Liability of subscribers. Subscription may be sold on failure to pay. SEC. 4. The board of trustees of the company may call for the amount of unpaid subscriptions from time to time as in their discretion seems best until the full amount of the subcsription shall have been paid in. If a subscriber fails to pay any call made upon his subscription within thirty (30) days after the receipt by him of notice of the call, his subscription may be sold by the corporation in such manner as the by-laws of the company shall provide. The purchaser of the subscription at such sale shall be entitled to a certificate showing his purchase and the amount of capital stock to which he has become entitled thereby and shall thereupon be subrogated to all the rights and liabilities of the original subscribers, including the liability for any further calls which may be made upon the subscriptions. Such sale, however, shall not operate to release the original subscriber from his liability for any subscriber. unpaid portion of his subscription, and no sale made by him of his certificate or shares in the corporation shall release him from liability for any portion of his unpaid subscription. Sale not to release original Reserve fund. SEC. 5. Before transacting any business the company must create a reserve fund equal to at least twenty (20) per centum of its capital stock. Such reserve fund may be created from the sums paid in on account of the capital stock or from any other source the corporation may desire. Said reserve fund shall be invested in United States bonds or in the bonds or warrants of this State or of any county, municipality or school district created under the laws of this State. Said reserve fund shall never be depleted for any purpose, and the securities in which it is invested shall be deposited with some trust company organized and doing business under the laws of this State, in trust for the benefit of any creditors of the corporation. When the corporation has incurred liabilities to the amount of one million ($1,000,000) dollars gross the reserve fund must be increased to an amount not less than ten (10) per centum of the capital stock of the corporation, and for each additional million dollars gross liability an additional ten (10) per centum must be added to the reserve fund, until such time as the entire capital stock shall have been paid in. fund. SEC. 6. The corporation may from time to time, from Surplus the accumulated premiums and profits of its business, or from any other source that the corporation may desire, create a surplus fund which shall be invested in approved securities and held available for the necessary and actual expenses of the corporation, and the payment of its liabilities and such dividends as shall from time to time be legally declared: Provided, That until the full amount of the capital stock is fully paid there shall be no dividends declared, except such as may be applied upon the payment of the several subscriptions to its capital stock. Be by Secre State. incorpora SEC. 7. Corporations formed hereunder shall be under Supervision the supervision of the Secretary of State until such time try of as the Legislature of the State may create the office of an Examiner of Banks and upon the creation of such office they shall come under the supervision of such officer. fore transacting business the subscription list of the corporation, the articles of incorporation and its by-laws shall Articles of be submitted to the examining officer. He shall inquire into bonaws. the solvency of the subscribers to the capital stock, and if he believes them or any of them to be insolvent and unable to meet the subscription to such capital stock, he shall refuse to permit the corporation to transact business until it shall have secured solvent subscribers for the whole of its capital stock. He shall also examine and approve the articles of incorporation and by-laws, and may require such changes therein as he deems necessary for the protection of the stockholders of the company or of those to whom it may incur liability. When satisfied that the corporation is properly qualified to transact business he shall issue to it a certificate authorizing it to enter upon the transaction of the business for which it was created. SEC. 8. Any corporation formed hereunder shall annually, on December 31st, and as often during the year, as the examining officer may require, submit to him a statement, verified under the oath of the president or vicepresident and secretary, showing the amount that has been Annual statement. Fee for examination. Examina tion. Certificate. paid in upon its capital stock; the amount of its liability SEC. 9. Any corporation formed hereunder shall be liable to examination by the examining officer at any time. For such examination he shall receive the fee required to be paid for the examination of banks, such fee to be paid by the corporation at the time of examination. At least once in