b. The amount of claims for losses unadjusted.

C.

The amount of claims for losses resisted.

Fourth: Income during the year.

a. The amount of fees received during the year.

b. The amount of interest received from all sources. C. The amount of receipts from all other sources. Fifth: Expenditures during the year.

C.

The amount of commissions and salaries paid to agents.

f. The amount of all other payments or expenditures.

a. The greatest amount of any bond issued by the company.

b. The amount paid in fees during the year.

c. The amount paid for losses during the year.

d. The whole amount of liability on bonds issued and in force on the 31st day of December of the previous year.

3432h. Form of report, Auditor may amend. 8. The Auditor of State is authorized to amend the form of statement and to exact such additional information as he may think necessary in order that a full exhibit of the standing of companies organized and doing business under this act may be shown.

3432i. Failure to make deposit or report. 9. Upon the failure of any company organized or doing business under this act to make the deposit or to file the statement in time as stated in the preceding section, the Auditor of State shall notify such company to issue no new bonds until there shall have been a compliance with said requirements, and it shall be unlawful for any such company to thereafter issue any bond until such requirements shall be complied with.

3432j. Examination of books by Auditor. 10. The Auditor of State may at any time make personal examination of the books, papers and securities of any company organized and doing business under the provisions of this act, or may authorize or empower any other suitable person to make such examinations, and for the purpose of securing a full and true exhibit of its affairs, he or the person selected by him shall have power to examine under oath, any officer of said company relative to its business management. Suit on any bond or other obligation of such company may be brought in the Circuit Court of the county in which the same was required by law to be filed, or in which the same was issued, to be in force, and process may be had upon any agent or officer of such company either in such county or in the home office of such company.

3432k. Receiver, Auditor may ask. 11. If the Auditor of State shall at any time find from any report or examination that the company has not complied with the provisions of this act, he shall refer the facts to the AttorneyGeneral who shall proceed to ask the proper court to appoint a receiver for said company, who shall under direction of the court wind up the affairs of said company. But in no other way can the Auditor of State or other person restrain or interfere with the prosecution of business of any company doing business under provisions of this act, except in actions by judgment creditor or in proceedings supplementary to execution.

34321. Securities, may change. 12. Companies shall have the right at any time to change their securities on deposit with the Auditor of State

by substituting for those withdrawn a like amount in other securities of the character provided for in this act, but securities to the amount of at least twentyfive per cent., of the stock subscribed shall at all times be and remain on deposit.

3432m. Capital stock, increase of. 13. Any bonding or surety company organized under the provisions of this act may increase the capital stock of the same, at any time after the intention to so increase the capital stock shall have been ratified by a two-thirds vote of the stockholders and after notice of the purpose to so increase the capital stock has been given by publication in some newspaper of general circulation, for the period of four consecutive weeks; but no increase of capital stock in less amount than fifty thousand dollars is hereby authorized.

3432n. Dividends, how made. 14. The directors of any bonding or surety company shall not make any dividends except from the surplus profit arising from their business, nor divide, withdraw or in any way pay the stockholders or any of them any part of its capital or reduce the net surplus of the company to an amount less than the whole amount of the unearned premium or fees on live or existing obligations. No dividends shall be declared except at the close of the year and at the time when, by law, the company is required to file its annual statement with the Auditor of State.

34320. Dissolution of company. 15. If at any time any company organized under this act shows to the Circuit or Superior Court of the county where its principal office is located, that it wishes to retire from business, that it has no unpaid liabilities of any character, such court shall, if it finds such facts to be true, enter an order directing the Auditor of State to surrender to said company all funds or securities theretofore deposited with him by such company. No such order shall be made until the Auditor of State shall have been notified of the pendency of such application at least ten days before the time set for the hearing thereof and until a full hearing by said court.

3432p. Interest, collection of. 16. The Auditor of State shall permit companies having on deposit with him stocks or bonds as security, to collect the interest accruing on such deposit, delivering to their authorized agent respectively the coupons or other evidence of interest as the same shall become due; but upon default by any company to deposit additional security as called for by the Auditor of State, or pending any proceedings to close up or enjoin it, the Auditor of State shall collect the interest as it becomes due, and add the same to the security in his hands belonging to such company.

