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HB 519, 35th R.S.
Relating to governing all insurance corporations in this State; making it unlawful for an insurance corporation to make a voluntary assignment and prescribing the duty of such company when it finds itself unable to meet its obligations; making void any voluntary general assignment by such company or any acts relative therein, and making void all transfer assets after an act of insolvency or in contemplation thereof, with a view of preferring one creditor over another; declaring that no attachment, injunction or execution shall issue against such an insurance company or its property before final judgment; prescribing the duties of the Commissioner of Insurance and Banking when the capital stock or the reserve of an insurance company become impaired or when such company is conducting its business in an unlawful or unauthorized manner; defining the duty of the Commissioner in the event such company fails to observe the lawful orders issued by him; stating the circumstances under which the Commissioner shall report the affairs of an insurance corporation to the Attorney General; prescribing a complete scheme of liquidation by a receiver of insolvent insurance corporations; defining the duties of the Commissioner with reference to such liquidation; imposing upon the Commissioner authority to call stockholders' meetings for election of a new board of directors; defining the circumstances under which such a corporation may place its affairs in the Commissioner; authorizing the Commissioner to appoint special agents to assist him.

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