Texas Attorney General Opinion: V-826 Page: 3 of 8
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Hon. Raymond E. Magee, page 3 (V-826)
as the Commissioner aay approve. Said bonds
or securities shall not be received or held
at a rate above par, but if their market val-
ue is less than par they shall not be held
above their actual market value. The State
Treasurer shall require any such depositor to
replace any securities so deposited on which
the interest shall not be paid within six
months after maturity, by other securities
equal in amount to those removed, upon which
the interest has not been defaulted. The
funds so deposited shall be primarily liable
for the obligations of the depositor in any
capacity herein authorized, and shall not be
liable for any other debt or obligation of
the depositor until all such trust liabilities
have been discharged.
"2. Satisfy the Comissioner of its sol-
vency. The Comnissioner shall issue any such
depositor, when satisfied it is solvent and
has made the required deposit, a certificate
showing such facts.
"3. Maintain a preiatu reserve of the
amount required to reinsure all outstanding
risks, to be determined by taking fifty per
cent of the premiums of all unexpired risks
that have less than one year to run, and a
pro rata of all gross premiums on risks that
have more than one year to run.
"4. File with the Comlissioner, within
sixty days after the first day of each Janua-
ry, a report sworn to by its president and
secretary or by two of ts principal officers,
as to the surety and bond business done by the
same during the preceding year.
"5* Pay taxes on its surety and bond
business as required of other surety compa-
It was held in Attorney General's Opinion No.
2541 under date of January 11i 192, (Opinions of Attor-
ney General, 1922-1924, page 306) construing Articles
540 to 5*5, Revised Civil Statutes of 1911 (now Articles
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Texas. Attorney-General's Office. Texas Attorney General Opinion: V-826, text, 1949; (https://texashistory.unt.edu/ark:/67531/metapth265645/m1/3/: accessed April 25, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.