3432q. Penalty, business without certificate. 17. Any company or ganized or doing business under this act without a certificate as provided for in this act, shall forfeit one hundred dollars for every day it continues to write new business in this State without such certificate.

3432r. Suits, how brought. 18. Suits brought to recover any of the penalties provided for in this act, shall be instituted in the name of the State of Indiana on relation of the Prosecuting Attorney of the Circuit Court of the county in which the principal office of said company is located under the direction and by the authority of the Auditor of State. Such penalties, when recovered, shall be paid into the State treasury for the use of the school fund.

3432s. Investments, manner of. 19. No company organized under the provisions of this act shall invest its funds in any other manner than as follows: In bonds of the United States, in bonds of this State or of any other State, at or above par, in bonds and mortgages on unincumbered real estate within this State, worth at least double the amount loaned thereon, the value of such real estate shall be determined by a valuation made under oath by two freeholders of the county where the real estate is located, (if bulidings are considered as a part of the value of such real estate, they must be insured for the benefit of the mortgagee); in bonds or other evidence of indebtedness bearing interest, of

any county, incorporated city, town or school district within the State where such bonds or other evidence of indebtedness are issued by authority of law, and upon which interest has never been defaulted; in loans upon bonds or mortgages of par value, if the current value of such bonds or mortgages is at least twenty-five per cent more than the amount loaned thereon.

3432t. Real estate, purpose for which may be held. 20. No company organized under this act shall be permitted to purchase, hold or convey real estate, except for the purposes and in the manner herein set forth.

First. For the erection and maintenance of buildings at least ample and adequate for the transaction of its own business.

Second. Such as shall have been mortgaged to it in good faith for money due. Third. Such as shall have been conveyed to it in the satisfaction of debts previously contracted in the course of its dealings, and which must be taken in by the company on account of the debt secured by such mortgage.

Fourth. Such as shall have been purchased at sales upon judgments, decrees or mortgages obtained or made for such debts. And no company incorporated as aforesaid shall purchase, hold or convey real estate in any other cases or for any other purposes.

3432u. Real estate, sale of. 21. All real estate acquired as aforesaid, except such as is occupied by buildings used in whole or in part for the accommodation of such companies in the transaction of its business, shall, except as hereinafter provided, be sold and disposed of within ten years after such company shall have acquired title to the same. No such company shall hold such real estate for a longer period than that above mentioned unless the said company shall procure a certificate from the Auditor of State that the interests of the company will suffer materially by a forced sale of such real estate, in which event the time for the sale may be extended to such time as the Auditor of State shall direct in said certificate.

3432v. Bonds, purpose for which may be given. 22. Whenever any bond, recognizance, obligation, stipulation or undertaking is by law or the rules or regulations of any board, body or organization, required or permitted to be made, given, tendered, or filed for the security or protection of any person, persons, corporation, State, county, township, municipality or other organization whatsoever, conditioned for the doing or not doing of anything in any such instrument specified, and all heads of departments, public officers, State, county, town or municipal, and any and all boards, municipalities, committees thereof, courts and judges now or hereafter required or permitted to accept or approve the sufficiency of any such bond, recognizance, obligation, stipulation or undertaking may accept and approve the same whenever it is executed or the conditions thereof are guaranteed solely by a corporation authorized to guarantee the fidelity of persons holding places of public or private trusts, and the performance of contracts, other than of insurance, and to execute and guarantee bonds and undertakings required or permitted in actions or proceedings or by law allowed; and whenever any such bond, recognizance, obligation, stipulation or undertaking is so required or permitted to be made, given, tendered or filed with one surety or with two or more sureties, the execution of the same or the guaranteeing of the performance of the conditions thereof shall be sufficient when guaranteed solely by such companies, so authorized, and shall be in all respects a full and complete compliance with every law, ordinance, rule or regulation that such bond, undertaking, recognizance, obligation, or stipulation shall be executed or guaranteed by one or more sureties,or that such sureties shall be resident householders, or freeholders; and any and all heads of departments, courts, judges, boards, municipalities or committees thereof, and any and all public officers, State, county, town or municipal, whose duty it may be to accept or approve the sufficiency of any such instrument, may accept and approve the same when executed or guaranteed by such corporation; and all such corporations may execute or guarantee such bonds, recognizances, obligations, stipulations or undertakings, whether given under the laws

of this State or of any other State or of the United States, or of any other country.

