any judgment that may be rendered against the company. I,. il..t iMni ,.ii
policies that it may issue.
 SEC. 874. Annual stal element and license tax for insurcr, .. .. *f*g',i"i -
An insurance company licensed pursuant to this chapter sl, ll 11 .. l. I 1I.
executive secretary of the Canal Zone Government before \1 I,... I ..t ,. 1.I
year a verified statement showing the business transacted .irl.i i, t. C.11iil
Zone by the company during the previous calendar year and I .1i1, II, .I
copy of its annual report to an authorized official of the St f ... 1,...... 111
which the company is organized. Upon a showing of goc.l .....i.. rl......t.
the executive secretary may extend the time for filing th,- .r.,t,:,.,...l t...,
period not exceeding two months after March 1.
 An insurance company licensed pursuant to this chapter 'lii1i 1':I..l.
March 1 of each year, in lieu of all other taxes except the an~I il I I .'tI, l. .1I
for by section 876 of this title, a license tax equal to 1' I.-" '.-it it ir, ,.i
premium receipts in the Canal Zone for the proceeding cal:r .... 1 ..c.,,

 SEC. 875. Issuance of license.-Upon compliance by a ..i I|..'.ii,. l.
the conditions prescribed by sections 872-874 of this title, a II ,! rl., (,, ......,
is satisfied that the business desired to be transacted is prop', !.. i i ir. ...i..
permissible under the laws of the Canal Zone, and not in .:i ]li.:l tl. !,
policy of administering the Canal Zone as an adjunct of tih P.,.i.... i I.l
he may issue a license to do business in the Canal Zone.

 SEC. 876. Continuance after first license period.-The l, i'r .f. ...r. I-
tion to continue to do business for the calendar year, arn .I Ih-i 'I.:.::
calendar years, after the calendar year during which th .i., .. i
was issued, shall be contingent upon: (1) Compliance wul, II.. ... ,i.,',
of this chapter applicable to corporations licensed under it
 (2) Payment of a license fee of $10, payable in advan.r ..11 1.111',1. I
of each year; and
 (3) Designation of a new process agent before March 1. II iI- ':'
agent previously designated has ceased during a precediI.: .lI,.II 1 I. I
to reside within the Canal Zone.
 SEC. 877. Revocation of license.--The Governor may .. -... Il.i,,,I
issued pursuant to this chapter if, upon examination, he is iiri..h.I rl. ri t..
operations of the corporation are conducted in an illegal ii...II.' .."i 11 .1
manner contrary to public policy or to the policy of admin:i;.,- ,i iI.- (I ,,i i
Zone as an adjunct of the Panama Canal.
 SEC. 878. Loss of benefit of statute of limitations.-C !..!..,t..i,,, .i..,,' .
business in the Canal Zone which fail to comply with thi' hl .- l,- I r.it
entitled to the benefit of the laws of the Canal Zone lim:rnii4 H1r. ril,, I.1-
the commencement of civil actions.
 SEC. 879. Penalties for violation; validity of contracts.-i .\ ......
tion which does business in the Canal Zone without haviti, .... r l.l~ it l
this chapter shall be fined not more than $500.
 (b) Whoever acts as an officer of, or agent for, a ce.t'... Ii.,l. hi I,...,I
has not complied with this chapter, shall be fined not min 11i..i i liit1 1.
imprisoned in jail not more than 30 days, or both.