each year, the examining officer shall examine the securities in which the reserve fund of the corporation is invested. If at any time he shall find that the reserve fund has fallen below the sum required by law, or is invested in securities not permitted by the provisions of this act he shall immediately order the corporation to cease the transaction of business until it shall have complied with this act; and, if it shall fail or refuse to comply with his demand within twenty (20) days, he shall bring suit in the name of the State upon his relation to forfeit the right of such corporation to exist. The Attorney General shall prosecute all suits brought hereunder. SEC. 10. The certificate of the examining officer that any corporation formed hereunder has complied with the provisions of this act and is authorized to do business as a surety company, shall be conclusive evidence of such qualification and of its authorization to become and be accepted as sole surety on all bonds, undertakings, or obligations required or permitted by law or by the charter, ordinance, rules, or regulations of any municipality, board, body, organization or public officer: Provided, however, That whenever the examining officer shall have required any such corporation to cease the transaction of business, such fact may be shown by any proper evidence, and thereupon such company shall not be accepted as surety upon any bond. Passed the Senate March 5th, 1907. Passed the House March 12th, 1907. Approved by the Governor March 15th, 1907. CHAPTER 203. AMENDING ACT CREATING BUREAU OF LABOR. AN ACT to amend section 8 of an act entitled, "An act creating a Bureau of Labor, defining its duties, abolishing the office of Assistant Labor and Factory, Mill and Railway Inspector, repealing chapter XXIX of the Laws of 1897; making an appro priation and declaring an emergency;" Approved March 16, 1901. Be it enacted by the Legislature of the State of Washington: SECTION 1. That section 8 of an act entitled "An Act creating a Bureau of Labor, defining its duties, abolishing the office of Assistant Labor and Factory, Mill and Railway Inspector, repealing chapter XXIX of the Laws of 1897; making an appropriation and declaring an emergency;" approved March 16, 1901, be and the same is hereby amended to read as follows: tion of Commis sioner and SEC. 8. The salary of the Commissioner of Labor, pro- Compensavided for in this act shall be twenty-four hundred (2,400) dollars per annum, and he shall be allowed his actual and assistants. necessary traveling expenses; and any assistant of said Commissioner of Labor shall be paid for each full day service rendered by him, such compensation as the Commissioner of Labor may deem proper, but no such assistant shall be paid to exceed four ($4.00) dollars per day, and his actual and necessary traveling expenses. Passed the Senate February 18th, 1907. Passed the House March 8th, 1907. Approved by the Governor March 15th, 1907. Second class. Third class. Fourth class. CHAPTER 204. [S. B. 119.] SALARIES OF OFFICERS OF CERTAIN COUNTIES. AN ACT amending sections 4, 5, 6 and 7 of an act entitled "An act classifying the counties according to population, enumerating the county officers, fixing the salaries thereof, providing for deputies, collection of fees and payment of salaries," received by the Governor March 26, 1890. Be it enacted by the Legislature of the State of Washington: SECTION 1. That section 4 of an act entitled "An Act classifying the counties according to population, enumcrating the county officers, fixing the salaries thereof, providing for deputies, collection of fees and payment of salaries," received by the Governor March 26, 1890, be amended to read as follows: Sec. 4. County auditor, twenty-four hundred dollars; county clerk, twenty-two hundred dollars; county treasurer, twenty-five hundred dollars; county sheriff, twenty-four hundred dollars; county attorney, twenty-two hundred dollars; county superintendent of common schools, two thousand dollars; county commissioners, fifteen hundred dollars per annum and expenses; county assessor, eighteen hundred dollars; county coroner, one thousand dollars per annum; county surveyor twentyfour hundred dollars per annum. SEC. 2. That section 5 of said act be amended to read as follows: Sec. 5. County auditor, nineteen hundred dollars; county clerk, nineteen hundred dollars; county treasurer, two thousand dollars; county sheriff, nineteen hundred dollars; county attorney, nineteen hundred dollars; county superintendent of common schools, eighteen hundred dollars; county commissioners, eighteen hundred dollars per annum, and necessary expenses; county assessor, fifteen hundred dollars; county coroner, one thousand dollars per annum; county surveyor, nineteen hundred dollars per an num. SEC. 3. That section 6 of said act be amended to read as follows: Sec. 6. County auditor, nineteen hundred dollars; county clerk, nineteen hundred dollars; county treas |