3432w. Certificate of qualification. 23. The Auditor of State upon due proof by a bonding or surety company of its possessing the qualifications required, shall issue a certificate setting forth that it has qualified and is authorized for the ensuing year to do business under these statutes, which certificate or a copy thereof shall be evidence of such qualifications and of the company's authority to become and to be accepted as sole surety in all instruments mentioned in the preceding sections of its solvency and credit for all purposes and its sufficiency as such surety; and said certificate or a copy thereof certified as aforesaid shall be equivalent to the justification required of sureties by law.

24. Any corporation execut

3432x. Release from liability, how. ing any instrument as provided by this act may be released from its liability thereon on the same terms and conditions as are or may be by law prescribed for the release of individuals upon the same.

3432y. Fiduciary may include expense of bond. 25. Any receiver, assignee, guardian, committee, trustee, executor, administrator or other fiduciary, required by law or the order of any court or judge, to give a bond or other obligation as such, may include as a part of the lawful expense of executing his trust such reasonable sum paid a corporation authorized by law so to do, for becoming his surety on such bond or obligation as may be allowed by the court in which, or the judge before whom he is allowed or required to account, not exceed. ing one per cent. per annum on the amount of such bond or obligation by such surety executed; and in all actions or proceedings the party entitled to recover costs may include therein such reasonable sum as may have been paid by him to such corporation for executing or guaranteeing any bond or obligation therein. 3432z. Trust funds, deposit of. 26. Any receiver, assignee, guardian, trustee, committee, executor, administrator or other fiduciary or party of whom a bond, or undertaking or other obligation is required, may agree and arrange with the surety or sureties for the deposit for safe keeping of any and all moneys, assets for which he is or may be responsible with a bank, savings bank, safe deposit or trust company authorized by law to do business as such, located in the county where the trust is being administered and in such manner as to prevent the withdrawal or alienation of such money, assets or other property or any part thereof, without the written consent of such surety or sureties or any order of a court or judge thereof, made on such notice to such surety as the court or judge may direct.

3432aa. Foreign surety company not affected. 27. Nothing in this act shall be construed as affecting or governing bonding or surety companies organized under the laws of any other State or country, and companies organized and doing business under the provisions of this act shall be subject only to its provisions.

3432bb. Fee of Auditor. 28. The Auditor of State shall charge for filing the preliminary statement or for filing the annual statement required by the provisions of this act, a fee of ten dollars; and for each certificate and seal he shall charge a fee of one dollar.

3432cc. Stockholders, liability of. 29. The stockholders in every such bonding or surety company shall be individually liable to an amount over and above their stock, equal to their respective shares of stock for all debts or liabilities of such company.

3433. How incorporated. 1. Any number of persons desiring to establish a high school, academy, college, university, theological insti tute, or missionary board, shall first make a statement, verified by oath of at least five of the same, declaring the name and purpose of the insti tution; the manner in which religious bodies or benevolent associations having the control or patronage of the same shall be connected with and exercise such control over such institution; mode and purposed amount of endowment; and amount then donated or subscribed; and shall file the same in the office of the Clerk of the Circuit Court of the county in which such institution is proposed to be located, and a duplicate thereof with the Secretary of State; and the relation of such corporation to the religious society having control or patronage of it shall be governed by the rules prescribed in such statement, but they may be altered at any time by agreement between such corporation and such society.

[1855, p. 186. In force February 28, 1855.]

3434. May hold property. 2. When the statement has been filed as aforesaid, the persons subscribing the same, and their successors, shall be a body politic and corporate, and shall have power to hold and convey real and personal property, for the purposes of their association and for endowments. No property, real or personal, which any university, college or seminary of learning, incorporated under the general laws of the state, may obtain or become the owner of, by gift, devise or grant for the purpose of endowment, shall be used, mortgaged, pledged, or in any other way disposed of by such institution or the trustees, directors, officers, agents or representatives of such institution for current expen