the insurance commissioner shall have revoked or canceled the certificate of authority authorizing any insurance company to do business in this state, the insurance commissioner shall cause to be published, in each of two daily newspapers, one published in San Francisco and one published in Sacramento, a notice of such revocation or of such withdrawal. The expense of such publication shall be paid in advance by the insurance company withdrawing or whose certificate shall have been so revoked. Enacted March 8, 1907; stats. 1907, p. 165. District attorney to be notified of penal offense. § 632. Whenever the insurance commissioner ascertains that any insurance company, or any of its agents, officers or employees, or any other person has been guilty of violating any of the penal statutes of this state, the commissioner shall certify such facts to the district attorney of the county in which such offense was committed. Such offenses shall be prosecuted and tried in all respects as provided in the Penal Code. For the purpose of evidence the commissioner shall furnish to the district attorney, without cost to the county, certified copies of any papers or records of the office of the commissioner. Enacted March 8, 1907; stats. 1907, p. 165. Agents must file duplicate power of attorney. § 633. No person shall in this state act as the agent or solicitor of any insurance company doing business in this state until he has produced to the commissioner, and filed with him, a duplicate power of attorney from the company, or its authorized agent, authorizing him to act as such agent or solicitor. Upon filing such power, the commissioner shall issue a license to him to act as such agent or solicitor for such company, if such company has received a certificate of authority from such commissioner to do business in this state. Such license shall continue in force until July first after the date thereof, but must be, and shall be, sooner revoked upon application of the company or its authorized agent. Such license may be renewed from time to time, for an additional period of twelve months, on production by the holder to the commissioner of a certificate from the company that such person's authority as such agent or solicitor continues. The commissioner shall keep an alphabetical list of the names of the persons to whom such licenses shall be issued, with the date of the license and renewal, and the name of the company for whom such person is working. Enacted March 8, 1907; stats. 1907, p. 165. See, also, Pen. C. § 439. Registration of life policies-Special deposit-Excess of securities. § 634. It shall be lawful for any company or corporation transacting the business of life insurance in this state to register with the insurance commissioner such of its policies as may be agreed upon by the company and the insured; such registration to consist in a written or printed list of such policies filed with the commissioner, showing the name and age of the insured, number and date of the policy, and the kind and amount of insurance in each case. Such list must be filed with the commissioner within thirty days after the issuance of the first registered policy; and must contain all such policies issued up to the date of filing. After that date the company must, within three days after the first day of each calendar month, file a statement embracing all its registered policies issued since the filing of its last preceding list. Upon filing such lists of policies, from time to time, the company must deposit with the commissioner, as a special deposit for the benefit of such registered policies, securities of the denominations stated in section four hundred and twenty-one of the Civil Code as permissible for the investment of the capital and accumulations of insurance companies. Such deposit must be in an amount equal to the full net value of all policies registered up to the time of making the deposit, and must at all times be equal to such net value of all registered policies. Upon receipt of such securities, the commissioner must immediately deposit them in the state treasury, in accordance with the provisions of section six hundred and eighteen of the Political Code, where they must remain as a special security for the benefit of such registered policies. Such company may at any time withdraw any excess of securities above the net present value hereinbefore specified, upon satisfying said commissioner by written proof that such excess exists, and shall be allowed to receive the interest on all securities deposited, and to exchange such securities by substituting other securities of the character in which, by the laws of this state, it may invest its funds. Enacted March 8, 1907; stats. 1907, p. 166. Definition of certain words. § 634a. The word company as used in this title includes every association, corporation, firm, or person transacting or desiring to transact any kind of insurance business under the laws of the State of California; provided, that no part of this act shall be held to apply to any company organized under an act entitled "An act to provide for the organization and management of county fire insurance companies," approved April 1, 1897, or to any corporation doing or transacting the business of mutual insurance on the assessment plan as defined in section four hundred and fifty-three d of the Civil Code of the State of California. The words "capital stock" as referred to in this title shall be deemed to include the capital of any person, firm or association. Enacted March 8, 1907; stats. 