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General statute la

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
GENERAL STATUTE LAWS

OF THE

STATE OF NEW YORK

RELATING TO

Fire, Marine, Life and Casualty
INSURANCE COMPANIES,

AND ALL

MISCELLANEOUS INSURANCE LAWS

PASSED BY THE LEGISLATURE FROM 1859 TO AND INCLUDING 1877.

COMPILED BY
WILLIAM ,yBARNES,
LATE SUPERINTENDENT OF THE INSURANCE DEPARTMENT,
AND

JOHN F. SMYTH,

SUPERINTENDENT. |

EIGHTH EDITION.

ALBANY:
WEED, PARSONS AND COMPANY, PRINTERS.
1877.
BF2T6) c. 2

Entered, according to Act of Congress, in the year 1874,
By WEED, PARSONS AND COMPANY,
In the office of the Librarian of Congress, at Washington.

 
EXTRACT FROM THE

CONSTITUTION OF THE STATE OF NEW YORK,

Adopted November 3d, A. D. 1846.

ARTICLE VIII.

SEcTION 1. Corporations may be formed under Corpor:

general laws; but shall not be created by special act,
except for municipal purposes, and in cases where, in
the judgment of the Legislature, the objects of the }
corporation cannot be attained under general laws.
All general laws and special acts, passed pursuant
to this section, may be altered from time to time, or

«repealed.

# § 2. Dues from corporations shall be secured by
‘such individual liability of the corporators, and other
neaps, as may be prescribed by law.

: § 3. The term corporations,'as used in this article,
shall be construed to include all associations and
joint-stock companies having any of the powers.or
privileges of corporations uot possessed by individ-
uals or partnerships. And all corporations shall
have the right to sue and shall be subject to be sued
in all courts in like cases as natural persons.

tions, how
created.
26 Barb.,
657.

20 0 paths 9

1 Sparb.,

1
15 Barb.,
657.

Debts of
corpora-
tions.

1 Barb. Ch
547.
EXTRACT FROM THE REVISED STATUTES

d IN RELATION TO

Applications to the Legislature, for Acts of Incorporation, |
Amendments, etc.

Section 1. All persons applying to divide or alter
the bounds of any county, city or village; or to erect
a new county ; or to incorporate a new city or village:

And all persons applying for the removal of any
court-house, or the imposing of a tax for making or
improving a road, or for any other local purpose in
any county, where all or any of the inhabitants of
such county are proposed to be taxed:

Shall give notice of such intended application by
advertisement to be published for at least six weeks
successively, immediately before such application, or
before the first day of the session at which the same
is to be made, in a newspaper printed in the county
or in each of the counties where the objects of such
application are intended to be carried into effect, and
also in case of intended application for the imposi-
tion of any tax as aforesaid, in the State paper.
[Laws of 1818, p. 121; and Revised Statutes, part I,
chap. VII, title 3,§ 1; Vol. I, p. 154, Edmonds’ edi
tion.

§ 1 Every association intending to apply to the
Legislature for an act of incorporation, and every cor-
poration intending to apply for an alteration, amend-
ment or extension of its charter, shall cause the like
notice of such application to be published in the State
paper, and also in a newspaper printed in the county
in which such corporation is intended to be, or shall
have been established. [Laws of 1818, p. 121; and
Revised Statutes, part I, chap. VII, title 3, § 2; Vol. I,
p. 154, Edmonds’ edition.]

Notice of *
intention ta

published.

Publication
of notice by
certain as-
sociations.
8

Publication
of notice,
how made.

Contents of
notice,

INSURANCE DEPARTMENT.

§ 3. If no newspaper be printed in a county in
which any notice is required to be published, such
notice shall be published in like manner, in the place
nearest thereto in which a newspaper shall be printed.
[Laws of 1818, p. 121; and Revised Statutes, part J,
chap. VII, title 3, § 3. Vol. I, p. 154, Hdmonds’ edi-
tion.]

§ 4. If the application be for an act of incorpora-
tion, the notice shall specify the amount of the capi-
tal stock requisite to carry the objects of such incor-
poration into effect; and-if the application be for an
alteration in any charter already granted, the notice
shall state specitically the alternation intended to be
applied for. [Laws of 1818, p. 121; and Revised Stat-
utes, part I, chap. VII, title 3,§ 4. Vol. I, p. 154,
Edmonds’ edition.]
«

LAWS RELATING TO

THE

INSURANCE DEPARTMENT.

Chap. 366.

AN AOT TO ESTABLISH AN INSURANCE DEPART-
MENT, passed April 15, 1859 (three-fifths being
present) ;

With amendments and additions to January 1st, 1869.

SECTION 1.

Separate Insurance Department established.

2. Title of Chief Officer; how appointed; term of office;

8.
9.

salary; deputy and clerks ; official bond; salary of
Superintendent increased.

. Powers and duties of the Superintendent; annual reports ;

number to be printed.

. Official seal and certificates; certificates, when to be

received in evidence and: recorded.

. Books and papers to be transferred from office of Secretary

of State and Comptroller.

. Roomsin the State Hall to be assigned to the Superintendent.
. Fees; expenses of Department; assessment in certain

cases ; fees for filing annual statements of Marine and
Life Companies ; taxes on premiums, when paid; upon
what premiums taxes are payable; deposits of securi-
ties and payment of fees, fines, taxes, etc., required of
other States in certain cases.

Repealing section.

When act to take effect.

The People of the State of New York, represented in
Senate and Assembly, do enact as follows:

Section 1. There is hereby established a separate
and distinct department, which shall be charged with
the execution of the laws heretofore passed, or that
inay be hereatter passed, in relation to insurance.
[Laws of 1859, chap. 366, § 1.]

2

Seperate
Insurance
Depart-
ment cstab
lished,
10

Name of
officer.

Superin-
tendent,
how ap-
pointed.

His salary.

Clerks and
their com-
pensation.

Deputy
_Superin-
tendent.
His powers
and duties,

Official
oath of
Superin-
tendent and
Deputy.

Official

bond of
Superin-
tendent.

Salary of
Superin-
tendent in-
creased,

Powers of
Superinten-
dent of In-
surance De-
partment,

INSURANCE DEPARTMENT OF

§ 2. The chief officer of said department shall be
denominated the Superintendent of the Insurance
Department. He shall be appointed by the Governor,
by and with the advice of the Sehate, and shall hold
his office for the term of three years. He shall
receive the same annual salary as the Superintendent
of the Bank Department, to be paid quarterly. He
shall employ, from time to time, the necessary clerks
to discharge such duty as he shall assign them, whose
compensation shall be paid to them monthly, on his
certificate, and upon the warrant of the Comptroller.
He shall appoint one of the said clerks to be his
Deputy, who shall possess the powers, and perform |
the duties attached by law to the office of principal,
during a vacancy in such office, and during the ab-
sence or inability of his principal. Within fifteen days
from the time of notice'of their appointment, respect-
ively, the Superintendent and his Deputy shall take
and subscribe the oath of office prescribed by the Con-
stitution, and file the same in the office of the Secretary
of State, and the said officers shall be in all respects
subject to the provisions of the sixth title of chapter
five of the first part of the Revised Statutes, so far as
the same may be applicable; and the said Superin-
tendent of the Insurance Department shall give to
the people of the State of New York a bond in tle
penalty of ten thousand dollars, with two sureties, to
be approved of by the Comptroller, conditioned for
the faithful discharge of the duties of his office: and
the said Superintendent shall not, either directly or
indirectly, be interested in any insurance company.
[Laws of 1859, chap. 366, § 2, as amended by Laws of
1861, chap. 326, § 1.]

The annual salary of the Superintendent of the
Insurauce Department from and after the first day
of January last, is hereby increased in the sum of two
thousand dollars per annum, payable quarterly in the
usual manner out of the funds of said department.
[Laws of 1868, chap. 732, § 5.]

§ 3. The Superintendent of the Insurance Depart-
meuvt shall possess all the powers, perform all the
duties, and be subjected to all tbe obligations and
penalties, now conferred by law upon the Comptroller
THE STATE OF NEW YORK.

of this State, or to which the Comptroller is subject
in relation to insurance companies and the formation
thereof, under the laws relating thereto, so that every
power and duty thereby conferred on the Comptroller
shall, from and after the appointment of such Super-
intendent, be transferred to and conferred upon the
said Superintendent. In addition to the requirements
of the Laws of eighteen hundred and _ fifty-three
relating to the annual reports relative to insurance,
the Superintendent shall be required to report the
names and compensation of the clerks employed by
him, and the whole amount of expenses of. the de-
partment during the year ; such report shall be made
by or before the first day of April, and fifteen hun-
dred copies for the use of the Superintendent, and
the usual number of copies for the use of the Legis-
lature, shall be printed by the printer employed to
print legislative documents. [Laws of 1859, chap.
366, § 3, as amended by Laws of 1866, chap. 514, § 1.]

§ 4. The said Superintendent, with the approval of
the Governor, shall devise a seal, with suitable inscrip-
tions, for his office, a description of which, with a
certificate of approval by the Governor, shall be filed
in the office of the Secretary of the State, with an
impression thereof, which seal shall thereupon be
and become the seal of office of the Superintendent
of the Insurance Department, and the same may
be renewed whenever necessary. Every certificate.
assigninent or conveyance executed by the said
Superintendent, in pursuance of any authority col-
ferred on him by law, and sealed with his said seal
of office, shall be received as evidence, and may be
recorded, in the proper recording offices, in the same
manner aud with the like effect as a deed regularly
acknowledged or proved before an officer authorized
by law to take the proof or acknowledgment of
deeds; and all copies of papers in the office of the
said Superintendent, certified by him and authenti-
cated by the said seal, shall in all cases be evidence
equally and in like manuer as the original. An
impression of said seal directly on paper shall be as
valid as if made on a wafer or wax. [Laws of 1859,
chap. 366, § 4.]

11

Annual re-
ports.

Number of
copies of
report to
be printed.

Official seal

Certificates,
etc., to be
received as
evidence
and record-
ed.
12

Books,
papers, etc.,
un Office of
Comptrol-
er and
Secretary of
State to be
transferred
to Superin-
tendent of
Insurance
Department

 

ooms
assigned to
Superin-
tendent.

Insurance
companies
to pay cer-
tain fees to
Insurance
Depart- °
ment.

Assess-
ments to be
made upon
Insurance
Companies
by Superin-
tendent.

INSURANCE DEPARTMENT OF

§ 5. All books, papers and documents, securities,
stocks, bonds and mortgages, and all other papers
whatever in the Comptroller's office, and in the office
of the Secretary of State, relating to the business of
insurance, shall, on demand, be delivered and trans-
ferred to the Superintendent of the Insurance Depart-
ment, and be and remain in his charge and custody.
[Laws of 1859, chap. 366, § 5.]

§ 6. There shall be assigned to the said Superin-
tendent, by the trustees of the State Hall, suitable
rooms therein for conducting the business of said
department, and the said Superintendent shall,
from time to time, furnish the necessary furniture,
stationery, fuel, lights, and other proper conveniences
for the transaction of the said business, the expenses
of which shall be paid on the certificate of the
Superintendent and the warrant of the Comptroller.
[Laws of 1859, chap. 366, § 6.]

§ 7. There shall be paid by every company, asso-
ciation, person or persons, or agent, to whom this
act shall apply, the following fees towards paying
the expenses of executing this act: For filing the
declaration now required by law, or the certified
copy of a charter also now required, the sum of
thirty dollars; for filing the annual statement now
required, twenty dollars; for each certificate of
authority and certified copy thereof, five dollars; for
every copy of paper filed in his office, the sum of
ten cents per folio, and for affixing the seal of said
office to such copy and certifying the same, one
dollar. In case the expenses of said department
shall exceed the awount of fees collected under this
act, and paid into the State Treasury (exclusive of
the tax upon marine premiums), the excess of such
expenses shall be annually assessed by the Superin-
tendent, pro rata upon all the stock insurance com-
panies of this State; and the said Superintendent is
hereby empowered to collect such assessments and
pay the same into the State Treasury. [Laws of
1859, chap. 366, § 7, as modified by Laws of 1862, chap.
367, § 5, and by Laws of 1865, chap. 328, § 3.] -
THE STATE OF NEW YORK.

The fees for filing the annual statements of all
Marine and Life Insurance Companies transacting
business in this State are hereby fixed at fifty dollars
each. [Laws of 1868, chap. 782, § 5.]

The taxes on premiums which by existing laws are
required to be paid into the State Treasury, and for
the benefit of the fire departments of the several
cities and incorporated villages of this State, on the
first day of February in each year, and all taxes on
premiums which now are or hereafter shall be required
by law to be paid to the Superintendent of the Insur-
ance Department, shall hereafter be paid on the first
day of January in each year, and shall be upon the
premiums which during the year or part of the year
ending on the preceding thirty-first day of December
shall have been received by any insurance company,
or by any person acting as agent therefor, or for any
individuals or association of individuals, not incor-
porated or authorized by the laws of this State, to
effect insurances against fire, inland, marine, life,
casualty or other losses and risks, or which shall have
been received by any person for any such company
or agent, or shall have been agreed to be paid for
any insurance effected or agreed to be effected or
procured by such company or agent, or against fire,
inland, marine, life, casualty or other risks, although
such companies, associations or individuals may be
incorporated or authorized for that purpose by any
other State or country.* [Laws of 1866, chap. 825, § 1.]

Whenever the existing or future laws of any other
“State, of the United States, shall require of insurance
companies incorporated by or organized under the
laws of this State, and having agencies in such other
State, or of the agents thereof, any deposit of secur-
ities in such State for the protection of policy holders,
or otherwise, or any payment for taxes, fines, penal-
ties, certificates of authority, license fees, or other-
wise, greater than the amount required for such
purposes from similar companies of other States by
the then existing laws of this State, then, and in

 

* An act entitled “AN ACT in relation to the payment of taxes by insurance
companies of other States and countries, and their agents,” passed April 27, 1866.

13

Fees fo
filing Ma-
rine and
Life stat
ments,

Taxes on
premiums,
when paid.

4

Upon what
remiums
xes are

payable.

Deposit of
securities
and pay-
ment of
fees, fines,
taxes, etc.,
required of
insurance
companies
of other
States in
certain
cases.
14 INSURANCE DEPARTMENT.

every such case, all companies of such States estab-
lishing or having heretofore established an agency
or agencies in this State, shall be and are hereby
required to make the same deposit for a like purpose
in the Insurance Department of this State, and to
pay to the Superintendent of said department for
taxes, fines, penalties, certificates of authority,
license fees and otherwise, an amount equal to the
amount of such charges and payments imposed by
the laws of such State upon the companies of this
State and the agents thereof.* [Laws of 1865, chap..

694, § 1.]

Repeal. § 8 All laws or parts of laws inconsistent with
this act are hereby repealed. [Laws of 1859, chap.
366, § 8.]

Act to take § 9. This act shall take effect on the first day of
a January next. [Laws of 1859, chap. 366, § 9.]

 

* An act entitled “AN ACT in relation to the deposits required to be made, and
the taxes, fines, fees and other charges, parable y insurance companies of sister
States,” passed May 11, 1865, three-fifths being present.
LAWS RELATING TO

FIRE INSURANCE COMPANIES.

Chap. 466.

AN ACT TO. PROVIDE FOR THE INCORPORATION OF
FrrrE INSURANCE COMPANIES; passed June 25

1853,

With amendments and additions to January Ist,

1869.

Section 1.

eo 0

2 OI OP

10.

11.
12.
18.

Corporations may be formed; their purposes; powers of
inland navigation insurance companies; powers of
insurance companies hereafter incorporated.

. Power to re-insure risks taken.
. Declaration to be filed in office of the Superintendent of

the Insurance Department ; its contents; notice to be
published. °
Charter comprised in declaration ; what to contain.

. Companies not to deal in goods, wares, etc. ; exception.
. No joint-stock or mutual company to be formed, unless on

complying with certain provisions, etc.

. Books of subscription to be opened.
. Investments of capital and surplus funds of companies, in

bonds, mortgages and stocks.

. Real estate not to be purchased, held or conveyed by com

panies, except for certain purposes ; time for selling real
estate may be extended.

The charter, etc., to be examined by Attorney-General ;
examination as to capital to be made by Superintendent
of the Insurance Department or by three Commissioners ;
certificates, etc.

Corporators, etc., to have power to make certain by-laws;
common seal.

Dividends to be made from surplus profits; penalty for
improperly declaring dividends.

Notes to be held as security for losses in mutual fire
insurance companies, until what time; directors to
determine amount of note to be given in addition to
cash premium; settlement of losses, etc.

.
16

Section 14.

FIRE INSURANCE LAWS OF

. Mutual companies may unite a cash capital to premium»
proviso; joint-stock company may allow the insured to
participate in the profits ; scrip may be issued ; redemp
tion thereof, etc.

15. Word “ Mutual” to appear on first page of every policy

16.
17.
18.

19.

20.
21.

23.

24.

25.
26.

etc., of mutual companies, arfd “Stock,” on policies of
cash stock companies. :

Suits may be maintained by stockholders against corpora-
tion, etc.; members not parties may be witnesses.

Trustees, corpo:ators, etc., to be responsible for debts in
certain cases, etc.

Existing joint-stock companies may reorganize under
general act; mutual may become joint-stock compa-
nies; mutual companies may extend term of their char-
ters; proceedings thereon.

Capital of companies may be increased; proceedings
thereon. ;

Companies formed under act of April 10, 1849, brought

- under this act; exceptions.

Companies formed anor this act, bodies corporate and
politic, and subject to Revised Statutes, etc.

. Annual statement to be made by company to Superintend-
ent of the Insurance Department; its contents; annual
report of the Superintendent to the Legislature, ete.

Fire insurance corporations of other States and foreign
countries not to take risks, etc., unless they comply with
certain provisions; penalty for violation of provisions
of section ; definition of term “agent” ; foreign insurance
companies to make annual statements ; penalty for fail-
ure to make annual statements ; when annual statements
of foreign companies to be made and filed.

Superintendent of the Insurance Department may appoint
one or more persons to make examinations ; duties and
powers of such persons; duty of the Superintendent.
and of the Attorney-General, etc.

Penalties, how sued for and recovered.

Length of charters; power of Legislature to repeal acta
and dissolve companies.

27. Fees to be paid to county clerk.
28. Act of April 10, 1849, repealed as to fire and inland navi-

29.

gation insurance ; exception.

en act to take effect; exception as to companies
whose officers have complied with law of 1849, etc.;
declarations filed under act of April 10, 1849, sufficient ;
insurance companies may have lien upon the stock or
certificates of profit of members; capital stock of joint
stock fire and marine insurance companies may be
reduced ; extent of reduction ; no reduction of capital to
be made except upon a resolution of board of directors ;
when capital reduced, certificates to be executed by
Superintendent; charter of company deemed to be
amended after filing of certificate in county clerk’s
office; old certificates of stock may be returned, and new
certificates issued in lieu thereof; capital stock, when
and how increased, after reduction; receivers and trus-
tees of insurance companies required to make statement
to Superintendent.
THE STATE OF NEW YORK.

The People of the State of New York, represented in
Senate and Assembly, do enact as follows:

SECTION 1. Any number of persons, not.less than
thirteen, may associate and form an incorporated
company for the following purposes, to wit:

To make insurance on dwelling-houses, stores and
all kinds of buildings, and upon household furniture
and other property, against loss or damage by fire,
and the risks of inland navigation and transporta-
tion. [Laws of 1853, chap. 466, § 1.]

Any and all insurance companies, incorporated
under the provisions of the act entitled “ An act to
provide for the incorporation of insurance compa-
nies,” passed April tenth, eighteen hundred and for-
ty-nine ; or under the provisions of the act entitled
‘*‘ An act to provide for the incorporation of fire msur-
ance companies,’ passed June twenty-fifth, eighteen
hundred and fifty-three; which shall, in the declara-
tion and charter provided to be filed by the third
sections of such acts respectively, have expressed an
intention to make insurance, or which shall have
power to make insurance against loss or damage by
the risks of inland navigation or transportation, shall
have power to make insurance upon vessels, boats,
cargoes, goods, merchandise, freights and other prop-
erty against loss and damage by all or any of the
risks of lake, river, canal and inland navigation and
transportation. [Laws of 1861, chap. 92, § 1.]

Any insurance company hereafter incorporated
under the last of said acts, may have the powers
aforesaid, if in its charter it shall express its intent to
exercise such powers. [Laws of 1861, chap. 92, § 2.]

§ 2. Any company organized under this act, shall
have power to effect re-insurance of avy risks taken
by .them respectively. [Laws of 1853, chap. 466, § 2.]

§ 38. Such persons shal) file in the office of the
Superintendent of the Insurance Department* a
declaration, signed by all the corporators, express-
ing their intention to form a company for the pur-

 

* The words, *‘ said Superintendent,” or *‘ Superintendent of the Insurance De-
partment,” are substituted for ‘ eee these laws, in accord-
ance with the provisions of chap. 366, Laws of 1859.

3

17

Corpora-
tions may
be formed,
31 Barb., 176

Powers of
inland
navigation
insurance
companies,

Inland nav
igation in-
surance
companies
hereafter
incorpo-
rated.

To effect re-
insurance.

Declarton

e filed,
and con-
tents there-
of.
18

Charter,
what,to
contain.

Company
not to deal
in goods,
wares, etc.

Joiut-stock
conipany
not to be
formed in
N. Y. city,
nor in coun-
ty of Kings,
unless com-
plying with
certain pro-
visions.

FIRE INSURANCE LAWS OF

pose of transacting the business of insurance, as
expressed in the first section of this act, which
declaration shall also comprise a copy of the charter
proposed to be adopted by them, and shall publish a
notice of such their intention, onée in each week, for
at least six weeks, in a public newspaper in the
county in which such insurance company is proposed
to be located. [Laws of 1853, chap. 466, § 3.]

§ 4. The charter comprised in such declaration,
shall set forth the name of the company ; the place
where the principal office for the transaction of its
business shall be located; the mode and manner in
which the corporate powers granted by this act are
to be exercised ; the mode and manner of electing
trustees or directors, a majority of whom shall be
citizens of this State; and of filling vacancies (but
each director of a stock company shall be the owner
in his own right of at least five hundred dollars worth
of the stock of such company, at its par value); the
period for the commencement and termination of its
fiscal year, and the amount of capital to be employed
in the transaction of its business; and the Superin-
tendent of the Insurance Department shall have the
right to reject any name or title of any company
applied for, when he shall deem the name too similar
to one already appropriated, or likely to mislead the
public in any respect. [Laws of 1853, chap. 466, § 4.]

§ 5. No company formed under this act shall
directly or indirectly, deal or trade in buying or sell-
ing any goods, wares, merchandise, or other com-
modities whatever, excepting such articles as may
have been insured by any company, and are claimed
to be damaged by fire or water. [Laws of 1853, chap.
466, § 5.]

§ 6. No joint-stock company shall be incorporated
under this act in the city and county of New York,
nor in the county of Kings, nor shall any company
incorporated under this act establish any agency for
the transaction of business in either of said counties,
with a smaller capital than two hundred thousand
dollars, nor in any other county in this State with a
smaller capital than fifty thousand dollars ; nor shall
any company formed for the purpose of doing the
THE STATE OF NEW YORE.

business of fire or inland navigation insurance, on
the plan of mutual insurance, commence business, if
located in the city of New York or in the county of
Kings, nor establish any agency for the transaction
of business in either of said counties, until agree-
ments have been entered into for insurance with at
least four hundred applicants, the premiums on which
shall amount to not less than two hundred thousand
dollars, of which forty thousand dollars at least shall
have been paid in cash, and notes of solvent parties,
founded on actual and bona fide applications for
insurance, shall have been received for the remainder ;
nor shall any mutual insurance company in any other
county of the State commence business until agree-
ments have been entered into for insurance with at
least two hundred applicants, the premiums on which
shall amount to not less than one hundred thousand
‘dollars, of which twenty thousand dollars at least shall
have been paid in cash, and votes of.solvent parties,
founded on actual and bona fide applications for in-
surance, shall have been received for the remainder.
No one of the notes received as aforesaid shall
amount to more than five hundred doilars; and no
two shall be given for the same risk, or be made by
the same person or firm, except where the whole
amount of such notes shall not exceed five hundred
dollars; nor shall any such note be represented as
capital stock unless a policy be issued upon the same
within thirty days after the organization of the com-
pany, upon a risk which shall be for no shorter period
than twelve months. Each of said notes shall be

payable, in part or iv whole, at any time when the

directors shall deem the same requisite for the pay-
ment of losses by fire or inland navigation, and such
incidental expenses as may be necessary for transact-
ing the business of said company. And no note
shall be accepted as part of such capital stock, unless
the same shall be accompanied by a certificate of a
justice of the peace or supervisor of the town or city
where the person making such note shall reside, that
the person making the same is, in his opinion, pecu-
niarily good and responsible for the same, and no
such note shall be surrendered during the life of the

19

Mutual in-
surance
companies,
etc., to com-
mence busi-
ness only on
compliance
with cer-
tain condi-
tions,

Restris tion
.-0Ks of
t oscrip:
tion to be
opened.

Capital and
surplas
funds of.

bonds and
mortgages
on real es-
tate, and in
United
States,
State, city
and county
stocks.

40 Barb., 499.

FIRE INSURANCE LAWS OF

policy for which it was given. No fire’ insurance
company organized under this act or transacting
business in this State, shall expose itself to any loss
on any one fire or inland navigation risk, or hazard,
to an amount exceeding ten per cent of its paid up
capital. [Laws of 1853, chap. 466, § 6, as amended by
Laws of 1854, chap. 369, § 1, and by Laws of 1862,
chap. 367, § 1.]

§ 7. It shall and may be lawful for the individ-
uals associated for the purpose of organizing any
company under this act, after having published the
notice and filed their declaration and charter, as
required by the third section of this act, and also on
filing in the office of the Superintendent of the Insur-
ance Department proof of such publication, by the
affidavit of the publisher of such newspaper, his
foreman or clerk, to open books for subscription to
the capital stock of the company so intended to be
organized, and to keep the same open until the full
amount specified in the charter is subscribed ; or in
case the business of such company is proposed to be
conducted on the plan of mutual insurance, then to
open books to receive propositions, and enter into
agreements in the manner and to the extent specified
in the sixth section of this act. [Laws of 1853, chap.
466, §7.]

§ 8 It shall be lawful for any fire insurance
company organized under this act, or incorporated
under any law of this State, to invest its capital,
and the funds accumulated in the course of its
business, or any part thereof, in bonds and mort-
gages on unincumbered improved real estate within
the State of New York, worth fifty per cent more
than the sum loaned thereon, exclusive of buildings,
unless such buildings are insured and the policy
transferred to said company, and also in the stocks
of this State or stocks or treasury notes of the United
States, and also in the stocks and bonds of any county
or incorporated city in this State, authorized to be
issued by the Legislature, and to lend the same or any
part thereof, on the security of such stocks or bonds
or treasury notes, or upon bonds and mortgages as
aforesaid, and to changeand re-invest the same as occa-
THE STATE OF NEW YORK.

sion may from time to time require; but any surplus
money over and above the capital stock of any such fire
and inland navigation insurance companies, or any fire
insurance companies, incorporated under any law of
this State, may be invested in, or loaned upon the
pledge of the public stock or bonds of the United
States, or any one of the States, or the stocks, bonds
or other evidences of indebtedness of any solvent
dividend-paying institutions incorporated under the
laws of this State or of the United States, except
their own stock, provided, always, that the current
market value of such stocks, bonds and other evi-
dences of indebtedness, shall be at all times, during
the continuance of such loans, at least ten per cent
more than the sum loaned thereon. [Laws of 1853,
chap. 466, § 8, as amended by Laws of 1862, chap. 367
§ 2, and by Laws of 1864, chap. 563, § 1.]

§ 9. No company organized by or under this act
shall purchase, hold or convey real estate, excepting
for the purposes and in the manner herein set forth,
to wit:

1. Such as shall be requisite for its convenient
accommodation in the transaction of its business ; or,

2. Such as shall have been mortgaged to it in good
faith, by way of security for loans previously con-
tracted, or for money due ; or,

3. Such as shall have been conveyed to it in satis-
faction of debts previously contracted in their legiti-
mate business; or for money due; or,

4. Such as shall have been purchased at sales upon
judgments, decrees or mortgages obtained or made
for such debts; and it shall not be lawful for any
such company to purchase, hold or convey real estate
in any other case, or for any other purpose ; and all
such real estate as may be acquired, as aforesaid, and
which shall not be necessary for the accommodation
of such company in the transaction of its business,
shall be sold and. disposed of within five years after
such company shall have acquired title thereto, unless
the company shall procure a certificate from the
Superintendent of the Insurance Department, that
the interests of the company will suffer materially by
a forced sale thereof, in which event the ‘sale nay be

21

Investment
of surplus
above capi-
tal stock, in
United
States and
State
stocks, etc.

Real estate
not to be
held, except
for certain
purposes
and in acer-
tain man-
ner.
Extension
of time for
selling real
estate,

Attorney -
General to
examine
charter, etc.
40 Barb., 499,

Examina-
tion by Su-
perintend-

ent or Com-

missioners.
410 Barb.. 499,

FIRE INSURANCE LAWS OF

postponed for such a period as the said Superintead-
ent shall direct in said certificate; and the said
Superintendent may also give such certificate and
extend the time for holding real, estate, in the like
circumstances, on the application of any insurance
company heretofore incorporated. [Laws of 1853,
chap. 466, § 9.]

The time within which any fire insurance com-
pany of this State may sell and convey real estate
now held or owned by it, is hereby extended five
years from the passage of this act. [Laws of 1864,
chap 563, § 3.]

§ 10. The charter and proof of publication herein
required to be filed by every such company shall
be examined by the Attorney-General, and, if found
conformable to this act and not inconsistent with
the Constitution or laws of this State, shall bé cer-
tified by him to the Superintendent of the Insur--
ance Department, who shall thereupon cause an
examination to be made, either by himself or by
three disinterested persons specially appointed by
him for that purpose, who shall certify, under oath,
that the capital herein required of the company
named in the charter, according to the nature of the
business proposed to be transacted by such company,
has been paid in and is possessed by it in movey, or
in such stocks and bonds and mortgages as are
required by the eighth section of this act, or, if a
mutual company, that it has received and is in actual
possession of the capital, premiums or bona fide
engagements of insurance, or other securities, as the
case may be, to the full extent and of the value
required by the sixth section of this act; and the
name and the residence of the maker of each pre-
mium note forming part of the capital, and the
amount of such note, shall be returned to the said
Superintendent; and the corporators or officers of
such company shall be required to certify, under
oath, that the capital exhibited to those persons is
bona fide property of the company. Such certificates
shall be filed in the office of the said Superintendent,
who shall thereupon deliver to such company a certi-
fied copy of the charter and of said certificates,
THE STATE OF NEW YORK.

which, on being filed in the office of the clerk of the
county where the company is to be located, shall be
their authority to commence business and issue poli-
cies ; and such certified copy of the charter and of
said certificates may be used in evidence for or
against said company, with the same effect with the
originals. [Laws of 1853, chap. 466, § 10.]

§ 11. The corporators, or the trustees or directors,
as the case may be, of any company organized under
this act, shall have power to make such by-laws, not
inconsistent with the Constitution or laws of this
State, as may .be deemed necessary for the govern-
ment of its officers and the conduct of its affairs, and
the same, when necessary, to alter and amend; and
they and their successors may have a common seal,
and may change and alter the same. at their pleasure.
[Laws of 1853, chap. 466, § 11.].

§ 12. It shall not be lawful for the directors,
trustees or managers of any fire insurance com-
pany to make any dividend, except from the surplus
profits arising from their business; and in estimating
such profits there shall be reserved therefrom a sum
equal to the whole amount of premiums on unexpired
risks and policies, which are hereby declared to be un-
earned premiums, and also there shall be reserved all
sums due the corporation on bonds and mortgages,
bonds, stocks and book accounts, of which no part of
the principal or the interest thereon has been paid
during the last year, and for which foreclosure or suit
has not been commenced for collection, or which,

after judgment obtained thereon, shall have remained

more than two years unsatisfied, and on which inter-
est shall not have been paid, and also there shall be
reserved all interest due or accrued and remaining
unpaid: provided, always, that any company may
declare dividends not exceeding ten per cent on its
capital stock, in any one year, that shall have accu-
mulated and be in possession of. a fund, in addition
to the amount of its capital stock, and of such divi-
dend, and all actual outstanding liabilities, equal to
one-half of the amount of all premiums on risks not
terminated at the time of making such dividend.

23

Directors
to make
by-laws.

Common
seal,

Restric-
tions on.

- dividend

Risks not
matured,

Reserva-
tions,
24

Penalty for

improperly

declarin,
idends.

Notes to

41 Barb 151.
37 Barb., 596.
36 Barb., 210.

25 Barb., 113.
21 Barb., 221.
25 How.., 88.

36 Barb., 210.

Persons
effecting in-
surance in
mutual
companies
to become
members
thereof.

FIRE INSURANCE LAWS OF

Any dividend made contrary to these provisions shall
subject the company making the same to a forfeiture
of its charter, and each stockholder receiving it to a
liability to the creditors of sugh company, to the
extent of the dividend received, in addition to the
other penalties and punishments in such case made
and provided. This section shall not apply to the
declaration of scrip dividends by participating com-
panies; but no such scrip dividends shall be paid,
except from surplus profits, after reserving all sums
as above provided, including the whole amount of
premiums on unexpired risks. The word “year,”
wherever used in this section, shall be construed to
mean the calendar year. [Laws of 1853, chap. 466, §
12; as amended by Laws of 1862, chap. 367, § 3; by
Laws of 1864, chap. 563, § 2; by Laws of 1865, chap.
199, § 1, and by Laws of 1867, chap. 91, § 7.]

§ 13. All notes deposited with any mutual insur-
ance company at the time of its organization, as
provided in section six, shall remain as security for
all losses and claims, until the accumulation of the
profits, invested as required by the eighth section
of this act, shall equal the amount of cash capital
required to be possessed by stock companies organ-
ized under this act, the liability of each note decreas-
ing proportionately as the profits are accumulated ;
but any note which may have been deposited with
any mutual insurance company subsequent to its
organization, in addition to the cash premium on any
insurance effected with such company, may, at the
expiration of the time of such insurance, be relin-
quished and given up to the maker thereof, or his
representative, upon his paying his proportion of all
losses and expenses which may have accrued thereon
during such term. The directors or trustees of any
such company shall have the right to determine the
amount of the note to be given in addition to the
cash premium by any person insured in such com-
pany; but in no case shall the note be more than five
times the whole amount of the cash premium. And
every person effecting insurance in any mutual com-
pany, and also their heirs, executors, administrators
and assigns, continuing to be so insured, shall thereby
THE STATE OF NEW YORK.

become members of said corporation during the period
of insurance, and shall be bound to pay for losses
and such necessary expenses, as aforesaid, accruing
in and to said company, in proportion to the amount
of his deposit note or notes. The directors shall, as
often as they deem necessary, after receiving notice
of any loss or damage by fire sustained by any mem-
ber, and ascertaining the same, or after the rendition
of any judgment against said company for loss or
damage, settle and determine the sums to be paid by
the several members thereof as their respective por-
tion of such loss, and publish the same in such man-
ner as they shall see fit or as the by-laws shall have
prescribed ; and the sum to be paid by each member
shall always bein proportion to the original amount
of his deposit note or notes, and shall be paid to the
officers of the company within thirty days next after
the publication of said notice. And if any member
shall, for the space of thirty days after the publica-
tion of said notice, and after personal demand for
payment:shall have been made, neglect or refuse to
pay the sum assessed upon him as his proportion of
any loss, as aforesaid, in such case the directors may
sue for and recover the whole amount of his deposit
* note or notes, with costs of suit; but execution shall
only issue for assessments and costs as they accrue,
and every such execution shall be accompanied by a
list of the losses for which the assessment is made.
If the whole amount of deposit notes shall be insuf-
ficient to pay the loss occasioned by any fire or fires,
in such case the sufferers insured by the said com-
pany shall receive, towards making good their
respective losses, a proportional share of the whole
amount of said notes, according to the sums by them
respectively insured; but no member shall ever be
required to pay, for any loss occasioned by fire or
inland navigation, more than the whole amount of
his deposit note. [Laws of 1853, chap. 466, § 18, as
amended by Laws of 1854, chap. 369, § 3.]

§ 14. It shall be lawful for any mutual insurance
company, established in conformity with the pro-
visions of this act, to unite a cash capital to any
extent, as an additional security to its members, over

4

25

Directors to
determine
amounts to
be paid by
members.

When
members
may be sued -

To unite
cash capital
as addition
al security.
26

Insured |
may partici-
pate in
profits.

Proviso.

FIRE INSURANCE LAWS OF

and above their cash premiums and premium notes;
provided, that such cash capital shall not be less than
thirty thousand dollars, aud which additional cash
capital shall be loaned and inyested as provided in
the eighth section of this act; and the company may
allow an interest on such cash capital, and a partici-
pation in its profits, and prescribe the liability of the
owner or owners thereof to share in the losses of
the company, and such cash capital shall be liable
as the capital stock of the company in the payment
of its debts ; provided, that such cash capital shall in
all cases be paid in at the organization of the com-
pany, and satisfactory evidence of that fact furnished
to the Superintendent of the Insurance Department.
Any existing joint-stock fire insurance company,
and any company formed under this law, may (the
written consent of the holders of three-fourths in
amount of the stock first being had) permit the in-
sured to participate in the profits of the business of
such company, and provide how far any scrip, issued
to the insured for such profits, shall be liable for the
losses to be sustained; and any company so doing,
whenever an amount not less than one hundred
thousand dollars has been accumulated and scrip so
issued therefor, may, with the written consent of the
holders of three-fourths in amount of the stock, pay
off and cancel an amount of the original cash capital
equal to one-half of the accumulated profits, and so
may continue from time to time until the whole
amount of the original cash capital is paid off; pro-
vided, that before any portion of such capital stock
shall be so paid off, proof shall be exhibited to the
said Superintendent that an amount of accumulated
rofits has been realized, scrip issued therefor, and
investments made thereof, pursuant to the provisions
of the eighth section of this act, at least equal to
double the amount so desired to be paid off and can-
celed, and the said Superintendent shall also first
certify that he is-satisfied with such proof. [Laws of
1853, chap. 466, § 14.]
§ 15. Every fire and inland navigation insurance
company hereafter organized shall, if it be a mutual

company, embody the word “ mutual” in its title,
THE STATE OF NEW YORK.

which shall appear on the first page of every policy
and renewal receipt ; and every company doing busi-
ness as a cash stock company shall, upon the face of
its policy in some suitable manner, express that such
eral is a stock policy. [Laws of 1853, chap. 466,
§ 15.

§ 16. Suits at law may be maintained by any cor-
poration, formed under this act, against any of its
members or stockholders for any cause relating to
the business of such corporation; also suits at law
may be prosecuted and maintained by any member
or stockholder against such corporation for any losses
which may have accrued, if payment is withheld
more than thirty days after such losses may have
become due; and any member or stockholder, not
individually a party to such suits, may be a witness
therein. [Laws of 1853, chap. 466, § 16.]

§ 17. The trustees and corporators of any company
organized under this act, and those entitled to a par-
ticipation of the profits of such company, shall be
jointly and severally liable for all debts or responsi-
bilities of such company, until the whole amount of
the capital of such company shall have been paid in
aud a certificate thereof recorded, as ‘herein before
provided. Notes taken in advance of- premiums
under this act, are not to be considered debts of the
company in determining whether a company is
insolvent, but are to be regarded as assets of the
company. [Laws of 1853, chap. 466, § 17.]

§ 18. Any existing joint-stock fire insurance com-
pany heretofore incorporated under the laws of this
State, and any company organized under this act,
haviug a capital of at least one hundred and fifty
thousand dollars, may. without increasing its capital
at any time, within two years previous to the termi-
nation of its charter, after giving notice, at least once
a week for six weeks successively in a newspaper pub-
lished in the county where such company is located,
of such intention, and with a declaration, under its
corporate seal, signed by the president and two-thirds
of its directors, of their desire for such extension,
extend the term of its original charter to the time
specified in the twenty-sixth section of this act, by

27

Suits may
be main-
tained.

Trustees
and corpo-
rators to be
responsible
for debts.
41 Barb., 155

Joint-stock
fire insur-

eretofore
existing
may avail
themselves
of this act.

Manner of
proceeding
28

Mutual
may be-

come Joint-

stock com-
panies.

Manner of
proceeding.

Mutual
Insurance
companies
heretofore
existing
may avail
themselves
of this act.

FIRE INSURANCE LAWS OF

altering and amending the same so as to accord with
the provisions of this act, and filing a copy of such
amended charter, with the declaration aforesaid, in
the office of the Superintendent of the Insurance
Department, whereupon the same proceedings shall
be had as are required in the tenth section of this
act; and any mutnal insurance company, heretofore
incorporated or organized under any of the laws of
this State, having surplus assets aside from premium
and stock notes, sufficient to re-insure al] its outstand-
ing risks, after having given notice once a week for
six weeks of their intention and of the meeting’ here-
inafter provided for in the State paper, and in a news-
paper published in the county where such company
is located, may, with the consent of two-thirds of the
corporators or members present at any regular annual
meeting, or at any special meeting duly called for the
purpose, or with the consent in writing of two-thirds
of the corporators or members of such company and
the consent also of three-fourths of the trustees or
directors, unless otherwise provided in the charter,
become a joint-stock company, by conforming its
charter to and otherwise proceeding in accordance
with this act, and every member of such company, on
the day of*said annual or special meeting, or the date
of said written consent, shall be entitled to priority
in subscribing to the capital stock of said company,
for one month after the opening of the books of sub-
scription to such capital stock, in proportion to the
amount of cash premiums paid in by such members
on unexpired risks in force on the day of said annual
or special meeting, or the date of said written con-
sent; and every company so extended or changed,
shall come under the provisions of this act, in the
same manner as if it had been incorporated originally
under this act. Every mutual insurance company
heretofore incorporated under the Jaws of this State,
and doing business with a capital, in premium notes,
of at least fifty thousand dollars, may, at any time,
within two years previous to the termination of its
charter, without increasing its capital, after giving
notice, at least once a week for six weeks successively.
in a newspaper published in the county where ‘such
THE STATE OF NEW YORK.

company is located, of such intention, and with a
declaration, under its corporate seal, signed by its
president and two-thirds of its directors, of their
desire for such extension, extend the term of its
original charter to the time specified in the twenty-
sixth section of this act, by altering aud amending
the same so as to accord with the provisions of this
act, and filing a copy of such amended charter, with
the declaration aforesaid, in the ottice of the Superin-
tendent of the Insurance Department, whereupon the
same proceedings shall be had as are required in the
tenth section of this act, except as to its capital,
which shall be certified to be in accordance with the
provisions of this section, applicable to thé reorganiza-
tion of mutual insurance companies. Every mutual
insurance company so extended shall, except as to
the amount of its capital, come under the provisions
of this act, in the same mannet as if it had been in-
corporated originally under this act. [Laws of 1853,
chap. 466, § 18; as amended by the Laws of 1854,
chap. 369, § 2, and by the Laws of 1862, chap. 367,
§ 4.]

§ 19. Any existing fire insurance company, and
any company formed under this law, may, at any
time, increase the amount of its capital stock, after
notice given once a week for six weeks in the State
paper, and in any newspaper published in the county
where such company is located, of such intentions,
with the written consent of three-fourths, in amount,
of its.stockholders, unless otherwise provided in its
charter, or, if a mutual company, with the unani-
mous consent of its trustees, unless otherwise pro-
vided in its charter, by altering or amending their

29

Manner of
proceeding
0 secure
benefit of
his wt.

