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A BILL
To BE ENTITLED
AN ACT TO AMEND SECTIONS 625.02 AND 611.06
FLCRIJA STATUTES, RELATING TO THE ANOUNT AND
PAR VALUE or CAPITAL STOCK OF INSURANCE AND
SURETY CONPANIES ORGANIZED UNDER THE LAdS OF
THE STATE OF FLORIDA s! PROVIDING THAT THE
PAR VALUE OF SUCH STOCK SHALL NOT as LESS THAN
ONE DOLLAR NOR MORE THAN ONE HUNDRED DOLLARS,
AND REPEALING ALL LAWS IN CONFLICT HEREWITH.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF FLORIDA:
SECTION 1. Section 625.02, Florida Statutes, is
amended to read:
"625.02 CAPITAL STOCK or INSURANCE AND SURETY
COhPsNIEb; AMOUNT AND PAR VALUE.- Every insurance or
surety company incorporated under the laws or this state,
unless otherwise expressly provided, shall have not
less than one hundred thousand dollars capital stock
which shall be diVided into shares having a par value of
not less than one dollar nor more than one hundred dollars
each, payable in lawful money of the United States."
SECTION 2. Section 611.06, Florida Statutes, is
amended to read:
"611.06 CAPITAL STOCK, PAR VALUE AND PAINENT
0F SUBSCRIPTION.~ The capital stock or all corporations
under this chapter may be divided into three classes viz:
common stock, with shares of par value of not less than
ten dollars each, except as to insurance and surety com-
psnies organized under this chapter the par value shall
be not less than one dollar nor more than one hundred
dollars, common stock or no par value to be stated in
the face of the certificate, and preferred stock; and all
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payments of stock and of interest money shall be made
in lawful money of the United States unless it be stated
in the charter that the capital stock or some therein
designated portion of the stock shall be payable in
property, labor or services at a Just valuation to be
fixed by the incorporators, or by the directors at a
meeting called for such purpose, Property, labor or
services may also be purchased or paid for with capital
stock at a Just valuation of such property, labor or
services, to be fixed by the directors of the company at
a meeting called for such purpose. Every corporation
may create two or more kinds of stock of such classes,
with such designations, preferences, and voting powers,
or restrictions or ouslifications thereof, as shall be
stated and expressed in the charter; and may increase
or decrease the stock, as provided by law; but at
no time shall the total amount of the preferred stock
exceed twcthirds of the actual capital paid in cash
or property; and such preferred stock may, if desired,
be made subject to redemption at not less than par,
at a fixed time and price, to be expressed in the ser
tificate thereof, and the holders thereof shall be en-
titled to receive, and the corporation shall be bound
to pay thereon, a fixed yearly dividend to be expressed
in the certificate, not exceeding eight per cent payable
quarterly, half yearly or yearly, before any dividends
shall be set apart or paid on the common stock, and
such dividends may be made cumulative; and in no event
shall a holder of preferred stock be personally liable
for the debts of the corporation: but in case of in-
solvency, its debts or other liabilities shall be paid
in preference to the preferred stock.
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'Unlees its original or amended charter shall
so provide, no corporation shall create preferred stock.
Stookholdere' meetings and meetings or board or directors
may be held in or out of the State of Florida."
SECTION 3. All laws or parts of laws in conflict
herewith are hereby repealed.
SECTION h. This act shall take effect immediately
upon becoming a law.
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12aC LAal ETOS 2.2A -1,D F-1 21. STA -iR1IGT EEAGN PA -,O Cr~a T CK 07 I VU-mL N
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.e m9dF edh 80% tO redemption at 00t eBS ha .t a f=.yed ti:r.e end price, to be e.pressed in ifSente thereof, and the holder3 thereof sha .111E$ 00 reCelVS, QRd the OorOOratiOn 9 o pay thereen, a fixed yearly dividend to be r. the certifisete, no t exceeding eight per c -uarterly, half yearly or yearly, before any .hall te set spart or paid on the common stoc men iloidende mey be made cumulative; and in .5811 n hol-ler of preferred stoeg be persons1 -or the debts of the corporstion; but in 088E
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rporation shall creete Draferred stcok, tinge era meetings of board of directare put of *.he State of Florida." All laws or parts ot' lawa in opnflict by repealed. TLis act shall take effect imi::ediately
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