall be attached to said petition, showing that it has been published once a week for four weeks in that newspaper in which is published the sheriff's sales of the county in which the principal office of said corporation is located. Advertisement is to be in some newspaper selected by the sheriff of the county. $ 6157 (1866). Bonds of corporations to be certified and recorded. -All public and private corporations in this State, who shall issue or indorse any bonds for circulation, shall furnish to the Secretary of State a certified statement showing the letter, date of issue, number of bonds, amount of issue, rate of interest, when and where payable, and the date of the law, if any, authorizing such issue. The Secretary of State shall record the same in a book to be kept by him A. 1900, p. for that purpose. [When such bonds have been paid and canceled the corporation issuing same may have an entry to that effect made upon the record by the Secretary of State, upon exhibiting to that official the bond properly canceled upon the face thereof, and paying a fee of one dollar.] 47. A. 1898, p. 48. A. 1899, p. 30. § 6158 (1916). Loans of more than ten per cent. to one person.— No bank or corporation doing a banking business shall be allowed to loan to any one person, unless such loan is amply secured by good. ] security, more than ten per cent. of its capital stock and surplus. [The word surplus in this section shall be construed to mean the net profits of such bank or corporation.] ୮ § 6159 (2035). Deposits by companies of other States.-All fire, marine, and inland insurance companies chartered by other States or foreign governments, shall be required to deposit with the Treas urer of this State, bonds of the United States or bonds of this State, Political and civil code amendments. 45. which, according to the Acts and Resolutions of the General Assembly, are vaild, and which amount, according to their face value to [ten] thousand dollars, which bonds shall be receipted for by the A. 1899, p. State Treasurer, and especially deposited by him in the vaults of the treasury; and whenever such company ceases to do business in this State, and has settled up all claims against it as hereinafter provided, said bonds shall be delivered up to the proper party on presentation of the Treasurer's receipt. While said bonds are so deposited, the owners of the same shall, subject to the notices hereinafter provided for or given, be entitled to collect the coupons and use them. For the bonds so deposited the faith of the State is pledged that they shall be returned to the parties entitled to receive them, or disposed of as hereinafter provided [and it shall be the duty of the Treasurer of this A. 1899, p. State, upon demand therefor, to deliver to the depositors thereof, or to the person lawfully authorized to receive the same, all bonds deposited by it or him under laws heretofore existing, in excess of the sum of ten thousand dollars.] 45. § 6160 (2045). Calculation of reinsurance reserve. For every fire insurance company doing business in this State the insurance commissioner shall calculate, or cause to be calculated, the reinsurance reserve for unexpired fire risks, by taking fifty per cent. of the premium received on all policies that are written for a period of one year or less, and according to the New York percentage table for calculating reinsurance on all premiums received that have more than one year to run; and in marine and inland insurance he shall charge all the premiums received on unexpired risks as a reinsurance reserve. Having charged against the company the reinsurance reserve, as above determined, for fire, marine, and inland insurance, and adding thereto all other debts and claims against the company, he shall, in case he finds the capital stock of the company impaired more than twenty per cent. [suspend the license issued to said com- A. 1899, p. pany, and require the company to cease to do new business within this State, and give notice to said company to make good its whole capital stock within ninety (90) days, and if this is not done he shall revoke the license of such company and debar the same from doing business in this State]. Constitutional. Act embodied in Secs. 2045, 2049 and 5169 of the Civil Code is constitutional, although said act did not embody the various sections of the Code therein; and although such sections were not read three times and on three separate days. Central Railway Co. v. State, 104 Ga., 843. 45. § 6161 (2048). Proceedings when home companies are insolvent. -Whenever the Insurance Commissioner shall have reason to believe, from an examination into the affairs of a company, that any insurance company of this State is insolvent or fradulently conducted, or that its assets are not sufficient for carrying on business [as con- A. 1899, p. templated by the laws of this State, he shall revoke the license of such company and require said company to cease to do business in this 45. Political and civil code amendments. State, giving public notice of such revocation of authority. Any insurance company which has been suspended, or which has had its license revoked, may be reinstated upon showing that its condition is such as to authorize it to do business in this State, and the Insurance Commissioner may reinstate such company whenever it make such showing.] § 6162 (2061). Sworn statement to be filed by assessment companies, etc. It shall not be lawful for any corporation or association, organized under the laws of this or other States of the United States for the purpose of furnishing life indemnity or insurance upon the assessment plan by its agents, to do any business in this State until such corporation or association shall deposit with the Insurance Commissioner of this State a certified copy of its charter or articles of corporation, a copy of its statement of business for the year ending the thirty-first day of the next preceding December, sworn to by the president or secretary, or like officer thereof, setting forth the number and amount of certificates of membership or policies in force, and a detailed account of its expenditures, income, assets and liabilities, and also a certificate sworn to by the president and secretary or like officers thereof, setting forth that it has paid and has the ability to pay its certificates or policies to the full limit named therein; that its certificates or policies are payable only to beneficiaries having a legal insurable interest in the life of the member or insured; that an ordinary assessment upon its members is sufficient to pay its maximum certificate of membership or policy theretofore or thereafter to be issued to the full amount or limit named therein; a certificate from the Insurance Commissioner or other like officer charged with the duty of executing or enforcing the execution of the insurance laws of its Home state, certifying that it is legally entitled to do business in said Home state, a copy of the application for membership, or insurance, and cf each form thereof, if more than one form is used; a copy of the constitution and by-laws, and of each and every addition thereto, which must show that all indemnities to beneficiaries are in the main provided for by assessments upon all surviving members. And whenever said company shall fail to pay a valid claim to the full limit named in any policy issued by them to any resident of this State, the Insurance CommisA. 