 

Capital
may be
increased,

Abbott's
Digest, vol
2, 148,

‘y

charter in this respect, and filing a copy of their }2”
charter, so amended, together with a declaration ©

under its corporate seal, signed by its president and
directors, of their desire so to do, with such written
consent of three-fourths, in amount, of its stockhold-
ers, or the unanimous consent of the trustees as afore-
said to such increase, in the office of the Superintend-
ent of the Insurance Department, and upon the same
proceedings being had as are required by the tenth
section of this act. [Laws of 1853, chap. 466, § 19.]
39

Companies
formed
under act
of 1849,
brought _
under this

act.

37 Barb., 598.
36 Barb., 210.
31 Barb., 116.
25 Barb., 113.

Bodies cor-
porate and
politic.

To make
annual;
statement
of condition
of company.

Contents
of annual
statement.

FIRE INSURANOE LAWS OF

§ 20. Such companies as may have been incorpo-
rated or extended under the *‘ Act to provide for the
incorporation of insurance companies,” passed April
10th, 1849, are hereby brought under all the provis-
ions of this act, except that théir capitals may con-
tinue of the amounts named in their respective char-
ters uring the existing term thereof, and are also
entitled to all the privileges granted by said charters.
[Laws of 1853, chap. 466, § 20.]

§ 21. All companies incorporated or extended
under this act shall be deemed and taken to be bodies
corporate and politic, in fact and in name, and shall
be subject to all the provisions of the Revised Stat-
utes, and acts supplemental thereto,in relation to
corporations so far as the same are applicable.
[Laws of 1853, chap. 466, § 21.]

§ 22. It shall be the duty of the president or vice-
president and secretary of each company organized
under this act, or incorporated under any law of this
State, annually, on the first day of January, or within
one month thereafter, to prepare, under their own
oath, and deposit in the office of the Superintendent
of the Insurance Department, a statement of the
condition of such company on the thirty-first day
of December then next preceding, exhibiting the
following facts and items, in the following form,
namely :

First. The amount of the capital stock of the
company.

SrconD. The property or assets held by the com-
pany, specifying :

1. The value, or nearly as may be, of the real estate
held by such company.

2. The amount of cash on hand and deposited in
banks to the credit of the company, specifying in
what banks the same are deposited.

3. The amount of cash in the hands of agents and
in course of transmission.

4. The amount of loans secured by bonds and
mortgages, constituting the first lien on real estate,
on which there shall be less than one year’s interest
due or owing.
THE STATE OF NEW YORK.

5. The amount of loans on which interest shall
not have been paid within one year previous to such
statement.

6. The amount due the company on which judg-
ments have been obtained.

7. The amount of stocks of this State, of the United
States, of any incorporated city of this State, and of
any other stocks owned by the company, specifying
the amount, number of shares, and par and market
value of each kind of stock.

8. The amount of stocks held thereby as collateral
security for loans, with the amount loaned on each
kind of stock, its par value and the market value.

9. The amount of assessments on stock or premium
notes paid and unpaid.

10. The amount of interest actually due and un-

- paid.

11. The amount of premium notes on hand on
which policies are issued.

Turrp. The liabilities of such company, specify-
ing:

1. The amount of losses due and yet unpaid.

2. The amount of claims for losses resisted by the
company.

3. The amount of losses incurred during the year,
ineluding those claimed and not yet due, and of those
reported to the company upon which no action has
been taken.

4. The amount of dividends declared and due, and
remaining unpaid.

5. The amount of dividends, either cash or scrip,
declared but not yet due.

6. The amount of: money borrowed and security
given for the payment thereof.

7. The amount of all other existing claims against
the company.

FourtuH. The income of the company during the
preceding year, specifying :

1. The amount of cash premiums received.

2. The amount of notes received for premiums.

3. The amount of interest money received.

4. The amount of income received from other
sources.

31

Contents
of annual
statement,
32

Contents
of annual
statement,

Superin-
tendent
may ad-
dress inqui-
ries to com-
panies,

When state-

amount of
notes, etc. /

Penalty for
failing to
make state-
ment, and
for transact-
ing busi-
ness after
such failure.

Printed
forms of
statements
to be fur-
nished by
Superin-
tendent

Forms may
be changed,

FIRE INSURANCE LAWS OF

Firte. The expenditures during the preceding
year, specifying:

1. The amount of losses paid during the year, stat-
ing how much of the same accrued prior and how
much subsequent to the date of tbe preceding state-
ment, and the amount at which such losses were
estimated in such preceding statement.

2. The amount of dividends paid during the year.

3. The amount of expenses paid, during the year,
including commissions and fees to agents and ofticers
of the company.

4. The amount paid in taxes.

5. The amount of all other payments and expendi-
tures.

The Superintendent of the Insurance Department
is hereby authorized and empowered to address any
inquiries to any insurance company, or the secretary
thereof, in relation to its doings or condition, or any
other matter connected with its transactions, and it
shall be the duty of any company so addressed to
promptly reply in writing to any such inquiries.

The statement of any company, the capital of
which is composed, in whole or in part, of notes,
shall, in addition to the foregoing, exhibit the amount
of notes originally forming the capital, and also what
proportion of said notes is still held by such company
and considered capital. The statement herein pro-
vided for shall be in lieu of any or all statements now
required by any existing law or provision. Every fire
in'surance company organized under any law of this
State failing to make and deposit such statement or
to reply to any inquiry of the said Superintendent,
shall be subject to the penalty of five hundred dol-
lars; and an additional five hundred dollars for every
mouth that such company shall continue thereafter
to transact any business of insurance.

It shall be the duty of the Superintendent of the
Insurance Department to cause to be prepared and
furnished to each of the companies, and to the attor-
neys of companies incorporated by other States and
foreign governments, printed forms of the statements
required by this act; and he may, from time to time.
make such changes in the form of such statements
THE STATE OF NEW YORK.

as shall seem to him best adapted to elicit from the
companies a true exhibit of their condition in respect
to the several points herein before enumerated.

It shall be the duty of the Superintendent of the
Insurance Department to cause the information con-
tained in the statements required by this section to
be arranged in a tabular form, and prepare the same
in a single document for printing, which he shall
communicate to the Legislature annually. [Laws of
1853, chap. 466, § 22; as amended by Laws of 1854,
chap. 369, § 4.]

§ 23. It shall not be lawful for any fire insurance
company, association or partnership, incorporated
by or organized under the laws of any other State

of the United States, or any foreign government, Ply,

directly or indirectly, to take risks or transact any
business of insurance in this State, unless possessed
of the amount of actual capital required of similar
companies formed under the provisions of this act;
and any such company desiring to transact any
such business, as aforesaid, by au agent or agents in
this State, shall first appoint an attorney in this State
on whom process of law can be served, and file in the
office of the Superintendent of the Insurance Depart-

ment a certified copy of the vote or resolution of the

directors appointing such attorney, which appoint-
ment shall continue until another attorney be substi-
tuted. In case any such insurance company shall

33

Informa-
tion con-
tained in
statements
to be com-
municated
to the Leg-
islature.

Foreign
corpora-
tions not to
ke risks,
etc., unless
they com-
Ly with
certain pro-
visions.

Anattorney
to be ap-
pointed.

Process to
be served

upon agents
ast desig-

cease to transact business in this State according to [R?acks

the laws thereof, the agents last designated, or acting
‘as such for such corporation, shall be deemed to con-
tinue agents for such corporation for the purpose of
serving process for commencing actions upon any
policy or liability issued or contracted while such cor-
poration transacted business in this State ; and service
of such process for the causes aforesaid upon any
such agent shall be deemed a valid personal service
upon such corporation ; and also a certified copy of
their charter, or deed of settlement, together with a
statement under the oath of the president or vice-
president and other chief officer, and secretary of the
company for which he or they may act, stating the
name of the company and place where located; the
5

nated,

Certified
copy of the

‘charter and

statement
under oath
to be filed

Contents of
statement.
34

Copy of last

annual re-

port to be
led.

Capital to
be unim-
paired,

Amount
and nature
of security
to be de-
posited in
the Insur-
ance De-
partment.

Becurities
may be
thanged.

FIRE INSURANCE LAWS OF

amount of its capital, with a detailed statemeut of
its assets, showing the amount of cash on hand, in
bauk, or in the hands of agents; the amount of real
estate, and how much the same is incumbered by
mortgage; the number of shares of stock of every
kind owned by the company, the par and market
value of the same; amount loaned on bond and
mortgage; the amount loaned on other security,
stating the kind, and the amount loaned on each,
and the estimated value of the whole amount of such
securities ; any other assets or property of the com-
pany; also stating the indebtedness of the company,
the amount of losses adjusted and unpaid, the amount
incurred and in process of adjustment; the amount
resisted by the company as illegal and fraudulent ;
and any other claims existing against the company ;
also a copy of the last annual report, if any, made
under any law of the State by which such company
was incorporated ; and no agent shall be allowed to
transact business for any company, whose capital is
impaired to the extent of twenty per cent thereof,
while such deficiency shall continue; and any com-
pany incorporated by or organized under any foreign
government shall, in addition to the foregoing, deposit
with the Superintendent of the Insurance Depart-
ment for the benefit and security of policy holders
residing in the United States, a sum not less than
two hundred thousand dollars in stocks of the United
States or of the State of New York, in all cases to be,
or to be made to be equal to a stock producing six
per cent per annum, said stocks not to be received by
said Superintendent at a rate above their par value,
or above their current market value; or in bonds and
mortgages on improved unincumbered real estate in
the State of New York, worth fifty per cent more
than the amount loaned thereon; or in such stocks
and securities as now are or which may hereafter be
receivable by the Bank Department as security for
circulating notes; the stocks and securities so depos-
ited may be exchanged from time to time for other
securities receivable as aforesaid, and so long as the
company so depositing shall continue solvent and
eomply with the laws of this State, may be permitted
THE STATE OF NEW YORK.

by the said Superintendent to collect the interest or
dividends ou said deposit; the said deposit shall be
in lieu of the investments in the name of trustees as
heretofore required, and. upon its being duly made
either by the transfer of the trust funds or otherwise,
the trustees shall thereby be discharged from all
liability ; and where a deposit is made of bonds and
nortgages accompanied by full abstracts of title and
searches, the fees for an examination of title by coun-
sel to be paid by the party making the deposit, shall
not exceed twenty dollars for each mortgage - and the
fees for an appraisal of property shall be five dollars
to each appraiser, not exceeding two, besides expenses
for each mortgage ; nor shall it be Jawful for auy agent
or agents to act for any company or companies
referred to in this section, directly or indirectly, in
taking tisks or transacting the business of fire or
inland vavigation insurance in this State, without pro-
curing from the Superintendent of the Insurance
Department a certificate of authority stating that
such company has complied with all the requisitions
of this act which apply to such companies, and the
pame of the attorney appointed to act for the com-
pany ; acertified copy of such certificate of authority,
with statement, must be filed by the agent in the office
of the clerk of every county where such company has
agents, and shall be published in the paper in which
the State notices are required to be inserted, four suc-
cessive times after the filing of such statement as
aforesaid, and within thirty days thereafter proof of
such publication, by the affidavit of the publisher
of such newspaper, his foreman or clerk, shall be
filed in the office of the said Superintendent. The
statements and evidences of investments required by
this section shall be renewed from year to year in
such manner and form as may be required by said
Superintendent, with an additional statement of the
amount of premiums received and losses incurred in
this State during the preceding year, so long as such
agency continues; and the said Superintendent, on
being satisfied that the capital, securities and invest-
ments remain secure, as herein before provided, shall
furnish a renewal of his certificate as aforesaid, and

35

Fees and
expenses
for ex-_
amination
of title and
for ap-
praisal of
property.

Agents to
procure cer-
tificates of
autnority,
and file cer-
tified copies
thereof and
publish the
same.

Proof of
publication
‘0 be filed
n office of
Superin-
tendent,

 

Annual
statements
to be made.

Renewal
certificates
to be fur-
nished by
Superin-
tendent.
36

Fees,

Annual
statements,
when to
be filed.

This section
odified.
See post,

Penalty for
violation of
provisions
of this sec-
tion.

Place of
business to
be pu de
lished.

Term agent
defined.

FIRE INSURANCE LAWS OF

the agent or agents obtaining such. certificate shall
file a certified copy of the same in the office of the
clerk of the county in which such agency shall be
established, within the month of January; the fees
for each certificate of authority*and certified copy
thereof shall be five dollars. But any company
organized under or incorporated by¥ any foreign gov-
ernment may furnish and file such annual state-
ments and evidences in the month of January in
each year, made out for the year ending on the pre-
ceding thirtieth day of June, if accompanied also by
an annual supplementary statement, duly verified by
the attorney or general agent of the company in
this State, showing the amount of risks written,
premiums received, losses sustained and taxes paid
in this State for the year ending on the preceding
3lst day of December; said supplementary state-
ment shall also contain a description of the invest-
ments of such company in this country, and such
other information as may be required by the said
Superintendent.

Any violation of any of the provisions of this sec-
tion shall subject the party violating to a penalty of
five hundred dollars for each violation, and of the
additional sum of one hundred dollars for each month
during which any such agent shall neglect to make
such publication or to file such affidavits and state-
ments as are herein required. Every agent of any
fire insurance company shall, in all advertisements
of such agency, publish the location of the company,
giving the name of the city, town or village in which
the company is located, and the State or government
under the laws of which it is organized.

The term agent or agents, used in this section,
shall include an acknowledged agent or surveyor, or
any other person or persons, who shall, in any man-
ner, aid in transacting the insurance business of any
insurance company not incorporated by the laws of
this State. The provisions of this section shall apply
to all foreign companies, partnerships, associations
and individuals, whether incorporated or not. [Laws
of 1853, chap. 466, § 23; as amended by Laws of 1862,
chap. 367, § 5.]
THE STATE OF NEW YORK.

All foreign insurance companies, associations, cor-
porations, partnerships and individuals, transacting
the business of fire, marine or life insurance, or any
other kind of insurance in this State, shall make
annual statements of their condition and affairs to
the Insurance Department, in the same manner and
in the same form as similar companies organized under
the laws of this State. [Laws of 1861, chap. 334, § 1.]

In case of neglect or refusal to make such annual
statement as aforesaid, all persons acting in this State
as agents or otherwise in transacting the business of
insurance for said companies, corporations, associa-
tions, partnerships or individuals, shall be subject to
the same penalties provided by law in case of the
failure of any insurance company, organized under
the laws of this State, to make an annual statement
as now provided by law. [Laws of 1861, chap. 334,
§ 2.]

Foreign insurance companies shall, hereafter, be
required to make and file their annual statements on
the first day of June in each year, or within thirty
days thereafter, made out for the year ending on the
preceding thirty-first day of December; the supple-
mentary annual, statements of their business and
affairs in the United States, shall continue to be filed
in the month of January in each year, made out for
the year ending on the thirty-first day of December,
immediately preceding. [Laws of 1865, chap. 199, § 2,
as amended by Laws of 1867, chap. 709, § 1.]

§ 24. It shall be the duty of the Superintendent
of the Insurance Department, whenever he shall
deem it expedient so to do, to appoint one or more
persons, not officers of any fire insurance company
doing business in this State, to examine into the affairs
of any fire insurance company incorporated in this
State, or doing business by its agents in this State ;
and it shall be the duty of the officers or agents of
any such company doing business in this State to
cause their books to be opened for the inspection
of the person or persons so appointed, and other-
wise to facilitate such examination so far as it may
be in their power to do; and for that purpose the
said Superintendent, or person or persons so appointed

37

Foreign,
companies
to make
annual
statements.
This section
modified.
See post.

Penalty for
failure to
make an-
nual state-
ments,

When for-
eign com-

anies to

le their
annual
statements.
See section
23and Laws
of 1861,
chap. 334,
ante, which
are modi-
fied by this
section. .

Superin-
tendent to
appoint one
or more
persons to
make ex-
aminations.
40 Barb., 499.

Books to be
opened for
inspection
of ex: -
ers.
38

Officers and
agents may
be examin-
ed under
oath.

Result of
investiga-
ion, when
0 be pub-
lished.

When defi-
ciency as-
certained,
proceedings
may be ha
‘0 close up
business of
company.

 

When dis-
solution
decreed.

When calls
to be made
upon stock-
holders.

Action had
on refusal
of stock-
holders to
pay amount
called for.

FIRE INSURANCE LAWS OF

by him, shall have power to examine, under oath, the
officers and agents of any company relative to the
business of said company ; and whenever the said
Superintendent shall deem it for, the interest of the
public so to do, he shall publish the result of such
investigation in one or more papers in this State;
and whenever it shall appear to the said Superin-
tendent, from such examination, that the assets of

@ any company incorporated in this State are insufti-

cient to justify the continuance in business of any
such company, he may direct the officers thereof to
require the stockholders to pay in the amount of such
deficiency within such period as he may designate in
such requisition, or he shall communicate the fact to
the Attorney-General, whose duty it shall then become
to apply to the Supreme Court for an order requiring
them to show cause why the business of such com-
pany should not be closed, and the court shall there-
upon proceed to hear the allegations and proofs of
the respective parties; and in ease it shall appear to
the satisfaction of said court that the assets and
funds of said company are not sufficient, as aforesaid,
or that the interests of the public so require, the said
court shall decree a dissolution of said company and
a distribution of its effects. The Supreme Court shall
have power to refer the application of the Attorney-
General to a referee, to inquire into and report upon
the facts stated therein. Any company, receiving
the aforesaid requisition from the said Superintendent,
shall forthwith call upon its stockholders for such
amounts as will make its capital equal to the amount
fixed by the charter of said company; and in case
any stockholder of such company shall refuse or neg-
lect to pay the amount so called for, after notice per-
sonally given or by advertisement, in such time and
manner as the said Superintendent shall approve, it
shall be lawful for the said company to require the
return of the original certificate of stock held by such
stockholder, and in lieu thereof to issue new certifi-
cates for such number of shares as the said stock-
holder may be entitled to in the proportion that the
ascertained value of the funds of the said company
may be found to bear to the original capital of the
THE STATE OF NEW YORK.

said company; the value of such shares for which
new certificates shall be issued to be ascertained under
the direction of the said Superintendent, and the
company paying for the fractional parts of shares;
and it shall be lawful for the directors of such com-
pany to create new stock and dispose of the same,
and to issue new certificates therefor, to an amount
sufficient to make up the original capital of the com-
pany. And it is hereby declared that, in the event of
any additional losses accruing upon new risks, taken
after the expiration of the period limited by the said
Superintendent in the aforesaid requisition for the
filling up of the deficiency in the capital of such
company, and before said deficiency shall have been
made up, the directors shall be individually liable to
the extent thereof. And if, upon such examination,
it shall appear to the said Superintendent that the
assets of any company chartered on the plan of
mutual insurance under this act are insufficient to
jastify the continuance of such company in business
it shall be his duty to proceed in relation to such
company in the same manner as is herein required in
regard to joint-stock companies; and the trustees or
directors of such company are hereby made person-
ally liable for any losses which may be sustained upon
risks taken after the expiration of the period limited
by the said Superintendent for filling up the deficiency
in the capital, and before such deficiency shall have
been made up. Any transfer of the stock of any
company organized under this act, nade during the
pending of any such investigation, shall not release
the party making the transfer from his liability for
losses which may have accrued previous to the trans-
fer. And whenever it shall appear to the said Super-
intendent, from the report of the person or persons
appointed by him, that the affairs of any company
not incorporated by the laws of this State are in an
unsound condition, he shall revoke the certificates
granted in behalf of such company, and shall cause
a notification thereof to be published in the State
paper for four weeks; and the agent or agents of
such company is, after such notice, required to dis-
continue the issuing of any new policy and the

39

Directors to
create new
stock

When

divicually
1Vidui

liable.

When
directors of
mutual —
companies
formonally
jiable for
losses.

Transfer of
stock dur-
ing investi-
gation, not
to release
the person
transferring
same from
liability.

When cer-
tificates
granted in
behalf of
companies
not incor-
orated by
aws of this
State, re-

voked.
5 Abbott,
444,
40

Penalties to
be sued for
by district
attorney.

By Attor-
ney-Gene-
ral.

To be paid
into State
treasury.

Duration of
charter.

Fees to be
paid county
clerks.

Repeal of -
part of act
of 1849.

FIRE INSURANCE LAWS OF

renewal of any previously issued. [Zaws of 1853,
chap. 466, § 24.]

§ 25. Every penalty provided for by this act shall
be sued for and recovered in the name of the people,
by the district attorney of the* county in which the
company or the agent or agents so violating shall be
situated, and one-half of said penalty, when recov-
ered, shall be paid into the treasury of said county
and the other half to the informer of such violation ;
and in the case of the non-payment of such penalty,
the party so offending shall be liable to imprisonment
for a period not exceeding six months, in the discre-
tion of any court having cognizance thereof. Such
penalties may-also be sued for and recovered in the
name of the people, by the Attorney-General, and
when sued for and collected by him, shall be paid
into the State treasury. [Laws of 1853, chap. 466,
§ 25; as amended by Laws of 1862, chap. 367, § 5.]

§ 26. AJl companies incorporated or extended under
this act may provide, in their charters, for not more
than thirty years’ duration; but the Legislature may
at any time alter, amend or repeal this act, and pro-
vide for the closing up of the business and affairs of
any company formed under it. Nothing herein con-
tained shall be construed to prevent subsequent
extensions of the charters of companies organized or
re under this act. [Laws of 1853, chap. 466,
§ 26.

§ 27. Every county clerk shall demand and receive,
for every paper filed in his office, under this act, the
sum of ten cents, to be accounted for and paid over
to the county treasury, as provided by law with regard
to other fees. [Laws of 1853, chap. 466, § 27, as mod-
ified by Laws of 1859, chap. 366, § 7.]

§ 28. So much of the act entitled *‘ An act to pro-
vide for the incorporation of insurance companies,”
passed April 10, 1849, as relates to fire and inland
navigation insurance, is hereby repealed ; but such
appeal shall not affect or apply to any company or
association which, at the date of the passage of the
said act of June 25, 1853, had filed in the oftice of the
Secretary of State the declaration provided for by
the third section of the aforesaid act of April 10, 1849.
THE STATE OF NEW YORK.

[Laws of 1853, chap. 466, § 28, as amended by Laws
of 1853, chap. 528, §1; see Session Laws of 1849, chap.
308, for the act of 1849, the provisions of which are
applicable to the companies incorporated ‘thereunder, as
provided in the above ae

§ 29. This act shall take effect immediately ; except
that those companies whose officers or agents have
complied with the law of eighteen hundred and forty-
nine, in making and publishing their respective state-
ments, shall be permitted to continue to transact the
business of insurance, without further statement, until
the thirty-first day of January, eighteen hundred and
fifty-four. [Laws of 1853, chap. 466, § 29.]

Any persons who have heretofore filed a declara-
tion or commenced the publication of a notice of their
intentions to form any joint-stock fire insurance com-
pany, under the act entitled ‘“‘ An act to provide for

the incorporation of insurance. companies,” passed

April 10, 1849, may proceed to organize such com-
panies under the act entitled ‘“ An act to provide for
the incorporation of fire insurance companies,” passed
June 25, 1853, without filing any new declaration of
intention or publishing any new notice. [Laws of
1853, chap. 528, § 2.]

Any fire or fire and marine insurance company,
chartered by this State, may have a lien by passing
a by-law to that effect upon the stock or certificate
of profits owned by any member for any debt here-
after to become due the said company for premiums,
by stating that the said stock ‘is subject to any such
lien upon the certificates of stock or profits, and such
lien may be waived in writing by the consent of the
president of said company upon the transfer of any
such stock. [Laws of 1862, chap. 367, § 6.]

Whenever it shall appear to the Superintendent
of the Insurance Department, from an examination
made by him in the manner prescribed by law, that
the capital stock of any joint-stock fire or marine
insurance company organized pursuant to law, is
mpaired to an amount exceeding twenty-five per
cent of such capital, and he shall be of the opinion
that the interests of the public will not be prejudiced
by permitting such company to continue business

6

41

Act to take
effect, etc.

Certain
joint-stock
re insur-

ance com-

panies
may be
organized
under act

When
companies
to have lien
upon stock
or certifi-
cate 0:
profits of
members,

When

oint-stock

re and
marine
insurance
companies
to be
reduced.
Extent
reduction.

Reduction
to be made
only upon
resolution
of board of
directors.

Execution
of certifi-
cates by ©
Superin-
tendent of
Insurance
Depart-
ment.

FIRE INSURANCE LAWS OF

with a reduced capital, it shall be lawful for such
company, with the permission of the said Superin-
tendent, to reduce its capital stock, and the par value
of the shares thereof, to such amount as the said
Superintendent may, uvder his Hand and official seal,
certify to be proper, and as shall, in his opinion, be
justified by the assets and property of such com-
pany: provided that, in fixing such reduced capital,
no sum exceeding twenty-five thousand dollars shall
be deducted from the assets and property on hand,
which shall be retained as surplus assets, aud provi-
ded that no part of such assets and property shall be
distributed to the stockholders, and provided, further,
that the capital stock of any such company shall not
be reduced to an amount less than the sum now
required by law for the organization of a new con-
pany, under the general insurance laws, for the
transaction of business at the place where such com-
pany is located, and of the kind which such company
is authorized to transact.* [Laws of 1867, chap. 91,
§ 1.

Nb reduction of the capital of any such company
shall be made, except upon a résolution of its board
of directors, approved by at least two-thirds of the
directors, and certified under its corporate seal, signed
by the president and at least two-thirds of the direet-
ors, and proved or acknowledged in the manner
required by law for the proof or acknowledgment of
conveyances, which certificate shall be filed in the
office of the said Superintendent before any action
So] be had by him thereon. [Laws of 1867, chap. 91,
§ 2.

The Superintendent of the Insurance Department,
in case he shall permit any such company to reduce
its capital in the manner provided in this act, shall
execute the certificate required by the first section,
in duplicate, and deliver one of such certificates to
the officers of such company, who shall forthwith file
the same with the clerk of the county in which such

 

* An act entitled ‘‘ An act to authorize joint-stock fire and marine insurance
companies to reduce their capital stock, and to amend the act to provide for the
incorporation of fire insurance companies,” passed March 16, 1867.
THE STATE OF NEW YORK.

company is located, and the other of such certificates
shall be filed in the office of said Superintendent.
[Laws of 1867, chap. 91, § 3.]

Such company, upon filing the certificate with the
county clerk, as required by the third section of this
act, shall, with such reduced capital, possess the same
rights and be subject to the same liabilities that it
possessed or was subject to at the time of the reduc-
tion of its capital, and the charter of such company
shall be deemed to be amended in respect to the
amount of capital and the par value of the shares so
as to conform to such reduction. [Laws. of 1867, chap.
91, § 4.]

It shall be lawful for the said company to require
the return of the original certificate of stock held by
each stockholder, and in lieu thereof to issue new cer-
tificates for such number of shares as the said stock-
holder may be entitled to, in the proportion that the
reduced capital may be found to bear to the original
capital of the company. [Laws of 1867, chap. 91, § 5.]

It shall be lawful for any such company, after its

capital shall be so reduced as aforesaid, to increase its an

capital stock, in the mode prescribed by the nine-
teenth section of chapter four hundred and sixty-six
of the Laws of eighteen hundred and fifty-three.
[Laws of 1867, chap. 91, § 6.]

It shall be the duty of all receivers and trustees of
insurance companies, during the month of January
of each year, and at any other time when required by
the Superintendent of the Insurance Department, to
make and file aunual and other statements of their
assets and liabilities, and of their income and expendi-
tures, in the same manner and form, and under the
same penalties, as the ofticers of such companies are
now required by law to make annual and other state-
ments to the Insurance Department. [Laws of 1867,
chap. 709, § 2.]

43

After filing
certificate,
charter
deemed to
be amended

Return of
old certiti-
cates of
stock, and
issuing new
certificates
in lieu
thereof.

 

Capital

stock, when
d how

increased.

When re-
ceivers and
trustees of
insurance
companies
to make
statements
0 the
Superin-
tendent

of the
Insurance
Depart-

 

ment.
LAWS RELATING TO
MARINE IN SURANCE COMPANIES.

Chap. 308.

AN AOT TO PROVIDE FOR THE INCORPORATION OF
InsuRANCE CoMPANIES; passed April 10, 1849.

With amendments, modifications and additions to
January 1, 1869.

Section 1. Marine insurance companies may be formed; their pur
poses and powers.

2. May re-insure any risks taken by them.

8. Corporators shall file a declaration in the office of the

uperintendent of the Insurance Department, comprising
a copy of their charter; publication of notice of inten-
tion to form a company.

4, Books of subscription to capital stock, or for agreements
for mutual insurance to be opened.

6. Amount of capital required on organization.

6. This section repealed.

7. Provisions concerning the transaction of business in this
State by the agents of insurance companies incorporated
by other States and foreign governments; definition of
the term agent; foreign insurance companies to make
annual statements; penalty for failure to make annual
statements; when annual statements of foreign insur-
ance companies to be made.

8. Capital and surplus funds; how the same may be invested.

9. Restrictions as to holding real estate.

10. Certain provisions required to be contained in the charter;
mutual companies may issue policies in certain cases;
companies organized under special charters may avail
themselves of certain privileges.

11. Charter required to be examined by the Attorney-General ;
his certificate; examination of capital to be made, or
caused to be made, by the Superintendent of the Insur-
ance Department; certificates thereon, and other pro-
ceedings. :

12. Corporators, trustees, or directors empowered to make cer.
tain by-laws.
MARINE INSURANCE.

Sxorion 18. Officers required to make, file and publish an annual

14.
15.
16.
17.

18.

19.

20.

21.

22.

23.

statement of the affairs’ of the company; contents
thereof; proceedings where it appears from the state-
ment that the capital of any company has become
impaired to the extent of twenty-five per cent thereof;
liabilities of the directors in certain cases; agencies may
be established beyond the United States; where agen-

cies are established in Asia or Europe, statements may’

be deferred ; insurance companies may change the dates
of their fiscal years in certain cases. ’

Companies may extend the term of their original charters
in certain cases ; proceedings on such extension.

Duration of charters; act may be altered, amended or
repealed, and companies dissolved.

Company may maintain a suit against any of its members
or stockholders, and vice versa.

Companies formed, to be deemed bodies politic and corpo-
rate, and subject to the provisions of the Revised Stat-
utes-applicable to corporations. :

Companies prohibited from dealing in goods, wares and
merchandise, construction of § 18, chap. 308, of the Laws
of 1849; charters of mutual and stock companies may
be extended ; proceedings had thereon ; such companies
to be subject to the supervision of the Superintendent of
the Insurance Department.

Liabilities of trustees and corporators until the whole
amount of capital is paid in and wu certificate thereof
recorded. Notes taken in advance of premiums are to
be regarded as assets in determining the solvency of a
company.

Dividends not to be made impairing capital stock ; liability
of stockholders for receiving a dividend improperly made,

Mutual marine insurance company may add cash capital ;
regulations concerning the same ; application of Laws of
1857, chap. 38, to existing marine insurance companies.

Any mutual marine insurance company heretofore incor
porated, having its place of business in the city of New
York, may increase its capital,and accumulated funds
to any amount deemed expedient for the security of its
dealers ; regulations; fire and marine insurance com-
panies may have a lien upon the stock or certificates of
profit of members thereof.

Superintendent may appoint persons to examine marine
insurance companies; books to be opened for inspection
of examiners; result of examination may be published ;
on ascertainment of deficiency, company may be closed
up; dissolution of company, when declared by Supreme
Court; calls made upon stockholders to repair capital
stock, and action to be had on refusal to pay amount
called’ for; directors authorized to create new stock ;
when individually liable; revocation of certificates
of authority granted to agents of companies not incor-
porated under laws of this State.

Srcrion 1. Any number of persons, not less than
thirteen in number, may associate and form an incor-
porated company for the following purposes, to wit:

45

Formation
of com-
panies.
46

To make
insurance
on vessels,

» Y., 258,
31 Barb., 176,
29 Barb., 305.
28 Barb., 576,
24 Barb., 395.
16 Barb., 493.
4 Bosw., 22.

Power to.
re-insure in
certain

cases,
24 Barb., 199,

Corporators
to file decla-
ration in
the office of
the Super-
intendent
of the In-
surance De-

artment.

1 N. Y., 55.
38 Barb., 530,
16 Barb., 491.

Books of

opened,
Barb., 530.
16 Barb., 491.

MARINE INSURANCE LAWS OF

To make insurance upon vessels, freights, goods,
wares, merchandise, specie, bullion, jewels, profits,

. commissions, bank-notes, bills of exchange, and other
3. evidences of debt, bottomry and respondentia inter-

ests, and to make all and every insurance appertain-
ing to or connected with marine risks and risks of
transportation and navigation. [Laws of 1849, chap.
308, § 1; as modified by Laws of 1853, chap. 463, § 22,
and by Laws of 1858, chap. 466, § 28; as amended by
Laws of 1853, chap. 528, § 1.]

§ 2. Any company organized under this act shall
have power to make re-insuranee of any risks taken
by them respectively, and may make insurance upon
any or all of the risks mentioned in the first section.
[Laws of 1849, chap. 308, § 2; as modified by Laws
of 1853, chap. 463, § 22; by Laws of 1853, chap. 466,
§ 28. and by Laws of 1853, chap. 528, § 1.]

§ 3. Such persons shall file, in the office of the
Superintendent of the Insurance Department. a
declaration, signed by all the corporators, expressing
their intention to form a company for the purpose of
transacting the business of insurance as expressed
in the first section of this act, which declaration shall
also comprise a copy of the charter proposed to be
adopted by them, and shall publish a notice of such
their intention, once in each week for at least six
weeks, in a public newspaper in the county in which
such insurance company is proposed tu be located.
[Laws of 1849, chap. 308, § 3; as modified by Laws
of 1853, chap. 463, § 22; by Laws of 1853, chap. 466,
§ 28; by Laws of 1853, chap. 528, § 1, and by Laws of
1859, chap. 366.]

§ 4. It may and shall be lawful for the individuals
associated for the purpose of organizing any com-
pany under this act, after having published the notice
and filed their declaration and charter as required by
the preceding section, to open books for subscription
to the capital stock of the company so intended to
be organized, and to keep the same open until the
full amount specified in the charter is subscribed ; or,
in case the business of such company is proposed to
be conducted on the plan of mutual insurance, then
to open books to receive propositions, and enter into
THE STATE OF NEW YORK.

agreements in the manner and to the extent herein-
after specified. [Laws of 1849, chap. 308, § 4.]

§ 5. No joint-stock company, organized for the
purposes mentioned in this act, shall be organized in
the city and county of New York, nor in the county
of Kings, with a smaller capital than one hundred

and fifty thousand dollars; nor in any other county 8

in this State with a smaller capital than fifty thousand
dollars; nor shall any company, formed for the pur-
pose of doing the business of marine insurance, on
the plan of mutual insurance, commence business, if
located in the city of New York, or in the county of
Kings, until agreements have been entered into for
insurance with at least one hundred applicants, the
premiums on which shall amount to three hundred
thousand dollars, and notes have been received in
advance for the premifims on such risks payable at
the end of or within twelve months from the’ date
thereof, which notes shall'be considered a part of the
capital stock, and shall be deemed valid, and shall be
negotiable and collectible for the purpose of paying
any losses which may accrue or otherwise ; nor shall
any mutual marine insurance company, in any other
county in the State, commence business until agree-
ments have been entered into for insurance, the pre-
miums on which shall amount to one hundred
thousand dollars, and the notes received therefor,
payable as aforesaid, and which notes shall be liable

for and used as aforesaid. [Laws of 1849, chap. 308, .

§5; as modified by Laws of 1853, chap. 463, § 22; by
Laws of 1853, chap. 466, § 28, and by Laws of 1853,
chap. 528, § 1.]

§ 6. [This section, in the original act (chap. 308,
Laws of 1849), relating entirely to Life Insurance, was
repealed by Laws of 1853, chap. 463, § 22.]

§ 7. It shall not be lawful for any company organ-
ized ‘under this act to transact business unless pos-
sessed of capital or securities as herein before men-
tioned; nor shall it be lawful for any agent or agents
of insurance companies incorporated by other States,
- directly or indirectly, to take risks or transact any
business of insurance in this State, without procur-
ing a certificate of authority from the Superintendent

47

Provision
relative to
capital
stock in
New York
and Kings
counties.

16 N. Y., 310,

433-611,

25 Barb., 109.
283 Barb., 656.
16 Barb., 491,

28 Barb., 576

When

   

of
in

Certificates
of authority
to be pro-
48 MARINE INSURANCE LAWS OF

qured from of the Insurance Department of this State, and such
tendent. agent or agents having procured a statement under
the oath of the president or secretary of the company
Statement, for which he or they may act; which statement shall
contain. ghow the amount of the capital of such company,
the manner in which the same is invested, and shall
also state the fact whether its capital is impaired,
Tobefled and, if so, how much; such statement shall be filed

in county

clerk’s in the office of the county clerk of the county where

office where

agente such agent resides, and shall be published in at least
to be snea, OD Newspaper, if a newspaper be therein published,
at least six successive weeks after the filing of such
statement as aforesaid; the first statement shall be
qoberro, filed in the month of January next, and such state-
andpub- =meut shall be procured annually and filed and pub-
annually. _Jished in each and every succeeding month of January
thereafter as long as such agency continues, and no
company incorporated by other States shall transact
business in this State unless possessed of the amount
of actual capital required of companies formed under
When the provisions of this act. Nor shall it be lawful for

agents of

companies any agent or agents, hereafter to be appointed, of

Greign gov- any company incorporated by any foreign govern-
pier than ment, other than the States of this Union, for the
igverw purpose of insurance, to transact the business of
insurance insurance in this State without procuring a certificate
this sate Of authority from the Superintendent of the Insur-
ON. ¥.58 ance Department; such agent or agents having pre-
viously furnished evidence, to the satisfaction of the
Superintendent of the Insurance Department of
the State, that such company has invested in the
stocks of this State, or of the United States, an
amount equal to the amount of capital or security
required by this act, and such stocks are held in
trust by citizens of this State for the benefit and
security of such as may effect insurance with him or
them. And the agent or agents, furnishing satisfac-
tory evidence as aforesaid, shall be entitled to a
certificate thereof from the Superintendent of the
Statements Insurance Department aforesaid. The statements
fences of and evidences of investments required by this section
ments tobe shall be renewed from year to year, in the month of
annually. January in each year, and the Superintendent of the
THE‘STATE. OF NEW YORK.

Insurance Department, on being satisfied that the
capital, securities and investments remain secure as
at first, shall furnish a renewal of certificates as afore-
said; and the agent or agents obtaining such certifi-
cates shall tile the same, together with a copy of the
statements on which it was obtained or renewed, in
- the office of the clerk of the county in which such
agency shall be established, and shall cause the same
to be published in at least one newspaper published
in such county. Any violation of the provisions of
this section shall subject the party violating to a
penalty of five hundred dollars for each violation,
which shall be sued for and recovered in the name of
the people by the district attorney of the county in
which the agent or company so violating shall be
situated, and the said penalty when recovered shall
be paid into the treasury of said county, provided
that all companies incorporated by any government
other than the States of this Union, which may have
appointed such agent or agents before the first day
of March, one thousand eight hundred and forty-
eight, may hereafter appoint a new agent or agents
in the case of the death, resignation or removal of
an agent or agents previously appointed. The term
agent or agents used in this section shall include an
acknowledged agent or surveyor, or any other person
or persons who shall in any manner aid in transact-
ing the insurance business of.an insurance company
not incorporated by the laws of this State. [Laws of
1849, chap. 308, § 7; as modified by Laws of 1853,
chap. 463, § 22, and by Laws of 1859, chap. 366, §§ 3
and 8.]

All foreign insurance companies, associations, cor-
porations, partnerships and individuals, transacting
the business of fire, marine or life insurance, or any
other kind of insurance in this State, shall make
annual statements of their condition and affairs to
the Insurance Department, in the same manner and
in the same form as similar companies organized
under the laws of this State. [Laws of 1861, chap.
334, § 1.]

In case of neglect or refusal to make such annual
statement as aforesaid, all persons acting in this

7

49

Renewal
certificates

to be
furnished.

Certificates
and copy of
statements
to be filed.

Penalty for
violating
provisions
of this
section.

Proviso.

Meaning
the term
agent.

This section
odified,
See post,

Foreign
insurance
companies
required to
make the
same annu-
al state-
ments to
the Insur-
ance De-
partment
as compa-
nies organ-
ized under
the laws of
this State,

Penalties
for failure,
50

to make
annual
statements.

When for-
eign insur-
ance com-

anies to

le their
annual
statements.
This section
modifies
section 7
and

Surplus.
how in-’

vested.
24 Barb., 199,

Proviso.

MARINE INSURANCE LAWS OF

State as agents or otherwise in transacting the bus-
iness of insurance for said companies, corporations,
associations, partnerships or individuals, shall be sub-
ject to the same penalties provided by law in case of
the failure of any insurance company, organized under
the laws of this State, to make an annual statement
as now provided by law. [Laws of 1861, chap. 334,

2.
. Pande insurance companies shall hereafter be
required to make and file their annual statements on
the first day of June in each year, or within thirty
days thereafter, wade out for the year ending on the
preceding thirty-first day of December; the supple-
mentary annual statements of their business and
affairs in the United States shall continue to be filed
in the month of January in each year, made out for
the year ending on the thirty-first day of December,
immediately preceding. [Laws of 1865, chap. 199, § 2,
as amended by Laws of 1867, chap. 709, § 1.]

§ 8. It shall be lawful for any company organized

_ under this act to invest its capital, or the funds accu-

mulated by its business, or any part thereof, in bonds
and mortgages on unincumbered real estate within
the State of New York worth fifty per cent more than
the sum loaned thereon, and also in the stocks of this
State or of the United States, and also in any or all
stocks or bonds of either of the incorporated cities of
this State, and which stocks or bonds shall be at or
above par at the time of such investment, and to lend
the same. or any part thereof, on the security of such
stock or bonds; and any company organized for the
purpose of marine insurance may, in addition to the
foregoing, loan their funds on bottomry and respon-
dentia, and change and re-invest the same as occasion
may, from time to time, require; but any surplus
accumulation over and above the capital stock of any
such company may be invested in or loaned upon
the pledge of the public stock of any one of the United
States, or the stock, bonds, or other evidence of
debt of any institution incorporated under the laws
of this State, except their own stock: Provided, tlia.
the current market value of such corporate stocks,
bonds, or other evidence of debt, shall be, at the time
THE STATE OF NEW YORK.

of the loan thereon, at least ten per cent more than
the sum so loaned thereon: Provided, however, that
any permanent or reserved fund, established or created
by such company, shall be invested in the same man-
ner as capital stock is required to be, except that the
restriction as to the securities being at par shall not
apply thereto. [Laws of 1849, chap. 308, § 8, as
amended by Laws of 1857, chap. 469, § 1.]

§ 9. No company organized by or under the pro-
visions of this act shall be permitted to purchase, hold
and convey real estate, excepting for the purposes
and in the manner herein set forth, to wit:

1. Such as shall be requisite for its immediate
accommodation in the transaction of its business; or,

2. Such as shall have been mortgaged to it in good
faith by way of security for loans previously con-
tracted, or for moneys due; or,

3. Sueh as shall have been conveyed to it in satis-
faction of debts previously contracted in the course
of its dealings ; or,

4. Such as shall have been purchased at sales upon
judgments, decrees or mortgages obtained or made
for such debts; and it shall not be lawful for any
company incorporated as aforesaid to purchase, hold
or convey real estate in any other case or for any
other purpose; and all such real estate as may be
acquired as aforesaid, and which shall not be neces-
sary for the accommodation of such company in the
convenient transaction of its business, shall be sold
and disposed of within five years after such company
shall have acquired title to the same, and it shall not
be lawful for such company to hold such real estate
for a longer period than that above mentioned, unless
the said company shall procure a certificate from the
Superintendent of the Insurance Department that
the interests of the company will suffer materially
by a forced sale of such real estate, in which’ event
the time for the sale may be extended to such time
as the Superintendent of the Insurance Department
shall direct in said certificate. [Laws of 1849, chap.
308, § 9, as modified by Laws of 1859, chap. 366, §§
3 and 8.]

