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OF THE REVENUE OF THE STATE.

R. R. Co. to pay to

inoney se

mortgages against the Junction and Break

y against the dred thousand on

again I hurtow of one latest dar

the Break

Railroad

P. W. & B. fifty thousand dollars ($50,000), and on the first day of Novem

», ber, A. D. 1891, shall also pay to the State Treasurer for the State Treas- use of the State the further sum of one hundred and sixty-five sums of thousand dollars ($165,000) towards and on account of the cured by principal sum of four hundred thousand dollars secured by

e the mortgage against the Junction and Breakwater RailJunction road Company; and shall likewise pay to the said State water and Treasurer on the said first day of July, A. D. 1891, the sum water and of twelve thousand dollars ($12,000), being the six months' Frankford interest which will then have accrued on the said mortgage Companies, and the mortgage for two hundred thousand dollars ($200,000)

held by the State against the Breakwater and Frankford Railroad Company, and shall also, on the said first day of November, A. D. 1891, pay unto said State Treasurer the further sum of seven thousand three hundred and thirtythree dollars and thirty-four cents ($7,333. 34), being the four months' interest at the rate of four per centum which will then have accrued on both said mortgages, that then and in that event the payment of the residue, viz: One hundred and eighty-five thousand dollars ($185,000) of the principal moneys secured by the said mortgage against the Junction and Breakwater Railroad Company and the whole of the principal moneys secured by the mortgage against the Breakwater and Frankford Railroad Company, shall be postponed, deferred

and extended until the first day of January, A. D. 1932, and Principal moneys to the same shall from and after the said first day of November, be paid January 1, 1932. A. D. 1891, bear interest at the rate of three (3) per centum per

3 annum, which said interest shall be payable as follows: the sum of nineteen hundred and twenty-five dollars ($1,925) on the first day of January, A. D. 1892, and thereafter by equal semi-annual payments on the first days of July and January in each year until the stay and postponement of payment herein stipulated and provided for shall expire; provided however, that in case default shall be made for the space of ninety

days in the payment of any such semi-annual installment of Foreclosure, interest at the rate of three per centum per annum that then

and in that case the stay and postponement of payment here in provided for shall cease and terminate, and payment ofthe principal moneys secured by said mortgages, together with all interest which shall have accrued thereon after the said first day of November, A. D. 1891, and shall be then unpaid, inay thereupon be immediately enforced by process of law or by proceedings in equity, and provided further that nothing herein contained shall in anywise affect, alter or impair the

Interest at 3 per cent.

OF THE REVENUE OF THE STATE.

security of the said inortgages, or the priority of the lien thereof respectively; and provided further, that upon payment to the State Treasurer of the sum of three hundred and eighty-five thousand dollars (the unpaid balance of principal remaining on said two mortgages) together with all interest thereon accruing after the first day of November, A. D. 1891, at the rate of three per centum per annum, on any first day of January or July after the first day of January, A. D. 1895, State Treasthe State Treasurer shall forthwith satisfy and discharge both isfy mortsaid mortgages of record.

urer to sat

gages.

R. R. Co.

issue bonds.

SECTION 2. That it shall and may be lawful for the Dela- D. M. & V. ware, Maryland and Virginia Railroad Company to issue its allowed to bonds for the purpose of discharging and refunding all its' indebtedness (save and except the debts owing to the State and secured by the mortgages mentioned in Section 1 of this act, which mortgages are in nowise to be affected, impaired or disturbed), and secure the same by a general mortgage of its railroads, property and franchises.

R. R. Co. allowed to

hold capital

bonds, also mortgage.

SECTION 3. That it shall and may be lawful for the said P. W. & B. The Philadelphia, Wilmington and Baltimore Railroad Company, and it is hereby authorized and empowered, to own and own and hold so much of the capital stock and so inany of the bonds stock and of the said Delaware, Maryland and Virginia Railroad Com- mortgage.. pany or either of the several companies constituent thereof as it may from time to time purchase; and also to guarantee the whole or any part of the bonds which may be issued by the said Delaware, Maryland and Virginia Railroad Company; and also to mortgage its property and franchises to secure any indebtedness which either by reason of such guaranty or otherwise it may lawfully incur or create.

SECTION 4. That the State Treasurer shall apply so much Application of the money's to be paid on the first day of July, 1891, as paia inery may be necessary to the payment of the fifty outstanding State Treasbonds of this State of Series “B," issued under the act of 1881; and shall also apply so much of the moneys to be paid on the first day of November, 1891, as may be necessary to the redemption on the first day of January, 1892, of the one hundred and sixty-five bonds of this State of Series “C," issued under the act of 1881, which will be then redeeinable according to their tenor; and the State Treasurer shall on the receipt of said last-mentioned sum give notice as pro- Notice of vided by the statute in that behalf that the State will on the redemption.

2 urer.

OF THE REVENCE OF THE STATE.

said first day of January, 1892, redeem all the said bonds of Series “C.11

The respec

propriate

SECTION 5. That the boards of Directors of the Delaware, tive railroad Maryland and Virginia Railroad Company and the Philadelto adopt ap- phia, Wilinington and Baltimore Railroad Company respecresolutions. tively shall, within five days from and after the passage of

this act, by appropriate resolutions duly adopted, 'accept its provisions and assume the obligations it iinposes, or, on failure so to do, this act shall cease, terminate and become and be void and of no effect.

