Chapter 109. To amend an Act approved August thirteenth, eighteen hundred and ninety-four, entitled “An Act relative to recognizances, stipulations, bonds, and undertakings, and to allow certain corporations to be accepted as surety thereon.” March 23, 1910.[[H
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CHAP. 109.— An Act To amend an Act approved August thirteenth, eighteen hundred and ninety-four, entitled “An Act relative to recognizances, stipulations, bonds, and undertakings, and to allow certain corporations to be accepted as surety thereon.” March 23, 1910.[[H. R. 18902](/us/bill/61/hr/18902).][[Public, No. 96](/us/pl/61/96).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, That sections three and fourSurety bonds by corporations.Vol. 28, p. 279. amended. of the Act entitled “An Act relative to recognizances, stipulations, bonds, and undertakings, and to allow certain corporations to be accepted as surety thereon,” be, and they are hereby, amended so as to read as follows:
" “Sec. 3. That every company, before transacting any business underCopy of charter to be filed with Secretary of the Treasury. this Act, shall deposit with the Secretary of the Treasury of the United States a copy of its charter or articles of incorporation, and a statement, signed and sworn to by its president and secretary, showing its assets and liabilities. If the said Secretary of the Treasury shall beAuthority to act. satisfied that such company has authority under its charter to do the business provided for in this Act, and that it has a paid-up capital of not less than two hundred and fifty thousand dollars, in cash or its equivalent, and is able to keep and perform its contracts, he shall grant authority in writing to such company to do business under this Act.
“Sec. 4. That every such company shall, in the months of January,Reports to be filed. April, July, and October of each year, file with the said Secretary of the Treasury a statement, signed and sworn to by its president and secretary, showing its assets and liabilities, as is required by section three of this Act. And the said Secretary of the Treasury shall have theRevoking authority. power, and it shall be his duty, to revoke the authority of any such company to transact any new business under this Act whenever in his judgment such company is not solvent or is conducting its business in violation of this Act.
He may institute inquiry at any time into theInquiries, etc. solvency of said company and may require that additional security be given at any time by any principal when he deems such company no longer sufficient security.” " Approved, March 23, 1910.