Bankers Deposit Guaranty & Surety Co. v. Barnes

Citations

• 81 Kan. 422
• 105 P. 697
• 1909 Kan. LEXIS 382

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>1. Corporations — Guaranteeing Payment of Bank Deposits. The provisions of section 1 of chapter 159 of the Laws of 1905, relating to the incorporation of surety, fidelity and guaranty companies, is by necessary inference applicable to the incorporation of companies organized in this state for the purpose of guaranteeing the payment of deposits in state and national banks.</p> <p>2. - Certificate of Authority to do Business from the Superintendent of Insurance. All of the steps to be taken and all the requirements to be met to entitle a company which has been granted a charter by the charter board of the state for such purpose to obtain a certificate of authority to do business in this state are prescribed in section 3 of the above act, and in sections 3419, 3420, 3421 and 3422 of the General Statutes of 1901, which by reference in the act of 1905 are applicable in connection therewith.</p> <p>3. -Discretion of Superintendent to Impose other than Statutory Requirements. When the corporation organized for such purpose has complied with all the prerequisite statutory requirements it is the duty of the superintendent of insurance to furnish the company with a certificate of authority for it to commence the business proposed in the charter (Gen. Stat. 1901, § 3422), and such superintendent has no discretion to impose any other requirement as a condition precedent to the issuance of such certificate.</p>