any judgment that may be rendered against the company, under insurance
policies that it may issue.
 SEC. 874. Annual statement and license tax for insurance companies.-
An insurance company licensed pursuant to this chapter shall file with the
executive secretary of the Canal Zone Government before March 1 of each
year a verified statement showing the business transacted within the Canal
Zone by the company during the previous calendar year and a duly certified
copy of its annual report to an authorized official of the State or country in
which the company is organized. Upon a showing of good cause therefore,
the executive secretary may extend the time for filing the statement for a
period not exceeding two months after March 1.
 An insurance company licensed pursuant to this chapter shall pay before
March 1 of each year, in lieu of all other taxes except the annual fee provided
for by section 876 of this title, a license tax equal to 1/2 percent of its net
premium receipts in the Canal Zone for the proceeding calendar year.
 SEC. 875. Issuance of license.-Upon compliance by a corporation with
the conditions prescribed by sections 872-874 of this tite, and if the Governor
is satisfied that the business desired to be transacted is proper, legitimate and
permissible under the laws of the Canal Zone, and not in conflict with the
policy of administering the Canal Zone as an adjunct of the Panama Canal.
he may issue a license to do business in the Canal Zone.
 SEC. 876. Continuance after first license period.-The right of a corpora-
tion to continue to do business for the calendar year, and the successive
calendar years, after the calendar year during which the original license
was issued, shall be contingent upon: (1) Compliance with the provisions
of this chapter applicable to corporations licensed under it;
 (2) Payment of a license fee of $10, payable in advance, on January 1
of each year; and
 (3) Designation of a new process agent before March 1, if the process
agent previously designated has ceased during a preceding calendar year
to reside within the Canal Zone.
 SEC. 877. Revocation of license.-The Governor may revoke a license
issued pursuant to this chapter if, upon examination, he is satisfied that the
operations of the corporation are conducted in an illegal manner, or in a
manner contrary to public policy or to the policy of administering the Canal
Zone as an adjunct of the Panama Canal.
 SEC. 878. Loss of benefit of statute of limitations.-Corporations doing
business in the Canal Zone which fail to comply with this chapter are not
entitled to the benefit of the laws of the Canal Zone limiting the time for
the commencement of civil actions.
 SEC. 879. Penalties for violation; validity of contracts.-(a) A corpora-
tion which does business in the Canal Zone without having complied with
this chapter shall be fined not more than $500.
 (b) Whoever acts as an officer of, or agent for, a corporation which
has not complied with this chapter, shall be fined not more than $100 or
imprisoned in jail not more than 30 days, or both.