Proviso.

Real estate
not to be
urchased,
eld or con-
veyed ex-
cept for cer-
tain pur-
poses and
in @ certain
manner,
52

Mode and
manner of
exercising
corporate

declared

in charter.
29 Barb., 306.
25 Barh., 455.
23 Barb., 656.
16 Barb., 491.

 

Charter to
be exam-
ined by
Attorney-
General, etc.

Superin-
tendent or
commis-
sioners.

MARINE INSURANCE LAWS OF

§ 10. In addition to the foregoing provisions it
shall be the duty of the corporators of any and every
company organized under this act, to declare in
the charter which is herein required to be filed, the
mode and manner in which the corporate powers
given under and by virtue of this act are to be
exercised, the mode and manner of electing trust-
ees or directors, a majority of whom shall be citizens
of this State, and the filling of vacancies, the period
for the commencement and termination of its fiscal
year, together with the amount of capital to be
employed in the transaction of its business.

But any mutual company that heretofore has been,
or hereafter may be organized under this act, may
issue policies, providing that the assured in such poli-
cies shall not participate in the profits of such com-
pany, and that in lieu of scrip, the said company may
stipulate for, and take a net premium, or may make
a cash deduction from the premiums paid on such
non-participating policies, though such mode and
manner of doing business may not be declared in the
charter of such company. [Laws of 1849, chap. 308,
§ 10, as amended by Laws of 1867, chap. 574, § 1.]

Any company organized under a special charter
may avail itself of the privileges granted under the
preceding section, dny thing in its charter contained
to the contrary notwithstanding. [Laws of 1867,
chap. 574, § 2.]

§ 11. The charter thus filed by the corporation

-Shall be examined by the Attorney-General, and if
- found to be in accordance with the requirements of
' this act, and not inconsistent with the Constitution
. or laws of this State, he shall certify the same to the
* Superintendent of the Insurance Department of this

State, and the said Superintendent shall thereupon
cause an examination to be made either by himself
or by three disinterested persons specially appointed
by him for that purpose, who shall certify under oath
that an amount equal at least to the amount speci-
fied in the fifth section of this act, if it be a stock
company, has been paid in and is possessed by it in
money, or in such stocks and bonds and mortgages
as are required by the eighth section of this act; or
THE STATE OF NEW YORK.

if a mutual company, that it has received and is in
actual possession of the capital, premiums or engage-
ments of insurance as the case may be, to the full
extent required by the fifth section of this act; snch
certificates shall be filed in the office of the Superin-
teudent of the Insurance Department, whose duty it
shall then be to furnish the corporation with a certi-
fied copy of the charter and certificates aforesaid,
which, upon being filed by them in the office of the
clerk of the county in which their company is to be
located, shall be their authority to commence busi-
ness and issue policies, and the same may be used in
evidence for or against said corporation. [Laws of
1849, chap. 308, § 11, as modified by. Laws of 1853,
chap. 463, § 22, and by Laws of 1859, chap. 366.]

§ 12. The corporators or the trustees or directors,
as the case may be, of any company organized under
the provisions of this act, shall have power to make
such by-laws, not inconsistent with the Constitution
or laws of this State, as may be deemed necessary
for the government of its officers and the conduct of
its affairs. [Laws of 1849, chap. 308, § 12.]

§ 18..It shall be the duty of the president or
, Vice-president and secretary of each marine insur-
ance company incorporated by or organized under
any law of this State, annually on the first day
of January, or within one month thereafter, to pre-
pare, under their own oath, and deposit in the office
of the Insurance Department,. a statement of the
condition and affairs of such company, for the year
ending on the thirty-first day of December* then
next preceding, exhibiting the total amount of
premiums received and the total amount of losses
paid and ascertained, including expenses during the
year; also the amount of debts owing by the com-
pany at the date of the statement, and the amount
of claims which then exist against the company for
losses accrued, showing what amount of such claims
for losses is payable. on demand, what amount
thereof is considered fair or legal, the payment of

 

*See sec. 2 of chap. 326, Laws of 1861, with refercnce to authority conferred on
insurance companies, to change the date of the termination of their fiscal year to
the 31st day of December.

53

Annual
statement
to be made
and pub-
lished.

33 Barb., 438,
25 Barb., 109.
21 Barh., 221.
54

Contents
of annual
statement.

Tum of
annual
statement
may be
changed,

Informa-
tion con-
tained in
annual
statements
to be com-
muuicated
to the Leg-
islature,

In case of
deficiency,
companies
to be

wound up
unless
amount of
deficiency
is paid in.

Calls, when
to be made

upon stock-
bolders.

MARINE INSURANCE LAWS OF

which has not then matured according to the con-
tract, and what amount thereof is resisted on account
of alleged fraud, or for which the company do not
consider themselves legally liable ; also a statement of
the securities representing the capital stock and all the
funds of the company, and also whether any of the
securities held or owned by such company are consid-
ered bad or doubtful, and if so, specifying the amount
of such securities and the gross amount of outstand-
ing risks thereon; and exhibiting also the assets and
liabilities of the company, its income and expend-
itures during the year, scrip issued and redeemed,
and other miscellaneous items, in such form and
manner as shall, from time to time, be prescribed by
the Superintendent of the Insurance Department.
The statement herein provided for shall be in lieu of
all statements now required to be made or published,
by any existing law or provision. The Superintend-
ent of the Insurance Department may, from time to
time, make such changes in the form of said annual
statements as shall seem to him best adapted to elicit
from the said companies a true exhibit of their con-
dition, situation and affairs. It shall be the duty of

‘the Superintendent of the Insurance ‘Department to

cause the information contained in such annual
statements to be arranged and communicated to the
Legislature with his annual report. If, upon due
examination, it shall appear to the Superintendent
of the Insurance Department that the losses and
expenses of any stock company during the year
have exceeded the premiums, and in consequence
thereof the capital of such company has become
deficient, or from any other cause has become
impaired to the extent of twenty-five per cent, it
shall be the duty of the said Superintendent of the
Insurance Department to direct the officers of any
such company, within sixty days, to proceed to wind
up its business, unless within that time the stockhold-
ers thereof shall pay in the amount of such deficiency.
Any company receiving such requisition from the
Superintendent of the Insurance Department. shall
forthwith call upon its stockholders for such amounts
as will make its capital equal to the amount fixed
THE STATE OF NEW YORK.

by the charter of the said company; and in case
any stockholder of such company shall refuse or
neglect to pay such call, after notice personally
given, or by advertisement in such time and manner
as the Superintendent of the Insurance Depart-
ment shall approve, it shall be lawful for the said
company to require the return of the original certifi-
cates of stock held by such stockholder, and in lieu
thereof to issue new certificates for such number of
shares as the said stockholder may be entitled to in
the proportion that the ascertained value of the
funds of the said company may be found to bear to
the original capital of the said company; the value
of such shares for which new certificates shall be
issued to be ascertained under the direction of the
Superintendent of the Insurance Department and
the company paying for the fractional parts of
shares; and it shall be lawful for the directors
of said company to create new stock, and dispose of
the same, and to issue new certificates therefor to an
amount sufficient to make up the original capital
of the company. And it is hereby declared that, in
the event of any additional losses accruing upon new
risks taken after the Superintendent of the Insur-
ance Department shall have made the requisition
aforesaid, and before the said deficiency shall have
been made up, the directors shall be individually
liable to the extent thereof. And if, upon due exam-
ination, it shall appear to the Superintendent of the
Insurance Department that the losses and’ expenses
of any company chartered on the plan of mutual
insurance, under this act, shall, during the year, have
exceeded the premiums, and in consequence thereof
that the capital of the company, as required in its
organization, has become deficient, or from any other
cause has become impaired, it shall be the duty of
the Superintendent of the Insurance Department to
direct the officers of such mutual insurance com-
panies to take the same proceedings as herein required
to be taken in case of joint-stock companies; and,
until such directions shall be complied with, the
directors shall be personally liable to pay all damages
occasioned by such neglect to any person or body

55

When dl-
rectors in-
dividually
liable.

Steps to be
taken when
deficiency
in mutual
companies.

Directors,
when per-
sonally
liable.
56

Transfer

of stock,
when not

to release
from lia-
bility per-
son making
the same.

Agencies
may be
established
beyond the
United
States,

Agencies

‘* in Asia or

Europe.

Insurance
companies
may change
dates of the
termina-
tion of .
their fiscal
years in cer-
tain cases.

Provision
respecting
existing
joint-stock
and mutual
companies,
38 Barb., 329,
25 Barb., 463.

MARINE INSURANCE LAWS OF

corporate which may be injured thereby. Any trans-
fer of the stock of any stock company organized
under this act shall not release the party making the
transfer from his liability which may have accrued
previous to the transfer. [Lazs of 1849, chap. 308,
§ 13, as amended by Laws of 1864, chap. 425.]

It shall and may be lawful for any marine insur-
ance company to be organized pursuant to the pro-
visions of the said act hereby amended, to establish
and maintain one or more agencies beyond the
United States for the transaction of its lawful busi-
ness, upon such terms and conditions as the said
company may prescribe. [Laws of 1852, chap. 123,
§ 1.

Z case any such agency or agencies shall be
established in Asia or Europe, the statement required
by the thirteenth section .of the said act hereby
amended may be deferred for the space of five
months from and after the first day of January in
each year, and when made it shall refer to the first
day of January then next preceding. [Laws of 1852,
chap. 123, § 2.] ,

All fire, marine and life insurance companies now
required, or which may hereafter be required, to make
annual statements to the Insurance Department,
for the year ending on the last day of December,
are hereby authorized and empowered to change
the date of the termination of their fiscal-year to the
thirty-first day of December; and all statements,
reports, dividends, and balances, now required by
law to be made, and all other acts required to be
done by said companies, at the termination of their
fiscal year or years, or within a limited time there-
after, may be made out and done on the last day of |
December, and within the same period thereafter, in
lieu of such other days of the year, or periods of
time, as are now designated by their charter or other-
wise. [Laws of 1861, chap. 326, § 2.]

§ 14. Any existing joint-stock company incorpo-
rated by this State for the purposes mentioned in
the first section of this act, may, at any time after
notice being given for three months in a newspaper
published in the county where such company is
THE STATE OF NEW YORK.

located of such intention, and with a written consent
of a majority of three-fourths in amount of its stock-
holders, or if a mutual company with the unanimous
consent of its trustees, extend its original charter to
the time specified by the provisions of this act by
altering or amending the same, so as to accord with
the provisions of this act, and filing a copy of the
same so altered or dmended, together with a declara-
tion under its corporate seal, signed by its president
and directors, of their desire for such extension, and
also the written consent of three-fourths of its stock-
holders, and the unanimous consent of the trustees
as aforesaid to such extension, in the office of the
Superintendent of the Insurance Department, and
upon the filing of such consent, declaration and
charter, the same proceedings shall be had as are
required by the eleventh section of this act, and any
of the mutual [marine] insurance companies already
chartered by the Legislature of this State may, after
giving ninety days’ notice in three of the public
papers.of the State, change to joint-stock companies
by proceeding in accordance with and conforming
their charter to the provisions of this act. [Laws of
1849, chap. 308, § 14, as modified by Laws of 1853,
chap. 463, § 22; by Laws of 1853, chap. 466, § 28, and
by Laws of 1853, chap. 528, § 1.]

§ 15. All charters formed or extended under this
act shall be of thirty years’ duration each, but the
Legislature may at any time alter, amend or repeal
this act, or dissolve and provide for the closing up the
business and affairs of any company formed under it.
[Laws of 1849, chap. 308, § 15, as modified by Laws
of 1853, chap. 463, § 22.]

_ § 16. Suits at law may be maintained by any cor-
poration formed under this act, against any of its
members or stockholders, for any cause relating to
the business of such corporation; also suits at law
may be prosecuted and maintained by any member
or stockholder against such corporation for losses
which may have accrued if payment is withheld
more than two months in all risks after such losses
shall have become due. [Laws of 1849, chap. 308
§ 16.]

8

57

Existing
joint-stock
and mutual
companies
may extend
their
charters.

Proceed-
ings on such
extension,

Duration of

Suits at
law, how
maintained,
25 Barb., 109.
19 Barb., 442,
16 Barb., 171.
58

Companies
to be sub-
ject to pro
visions of

Revised
Statutes,

Restriction
as to trade.

of 1849,

Charters of
mutual or
stock insur-
ance com-
panies may
e extended

Proceed-
ings to be
had thereon

MARINE INSURANCE LAWS OF

§ 17. All companies formed under this, act shall
be deemed and taken to be bodies corporate and
politic in fact and in name, and shall be subject to
all the provisions of the Revised Statutes in relation
to corporations, so far as the same are applicable.
[Laws of 1849, chap. 308, § 17.]

§ 18. No company formed under this act shall,
directly or indirectly, deal or trade in buying and
selling any goods, warés, merchandise, or other com-
modities whatever.’ [Laws of 1849, chap. 308, § 18.]

The eighteenth section of the act entitled “ An act
to provide for the incorporation of insurance com-
panies,” passed April tenth, eighteen hundred and
forty-nine, shall not be construed to prevent an insur-
ance company from accepting an abandonment of
property insured, and selling the same, nor be con-
strued to prevent a purchase and resale of property
under judicial process or otherwise, in which, or in
the proceeds of the sale of which, such company may
be interested, by reason of having previously become
insurers of the same, or of some share or portion
thereof. [Laws of 1867, chap. 442, § 1.]

Any mutual or stock insurance company incorpo-
rated by this State prior to the passage of said act
may, at any time, have its original charter, as amended
by subsequent acts, extended to the time for the
period mentioned in the fifteenth section of said act,
by filing in the office of the Superintendent of the
Insurance Department a copy of said charter as
amended, and a consent referring to the original
charter, and the acts amending the same, signed by
all its trustees, or by two-thirds of them, and not less
than thirteen in number. But such examination and
proceedings shall be had by the Superintendent. of the
Insurance Department, as are required by the eleventh
section of said act, to be had by the Compiroller;
and the Superintendent shall further inquire, and if
so found, certify that such consent, after due notice
has been regularly given, and that such company is
in the active prosecution of its business, and is in.a
safe and proper condition to continue the same, and,
on filing his certificate of approval, and that of the
Attorney-General, it shall be lawful for such com-
THE STATE OF NEW YORK.

pany, under and in accordance with its extended
charter, as required by said eleventh section, to con-
tinue upon the same plan and without any interrup-
tion of its business or distribution of its assets, as fully
and with like effect as if the original act incorporating
the same, as amended by subsequent acts, had been
specially extended by act of the Legislature : Provided
that any company whose existence or privileges may
be extended by this act, shall at all times be fully
under the inspection and supervision of such Super-
intendent, and be subject to the checks and safeguards
imposed by said acts, and the acts amending the same,
and be also subject to the right of the Legislature to
alter, amend or repeal its charter, or any part or pro-
vision thereof.* [Laws of 1867, chap. 442; § 2, as
amended by Laws of 1868, chap. 731, § 1.]

§ 19. The trustees and corporators of any company
organized under this act, and those entitled to a
participation of the profits, shall be jointly and sever-
ally liable until the whole amount of. the capital
raised by the company shall have been paid in, and
a certificate thereof recorded as herein before pro-
vided. Notes taken in advance of premiums under
this act are not to be considered debts of the com-
pany in determining whether a company is insolvent,
but are to be regarded as assets of the company.
[Laws of 1849, chap. 308, § 19.]

§ 20. No dividends shall ever be made by any
company incorporated under this act when its capital
stock is impaired, or when the making of such
dividend will have the effect of impairing its capital
stock, and any divideud so made shall subject each
of the stockholders receiving the same to an indi-
vidual liability to the creditors of said company to
the extent of such dividend received by him. [Laws
of 1849, chap. 308, § 20, as amended by Laws of 1857,
chap. 38, § 1.]

§ 21. It shall be lawful for any mutual company
established or to be established in conformity with
the provisions of the fourth section of this act for
the purposes of marine insurance, and having com-

 

*An act entitled ‘An act to further amend the act for the incorporation of
insurance companies,’ passed April 19, 1867, and amendments thereto.

59

Companies
whose priv1-
leges are
extended
under this
act to be
subject to
supervision
of Superin-
tendent of
Insurance
Depart-
ment.

 

Corporators
when liable.
38 Barb., 438.
16 Barb., 491.

Dividends,
when not to
be made.

33 Barb., 438.

Marine
insurance
companies
may unite
cash capital
in cert:

cases.
28 Barb.,576,
60, MARINE INSURANCE LAWS OF

plied with the provisions of the fifth and eleventh
sections of this act, to unite a cash capital to any
extent not less than two hundred thousand dollars,
as an additional security to the members over and
above its premiums and stock notes, which additional
Cepital, cash capital shall be loaned and invested as provided
invested. in the eighth section of this act, and the company
may allow an interest on such cash capital, and a par-
ticipation in its profits; but no such interest shall be
paid except out of the actual profits of such com-
pany, and no company shall avail itself of the provis-
ions of this section until sucb cash capital, to the
extent of at least one hundred thousand dollars, shall
Subscribers have been actually paid in, in cash; and the sub-
lyliable. — geribers to such cash capital, wliether payable in full
or by installments, shall each be individually liable
for the debts of said company to the extent of his
individual subscription, or such proportion thereof as
shall be required in order to satisfy the debts of said
company, unless he shall have paid his subscription:
Capitaito in full, and such cash capital shall itself be liable as
the capital stock of the company in-the payment of
its debts. The holders of the said cash capital shall
be entitled in the election of trustees to one vote for
each one hundred dollars of stock held by them
Trustees to respectively, and the trustees may make such regula--
lations. tions in relation to the certificates of stock to be
issued, and the transfer thereof, as they may deem
necessary for the security of the company and the.
owners of the cash capital. [Laws of 1849, chap. 308,
§ 21, as amended by Laws of 1857, chap. 38, § 2.]
Application This act shall take effect immediately, and all the

chap. 38,

Laws of provisions herein contained shall apply to all existing

existing = companies organized for the purposes of marine insur-
companies. ance under said act passed April tenth, eighteen
hundred and forty-nine, and to all proceedings hereto-
fore had or now pendiug and in progress for the pur-
pose of uniting a cash capital to the other funds
thereof. [Laws of 1857, chap. 38, § 3; vide also §§ 1
and 2 of this act.]
Mutual § 22. Any mutual insurance company heretofore

marine in-

surance’ incorporated by the State, and now in operation,

companies

inopere having power to effect marine insurance, and having
THE STATE OF NEW YORK. :
its place of business in the city of New York, may
increase its capital or fund on the amount of accumu-
lated net profits which it is permitted to retain for
the benefit and security of its dealers to any amount
which shall be deemed expedient by its board of
trustees: Provided, however, that if there be in the
charter of such mutual insurance company any limi-
tation of its capital or fund, or the amount of net
profits which it has the power to accumulate and
retain, such increase shall not take place unless a
written consent thereto, under the corporate seal of
the said company affixed thereto by a resolution of
the board of trustees or directors, certified by the
secretary, shall first be filed in the office of the Super-
intendent of the Insurance Department of this State ;
and provided that the privilege of retaining profits
over one million of dollars shall not be exercised by
any company availing itself of the provisions of this
act. until a sufficient sum shall have been applied by
such company, according to the provisions of its
charter, toward the redemption of all certificates or

premiums heretofore issued and now outstanding.

[§ 22 as inserted and added by Laws of 1855, chap.
292.

ne fire or fire and marine insurance company,
chartered by this State, may have a lien by passing a
by-law to that effect, upon the stock or certificate of
profits owned by any member, for any debt hereafter
to become due the said company for premiums, by
stating that the said stock is subject to any such lien
upon the certificates of stock or profits, and such
lien way be waived in writing by the consent of the
president of said company upon the transfer of any
such stock. [Laws of 1862, chap. 367, § 6-]

§ 23. It shall be the duty of the Superintendent of
thé Insurance Department, whenever he shall deem
it expedient so to do, to appoint one or more persons,
not officers of any insurance company doing business
in this State, to examine into the affairs of any ma-
rine insurance company incorporated in this State,
or doing business by its agents in this State; and it
shall be the duty of the officers and agents of any
such company. doing business in this State, to cause

61

tion and
doing busi-
ness in New
York city
authorized
to increase
capital.

Proviso.

When writ
ten consent
to be filed
in Superin-
tendent’s
office.

Proviso.

When com:
anies to
ave lien

upon stock

or certifi-
cates of

profits of
members.

Superin-
tendent to
appoint one
or more
persons 40
examine
affairs of
marine
imsurance
companies.
62

Books to be
opened for
inspection
of examin-
ers.

Officers and
agents

may be
examined
under oath.

Result of in-
vestigation,
when to be
published.

When
deficiency
ascertained,
proceedings
may be had
to close up
business

of the
company.

When dis-
solution of
company to
be decreed
by Supreme
Court.

When calls
to be made

upon stock-

holders to
revair capi-
tal stock.

MARINE INSURANCE LAWS OF

their books to be opened for the inspection of the
person or persons so appointed, and otherwise to
facilitate such examination, so far as it may be in
their power to do; and for that purpose the said
Superintendent, in case of a personal examination, or.
the person or persons sv appointed by him, shall have
power to examine, under oath, the officers and agents |
of any company or others relative to the business of
said company; and whenever the said Superintend-
ent shall deem it for the interest of the public so to
do, he shall publish the result of such investigation
in one or more papers in this State; and whenever
it shall appear to the said Superintendent from such
examination, that the assets of any company incor-
porated in this State are insufficient to justify the
continuance in business of any such company, or in
case of a joint stock-company that its capital is im-
paired twenty per cent, he may direct the officers
thereof to require the stockholders to pay in the
amount of such deficiency within such period as he
may designate in such requisition, or he shall com-

‘municate the fact to the Attorney-General, whose

duty it shall then become to apply to the supreme
court for an order requiring them to show cause why
the business of such company should not be closed,
and the court shall thereupon proceed to hear the
allegations and proofs of the respective parties; and
in case it shall appear to the satisfaction of said court
that the assets and funds of said company are not
sufficient, as aforesaid, or that the interests of the
public so require, the said court shall decree a disso-
lution of said company and a distribution of its effects.
The supreme court shall have power to refer the
application of the Attorney-General to a referee, to
inquire into and report upon the facts stated therein.
Any company receiving the aforesaid requisition from
the said Superintendent, shall forthwith call upon its
stockholders for such amounts as will make its capi-
tal equal to the amount fixed by the charter of said
company; and in case any stockholder of such com-
pany shall refuse or neglect to pay the amount so
called for, after notice personally given or by adver-
tisement, in such time and manner as the said super
THE STATE OF NEW YORK.

intendent shall approve, it shall be lawful for the
said company to require the return of the original
certificate of stock held by such stockholder, and in
lieu thereof to issue new certificates for such number
of shares as the said stockholder may be entitled to
in the proportion that the ascertained value of the
funds of the said company may be found to bear
to the original capital of the said company; the
value of such shares for which new certificates shall
be issued shall be ascertained under the direction of
the said Superintendent, and the company shall pay
for the fractional parts of shares; and it shall be law-

63

Action had
on refusal
of stock-
holders to
pay amount
called for.

When

ful for the directors of such company to create new sunorse

stock and dispose of the same, and to issue new cer-
tificates therefor, to an amount sufficient to make up
the original capital of the company. Anditis hereby
declared that in the event of any additional losses
accruing upon risks taken after the expiration of the
period limited by the said Superintendent, in the
aforesaid requisition for the filling up of the deficiency
in the capital of such company, and before said defi-
ciency shall have been made .up, the directors shall
be individually liable to the extent of such loss.
And if, upon such examination, it shall appear to the

authorized
to create
new stocks.

When
directors in-
dividually
liable.

said Superintendent that the assets of any company -

chartered on the plan of mutual insurance under this
act and doing a marine business are insufficient to
justify the continuance of such company in business,
it shall be his duty to proceed in relation to such
company in the same manner as is herein required in
regard to joint-stock compauies ; and the trustees or

Same pro-
ceedings in
moutual as
in joint-
stock com-
panies.

directors of such company are hereby made person- wn

ally liable for any losses which may be sustained
upon risks taken after the expiration of the period
limited by the said Superintendent for filling up the
deficiency in the capital, and before such deficiency
shall have been made up. Any transfer of the stock
of any company organized under this act, made dur-
ing the pending of any such investigation, shall not
release the party making the transfer from his lia-
bility for losses which may have accrued previous to
the transfer. And whenever it shall appear to the
said Superintendent, from the report of the person or

en
directors of
mutual —
companies
personally
liable for
losses.

Transfer ot
stock dur-
ing investi-
ation, not
release
person _
transferring
same from
liability.
64

When cer-
tificates
ranted in
ehalf of
companies
not incor-
orated by
aws of
this State
revoked.

MARINE INSURANCE LAWS.

persons appointed by him, that the affairs of any com-
pany, not incorporated by the laws of this State, are
in an unsound condition, he shall revoke the certifi-
cates granted in behalf of such company, and shall
cause a notification thereof to bé published in the State
paper for four weeks; and the agent or agents of
such company shall not, after such notice, issue any
new policy and shall not renew any previously issued.*
[§ 22 as inserted and added by Laws of 1866, chap.
577.]

 

_ *Anact entitled “An act to amend an act entitled ‘An act to provide for the
incorporation of insurance companies,’ passed April tenth, eighteen hundred and
forty-nine ;” passed April 14, 1866. "
Chap. 28.

AN AOT IN RELATION TO MARINE MUTUAL INSUR
ANCE COMPANIES INCORPORATED UNDER SPECIAL
CHARTERS OR UNDER GENERAL LAWS. (No amend-
ments.) Passed February 16, 1857.

SECTION 1. Any mutual marine insurance company may add to its
funds not less than three hundred thousand dollars

: cash capital.

2. Profits, how to be divided in cases where cash capital is
added; premiums or risks on which losses shall have
happened may be excluded from participation in profits ;
funds represented by scrip liable for losses and expenses
before capital stock ; oldest annual issue of scrip to be
first redeemed.

3. When cash stock shall amount to three hundred thousand
dollars, the trustees may, in certain cases, convert the
certificates of profit into cash stock, and whenever the
cash stock shall amount to five hundred thousand dol-
lars the trustees may redeem the outstanding certificates
of profits and make the company wholly a cash stock
company ; regulations.

4, Cash stockholders only entitled to vote, except in certain
cases ; regulations.

5. How funds to be applied. 6 the redemption of certificates
of profits.

6. Cash stockholder liable for the dues of the corporation, to
the extent of his subscription, until his stock is paid up

_ in cash.
7. Construction of this act.
8. When act to take effect.

Section 1. Any marine mutual insurance company
heretofore chartered by the Legislature of this State
under a special act, or any marine mutual insurance
company now incorporated, or which may hereafter
be incorporated under any general act or law of this
State, shall have power to create or unite with its
existing corporate funds, if it have any such funds,
a cash capital of not less than three hundred thou-
sand dollars, to be divided into shares of one hundred
dollars each, to be issued to such persons as shall
subscribe and pay for the same; which shares shall
be transferable only on the books of the company,

9

Marine
insurance
companies
authorized
to create

a cash
capital.

Amount of
capital,
Amount of
shares.

Shares, how
transfer-
able.
66

Profits, how
to be di-
vided.

Compan
to exclude
certain
risks.

Surplus or
reserve
fund. .

To what
Mable.

Duties of
trustees
when cash
stock paid
in amounts
to three
hundred
thousand
dollars.

MARINE INSURANCE LAWS OF

subject to such regulations as the trustees shall from
time to time prescribe.

§ 2. The profits of the business of every corpora-
tion which shall avail itself of the provisions of this
act, after setting apart therefrom a sufficient sum to
cover the payment of seven per cent per annum upon
the cash capital, and also the interest accruing upon
any outstanding scrip or certificates of such com-
pany, shall be divided between the stockholders and
others entitled by its charter or articles of association
to participate in its profits, in the following manner,
viz.: one-third thereof, or such other proportion not
exceeding that rate as may be determined and agreed
upon at the time when the subscriptions to the cash
stock thereof are made, to be paid to the stock-
holders in cash, and the remainder thereof to the
persons entitled by its charter or articles of associa-
tion to participate in its profits, to whom scrip or
certificates therefor shall be issued as provided in
said charter or articles of association; but it shall be
competent for such company to exclude from the
computation of premiums entitled to participate in
such profits, premiums or risks on which loss shall
have happened. The fund represented by the scrip
shall constitute a surplus or reserve of such com-
pany for the security and payment of losses, and be
liable for any excess of losses and expenses above
the earned premiums of any year; each later annual
issue of scrip always to be first reduced or wholly
canceled before any previous annual issue is at all
reduced, and all the issues of scrip to be liable to
reduction and cancellation before the capital stock
shall be encroached upon.

§ 3. Whenever the cash stock paid in shall amount
to three hundred thousand dollars or more, the trus-
tees may, by a vote of three-fourths of their whole
number, convert the certificates of profits, in whole
or in part, into cash stock, commencing, if in part,
with the certificates of the year of earliest issue out-
standing, and so on in succession, upon application
therefor being made to the company by the holders
thereof within such period of time, and at such a price,
uot exceeding its par value, and under such condi-
THE STATE OF NEW YORK.

tions and regulations as the trustees may fix and
establish for: that purpose, and whenever the cash
stock shall amount to five hundred thousand dollars
or more, the trustees may, by a like vote, call in and
redeem and cancel the outstanding certificates of
profits, and make the company wholly a cash stock
company, dividing all its profits to the cash stock-
holders ; and the trustees shall have power to make
all necessary by-laws and regulations to conform to
such changes in the business of the company.

§ 4. The holders of the cash capital paid in shall
be entitled to one vote at all elections of said com-
pany for each share of said stock held by them
respectively, such votes to be given either in person
or by proxy ; and no person shall be entitled to vote
at any election by reason of being the holder of a
policy issued after such cash capital is paid in, or of
being the holder of any scrip or certificate of profits
of such company issued after that time, unless other-
wise provided for in the articles of subscription to the
said cash capital. ‘

§ 5. It shall not be lawful for such company,
except as provided in the third section of this act, to
apply any of its funds or profits to the redemption
or payment of any certificate of profits, if by such
payment the aggregate of its cash capital, and its
accumulated profits together, shall be reduced below
the amount which shall have been fixed by its by-
laws or articles of association, and such aggregate
amount shall not be fixed below the sum of one
million of dollars, in addition to the amount of the
cash stock thereof.

§ 6. Each subscriber to the cash capital aforesaid
shall be individually liable, to the extent of his sub-
scription, for the dues of the corporation, until the
shares of stock subscribed for by him shall have been
paid in cash to the said corporation.

§ 7. This act shall not be so construed as to extend
or prolong any special charters beyond the period for
which the same were originally granted ; or to apply
to or revive any charter under which any company
is not now actually transacting business.

§ 8. This act shall take effect immediately.

67

Holders of
cash capital
entitled to -
one vote,

Persons
entitled
to vote.

Funds, how
lawfully *
applied.

Amount of
aggregate

capital and
profits.

Subscribers
individual-
ly liable.

Act, how to
be con-
strued.

‘When to
take effect.
LAWS RELATING TO LIFE,
HEALTH AND CASUALTY
INSURANCE COMPANIES.

Chap. 463.

AN AOT TO PRUVIDE FOR THE INCORPORATION OF
LIFE AND HEALTH INSURANCE COMPANIES, AND IN
RELATION TO AGENCIES OF SUCH COMPANIBS, passed.
June 24, 1853.

With amendments and additions to January 1, 1869.

Sxrcrion 1.

Companies may be formed ; their purposes; the amount of
capital and the deposit of securities by companies
organized under the second department to be $100,000.

. When organized under one department, not to take risks

in the other department, and when transacting business
of life insurance not permitted to take other risks.

. Declaration and charter to be filed in the office of the

Superintendent of the Insurance Department ; contents
thereof.

. Declaration and charter to be examined by the Attorney-

General, and, if correct, certified and delivered back to.
the Superintendent of the Insurance Department, and
recorded.

. When corporators have received certified copy from the

Superintendent, may publish notice of intention to form
company, open books of subscription to capital stock,
etc.

. Amount of capital stock required to organize companies ;.

how paid in; deposit of securities with the Superin-
tendent as security for policy holders; life insurance,
trust or loan companies authorized to invest their funds.
in county, town or village bonds of this State.

. Superintendent of the Insurance Department to furnish

corporation with certificate of deposit of securities, and
a certified copy of charter, etc., to be filed in county
clerk’s office; when company is authorized to commence:
business. :
LIFE INSURANCE.

Srcrion 8. Companies may invest funds in bonds and mortgages or

in certain stocks ; provisions of this section applicable
to all life insurance companies; charters of companies
may be amended.

9. Companies not permitted to purchase, hold or convey real

. estate, except for certain specified purposes.

10. Corporators empowered to adopt a corporate seal, and make

by-laws; suits may be maintained by stockholders

against corporation, and vice versa.

11. Companies organized under this act to become bodies cor-
porate and politic.

12. Officers of corporation required to furnish the Superinten-
dent of the Insurance Department with an annual state-
ment of the company’s affairs ; contents thereof; Super-
intendent to furnish forms.

18. Annual report of the Superintendent to the Legislature ;
valuations to be made by Superintendent ; rates of inter-
est and mortality ; may be varied in special cases.

14, Agents of life insurance companies of other States not to
act, unless certain conditions are complied with ; certifi-
cate of authority to be granted by the Superintendent
in certain cases, annual statements of life, health and
casualty companies, when to be made; fees for certifi-
cates of authority.

15. Agents of foreign life insurance companies not to act unless
a deposit is made in the Insurance Department and cer-
tain other conditions complied with; certificates of
authority to be granted by the Superintendent in certain
cases; annual statements of their condition, etc., to be
made to Insurance Department; penalty for neglecting
to make annual statement; when annual statements of
foreign insurance companies to be made.

16. Fees of county clerk.

17. Superintendent of the Insurance Department to cause an
examination to be made into company’s affairs in certain
cases; proceedings thereon; duties of Superintendent
and Attorney-General.

18. Penalty for violating provisions of this act.

19. Proceedings when companies desire to relinquish business.

20. Charters to continue until repealed.

21. Existing companies may avail themselves of the provisions
of this act.

22. Repeal of act of April 10, 1849, and of April 8, 1851, so far
as said acts relate to life insurance; exception ; mutual
life insurance companies incorporated before April 10,
1849, subject to taxation on personal property to the
extent of $100,000 only; life insurance companies re-
quired to report to Superintendent annual dividends
made to stockholders ; report when and how to be made;
special deposits of securities required to be made in the
Insurance Department; on deposit of securities with
Superintendent, registered policies and annuity bonds
to be issued to companies; companies receiving such
policies and annuity bonds to be charged with the amount
of their net present value; return to be made to Super-
intendent semi-annually, showing the condition of regis-
tered policies ; additional securities, when to be deposited
and how to be held ; excess of securities above net present
value of registered policies may be withdrawn from the

+

69
70

Company
may be
created.

Insurance
upon lives,

Insurance
upon health
and against
casualties.

: Exception.

Re-in-
surance,

Amovnt of
capital or
deposit of
securities
required for
second de-
partment,

LIFE INSURANCE LAWS OF

Insurance Department; delivery of policies and bonds
to Superintendent; how registered ; expenses, how paid ;
mutilated policies and bonds to be received by Superin-
tendent; life insurance companies to make deposits and
receive policies in accordance with this act; the Super-
intendent authorized to address inquiries to life and
casualty insurance companies; replies in writing to be
made ; examination of life and casualty companies, when
to be made; annual dividends may be made by life
insurance companies; transfers of securities by the
Superintendent to be countersigned by the State Treas-
urer or his deputy; book to be kept by the Treasurer,
and his duty in relation thereto; Treasurer to report to
Legislature the amount of transfers countersigned by
him ; Treasurer to have access to books of the Insurance
Department, and Superintendent to have access to Treas-
urer’s book ; compensation of Treasurer.

The People of the State of New York, represented in
Senate and Assembly, do enact as follows :

Section 1. Any number of persons, not less than
thirteen in number, may associate and form an incor-.
poration or company for the purposes specified in
either of the following departments :

First Department. To make insurance upon the
lives of individuals and every insurance appertaining
thereto or connected therewith, and to grant, purchase
or dispose of annuities.

Second Department. To make insurance upon the
health of individuals and against personal injury, dis-
ablement or death resulting from traveling or general
accidents by land or water, and guaranteeing the
fidelity of persons holding places of public or private
trust, and upon the lives of horses, cattle and other
live stock, and also against loss, damage or liability
arising from any unknown or contingent event what-
ever, which may be the subject of legal insurance,
except the perils and risks included within the depart-
meuts of fire, marine and life insurance.

Every company organized under this act shall have
authority to re-insure-any risk herein authorized to be
undertaken. [Laws of 1853, chap. 463, § 1; as amended
by Laws of 1865, chap. 328, § 1.]

The amount of capital necessary for the organi-
zation of a company under the second department
contained in the first section of said act, and the
deposit of securities required to be made in the Insur-
THE STATE OF NEW YORK.

ance Department for the benefit of policy holders,
shall hereafter be at least one hundred thousand dol-
lars, in lieu of twenty-five thousand dollars, as here-
tofore required, and such deposit shall consist of the
same securities required of life insurance companies.
[Laws of 1865, chap. 328, § 2.]

§ 2. No company organized under this act for
the purposes named in the first department, shall
undertake either of the risks mentioned in the second
department ; nor shall any company organized under
this act, for the purposes named in the second depart-
ment, undertake any business mentioned in the first
department; and no company organized under this
act shall undertake any business or risks, except as
herein provided. :

No company, partnership or association, organized
or incorporated by or under the laws of this or any
other State of the United States, or any foreign gov-
ernment transacting the business of life insurance in
this State, shall be permitted or allowed to take any
other kind of risks except those connected with or
appertaining to making insurance on life, and the
granting, purchasing and disposing of annuities; nor
shall ‘the business of life insurance in this State be in
any wise conducted or transacted by any company,
partnership or association, which in this, or any other
State or country, makes insurance on marine or fire
risks, excepting by such foreign companies and asso-
ciations as shall have already made the deposit in the
Insurance Department required for the transaction
of life insurance business in this State. [Laws of 1853,
chap. 463, § 2, as amended by Laws of 1862, chap. 300,

1.
es. The persons referred to in the first section
of this act shall be designated as corporators, and
they shall file in the office of the Superintendent of
the Insurance Department,* a declaration signed by
each of the corporators, setting forth their inten-
tions to form a company for the purposes named in
this act, which declaration shall comprise a copy of

 

“#The words ** Superintendent of the Insurance Department,” or ‘“‘ said Superin-
tendent,” are substituted for *‘ Comptroller,” in accordance with the provisir ns of
section 8, chapter 366, Laws of 1859. '

71

Companies
organized
for pur-
poses of
one depart-
ment not to
take risk

in another
depart-
ment,

Companies
transactin
business 0:
life insur-
ance not
permitted
to take
other risks
than those
appertain-
ing to
insurances
on life.

Exception,

Corpora.
tors to file
declaration.
72

What char-
ter to con-
ain,

Attorney-
General to
certify to
declaration.

Declara-
tion to be
recorded.

Certihed
copy of
declaration
to be fur-
nished by
Superin-
tendent.

Corporators
to publish
intention to
form com-
pan in

he State
paper.

Books to
be opened.

LIFE INSURANCE LAWS OF

the charter they propose to adopt, and the said charter
shall set forth the name of the company ; the -place
where it is to be located; the kind of business to be
undertaken by referring to-and repeating the depart-
ment of the first section of this act to which they
refer; the mode and manner in which the corporate
powers of the company are to be exercised; the
manner of electing the trustees or directors and
officers, a majority of whom shall be citizens of this
State, and the time of such election; the manner of
filling vacancies; the amount of capital to be em-
ployed; and such other particulars as may be neces-
sary to explain and make manifest the objects and
purposes of the company, and the manner in which
it is to be conducted. [Laws of 1853, chap. 463, § 3.]

§ 4. Whenever the corporators shall file such
declaration with the Superintendent of the Insurance
Department, it shall become his duty to submit the
same to the Attorney-General for examination; and.
if found by him to be in accordance with the provis-
ions of this act, and not inconsistent with the Con-
stitution and laws of the United States and of this
State, he shall certify to the same and deliver it back
to the said Superintendent, who shall cause the said
declaration, with the certificate of the Attorney-
General, to be recorded in a book to be kept for that
purpose, and, upon application of the corporators to
the said Superintendent, it shall become his duty to
furnish a certified copy of such declaration and cer-
tificate to the said corporators. [Laws of 1853, chap.
463, § 4.]

§ 5. Whenever the corporators shall have received
from the said Superintendent the certified copy
provided for in the last section, and desire to pro-
ceed to organize such company, they shall publish
their intentions in the paper in which the State
notices are directed to be inserted; and when such
intentions have been published in said paper for six
weeks, they may open books to receive subscriptions
to the capital stock, and keep such books open until
the amount required by this act is subscribed, and
may then proceed to distribute the stock among the
subscribers, if more than the necessary amount is
THE STATE OF NEW YORK.

subscribed, and proceed to collect in the said capital
and complete the organization of the company.
[Laws of 1853, chap. 463, § 5.]

§ 6. No company shall. be organized under this
act, for the purposes mentioned in the first depart-
ment, with a less capital than one hundred thousand
dollars, and no company shall be, organized, for
the purposes mentioned in the second department,
with a less capital than one hundred thousand dol-
Jars. The whole capital of such company shall,
before proceeding to business, be paid in and invest-
ed in stocks or in treasury notes of the United States
or of the State of New York, or in bonds and mort-
gages on improved unincumbered real estate within
the State of New York, worth seventy-five per cent
more than the amount loaned thereon, exclusive of
farm buildings thereon, or in such stocks or securities
as now are or may hereafter be receivable by the
bank department.*

And it shall be lawful for any company organized
under this act, to change and re-invest its capital or
any part thereof, at any time they may desire, in the
stocks or bonds and mortgages or securities aforesaid.
No company organized for the purposes mentioned
in the first department shall commence business until
they have deposited with the Superintendent of the
Insurance Department of this State the sum of one
hundred thousand dollars in United States or New

York State stocks, in all cases to be, or to be made &

to be, equal to stock producing six per cent per
annum, and not to be received at a rate above their

 

* The following are the statute provisions prescribing the kind and nature of the
stocks receivable by the Bank Department :—

“The stocks which banking associations or individual bankers, now or hereafter
to be organized under the provisions of the act, ‘To authorize the business of bank-
ing,’ passed April 18, 1838, and the amendments thereto, shall hereafter deposit with
the Superintendent, shall be New York State stocks, in all cases to be, or to be made
to be, equal to stock producing six per cent per annum, or at least one-half the
amount so deposited, shall be in the stocks of the State of NewYork, as before men-
tioned, and not exceeding one-half in stocks of the United States, in all cases to be,
or to be made to be equal to a stock producing an interest of six per cent per annum ;
and it shall not be lawful forthe Superintendent to take such stocks at a rate
above oe ae value, or above their current market value.” [Vide Laws of 1849,
chap. 318, § 1.

lien i Tue, one-half of the deposit of securities in the Bank Department may
consist of seven per cent bonds and mortgages on eran roductive, unincum-
pered lands within this State, for not exceeding two-fifths of the value of said lands,
excluding buildings; to be received ata sum not above five thousand dollars for
each mortgage, and under regulations to be prescribed by the Superintendent of the
Bank Department. [Vide Laws of 1888, chap. 260, § 8; Laws of 1848, chap, 340, §§ 2
und 3, and Laws of if chap. 164, §10.]

13

Amount of
capital
required

And of
what to
consist.

Change and
re-invest-
ment of
capital.