1900, p. sioner shall revoke their authority to do business in this state; [provided, that all such corporations or associations, organized under the laws of this or any other State or county shall deposit with the Treasurer of this State stock or bonds approved by that officer in an amount of insurance which, under the rules and regulations of the company. making the deposit, it is authorized to write upon one life; provided, nevertheless, such deposits shall not be less than five thousand dollars; and hereafter such corporation shall at the time of filing its annual statement, deposit in like securities with said Treasurer of the sum of one thousand dollars on each million dollars of insurance in force 47. Political and civil code amendments. on the last day of the last calendar year, as shown by its annual statement, until the sum so deposited shall be equal to one hundred thousand dollars; provided, however, that industrial associations or assessment life insurance companies doing business upon the industrial or weekly payment plan, and issuing no policy for an amount greater than five hundred dollars, shall be required to deposit a sum equal to one thousand dollars for each million dollars in force; and thereafter such industrial associations or assessment life insurance companies doing business upon the industrial or weekly payment. plan, and issuing no policy for a greater amount than five hundred dollars, shall be required to deposit a sum not less than one thousand dollars on each million dollars of insurance in force on the last day of the last calendar year, as shown by its annual statement, until the sum so deposited shall be equal to one hundred thousand dollars. The security so deposited shall be held in trust for the benefit and protection of, and as security for, the policy holders of such corporation er association, their legal representatives and beneficiaries. That corporations or associations organized under the laws of other states. or counties shall not be required to make such deposit; provided, the corporation or association desiring to do business in this State shall make it appear to the satisfaction of said Insurance Commissioner that it has on deposit with the proper state official in the State or county of its incorporation a like amount of securities as is required under the terms of this act, and which are held by said authority in trust for the benefit and protection of, and as security for, the policy holders of such corporations or associations, their legal representatives and beneficiaries. Said securities shall so remain on deposit until it has been made to appear to the satisfaction of said Insurance Commissioner of this State that all the debts and obligations of said company or association due the citizens of this State have been discharged, or, in case of nonresident companies, that, after making deposit, a similar deposit has been made with the proper state officials in the state or county of its corporation. Said securities shall be subject to the debts due policy holders and beneficiaries under the same rules and regulations as govern the deposits required to be made by fire insurance companies under the laws of this State, in so far as the same may be applicable] to companies or associations now organized under the assessment life insurance laws of this state, shall not be required to make such deposits for and during the year 1901; but said companies may make such deposit during said year, if they so elect. [NOTE. The words following the word "applicable" in the fifth line last above seem to be an error in the statute.] § 6163 (2072-2084.) Insurance brokers.-[Repealed.] Tax, authority of municipal corporation to exact. Wilcox & McIntyre v. City of Atlanta, 103 Ga., 321. A. 1899, p. 53. 31. Political and civil code amendments. § 6164 (2219). Railroads may cross each other, on terms.— SEC. 1. Any railroad company heretofore or hereafter chartered by A. 1899, p. the legislature of this State [and also, any person or persons or company owning or operating a public or private railroad in this State, when necessary to reach minerals, timber, or other materials], shall have the right to cross any other railroads heretofore or hereafter built or to be built in this State, upon the following terms: They shall be allowed to cross at grade points, or at any other point where the same shall not obstruct the other road, and may be allowed to cross by a tunnel or bridge, if necessary, said tunnel or bridge being absolutely A. 1898, p. 49. A. 1898, p. 49. A. 1898, p. 50. secure. SEC. 2. Any public or private railroads availing themselves of the privileges of this Act, shall be subject to the same restrictions, liabilities, and penalties, and governed by the same rules, as to crossings, as now provided by law for chartered railroads; provided, that where any train or unchartered road crosses a chartered road in this state may require said train or unchartered road to put in the necessary and proper safety switches and signal service on both sides of said chartered road. Charter authorizing construction "to "a given town, a company may construct Private Railroad. Act of 1899 ineffectual to authorize condemnation for. Street railroad, whose charter was granted by the Secretary of the State, is § 6165 (2250). Overseer, when liable.-Upon failure of any overseer or track mender to comply with the provisions of Section 2248, he shall be liable to pay the owners of said stock double the value of all stock killed on his particular section, and not reported ]; the same to be recovered in the same manner as now provided by law for the collection of [other] claims in this State. Failure of overseer or track mender to file list of marks and brands. Churchhill v. Georgia Railroad Co., 108 Ga., 266. The word "marks" includes only such marks as are placed upon stock by artificial means. Id. § 6166 (2253 to 2260). Notice to railroads of claims for killing or damaging live stock.-Sections 2253, 2254, 2255, 2256, 2257, 2258, 2259, and 2260 of the Code of Georgia of 1895, as to notice to railroad companies of claims for killing or damaging live-stock, or other property, and the form of said notice, and the trial, judgment and execution under said notice, the appeal from said judgment, the levy, advertisement and sale under said execution, the disposition of the proceeds of said sale, the tender of a reasonable amount for said stock as damages, and the effect of a rejection thereof, and the right |