1907, p. 166. For act of April 1, 1897, see "Insurance," statutes at large, Appendix. Penalties payable on demand. § 634b. All fines, taxes, assessments, and penalties provided for in this title shall be due and payable on the demand of the insurance commissioner. If the same are not paid within ten days after such demand is made, then the insurance commissioner shall institute an action in the name of the people of the State of California for the purpose of recovering such fines, penalties, and taxes, or either, as the case may be. All such actions shall be subject to all the provisions, of the Code of Civil Procedure, which may be applicable thereto. Enacted March 8, 1907; stats. 1907, p. 166. [ARTICLE XVI1⁄2.] [Sections 635a to 6351 added to Political Code March 18, 1905; stats. 1905, p. 156.] Investment Companies. 635a. Investment company defined. 635b. Investment companies not licensed by bank or other commissioners. Deposit with state treasurer cash or securities. 635c. Articles of incorporation to be filed with secretary of state. Fees. Statement. 635d. Duty of state treasurer. Duty of attorney general. SEC. 635e. Withdrawal of deposit upon ceasing to do business. 635f. Right to substitute securities for cash deposit. 635g. Amount of money to be loaned out of reserve fund. Collateral may be deposited with treasurer. 635h. Reserve fund. 635i. Duty of attorney general. 635j. Violation of the provisions of this act; penalty. 6351. Application. Investment company defined. § 635a. Every person, corporation, company, association, co-partnership or individual in the State of California now engaged in or that shall hereafter engage in the business of placing or selling bonds, debentures or certificates of investment by whatsoever name said bonds, debentures or certificates of investment may be known or designated, when such business is conducted on the partial payment or installment payment plan, or in placing or selling any species of bonds, debentures or certificates of investment, on the partial payment or installment plan, wherein or whereby the holder or holders of said bond, debentures or certificates of investment are or may become entitled to claim and receive from such person, corporation, company or association a return, either at a definite or indefinite time, in cash, or in merchandise, or any property, for the partial payments or installments of money so paid, and wherein or whereby the holder may be subject to a fine or forfeiture as a penalty for non-payment of said partial payments or installments, is hereby declared to be an investment company under the provisions of this act. Enacted March 18, 1905; stats. 1905, p. 156. Investment companies not licensed by bank or other commissioners-Deposit with state treasurer cash or securities. § 6356. Every corporation, company, association, co-partnership or individual now engaged in, or that shall hereafter engage in business in this state as an investment company as hereinbefore defined and not licensed by nor under the supervision of the bank commissioners, building and loan commissioners or insurance commissioner, that shall place or sell any bond or bonds, debenture or debentures, certificate or certificates of investment on the partial payment plan whereby the holder or holders of such bond or bonds, debenture or debentures, or certificate or certificates of investment are or may become entitled to claim and receive from such corporation, company or association, a return, either at a definite or indefinite time, in cash, or in merchandise, or in property, for the partial payments or installments of money so paid, and wherein or whereby the holder may be subject to a fine, or penalty of forfeiture for nonpayment of said partial payments or installments, is hereby required to deposit within sixty days after the passage of this act, in cases of corporations, persons, companies or associations now existing and doing business, or before commencing business in cases of persons, corporations, companies or associations not now engaged in business, for the security of the holder or holders of the bonds, debentures or certificates issued by it, with the treasurer of the State of California, in cash, or in securities to be approved by said treasurer, the sum of five thousand dollars ($5,000), and in addition thereto shall deposit semi-annually, with the treasurer of the State of California, in cash, or securities to be approved by said officer, in the manner aforesaid, ten per cent of all premiums received on the sale of such bonds, debentures or certificates, until the sum so deposited shall amount to the sum of one hundred thousand dollars. Enacted March 18, 1905; stats. 1905, p. 157. Articles of incorporation to be filed with secretary of stateFees-Statement. § 635c. Every investment company as herein defined now doing business in the State of California shall, within sixty days after the approval of this act, and every investment company hereafter organized to carry on the business of an investment company as hereinbefore defined, shall, prior to engaging in such business, in addition to making such deposit, file with the secretary of state a duly authenticated copy of its articles of incorporation, charter or other instrument authorizing it to do business, and shall pay to the secretary of state the fees provided by law to be paid such officer for filing articles of incorporation within this state for a capital stock of like amount, the same to be accompanied with a statement showing (a) The name of the corporation, company, association, co-partnership or individual; (b) The place where the principal business of the company, corporation, association, co-partnership or individual within this state is or is to be carried on; |