Companies
not to com-
mence busi-
ness until
they have
deposited,
with the
Superin-

 
74

Companies
may collect
interest on
securities,

Life insur-
ance and
trust com-
anies may
nvest their
funds in
county,
town or

this State.

-LIFE INSURANCE LAWS OF

par value, or above their current market value, or in

-bonds and mortgages of the description and character

above indicated, and no company organized for the
purposes named in the second department shall com
mence business until they have deposited with the
Superintendent of the Insurance Department of this
State at least the sum of one hundred thousand
dollars, invested as herein before provided for the
investment of the capital of such company. The
Superintendent of the Insurance Department shall
hold such securities as security for policy holders in
said companies, but, so long as any company so
depositing shall continue solvent, may permit such
company to collect the interest or dividends on its
securities so deposited, and, from time to time, to
withdraw any of such securities on depositing with
the said Superintendent such other securities of like
value as those withdrawn, and of the same character,
and to be received as those above mentioned. [Laws
of 1853, chap. 463, § 6,* as amended by Laws of 1853,
chap. 551, § 1; by Laws of 1860, chap. 328, § 1, and
by Laws of 1862, chap. 300, § 2, as modified by Laws
of 1865, chap. 328, § 2.]

Any life insurance company, or any trust or loan
company, may, by the direction and consent of two-
thirds of their respective boards of directors, managers
or finance committee, purchase or invest, by loan or
otherwise, any of their funds in the bonds issued by
any county, town or village of this State, pursuant to

 

* The original section 6 of chapter 468, Act of 1853, as amended by section 1,
Ee 551, Laws of the sume year, is as follows:

§6. No company shall be organized under this act for the purposes mentioned
in the first se peruaene with a less capital than one hundred thousand dollars; and
no company shall be eee for the yee mentioned in the second depart-
ment with a less capital than twenty-five thousand dollars. The whole capital of
such company shall, before proceeding to business, be paid in and invested in
stocks of the United States, or of the State of New York, the market value of
which shall be at the time at or above par, or in such stocks or securities as now
are, or may hereafter be, receivable by the Bank Department. No company organ-
ized for the purposes mentioned in the first department shall commence business
until they have deposited with the Comptroller of this State the sum of one hun-
dred thousand dollars in the stocks or securities before mentioned ; but all mort-
gages deposited by any company under this section shall be upon improved
unincumbered real estate, worth seventy-five per cent more than the amount loaned
thereon; and no company organized for the parpoees named in the second depart-
ment shall commence business until they have deposited with the Comptroller of
this State the sum of twenty-five thousand dollars in the stocks or securities before
mentioned. The Comptroller shall hold such stocks or securities as security for
policy holders in said companies; but, so long as any company so depositing shall
continue solvent, may permit such company to collect the interest or dividends on
its stocks or securities so deposited, and, from time to time, to withdraw any of
such securities, on depositing with the Comptroller other securities of like charac-
ter. the market value of which shall be, at ‘he time of such deposit, at or above par.
THE STATE OF NEW YORK.

any law of this State, any thing in the charter of
either of said companies to the contrary notwith-
standing. [Laws of 1868, chap. 482, § 1.]

§ 7. Whenever the corporators shall have fully
organized such company, and the said company have
deposited with the said Superintendent the requisite
amount of capital, it shall become his duty to fur-
nish the corporation with a certificate of such deposit,

15

Superin-
tendent to
furnish
certificate
of deposit.

which, with a certified copy of the papers previously wh

required under this act, shall, when filed in the county
clerk’s office of the county where such ‘company is
to be located, be the authority to commence business
and issue policies, and the same may be used in evi-
dence for and against the corporation in all suits.
{Laws of 1853, chap. 463, § 7.]

§ 8. It shall be lawful for any company organized
under this act, to invest its funds or accumulations in
bonds and mortgages, on unincumbered real estate
within the State of New York, and also on unincum-
bered real estate located outside of said State, and
within fifty miles of the city of New York, worth fitty
per cent more than the sum so loaned thereon, or in
stocks of the United States, stocks of this State, or
of any incorporated city in this State, if at or above
par, and any stocks created under the laws of this
State, that shall be, at the time of such investment,
at a market value in the city otf New York, at or
above par.* [Laws of 1853, chap. 463, § 8, as amended
by Laws of 1860, chap. 328, § 2; by Eaws of 1862,
chap. 300, § 3; by Laws of 1866, chap. 525, § 1, and
by Laws of 1868, chap. 318, § 1.]

This act shall apply to all life insurance companies

organized under any laws of this State. [Laws of

1868, chap. 318, § 2.]

Any company organized under the acts to which
this is an amendment, having first obtained the con-
sent of the Superintendent of the Insurance Depart-

 

* The original section 8, chapter 463, Laws of 1853, is as follows: i :

§ 8. It shall be lawful for any company organized under this act, to invest its
fands or accumulations in bonds and mortgages, on unincumbered real estate
within the State of New York, worth fifty per cent more than the sum so loaned
thereon, or in stocks of the United States, stocks of this State, or of any incor-
porated city in this State, if at or above par, and any stocks created under the

ws of this State that shall be, at the time of such investment, at'a market value
in the city of New York, at or above par.

en
authorized
to com-
mence busi-
ness.

Funds, how
invested.

Charter
may be
amended,
76

Companies
not to hold
or convey
real estate

certain pur-
poses and in
@ certain
manner.

Certain real
estate to be
disposed of
within five
ears after
itle thereto
acquired,
unless time
for sale is
extended
by the
Superin-
tendent.

LIFE INSURANCE LAWS OF

ment thereto in writing, may, by a vote of a majority
of their directors, accept the provisions of this act,
or any of them, and amend their charter to conform
with the same. [Laws of 1860, chap. 328, § 3.]

§ 9. No company organized under this act shall be
permitted to purchase, hold or convey real estate, .
except for the purposes and in the manner herein set
forth, to wit: .

1. Such as shall be requisite for its immediate
accommodation in the transaction of its business; or,

2. Such as shall have been mortgaged to it ip good
faith, by way of secarity for loans previously con-
tracted, or for moneys due; or,

3. Such as shall have been conveyed to it in satis-
faction of debts previously contracted in the course
of its dealings; or, :

4. Such as shall have been purchased at sales upon
judgments, decrees or mortgages obtained or made
for such debts; and it shall not be lawful for any
company incorporated as aforesaid to purchase, hold
or convey real estate in any other case or for any
other purpose; and all such real estate as may be
acquired as aforesaid, and which shall not be neces-
sary for the accommodation of such company in the
convenient transaction of its business, shall be sold
and disposed of within five years after such company
shall have acquired title to the same; and it shall
not be lawful for such company to hold such real
estate for a longer period than that above men-
tioned, unless the said company should procure a
certificate from the Superintendent of the Insur-
ance Department that the interests of the company
will suffer materially by a forced sale of such real
estate, in which event the time for the sale may

' be extended to such time as the said Superintendent

Corpora-
tors, etc., to
adopt seal,
make by-
laws, etc.

shall direct in said certificate. [Laws of 1853, chap.
463, § 9.]

§ 10. The corporators or the trustees or directors,
as the case may be, of any company organized under
this act, shall have power to adopt a seal, and to
make such by-laws, not inconsistent with this act or
the Constitution and laws of this State, as maybe
deemed necessary for the management of its affairs;
THE STATE OF NEW YORK.

and suits at law may be maintained by any corpora-
tion formed under this act, against any of its mem-
bers or stockholders, for any cause relating to the
business of such company ; also, suits at law may be
prosecuted and maintained by any member or stock-
holder’ of such corporation for losses which may have
accrued, if payment is withheld more than two
months, on all risks, after such losses shall have been
due. [Laws of 1853, chap. 463, § 10.]

§ 11. All companies formed under this act shall
be deemed and taken to be bodies corporate and ¢
politic, in fact and in name, and shall be subject *
to all the provisions of the Revised Statutes in rela-
tion to corporations, so far as the same are applicable,
except in regard to annual statements and other mat-
ters herein otherwise specially provided for. [Laws
of 1853, chap. 463, § 11.]

§ 12. It shall be the duty of the president or vice-
president and secretary or actuary, or a majority of
the trustees of each company organized under the
laws of this State, annually, on the first day of Janu-
ary, or within sixty days thereafter, to prepare, under
oath, and deposit in the office of the Superintendent
of the Insurance Department of the State, a. state-
ment, showing:

1. The number of policies issued during the year.

2. The amount of insurance effected thereby.

3. Amount of premiums received during the year.

4. Amount of interest and all other receipts, speci-
fying the items.

5. Amount of losses paid during the year.

6. Amount of losses unpaid.

7. Amount of expenses.

'8. Whole number of policies in force.

9. Amount of liabilities or risks thereon, and of
all other liabilities.

10. Amount of capital stock.

11. Amountof accumulation, specifying whether re-
ceived upon life insurance, annuities, or how otherwise.

12. Amount of assets and manner in which they
are invested, specifying the amount in real estate,
on bond and mortgage, stocks, loans on stocks, pre-
mium notes, credits or other securities.

(7

Suits at law
may be

main-
tained.

Companies
formed, to

comporate
politic.

Statement,
under oath,
be made
annually to
Superinten-
dent.of In-
surance De-
partment,

Contents of
statement,
78

Contents of
statement.

Compantes
to be fui

0 be fur-
nished with
Tinted
forms of
statements

Forms ma;

 

tendent.

Superin-
tendent to
arrange
information
contained
in state-
ments, ina
tabular
form, and
prepare
same for
printing

n his an-
nual report.

Superin-
tendent

to make
valuations,

 

Rate of
interest to
be four and
a half per
cent per
annum, and
the rate of
mortality
to he that

LIFE INSURANCE LAWS OF

13. Amount of dividend unpaid.

14. A tabular statement of the policies in force for
the whole term of life, showing how many thereof
for each age of life, and for what amount of risk,
were issued or in force during the first year of the
existence of the company, during the second: year,
and so on up to the time of making such statement.

15. A tabular statement of the policies in force for
a shorter period than the whole term of life, showing
how many thereof for each age of life, and for what
amount of risk, were issued or continued in force
during the first year of the company’s existence, dur-
ing the second year, and so on up to the time of
making such statement.

The Superintendent of the Insurance Departmen:
shall cause to be prepared, and furnished to every
company to which this act shall apply, printed forms
of the statements herein required ; and he may make
such changes from time to time, in the form of the
same, as shall seem to him best adapted to elicit from
said companies a true exhibit of their condition in
respect to the several points herein before enumer-
ated. [Laws of 1853, chap. 463, § 12.]

§ 13. It shall. be the duty of the Superintendent of
the Insurance Department to arrange the information
contained in the statements required in the last sec-
tion in a tabular form, or in abstracts, and to pre-
pare the same for printing in his annual report to
the Legislature. It shall also be the duty of the said
Superintendent, at least once in every five years, and
annually in his discretion, to make valuations of all
the outstanding policies, additions thereto, unpaid div-
idends and all other obligations of every American
life insurance company transacting business: in this
State; and for the purposes of such valuations, and
for making special examinations under the seven-
teenth section of this act, and for valuing registered
life and other policies under chapter 708 of the Laws of
eighteen hundred and sixty-seven, the rate of interest
assumed shall be four and a-half per cent per annum, °
and the rate of mortality shall be that established by
the American Experience Table, in which table the
expectation of life and the numbers of living and
THE STATE OF NEW YORK.

dying at each age from ten to ninety-five out of one
hundred thousand persons living at age ten, are as
stated in the schedule hereto annexed.

The Superintendent may, in his discretion, vary
the above standards of interest and mortality, in
cases of companies from foreign countries, and in
particular cases of invalid lives or other extra hazards.
The Superintendent may also, in his discretion,
value policies in groups, use approximate averages
for fractions of a year and otherwise, and calculate
values by the net, the actual or the gross premiums
or otherwise, deducting, in cases of gross valuations,
from the gross value of future premiums, one-sixth
thereof, for future expenses and contingencies. [Laws
of 1853, chap. 463, § 13, as amended by Laws of 1866,
chap. 785, § 1, and by Laws of 1868, chap. 623, § 1.]

79

established
by Ameti-
can expe-
rience
table.

Standards
of interest
and mor-
tality may
be varied
in special
cases.
 

 

 

 

 

 

 

 

 

 

80 LIFE INSURANCE LAWS. OF.
SCHEDULE. Table of Mortality based on American Haperience.
acmn.| Tysubers: | Mymanans / Repeciesen | gcent,| Tieayhers | Merb | Mapesistion
10 | 100,000 749 48-72 || 53 66,797 | 1,091 18-79
11 99,251 746 48-08 || 54 65,706 | 1,143 18-09
12 98,505 743 47-44 || 55 64,563 | 1,199 17-40.
13 97,762 740 46-82 || 56 63,364 | 1,260 16-72
14 97,022 737 46-16 || 57 625104 | 1,825 16-05
15 965285 735 45-50 || 58 60,779 | 1,894 15°39
16 95,550 732 44-85 || 59 595385 | 1,468 14.74
17 94,818 729 44.19 || 60 57,917 | 1,546 14-09
18 94,089 T27 43-53 61 56;371 | 1,628 18-47
19 935362 725 42-87 || 62 54,743 | 1,718 12-86
20 92,637 723 42.20 || 63 53,030 | 1,800 12-26
21 | ° 915,914 722 , 41-53 | 64 515230 | 1,889 11-68
22 915192 721 40-85 || 65 49,341 | 1,980 11-10
23 90,471 720 40-17 66 47,361 | 2,070 10-54
24 89,751 719 39-49 67 45,291 | 2,158 10-00
25 89,0382 718 38-81 68 435138 | 2,248 9-48
26 88,314 4718 38-11 || 69 40,890 | 2,321 8-98
27 87,596 718 37-43 || 70 385569 | 25891 8-48
28 86,878 718 36-73 || 71 865178 | 25448 8-00
29 86,160 719 86-08 || 72 83:7380 | 2,487 7-54
, 80 852441 720 35-33 73 315243 | 25505 7.10
31 845721 721 84-62 || 74 282788 | 25501 6-68
32 84,000 4723 83.92 | 75 265237 | 25476 6-28
33 835277 726 33-21 76 23,761 | 2,431 5-88
34 825551 729 32-50 7 21,330 | 2,369 5-48
35 815822 732 31-78 78 18,961 | 2,291 5-10
36 81,090 737 31-07. | 79 16,670 | 2,196 4-74
37 802353 742 30-35 || 80 14,474 | 2,091 4-38
38 79,611 749 29-62 |) 81 125383 | 1964 4-04
39 785862 756 28-90 82 10,419 | 1,816 3-71
“40 78,106 765 28-18 || 83 8:603 | 1,648 3-39
41 77841 U74 27-45 || 84 6,955 | 1,470 3-08
42 762567 785 26-72 || 85 5:485 | 1,292 2-77
43 75.782 797 25-99 86 45198 | 1,114 2-47
44 749985 812 25-27 87 3,079 933 2-19
45 749173 828 24.54 || 88 25146 , 744 1-938
46 739845 848 23-80 89 15402 555 1-69
47 72,497 870 23-08 90 847 385 1-42
48 71.627 896 22-36 || 91 462 246 .1-19
49 | 70:731 927 21-63 || 92 216 137 98
50 69804 962 20-91 93 "9 58 ‘80
51 68,842 | 1,001 20-20 94 21 18 64
52 672841 | 1,044 19-49 95 3 3 50

 

 
THE STATE OF NEW YORK.

§ 14. It shall not be lawful for any person to
act within this State, as agent or otherwise, in receiv-
ing or procuring applications for insurance, or in any
manner to aid in transacting the business of insur-
ance, referred to in the first section of this act, for
any company or association incorporated by or organ-
ized under the laws of any other State government,
unless such company is possessed of the amount of
actual capital required by the sixth section of this act
for companies in this State, and the same is invested
in stocks or treasury notes of the United States, or
of the State of New York, or of the State in which
said company is located, or on bonds and mortgages
on improved unincumbered real estate within the
State where such company is located, or in such
stocks or securities as now are, or may hereafter be,
receivable by the Bank Department; but all mort-
gages deposited by any company under this section
shall be upon improved unincumbered real estate,
worth seventy-five per cent more than the amount
loaned thereon, which stocks and securities shall be
deposited with the Auditor, Comptroller or chief
financial officer of the State, by whose laws said
company is incorporated, and the Superintendent of
the Insurance Department of this State, furnished
with the certificate of such Auditor, Comptroller or
chief financial officer aforesaid, under his hand and
official seal, that he, as such Auditor, Comptroller or
ehief financial officer of such State, holds in trust
and on deposit, for the benefit of all the policy hold-
ers of such company, the security before mentioned,
which certificate shall embrace the items of the
security so held, that he is satisfied that such secu-
rities are worth one hundred thousand dollars, if the
company proposes to transact the business referred
to in the first department, or that they are worth
one. hundred thousand dollars, if the company pro-
poses to transact the business referred to in the second
department. But nothing herein contained shall be
construed to invalidate the agency of any company
incorporated by another State by reason of such
company having, from time to time, exchanged the

11

81

No person
permitted

under any
other State
govern-
ment until
such com-
pany has
complied
with cer-
tain con-
ditions.

Stock, and
nature
thereof.

Certificate
to be fur-
nished as
to security.

Saving
clause as ta
exchangé
of securi-
ties
82

Anattorney
to be ap-
pointed on
whom pro-
cess may be
served,
Charter to
be filed.

When ser-
vice of pro-
cess to be
made upon
agents last
designated.

Statement
of condi-
tion, etc.,
to be filed.

No agent to
act w! Eaous
rocurin;
beri .
cate of
authority.

What to
contain
and where
filed.

LIFE INSURANCE LAWS OF

securities so deposited with the Auditor, Comptroller
or chief financial officer of the State in which such
company is located, for other stock or securities,
authorized by this act, or by reason of such company
having drawn its interest.and “dividends, from time
to time, for such stocks and securities. Such com-
pany shall also appoint an attorney in this State, on
whom process of. law can be served; and such attor-
ney shall file with the Superintendent of the Insurance
Department a certified copy of the charter of said
company, and also a certified copy of the vote or reso-
lution of the trustees or directors of the said company
appointing such attorney, which appointment shall
continue until another attorney be substituted. And,
in case any such insurance corporation shall cease to
transact business in this State according to the laws
thereof, the agents last designated, or acting as such
for such corporation, shall be deemed to continue
agents for such corporation, for the purpose of serving
process for commencing actions upon any policy or
liability issued or contracted while such corporation
transacted business in this State, and service of such
process, for the causes aforesaid, upon any such agent,
shall be deemed a valid personal service upon such
corporation. Such company shall also file a state-
ment of its condition and affairs in the office of the
Superintendent of the Insurance Department, in the
same form and manner required tor the annual state-
ments of similar companies organized under the laws
of this State. It shall not be lawful for any agent to
act for any company referred to in this section

directly or indirectly, in taking risks, collecting pre-
miums, or in any manner transacting the business
of life insurance in this State, without procuring
from the said Superintendent a certificate of author-
ity, stating that the foregoing requirements have
been complied with, and setting forth the name of
the attorney for such company, a certified copy of
which certificate shall be filed in the county clerk’s
oftice of the county where the agency is to be estab-
lished, and shall be the authority of such company
and agent to commence business in this State, and
THE STATE OF NEW YORK.

such company or its attorney shall annually, in the
mouth of January, file with the Superintendent of
the Insurance Department of this State a statement
of its affairs for the preceding year, in the same
manner and form provided in the twelfth section of
this act for similar companies in this State ; and if the
said annual statement shall be satisfactory evidence
to the Superintendent of the Insurance Department of
the solvency and ability of the said company to meet
all its engagements at maturity, and that the said
deposit is maintained, as above required and provided,
he shall issue renewal certificates of authority to the
agents of said company, certified copies of which

83

Annual
statements
to be filed.

See Laws of
1865, chap. .
328, section |
neath
modityin
this Bection,

Renewal
certificates

shall be filed in the county clerk’s office of the county #e¢

where the agency is located, during the month of
January in each year, and which renewal certificates
shall be the authority of such agents to issue new
policies in this State for the ensuing year. [Laws of
1853, chap. 463, § 14, as amended by Laws of 1853,
chap. 551, § 2, and by Laws of 1862, chap. 300, § 4, as
modified by Laws of 1865, chap. 328, § 2.]

The annual statements of life, health or casualty
insurance companies, incorporated by or organized
under the laws of any other State government, shall
hereafter be made on the first day of January of each
year, or within sixty days thereafter, and the renewal
certificates of authority issued and filed within the
same period. The fees for each certificate of author-
itv, and certified copy thereof, shall be five dollars.
[Laws of 1865, chap. 328, § 3.]

§ 15. It shall not be lawful for any person to act in
this State as agent or otherwise, in receiving or pro-
curing applications for life or health insurance, or
in any manner to aid in transacting the business
of any life or health insurance company, partner-
ship or association, incorporated by or organized
under the laws of any foreign government, until
such company, partnership or association shall have
deposited with the Superintendent of the Insurance
Department for the benefit of the policy holders of
said company, partnership or association, citizens or
residents of the United States, securities to the amount

Annual
statements,
when to be
made.

See section -
14, ante,

modified by
this section.

Fees for
certifi-
cate of
authority.

Securities
to be de-
posited with
uperinten-
dent before
agent can
act for for-
eign insur-
ance com-
anies.
Barb 316
84

Anattorney
to be ap-
pointe
upon whom
process
may be
served.

Certified
copy 0
charter to
be filed.

Service of
process
upon agents

Statement
of condi-
tion, etc.,
of company
to be filed
in oftice of
Superin-
tendent.

Agents not
to act with-
out certifi-
cate of
authority.

What cer-
tificate to
contain and
where filed.

LIFE INSURANCE LAWS OF

of one hundred thousand dollars of the kind required,
or which may hereafter be required for similiar com-
panies of this State, and shall have appointed an
attorney in this State, on whom process of law can
be served, and the said company, partnership or
association shall have filed with the Superintendent
of the Insurance Department a duly certified copy of
the charter or deed of settlement of the said com-
pany, partnership or ‘association, and also a duplicate
original copy of the letter or power of attorney of
such company or association appointing the attor-
ney thereof, which appointment shall continue until
another attorney be substituted. And in case any
such insurance corporation shall cease to transact
business in this State according to the laws thereof,
the agents last designated or acting as such for such
corporation, shall be deemed to continue agents for
such corporation for the purpose of serving process
for commencing actions upon any policy or liability
issued or contracted while such corporation transacted
business in this State, and service of such process,
for the causes aforesaid, upon any such agent, shall
be deemed a valid personal service upon such corpo-
ration. Such company, partnership or association
shall also file a statement of its condition and affairs,.
in the office of the Superintendent of the Insurance
Department, in the same form and manner required
for the annual statements of similar companies organ-
ized under the laws of this State. It shall not be
lawful for any agent or agents to act for any com-
pany, partnership or association referred to in this
section, directly or indirectly, in taking risks, collect-
ing premiums, or in any manner transacting the
business of life insurance in this State, without pro-
curing from the said Superintendent a certificate of
authority (which shall be renewable annually) stating
that the foregoing requirements have been complied
with, and setting forth the name of the attorney for
such company, a certified copy of which certificate
shall be filed in the county clerk’s office of the county
where the agency is to be established, and which
shall be the authority of such company and agent to
commence business in this State ; and such company,
THE STATH OF NEW YORK.

partnership or association, shall annually, on the first
day of January, or within thirty days thereatter, file
with the Superintendent of the Insurance Depart-
ment, a statement of all its affairs, in the same man-

85

Annual
statement
to be filed.

See Laws of
1861, chap.
n

ner and form provided in the twelfth section of this sand

act for similar companies in this State; which state-
ment shall be made up for the year ending on the
preceding thirtieth day of June, accompanied also
by a supplementary annual statement, duly verified
by the attorney or general agent of the company or
association in this State, giving a detailed description
of the polices issued, and those which have ceased
to be in force during the year, the amount of premi-
ums received and claims and taxes paid in this State
and the United States, for the year ending on the
preceding thirty-first day of December. Said sup-
plementary statement shall also contain a description
of the investments of such company or association,
in this country, and such other information as may
be required by said Superintendent; and if the said
annual statement shall be satisfactory evidence to
the said Superintendent of the solvency and ability
of the said company to meet all its engagements at
maturity, he shall issue renewal certificates of author-
ity to the agents of said company, partnership or
association, certified ¢opies of which shall be filed by
such agents in the county clerk’s office of the county
where the agency is located, within sixty days after
the first day of January in each year, and which
renewal certificates shall be the authority of such
agents to issue new policies in this State for the ensu-
ing year. All such foreign insurance companies,
partnerships and associations, engaged in the trans-
action of the business of life or health insurance in
this State, shall, annually, on or before the first day
of March in each year, pay to the Superintendent of
the Insurance Department a tax of two per cent on
all premiums received in cash or otherwise, by their
attorneys or agents in this State, during the year
ending on the preceding thirty-first day of December,
upon which a tax on premiums has not been paid to
any other State. The avails of said tax shall be paid
into the State Treasury, and shall be applicable, as

.
Laws of
1867, chap.
709, post, on
subject of

annual
statements.
Supple-

mentary
statement.

What to
contain.

Renewal
certificates
to be issued
and certi-
fied copies
thereof filed
in offices

of county
clerks
where
agencies
are located.

Annual tax
to be paid
into State
treasury to
detray ex-
enses of
nsuranee
Depart-
ment,
86

When col.
lectible out
of interest
on securi-
ties,

Foreign in-
surance
companies
to make
annual
statements,
This section
modified.
See Laws
of 1867,
nap 709,
post.

Penalty for
neglect to
make an-
nual state-
ments.

When for-
eign ipsur-
ance com-
anies to
Je their
annual
statements,

Fees to be

LIFE INSURANCE LAWS OF

far as necessary, toward defraying the expenses of

‘the Insurance Department. In case of neglect or

refusal by any such company to pay said tax, the
Superintendent is hereby authorized to collect the
same out of the interest on the Stocks and securities
deposited by such company in the Insurance Depart-
ment. [Laws of 1853, chap. 463, § 15, as amended by
Laws of 1862, chap. 300, § 5.]

All foreign insurance companies, associations, cor-
porations, partnerships and individuals, transacting
the business of fire, marine or life insurance, or any
other kind of insurance in this State, shall make
annual statements of their condition and affairs to
the Insurance Department, in the same manner and
in the same form as similar companies organized

‘under the laws of this State. [Laws of 1861, chap.

334, § 1.]

In case of neglect or refusal to make such annual
statements, as aforesaid, all persons acting in this
State, as agents or otherwise, in transacting the bus-
iness of insurance for said companies, corporations,
associations, partnerships or individuals, shall be sub-
ject to the same penalties provided by law in case of

the failure of any insurance company organized under

the laws of this State, to make an annual statement,
as now provided by law. [Laws of 1861, chap. 334, § 2.]

Foreign insurance companies shall hereafter be
required to make and file their annual statements on
the first day of June in each year, or within thirty
days thereafter, made out for the year ending on the
preceding thirty-first day of December; the supple-
mentary annual statements of their business and
affairs in the United States shall continue to be filed
in the month of January in each year, made out for
the year ending on the thirty-first day of December
immediately preceding. [Laws of 1865, chap. 199, § 2,
as amended by Laws of 1867, chap. 709, § 1.]

§ 16. Every county clerk shall demand and
receive, for every paper filed in his office under
this act, the sum of ten cents, to be accounted for and
paid to the county treasurer as now provided with
regard to other fees. [Laws of 1853, chap. 463, § 16,
as modified by Laws of 1859, chap. 366, §§ 7, 8.]
. THE STATE OF NEW YORK.

§ 17. It shall be the duty of the Superintend-
ent of the Insurance Department, whenever he
shall have good reason to suspect the correctness of
any annual statement, or that the affairs of any com-
pany making such statement are in an unsound con-
dition, to cause an examination to be made into the
affairs of any insurance company for the purposes

named in this act, incorporated in this State, or doing’

business by its agencies in this State; and it shall be
the duty of the officers or agents of any insurance
company doing business in this State, to cause their
books to be opened for the inspection of the person or
persons so appointed, and otherwise to facilitate such
examination so far as it may be in their power so to
do ; and for that purpose the said Superintendent, or
the person or the persons so appointed by him, shall
have power to examine, under oath, the oflicers and
agents of any company relative to the business of said
company; and whenever the said Superintendent
shall deem it for the interest of the public so to do,
he shall publish the result of such investigation in the
paper in which the State notices are directed to be
inserted; and whenever it shall appear to the said
Superintendent, from such examination, that the
assets of any such company be insufficient to re-in-
sure the outstanding risks, he shall communicate the
fact to the Attorney-General, whose duty it shall then
become to apply to the Supreme Court for an order
requiring them to show cause why the business of
such company should not be closed, and the court
shall thereupon proceed to hear the allegations and
proofs of the respective parties; and, in case it shall
appear to. the satisfaction of the said court that: the
assets and funds of the said company are not suffi-
cient, as aforesaid, the said court shall decree a dis-
solution of said company and a distribution of its
effects, including the securities deposited in the hands
of the said Superintendent. The Supreme Court shall

have power to refer the application of the Attorney-.

Geueral to a referee, to inquire into and report upon
the facts stated therein. And, whenever it shall
appear to the said Superintendent, from the report
of the person or persons appointed by him, that the

87

Superin-
tendent to
cause ex-
amination
to be made,

Books to be
opened for
inspection.

Result of
investiga-
tion may
be pub-
lished in
State paper.

Attorney-
General tc
apply to
Supreme
Court for
an order.

When dis-
solution to
be decreed.

Certificates
when to be
revoked.
88

LIFE INSURANCE LAWS OF

affairs of any company not incorporated by the laws
of this State are in an unsound condition, he shall

_tevoke the certificates granted in behalf of such com-

Expenses
of examina-
tion,

Penalty for
violation of
this act.

Proceed-
ings in case
company
wishes to
relinquish
its business,

‘When secu-
rities to be
delivered

up by
Superin-
tendent.

pany, and shall cause a notification thereof to be
published in the State paper for four weeks, and the
agent or agents of such company are, after such
notice, required to discontinue the issuing of any new
policies. The expenses of any examination made
under this section shall be borne by the company so
examined. [Laws of 1853, chap. 463, § 17.]

§ 18. Every violation of this act shall subject
the party violating to a penalty of five hundred
dollars for each violation, which shall be sued for
and recovered in the name of the people, by the
district attorney of the county ‘in which the com-
pany or agent or agents so violating shall be situated,
and one-half of such penalty, when recovered, shall
be paid into the treasury of such county, and the
other half to the informer of such violation; and, in
case of the non-payment ot such penalty, the. party
so offending shall be liable to imprisonment for a
period not exceeding six months, in the discretion of
any court having cognizance thereof. [Laws of 1853,
chap. 463, § 18.] .

§ 19. When any company, transacting the busi-
ness of insurance under either of the departments
specified in the first section of this act, within the
State of New York, shall desire to relinquish its
business, the Superintendent of the Insurance De-
partment shall, on application of such company or
association, under the oath of the president or princi-:
pal officer and secretary or actuary, give notice of
such intention in the paper in which the State
notices are directed to be inserted, at least twice a
week for six months; and after such publication he
shall deliver up to such company or association the
securities held by him, belonging to them, on being
satisfied by the exhibition of the books and papers
of such company or association, and on examination,
to be made by himself or some competent ‘person,
not officer of any life insurance company in this
State, to be appointed by him, and upon the oath of
the president or principal officer and the secretary
THE STATE OF NEW YORK.

or actuary of the same, that all debts and liabilities
of every kind are paid and extinguished that are
due or may become due upon any contract or agree-
ment made with any citizens of the United States.
And the said Superintedent may also from time to
time deliver up to such company or association or its
assigns, any portion of said securities, on being
satisfied in manner and form aforesaid, or by any
other competent proof, that all the debts and liabili-
ties of every kind that are due or may become due
upon any contract or agreement made with any
citizen of this State by said company or association
are less than one-half of the amount of the portion
of said securities he shall still retain. [Laws of 1853,
chap. 463, § 19, as amended by Laws of 1859, chap.
263, § 1.]

§ 20. Every charter created by or under the laws
of this State, for the purposes aforesaid, shall
continue until repealed. [Laws of 1853, chap. 463,
§ 20.]

§ 21. Any existing company incorporated by or
authorized .under the laws of this State, for the pur-
poses mentioned in this act, may avail themselves of
the provisions of this act, after publishing their inten-
tions for six weeks in the State paper, and obtain-
ing the consent of the majority of the trustees or
directors, and complying with the third section of
this act in relation to the filing and contents of the
declaration therein referred to. [Laws of 1853, chap.
463, § 21.]

§ 22. So much of the act of April tenth, eighteen
hundred and forty-nine, and of April eighth, eight-
een hundred and fifty-one, as relate to life insurance,
is hereby repealed, but this section shall not affect
any company incorporated under such acts. [Laws
of 1853, chap. 463, § 22.]

Any mutual life insurance company in this State,
incorporated previously to the passage of the general

insurance law, on the tenth day of April, eighteen 3

hundred and forty-nine, shall be subject to tax-
ation in the same manner as if it were incorporated
under said general law, with a capital of one hun-
dred thousand dollars, as required by the sixth

12

89

Charter to
continue
until re-
pealed.

31 Barb., 176,

Existing
companies
may avail
themselves
of the pro-
visions of
this act.

Parts of
acts of 1849
and 1851
repealed.

Mutual life
insurance
companies
to be sub-
ject to
taxation.
90

Mutual life
insurance
company
incorporat-
ed before
April 10,
1849, subject
to taxation
on personal
property to
the extent
of $100,000
only.

Report to
Superin-
tendent,
showing
annual
dividends
made to
stock-
holders,

 

Report, how
and when
to be made.

Speclal
deposits of
securities

to be made
in the In-
surance De-
partment,

“passed March %4,

LIFE INSURANCE LAWS OF

section of the said general law.* [Laws of 1853,
chap. 469.]

Any mutual life insurance company incorporated
in this State previous to the passage of the general
insurance law, on the tenth day of April, eighteen
hundred and forty-nine, shall be subject to taxation
on the sum of one hundred thousand dollars for per-
sonal property and no more; and it is hereby declared
that. such was the intention and it is the true construc-
tion of said act of June twenty-ninth, eighteen bun-’
dred and fifty-three, in regard to any taxes imposed
on said companies after said act took effect.t [Laws
of 1855, chap. 83.]

It shall be the duty of every life insurance com-
pany organized wnder the laws of this State, within
sixty days after the passage of this act, to prepare
and deposit in the oftice of the Superintendent of the
Insurance Department of the State, a report giving
a detailed statement of the annual dividends hereto-
fore made to the stockholders of such company.
[Laws of 1866, chap. 848, § 1.]

Such report shall be under oath, and be duly sworn
to by the president, actuary and secretary of such
company; and a like report shall’ hereafter be
annually made in like form and manner to said
Superintendent, at the same time that the annual
report is now required by law to be made by such
companies.{ [Laws of 1866, chap. 843, § 2.]

Any life insurance company, now or hereafter duly
authorized to make insurance on lives in this State,
may deposit in the Insurance Department securities
of the kind and in addition to the amount now
required and authorized by law to be deposited by
life insurance companies in that department, to any
amount not less than twenty-five thousand dollars,

 

*An act entitled “ An act to amend the general law relative to the Incorporation
of insurance companies,” passed June 290, 1853.

+ An act entitled “An act to declare the intention and make more certain an
act entitled ‘An act to amend the gonerat law relative to the incorporation of insur
ance companies, posse June twenty-ninth, eighteen hundred and fifty-three ;"
855, three-fifths belng present.

}An act entitled ‘An act relating to dividends to stockholders of life inaurance

‘companies,’ passed April 18, 1866.
THD STATH OF NEW YORK.

for the i Se hereinafter mentioned.* [Laws of
1867, chap. 708, § 1.]

Whenever any such company shall legally transfer
to the Superintendent of the Insurance Department
any amount of said securities, not less than twenty-
five thousand dollars, he shall issue to said company
registered policies of insurance or annuity bonds, of
such denominations or amounts as the said company
may require. Such policies and annyity bonds shall
bear upon their face the words: “ This policy, among

a limited number, secured by pledge of public stock.

or bonds and mortgages,” with the seal of the said
department, and shall be countersigned by the Super-
intendent or his authorized deputy. [Laws of 1867,
chap. 708, § 2.] ,

The said Superintendent shall, on delivering said
policies or annuity bonds to any of said life insurance
companies, charge to said companies, respectively,
the amount of the net present value of such policies
or annuity bonds, valued by the Carlisle table of
mortality, and after the first day of January, eighteen
hundred and sixty-eight, by the tables prescribed
by chapter seven hundred and eighty-five of the
Laws of eighteen hundred and sixty-six with interest
at five per centum per annum, according to the
amount and number of premiums paid annually, semi-
annually or quarterly thereon, and the terms thereof ;
but in no case shall the amount of such value exceed
in the aggregate the amount of the securities deposited
under the provisions of this act. On the first day of
January and July of each and every year, or within
sixty days thereafter, the said companies shall make
a return to the Superintendent of the Insurance
Department, under oath of the president and actuary,
of the exact condition of the registered policies
received from the said department, and of the pre-
mium account of the said policies, and shall deposit
with the said Superintendent additional and similar
securities to an amount equal to any increase of value

 

® An Act entitled ‘‘ An Act to authorize life insurance companies to make special
deposits of sureties in the Insurance Department, and to authorize the Superintend-
ant of said Department to require special reports of such companies.” Passed

Aort] &, 1867.

91

Registered
policies and
annuity
bonds to be
issued to
companies.

 

Companies
receivin:
such poli-
cies and
bonds to be

charg

with their
net present
value.

Return to
be made
to Superin-
tendent .
semi-an-
nually of
the condi-
Ron of

 

policies,

Additional
securities,

e-
osited and
ow held.

 
92

Excess of
securities
above net
present
value, may
be with-
drawn.

Delivery of
olicies and
ionds to

Superin-

tendent.

Policies,
now
registered.

Expenses,
how paid.

Companies
to be

with
expenses.

LIFE INSURANCE LAWS OF

of the policies heretofore issued and which shall
remain in force, valued by the same rule as upon the
issue thereof; and the securities thus from time to
time deposited shall be held by the Superintendent
in trust, until the obligations of the said depositing
life insurance companies, respectively, under the said
registered policies and annuity bonds shall, to the
satisfaction of the said Superintendent, be fully
liquidated, canceled or annulled. [Laws of 1867,
chap. 708, § 3.]

The said depositing companies may at any time
withdraw any excess of securities above the net present
value herein before specified, upon satisfying the said
Superintendent, by written proof, to be filed in the
said department, that such excess exists, and shall be
allowed to receive the interest on all securities depos-
ited, and to exchange such securities by substituting
other securities, as now provided by the acts in
relation to life and health insurance companies, and
the amendments thereto. [Laws of 1867, chap. 708,
§ 4.

The said companies shall deliver to the Superintend-
ent of the Insurance Department the policy and
annuity bonds, engraved and printed, or printed and
written, in such manuer as the said department shall
direct, with duplicate originals of the same duly
signed. On their receipt by the Superintendent, he
shall cause them to be duly registered in proper
books kept for that purpose, in consecutive numbers,
corresponding to the numbers on said policies and
bonds ; shall cause his name or the name of his
deputy to be inscribed on the policies and bonds, and
affix the seal of the department to the same, and shall
return the original policies to the said depositing
companies, respectively. The expenses necessarily
incurred in registering, countersigning and sealing
the said policies and annuity bonds, and in otherwise
executing the provisions of this act, shall be audited
and paid out of any moneys in the treasury not other-
wise appropriated ; and, for the purpose of re-imburs-
ing the same, the said Superintendent is hereby author-
ized to charge against the said depositing companies, —
respectively, an amount sufficient for such purpose,
THE STATH OF NEW YORK.

and as may be just and reasonable. It shall be the
duty of the said Superintendent to receive mutilated
policies and annuity bonds issued to the said com-
panies, and deliver in lieu theredf other policies and
bonds of like tenor and date. [Laws of 1867, chap.
708, § 5.]

Any life insurance company which, by virtue of
any law, is making deposit of securities and receiving
registered policies, shall, after the passage of this
act, make such deposit and receive such policies in
accordance with this act, and not otherwise. [Laws
of 1867, chap. 708, § 6.]

The Superintendent of the Insurance Department
is hereby authorized and empowered to address any
inquiries to any life or casualty insurance company,
or to the secretary thereof, in relation to its doings
or condition, or any other matter connected with its
transactions; and it shall be the duty of any com-
pany so addressed to promptly reply in writing to
any such inquiries under the same penalties provided
in similar cases for fire insurance companies. And
companies not incorporated under the laws of this
State failing to answer shall not be authorized to
transact any business in this State, and their certifi-
cates of authority may be revoked and canceled.
[Laws of 1867, chap. 708, § 7.]

It shall be the duty of the Superintendent of the:

Insurance Department to make, or cause to be made,
an examination of the condition and affairs of any
life or casualty insurance company, as provided for
in the seventeenth section of chapter four hundred
and sixty-three of the Laws of eighteen hundred and
fifty-three, whenever he shall deem it expedient so
to do, and also whenever he shall have good reason

to suspect the correctness of any annual statement,

or that the affairs of any company making such state-
ment are in an unsound condition. [Laws -of 1867,
chap. 708, § 8.]

- Any life insurance company, chartered by or organ-
ized under the laws of this State, which, by its charter
or articles of association, is restricted to the making
a dividend only once in two or more years, may here-
after, any thing in said charters or articles of associa-

93

Mutilated
policies.

Life com-

posits an
receive
policies in
accordance
with this
act.

Inquiries

to life and
casualty
companies.

Replies in
writing to
be made.

Examina-
tion of
life and
casualty
companies
when to
be made.

Annual
dividends
may be
made by
life insur-
ance cam-
panies
94

Transfer of
stocks by
the Superin-
tendent to
be counter:
signe

State y
or his
deputy.

Book to be
kept by the
‘Treasurer.
What to
contain.

Duty of the
Treasurer.

Treasurer
to report to
Legislature
amount of
transfers

sian
signe
him. y

LIFE INSURANCE LAWS CF

tion contained to the contrary notwithstanding, make
and pay over or credit, annual dividends in the manner
and proportions, and among the parties provided for
in said charter or articles of association.* [Laws of
1868, chap. 118, § 1.] . *

No transfer of stocks, bonds and mortgages or
other securities, now held or hereafter received by
the Superintendent of the Insurance Department
under the provisions of any act authorizing deposits
in the said department, shall be deemed valid or of
binding force or effect unless the same be counter-
signed by the Treasurer of the State, or in his absence
from his office or inability to perform the duties of
his oftice, by his deputy. It shall be the duty of the
Treasurer aforesaid, to keep in his office, or in the
office of the Superintendent of the Insurance De-
partment, a book in which shall be entered the name
of the company, from whose account such transfer
of securities is made by the Superintendent and the
name of the party to whom such transfer is made,
unless such transfer shall be made in blank, and
the par value of any stock so transferred shall be
entered therein, and the amount for which every
mortgage transferred is held by the Superintendent,
and the name of the party to whom assigned. shall
also be therein entered; and it shall be the duty of
the Treasurer, immediately upon countersigning and
entering the same, to advise by mail, the company
from whose account such transfer is made, of the
kind of security and the amount of the same thus
transferred.t [Laws of 1868, chap. 732, § 1.]

The Treasurer shall present in his annual report to
the Legislature, the total amount of such transfers
or assignments countersigned by him. [Laws of 1868,
chap. 732, § 2.]

 

* An act entitled “ An act to authorize certain life insurance companies to make
dividends.” Passed April 3, 1868.

+ An act entitled ‘An act in relation to transfer of securities deposited by in-
surance companies, with the Superintendent of the Insurance Department, and to
amend the act entitled ‘An Act to establish an Insurance Depurtment.’” Passed
ae uhpenths eighteen hundred and fifty-nine; passed May 8, 1868, three-fifths

eing present.
THE STATE OF NEW YORK.

