The Laws of Texas, 1921 [Volume 21] Page: 12 of 1,670
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4 GENERAL LAWS.
SEC. 2. The importance of this legislation and the crowded condition
of the legislative calendar create an emergency and an imperative
public necessity which requires that the constitutional rule
providing that bills be read on three several days be suspended, and
said.rule is hereby suspended, and this Act shall take effect and be
in force from and after its passage, and it is so enacted.
[NoTE.-The enrolled bill shows that the foregoing Act passed the
Senate, yeas 23, nays 0; and passed the House, yeas 118, nays 0.]
Approved August 5, 1921.
Effective August 5, 1921.
GUARANTY AND SURETY COMPANIES-AMENDING ACT
DESIGNATING WHO SHALL SHARE IN THE
BENEFITS OF THE DEPOSITS
H. B. No. 34.] CHAPTER 4.
An Act to amend Articles 4930 and 4935, Chapter 13, Title 71, of the Revised
Civil Statutes of Texas, 1911, so as to provide that the deposits
thereby required or therein referred to shall be for the benefit of the holders
of all the obligations of the depositor wheresoever incurred, and to repeal
all laws in conflict herewith, and declaring an emergency.
Be it enacted by the Legislature of t'e State of Texas:
SECTION 1. Article 4930, Chapter 13, Title 71 of the Revised Civil
Statutes of Texas, 1911, shall hereafter read as follows:
Article 4930. Requirements To Be Complied With.-Such company,
to be qualified. to so act as surety or guarantor, must comply
with the requirements of every law of this State applicable to such
company doing business therein; must be authorized under the laws
of the State where incorporated, and under its charter, to become
surety upon such bond, undertaking, obligation, recognizance or
guaranty; must have a fully paid up and safely invested and unimpaired
capital of at least one hundred thousand dollars; must have
good available assets exceeding its liabilities, which liabilities for
the purpose of this Chapter shall be taken to be its capital stock,
its outstanding debts and a premium reserve at the rate of fifty
per centum of the current annual premiums on each outstanding
bond, undertaking, recognizance and obligations of like character in
force; must file with the Commissioner of Insurance, Statistics, History
and Agriculture (Commissioner of Insurance and Banking),
a certified copy of its certificate of incorporation, a written application
to be authorized to do business under this Chapter, and also,
with such application, and in each year thereafter, a statement
verified under oath made up to December 31, preceding, stating the
amount of its paid up cash capital, particularizing each item of investment,
the amount of premiums upon existing bonds, undertakings,
recognizances and obligations of like character in force upon
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1921 [Volume 21], book, 1921; Austin, Texas. (texashistory.unt.edu/ark:/67531/metapth14933/m1/12/: accessed April 29, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; .