Passed at Dover, Mlay 8, 1891.

CHAPTER 21.

OF THE REVENUE OF THE STATE.

AN ACT to Repeal and Supply Chapter 117, Volume 13, Laws of Dela

ware, as amended by Chapter 423, Volume 17, Laws of Delaware.

Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:

carry on insurance

State.

License to SECTION I. That no person, or persons, firm, company

- or corporation, without having first obtained a proper license within this therefor, as hereinafter provided, shall, within the limits of

this State, be engaged in, prosecute, follow, or carry on any trade, business, pursuit or occupation in this section hereinafter mentioned, that is to say: foreign life insurance agency, foreign fire insurance agency, foreign insurance agency other than life or fire.

to Insurance Commis. sioner for license.

Application SECTION 2. That any person, or persons, firm, company

nce or corporation desiring to be engaged in, prosecute, follow or

carry on any trade, business, pursuit or occupation named in the foregoing section of this act, shall apply to the “Insurance Commissioner of Delaware for a proper license authorizing or empowering him, her or them to engage in,

OF THE REVENUE OF THE STATE.

ling then com Phe Inspect

prosecute, follow or carry on such trade, business, pursuit or occupation which he, she or they may desire to engage in, prosecute, follow or carry on, and upon his, lier or their paying for the use of the State to the said Insurance Commissioner of Delaware the fee hereinafter mentioned for such Fees, &c. license, and also the fee to the Insurance Commissioner of Delaware for issuing the same, it shall be the duty of the Insurance Commissioner of Delaware to issue to him, her or them a proper license therefor.

SECTION 3. That the following fee shall be paid to the Insurance Commissioner of Delaware, for the use of the State, for any license to be issued by him under the provisions of this act, that is to say: for each license as foreign life insurance agent the sum of twenty-five dollars; and such company, firm or corporation shall also pay to the Insurance Commissioner of Delaware for the use of the State at the time of obtaining such license in each and every year one and one-half per centum on the gross amount of premiums received and assessments collected by sucli company, firm or corporation during the year immediately next preceding the date of obtaining such license in each year; and every such company, firm or corporation shall, at the said time, furnish to the Insurance Commissioner of Delaware a statement showing the gross amount of premiums received and assessments collected and shall verify the same by his oath or affirmation taken before some person who is by the laws of this State duly authorized to administer the same; for each license as a foreign fire insurance agent the sum of twenty-five dollars, and the company such agent represents shall also pay to the Insurance Commissioner of Delaware one and one-half per centum on the gross amount of premiums received and the assessments collected by such agent or company during the year immediately next preceding the date of obtaining such license in each year, and such agent, firm or corporation shall, at the saine time, furnish to the said "Insurance Cominissioner of Delaware" a statement showing the gross amount of premiums received and assessments collected, and shall verify such statements by his oath or affirmation duly administered by some person authorized by the laws of this State to adininister oaths; for each license as a foreign insurance agent other than fire or life, the sum of twenty-five dollars, and such agent, firm or corporation shall also pay to the “Insurance Commissioner of Delaware" for the use of the State at the time of obtaining such license in each

OF THE REVENUE OF THE STATE.

year one and one-half per centum on the gross amount of premiums received and assessments collected by such company, firm or corporation during the year immediately next preceding the date of obtaining such license in each year, and such company, firm or corporation shall, by its proper officer or agent, at the time of obtaining such license, furnish the “Insurance Cominissioner of Delaware”' a statement showing the gross amount of premiums received and assessments collected, who shall verify such statement by his oath or affirmation duly administered by some person authorized by the laws of this State to administer oaths. Provided however, that if a license as life insurance agent or as fire insurance agent shall have been obtained, no additional license shall be required for insurance other than life or fire.

SECTION 4. That if any person or persons, firm, company or corporation shall be engaged in, prosecute, follow or carry on, within the limits of this State, any trade, business, pursuit or occupation named in the first section of this act, without having first obtained a proper license therefor, he, she or they, and the individuals composing such firm, conpany or corporation, and each of them, and the president and directors and each of them of such company or corporation, for every such offense shall be deemed guilty of a mis

demeanor and upon conviction thereof by indictment, bePenalty for sides being liable for the payment of the tax, be subject to

o imprisonment for a term not exceeding two years or a fine cense under not exceeding five hundred dollars, or both, at the discretion and 3d sec. of the court; one moiety to the use of the person who shall

is first give inforination of the fact whereby said forfeiture was

incurred.

neglect to obtain li

the ist, ad

tions of this act.

any person

SECTION 5. That every person (other than the clerk' or assistant of any life insurance agent, company, firm or cor

poration, who shall have become qualified to conduct and procuring or carry on the business of life insurance agent as provided for soliciting

in Section 2 of said Chapter 117, Volume 13, Laws of Delato take out ware, at the one place designated in the license) who shall proinsurance cure or solicit any citizen or resident of this State to take out not incor- a policy on his or her life or lives of any other person in any this state company or companies not incorporated by the laws of this deemed a State, shall be deemed a foreign life insurance agent within insurance the meaning of this act. Every person (other than the clerk

or assistant of any fire insurance* who shall have become

company

porated in

agent,

*So enrolled.

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