It shall be the duty of the Treasurer, or in his
absence from his office, or in case of his inability to
perform the duties of his office, of his deputy, to
countersign and enter upon the book, in the manner
aforesaid, every transfer or assignment of any securi-
ties held by the said Superintendent presented for his
signature ; and the Treasurer shall have at all times
during office hours, access to the books of the Super-
intendent of the Insurance Department, for the pur-
pose of ascertaining the correctness of the transfer
or assignment presented to him to countersign; and
the Superintendent shall have access to the book
above mentioned, kept by the Treasurer, during office
hours, to ascertain the correctness of the entries upon
the same. [Laws of 1868, chap. 732, § 3.]

The Treasurer shall, for the services required by
this act, receive the annual salary of two hundred
and fifty dollars, to be paid in the same manner as
the salary of the Superintendent, and the same shall
be audited and allowed by the said Superinténdent,
and charged in the general expenses of the Insurance
Department. [Laws of 1868, chap. 732, § 4.

95

Treasurer
to have
access to
the books
of the In-
surance De-
partment,

Compensa-
tion of
Treasurer.
96 LIFE INSURANCE LAWS OF

Chap. 95.

AN ACT In RELATION TO ALL COMPANIES TRANS-
ACTING THE BUSINESS OF LIFE INSURANCE WITHIN
THIS STATE, passed April 8, 1851.*

SEcTion 1. Every life insurance company transacting business in this
State, shall deposit one hundred thousand dollars in cer-
__ tain stocks or bonds and mortgages ; regulations, etc.

2. Stocks, bonds and mortgages to be held as security for
policy holders; companies may collect interest in cer-
tain cases; securities may be withdrawn on depositing
other like securities ; regulations as to title and value of

real estate mortgaged.
3. Agents not to act in this State without procuring certifi-

cates of authority.

. Companies from other States and foreign countries to make
and publish annual statements of their condition and
affairs ; contents thereof.

. An examination may be made into the affairs of any com-
pany when deemed expedient ; proceedings thereon.

. Further proceedings when the assets are not sufficient to
re-insure the outstanding risks.

. Certificates of authority to be revoked in certain cases.

. Proceedings when company desires to relinquish business.

. Penalty for violating provisions of act.

. Repealing section.

»

Senor ao oa

 

*'This act was repealed by § 22, chap. 463 of the Laws of: 1858, but such repeal is
declared as not affecting companies which have been incorporated under this act
and the act of April tenth, eighteen hundred and forty-nine,
THE STATE OF NEW YORK.

Chap. 80.

AN AOT IN RESPEOT TO INSURANCES FOR LIVES
FOR THE BENEFIT OF MARRIED WOMEN; passed
April 1, 1840 (with amendments to January 1,
1869).

Srcrion 1. Wife: may insure life of her husband ; amount of insurance
payable to wife, exempt from claims of representatives
of husband and of his creditors to extent of three hun-
dred dollars. ,

2, When amount of insurance payable to children.

The People of the State of New York, represented wn
Senate and Assembly, do enact as follows:

Section 1. It shall be lawful for any married
woman, by herself, and in her name, or in the name
of any third person, with his assent, as her trustee, to
cause to be insured, for her sole use, the life of her
husband for any definite period, or for the term of his
natural life ; and, in case of her surviving such period
or term, the sum or net amount of the insurance
becoming due and payable, by the terms of the insur-
ance, shall be payable to her, to and for her own use,
free from the claims of the representatives of the hus-
band, or of any of bis creditors ; but such exemption
shall not apply where the amount of premium annu-
ally paid out of the funds or property of the husband
shall exceed three hundred dollars. [Laws of 1840,
chap. 80, § 1, as amended by Laws of 1858, chap. 187,
§ 1, and by Laws of 1866, chap. 656, § 1.]

§ 2. The amount of the insurance may be made
payable, in case of the death of the wife before the
period at which it becomes due to her husband, or to
his, her or their children, for their use, as shall be
provided in the policy of insurance, and to their guar-
dian, if under age. [Laws of 1840, chap. 80, § 2, as
amended by Laws of 1858, chap. 187, § 2; by Laws
of 1862, chap. 70, § 1, and by Laws of 1866, chap. 656,
§ 2.] |

13

97

Wife ma:
insure life
of husband.
1 Barb.

268.
3 Brad., 139.

ten pay-
Shiidren.
MISCELLANEOUS INSURANCE LAWS...

Or InsURANCES ON PRopERTY in this State made in
foreign countries, and by individuals and associa-
tions unauthorized by law.

SEcTION 1.

Oo MOD CP COX

14.
15.

16.
17.

18.
19.

Title 21, Chapter XX, Part I of the Revised
‘Statutes (with amendments and addi-
tions).

Insurances against loss by fire, by foreigners or their agents,
prohibited.

. Penalty; and application thereof. :
. State tax to be paid by agents of fire and marine insurance

_ companies of other States and foreign countries.

. Persons not to act as agents without giving bond,
. Penalty for making, etc., insurance without having given

bond and application thereof.

. Penalties, how collected and applied.
. The provisions of this title extended to marine risks.
. Preceding sections, 3, 4, 5,6 and 7, repealed so far as they

relate to fire insurance.

. Agents of fire insurance companies of other States and

foreign countries to pay two per cent on premiums to the
fire departmeht.

. Agents shall give a bond, etc., before effecting insurances,
. Penalty for insuring without having executed a bond.
. Sections 1, 2,3 and 4 of act passed March 30, 1849, repealed,

so far as applicable to New York city; proviso.

. Agents in the city of New York of fire insurance companies

of other States and foreign countries to pay two per
cent on premiums to the fire department.

Agents to annually render a verified account of premiums
received to treasurer of fire department. ,

Tax on premiums payable to trustees of the exempt Fire-
men’s Benevolent Fund, for five years.

They shall give bond, etc., before effecting insurances.

‘When bond deemed insufficient, treasurer may require its
renewal,

Penalty for insuring without having given bond. or for
insuring without renewal of bond.

Treasurer of fire department to annually require of agents
account; demand, how made; penalty for neglect of
agent to render account. ,
MISCELLANEOUS INSURANCE LAWS.

SECTION 20. Agents to report to Comptroller and to treasurer of fire
department, his place of business, etc.; penalty for omis-
sion.

21. Duty, damages and penalties to be sued for by the fire
__ department.

22. Non-resident defendant may be arrested; order of arrest
may be obtained upon proof of non-residence, etc.

28. Certain provisions of Code to apply to arrest under the
‘preceding section.

24. Repeal by first section of chap. 548, Laws of 1857, not +o
afféct certain prosecutions or penalties.

25: Sections 1,2 and 8 of chap. 178, act of 1849, to apply to
cities and certain villages, etc.

Section 1. No person, association or company of
persons residing in any foreign country, and no incor-
poration established in a foreign country, nor any
person in behalf of them, or any of them, shall, directly
or indirectly, make any contract of insurance, or by
way of insurance, against loss or injury by fire, upon
any house, building or goods situated or being in this
State.* [Laws of 1814, chap. 49, §1; and Revised
Statutes, part I, chap. 20, title 21, § 1.]

§ 2..Whoever shall offend against the foregoing
provision, shall forfeit one thousand dollars, for the
use of the poor of the county where such illegal con-
tract shall be made. [Laws of 1814, chap. 49, § 2;
and Revised Statutes, part I, chap. 20, title 21, § 2.]

§ 3. There shall be paid into the treasury of this
State, on the first day of February in each year, by
every person who shall act as agent for any individ-
uals, or associations of individuals, not incorporated
and authorized by the laws of this State, to effect
insurances against marine losses and risks, although
such individuals or associations may be incorporated
for that purpose by any other State or country, the
sum of two dollars upon the hundred dollars, and at
that rate upon the amouut of all premiums which,
during the year ending on the preceding first day of

 

* The following is the preamble to the original act of 1814, with a note contained
in the Session Laws: ;

PREAMBLE.— Whereas, a certain company or association of persons in England,
under the name of the “‘ Pheenix Insurance Company,’ have appointed agents and
established offices in this State for the purpose of making insurance in this State
on behalf of the said English company or association: Therefore, etc.

Norn.—As, during a state of war, foreigners, especially alien enemies, could not
be coerced by any of our courts of justice to the performance of their contract, this
act for thie, among other reasons, was adopted by the Legislature. It is proper to
mention that Chancellor Kent dissented to its passage in the Council of Revision.

99

Certain in-
surances by
foreigners
prohibited,

Penalty
and appll-
cation
thereof.

Amount to
be paid into
treasury by
agents.
100

Persons
not to act
as agents
without
giving
ond.

Penaity for
making

‘ Insurance
without

having
given bond.

MISCELLANEOUS INSURANCE LAWS

September, shall have been received by such agent
or any other person for him, or shall have been agreed
to be paid for any insurance effected or agreed to be
effected or procured by bim ag such agent, or against
marine losses or risks. [Laws of 1824, chap.277 ; and
Revised Statutes, part I, chap. 20, title 21, § 3, as
amended by the Laws of 1837, chap. 30, § 2, and by the
Laws of 1849, chap. 178, § 6.]

§ 4. No person shall, as agent for any individuals
or association, effect or agree to effect any insur-
ances, upon which the duty above mentioned is
required to be paid, or as agent or otherwise procure
such insurance to be effected until he shall have

executed and delivered to the Comptroller a bond to

the people of this State, in the penal sum of one
thousand dollars, with such sureties as the Comp-
troller shall approve, with a condition that he will
annually render to the Comptroller on the first day
of February in each year, a just and true account of
all premiums which, during the year ending on the
first day of September preceding such report, shall
have been received by him or by any other person for
him, or agreed to be paid for any insurance against
(marine) losses which shall have been effected by
him or agreed to be effected as such agent, or which
shall have been procured by him from any individ-.
uals or association not authorized as aforesaid ; and
that he will annually, on the first day of February
in each year, pay into the treasury of this State two
dollars upon the hundred dollars, and at that rate
upon the amuunt of such premiums. [Laws of 1824,
chap. 277; Revised Statutes, part I, chap. 20, title 21,
§ 4, as amended by the Laws of 1837, chap. 30, § 2,
and y the Laws of 1849, chap. 178, § 6, and see §7,
post.

§ 5. Every person who shall effect, agree to effect,
or procure any insurance specified in the preceding
third section of this title, without having executed
and delivered such bond, shall forfeit five hundred
dollars, for the use of the poor of the county where
the offense shall be committed. [Laws of 1824, chap.
Als : mt Revised Statutes, part I, chap. 20, title
OF THE STATE OF NEW YORK

§ 6. The penalties imposed in this title shall be
collected, in the name of the people of this State, by
the district attorney of the county where the offense
shall be committed, for the use of the poor thereof.
[Revised Statutes, part I, chap. 20, title 21, § 6.]

§ 7. All the provisions of title twenty-first of chap-
ter twenty of the first part of the Revised Statutes,

y'

Penalties,
how col-
lected and
applied.

Provisions
fR.S8

of R. 8.
applicable
to marine
r

respecting insurance on property in this State, made msks.

in foreign countries and by individuals and associa-
tions unauthorized by law, and all the prohibitions,
requirements and penalties therein contained are
hereby extended and applied to contracts of insur-
ance, or by way of insurance against marine losses
and risks, or by lending money on respondentia or
bottomry, and to all persons, associations or compa-
nies, and agents of the same, making, effecting or
procuring any such insurance or contracts, by way
of insurance or loan, or any other business which
marine insurance companies, incorporated by the
laws of this State, may or do transact by virtue of
their respective acts of incorporation. [Laws of 1829,
chap. 336, § 1.] ;

§ 8. All the provisions of sections three, four, five,
six, seven, of the title twenty-one, chapter twenty, of
the first part of the Revised Statutes, as amended by
act of the 21st February, 1837, so far as they relate
to fire insurance, are hereby repealed. [Laws of 1849,
chap. 178, § 6.]

§, 9. There shall be paid to the treasurer of the fire
department of the city of New York, for the use and
benefit of said fire department, on the first day of
February in each year, by every person who shall act
in the city and county of New York, as agent for or
on behalf of any individual, or association of indi-
viduals, not incorporated by the laws of this State, to
effect insurances against losses or injury by fire in
the city and county of New York, although such
individuals or associations may be incorporated for
that purpose by any other State or country, the sum
of two dollars upon the hundred dollars, and at that
rate, upon the amount of all premiums which during
the year or part of a year, ending on the next pre-
ceding first day of September, shall have been

Repeal of
preceding
sections 3,
4, 5, 6, 7,
so far as
they relate
to fire in-
surance,

This section
repealed, so

York city.
See section
12, post.

‘Taxes on
premiums
payable
anuary 1,
each year.
See page 13.

Moneys to
be paid to
treasurer of
fire depart-
ment, etc.

See section
15, posts
102

This section
repealed, so
far ag it re-
lates to New
York city.
See section
12, post.

Insurance

by certain
en

when to be

effected.

This section
repealed so
far as it re-
lates to New
York city.
See section
12, post.

Penalty
for not
executing
bond.

MISCELLANEOUS INSURANCE. LAWS

received by such agent or person, or received by
any other person for him, or shall have been agreed
to be paid for any insurance effected or agreed to
be effected or promised by him, as such agent or
otherwise, against loss or injury by fire in the city
and county of New York. [Laws of 1849, chap
178, § 1.] %

§ 10. No person shall, in the city and county of
New York, as agent or otherwise, for any individual,
individuals, or association, effect or agree to effect
any insurance, upon which the duty above mentioned
is required to be paid, or as agent or otherwise pro-
cure such insurance to be effected, until he shall have
executed and delivered to the said treasurer a bond
to the fire department of the city of New York, in
the penal sum of one thousand dollars, with such
sureties as the said treasurer shall approve, with a
condition that he will annually render to the said
treasurer on the first day of February in each year. a
just and true account, verified by his oath, that the
same is just and true, of all premiums, which during
the year ending on the first day of September pre-.
ceding such report, shall have been received by him
or by any other person for him, or agreed to be paid
for any insurance against loss or injury by fire in
the city and county of New York, which shall have
been effected or promised by him, or agreed to be
effected or promised by him to be effected, from any:
individual or individuals, or association not incorpo-
rated by the laws of this State as aforesaid; and that
he will annually, on the first day of February in each
year, pay to the said treasurer two dollars upon every
hundred, and at that rate, upon the amount of such.
premiums. [Laws of 1849, chap. 178, § 2.]

§ 11. Every person who shall effect, agree to effect,
promise, or proctre avy insurance specified in the
preceding sections of this act, without having exe-
cuted and delivered the bond required by the pre-
ceding section, shall for each offense forfeit one
thousand dollars for the use of the said fire depart-
ment; such penalty of one thousand dollars shall be
collected in the name of the fire department of the
city of New York. [Laws of 1849, chap. 178, § 3.]
OF THE STATE OF NEW YORK.

§ 12. Sections one, two, three and four of an act

entitled “An act further to amend the acts in rela- or

tion to insurances on property in this State, made by
individuals and associations unauthorized by law,”
passed March thirty, eighteen hundred and forty-
nine, so far as the said sections are applicable to the
city and county of New York, but no further, are
hereby repealed, and the following ten sections are
substituted therefor :

Provided, however, that any corporation or associa-
tion created by or organized under the laws of any
government other than the States of this Union, and
having assets, funds or capital, not less in amount
than one hundred and fifty thousand dollars, invested
in this State, shall be liable to taxation upon such
assets, funds or invested capital, as the same is levied
or assessed yearly by law, which tax shall be paid as

103

city, etc.
repealed.

Proviso.

follows: Such an amount thereof as would be equal |

to two per cent upon its gross premiums received for
insurances upon property in the city of New York,
shall be paid annually, as herein before provided, to
the treasurer of the fire department of the city of New
York, and the residue of said tax requisite to make
up the full amount of taxation upon its capital as
herein before provided, shall be paid to the mayor,
aldermen and commonalty of the city of New York,
as in the case of ordinary taxation ; and the payments
so made as aforesaid shall exempt such corporation
or association making the same from any and all fur-
ther taxation upon its premiums, capital or assets ;
and whenever such capital shall be reduced below
said sum of one hundred and fifty thousand dollars,
or withdrawn entirely, then and in either event such
corporation or association shall be liable to pay the
tax upon its premiums as heretofore provided in this
act. [Laws of 1857, chap. 548, § 1, as amended by Laws
of 1858, chap. 255, § 1.]

§ 18. There shall be paid to the treasurer of the
fire department of the city of New York, for the use
and benefit of said fire department, on the first day
of February in each year, by every person who shall
act in the city and county of New York as agent
jor or on behalf of any individual or association

Moneys to
be paid to
fire depart:
ment, New
York.

See section
16, pest,
104

Taxes on
premiums
payable
anuary 1,
each and
every year.
Bee page 13.

Agents to
annually
render a
verified
account of
premiums
received to
treasurer of
fire depart-
ment.

Tax on
premiums
ayable to
he trustees
of the .
Exempt
Firemen’s
Benevolent
Fund, for a
limited

Insurance
by certain

arene,
when to be
effected.

MISCELLANEOUS INSURANCE LAWS

of individuals, not incorporated by the laws of this
State, to effect insurances against losses or injury
by fire in the city and county of New York, although
such individuals or association may be incorporated
for that purpose by any other State or country, the
sum of two dollars upon the hundred: dollars, and at
that rate upon the amount of all premiums which
during the year ending on the next preceding first
day of September, shall have been received by such
agent or person, or received by any other person for
him, or shall have been agreed to be paid for any
insurance against loss or injury by fire in the city
and county of New York, effected or agreed to be
effected or promised by him as such agent. [Laws of
1857, chap. 548, § 1, sub. 1.]

§ 14. Every person who shall act in the city. and
county of New York as agent as aforesaid, shall; on
the first day of February, in each year, render to the
said treasurer of the fire department a just and true
account, verified by his oath, of all such premiums
which, during the year ending on the first day of
September preceding, shall have been received by
him, or by any person for him or which shall have
been agreed to be paid. for any such insurance
effected or agreed to be effected, or promised by him.
[Laws of 1857, chap. 548, § 1, sub. 2.]

§ 15. The said corporation [the trustees of the
Exempt Firemen’s Benevolent Fund of the city of
New York] shall be entitled to receive and there shall
be paid to them the percentage or tax on the receipts
of foreign fire insurance companies doing business in
the city of New York as provided in chapter one hun-
dred andseventy-eight, Laws of eighteen hundred and
forty-nine, for five years from the passage of this act.
[Laws of 1866, chap. 633, § 7.]*

§ 16. No person shall, as agent or otherwise, effect
or agree to effect or procure to be effected, any insur-
ance upon which the duty above mentioned is required
to be paid, until he shall have executed and deliv-
ered to the said treasurer an undertaking, under seal,
to the-fire department of the city of New York, with
such sureties as the said treasurer shall approve, that
he will annually render to the said treasurer, on the
OF THE STATE OF NEW YORK.

first day of February, in each year, a just and true
account, verified by his oath, of all such premiums,
which, during the year ending on the first day of Sep-
tember preceding, shall have been received by him or
by any person for him, or which shall have been agreed
to be paid for any such insurance effected or agreed to
be effected, or promised by him, and that he will
aunually, on the first day of February in each year,

pay to the said treasurer two dollars upon every hun-

dred dollars, and at that rate upon the amount of
such premiums. [Laws of 1857, chap. 548, § 1, sub. 3.]

§ 17. Whenever, by reason of failure of the sure-
ties, or either of them, or for any other cause, an
undertaking given under the last preceding section,
shall or may be deemed insufficient by the said
treasurer to secure a return of the account and the
payment of the duty aforesaid, or either of them,
the said treasurer, at his election, but not oftener
than once in each year, may require such undertaking
‘to be renewed. [Laws of 1857, chap. 548, § 1, sub. 4.]

§ 18. Every person who shall effect, agree to effect,
promise or procure any insurance mentioned in the
first four sections of the said act as hereby amended,
without having executed and delivered the under-
taking required by the third section of said act as
hereby amended, shall for each offense forfeit one
thousand dollars, for the use of the said fire depart-
ment; and every person who shall have been required
by the said treasurer to renew his undertaking pur-
suant to the fourth section of said act, as hereby
amended, who shall effect, agree to effect, promise or
procure any such insurance, without having executed
and delivered the renewed undertaking required by
said last mentioned fourth section, shall for each
offense forfeit one thousand dollars, for the use of the
said fire department. [Laws of 1857, chap. 548, § 1,
sub. 5.

§ 18 It shall be lawful for the said treasurer of the
fire department, on or after the first day of February
in each year, by written or printed demand signed by
him, to require from every person who shall act in
the city and county of New York, as agent as afore-
said, the account provided for in the second section

14

105

When bona
deemed in-
sufficient,
treasurer
may require
its renewal.

Penalty for
not execut-
ing bond.

Penalty for
not renew
ing bond,

Treasurer
of fire de-
partment ta
annually
require of
agents
accounts,
106

Penalty for
neglect of
agent to
render
account,

Agents to
state where
their places
of business
are in New
York.

Duty; dam-
ages and
enalties to
e sued for
by tire de-
partment,

MISCELLANEOUS INSURANCE LAWS -

of said act as hereby amended, and payment of the
duty provided for in the first section: thereof; such
demand may be delivered personally to such ageut,
or at his office or place of business to any person
baving charge thereof, or at his residence to any per-
son of suitable age. And every such agent who
shall for ten days after such demand, neglect to
render the account or to pay the duty demanded, or
either of them, shall forfeit fifty dollars for the use of
the said fire department; and he shall also forfeit for
their use twenty-tive dollars in addition for every day
that he shall so neglect, after the expiration of said
ten days, and such additional penalty may be com-
puted and recovered up to the time of the trial of
any suit for the recovery thereof. [Laws of 1857, chap.
548, § 1, sub. 6.] |

§ 20. Every person who shall act in the city and
county of New York as agent as aforesaid, shall, on
the first day of February in each year, or within ten
days thereafter, and as often in each year as he shall
change his place of business in the said city, report
in writing under his proper signature to the Comp-
troller of the State and also to the treasurer of the
said fire department, the street and the number there-
of in the said city of his place of business as such
agent, designating in such report the individual or
individuals and association or associations for which
he shall be such agent. And in case of default in
any of these particulars, such person shall forfeit for
every offense the sum of one thousand dollars, for the
use of the said fire department. [Laws of 1849, chap.
a pi as amended by Laws of 1857, chap. 548, § 1,
sub. 7.

§ 21. The duty provided to be paid by the first sec-
tion of said act as hereby amended, the damages for
any breach of the undertakings, or either of them,
provided for in the third and fourth sections thereof,
and the pecuniary penalties imposed by said act as
hereby amended, or any or either of them, may be
sued for and recovered, with costs of suit, in any court
of record within this State by the fire department of
the city of New York in their own name and for their
own use. [Laws of 1857. chap. 548, § 1, sub. 8.]
OF THE STATE OF NEW YORK.

§ 22. The defendant in any action to be brought
for the recovery of any penalty incurred or any duty
or sum of money payable under said act as hereby
amended, may be arrested, if he is not a resident of
this State, or is about to remove therefrom. An order
for the arrest of the defendant must be obtained from
a judge of the court in which the action is brought,
or from a county judge. The order shall be made
when it shall appear to the judge by affidavit that a
sufficient cause of action exists under said act as
hereby amended, and that the defendant is not a
resident of this State, or is about to remove there-
from. [Laws of 1857, chap. 548, § 1, sub. 9.]

§ 23. The provisions of chapter one of title seven
of an act entitled ** An act to amend the act entitled
‘ An act entitled to simplify and abridge the practice,
pleadings and proceedings of the courts of this State,’
passed April twelfth, eighteen hundred and forty-
eight,” passed April eleventh, eighteen hundred and
forty-nine, and which chapter is entitled ‘ Arrest
and bail,” from and including section one hundred
and eighty-two to the end of said chapter, shall apply
to any arrest- under the ninth section of said act as
hereby amended and to the proceedings thereupon.
[Laws of 1857, chap. 548, § 1, sub. 10.]

§ 24. The repeal by the first section of this act
shall not affect any prosecution or action commenced,
or penalty, duty or liability incurred, or cause of
action accrued prior to the passage of this act, but
every such action or prosecution may lawfully pro-
ceed, and every such penalty, duty or liability may
be demanded and recovered as if the sections one,

107

Non-resi-
dent de-
fendant
may be
arrested.

Order to be
obtained.

Certain
provisions
of the Code
to apply to
arrest under

preci
section.

Repeal by
first. section
not to affect
certain
prosecu-
tions or
penalties.

two, three and four repealed as aforesaid had re- .

mained in full force. [Laws of 1857, chap. 548, § 2.]

§ 25. Sections one,, two and three of this act shall
apply to every city or incorporated village in this
State where a treasurer of a fire department exists,
and where no ofticer is known by the Jaws of such
city or village, the treasurer of such city or incorpo-
rated village shall exercise all the powers and per-
form all the duties, for the purposes of this act, of
the treasurer of the fire department of the city of
New York, as far as relates to the city or village

Sections 1,
2and 3to
apply to
every city
and village,
108

Proviso.

MISCELLANEOUS INSURANCE LAWS

of which he is treasurer; and he shall, under the
direction of the common council of the city or the
trustees of the village, pay over all moneys received
or recovered under the first, second and third sections
of this act, to the fire department of such city or in-
corporated village; provided, however, that the penalty
of the bond required by the second section of this act
shall not exceed the sum of five hundred dollars, when
taken by the person authorized to receive it by this sec-
tion, and that the penalty imposed by the third section
of this act shall not exceed the sum of two hundred
dollars in any city or village of this State, excepting
the city of New York. [Laws of 1849, chap. 178, § 5.]
OF THE STATE OF NEW YORK.

MISCELLANEOUS PROVISIONS RELATING
TO INSURANCE COMPANIES.

Section 1. Provisions as to members of mutual insurance companies.

2. Mutual insurance companies may Joan certain moneys.

3. Bonds and mortgages received on such loans valid.

4, Insurance companies required to publish annually a state-
ment of dividends and interest declared on stock, etc.,
unclaimed fur the then next two preceding years.

Receivers of mutual insurance companies empowered to
make assessments on premium notes; notice of assess-
ment to be given.

6. Receiver authorized to receive voluntary surrender of poli-

cies or cancel policies.

%. Court, on action instituted by receiver, to examine acts of
corporation ; action of court when directors have misap-
plied funds, etc., of corporation.

8. When assignment made by insurance company for benefit
of creditors and trust vests in Supreme Court, the per-
sons appointed to execute the trust are to possess certain
powers.

9. Members of mutual fire insurance companies not to vote
by proxy.

10. Limited partnerships cannot be formed for the purpose of

making insurance.

11. Insurance companies may change dates of the termination

of their fiscal years in certain cases.

12. Certain public officers having the custody of public build-

ings to insure them.

18. Trustees of school-districts to insure school-houses,

or

Section 1. Every person becoming a member of
any mutual insurance company now incorporated
under any law of this State in any of the counties of
this State, by effecting insurance therein, shall, before
he receives his policy, deposit his promissory uote for
such a sum of money as shall be determined by the
directors of said company ; such part of said note,
not exceeding twenty per cent, as shall be required

by the by-laws of the corporation, shall be immedi- %

ately paid, and the remainder of the said deposit note
shall be payable, in whole or in part, as the exigencies
of the company shall require, for the payment of losses
by fire and the incidental expenses of the company.
At the expiration of the term of insurance, the said
note or such part of the same as shall remain unpaid
after receiving thereon from the maker a proportion-
ate share for all losses and expenses occuring during

109

Provision
respecting
member-
ship to mu-

5’ Denio, 154.
Hil, 49.
3 Hill, 161,

1 Duer, 114.
4 Sanford

|. C., 229,
2 Sanford.
1 Sanford,

8. C., 53,
158, 171, 184,
481, 629.

AVM
110 MISCELLANEOUS INSURANCE LAWS

said term, shall be relinquished by the company to
the maker, and it shall be lawful for the company
to loan such portion of the money, as may not ,be
immediately wanted for the use of the corporation,
provided the same shall be sectired by a bond and a
mortgage on unincumbered real estate, of double the
value of the sum loaned. [Laws of 1848, chap. 205, §1.]
Mutual § 2. Any mutual insurance company heretofore in-

insurance

companies corporated in this State whose charter limits the

certain’ amount to be paid down upon premium notes to a
sum not exceeding five per cent, may loan such por-
tion of the said five per cent as may not be immedi-
ately wanted for the purposes of the corporation,
upon good and ample security by bond or promissory
notes. [Laws of 1840, chap. 287, § 1.]

Bonds and § 3. All bonds and promissory notes heretofore

mortgages . a

received by taken by any such mutual insurance company for
surance. money loaned, shall be valid, and may be collected
valid. by such company. [Laws of 1840, chap. 287, § 2.]
Insurance, = § 4. Every insurance company or association for

topublish fire, marine or life risks, conducted on the mutual

statement principle or otherwise, now or hereafter incorporated
fendsend or organized, or doing business under any general or
pach shall special law of this State, on or before the first day of
fortes“ September next, and annually thereafter shall cause
YeBEBe to be published for six successive weeks, in one pub-
lic newspaper printed in the county in which such
company or association may be located, and in the
State paper, a trne and accurate statement, verified
by the oath of the treasurer or presiding officer, of
all dividends and interests declared and payable upou
any of the stock, bonds or other evidence of indebt-
edness of said company or association, which, at the
date of such statement, shall have remained unclaimed
by any person or persons authorized to receive the
same, for two years then next preceding; and the
word “dividend,” shall include all scrip issued ‘or
declared due for unpaid earnings or profits. [Laws of
1855, chap. 75, § 2.]
proces § 5. In case the corporation in regard to which a
onpremt Yeceiver has been or shall hereafter be appointed is or
Beers, io. Shall be a mutual insurance company, such receiver

isBarb..21, Shall have full power, under the authority and sane-
OF THE STATE OF NEW YORK.

tion of the court appointing him, to make all such
assessments on the premium notes belonging to such
corporation as may be necessary to pay the debts
of such corporation, as by the charter thereof the
directors of such corporation have authority to make ;
and the notice of such assessment.may be given in
the same manner as is provided in the charter of said
company for the directors of said company to give ;
and the said receiver shall have the like rights and
remedies upon and in consequence of the non-pay-
ment of such assessments as are given to the corpo-
ration or the directors thereof by the charter of such
corporation. [Laws of 1852, chap. 71, § 2.]

- § 6. Such receiver is authorized to receive a vol-
untary surrender of all policies issued by such cor-
poration, or to cancel the policies issued by such
corporation, in all cases where, by the charter of such
corporation, the directors thereof are authorized to
receive the surrender of or cancel the policies issued
by such corporation.: [Laws of 1852, chap. 71, § 3.] _

§ 7. The court by which any such receiver may
have been or shall be appointed is authorized, upon a
proper action instituted for that purpose by such
receiver, to examine by a reference or otherwise as it
may deem proper into the proceedings and acts of
such corporation; and if it shall appear upon such
examination that the directors or officers of such cor-
poration, or either or any of them, have in any man-
ner misapplied or improperly disposed of the funds,
property or effects of sueh corporation, it shall be
lawful for such court to decree that such directors or
ofticers of such corporation as shall have been guilty
of such misapplication or improper disposition of
such funds, property or effects, to pay the same to
such receiver, and to enforce such decree by such pro-
cess as may be necessary to accomplish that object.
[Laws of 1852, chap. 71, § 4.]

§ 8. Whenever any insurance company or corpora-
tion shall have made an assignment of its property
and effects to any person or persons in trust for the
benefit of all its creditors, and such trust shall, from
any cause, have become vested in the Supreme Coutt,
the person or persons appointed by the said court for

111

Notice of
assessment
to be given,

Surrender
of policies,

Receiver to

poration.

nen a
signmen
made by
insurance
company
for benefit
of creditors
in trust
vests in
Supreme
Court,
112

Persons
appointed
to execute
trust to
possess
certain
powers.

Members of
mutual fire
insurance
companies
not to vote
by proxy.

Purposes of
limited
partner-
ship, ete.

11 How. Pr.,
392.

7 Paige, 585.

Insurance
companies
may change
dates of the
termination
of their
fiscal years
in certain
cases.

MISCELLANEOUS INSURANCE LAWS

the purpose of executing such trust shall have and
possess all the powers and authority conferred, and be
subject to all the obligations and duties imposed, in
article third, title four, part third and chapter eight
of the Revised Statutes, upon receivers appointed in
case of the voluntary dissolution of a corporation ;
and shall, in addition thereto, have and possess the
same power and authority conferred, and be subject
to the same duties and obligations imposed, upon
receivers in certain cases by the act entitled “ An act
to facilitate the collection of debts against corpora-
tions,’ passed March nineteenth, eighteen hundred
and fifty-two, and shall in all respects be subject to
the control and direction of the said court. [Laws of
1854, chap. 224, § 1.]

§ 9. No member of any mutual fire insurance
company, organized. under the laws of this State,
shall be allowed to vote by proxy for a director or
directors of any such company. [Laws of 1851, chap.
188, § 1.]

§ 10. Limited partnerships for the transaction of
any mercantile, mechanical or manufacturing busi-
ness, within this State, may be formed by two. or
more persons, upon the terms, with the rights and
powers, and subject to the conditions and liabilities,
herein prescribed; but the provisions of this title
shall not be construed to authorize any such partner-
ship for the purpose of banking or making insurance.
[Laws of 1822, chap. 244, § 2, and Revised Statutes,
part II, chap. IV, title 1, § 1.]

§ 11. All fire, marine, and life insurance compa-
nies now required, or which may hereafter be required,
to make annual statements to the Insurance Depart-
ment, for the year ending on the last day of Decem-
ber, are hereby authorized and empowered to change
the date of the termination of their fiscal year to the
thirty-first day of December; and all statements,
reports, dividends, and balances, now required by law
to be made, and all other acts required to be done by
said companies, at the termination of tbeir fiscal year
or years, or within a limited time thereafter, may be
made out and done on the last day of December, and
within the same period thereafter, in lieu of such
OF THE STATE OF NEW YORK.

other days of the year, or periods of time, as are now
designated by their charter or otherwise. [Laws of
1861, chap. 326, § 2.]}

§ 12. The public officers having by law the care

113

Public
buildings
e in-

and custody of town, village, city or county. build- ‘%>e!

ings, are hereby authorized to insure the same at
the expense and for the benefit of the town, village,
city fo county owning the same. [Laws of 1847, chap.
294.

§ 13. The trustee or trustees of any school-district
in this State are hereby authorized, if a majority of
the legal voters present shall, at any regularly called
school-district meeting, so direct, to insure the school-
house or school-houses belonging to said district, in
any insurance company organized and established
under the laws of this State; and they are hereby
empowered to comply with all the conditions of insur-
ance of any such company. [Laws of 1860, chap. 314.]

15

sured.

School-
houses to
be insured.
114 MISCELLANEOUS INSURANCE LAWS

Chap. 279.

a
AN AOT TO FACILITATE THE SERVICE OF PROCESS
ON INSURANCE AND OTHER CORPORATIONS DOING
BUSINESS IN THIS STATE; passed April 10, 1855.

SEcrion 1. Insurance and other corporations of other States doing bus..
iness in this State to designate persons upon whom pro-
cess may be served: such designation to be filed in office
of Secretary of State; certified copy to be evidence of
appointment.

2. Where designation not made, process to be served upon
any person acting as agent for corporation.

8. Service in accordance with act, deemed as effectual as per-
sonal service.

4, Term process includes writ, summons or order by which
suits shall be commenced, etc. |

5. Act when to take effect.

The People of the State of New York, represented in
Senate and Assembly, do enact as follows:

And other Section 1. Every insurance and other corporation
corporay = created by the laws of any other State, doing business
other acing in this State, shall, within thirty days after the pas-
fusiness to sage of this act, designate some person residing in
designate each county where such corporation transacts business,
processto OD Whom process issued by authority of, or under
at Bar 12 any law of this State may be served, and within the
"" time aforesaid shall file such designation in the office
of the Secretary of State; and a copy of such desig-
Designation nation, duly certified by said officer, shall be evidence
in ofice of of such appointment; and it shall be lawful to serve
ofstate’ gn such person so designated any process issued as
aforesaid ; such service shall be made on such person
in such manner as shall be prescribed in case of ser-
ies see hte to be made on any resident of this
tate, and such service shall be deemed a valid ser-

vice thereof. [Laws of 1855, chap. 279, § 1.]
Wer ion . 9 2 In all cases where such designation shall not
not made, be made as aforesaid, and such foreign corporation
beserved cannot be served with such process according to the
person present provisions of Jaw, it shall be lawful to serve

agent, ete. such process on any person who shall be found within
OF THE STATE OF NEW YORK.

this State acting as the agent of said corporation, or
Soe business for them. [Zaws of 1855, chap. 279,
§ 2.

§ 3. Service made in accordance with any provis-
ion of this act shall be as effectual as if made in the
form and manner required by law, and shall be
deemed ‘a full compliance with any statute requiring
personal or other service to be made. [Laws of 1855,
chap. 279, § 3.]

§ 4. The term process in this act, shall be held and
deemed to include any writ, summons, or order,
whereby any action, suit or proceeding shall be com-
menced or which shall be issued in or upon: any
action, suit or proceeding, by any court, officer or
magistrate. [Laws of 1855, chap. 279, § 4.]

§ 5. This act shall take effect immediately.

115

Service as
rovided
‘or in this

act deemed

effectual,

Term pro
cess in-
cludes writ,
summons
or order by
which suit
is com-
menced,
116

Companles
may be
formed.

MISCELLANEOUS INSURANCE LAWS

Chap. 168.

AN ACT TO AUTHORIZE THE FORMATION OF COMPA-
NIES FOR THE RECOVERY OF STOLEN HORSES, CAT-
TLE AND SHEEP, AND THE APPREHENSION OF THE
THIEVES, AND TO INSURE AGAINST THE LOSS OF
THE SAME BY BEING STOLEN; passed April 7, 1859.

SEction 1. Any number of persons, not less than twenty, authorized
to form a company for mutual insurance against loss or
damage by having had horses, cattle and sheep, etc.,
stolen.

. Companies to choose directors; term of office; officers.

. Duties of directors; articles of association to be filed in
town-clerk’s office ; duties of secretary.

. Company may issue policies.

. Persons insured to give an undertaking to pay pro rata
share of losses; undertaking to be filed ; cash per cent-
age to be paid. :

. Members sustaining losses to notify president; other pro-
ceedings thereon.

. When losses exceed cash funds, directors shall make an
assessment.

. Duties of secretary in collection of assessment.

. Actions may. be brought against members neglecting to
pay assessment; directors personally liable in certain
cases,

10. Directors, how and when chosen.

11. Duty of secretary to prepare an annual statement to be

filed in town-clerk’s office and read at annual meeting.

12, How members of companies may withdraw therefrom;

policies may be annulled. :

13, Companies may adopt certain by-laws.

14, Duration of company.

15. When act to take effect.

Te 3s

om i

The People of the State of New York, represented in
Senate and Assembly, do enact as follows:

Srotion 1. It shall be lawful for any number of
persons, not less than twenty, residing in this State,
to form themselves into an incorporated company for
the purpose of mutual insurance against loss or
damage, by having had stolen any horse or horses,
cattle or sheep, or any loss or expense incurred in
recovering such animals as may have been so stolen,
or in the apprehension of the thief or thieves, which
corporation shall possess the usual powers and be
subject to the usual duties of corporations, as defined
OF THE STATE OF NEW YORK.

in title three, chapter eighteen, part first of Revised
Statutes, and the corporate name whereof shall
embrace the name of the town in which the business
office of said company shall be located. [Laws of
1859, chap. 168, § 1.]

Ԥ 2. Every company so formed shall choose of their
namber not less than five nor more than nine direct-
ors, to manage the affairs of such company, who shall
hold their office for one year, and until others are
elected, and such directors shall choose one of their
number president and one as secretary. [Laws of
1859, chap. 168, § 2.]

§ 3. The directors of such company shall file their
articles of association, together with a copy of their
by-laws and the names of the officers of such com-
pany, in the town-clerk’s office of the town in which
the office of such company is located, and which town
shall be the residence of the secretary of said com-
pany, and said secretary shall keep a record of their
proceedings in a book to be kept for that purpose,
together with the names of the persons insured, and
the amount each person is insured, which record shall
be open for the inspection of all the members of such
company from nine o’clock A. M. to four o’clock P. M.
of each secular day, the established holidays excepted.
[Laws of 1859, chap. 168, § 3.]

§ 4. The company may issue policies signed by
their president and secretary, agreeing in the name
of such company to pay all damages which may be
sustained from the stealing of such animals, and the
recovery thereof, aud the apprehension of the thief
or thieves, for a term not exceeding five years, by the
holders of such policies, not exceeding the sum named
in said policy, and which shall not exceed the sum of
five hundred dollars. [Laws of 1859, chap. 168, § 4.]

§ 5. Every person so insured shall give his under-
taking to said company, bearing even date with said
policy so issued to him, binding himself, his heirs and
assigns, to pay his pro rata share to the company, of
all losses by the stealing and the recovery of such
animals, and the apprehension of the thief or thieves,
which may be sustained by any member thereof, and
every such undertaking shall, within five days after

117

Directors.

Term of
office.

Articles of
association
to be filed.

Policies.

Under-
takings to
be given.
118 MISCELLANEOUS INSURANCE LAWS

Contents. the execution thereof, be filed by the secretary of .

when filed. such company, in the town-clerk’s office of the town
in which the office of said company is located, and
shall remain permanently on file in such office, except
when required to be produced in evidence in court,
and when so used shall be immediately returned to
said office of said town-clerk. He shall also, at the
time of affecting such insurance, pay such per cent-
age in cash, and such reasonable sum for a policy, as
may be required by the rules or by-laws of said com-
pany. [Laws of 1859, chap. 168, § 5.]

Dutyin ss  § 6. Every member of such company who may

ordamage. ‘sustain damages or loss by the stealing of such ani-
mals, the expense of the recovery thereof, and neces-
sary expense of the apprehension of the thief therein,
shall immediately notify the president or secretary
of said company, who shall forthwith convene the
directors, whose duty it shall be when so convened,
to appoint a committee of not less than three nor
more than five members of such company, to ascer-
tain the amount of such loss or damage; and in case
of the inability of the parties to agree upon the
amount of such loss or damage, the claimant may
appeal to the county judge of the county, whose duty
it shall be to appoint, by a writing signed by him,
three disinterested persons, as a committee of refer-
ence, who shall have full authority to examine wit-
nesses and to determine all matters of dispute, who
shall make their award in writing to the president or
secretary of such company within twenty days after
the hearing, which award so made shall be final. The
said committee of reference shall each be allowed
two dollars per day for each day’s service so rendered,
and which shall be paid by the claimant, unless the
said award of said committee shall exceed the sum
offered to be paid by the company in liquidation of
such loss or damage, in which case said expenses shall
he ya by the company. [Laws of 1859, chap. 168,
§ 6.

Assess on _ 9 7. Whenever the amount of any loss or damages

tobe made. shall have been ascertained which exceeds in amount
the cash funds of the company then on hand, the
president shall convene the directors of said company,
OF THE STATE OF NEW YORK.

who shall make an assessment upon each member of
the company in proportion to the amount insured by
‘him, sufficient to pay such loss and damages, and a
sum not exceeding ten per cent in addition thereto,
to be determined by said directors. [Laws of 1859,
chap. 168, § 7.]

§ 8. It shall be the duty of the secretary, whenever
such assessment shall have been completed, to imme-
diately notify every person composing such company,
by letter sent to him post-paid at his usual post-office
address, of the amouut of such loss and damages, and
of the sum due from him as his share thereof, and
‘of the time when and to whom payment is to be
made, but such time shall not be less than thirty
nor more than ninety days from the date of such
notice, and every such person so designated to receive
such money, may demand and receive two per cent
in addition to the amount due on such assessment,
for his fees in receiving and paying over such money.
[Laws of 1859, chap. 168, § 8.]

