The Laws of Texas, 1921 [Volume 21] Page: 13 of 1,670
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GENERAL LAWS. 5
which it is surety; the amount of liability for unearned portion
thereof estimated at the rate of fifty per centum of the current annual
premiums on each such bond, undertaking, recognizance and obligation
in force, stating also the amount of its outstanding debts of all
kinds, and such further facts as may be by the laws of this State required
of such company in transacting business therein; and, if
such company be organized under the laws of any other State than
this State, it must, also have on deposit with a State officer of one
of the states of the United States, not less than One Hundred Thousand
Dollars in good securities, deposited with and held by such
officer for the benefit of the holders of all its obligations wheresoever
incurred; must also appoint an attorney in this State upon whom
process of law can be served, which apointment shall continue until
revoked or another attorney substituted, and must file with the Commissioner
of Insurance, Statistics and History and Agriculture (Commissioner
of Insurance and Banking), written evidence of such appointment,
which shall state the residence and office of such attorney;
and such service of process may also be made upon the Commissioner
of Insurance of this State by virtue of his office, and shall
be as effective as if made upon said attorney; and must, also, have
on deposit with the Treasurer of this State at least Fifty Thousand
Dollars in good securities worth at par and market value, at least
that sum of the value of which securities the Commissioner of Insurance
shall judge, held for the benefit of the holders of all the obligations
of such company wheresoever incurred; said securities so
deposited with said Treasurer to remain with him in trust to answer
any default of said company as surety upon any such bond, undertaking,
recognizance or other obligation established by final judgment
in whatsoever court and wheresoever rendered upon which
execution may lawfully be issued against said company; said Treasurer
and his successors in office being hereby directed to so receive and
hereafter retain such deposit under this Act in trust for the purposes
hereof; such company, however, at all times to have the right
to collect the interest, dividends and profits upon such securities,
and, from time to time, to withdraw such securities, or portions
thereof, substituting therefor others of equally good character and
value, to the satisfaction of said Treasurer; and such securities and
substitutes therefor' shall be, at all times, exempt from and not
subject to levy under writ or process of attachment; and, further,
shall not be sold under any process against such company until
after thirty days notice to said company, specifying the time, place,
and manner of such sale, and the process under which and purposes
for which it is to be made accompanied by a copy of such process;
provided, however, that whenever any such company, domestic or
foreign, has been engaged in this State in the business contemplated
by this Act, has made deposit in this State, in trust or otherwise,
of securities, to answer any default of such company upon any such
bond, undertaking, recognizance, guaranty or stipulation, such securities
so deposited shall be by the trustee or custodian thereof transferred
and delivered to said Treasurer of this State in trust for the
same purposes under and subject to all the rights and equities of all
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1921 [Volume 21], book, 1921; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth14933/m1/13/: accessed April 23, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .