poses, and no company organized for either one of said purposes shall issue policies of insurance of any other; provided, however, that no company organized under the laws of the state to transact the business of guaranteeing the fidelity of persons holding places of public or private trust, or of executing or guaranteeing bonds or undertakings, as aforesaid, shall commence business until it has deposited with the superintendent of insurance two hundred thousand dollars in securities permitted by sections thirtysix hundred and thirty-seven and thirty-six hundred and thirty-eight of the Revised Statutes, which shall be held by said superintendent for the benefit and security of all the policy holders of the company, and which shall not be received by the said superintendent at a rate above their par value; nor shall a company, organized under the laws of another state, be licensed to transact any such business in this state unless at least two hundred thousand dollars of its assets are invested in securities permitted by sections thirty-six hundred and thirty-seven and thirty-six hundred and thirty-eight of the Revised Statutes of this state, and such securities are deposited with the superintendent of insurance of this state, or the superintendent of insurance or other officer of the state in which such company was organized, designated by the laws of such state to receive the same; and if such securities are deposited with the superintendent of insurance or other officer of another state, the superintendent of insurance of this state shall be furnished with the certificate of such state officer under his hand and official seal that he, as such officer, holds in trust on deposit for the benefit of all the policy holders of such company the securities above mentioned, giving the items of such securities, and stating that he is satisfied such securities are worth at least two hundred thousand dollars; and in addition to such certificate such company shall deposit and maintain with the superintendent of insurance of this state thirty thousand dollars for the purpose of paying any judgment obtained against them in this state, in securities as permitted by sections thirty-six hundred and thirtyseven and thirty-six hundred and thirty-eight of the Revised Statutes of this state, and the securities so deposited with the superintendent of insurance may be exchanged from time to time for other like securities, and so long as the corporation depositing the securities shall continue solvent and comply with the laws of this state it shall be permitted by the superintendent of insurance to collect the interest or dividend on such deposit; provided, also,

that any company which shall execute any bond as surety under the provisions of this act shall be estopped in any proceeding to enforce the liability which it shall have assumed to incur, to deny its corporate power to execute such instrument or assume such liability. 93 V. 170.

There can be no recovery on marine policy on vessel sunk while being repaired as necessary result of manner of repairing. Eureka Ins. Co. v. Purcell, 19 C. C. 135.

§3641b. Accident and guaranty companies may insure against accidents to employes, etc

A company heretofore organized or that many hereafter be organized to do business under clause 2 of section three thousand six hundred and forty-one b, chapter 11, title 2 of the Revised Statutes of Ohio, may make insurance to indemnify employers against loss or damage for personal injury or death, resulting from accidents to employes, or persons other than employes, subject, however, to the restrictions in said section provided; and, provided, that any company incorporated by or organized under the laws of any other state, or of a foreign government that is now doing business in this state by virtue of original section three thousand six hundred and forty-one b, shall, on or before the first day of April after the passage of this act, and any company incorporated by or organized under the laws of any other state or government that may desire to do business in this state, shall, before being authorized to transact such business, deposit with the superintendent of insurance, for the benefit and security of the policy holders residing in this state, a sum not less than fifty thousand dollars in bonds of the United States or the State of Ohio, or of any city, county, township or other municipality in the State of Ohio, which shall not be received by the superintendent at a rate above their par value; the securities so deposited may be exchanged from time to time for other like securities, so long as the company so depositing continues solvent and complies with the laws of this state it shall be permitted by the superintendent to collect the interest or dividends on such deposits. Said deposit shall be held by the superintendent of insurance for the benefit, security and protection of the policy holders of the company residing within this state; and it shall be stipulated by the company that such deposit is made, and such sum set aside from the general assets for that purpose, the same to be held until all claims of

policy holders within this state are adjusted. Provided, further, that the provisions of chapter two, title two of the Revised Statutes of Ohio, so far as the same may be applicable and not inconsistent with the provisions of this section shall apply to such companies organized under or incorporated by the laws of another state or government. 91 O. L. 352.

In the third line of this section it refers to sec. 36416, which must mean sec. 3641, paragraph 2, the b evidently being a mistake.

Act held constitutional. Fidelity, etc., Co. v. Hahn, Supt., 33 B. 287.

A condition in an accident policy that the notice of the accident be furnished within ten days is complied with if notice be given with due diligence in view of all the circumstances. Delay caused by delirium is excused. Man'f'r's Acc. Indem, Co. v. Fletcher, 5 C. C. 633.

§ 3641c. Sufficiency of bonds, recognizances and undertakings executed or guaranteed by companies

In all cases in which any bond, recognizance or undertaking is now, or hereafter may be required or permitted by law, with one or more sureties, the execution of the same or the guaranteeing thereof, as the case may be, as sole surety, shall be sufficient by a company authorized to guarantee the fidelity of persons holding places of public or private trust, to guarantee the performance of contracts other than insurance policies, and to execute and guarantee bonds and undertakings in actions or proceedings or by law allowed; and when so executed and guaranteed, shall be in all respects, a full and complete compliance with every requirement of law, ordinance, rule or regulation that such bond, undertaking or recognizance shall be executed and guaranteed by one surety or two or more sureties, or that such sureties shall be residents or householders or freeholders; and any judge, court or officer whose duty it is to pass upon the account of any assignee, trustee, receiver, guardian, executor, administrator or other fiduciary, required by law to give bond as such, and whenever such assignee, receiver, trustee, guardian, executor, administrator or other fiduciary, has given bond with a surety company as surety thereon, shall allow, in the settlement of the account of such assignee, receiver, trustee, guardian, executor, administrator or other fiduciary, a reasonable sum paid a company authorized under the laws of this state so to do, for becoming his surety on such bond, not exceeding, however, one

half of one per cent per annum on the amount of such bond; unless such bond shall be in double the amount of the liability of such fiduciary, when the sum so allowed shall not exceed the sum of one-fourth of one per cent per annum; provided, however, that such company has complied and continued to comply with the laws of this state relative to such companies, and with such requirements as to justification, as may be prescribed by the head of the department, court, judge, or officer required to approve or accept the same, and provided that such bond, recognizance or undertaking be approved by the head of the department, court, judge or officer required to approve or accept the same. This action shall apply to and authorize any surety company above defined to become surety upon the bond required by law of any state officer, (except the superintendent of insurance,) and of any county, township or municipal officer. Such surety company may be accepted by the officer or officers required to approve such bond, in lieu of the sureties now required by law. 92 O. L. 320. § 3641d. Deposit required of title guaranty and abstract company; requirements as to stock

Every company organized for the purpose of guaranteeing the titles to real property shall before commencing business in this state, deposit an amount equal to one-half its capital stock, and in no event less than the sum of two hundred and fifty thousand dollars, with the superintendent of insurance, in the securities permitted by sections three thousand six hundred and thirty-seven and three thousand six hundred and thirty-eight of the Revised Statutes, and the entire stock of such title guaranty and abstract company shall be paid up, and with the exception of the deposit aforesaid, shall be invested only as the board of directors of said company may prescribe. 92 O. L. 320.

§ 3642. By-laws and regulations

The directors shall choose from their own number by ballot, a president, and shall fill all vacancies that may arise in the board, or in the presidency thereof; the board of directors, or a majority of them, when convened at the office of the company, may appoint a secretary and any other officers or agents necessary for transacting the business of the company, and pay such salaries and take such securities as they may judge reasonable; they may ordain and establish by-laws and regulations not inconsistent

with the constitution and laws of this state and of the United States, as shall appear to them necessary for regulating and conducting the business of the company; but no new by-laws or regulation shall take effect until the same has been approved by the state commissioner of insurance and a copy thereof has been filed in the office of said commissioner, and they shall keep full and correct records of their transactions, which shall, at all times, be open to the inspection of members or stockholders. O. L. 4I.

§ 3643. Extent of liability under policy of insurance

80

Any person, company, or association, hereafter insuring any building or structure against loss or damage by fire or lightning, by a renewal of a policy heretofore issued, or otherwise, shall cause such building or structure to be examined by an agent of the insurer, and a full description thereof to be made, and the insurable value thereof to be fixed by such agent; in the absence of any change increasing the risk without the consent of the insurers, and also of intentional fraud on the part of the insured, in case of total loss, the whole amount mentioned in the policy or renewal upon which the insurers receive a premium shall be paid, and in case of a partial loss the full amount of the partial loss shail be paid; and in case there are two or more policies upon the property, each policy shall contribute to the payment of the whole of the partial loss in proportion to the amount of insurance mentioned in each policy; but in no case shall the insurer be required to pay more than the amount mentioned in its policy. 76 v. 26, § I.

Where policies in several companies each contained a clause reserving the right in case of loss to rebuild, and notice was served by each company separately of its intention to rebuild jointly with the other companies, and the assured then compromised with all companies except defendant and released them from liability: Held, defendant's liability to rebuild was several, and it was not released from its proportionate share of the loss, such share to be ascertained by reference to the aggregate insurance, without regard to the fact that some of the companies had been settled with for a less sum than they were liable for, or that others did not elect to rebuild, or were insolvent or not liable. Good v. Buckeye Mutual Fire Ins. Co., 43 Ohio St. 394. But see Russell v. Ins. Co., 6 N. P. 325 (Sup. Ct., Cin.), that rebuilding clause inconsistent with section 3643.

Where personal property is described in an insurance policy as situate in a particular building, and such place or storage is afterward changed without consent of insurer, and loss accrues, no recovery can be had; and mere