§ 9. Actions at law may be brought against any
member of such company, who shall neglect or refuse
to pay any such assessment made upon him or them,
under the provisions of this act, aud the directors of
any such company so formed, who shall willfully
refuse or neglect to perform the duties imposed upon
them by this act, shall be liable in their individual
capacity, to the person or persons sustaining such
loss or damage. [Laws of 1859, chap. 168, § 9.]

§ 10. The directors of such company shall be chosen
by ballot at the annual meeting of the members of
the company, which shall be held on the second Tues-
day of January in each year, at the business office of
said company, and every person insured shall have
one vote, but no person shall be allowed to vote by
proxy at such elections. [Laws of 1859, chap. 168,

5 10.

. § te It shall be the duty of the secretary of every
such company to prepare a statement showing the
condition of such company on the day preceding
their annual meeting, verified by the affidavit of said
secretary attached thereto; which statement shall
contain the number of policies issued, and all other

119

\
Duty of
secretary.

Liability of
member,

Election of
directors.

Secretary
to prepare
statement
120

With-
drawal of
members.

By-laws.

Continu-
ance.

MISCELLANEOUS INSURANCE LAWS

matters pertaining to the interests of such company ;
which statement shall be filed in the office of the clerk
of the town in which such company is located, on or
before the twenty-fifth day of January in each year,
and which statement shall also be read to the mem-
bers of such company when assembled at their annual
meeting. [Laws of 1859, chap. 168, § 11.]

§ 12. Any member of such company may withdraw
therefrom at any time, by giving notice in writing
to the president or secretary of such company twenty
days prior to such withdrawal, and paying his share
of all claims then existing against said company ; and
the directors, or a majority thereof, shall have power
to annul any policy, by giving twenty days’ notice,
in writing, of their intention to do so, to the holder
of such policy, and when so annulled said policy shall
be void, and the undertaking given on issuing said
policy shall also be void. [Laws of 1859, chap. 168,
§ 12.]

§ 13. The company so formed may adopt such
by-laws for its regulation as are not inconsistent with
the provisions of this act, and may therein prescribe

. the compensation of its officers. [Laws of 1859, chap.
168, § 13.]

Ԥ 14. No company formed under this act shall con-
tinue for a longer period than thirty years. [Laws of
1859, chap. 168, § 14.]

§ 15. This act shall take effect immediately.
OF THE STATE OF NEW YORK

Chap. 504.

AN ACT T0 PROVIDE FOR AN INVESTIGATION INTO
THE ORIGIN OF FIRES IN CERTAIN CASES; passed
April 15, 1857; three-fifths being present.

SEctTion 1. When it appears by affidavit that building has been mali-
ciously set on fire, coroners or sheriff, to whom affidavit
presented, to investigate truth,

2. Powers of coroners.

3. Jury, after inspection and hearing testimony, shall deliver

’ to officer inquisition ; what inquisition to contain.

4, If jury find building to have been maliciously set on fire,
officer is to bind over witnesses to appear and testify;
officer holding inquest authorized to issue process for
arrest.

5. Power of officer issuing process, as to examination, same as
justice. .

6. Testimony of witnesses to be reduced to writing, and, with
‘other documents, to be returned to next criminal court
of record. ‘

7. Compensation and expenses of officers, how paid.

8. Act not to extend to New York, Brooklyn and Buffalo.

The People of the State of New York, represented un
Senate and Assembly, do enact as follows :

Section 1. Whenever it shall be made to appear
by the affidavit of a credible witness that there is
ground to believe that any building has been mali-
ciously set on fire or attempted to be, any coroner,
sheriff or deputy sheriff of the county in which such
crime is supposed to have been committed, to whown
such affidavit shall be delivered, and who shall be
requested, in writing, by the president, secretary or
agent of any insurance company. or hy two or more
reputable freeholders, to investigate the truth of such
belief, shall. do.so without delay. [Laws of 1857, chap.
504, § 1.]

§ 2. For this purpose he shall possess all the pow-
ers conferred upon coroners for the purpose of holding
inquests .by.the first four sections of article first of
title seventh of chapter second of part fourth of the
Revised Statutes. [Laws of 1857, chap. 504, § 2.]

§ 3. The jury, after inspecting the place where the
fire was or was attempted, and after hearing the tes-

16

121

Affidavit

Investiga-
tion, when
to be made,

Powers of
eoroner.

Jury and
their duty.
122

If guilty.

Officer issu-
ing process.

Witnesses.

otters.

Not to
extend to
New York,

Brooklyn
and Buffalo.

MISCELLANEOUS INSURANCE LAWS

timony, shall deliver to the officer holding such in-
quest their inquisition in writing, to be signed by
them, in which they shall find and certify how and
in what manner such fire happened or was attempted,
and all the cireumstances attending the same and who
were guilty thereof, either as principal or accessory,
and in what manner. But if such jury shall be
unable to ascertain the origin and circumstances of
such fire, they shall find and certify accordingly.
[Laws of 1857, chap. 504, § 3.]

§ 4. If the jury find that any building has been
designedly set on fire or has been attempted so to be,
the officer holding such inquest shall bind over the
witnesses to appear and testify at the next criminal
court, at which an indictment for such offense can be
found that shall be held in the county. And in such ~
case, if the party charged with any such offense be
not in custody, the officer holding such inquest shall
have power to issue process for his arrest in the same
manner as justices of the peace. [Laws of 1857, chap.
504, § 4.]

§ 5. The officer issuing such process shall have the
same power to examine the party arrested as is pos-
sessed by a justice of the peace, and shall in all
respects proceed in like manner. [Laws of 1857, chap.
504, § 5.]

§ 6. The testimony of all witnesses examined Dbe-
fore the jury under this law, shall be reduced to writ-
ing by the officer holding the inquest, and shall be
returned by him together with the inquisition of the
jury, and all recoguizances and examinations taken
by such officer, to the next criminal court of record
that shall be held in such county. [Laws of 1857,
chap. 504, § 6.]

§ 7. The compensation of the officers holding such
inquest, and their actual and necessary expenses —
under this act, shall be fixed, audited and paid in the
same manner as the compensation and actual and
necessary expenses of coroners are now provided for
by law. [Laws of 1857, chap. 504, § 7.]

§ 8. This act shall not extend to the cities of New
York, Brooklyn and Buffalo. [Laws of 1857, chap.
504, § 8.]
OF THE STATE OF NEW YORK.

Chap. 412.

AN AOT.TO FACILITATE THE CLOSING UP OF INSOL-
VENT AND DISSOLVED MUTUAL INSURANCE COMPA-
NIES ; passed April 21, 1862.

Section 1. When controversy between receiver of dissolved mutual
insurance company and stockholders, etc., a referee may
be appointed.

2. Proceedings had before the referee ; powers, duties and
compensation; appeal not to suspend execution of
judgment, unless certificate, etc., filed, showing prob-

_ able error.
. Notice of hearing same as now required by the rules of
Supreme Court.

. Commission may be issued for examination of witnesses.

. Supreme Court empowered to refer actions.

. Prevailing party to recover disbursements only; saving

clause.

The People of the State of New York, represented in
Senate and Assembly, do enact as follows:

Srection 1. If any controversy or disagreement
shall arise between the receiver of an insolvent or
dissolved mutual insurance company, in the settle-
ment of any demand or claim against any member
or stockholder of the company of which he is re-
ceiver, or any other person, or if after personal
demand for payment of such demand or claim shall
_have been made, and the payment of the sum claimed
be neglected or refused, the same may be referred to
a sole referee who may be agreed upon by the receiver
and the person against whom such demand or claim
is made, by a writing to that effect signed by them,
or upon application to any justice of the Supreme
Court residing in the district where such receiver keeps
his office as herein stated, and all controversies relating
to such receiver’s business may be referred to one
referee iu the discretion of the court. Such referee
shall be appointed upon ten days’ notice to the ad-
verse party. [Laws of 1862, chap. 412, § 1.]

§ 2. The referee so appointed shall proceed in a
summary manner to hear the proofs and allegations
of the parties, upon written or oral pleadings, and
shall have the same powers and be subject to the

ane

123

Referee
may be
appointed.

Proceed-
ings before
referee.
124

Notice of
hearing.

Commis-
sion to
examine

witnesses,

Power of
Supreme
‘Court.

Disburse-
ments,
Saving
clause,

MISCELLANEOUS INSURANCE’ LA'WS

same duties and obligations, and shall receive the
same compensation as referees appointed by the Su-
preme Court in personal actions pending therein, and
upon his report a judgment may be entered in said
court, and be the judgment of Said court, in the same
manner; and the Supreme Court may, on appeal
from said judgment to the General Term, set aside
the report of the said referee; but no appeal from
such judgment shall suspend or delay the execution
thereon, unless there shall be filed with the notice of
appeal to the clerk of the court a certificate of a justice
of the Supreme Court, to the effect that there is pro-
bable error in the said judgment, nor unless security
be given to the satisfaction of said justice for the pay-
ment of said judgment and the costs of the appeal,
if said judgment be affirmed. [Laws of 1862, chap.
412, § 2.]

§ 3. All controversies before said referee shall be
brought to a hearing upon notice to the adverse
party, the same as now required by the rules and
practice of the Supreme Court. [Laws of 1862, chap.
412, § 3.] ;

§ 4. The referee so appointed, at any time after his
appointment, and without an issue of fact joined,
shall have the same power and authority to issue a
commission to examine witnesses relating to any con-
troversy before him as a.justice of the peace now has.
[Laws of 1862, chap. 412, § 4.]

§ 5. The Supreme Court shall have power to refer
all actions now pending therein, wherein any such
receiver is a party, and where any controversy arises
as mentioned in the first section of this act, such refer-
ence shall in no way prejudice the proceedings already
had. [Laws of 1862, chap. 412, § 5.]

§ 6. The prevailing party shall recover the dis-:
bursements to the controversy only. This act shall
not affect the costs already made in actions pending,
and the costs now incurred in actions pending shall
abide the event of the action, not to exceed twenty
dollars in cases where no judgment has been entered.

Costs on appeal may be allowed in the discretion of

the court, and may be absolute or directed to abide
the event of the action. [Laws of 1862, chap. 412, § 6.]
-OF THE STATE OF NEW YORK.

Chap. 846.

AN ACT TO INCORPORATE THE NEw YoRK BOARD
OF FIRE UNDERWRITERS; passed May 9, 1867.

SrcTion 1. Certain officers of New York fire insurance companies to

constitute the New York Board of Fire Underwriters,

. Purposes of the corporation.

. Number of members required to constitute a quorum.

. Officers and their terms of office ; election of officers.

. Corporation to make needful by-laws.

. Powers of corporation.

. Meetings to be held in relation to fire patrol.

Semi-annual statements of premiums received for insuring
property in New York to be furnished Board of Under-
writers.

10. Demand for such statements, by whom, when and how
made ; penalties prescribed for neglecting to make state-
ments,

11. Corporation subj ect to certain provisions of Revised Statutes.

5 00 2 S> BO BO

The People of the State of New York, represented in
Senate and Assembly, do enact as follows:

SEecTIoN 1. The president of the Home Insurance
company, the president of the Contineutal Insurance
company, the president of the Security Insurance cow-
pany, the president of the International Insurance
company, the president of the Howard Insurance com-
pany, the president of the Star Fire Insurance com-
pany, the president of the Knickerbocker Insurance
company, the president of the Germania Fire Insur-
ance company, the president of the Importers’ and
Traders’ Insurance company, the president of the
‘Ata Insurance company, the president of the Com-
merce Fire Insurance company, the president of the
Astor Fire Insurance company, the president of the
City Fire Insurance company, the president of
the Relief Fire Insurance company, the president
of the Niagara Fire Insurance company, the presi-
dent of the Hamilton Fire Insurance company, the
president of the Arctic Fire Insurance company,
the president of. the Empire Fire Insurance com
pany, the president ef the American Exchange Fire
Insurance company, the president of the Firemen’ s

125

Certain
officers of
New York
fire insur-
ance com-
panies to
constitute
the New
York Board
of Fire
Under-
writers
126

Certain
officers,

ete.,
constitute
board.

MISCELLANEOUS INSURANCE LAWS

Insurance company, the president of the Green-
wich Insurance company, the president of the Excel-
sior Fire Insurance company, the president of the
Atlantic Fire Insurance company, the president of
the Lenox Fire Insurance company, the president
of the Long Island Insurance company, the agent of
the: Royal Insurance company, the president of the
New York Equitable Insurance company, the presi-
dent of the Manhattan Insurance company, the
president of the New York Fire Insurance company,
the president of the Citizens’ Insurance company, the
presideut of the Broadway Insurance company,
the president of the Phoenix Fire Insurance com-
pany, Brooklyn, New York, the president of the
Metropolitan Insurance company, the president of
the Columbia Fire Insurance company, the president
of the Guardian Fire Insurance company, the presi-
dent of the Humboldt Fire Insurance company, the
president of the Commercial Fire Insurance company,
the president of the Union Mutual Insurance com-
pany, the president of the Kings County Fire Insur-
ance company, the president of the Gebhard Fire
Insurance company, the president of the Hoffman
Fire Insurance company, the president of the Peter
Cooper Fire Insurance company, the president of the
Rutgers Fire Insurance company, the president of
the Stuyvesant Insurance company, the president
of the Park Fire Insurance company, the president of
the Globe Fire Insurance company, the president of
the Firemen’s Fund Insurance company, the presi-
dent of the Williamsburgh City Fire Insurance cow-
pany, the president of the Yonkers and New York
Fire Insurance company, the president of the Brook-
lyn Fire Insurance company, the president of the
American Fire Insurance company, the president of
the Pacific Fire Insurance company, the president of
the People’s Fire Insurance company, the president ~
of the Washington Insurance company, the presi-:
dent of the La Fayette Fire Insurance company, for
the time being, and all other persons, the presidents
or other officers for the time being, of any incor-
porated company or associations, and any agent doing
the business of fire insurance in the city of New York,
OF THE STATE OF NEW YORK.

who may become associated with them, are hereby
created a body corporate, by the name of ‘ The New
York Board of Fire Underwriters,” with perpetual
succession, and power to use a common seal, and to
alter the same at pleasure, to sue and be sued, to take
and hold by grant, purchase and devise real and per-
sonal property, to an amount not exceeding one hun-
dred thousand dollars in value, for the purposes of
said corporation, and to sell, convey, lease and mort-
gage the same, or any part thereof, subject, however,
to the laws of this State in relation to devises.

§ 2. The purposes of this corporation shall be to
inculeate just and equitable priuciples in the business
of insurance; to establish and maintain uniformity
among its members in policies or contracts of iusur-
ace, and to acquire, preserve and disseminate valu-
able information relative to the business in which
they are engaged.

§ 3. Thirty members of the board shall constitute
a quorum for the transaction of business.

§ 4. The officers of this corporation shall be a pres-
ident, a vice-president, a secretary, a treasurer, and
such others as may be provided for in the by-laws.
They shall hold their respective offices for one year,
and until others may be regularly chosen in their
places. The first election for officers shall be held
on the third Monday of May, eighteen hundred and
sixty-seven, and future elections shall be held annu-
ally, at such time and place as may be provided for
in the by-laws. To enable a person to vote at the
first election, he shall present authority from the
company which he represents to join this corporation
and to vote for its officers. Such election shall be
made by ballot under the inspectors, who shall be
members of this corporation, and appointed thereby;
and the persons having a majority of the votes of
all members present and voting shall be elected to
the several offices designated on the ballots. If it
shall happen that an election of officers shall not be
held on the day when it should have been made, it
shall be lawful, on any subsequent day, to hold such
election, in such manuer as shall be prescribed in the
by-laws.

127

Purposes
of the core
poration.

Quorum.

Officers and
their terms
of office.

Election of
oificers.
128

By-laws.

Powers of
corpora-
tion,

Meetings to
be held in
relation to
fire patrol.

MISCELLANEOUS INSURANCE LAWS

6. The said corporation shall have power to make
all needful by-laws, not contrary to the provisions of
this act or to the Constitution and laws of this State
or of the United States.

§ 7. The said corporation slrall have power to pro-
vide suitable rooms for the transaction of its business, -
and also to provide a patrol of men and a competent
person to act as superintendent, to discover and pre-
vent fires, with suitable apparatus to save and preserve
property or life at and after a fire; and the better to
enable them so to act with promptness and efficiency,
full power is given to such superintendent and to
such patrol to enter any building on fire, or which
may be exposed to or in danger of taking fire from
other burning buildings, and at once proceed to pro-
tect and endeavor to save the property therein, and
to remove such property, or any part thereof, from
the ruins after a fire. Nothing in this act, however,
shall warrant any interference with the action of the
firemen in their duties in extinguishing a fire, and
the said superintendent and the members of said
patrol, while on duty at a fire, shall, in all respects,
be subordinate to and under the control of the Board
of Metropolitan Fire Commissioners.

§ 8. In the month of June, eighteen hundred and
sixty-seven, and in the month of June of every second
year thereafter, there shall be held a meeting of the
corporation hereby created, of which ten days’ previ-
ous notice shall be inserted in at least two newspapers
published in the city of New York, at which meeting
each incorporated insurance company or association
doing business in the city of New York. whether its
officers or its agents be members of this corporation
or not, shall have the right to be represented by one
of such officers or by its agent; and each organiza-
tion represented at such meeting shall be entitled to
one vote. A majority of the whole number so repre-
sented shall have power to decide upon the question
of sustaining the fire patrol herein before mentioned,
and of fixing the maximum amount of expenses which
shall be incurred therefor during the two fiscal year.
next to ensue, which amount shall in no case exceed
two per centum on the aggregate of premiums
OF THE STATE OF NEW YORK.

returned, as received, as provided in section eight of
this act; and the whole of such amount, or so much
thereof as may be necessary, may be assessed upon
the organizations belonging to this corporation, and
upon all other organizations and agencies as herein
before mentioned, in proportion to the several
amounts of premiums returned as received by each,
as herein after provided, and such assessment shall
be collectible by this corporation in any court of law
in the city or State of New York having jurisdiction.

§ 9. To provide for the payment of persons em-
ployed under the provisions of this act, and to main-
tain the apparatus for saving life and‘ property
contémplated, this corporation is empowered’ to
require a statement to be furnished semi-annually,
by all corporations, associations, underwriters, agents
or persons, of the aggregate amount of premiums
received for insuring property in the city of New
York, for and during the six months next preceding
the thirtieth day of June, and the thirty-first day of
December of each year, which statement shall be
sworn to by. the president and secretary of the corpo-
ration or association, or by the agent or person so
acting and effecting such insurances in said city, and
shall be handed to the treasurer of this corporation
within thirty days after the time to which such returns
are to be made. ;

§ 10. It shall be lawful for the treasurer, or other

appointed officer of this corporation, within ten days ¥

after the first day of January and the first day of
July in each year, by written or printed demand,
signed by him, to require from every corporation,
association, underwriter, agent or person engaged in
the business of fire insurance in the city and county
of New York, the statement provided for in the last
preceding section of this act. Such demand may be
delivered, personally, at the office of such corporation,
association, agent or person, or at the residence of
the proper officer of such corporation, association,
agent or person ; and every officer of such corpora-
tion or association, and every individual agent or
underwriter, who shall, for thirty days after such
demand, neglect to render the account, shall forfeit

17

129

premiums .
received for
insuring
property in
ew York
to be fur-
nished.
board of un-
derwriters.

Demand for
130 MISCELLANEOUS INSURANCE LAWS

fifty dollars for the use of the corporation created by
this act, and he shall, also, forfeit for their use twenty.
five dollars, in addition, for every day he shall so,
neglect after the expiration of said thirty days; and:
such additional penalty may be computed and recov-
ered up to the time of the trial of any suit for the
Penalties recovery thereof, which penalties may be sued for
for neglect- : . . .
ingtomake and recovered, with costs of suit, in any court of.
ments. record within this State, having jurisdiction by and
in the name of the corporation hereby created.
Gorpore,, 11. The corporation created by this act shall pos-
provisions sess the general powers, and be subject to the restric-
gf Revised tions and liabilities prescribed in the third title of the
eighteenth chapter of the first part of the Revised

Statutes.
§ 12. This act shall take effect immediately.
OF THE STATE OF NEW YORK. 131

Chap. 847.

AN ACT To INCORPORATE THE “ NEw YoRK UNDER-
WRITERS’ GUILD ;”” passed May 9, 1867.

Srction 1. Who may constitute the New York Underwriters’ Guild.
2. Office of corporation, where kept; business to be managed
by Board of Directors.
3. Organization of corporation ; election of officers.
4. Contributions to guaranty fund; assessments, when made.
. Investment of funds, how made.
Annual dividends to be made.
. Annual statements to be made to Superintendent of Insur-
ance Department ; power and duty of Superintendent.
. Parties insured to have recourse for indemnity for loss and
damage against certain funds.
. Rules for government of Guild; expulsion of members;
notice of retirement of companies to be published.
10. Companies remaining in Guild not responsible for liabilities
of retiring company.
11. Commissioners named to organize corporation.
12. Corporation subject to certain provisions of the Revised
Statutes.
18. Limitations as to rights of companies and Insurance Depart.
ment.

2 DMD IAN

The People of the State of New York, represented wn
Senate and Assembly, do enact as follows:

Section 1. It shall and may be lawful for any wnomay
number of fire insurance companies, not less than New York
five, that now are or may hereafter be incorporated writer
by or under the laws of the State of New York, to
associate together for the purpose of guaranteeing
the contracts of insurance, which either of them may
lawfully make as herein after provided, and such
association shall be known as the “‘ New York Under-
writers’ Guild.”

§ 2. The office of the corporation created by this orice, ee
act shall be kept in the city of New York, and the and ome
business of the said association shall be managed by :
a board of directors, to consist of the presidents and
secretaries of the several companies belonging to and
composing said guild.

§ 38. Whenever five or more of such fire insurance Organize

tion of

companies shall have, by a vote of their board of uncer.

directors, declared their intent to avail themselves suid.
132

Contribu-
tion to

fand.

Assess-
ments.

Investment
of i
how made.

Annual
dividends,

MISCELLANEOUS INSURANCE LAWS

of the privileges of this act, and to associate them
selves thereunder; such intent and vote being certi-
fied te by the officers, president and secretary, and
attested by the corporate seal of each company, and
filed in the office of the Insurance Department, at
Albany, the presidents and secretaries of such five or
more companies shall organize under this act, and
they shall constitute the board of directors of the
New York Underwriters’ Guild. They shall elect
annually one of their number president, and they.
shall appoint a secretary and such other oflicers as
they may deem requisite.

§ 4. Those companies which join the said guild
shall contribute to a common guaranty fund, on
entering the same, the sum of five thousand dollars
each, and such further sums as may be voted by a
majority of the directors of the guild, which shall be
not less than one, and not more than three per cent
on the capital stock of the respective companies
belonging thereto in each and every year after its
organization under this act. Companies desiring to
be admitted thereafter shall signify and file their
intent as aforesaid. The board of directors of said
guild shall, annually, from the date of its organiza-
tion, assess upon the several companies belonging
thereto, proportionate sums, to be paid into said
guaranty fund, and any company not paying up its
assessment within two months from the date of the
assessment shall be liable to expulsion from said guild. .

§ 5. The funds of this corporation shall be invested
by the board of directors, in such loans and securities
as are designated for investments in the act for the
incorporation. of fire insurance companies, passed
April fifteenth, eighteen hundred and fifty-nine, and
in any amendment thereof.

§ 6. Separate accounts shall be kept of the money
paid in by each company, and there shall be an an-
nual dividend made of the income and interest on
investments—less proper and necessary expenses—
which dividend, on the first day of January of each
year, shall be divided among the companies pro rata
of bald amounts paid in and standing to the credit of
each.
OF THE STATE OF NEW YORK.

§ 7. There shall, on the first day of December in
each year, be made a statement of the funds of this
corporation, and how they are then invested, verified
by the oaths of the president and secretary, and filed
with the Superintendent of the Insurance Depart-
ment, and the said Superintendent is hereby empow-
ered to examine at any time into the state of said
fund, and the securities thereof, and he shall embody
such annual statement and examination, if any shall
have been made, in his annual report to the Legisla-
ture.

§ 8. The insured in each and every company be-
longing to this guild, with which a contract for insur-
ance has been effected while such company is a
member thereof-— provided the property insured is
within the limits of the State of New York, and not
otherwise—shall have recourse for indemnity for loss
and damage, first, against the capital and effects of
the company contracting, and with whom the amount
of the loss shall be adjusted ; second, against the con-
tributed fund of that company, in the custody of this
corporate guild; and third, against the entire guar-
anty fund held by this corporate guild; and fourth,
if the entire guaranty fund shall be exhausted, and
be inadequate to meet the claim or claims that shall
lawfully be made against it, the deficiency shall be
assessed upon and paid by the several insurance com-
panies belonging to the guild pro rata the amount
of their capitals. But nothing in this act contained
shall release or discharge the personal liability of any
stockholder. And all the policies issued by each
company in membership shall express the fact of
their connection with the guild, and their liability
created by this act.

§ 9. The directors of this corporation may make
all needful rules and regulations for the government
and conduct of the guild, and may prescribe the
terms for admission of other insurance companies,
provided that such rules and regulations are not in
contravention of the laws of this State. They shall
also hold the power to expel any company from mem-
bership when, in their judgment, the general interest
of the guild demands it, but such expulsion shall

133

Annual
statements
o Superin-
tendent of
Insurance
Depart-
ment,

 

Parties
insured to

for loss wa
Sgelate

ns'
certain
funds.

Rules for
govern-
ment of
guild,

Expulsion
of mem-
bers.
134

Notice of
retirement.

Responsi-
bility of
companies
remaining
in guild.

sioners to
organize
company.

Powers of
corpora-
tion.

Limitations

MISCELLANEOUS INSURANCE LAWS

require a vote of two-thirds of the whole board of
directors, at one of the regular meetings of the board,
or at a meeting specially called for that purpose, on
due notice. On the retirement of any company by vol-
untary withdrawal, expulsion ar otherwise, notice of
such retirement shall be published in the State paper,
and in a paper published in the city of New York,
once in each week for six weeks successively, proof
of which publication shall be made and filed in the
office of the Insurance Department, at the city of
Albany.

§ 10. Upon the expulsion or voluntary withdrawal
of any company, the companies remaining in the
guild, their capitals, and their proportion of the
reserve or guaranty fund, shall not be responsible for
the liabilities of such retiring or expelled company
on policies or contracts of insurance made after the
termination of its membership; but, upon such with-
drawal or termination of membership, the company
may demand and receive from the guild its propor-
tion of the guaranty fund whenever all claims upon
said fund (if any there shall then be) shall be liqui-
dated and paid, and upon due proof that all policies
which have been issued by such retiring company,
and which might have a claim for indemnity against
said fund, have been terminated.

§ 11. George W. Savage, Richard A. Reading,
William D. Waddington, James H. Pinckney and
Robert D. Hart, or a majority of them, shall be com-
missioners to organize the company created by this
act; and whenever five or more companies shall have
signified their intention of becoming members of the
guild, in the manner specified in the third section of
this act, the powers of the said commissioners shall
cease.

§ 12. The said corporation shall possess the general
powers, and be subject to the restrictions and liabil-
ities prescribed in the third title of the eighteenth
chapter of the first part of the Revised Statutes.

§ 13. Nothing contained in this act shall be con-
strued to affect the restrictions contained in any exist-
ing laws of this State respecting the limitation of the
amount of risk which can be assumed by any com
s

OF THE STATE OF NEW YORK. 135

pany, or to impair or infringe upon the rights, priv-
ileges and duties of the Superintendent of the
Insurance Department, as they now are, or may
hereafter be declared by law.

§ 14. This act shall take effect immediately.
136 MISCELLANEOUS INSURANOH LAWS

Chap. 5638.

AN AOT oRBATING THE OFFION OF ‘ METROPOLITAN
Firmh MARSHAL,” AND PRESORIBING ITS POWBRS
AND DUTIES; passed May 4, 1868; three-fifths
being present.

SxotTion 1. Metropolitan Fire Marshal and assistant to be appointed
by Board of Metropolitan Police ; appointment of clerks,
and manner of their Seek.

2. Origin of fires in certain localities to be examined into by

e marshal; proceedings had on examination ; reports
to be made; arrests, when to be made, and proceedings
thereon.

8. Subpoena to be issued; marshal authorized to administer
oaths; when witness to be arrested; fire marshal to
enter upon and examine buildings,

4, Compensation of fire marshal and other officers, and when
and how paid.

5. Word “marshal,” when used, to mean Metropolitan Fire
Marshal.

6. Board of Metropolitan Police to supervise and direct, in
certain cases, the proceedings of the fire marshal.

% Repealing clause.

The People of the State of New York, represented in
Senate and Assembly, do enact as follows:

Metropoll- Srorion 1. There shall be an officer of and for the
marshal Metropolitan police district, to be known as the
ent tobe, Metropolitan Fire Marshal.” The Board of Metro-
by'board of politan Police shall appoint a proper person to be
tan police the « Metropolitan Fire Marshal,” and one assistant,
who shall reside in Brooklyn, who shall take the con-
stitutional oath of office, and hold such office during

the pleasure of said board, and until a successor shall

be appointed and duly qualified, by taking the con-

Gers tone stitutional oath of office. The board shall also have
mennerof power to appoint not more than two clerks, whose
ment. salaries shall be fixed by said board, to be known as
the chief clerk and assistant clerk, respectively, to the

fire marshal. Appointments to such office and clerk-

ships shall be by resolution of such board. In the
adoption of such resolution, the votes of three-fourths

of all the members, taken by ayes and noes, to be

entered in the minutes of the proceedings thereof
OF THE STATE OF NEW YORK.

shall be required. The business office of the ‘ Metro-
politan Fire Marshal” shall be in the central depart-
ment of Metropolitan police.

§ 2. It shall be the duty of the ‘‘ Metropolitan Fire
Marshal” to examine into the cause, circumstances
and origin of fires (occurring in those portions of the
Metropolitan police district in which regular patrol-
men of Metropolitan police are authorized and ap-
pointed), by which any building, vessels, vehicles, or
any valuable personal property shall be accidentally
or unlawfully burned, destroyed, lost or damaged,
wholly or partially; and to especially inquire and
examine whether the fire was the result of careless-
ness or the act of an incendiary. The “ Metropolitan
Fire Marshal” shall take the testimony on oath of
all persons supposed to be cognizant of any facts, or
to have means of knowledge in relation to the mat-
ters herein required to be examined and inquired
into, and cause the same to be reduced to writjng,
verified and transmitted to the Board of Metropolitan
Police, with his report in writing, embodying his
opinion and conclusions in relation to the matter
investigated. The “Metropolitan Fire Marshal”

shall report in writing to the Metropolitan Fire De- 34

partment, the Board of Metropolitan Police, the
unsafe building commission, to the district attorney,
to the New York Board of Fire Underwriters, to the
owners of property, or other persons interested in
the subject-matter of investigation, any facts and
circumstances which he may have ascertained by such
inquiries and investigations, which shall, in his opin-
ion, require attention from or by either of said boards,
officers or persons; and it shall be the duty of the

“ Metropolitan Fire Marshal,” whenever he shall be Arrests, |

proceedings

of opinion that there is evidence sufficient to charge
any person with the crime of arson, to cause such
person to be arrested and charged with such offense,
and furnish to the district attorney all the evidences
of guilt, with the names of witnesses, and all the
information obtained by him, including a copy of all
pertinent and material testimony taken in the case ;
and he shall specially report to the Board of Metro-
politan Police, as often as such board shall require,

18

137

Origin of
fires in cer-
tain locali-
ties to be

into by fire
marshal,

Report to
be made to

rious

authorities.

ih

ereon,
138

Subpoenas
to DD issued,

Marshal
authorized
to adminis-
ter oaths.

On failure
of witness
to obey
subpoena,
he shall be
arrested.

Fire mar-
shal may,
at all times,
enter upon
and ex-

amine
buildings.

 

Compensa-
tion of fire
marshal
end other

how paid.

MISCELLANEOUS INSURANCE LAWS

his proceedings, and the progress made in all prose-
cutions for arson, and the result of all cases which
are finally disposed of.

§ 3. The “ Metropolitan Fire Marshal ” shall have
power to issue a notice, in the nature of a subpcena,
in such form, and subscribed in such manner as the
Board of Metropolitan Police shall prescribe, to com-
pel the attendance of any person as a witness before
him, to testify in relation to any matter which is, by
the provisions of this act, a subject of inquiry and
investigation by the said marshal. The said marshal
shall be, and is hereby authorized to administer and
verify oaths and affirmations to persons appearing as
witnesses before him ; and false swearing in any mat-
ter or proceeding aforesaid shall be deemed perjury,
and shall be punishable as such. Upon the presenta-
tion of satisfactory proof of due service of any such
notice, in the nature of a subpcena, upon any such
witgess, and of a failure by such witness to obey the
same, it shall be the duty of the Board of Metropoli-
tan Police to make an order that the said witness be
arrested and brought before the said marshal, to tes-
tify what such witness may know in relation to the
subject-matter of inquiry. Such order may be exe-
cuted by any member of the Metropolitan police
force, by arresting and bringing such witness before
the said marshal, but such witness shall not be de-
tained longer than is necessary to take such testi-
mony. The “ Metropolitan Fire Marshal” shall have
authority, at all times of the day or night—in per-
formance of the duties imposed by the provisions of
this act—to enter upon and examine any building or
premises, when any fire shall have occurred, and the
buildings and premises adjoining and near to that in
which the fire occurred.

§ 4. The compensation of the “Metropolitan Fire
Marshal” shall be a salary of five thousand dollars
per year, and that of the assistant marshal twenty-
five hundred dollars. The compensation of the clerk
shall be fixed by said board, but shall not exceed
twenty-five hundred dollars per annum for the chief
clerk, and eighteen hundred dollars for the assistant.
Such salaries shall be paid monthly by the treasurer
OF THE STATE OF NEW YORK.

of the Board of Metropolitan Police. The Board of
Metropolitan Police shall estimate and cause to be
raised, as a part of the general expenses of the police,
and in the same manner as the Metropolitan police
fund is estimated and raised, all sums necessary to
carry out the provisions of this act.

§ 5. Whenever the words marshal or said marshal
are used in this act, they shall be deemed and taken
to mean and refer to the ‘‘ Metropolitan Fire Marshal,”
unless otherwise expressly provided.

§ 6. It shall be the duty of the Board of Metropol-
itan Police to supervise and direct, whenever it shall
be of opinion that the public interest will be sub-
served thereby, the investigation, examinations and
proceedings of said marshal, and make all needful
and proper rules and regulations in relation to the
duties of the office, and the manner of performing
the same, and shall detail any members of the police
force to aid and assist in the performance of such
duties; and they shall, with their annual report to
the Legislature, submit a summary of the transac-
tions, proceedings and official action of said marshal.

§ 7. All provisions of law creating, authorizing or
recognizing fire marshals in any portion of said dis-
trict, except as herein provided, are hereby. repealed.

§ 8. This act shall take effect immediately.

139

‘Word mar-
shal in this
act to mean
metropoli-
tan fire

marshal,

Board of
metropoli-
tan police to
supervise
and direct.
in certain
cases, fhe
roceedings
of the fire
marshal.

 

Repeal.
140 MISCELLANEOUS INSURANCE LAWS

REGULATIONS TO PREVENT THE INSOLVENCY
OF MONEYED CORPORATIONS, AND TO SECURE
THE RIGHTS OF THEIR CREDITORS AND STOCK-
HOLDERS. 4

Vide Article First, Title 2, Chap. XVIII, Part
I, Revised Statutes. (Vol. I, pp. 547-552, —

Edmonds’ Edition.)

 

REGULATIONS CONCERNING THE ELECTION OF
DIRECTORS OF MONEYED CORPORATIONS, AND

THE CONSTRUCTION OF CERTAIN TERMS.

Vide Articles Second and Third, Title 2, Chap.
XVIII, Part I, Revised Statutes. (Vol. I,
pp. 552-556, Edmonds’ Edition.)

 

OF THE GENERAL POWERS, PRIVILEGES AND
LIABILITIES OF CORPORATIONS.

Vide Title 3, Chap. XVIII, Part I, of the Re-
vised Statutes. (Vol. I, pp. 556-558, Edmonds’

Edition.)

 

SPECIAL PROVISIONS RELATING TO CERTAIN
CORPORATIONS,

Vide Title 4, Chap. XVIII, Part I, of the Re-
vised Statutes. (Vol. I, pp. 558-562, Edmonds’

Edition.)

 

OF PROCEEDINGS AGAINST CORPORATIONS IN
EQUITY.

Vide Article Second, Title 4, Chapter VIII,
Part III, Revised Statutes. (Vol. IT, pp.

482-487, Edmonds’ Edition.)
OF THE STATE OF NEW YORK.

OF THE VOLUNTARY DISSOLUTION OF CORPO-
“RATIONS. ,

Vide Article Third, Title 4, Chap. VIII, Part
ITI, Revised Statutes. (Vol. II, pp. 488-494,
Edmonds’ Edition.)

N

REGULATIONS CONCERNING THE ASSESSMENT
OF TAXES ON INCORPORATED COMPANIES,
AND THE COMMUTATION OR COLLECTION
THEREOF.

Vide Title 4, Chap. XITI, Part I, Revised Stat-
utes. (Vol. I, pp. 374-378, Edmonds’ Edi-
tion.)

141
INSURANCE LAWS OF 1869.

Chap. 108.

AN AOT TO AUTHORIZE ANY LIFE OR FIRE INSUR-
ANCE, OR ANY TRUST OR LOAN COMPANY, OR ANY
SAVINGS BANK IN THE COUNTIES OF ORANGE, NEW
YorRK OR KINGS, TO INVEST THEIR FUNDS OR
DEPOSITS IN THE BONDS ISSUED PURSUANT TO ANY
LAW OF THIS STATE, BY THE VILLAGE OF MIDDLE-
TOWN, ORANGE COUNTY, FOR THE PURPOSE OF CON-
STRUCTING WATER WORKS. Passed April 5, 1869

The People of the State of New York, represented in
Senate and Assembly, do enact as follows :

SEcTION 1. Any life or fire insurance, or any trust
or loan company, or any savings bank in the coun-
ties of Orange, New York or Kings, may, by the
direction of a majority of its board of directors, man-
agers or finance committee, invest, by loan or other-
wise, not exceeding five per cent of their funds or
deposits in the bonds issued by the village of Middle-
town, Orange county, pursuant to any laws of this
State, for constructing water works for the purpose
of supplying such village with water for public and
private purposes, any thing in the charter of either of
the said companies to the contrary notwithstanding.

§ 2. This act shall take effect immediately.

May invest
in bonds of
village of
Middle-

town,
Orange Co.
144

Section 5
amended.

Corporate
powers
vested in
board of
directors.

Number o
directors
may be
changed.

Directors
may be di-
vided into
classes.

lection.

MISCELLANEOUS INSURANCE LAWS OF

Chap. 112.

AN ACT TO AMEND THE CHARTER OF THE INTER-

NATIONAL INSURANCE COMPANY OF THE CITY OF
New York. Passed April 6, 1869.

The People of the State of New York, represented in
Senate and Assembly, do, enact as follows :

SEctron L. Section five of the charter of the Inter-
national Insurance Company of the city of New
York, on file in the Insurance Department, is hereby
so amended as to read as follows:

§ 5. The corporate powers of this company, granted
under and by virtue of the said acts, and conferred
and declared by the other existing statutes of the
State of New York, shall be vested in and exercised
according to the provisions of this charter by a board
to consist of thirty directors, a majority of whom
shall be citizens of the State of New York, and each
of whom shall be the owner in his own name and
right of at least one thousand dollars’ worth of the
capital stock of this company at its par value; and,
in case any director shall cease to be a shareholder
and owner to the amount of one thousand dollars’
worth of the stock of this company at its par value,
his office shall be considered vacant. The number
of the directors of this company may be. changed by
the board of directors in office at any time not within
thirty days previous to the annual election; but:
such change shall not take effect until the time of
such election, and the number of directors shall never.
be less than fifteen nor more than thirty.

§ 2. The directors shall, at their first annual meet-
ing after the next annual election, divide themselves
by lot into three classes of ten each. The term of
the first class shall expire at the end of one year; the
term of the second class shall expire at the end of
two years; the term of the third class shall expire at
the end of three years; and ten directors shall be
THE STATE OF NEW YORK.

elected at each succeeding annual election thereafter,
to hold office for the term of three years, and to take
the place of those directors whose term of office is
about to expire, unless the whole number of directors
has been changed by a vote of the board of directors,
in which case one-third of the whole number of
directors prescribed by such vote shall be elected
annually until the number of directors in office shall
conform to such vote. .

§ 3. The present directors of the International
Insurance Company of the city of New York shall
continue to hold oftice until the next annual election
of directors.

Chap. 116.

AN AOT To AMEND THE CHARTER OF THE FIRST
NATIONAL ECLECTIC ASSURANCE SOCIETY OF THE
UNITED STATES, AND TO CHANGE ITS CORPORATE
NAME. Passed April 6, 1869.

The People of the State of New York, represented in
- Senate and Assembly, do enact as follows :

Secrion 1. The corporation now known as “ The
First National Eclectic Assurance Society of the
United States,” shall bear the name and title hence-
forth of “The Eclectic Life Insurance Company.”
Nothing contained in this section shall affect the
powers or liabilities of said corporation in any suit,
transaction or other matter in which it may be a
party.

§ 2.-The directors of said corporation are hereby
authorized, by the consent of a majority of their num-
ber given in writing, to increase its capital by actual
cash subscription to the sum of one hundred and
fifty thousand dollars; which increased capital stock
shall be paid in cash and invested according to law;
and said directors may subsequently at their discre-
tion, in like form and manner, further increase the

19

145

Term of
office.

Term of
office of
present di
rectors.

Corporate
name.

Capital
stock.
146

Capita!
stock may
be in-
creased.

MISCELLANEOUS INSURANCE LAWS OF

amount of such capital stock to two hundred thou-
sand dollars. Whenever any such increase shall be
so agreed upon the stockholders of said corporation
shall be entitled to subscribe for the new stock in
proportion, as near as may ‘be, to the respective
amounts of stock then held by them. This permis-
sion to increase the capital by actual cash subscrip-
tion shall not affect or impair any right of increasing
the same by applying the proportion of profits
belonging to the stockholders, as provided in the
charter of said corporation or by any act of the legis-
lature.
§ 3. This act shail take effect immediately.

Chap. 202.

AN ACT TO AUTHORIZE THE AMERICAN POPULAR
Lirrt INSURANCE COMPANY TO INCREASE ITS CAP-
ITAL STOCK. Passed April 16, 1869.

The People of the State of New York, represented in
Senate and Assembly, do enact as follows:

Section 1. The American Popular Life Insurance
Company is hereby authorized to increase the cap-
ital stock of the said company to an amount not
exceeding five hundred thousand dollars. Said in-
creased capital shall be payable in cash and invested
as provided by the general Life Insurance act. . .

§ 2 This act shall take effect iminediatel y.
THE STATE OF NEW YORK.

Chap. 301.

AN ACT T0 AMEND AN ACT ENTITLED “ AN ACT TO
INCORPORATE THE FULTON AND MOoNTGOMERY
County Farmers’ Moutuat Fire INSURANCE
ASSOCIATION,” PASSED APRIL THIRTEEN, ONE
THOUSAND EIGHT HUNDRED AND FIFTY-FIVE.
Passed April 23, 1869.

The People of the State of New York, represented in
Senate and Assembly, do enact as follows ;

SEction 1. The first subdivision of the first section
of an act entitled “An act to incorporate the Fulton
and Montgomery County Farmers’ Mutual Fire
Insurance Association,” passed April thirteenth, one
thousand eight hundred and fifty-five, is hereby
amended so as to read as follows:

1. To insure farmers’ dwellings,. and the furniture
‘and wearing apparel therein, farm outhouses, and
hay and grain, farming utensilsand live stock therein.
country churehes and school houses, against loss
or damage by fire, or by lightning unaccompanied
or not by fire, in the counties of Fulton and Mont-
gomery. in accordance with the constitution and
by-laws heretofore adopted by said association, which
shall not be changed unless by the consent of three-
fourths of the directors of the company, and then,
not in such manner as to affect the principle upon
which insurance may be effected under this act.

_ § 2. This act shall take effect immediately.

147

Title.

Risks that
may be
taken by.
148

Section 2,

article 6.

amended.

Dividends.

Annual

rtatement.

MISCELLANEOUS INSURANCE LAWS OF

Chap. 308.

AN AOT to AMEND THE CHARTER OF THE HOME
Lir&t INSURANCE COMPANY, THE CERTIFICATE OF
THE INCORPORATION OF WHICH WAS FILED APRIL
TWENTY-EIGHTH, EIGHTEEN HUNDRED AND SIXTY,
UNDER THE PROVISIONS OF AN ACT ENTITLED “ AN
ACT TO PROVIDE FOR THE INCORPORATION OF LIFE
AND HEALTH INSURANCE COMPANIES,” PASSED JUNE
TWENTY-FOURTH, EIGHTEEN HUNDRED AND FIFTY-
THREE, AND THE ACTS AMENDATORY THEREOF.
Passed April 23, 1869.

The People of the State of New York, represented in
Senate and Assembly, do enact as follows .

Srectrion 1. Section two of article six of the charter
of the Home Life Insurance Company is hereby
amended so as to read as follows:

§ 2. The holders of the capital stock shall be en-
titled to receive semi-annually six per cent on the
amount of stock held by them respectively; but
beyond the amount of their capital stock and the
semi-annual payment of six per cent thereon as
aforesaid, they shall not share in the funds or profits
of the company except as they may be entitled as
policy holders, and then equally with the other holders
of policies in said company.

§ 2. Section one of article seven of the said charter
is hereby amended so as to read as follows:

§ 1. The board of directors shall cause a statement
of the affairs of the company to be made annually,
which shall exhibit the amount of the surplus or net
profits of the company, after reserving a sum sufti-
cient to provide for all its liabilities. The net profits
so ascertained shall be apportioned to the holders of
policies who may be entitled to participate in the
profits according to their respective contributious
thereto.
THE STATE OF NEW YORK, 149

§ 3. Section two of article seven of the said charter Directors
is hereby amended so as to read as follows: joans le
§ 2. The board of directors may lend to the holders Sx’ ""
of the policies of the said company hereafter issued,
a sum not exceeding one-third of the annual premium
on their policies respectively, for the payment of
which, according to the terms of each loan, the policy
and all profits accruing thereon shall be pledged, and
shall invest all other funds and accumulations as is
now or may hereafter be prescribed by law.
§ 4. This act shall take effect immediately.

Chap. 319.

AN ACT To AMEND THE CHARTER OF THE “ GREAT
WESTERN LIFE INSURANCE COMPANY OF NEW
York.’ Passed April 24, 1869.

The People of the State of New York, represented in
Senate and Assembly, do enact as follows :

Section 1. The name of the “ Great Western Life Name ,
Insurance Company of New York,” is hereby changed
to ‘Great Western Mutual Life Insurance Company
of New York.”

§ 2. Sections twenty-two and twenty-three of the
charter of said company are hereby amended so as
to read as follows:

§ 22. Within sixty days after the first day of Jan- General
uary, eighteen hundred and seventy-one, and within tobe made.
the sixty days next succeeding the first day of Jan-
uary in each and every year thereafter, the board of
directors shall cause a general statement of the affairs
of the company to be made, which shall fully and
truly exhibit its property and liabilities, and also its
profits remaining, after deducting a sum sufficient to
re-insure and cover all outstanding risks and other
contingencies.

§ 23. The company shall, within sixty days after Prottstove

the first day of January, eighteen hundred and divided”
150

among the
solicy
holders.

Rights o-
parties.

Amount o:

capital
stock.

MISCELLANEOUS INSURANCE LAWS OF

seventy-one, and within sixty days next succeeding
the first day of January in each and every year
thereafter, equitably divide the profits so ascertained,

as provided in section twenty-two, in cash, among
the holders of policies thsn existing, that shall.
have been in full force for the full period of three’
years or longer, excepting such holders of policies
as may at the time of the issuing of their policies
have expressly waived all interest in the profits
of the company ; provided, however, that the com-
pany may, in lien of paying such cash dividends
to policy holders, apply the amount of the net profits
due any policy holder to the payment of any note or
notes, whether due or otherwise, which the company
may hold against the said policy holder, paying the
balance, if said amount be in excess of the amount
of said note or notes, with accrued interest, to the
said policy holder in cash. In case of the death of
any party prior to the declaration of the policy divi-
dend then next ensuing, who was insured at the
making of the policy dividend then last declared,

and was then entitled as a policy holder, under the
provisious of the charter, to an interest in the afore-
said division of net profits, his legal representatives
shall be entitled to his ratable proportion of the said
net profits which may have accrued prior to his death
and since the declaration of the policy dividend then
last declared, to be paid or applied at the declaration
of the policy dividend then next ensuing, in the same
manner as in this section is heretofore provided , for
holders of policies then existing for the whole term
of life.

§ 3. Nothing in this act contained shall be so con-
strued as to affect ihe rights of any parties or any
suits or proceedings against said, company.

§ 4. Section twenty of the charter of said company
is hereby amended so as to read as follows:

§ 20. The amonnt of the capital stock of the com-
pany shall be one hundred and fifteen thousand
dollars, divided into shares of fifty dollars each,
which shall be personal property, and transferable on
THE STATE OF NEW YORK.

the books of the company according to law and the
by-laws of the company, upon which no greater
dividend than seven per cent in each and every year
shall be declared, exclusive of any tax imposed by
the United States of America.

§ 5. This act shall take effect immediately.

Chap. 330.

AN AUT TO AMEND AN ACT ENTITLED “ AN ACT TO
INCORPORATE THE MUTUAL INSURANCE COMPANY,
OF BUFFALO,” PASSED APRIL EIGHTEENTH, EIGHT-
KEN HUNDRED AND FORTY-THREE, AND TO ENLARGE
ITS POWERS. Passed April 26, 1869.

The People of the State of New York, represented Mm
Senate and Assembly, do enact as follows : ,

Section 1. The name of the corporation. created
by an act of the legislature of this state entitled
“ An act to incorporate the Mutual Insurance Com-
pany of Buffalo,” passed April eighteenth, eighteen
hundred and forty-three, is hereby changed, and the
said corporation shall hereafter be known and called
“The Buffalo Fire and Marine Insurance Company.”

§ 2. No action or legal proceeding, pending by or
against the said corporation, shall be in any manner
affected’ by said change of the name thereof, nor
shall such change in any manner impair or affect any
of the rights or liabilities of said corporation.

§ 3. The said ‘insurance company, in addition to
the powers conferred thereon by the act hereby
amended, may make insurance upon all kinds of
ships and vessels, freights, goods, wares, merchan-
dise, specie, bullion, jewels, profits, commissions,
bank notes, bills of exchange, and other evidence of
debts, bonds, securities, bottomry and respondentia

‘interests, and to make all and every insurance con-
nected with marine risks upon the ocean, rivers, bays,
sounds, gulfs, and elsewhere.

§ 4. This act shall take effect on the first day of
May, A. D. eighteen hundred and sixty-nine.

151

Change of
corporate
name,

Not to affect
any action
pending.

May take
marine
riske.
152

Section 3
amended.

Corporators

Powers of
Superinten-
dent of In

MISCELLANEOUS INSURANCE LAWS OF

Chap. 404.

AN AOT TO AMEND AN ACT ENTITLED ‘‘AN ACT TO
PROVIDE FOR THE INCORPORATION OF LIFE AND
Herautu INSURANCE COMPANIES, AND IN RELA-
TION TO AGENCIES OF SUCH COMPANIES,” PASSED
JUNE TWENTY-FOURTH, EIGHTEEN HUNDRED AND
FIFTY-THREE. Passed April 29, 1869.

The People of the State.of New York, represented in
Senate and Assembly, do enact as follows:

Secrion 1. Section three of an act entitled “An
act to provide for the incorporation of life and health
insurance companies, and in relation to agencies of
such companies,” passed June twenty-fourth, eight-
een hundred and fifty-three, is hereby amended so
as to read as follows :

§ 3. The persons referred to in the first section ot
this act shall be designated as corporators, and they
shall file in the office of the Superintendent of the
Insurance Department a declaration signed by each
of the corporators, setting forth their intentions to
form a company for the purposes named in this act,
which declaration shall comprise a copy of the char-
ter they propose to adopt; and the said charter shall
set forth the name of the company, the place where
it is to be located, the kind of business to be under-
taken, by referring to and repeating the department
of the first section of this act to which they refer;
the mode and manner in which the corporate powers
of the company are to be exercised ; the manner of
electing the trustees or directors and officers, a major-
ity of whom shall be citizens of this State, and the
time of such election; the manner of filling vacan-
cies; the amount of capital to be employed; and
such other particulars as may be necessary to explain
and make manifest the objects and purposes of the
company, and the manner in which it is to be con-
ducted. And the Superintendent. of the Insurance
Department shall have the right to reject any name
THE STATE OF NEW YORK,

or title of any company applied for or in process of
organization, when he shall deem the name or title
too similar to one already appropriated, or likely to
mislead the publicin any respect. All charters on file,
or hereafter to be tiled, in the Insurance Department
shall be considered as abandoned and become inop-
erative and void, unless the corporators perfect their
organization thereunder, and make the deposit of one
hundred tbousand dollars in the Insurance Depart-
ment for the protection of policy holders, as required
by this act, within the period of two years from the
date of filing such charter.
§ 2. This act shall take effect immediately.

Chap. +09.

AN AOT TO AMEND THE CHARTER OF THE PEOPLE’S
Frere INSURANCE COMPANY OF THE CITY OF NEW
York. Passed April 29, 1869.

The People of the State of New York, represented in
Senate and Assembly, do enact as follows :

Section 1. It shall be lawful for the People’s Fire
Insurance Company of the city of New York, an
incorporated institution, formed pursuant to the pro-
vision of the act entitled ‘‘An act to provide for the
incorporation of insurance companies,” passed April
tenth, eighteen hundred and forty-nine, filed in the
office of the Secretary of State on the twenty-first day
of April, eighteen hundred and fifty- -one, to reduce the
number of directors of said corporation to thirteen, a
majority of whom shall be citizens of this State.
Such reduction to be made from time to time as the
terms of the said directors shall cease or either of
them be disqualified to act as directors according to
the terms of the said charter or corporation. And it
shall be lawful for the said corporation, with such
reduced number of directors, to transact the business
of said corporation as specified and enumerated in
said charter.

§ 2. This act sha)] take effect immediately.

20

153

surance De-
partment..

When char-
ter to be-
come void.

May reduce
number of
directors.
154 MISCELLANEOUS INSURANCE LAWS OF

Chap. 452.
AN ACT TO AMEND THE CHARTER OF THE INSURERS’

INDEMNITY COMPANY OF THE CITY OF New York.
Passed May 1, 1869.

The People of the State of New York, represented in
Senate and Assembly, do enact as follows :

Addition to SECTION 1. Section four of an act entitled “An act
ees incorporate the Insurers’ Indemnity company of
the city of New York,” passed April twenty-second,
eighteen hundred and sixty-eight, is hereby amended
by adding at the end of said section the following
words, to wit: “And said company may, also, pro-
eure and obtain any policy or policies of insurance
to be issued by any insurance company or companies
to any person or persons who may desire such policy
or policies to be guaranteed by the company incorpo-
rated under this act.”
§ 2. Section six of said act is hereby amended so
as to read as follows:
Business to § 6, The business and corporate powers of the

be exer- - ; °
cised bya. Company incorporated under this act shall be exer-

rectors cigsed by a board of thirteen directors to be chosen as
hereinafter provided, who shall elect from their num-
ber a president, and seven of which directors shall
constitute a quorum for the transaction of business,
and said board shall appoint two other officers to be
designated as tle actuary and secretary of said com-
pany, which officers last named shall not be directors
of said company.
§ 3. Section eight of said act is hereby amended so
as to read as follows:
Hirst board =» § 8. The persons named in the first section of tle
ors. act shall be directors of said company for three years
from the time of the organization of said company
and until others shall be elected in their stead; the
remaining directors for the same period shall be
elected by a majority in interest of the stockholders
voting at an election to be held under the inspection
THE STATE OF NEW YORK.

155

of said commissioners above named, within twenty To be stock

days from the closing of the subscription called for
by them, and all the directors must be stockholders
in said company. At the expiration of three years
from the time of the organization of said’ company
an election shall be held for thirteen directors of said
company, to serve three years thence next ensuing,
and every three years thereafter an election shall be
held for the same number of directors for the same
period. At all elections each stockholder shall be
entitled to one vote on each share of stock held by
him or her in said company.

§ 4. Section thirteen of the said act is hereby
amended by adding at the end thereof the following
words: “Except that the said company, notwith-
standing anything in said titles contained, shall pos-
sess and have all the corporate powers given and
conferred by this act in case it shall organize and
commence the transaction of its business at any time
within two years from the date of the passage of this
act.”

§ 5. This act shall take effect immediately.

Chap. 532.

AN ACT To INCORPORATE THE NEW YorK BURGLAR
INSURANCE CoMPANY. Passed May 3, 1869.

The People of the State of New York, represented in
Senate and Assembly, do enact as follows :

Section 1. Samuel North, P. W. Rhodes, James
Sutton, 8S. V. R. Cooper, P. S. Bly, Cornelius A. Run-
kle, La Mott W. Rhodes, John BH. Ashe, Charles L.
McArthur, Jacob G. Runkle, Edward Hogan, Charles
Delmonico, Leander lL. Chaffee, John B. Treinor,
John BH. Crowly, John Keyser, Jr., and their associ-
ates, are hereby created. a body corporate and politic
by the name of ‘The New York Burglar Insurance
Company,” subject to the regulations and restrictions

Elections.

Corporate
powers,

Corporatorg
156

Powers.

Capital
stock.

Board of
directors

Quorum.

Election,

when held.

To be by
ballot.

MISCELLANEOUS INSURANCE LAWS OF

‘of an actentitled ‘An act for the incorporation of life

and health insurance companies,-and in relation to
agencies of said companies,” passed June twenty:
fourth, eighteen hundred and fifty-three, together
with the amendments and additions thereto.

§ 2. In addition to the usual powers of bodies cor-
porate, the said corporation hereby created shall Lave
the power to make insurance against loss of property
of every description by burglary or theft; to estab-
lish rates of premium to be paid for such insurance,
and to make suitable rules and regulations tor the
transaction of its business.

§ 3. The capital stock of said company shall be
three hundred thousand dollars, which shall be
divided into shares of fifty dollars each, and which
shall be deemed personal property. and transferable
in such manner upon the books of the company as
the by-laws shall direct.

§ 4. The corporate powers of said company shall
be vested in a board of directors, thirteen in number,
who shall be stockholders therein, and a majority of
whom shall be residents of this State; they shall hold
office for two years, and until their successors are
elected as provided in this act; they shall elect by
ballot from their own number a president and vice-
president, and shall select, by ballot or otherwise, a
secretary, treasurer, general agent and attorney, who
shall hold their oftices at the “pleasure of the board.,
A majority of the directors shall constitute a quorum
for the transaction of business.

§ 5. The election of directors shall be held on the
second Monday in January in each alternate year at
twelve o’clock meridian at the office of the company,
a notice of which shall be published at least fifteen
days prior to the day of such meeting in two of the
daily papers of the city of New York. The election
shall be by ballot and by such of the stockholders as
shall attend in person or by proxy, each stockholder
being entitled to one vote for every share of stock
standing in his or her name upon the books of the
company for at least fifteen days prior to the day of
THE STATE OF NEW YORK.

such election, and the persons having the greatest
number of such votes shall be declared directors; and
if it shall happen that any two or more persons shall
have an equal number of votes, the directors in office
at the time shall, by plurality of votes, determine
which of the persons having an equal number of
votes shall be director or directors. As soon as all
the stock shall have been subscribed, as provided in
this act. the committee having in charge the books of
subscription shall, by public notice of not less than
six days, call a meeting of the stockholders to elect
directors who shall hold office until the period first
designated in this section for an election.

§ 6. Within three months from the passage of, this
act the corporators named in the first section thereof
shall appoint a committee of not less than three nor
more tian five of their own number, who shall open
books of subscription to the capital stock of the cor-
poration hereby created, by giving not less than ten
days’ notice in two newspapers published in the city
of New York, having the largest circulation, stating
the time and place where such books will be opened.

§ 7. Every subscriber for said stock shall, at the
time of subscribing, pay to the committee authorized
in the preceding section five dollars on each share by
him subscribed ; and, after the shares shall have been
distributed pro rata among the subscribers, each
stockholder shall pay the full amount remaining due
on the shares so allotted him at such place and times
as the board of directors shall appoint, public notice
of which shall be given at least one week before the
time of such payment. The share or shares of each
stockholder failing to make such payment, when
required as above designated, may be forfeited to the
company, together with all previous payments thereon,
by resolution of the board of directors.

§ 8. The principal office of the company shall be in
the city of New York, but branch offices may be
established by vote of the directors in such other
places as may be deemed essential to the interests of
the company or for the accommodation of the public.

§ 9. This act shall take effect immediately.

157

Meeting of
stock-
holders.

Books of
subscrip-
tion may be
opened.

First pay-
ment,

Principal ‘
office.

.
158

Risks au-
thorized to
be taken by,

Interest —
upon capi-
tal stock.

MISCELLANEOUS INSURANCE LAWS OF

Chap. 551.

AN ACT IN RELATION TO THE WESTERN INSURANCE
CoMPANY IN THE CITY OF BuFFALO. Passed May
4, 1869.

The People of the State of New. York, represented in
Senate and Assembly, do enact as follows :

Section 1. The Western Insurance Company is
hereby authorized and empowered to make insurance
upon vessels, freights, goods, wares, merchandise,
specie, bullion, jewels, profits, commissions, bank
notes, bills of exchange, and other evidences of debt,
bottomry and respondentia interests, and to make all
and every insurance appertaining to or connected
with marine risks, and risks of navigation and trans-
portation.

§ 2. This act shall take effect immediately.

a
Chap. 565.
AN ACT TO AMEND THE CHARTER OF THE ASHBURY
Lirt INSURANCE CoMPANY. Passed May 4, 1869.

The People of the State of New York, represented in
Senate and Assembly, do enact as follows:

SECTION 1. Section eleven of the charter of the
Ashbury Life Insurance Company is hereby amended
so as to read as follows:

§ 11. Interest upon the capital stock at the rate of
seven per cent per annnm may be paid to the stock-
holders, on the order of the directors, upon the fif-
teenth day of February and the fifteenth day cf
August, in each year, as the same shall have accrued ;
and no additional commissions, salaries, fees or div-
idends, except as hereinafter specified for non-par-
ticipating business, shall be paid to the stockholders,
THE STATE OF NEW YORK.

as such, in compensation for the risk of capital, for
trouble of management, or for any other cause, to an
extent exceeding, in any ye.ir, one per cent of the
premium receipts of the year preceding. On the
first day of January, in each year, or within thirty
days thereafter, a valuation of the assets and liabil-
ities of the company shall-be made, and all divisible
surplus, except such as shall have arisen from non-
participating business, shall be placed to the credit
of those policy holders who shall have become
entitled to participate in the company’s profits, and
who shall not have made default in the payment of any
premium, and shall be paid to them on the ensuing
anniversaries of their respective policies. Any sur-
plus trom said non-participating business maybe
paid to the stockholders on the same days as the
interest on stock. In determining the sources of
surplus, all receipts and expenditures, not directly
chargeable to either the participating or the non-
participating branch of the business, shall be divided
between the branches in proportion to their respective
premium receipts.
§ 2. This act shall take effect immediately.

Chap. 571.

AN AOT TO CONFIRM THE TITLE OF THE HXCELSIOR
Fire INSURANCE OOMPANY TO CERTAIN REAL
ESTATE. Passed May 4, 1869.

- The People of the State of New York, represented in
Senate and Assembly, do enact as follows :

Section 1. The conveyances heretofore made by
the corporation known as the Excelsior Fire Insur-
ance company of certain lots of land and real est:ite,
in the city of Brooklyn, in the county of Kings, shall
not be deemed or held invalid by reason of any want
of power of said corporation making the same; and
the title to said lots and real estate heretofore con-

159»

Valuation
of assets.

Surplus.

Validity oi
convey-
ances.
160

May hold
real estate.

Pending
suits.

Norporators

MISCELLANEOUS INSHRANCE LAWS OF

veyed by said corporation shall not be deemed or
held to be forfeited, divested, impaired or in any way
affected by the fact that such real estate, or any part
thereof, was acquired by said ,corporation more than
five years before its conveyance by said corporation,
or by the omission of said corporation to sell the
same within five years after the same was acquired.

§ 2. It shall be lawful for the said company, and
the said company is hereby empowered to hold, for
the period of five years from the passage of this act,
ary and all real estate it may heretofore have acquired,
and which it has not sold and conveyed, and to sell
and convey the same at any time during the same
period; and the title of said company to such real
estate shall not be deemed or held to be forfeited,
divested, impaired or in any way affected by the fact
that such real estate, or any part thereof,- was
acquired more than five years before the passage of
this act, or by the omission of said company to sell
the same within five years after the same ‘was

acquired.

§ 3. This act shall not affect any suit or proceed-
ing that may be now pending respecting any of said
lots and real estate.

§ 3. This act shall take effect immediately.

Chap. 621.

AN ACT To INCORPORATE TRE REAL ESTATE ASSUR-
ANCE COMPANY OF THE CITY OF NEW YORK.
Passed May 6, 1869.

The People of the State of New York, represented in
Senate and Assembly, do enact as follows:

Section 1. Ben Field, E. Kirke Hart, George W.
Bedell, Milton Collins, George B. Field, and their
associates, and all such persons as shall hereafter
become stockholders in the company hereby incor-
porated, are hereby constituted a body corporate and
THE STATE OF NEW YORK.

politic by the name of “The Real Estate Assurance
Company of the city of New York.”

§ 2. The capital stock of said corporation shall be
two hundred thousand dollars, in shares of one
hundred dollars each, anda majority of the stock-
holders may, from time to time, increase the same to
an amount not exceeding two million of dollars.
Said shares shall be deemed personal property, and
shall be issued and transferred in such manner and
under such conditions as the directors of said com-
pany shall, by the by-laws thereof, prescribe. Each
share shall be entitled to one vote.

§ 3. The corporate powers of said company shall
be vested in and exercised by a board of directors
consisting of not less than five nor more than nine
persons, as shall be determined by the by-laws of said
eorporation. The directors shall be chosen annually
by the stockholders of said corporation, at such times
and place as shall be fixed by the by-laws thereof,
and shall be shareholders therein, and shall hold their
offices for one year, and until their successors are
elected and qualified. They shall elect one of their
number president of said company, and may fill any
vacancy in thesaid board occasioned by death, resig-
nation, or otherwise. for the unexpired portion of the
term of office so becoming vacant; and may make
such ruies, by-laws and regulations, and appoint such
officers and servants as they may from time to time
deem expedient. Until an election of directors as
herein provided, the persons named as corporators in
the first section of this act shall constitute a board
of directors, and may exercise all the powers of such
board.

§ 4. The sole object and purpose of said corpora-
tion shall be to insure the validity of titles of real
estate aid the security of loans made thereon.

§ 5. Each stockholder of said company shall be
individuaily, jointly and severally liable to the credit-
ors of, or to those holding claims against said com-
pany, to an amount equal to the amount of stock held
by him in said company, for all debts and liabilities

oe 21

‘161

Capital
stock.

Corporate
powers.

Directors.

President.

First di-
rectors,

Object.

Liability of
stock-
holdera.
162 MISCELLANEOUS INSURANCE LAWS OF

of the company, agreeably to the provisions of
chapter three hundred and eight of the laws of
eighteen hundred and forty-nine, entitled “ An act
forthe incorporation of insurance companies,” but
shall not be liable to an action therefor before an exe-
cution therefor shall be returned unsatisfied, in whole
or in part, against the corporation: and then the
amount due on such execution, with interest, shall
be the amvunt recoverable, with costs, against such
stockholder. And the said corporation shall be sub-
ject to the provisions of the third title of the eight-
eenth chapter of the first part of the Revised Statutes,
relating to the general powers, privileges and liabili-
ties of corporations. '
Office. § 6. The office of the said company shall be in
the city of New York. Sho of
§ 7. This act shall be deemed a public act, and
shall take effect immediately.

4 ——_—-

Chap. 684.

AN AOT To EXTEND THE PROVISIONS OF CHAPTER
FOUR HUNDRED AND SIXTY-THREE OF THE LAWS
OF EIGHTEEN HUNDRED AND FIFTY-THREE, IN
RELATION TO LIFE AND HEALTH INSURANCE
COMPANIES. Passed May 6, 1869.

The People of the State of New York, represented in
Senate and Assembly, do enact as follows : ai!

Majority of SECTION 1. The provisions of the third section, of

iwecorsto Chapter four hundred and sixty-three of the laws of

rane eighteen hundred and _ fifty-three, requiring: a
majority of the trustees or directors of life and health
insurance companies to be citizens of this State, are
hereby declared to be applicable to such companies
incorporated by special acts of the legislature; and
no greater number than a majority, as aforesaid, shall
hereatter be required to be residents of this State.

§ 2. This act shall take effect immediately.
THE STATE OF NEW YORK.

Chap. 681.

AN ACT RESPECTING THE EXTENSION OF THE CHAR-
TERS OF CERTAIN INSURANCE COMPANIES. Passed
May 7, 1869. ,

The People of the State of New York, represented in
Senate and Assembly, do enact as follows:

SrcTION 1. The charters, as amended, of the Com-
mercial Mutual Insurance Company, of the Atlan-
tic Mutual Insurance Company, and of the New York
Mutual Insurance Company (each of which compa-
nies was heretofore established in the city of New
York), having been, during the existence of such
charters, respectively extended, such extensions shall
commence in each case at the expiration of the term
of such existing charter, and shall continue for the
period mentioned in the fifteenth section of the act
entitled ‘“‘An act’ to provide for the incorporation of
_ insurance companies,” passed April tenth, eighteen
hundred and forty-nine, and no longer, unless author-
ized by law or permitted by the Legislature of this
State.

§ 2. This act shall take effect immediately.

/

Chap. 685.

_AN AOT TO AMEND THE CHARTER OF THE HIRE-
MAN’s TRUST INSURANCE CoMPANY OF BROOK-
LYN. Passed May 7, 1869.

_ The People of the State of New York, represented in
Senate and Assembly, do enact as follows :

Section 1. The Fireman’s Trust Insurance Com-

163

Charter
extended:

Capital
stock may
e in-

pany, of Brooklyn, a company organized under an bei

act entitled “An act to provide for the incorporation
of fire insurance companies,” passed June twenty-

creased.
164

Dividends.

General act
amended.

MISCELLANEOUS INSURANCE LAWS OF

fifth, eighteen hundred and fifty-three, and the seyv-
eral acts amendatory thereof, and the charter of
which said company was filed in the office of the
Comptroller of ‘the State of New York, on the twen-
ty-seventh day of February, eighteen hundred and

‘fifty-eight, is hereby authorized, by a vote of two-

thirds of its directors, to increase its capital stock to
any sum not exceeding one million of dollars.

§ 2. Section fifteen of the charter of said company
is hereby amended so as to read as follows:

§ 15. The board of directors, out of, the funds of
the company, shall defray its expenses, and twice in
each year may declare and pay to the stockholders
such dividends as they shall deem expedient, out of
the net profits of the business, of which dividends
notice shall be. published, within ten days after de-
claring the same, in two daily newspapers published
in the city of Brooklyn.

§ 3. This act shall take effect immediately.

Chap. 829.

AN AOT TO AMEND AN ACT ENTITLED “AN ACT TO
PROVIDE FOR THE INCORPORATION OF LIFE AND
HEALTH INSURANCE COMPANIES, AND IN RELATION
TO AGENCIES OF SUCH COMPANIES,” PASSED JUNE
24th, 1853. Passed May 11, 1869.

The People of the State of New York, represented in
Senate and Assembly, do enact as follows :

Section 1. The nineteenth section of the act enti-
tled “An act to provide for the incorporation of life
and health insurance companies, and in relation to
agencies of such companies,” passed June twenty-
fourth, eighteen hundred and fifty-three, is hereby
amended by adding thereto at the end thereof the
following clause :
THE STATE OF NEW YORK,

Any foreign life insurance company desiring to dis-
continue business in this country, and having made
the aforesaid publication, may, in the discretion of
the Superintendent of the Insurance Department, with-
draw one-half of its deposits of one hundred thousand
dollars, on registering, according to the provisions of
law for registered policies, all its outstanding policies,
issued to citizens or residents of the United States,
and covenanting to maintain unimpaired the re-insu-
rance deposit for such registered policies at all future
times, and specially pledging for their security all
future preminms payable on American policies.

§ 2. This act shall take effect immediately.

Chap. 848.

AN ACT TO INCORPORATE THE UNITED STATES
RaltRoaD Conpuctors’ LirE INSURANCE Com-
PANY. Passed May 11, 1869.

The People of the State of New York, represented in
Senate and Assembly, do enact as follows :

Srecrion 1. James Marshall, Joseph G. Cormick,
M. L. Doherty. J. W. Moore, J. N. Horner and N. K.
Elliott, their associates, successors and assigns, are
hereby created a body politic and corporate, by the
name of “The United States’ Railroad Conductors’
Life Insurance Company.” The object of said com-
pany is to provide means for the relief of widows and
orphans of deceased railroad conductors, and for
the relief of aged and disabled railroad conductors,
by an equal assessment on all members associated
inthe company. The business and affairs of the said
company shal] be managed by a board of not less
than seven directors, who shall be elected annually
by the members in good standing, and the seven per-
sons herein named in this section shall constitute the
board of directors for the first year, and until their

165

Manner of
discontinu-
ing busi-
ness.

Names of
corpora-
tors.

Business to
be managed
by board of
directors.
166

Powers and
restric-
tions.

Special
reports.

MISCELLANEOUS INSURANCE LAWS OF

successors are elected in their stead. The said com-
pany shall have power to purchase and hold such real
estate as may be necessary and convenient for the
proper transaction of their bpsiness, such sum not
exceeding fifty thousand dollars, and said company
may also make such by-laws and rules as may be
necessary and proper for the welfare of its members,

§ 2. The said corporation shall also possess the
powers and be subject to the restrictions and liabili-
ties contained in the third title of the eighteenth
chapter of the first part of the Revised Statutes.

§ 3. This act shall take effect immediately.

Chap. 902.

AN ACT T0 AMEND AN ACT ENTITLED “AN ACT TO
AUTHORIZE LIFE INSURANCE COMPANIES TO MAKE
SPECIAL DEPOSITS OF SECURITIES IN THE INSUR-
ANCE DEPARTMENT, AND TO AUTHORIZE THE SU-
PERINTENDENT OF SAID DEPARTMENT TO REQUIRE
SPECIAL REPORTS OF SUCH COMPANIES,” PASSED
APRIL TWENTY-FOURTH, EIGHTEEN HUNDRED AND
SIXTY-SEVEN, AND ALSO TO PROVIDE FOR THE AP-
POINTMENT OF RECEIVERS, OF SUCH DEPOSITING
COMPANIESIN CERTAIN CASES. Passed May 18, 1869.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows:

Secrion 1. The act entitled ‘“‘An act to authorize
Life Insurance Companies to make special deposits
of securities in the Insurance Department, and to au-
thorize the Superintendent of said Department to re-
quire special reports of such companies,” passed
April twenty-fourth, eighteen hundred and sixty-
seven, is hereby amended so as to read as follows -
THE STATE OF NEW YORK.

§ 1. Any life insurance company, now or hereafter
authorized under and by the laws of this State to
make insurance on lives, may deposit in the Insur-
ance Department securities of the kind and in addi-
tion to the amount now required and authorized by
law to be deposited by life insurance companies in
that Department, to any amount not less than twen-
ty-five thousand dollars, in the manner and for the
purposes hereinafter mentioned.

§ 2. The securities deposited by any company
under the provisions of this act shall be legally
transferred by it to the Superintendent of the Insur-
ance Department, for the common benefit of all the
holders of its registered policies and annuity bonds
issued under the provisions of this act, and he shall
hold the same in trust for the purposes and objects
specified in this act. Said securities shall not be
alienated from the purposes of said trust, nor trans-
ferred, except in the manner hereinafter provided,
and such transfer shall only be made by said Super-
intendent under his seal of office, upon the written
application, under its corporate seal, of the company
making such deposit, or of the receiver of said com-
pany appointed as herein provided, and in compli-
ance with the laws of this State relating to such
transfers; provided, that any company hereafter
electing to make special deposits, as authorized by
this act,shall do so in respect toall policies thereatter
issued, and not a portion of them only; but any
company which has already made such election shall
not be required to make special deposits for all its
policies until after the first day of January, eighteen
hundred and seventy.

§ 38. Whenever any such company shall legally
transfer to the Superintendent of the Insurance De-
partment any amount of said securities, not less
than twenty-five thousand dollars, said Superintend-
ent shall issue to said company registered policies of
insurance or annuity bonds, of such denominations
or amounts as the said company may require. Such
policies and annuity bonds shall bear upon their face

167

Deposits in
nsurance

Depart-

ment,

Securities.

Proviso.

When regis.
tered poli-
cies may be
issued.
168

Charges for
policies,
etc.

Annual
return.

Securities.

MISCELLANEOUS INSURANCE LAWS OF

the words “secured by pledge of public stock or
bonds and mortgages,” with the seal ‘of. the said de-
partment, and shall be countersigned by the Super-
intendent or his authorized députy.

§ 4. The said Superintendent shall, on delivering
said policies or annuity bonds to any of said life in-
surauce companies, charge to said companies re-
spectively the amount of the net present value of
such policies or annuity bonds, valued by the tables
authorized by law in relation to life insurance com-
panies, according to the amount and number of pre-

wiums paid annually, semi-annually, or quarterly,

thereon, and the terms thereof; but in no ease shall
the amount of such value exceed in the aggregate
the amount of the securities deposited under the pro-
visions of this act. On the first day of July of each
aud every year, or within sixty days thereafter, the
said companies shall make a return to the Superin-
tendent of the Insurance Department, under oath of

‘the president and actuary, of: the exact condition of

the registered policies received from the said depart-
ment, and of the premium account of the said _poli-
cies, and shall deposit with the said superintendent
additional and similar seeurities, to an amount equal
to any increase of value of the policies heretofore
issued, and which shall remain in force, valued by
the same rule as upon the issue thereof; and the se-
curities thus from time to time deposited, or so large
an amount thereof as may be necessary to equal at
all times the net value of all the outstanding regis-
tered policies and annuity bonds of said companies,

_shall be held by said Superintendent, in trust as

aforesaid, until the obligations of said companies
under the said registered policies and annuity bonds
shall, to the satisfaction of the said superintendent,
be fully liquidated, canceled or annulled; but noth-
ing in this act shall be construed as implying any
obligation on the part of the State to pay the poli-
cies and annuity bonds issued under this act, beyond
a proper application of the securities-so deposited

toward their liquidation as hereinafter provided.
THE STATE OF NEW YORK.

The treasurer of the State, and any person duly au-
thorized by the depositing or re-insuring company,
shall, at all times in the usual office hours, have
access to the books and other documents in the In-
surance Department, relating to the deposits made,
and policies and annuity bonds issued. under the pro-
visions of this act; and they shall also, at all such
times, have such access to such securities as may be
necessary for the examination thereof. The treas-
urer shall, for the services. required by this act, re-
ceive the annual salary of two hundred and fifty dol-
lars, to be paid by the companies availing them-
selves of the provisions of this act.

§ 5. The said depositing companies may at any time
withdraw any excess of securities above the net present
value hereinbefore specified, upon satisfying the said
Superintendent, by written proof to be filed in the
said Department, that such excess exists, and shall be
allowed to receive the interest on all securities depos-
ited, and to exchange such securities by substituting
other securities, as now provided by the acts in rela-
tion to life and health insurance companies and the
amendments thereto.

§ 6. The said companies shall deliver to the Super-
intendent of the Insurance Department the policy and
annuity bonds, engraved and printed or printed and
written, in such manner as the said superintendent
shall direct, with duplicate originals of the same duly
signed. On their receipt by the Superintendent he
shall cause them to be duly registered in proper books
kept for that purpose, in consecutive numbers corres-
ponding to the numbers on said policies and bonds;
shall cause his name or the name of his deputy to be
inscribed on the policies and bonds, and affix the seal
of the department to the same, and shall return the
original policies to the said depositing companies
respectively. The expense necessarily incurred ia

‘registering, countersigning and sealing the said poli-
cies and annuity ‘bonds, and in otherwise executing
the provisions of this act, including the salary of the
treasurer, shall be audited and paid out of any mon-

22

169

Access to
books,

Salary of
treasurer,

Interest on
securities.

Bonds to be
delivered to
superin-
tendent.

Expenses
how paid,
170

Mutilated
policies,

W-nen com-
pany to
show cause
why its
business
should not
be closed,

Proceed-
ings in
supreme
court.

Duties of
receiver.

MISCELLANEOUS INSURANCE LAWS OF

eys in the treasury not otherwise appropriated ; and,
for the purpose of re-imbursing the same, the said
Superintendent is hereby authorized to charge against
the said depositing companiesgespectively an amount
sufficient for such purpose, and as may be. just and’
reasonable. Itshall be the duty of the said Superin-
tendent to receive mutilated policies and annuity
bonds issued to the said companies, and deliver in lieu
thereof other policies and bonds of like tenor and
date, and, in case of lost policies or bonds, to furnish
certitied copies of the duplicates on file in his office.
§ 7. If at any time the affairs of any life insurance
company, which has deposited securities under this
act or the act hereby amended, shall, in the opinion
of the Superintendent of the Insurance Department,
appear in such a condition as to render the issuing of
additional policy and annuity bonds by said company
injurious to the public interest, the said: Superintend-
ent shall report that fact to the attorney-geueral,
whose duty it shall then be to apply to the supreme
court for an order requiring said company to show
cause why its business should not be closed. The
court shaJl thereupon proceed to hear the allegations
and proofs of the respective parties, and in case it
shall appear to the satisfaction of the said court that
the assets and funds of said company are not suffi-
cient to justify the further continuance of the busi-
ness of insuring lives, granting annuities and incur-
ring new obligations, as authorized by its charter
then the said court shall issue an order enjoining and
restraining said company from the further prosecution
of its business, and shall also appoint a receiver of
all the assets and credits of said company. The said
receiver, upon filing his bond to the people of the
State of New York in an amount and with sureties
approved by said court, conditioned for the faithful
performance of his duties, shall take possession of all
the assets: and credits of said company, except the
securities deposited in the Insurance Department
under the provision of this act and the act hereby
amended, which said securities shall remain in said
department to be disposed of as hereinafter provided.
THE STATE OF NEW YORK. 171

; § 8. The said receiver shall, immediately on enter- Actuary to
Ing upon the duties of his office, appoint a competent bora.
actuary, approved by the Superintendent of the Insur-

ance Department, who shall make a careful investiga-

tion, according to the standard fixed by the laws of

this State, into the condition of said company, and
report thereon in writing, under oath, to said court

and receiver, and if it shall, by said report be found

that the securities deposited by said company in the
Insurance Department, and the assets and credits,
including the future premiums that will mature on

the outstanding policies and other obligations of said
company, are sufficient, under the laws of this State,

to pay all the policies, annuities and other obligations

of said company as they may mature by the terms
thereof, and the legal costs and expenses incident to

the business, and if said actuary’s report shall be con-
firmed by the court, the said receiver shall notify all Notice.
the holders of said policies, annuities and other obli-
gations, requiring them to pay to him, as such
receiver, all premiums or other payments due or to
become due to said company, from time to time, on

their respective policies, annuities or other obliga-
tious. Such notice shall be given by depositing the Howserved
same in the post-office, at the place where said com-

pany has its principal business office, addressed to

said parties respectively at their several residences,

so far as the same can be ascertained by said receiver,

and also by the publication thereof in the State news-
paper, published in the city of Albany, once a week,

for six successive weeks, or on the confirmation of the
report of said actuary, the court may, in its discre-

tion, direct the receiver to re-insure all registered
policies in some solvent company, on the execution

by said receiver of an assignment to said re-insuring
company, of all securities on deposit in trust for regis-

tered policy holders. And in case the said report of when stock
the said actuary shall show that the said securities, ™sy >e
assets, credits and premiums are not sufficient, under

the laws of this State, to pay all the policies, annui-

ties and other obligations of said company as they

may mature by the terms thereof, and the legal costs
172 MISCELLANEOUS INSURANCE LAWS OF

and expenses of said receivership, the said receiver —
shall notify the said Superintendent thereof, and the
Superintendent shall, with the consent and advice of
the treasurer of the State, and in such manner as the
said receiver, Superintendent and treasurer. or a
majority of them, shall determine, to sell and convert
said securities into money; and the proceeds of such
sale or sales shall be paid to the said receiver, on his
giving his receipt to said Superintendent, and shall be
applied by said receiver as follows: to the payment
of the registered policy holders of said company, in
proportion to the net value of their policies respect-
ively, and to the registered annuities of said company
in proportion to the then present value of their
respective annuities, as estimated by the legal stand-
ard for valuing life insurance and annuity obligations

Surpus. within this State. The surplus derived from such
sale or sales, if any there be after the payment last
above mentioned, with a1 the other assets of the said
company, shall be then applied to the payment of all
the just debts of said company incurred in the con-
ducting and carrying on its lawful] business.

Excess, § 9. Whenever the business of any company shall

Invested. be continued under the provisions of the next pre-
ceding section, in case the receipts for premiums and
from all other sources shall at any time be in excess
of the sums required to meet the policy and all other
obligations of said company, said receiver, whenever
such excess shall amount to twenty-five thousand
dollars, shall invest said excess in such securities as
are authorized to be deposited in the insurance
department, and shall deposit said securities with the
Superintendent of said Department in the manner
herein provided. If, at any time, the funds in the
hands of said receiver are not sufficient to meet such
obligations of said company as they mature, he
shall notify the said Superintendent of the amount
required to meet the deficiency in respect thereto, and
it shall become the duty of the Superintendent to sell,
with the consent and advice of the treasurer. of the
State, and in such manner as the receiver, Superin-
tendent and treasurer, or a majority of them shall
THE STATE OF NEW YORK.

determine, such portion of said securities as may be
required to meet the said matured obligations, and
the proceeds of such sale or sales shall be paid to said
receiver, on his giving his receipt therefor to the said
Superintendent, to be used as required for said
matured obligations.

§ 10. On the first day of January, in every year, or
within thirty days thereafter, an investigation shall
be made by a competent actuary, approved by the
Superintendent of the Insurance Department, into the
affairs of said company, and if, upon such investi-
gation, it shall be found that a surplus of its assets,
not less in amount than ten thousand dollars, exists,
after making adequate provision for meeting at ma-
turity all the obligations of said company and all the
legal expenses of said receivership, and in case of a
joint stock company, over and above the amount of
its capital, such portion of said surplus as may, under
the charter of said company, if a stock company, be-
long to its stockholders, shall be set aside and invested
by said receiver in such securities as are authorized
to be deposited by life insurance companies in the In-
surance Department, as a contingent fund, and scrip
therefor shall be issued by said receiver to said stock-
holders, respectively, in proportion to their respective
shares, bearing six per cent interest and payable on
the final settlement of the affairs of said company,
as herein provided. The remainder of such surplus,
if the company be a stock company, and the whole
of said surplus, if it be a mutual company, shall be
disposed of as follows: One-quarter of such remain-
der shall be reserved by said receiver and invested
by him in such securities as are authorized to be de-
posited by life insurance companies in the Insurance
Department as a contingent fund, for which scrip

. shall be issued by said receiver to all policy holders
entitled under their policies to share in the surplus of
said company. Said scrip shall bear interest at the
rate of six per cent per annum, payable. annually,
and shall be redeemable on the maturity of the re-
‘spective policies to which said scrip may be related.

173

When in-
vestigation
to be made,

Contingent
fund.

Scrip to
bear
interest,
174

Surplus

Final ac
counting

Deposit o:
securities.

MISCELLANEOUS INSURANCE LAWS OF

The remaining three-quarters of said surplus shall be
paid by said receiver within one year from said first
day of January to said policy holders, respectively,
in Jawful money of the United States. But-no scrip
shall be issued for any fractional part of a dollar, and
any scrip so issued may, at any time, be called in and
canceled by said receiver, without payment, if neces-
sary to better secure the remaining obligations of
said company; and all. scrip so issued shall have
printed thereon a clause to this effect. If, on the
final accounting of said receiver, after the liquida-
tion of all the obligations of said. company, as herein
provided, and in case of a joint stock company, the
return to the respective stockholders of their respect-
ive amounts of stock and the scrip issued to them
under this act, there shall remain a surplus in the
hands of said receiver, it shall be divided by him
among said stockholders, if a stock, company, pro-
portionately to their respective shares, as provided
by the charter of said company, and the balance of
said surplus among the last ten policy. holders of said
company, or their legal representatives, in propor-
tion to the amounts of their said respective policies, |
and, if not a stock company, among the holders of
the last ten policies issued by said company, or their
legal representatives, in proportion to the amount of
their said respective policies.

§ 11. Any life insurance company which, by vir-
tue of any law, is making deposit of securities and
receiving registered policies, shall, after the passage
of this act, make such deposit and receive such poli-
cies in accordance with this act, and not otherwise;
and such company shall be authorized to issue poli-
cies aud annuity bonds only such as shall be regis-
tered under this act, except such other as in this
section provided, and shall, whenever required by
the holders of its unregistered policies and annuity
bonds, issued previous to the passage of this act,
upon their compliance with the terms and conditions
of such company for registered policies and annuity
bonds, issue to them, respectively, registered policies
and annuity bonds, in exchange for and in value
THE STATE OF NEW YORK.

175

equal to those previously issued to them; provided, Unregis.

that any company availing itself of the provisions lee.

of this act may issue unregistered policies and an-
nuity bonds, as heretofore authorized by its charter,
but subject to the provisions of section eight of this
act, in relation to the distribution of its assets.

red poli-

§ 12. The receiver of any company under this act Powers of

shall have all the powers incident to the successful
management of its affairs; and, to that end, author-
ity to purchase policies issued by said company, to
inake any other compromise in the settlement of its
‘outstanding obligations, and to use the corporate
seal of said company, whenever necessary, in the
transaction of the business of his receivership.

receiver.

§ 13. The compensation of the receiver under this Compensa-
100 0.

act shall be fixed by the Superintendent of the In- receiver.

surance Department, and shall not exceed thesum of
five per cent on the amount of the assets of such
company, as shall come into his-.pussession. The

receiver may employ such clerks and actuaries as he Clerks.

may deem necessary for the proper conducting of his
business as such receiver, and the said clerks and ac-
tuaries shall be paid such reasonable compensation
as he ‘may determine, subject, however, to the ap-
proval of the Superintendent of the Insurance De-
partment, all of which compensation to said receiver,
clerks and actuaries, shall be a charge on the funds
of such company, and paid out of the said funds.

§ 14. The Superintendent of the Insurance Depart- Paver.

ment is hereby authorized and empowered to address intendent.

any inquiries to any life or casualty insurante com-
pany, or the secretary thereof, in relation to its
doings or condition, or any other matter connected
with its transactions ; and it shall be the duty of any
company so addressed to promptly reply in writing
to any such inquiries, under the same penalties pro-
vided in similar cases for fire insurance companies,
and failing to auswer, it shall not be authorized to
transact any business in this State, and its certifi-
cates of authority may be revoked and canceled.

§ 15. It shall be the duty of the Superintendent of rxamine-
the Insurance Department to make, or cause to be Wonel

ondi tion of
176

affairs of
companies.

Duty of
officers of
company.

MISCELLANEOUS INSURANCE LAWS OF

made, an examination of the condition and affairs
of any life or casualty insurance company, as _ pro-
vided for in the seventeenth section of chapter four
hundred and sixty-three of the laws of eighteen
hundred and fifty-three, wherfever he shall deem it
expedient so to do,and also whenever he shall have
good reason to suspect the correctness of any an-
nual statement, or that the affairs of any company
making such statement are in an unsound condition.

§ 16. It shall be the duty of either the president
or secretary, or actuary. of every insurance company
having securities deposited in the office of the Super-
intendent of the Insurance Department of this State,
once or more during each calendar year, and at such
time or times during the ordinary business hours as
said insurance company may select, to examine and
compare such securities with the books of said de-
partinent, and, if found correct, to exeeute to the
Superintendent of the Insurance Department a re-
ceipt or certificate setting forth in the same the dif:
ferent kinds and the amounts thereof, and that the
same are in the possession and custody of the Super-
intendent at the date of such receipt.

§ 17. This act shall take effect immediately.

1
THE STATE OF NEW YORK.

INSURANCE LAWS OF 1870.

Chap. 135.

AN AOT FOR THE RELIEF OF CORPORATIONS OR-
GANIZED UNDER GENERAL LAWS. Passed April
5, 1870.

The People of the State of New York, represented in
Senate and Assembly, do enact as follows:

Section 1. The directors of any corporation organ-
ized under any general act for the formation of com-
panies, in whose original certificate of incorporation
any informality may exist, by reason of an omission of
any matter required to be therein stated, are hereby
authorized to make and file an amended certiticate
or certificates of incorporation, to conform to the
general act under which said corporation may be
organized ; and upon the making and filing of. such
amended certificate, the said corporation shall, for all
purposes, be deemed and taken to be a corporation
trom the time of filing such original certificate.

§ 2. Nothing in this act contained shall in any
manner affect any suit or proceeding at the time of
filing such amended certificate pending against said
corporation, or impair any rights already accrued.

§ 3. This act shall take effect immediately.

23 :

177

Amended
certificate,

Pending
sults,
178

Corpora-
tors.

Name.

Powers.

MISCELLANEOUS INSURANCE LAWS OF

Chap. 169.

AN ACT TO INCORPORATE THE SocIETY FOR Pro-
MOTING LIFE INSURANCE AMONG OLERGYMEN.
Passed April 11, 1870.

T he People of the State of New York, represented in
Senate and Assembly, do enact as follows :

Section 1. James Brown, Horatio Potter, William
H. Aspinwall, Isaac Ferris, Howard Potter, William
Adams, Anson Phelps Stokes, Morris K. Jesup,
John D. Sherwood, Nathan Bishop, H. B. Fancher,
all of the city of New York, Rufus Anderson, of
Boston, Massachusetts, O. O. Howard, of the city ot
Washington, District of Columbia, I. W. Weir, of
Harrisburgh, Pennsylvania, and John V. Farwell, of
Chicago, Illinois, and their successors, are hereby
constituted a body corporate and politic by the name
of ‘The Society for Promoting Life Insurance among
Clergymen,” the’ principal office whereof shall be
located in the city of New York. The object of said
society is to secure, by and through life insurance
companies now existing, or through such as may be
hereafter reated, the benefits of life insurance to or
in behalf of clergymen of all denominations, profes-
sors, teachers in colleges, theological schools and
other seminaries of learning, and to secretaries and
agents of charitable and benevolent institutions;
nothing, however, herein contained to be construed
to authorize the formation Lereby of a life insurance
company in, or the issue of policies or the undertaking
of risks by, the corporation hereby created.

§ 2. The said corporation may take, purchase, or
acquire and hold real estate to the amount of one
hundred thousand dollars, and may receive or take
by gift, donation, bequest, devise, subject to all the
provisions of law relating to devises and bequests by
last will and testament, or grant, absolutely, or in
trust, moneys and personal property, which said
property, moneys and real estate shall be used only
tur the object expressed in the first section of this act.
THE STATE OF NEW YORK.

§ 3. The persons named in the first section of this
act are hereby appointed trustees of said corporation,
in whom and whose successors shall be vested the
the property and estate of said corporation, and the
direction, control, management and _ disposition
thereof, and of the affairs of said society. Any
vacancies in the number of said trustees, created by
death, resignation, inability to act, or from any other
cause, shall be filled by persons appointed by the
remaining trustees, or by a majority of them. The
acts of a majority of the trustees present at any meet-
ing, duly held or noticed ,according to the by-laws,
not inconsistent with iaw, shall be valid. The trust-
ees, or a majority of them are empowered to make
all necessary rules, regulations and by-laws in refer-
énce to, and for the government, affairs and property
of, said society, and the management, control and
conduct thereof.

§ 4. The trustees of said corporation, or a majority
of them, may élect such officers and appoint such
agents as in their judgment the management of its
affairs may require. The period for which such
officers shall be elected, or such agents appointed,
shall be prescribed by said trustees.

§ 5. The corporation hereby created shall possess
the powers and be subject to the provisions and
liabilities of title three, chapter eighteen of the first
part of the revised statutes, so far as the same are
applicable thereto, and are not inconsistent with the
provisions of this act.

§ 6. The legislature may at any time alter, sus-
pend, modify or repeal this act.

179

Trustees.

Officers.

Powers and
labilities.
180

Subscrip-
tions may
be received.

When may
commence
business
on the
mutual
plan,

Name.

MISCELLANEOUS INSURANCE LAWS OF

Chap. 196.

AN ACT TO AMEND THE CHARTER OF THE INSUR-
ERS’ Own Fire INSURANCE ComPany. Passed
April 18, 1870.

T he People of the State of New York, nepal in
Senate and Assembly, do enact as follows :

Section 1. The second section of the charter of the
Insurers’ Own Fire Insurance Company is hereby
amended so as to read as follows:

§ 2. In lieu of the notes and of the agreements for
insurance with four hundred applicants, as provided
in chapter four hundred and sixty-six, section six, of
the laws of eighteen hundred and fifty-three, the said
company is: uthorized to receive from any number
of persons, subscriptions, payable in cash, and give
therefor receipts bearing interest, which receipts shall
severally set forth that they are given for money
received in advance for premiums of insurance, and
that the amounts of the same and every part thereof,
are liable for the expenses and losses of the said com-
pany, and the said receipts shall be received by said
company only in payment for premiums of insurance, °-
or on account thereof, and the said company may
commence business on the mutual plan as soon as
the whole amount so subscribed and paid in cash
shall reach the sum of two hundred thousand dollars;
provided, however, that the superintendent of the
insurance department. shall first cause to be made,
either by himself or by three disinterested persons to
be appointed by him, an examination which shall
satisfy him that the said sum is actually possessed. by ©
the said company in cash or in securities, as required
by the general insurance law, and the said superin-
tendent shall certify that he is satisfied with such
examination.

§ 2. The said company shall henceforth be known
as the “Mutual Fire Insurance Company,” but
nothing in this act contained shall in any way affect
or impair any right or liability of the Insurers’ Own
THE STATE OF NEW YORK.

Fire Insurance Company, and they shall sue and be
sued in their own corporate name, and persons hold-
ing their policies or scrip, shall not, by reason thereof,
become individually liable for the debts or engage-
ments of the said company.

§ 3. This act shall take effect immediately.

Chap. 200.

AN ACT IN RELATION TO THE ATLANTIC MUTUAL
Lire INSvuRANCE COMPANY OF ALBANY, NEW
York. Passed April 14, 1870.

The People of the State of New York, represented in
Senate and Assembly, do enact as follows:

Section 1. The Atlantic Mutual Life Insurance
Company is hereby authorized to make such special
deposits and investments of their funds as slall be
required by the laws of other States or foreign coun-
tries in which they are now transacting or may here-
after transact business, but in no case shall the
aggregate amount of such deposits and investments
exceed the sum of one hundred and fifty thousand
dollars; and no such compliance with the laws or
requirements of other States or foreign powers shall
be deemed an invalidation of the charter of the said
company, and the said company are hereby fully
authorized and empowered to continue the issue of
all classes of policies and annuity bonds as heretofore
and as provided in their charter, or any acts sup-
plementary thereto or amendatory thereof.

§ 2. This act shall take effect immediately,

181

Special
deposits,
182

Capita
ators,

When may
issue cer-
tifl ates,

MISCELLANEOUS INSURANCE LAWS OF

Chap. 211.

AN ACT TO AMEND AN ACT ENTITLED * AN ACT TO
INCORPORATE THE INSURERS’ INDEMNITY COMPANY
OF THE OITY OF NEW YORK,” PASSED APRIL
TWENTY-SECOND, EIGHTEEN HUNDRED AND SIXTY-
EIGHT, AND AMENDED MAY FIRST, EIGHTEEN HUN-
DRED AND SIXTY-NINE. Passed April 14, 1870.

The People of the State of New York, represented in
Senate and Assembly, do enact as follows:

Section 1. Section two of the act entitled “An act
to incorporate the Insurers’ Indemnity Company of
the city of New York,” passed April twenty-second,
eighteen hundred and sixty-eight, and amended May
first, eighteen hundred and sixty-nine, is hereby
amended so as to read as follows:

§ 2. The capital stock of said company shall be the
sum of five hundred thousand dollars, in shares of
one hundred dollars each, but the said company may
increase the amount of said capital stock to any
amount not exceeding the sum of two million, dollars,
in shares of one hundred dollars each. And tLe said
company shall be authorized to organize and proceed
to business under this act when subscriptions to its
capital stock shall have been actually made to the
amount of two hundred thousand dollars, and shall
have been actually paid for in cash.

§ 2. Section three of said act is hereby amended so
as to read as follows:

§3. When the sum of two hundred and fifty thou-
saud dollars of said capital stock shall have been
subscribed for and paid for in cash, as is specified in
section two of this act, the said company shall issue
certificates for such portion of said capital stock ; and
from time to time, as any other amount may be sub-
scribed and paid for any other portion of the whole
capital stock authorized by this act, other certificates
may in like manner be issued. The capital stock of
this company shall all be subscribed and paid in
within one year after the passage of this act.

§ 3. This act shall take effect immediately.
THE STATE OF NEW YORK. 183

Chap. 212.

‘* AN AOT TO AMEND SECTION FIVE OF CHAPTER ONE
HUNDRED AND FIFTY-FIVE OF LAWS OF EIGHTEEN
HUNDRED AND SIXTY-EIGHT, BEING AN ACT EN-
TITLED ‘‘ AN ACT TO INCORPORATE THE SCHOHARIE
AND SCHENECTADY Counties’ FARMER'S MUTUAL
Fire INSURANCE ASSOCIATION.” Passed April
14, 1870.

The People of the State of New York, represented in
Senate and Assembly, do enact as follows:

Section 1. Section five of chapter one hundred
and fifty-five of laws of eighteen hundred and sixty-
-eight, passed April seven, eighteen hundred and
‘sixty-eight, is hereby amended so as to read as fol-
lows: . ‘ : i ‘ Policies
§ 5. The directors of said corporation may issue may be
‘policies signed by their president and secretary,
agreeing in the name of the corporation hereby cre-
ated to pay all damages which may be sustained by
fire, for a term not exceeding five years, by the hold-
ers of such policies, not exceeding the sum named in
such policy ; and every policy so issued shall bind all
the members of said corporation in the manner pre-
scribed in the act hereby amended.
§ 2. This act shall take effect immediately.
184 MISCELLANEOUS INSURANCE LAWS OF

Chap. 235.

AN ACT To INCREASE THE CAPITAL STOCK OF THE
‘* HERCULES MuruaL LIFE ASSURANCE Society
OF THE UNITED StaTss.” Passed April 15, 1870;
three-fifths being present.

The People of the State of New York, represented in
Senate and Assembly, do enact as follows :
Capital

stock may Section 1. The board of trustees of the ‘‘ Hercu-

teased, les Mutual Life Assurance Society of the United
States,” is hereby authorized and empowered to in-
crease the capital stock of said society, from one hun-
dred thousand dollars to a sum not exceeding one
hundred and fifty thousand dollars, upon terms, con-
ditions and restrictions as are provided in the charter
of said society, for the original capital stock thereof.

smd  § 2. Section thirteen of the charter of the society
is hereby amended by striking out the words ‘ One
hundred thousand dollars,” and inserting in lieu
thereof the words “ One hundred and fifty thousand
dollars ”
THE STATE OF NEW YORK.

Chap. 277.

AN ACT TO AMEND AN ACT ENTITLED “ AN AOT TO
AMEND AN ACT ENTITLED AN ACT FOR THE BENE-
FIT OF MARRIED WOMEN IN INSURING THE LIVES
OF THEIR HUSBANDS,” PASSED APRIL FOURTEENTH
EIGHTEEN HUNDRED AND FIFTY-EIGHT. Passed
April 18, 1870.

The People of the State of New York, represented vn
Senate and Assembly, do enact as follows :

Section 1. The first section of “An act to amend
an act entitled ‘An act for the benefit of married
women in insuring the lives of their husbands,’
passed April fourteenth, eighteen hundred and fifty-
eight, and amended by an act passed April eight-
eenth, eighteen hundred and sixty-six,” is hereby
amended so as to read as follows:

§ 1. It shall be lawful for any married woman, by
herself, and in her name, or in the name of any third
person, with bis assent, as her trustee, to cause to be
insured for her sole use the life of her husband, for
any definite period, or for the term of his natural
life; and in case of her surviving such period or
term, the sum or net amount of the insurance be-
coming due and payable, by the terms of the insur-
ance, shall be payable to her to and for her own use,
free from the claims of the representatives of the
husband, or of any of his creditors, or any party or
parties claiming by, through or underhim. But when
the premium paid in any year out of the property or
funds of the husband shall exceed five hundred dol-
lars, such exemption from such claims shall not apply
to so much of said premium so paid as shall be in
excess of five hundred dollars, but such excess, with
the interest thereon, shall inure to the benefit of his
creditors.

§ 2. This act shall take effect immediately.

24

May insure
life of
husband.

Exception.
186 MISCELLANEOUS INSURANCE LAWS OF

Chap. 476.

AN ACT TO AMEND CHAPTER FOUR HUNDRED AND
SIXTY-SLIX OF Fire INSURANCE LAWS, PASSED
JUNE TWENTY-FIFTH, EIGHTEEN HUNDRED AND
FIFTY-THREE, AS AMENDED TO JANUARY FIRST,
BIGHTEEN HUNDRED AND SIXTY-NINE, IN RELATION
TOPINCREASING CAPITAL STOCK Passed April 28,
1869 ; three-fifths being present.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows:

Becat Section 1. The nineteenth section of the act enti-
* tled “An act to provide for the incorporation of fire
insurance companies,” passed June twenty-fifth,
eighteen hundred and fifty-three, with amendments
and additions to January first, eighteen hundred and
sixty-nine, is hereby amended by adding at the end

of said section nineteen the following:

Capital “And whenever any company formed under this
weenie law shall have accumulated and be in possession of
bein. a fund, in addition to the amount of its capital stock

and all actual outstanding liabilities, in excess: of
one-half of the amount of all premiums on risks not
terminated, such company miay increase its capital
stock from such fund, and distribute said increase
pro rata to the stockholdersof such company, provided,
always, that snch increase shall be equal to at least
twenty-five per cent of the original capital stock of
said company, and shall have been approved by the
superintendent of the insurance department, and
authorized by at least three-fourths of the board of
directors of said company,” and provided, also, that
any company may hereafter make and declare divi-
dends as provided by the provisions of the general —
insurance act.”
§ 2. This act shall take effect immediately.
THE STATE OF NEW YORK.

Chap. 687.

AN ACT To INCORPORATE THE BANKERS’ LIFE IN-
SURANCE AND TRUST Company oF New YORK.
Passed May 6, 1870.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

SecTION 1. From the time this act shall commence
and take effect, Samuel Barton, Jacob H. Vander-
bilt, James M. Davis, Harry Allen, John A. Foley,
Charles I. Briggs, Samuel F. Barger, John O.
Donnell, William A. Smith, James S. Hennessy,
Alexander McCue, Walter Roche, Thomas Kevlin,
Cadwell B. Benson, George F. Fowler, Edwin R.
Meade, Francis J. Tuomey, John E Orowley and
Alfred West, and all such persons as shall hereafter
become stockholders in the. company hereby incor-
porated, shall be a body politic and corporate, by the
name of ‘‘The Bankers’ Life Insurance and Trust
Company of New York.”

§ 2. The corporation hereby created shall have
the general powers and privileges of a corporation,
as the same are declared in the third title of the
eighteenth chapter of the first part of the revised
statutes, and, in addition thereto, shall have power:

1. To make insurance upon the lives of individuals,
and every insurance appertaining thereto or connected
therewith, and to grant, purchase or dispose of
annuities.

2. To make any other contingent contract involving
the interest of money and the duration of life.

3. To. receive moneys in trust, and upon deposit,
and to accumulate the same at such rate of interest
as may be obtained or agreed on, or to allow such
interest thereon as may be agreed, not exceeding, in
either case, the legal rate. _

4. To accept and execute all such trusts, of every
description, as may be committed to them by any
person or persons whatsoever, or any corporation, or
may be committed or transferred to them by order of
the supreme court, or by a surrogate, or by any of
the courts of record.

187

Corporat-
ors,

Powers and
privileges.

Insure
lives,

Contracts.

Receive
moneys.

Accept and
execute
trusts.
188

To take

and accept:
real estate,

May act as
agents.

Agents for
married
women,

Appoint-
ment of
guardians.

Interest

on deposits.

Income of
infant.

MISCELLANEOUS INSURANCE LAWS OF

5. To take and accept by grant, assignment, trans.
fer, devise or bequest, and hold any real or personal
estate on trusts created in accordance with the laws
of this state, and execute such, legal trusts-in regard
to the same on such terms as may be declared, estab-
lished or agreed upon in regard thereto.

6. The said company are authorized to act as agent,
for the purpose of issuing, registering or countersign-
ing the certificates of stock, bonds or other evidences
of debt of any corporation, association, municipality,
state or public authority, on such terms as may be
agreed upon.

7. To accept from, aud execute trusts for, married
women, in respect to their separate property, whether
real or personal, and act as agents for them in the
management of such property.

§ 3. In all cases where an application shall be
made to any court of this state, or to a surrogate
having jurisdiction, for the appointment of a guardian
to any infant, the annual income of whose estate
shall exceed the sum of one hundred dollars, the said
court shall have power to appoint, and tke said surro-
gate (on the application of the minor, if of the age
of fourteen years or upward, and, on the application
of the friends of the minor, if under the age of four-
teen years, as now provided by law), shall have the
power to appoint the said company as guardian of
the estate of such infant; and every court into
which. moneys may be paid by parties, or be brought
by order or judgment, may, by order, direct the same
to be deposited with the said company.

§ 4. On any sum of money not less than one hun-
dred dollars, which shall be collected or received by
the said company in its capacity of guardian,
receiver or depository of moneys in court, an interest
shall be allowed by the said company of not less than
the rate of three per cent annually, which interest
shall continue until the moneys so. received shall be
duly expended or distributed.

§ 5. Where the annual income of an infant, of
whose estate the said company shall be a guardian,
THE STATE OF NEW YORK.

shall exceed the sum allowed, or which may be suffi-
cient for the education and support of such infant,
such surplus income shall be accumulated by the
said company for the benefit of such infant, by add-
ing interest on the whole as a new principal, and the
interest so to be allowed and added in such accumu-
lation shall in no case be less than three per cent.
_ §6. No bond or other collateral security shall be
required from the said company when appointed
guardian, receiver or depository, but all investments
of moneys received by the said company in either of
such characters, shall be at the sole risk of the said
corporation, and for all losses of such moneys the cap-
ital stock. property and effects of the said corporatign
shall be absolutely liable ; and, in case of the disso-
lution of the said company by the legislature, the
supreme court, or otherwise, the debts due from the
company as guardian, receiver, or depository of mon-
eys in court, shall have a preference.

§ 7. The capital of the said company shall be one
million of dollars, with the power to increase the
same to an amount not exceeding two millions of dol-
lars, which shall be divided into shares of one hun-
dred dollars each. The capital shall be invested in
bonds and mortgages on unincumbered real estate
within the state of New York, worth double the
amount loaned thereon, or in stocks of the United
States or of this state, or in stocks or bonds of the
incorporated cities of this state, authorized to be is-
sued by the legislature, or in loans upon pledge of
collateral securities, as hereinafter provided.

§ 8. The said company may commence business,
and shall be deemed fully organized, as soon as the
whole capital stock shall be subscribed for, and
twenty-five per cent thereof actually paid in. Pro-
vided, however, that said stock shall be subscribed
for, and said amount paid in, within twelve months
trom the passage of this act. And provided, also,
that bonds and mortgages, or stocks, to.the amount
of one hundred thousand dollars, shall have been
deposited with the superintendent of the insurance
department, as required by the next section.

189

When bond
not to be
required,

Capital
stock.

When
deemed
organized,
190

When may
commence
business.

Agssignu-
ment of
bonds and
mortgages.

Corporate
pater.

y whom
exercised.

MISCELLANEOUS INSURANCE LAWS OF

§ 9. After the sum of two hundred and fifty thou-
sand dollars shall have been paid in and invested,
and before the said corporation shall commence busi-
ness, the trustees shall assign and transfer to the su-
perintendent of the insurance department bonds and
mortgages on unincumbered real estate within the
state of New York, worth double the amount secured
thereby, or shall transfer and assign to the said su-
perintendent public stocks of the United States, or
of the state of New York, or of any incorporated
city of this state, authorized by the legislature, to
the amount of one hundred thousand dollars ; which
bonds and mortgages or stocks shall be held by the
said superintendent of the insurance department in
trust, as security for the policy holders of said corpo-
ration. and subject to the sale and disposal of the
said superintendent of the insurance department,
upon the order of the supreme court, as hereinafter
provided. Upon the assignment of the said bonds
and mortgages and stock, the said superintendent of
the insurance department shall issue to the said cor-
poration a certificate of such fact, upon the receipt
of which the said corporation may commence busi-
ness: and an equal amount in value, to be deter-
mined by said superintendent, of such stocks and
bonds and mortgages, shall, at all times, during the
corporate existence of said company, remain in the
possession of said superintendent of said insurance
department. Until otherwise ordered by the su-
preme court, the superintendent of the insuzance
department shall pay over to the said company the
interest which shall be received on the securities as-
signed to him by the said company, or he may au-
thorize the said company to collect the same for its
own benefit.

§ 10. All the corporate powers of the said company
shall be exercised by a board of trustees, who shall
not be less than seven nor more than fifteen in num-
ber, and such officers and agents as they shall appoint.
The board of trustees must be citizens of this state,
and stockholders to the amount of five thousand dol-
lars at least; and the first board of trustees shall con-
sist of the persons whose names are mentioned in the
THE STATE OF NEW YORK.

first section of this act, who shall possess the neces-
sary qualifications as above declared. In case any
of the persous named in the first section of this act
shall neglect to become stockholders, as in this see-
tion is required, the trustees required by this section
may be made up by the appointment, by those named
in the first section who shall have taken the amount
of stock required by this section, of proper persons
who shall meet the requirements of this section.
They shall select a president annually from their own
body, and shall have power to declare, by a by-law,
what number of trustees shall be a quorum for the
transaction of business. The said trustees shall hold
oftice for one year.

§& 11. The election for trustees shall be held an-
nually at the office of the company, and the board
shall give at least ten days’ notice thereof in two
daily newspapers published in the city of New York.

§ 12. Every election of trustees shall be by ballot,
and a plurality of votes shall elect ; three inspectors
for the next succeeding election shall be elected at
the same time and in the same manner.

§ 13. Every shareholder shall be entitled to one
vote for trustees for every share of capital stock
standing in his name on the books of the company.

§ 14. Within six months after this act shall be in
force, the corporatorsnamed in the first section here-
of shall appoint a committee of not less than three,
nor more than five, of their own number, whose duty
it shall be to open books for subscription to the capi-
tal stock, within six months after this act shall be in

191

Neglect to
qualify as
stock-
holders.

Term of
office.

Election to
be held
annually.

To be by
ballot.

Each share
entitled

to one
vote.

Committee
to be ap-
pointed.

force, and who shall give at least ten days’ notice, in -

two daily newspapers in the city of New York, of the
time and place at which said books will be opened.
The said commissioners, in case more than the whole
amount of the capital stock shall be subscribed. shall
allot and distribute the same among the subscribers
in such manner as they may deem most for the inter-
est of all concerned; and if there shall be any in-
crease of the capital stock of the said corporation, as
herein provided, the said increase shall be divided
among the then stockholders pro rata, if they will
uecept the same; and, in case the whole of such in-

Capital
stock,
192

Subscrip-
tions.

Forfeit.

Certificates
assignable.

Deposits,
how in-
vested.

MISCELLANEOUS INSURANCE LAWS OF

crease is not thus. distributed, the surplus may be
divided among the then stockholders of said corpora-
tion, who will receive and pay the same in proportion
to the amount of stock held by them, or in such
other manner as the said trustees shall determine. ,

§ 15. Every subscriber shall, at the time of sub-
scription, pay to the committee receiving the same
the sum of twenty-five dollars on each share by him
subscribed ; and, after the shares shall have been dis-
tributed and allotted, each stockholder shall pay the
whole amount remaining due on the shares so held
by him, at such place, and at such time or times, and
in such amounts, as the trustees shall appoint, of
which at least thirty days’ public notice shall. be
given; the shares of each stockholder omitting to
make such payment shall be forfeited, together with
all previous payments made thereon.

§ 16. The certificates of stock and of money re-
ceived in trust, issued by the said corporation, shall
be assignable on the books of the company, accord-
ing to such regulations as the board of trustees shall
establish ; but no alteration or change shall be made
in the regulations so established, unless by an order
of the Supreme Court, made on a petition of a ma-
jority of the trustees.

§ 17. The trustees shall have a discretionary power
of investing the money received by them on deposit
or in trust, in public stocks of the United. States, or
of any individual State, or in the bonds or stocks of
any incorporated city in this State, authorized by the
legislature, or in such real or personal securities as

* they may deem proper, and: may loan so much of

To make
annual
exhibit.

such money as may by the trustees be deemed pru-
dent, upon the pledge of personal securities, the
market value of which shall be at least ten per cent
in excess of the amount loaned; and may borrow
money of others, and re-loan the same.

§ 18. The board of trustees shall exhibit eutvally
to the Supreme Court, on such day as said court shall
appoint, a full statement of their affairs, in such
form, and verified in such manner, as the said court.
shall‘direct. The court, should it be deemed proper,
may refer such statement to a referee, with direc
THE STATE OF NEW YORK.

tions to make a full and thorough investigation into
the affairs and management of the company, and to
report his opinion in relation to the ability and integ-
rity with which its affairs are conducted, the prudence
and safety of its investments, the security afforded
to those by whom its engagements are held, and the
advantage derived by the public from its operations.
The expenses of every investigation so made shall
be defrayed by the company, in such sum as the said
court shall certify to be reasonable and just.

§ 19. Upon the exhibition of any such annual

‘statement, or upon the coming in of a referee’s
report thereon, the court may recommend to the
trustees such alterations and amendments in the
regulations and by-laws of the company as shall by
the court be deemed to be required for the public
good, and a just regard to the security of the credit-
ors. If any recommendation so made by said court
shall be neglected, or without just cause disregarded
by the trustees, the court shall make a2 full commu-
nication of the facts to the legislature at the first
session thereafter,

§ 20. A copy of every statement so made, and of
every report of a referee thereon, shall be transmit-
ted to the comptroller of the State of New York and
to the superintendent of the insurance department,
by the president of the company, within thirty days
after it shall have been made or received.

§ 21. Whenever it shall appear, to the satisfaction
of the supreme court, that any oflicer, or trustee, or

servant of said corporation has been guilty of any a

fraud or misconduct, the said court may, upon proper
‘notice to such person, and affording him an opportu-
nity of being heard in his defense, remove such per-
son or persons, and make such further order, and
take such further measures for securing the funds
and properties of the said corporation as the said court
shall deem expedient, and may make such further
order as the condition and the circumstances of the
said corporation shall require, by the appointing of a
receiver of the said corporation, or otherwise causing
the same to go into liquidation, and by ordering the
said stocks, and bonds and mortgages, assigned
25

193

Amend-
ment to
regulations
and by-
laws.

Copy of
statement
to be trans-
mitted.

When
trustee ma;
be remover
for miscon-
uct.
194

Responsi
bility of
stock-
holder.

Responsi-
bility of
trustees.

Books of
company.

Powers of
surrogate.

Deposits.

Conetruc-

tion ofact.

MISCELLANEOUS INSURANCE LAWS OF

ard deposited with the superintendent of the bank-
ing* department, to be sold, collected or enforced, for '
the benefit of the depositors or creditors of said cor-
poration.

§ 22. Whenever default shal be made in the pay-

ment of any debt. or liability contracted by this

corporation, the stockholders thereof shall be indi-
vidually responsible, equally and ratably, for the
amount of such debt or liability, with interest, to an
extent equal to the amount of their respective shares
of stock in said corporation.

§ 23. For all losses of money which the capital
stock shall not be sufficient to satisfy, the trustees
shall be responsible in the same manner and to the
same extent that trustees are now responsible in law
or equity.

§ 24. The books of the said corporation. shall,, at
all times, during their hours of. business, be open for
inspection and examination by the comptroller, of
this State, and such other person as the legislature or
comptroller may designate as their agent for such
purpose.

§ 25..The surrogate of any county. wherein the
said. company shall be appointed guardian of any
infant, shall have power to make all orders respect-
ing such guardianship, and to require the said com-

‘pany to render all accounts which such surrogate

might lawfully make or require, if such guardian
were a natural person.

§ 26. In all cases in which public officers, or muni-
cipal or private corporations are authorized. or
required by law to deposit money in bank, such
deposits may be made by such officers or corporations
with the said company.

§ 27. This act shall not be constrned to confer on
the said company any right or power to make any
contract, or to accept or execute any trust whatever,
which it would not be lawful for any individual under
the general rules of law, which are or shall be in
force, to make, accept or execute; and the legisla-
ture shall have power at any time hereatter to repeal
alter or modify this act or any of its provisions.

§ 28. This act shall take effect immediately.

* So ir the original.
THE STATE OF NEW YORK.

Chap. 696.

AN ACT TO AMEND THE CHARTER OF THE MER-
CHANTS Lire INSURANCE COMPANY. Passed
May 6, 1870.

The People of the State of New York, represented in
Senate and Assembly, do enact as follows:

Section 1. The directors of the Merchants’ Life
Insurance company are tereby authorized to increase
its capital stock by actual cash subscriptions to the
sum of two hundred thousand dollars, and to increase
the number of its board of directors to twenty-five.

§ 2. This act shall take effect immediately.

Chap. 697.

AN AOT TO AMEND THE CHARTER OF THE RUTGERS
Fire INSURANCE COMPANY. Passed May 6, 1870.

The People of the State of New York, represented wn
Senate and Assembly, do enact as follows:

_SecTION 1. It shall be lawful for the Rutger Fire
Insurance company in the city of New York, an in-
corporated institution formed pursuant to the pro-
visions of the act entitled Au act to provide for the
incorporation of insurance companies, passed April
ten, eighteen hundred and forty-nine, by charter
filed in the office of the secretary of state, on the
twelfth day of September, eighteen hundred and
fifty-three, by a vote of a majority of its directors at
any regular convened meeting of its board of direct-
ors, to change the day of its annual meeting for
election of directors of said company, from the first
Monday of July, to the first Monday of October, and
thereupon the term of office of its then directors of
said company shall be extended to said first Monday
of October. .

§ 2. This act shall take effect immediately.

195

Capital
stock may
be in-
creased.

Day of
annual
meeting
may be
changed.
196

‘When may

issue scrip.

Scrip to

issue to

policy
olders.

Trredeem-
able.

MISCELLANEOUS INSURANCE LAWS OF

Chap. 698.

AN ACT TO AUTHORIZE THE NORTH AMERICA Lirn

INSURANCE COMPANY TO ISSUE SCRIP TO POLICY
HOLDERS. Passed May 6, 1870.

The Peopte of the State of New York, represented wn
Senate and Assembly, do enact as follows:

Section 1. It shall be lawful for the North America
Life Insurance Company to issue scrip for even dol-
lars, in sums not less than one dollar, to an amount
equal to the capital stock of said company, when
said stock shall be retired in accordance with the pro-
visions of chapter one hundred and eighteen of the
laws of eighteen hundred and sixty-three, passed
April eleventh, eighteen hundred and _ sixty-three.
Said scrip shall be issued to such policy holders as
were equitably entitled to the same, prior to the re-
tirement of the capital stock, in the proportion desig-
nated in the charter of said company, and shall bear
interest at the rate of seven per centum per annum,
payable annually on the first day of July, and trans-
ferable only on the books of the company, in such
manner as the board of directors shall prescribe.
The principal of said scrip shall remain irredeemable,
and shall coustitute the deposit reserve or capital on
deposit in the insurance department, for the general
protection of policy holders as provided by statute.

§ 2. This act shall take effect immediately.
THE STATE OF NEW YORK.

‘

Chap. 700.

AN AOT TO AMEND AN ACT ENTITLED “ AN ACT TO
AMEND THE AMENDED CHARTER OF THE HOPE FIRE
INSURANCE COMPANY OF THE CITY OF NEw YORK,”
PASSED APRIL TWENTY-THIRD, EIGHTEEN HUN-
DRED AND SIXTY-SEVEN. Passed May 6, 1870.

The People of the State of New York, represented in
Senate and Assembly, do enact as follows:

Section 1. The first section of chapter five hun-
dred and seventy of the Laws of eighteen hundred
and sixty-seven, is hereby so amended as to read as
follows:

$1. The first section of the second article of the
amended charter of the Hope Fire Insurance Com-
pany, in the city of New York, on file in the insur-
ance department, is hereby so amended as to read as
follows :

CAPITAL STOCK, DIVIDENDS, ETC.

§ 1. The amount of capital stock of this company
shall be one huudred and fifty thousand dollars,
which shall be divided into six thousand shares of
twenty-five dollars each ; the said company shall be
subject to all the rules, restrictions and regulations
of the general fire insurance act, passed June twen-
ty-fifth, eighteen hundred and fifty-three, as amended,
in relation to the declaration and payment of divi-
dends on its capital stock.

§ 2. This act shall take effect immediately.

197

Onarter
amended
198

Charter
amended.

Surplus
fand may
be distri-
buted
among
policy
holders.

Policies
in favor of
married
women.

MISCELLANEOUS INSURANCE LAWS OF

Chap. ‘710.

AN AOT TO AMEND THE CHARTER OF THE UNITED
States Lire InsuRANCE CoMPANY. Passed May
6, 1870.

The People of the State of New York, represented in
Senate and Assembly, do enact as follows :

SEction 1. The United States Life Insurance Com-
pany, may, any thing in any law, charter or article
of association contained to the contrary notwith-
standing, make distribution of such surplus as they
have accumulated or may accumulate annually, or
once in two, three, four or five years, as the directors
thereof may from time to time determine. |

§ 2. Such portion of surplus funds as the policy
holders may be entitled to may be distributed among
the poliey holders of such company, in proportion to
the sums of money which each member has. contrib-
uted to the total of the surplus funds to be distrib-
uted among all the policy holders, and including in
such distribution a just and equitable allowance for
interest ; and any such dividends of surplus may, at
the option of the company, be credited to the holder
of the policy, to accumulate for his benefit, or may
be paid in cash to the policy holder, or be applied to
the purchase of additional insurance, or iu reduction
of or toward the payment of premiums; and it shail
be lawful for said company at any time, by agree-
ment with the policy holder, to take a surrender and
cancel any dividend which may be or now is stand-
ing to the credit of any policy holder, or any addi-
tional insurance that may have been purchased with
any such dividend. Policies which have become pay-
able before the time when such distribution is made, .
and after the date of the last previous distribution of
surplus, may share in the same equitably and propor-
tionally.

§ 3. Any policy in said company in favor of a mar-
ried woman, or of her and her children, or assigned in
her, or her and their, favor, on the written request o!
THE STATE OF NEW YORK.

said married woman, duly acknowledged before a
commissioner of deeds, or other officer authorized to
take acknowledgments of deeds, in the same manner
as is required by law to pass her dower right in lands
of her husband, and on the written request of the
policy holder, may be surrendered to and purchased
by the said company, in the same manner as any
other policy.
§ 4. This act shall take effect immediately.

Chap. ‘754.

AN ACT TO AMEND AN ACT ENTITLED “ AN ACT TO
INCORPORATE THE ‘Cosmos Lire Poxvicy Trust
Company’ oF New YORK,” PASSED MAY EIGHTH,
ONE THOUSAND EIGHT HUNDRED AND SIXTY-EIGHT.
Passed May 7, 1870.

The People of the State of New York, represented in
Senate and Assembly, do enact as follows:

Secrion 1. The corporate name and style of the
corporation known as the ‘Cosmos Life Policy
Trust Company of New York,” shall, from and after
the passage of this act, be the “ City Loan and Trust
Company of New York.”

§ 2. The said corporation shall have power to loan
or invest any moneys received on deposit or other-
wise, upon life, health and endowment policies, and
such other securities as the board of directors may
from time to time prescribe, and at no greater or
higher rate of interest than seven per cent per
annum.

§ 8. The number of directors of said corporation
shall not be less than five nor more than twenty-
four. When less than twelve, their classification
shall not be obligatory. Three directors shall consti-
tute a quorum.

§ 4. This act shall take effect immediately.

199

Change of
corporate
name.

Powers.

Number of
directors.
LAWS OF 1871.

Chap. 24-1.

AN ACT to AMEND THE CHARTER OF THE Exortsior Lire
Insurance Company. Passed March 31, 1871.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

SEcTIoN 1. The charter of the Excelsior Life
Insurance Company of the city of New York,
incorporated pursuant to the laws of this State, is
hereby amended so as to read as follows:

Section one of article four of said charter shall
hereafter read as follows:

§ 1..The corporate powers of this compay shall Directors,
be vested in a board of directors, and shall be exer- "™™°"*
cised by such board, and by such officers and agents
as they may appoint and empower. The board of
directors shall be the trustees of the company, its
property and assets, and shall consist of not less
than twelve nor more than twenty-four persons, as
may be from time to time determined, by a vote of
a majority of the board. A majority of the board Majority
shall be citizens of the State of New York, and fiforesi
every member shall be a holder of at least ten %- ¥-
shares of capital stock of the company.

Section six of article five of said charter shall
hereafter read as follows:

§ 6. The board of directors shall have power to
appoint a secretary, actuary, attorney and counsel,
and other officers, clerks and agents, as they shall
deem necessary for the transaction of the business
of the company, and to remove any director, officer,
clerk or agent, for the reasons and in the manner
which may be prescribed in the by-laws.

Section two of article six of said charter shall
hereafter read as follows:

26
202 MISCELLANEOUS INSURANCE LAWS OF

Valuation § 2. On the first of January of each year, or
etc. ' within thirty days thereafter, a valuation of the
assets and liabilities of the company shall be made,
pividends, and out of the profits and, at the discretion of the
i board, seven per cent per annum upon the amount
mae. of the capital stock may be placed to the credit of
the stockholders, which shall be paid to the stock-
holders, one-half within ten days after such credit
shall be made, ‘and.the remaining half at the end of
six months from the time of such first payment.
The profits or surplus of the company which shall
remain, after prowling for all the outstanding lia-
bilities of the company, and the sum before men-
tioned, may, in the discretion of the board, be
applied as follows :.
Surplus irst. There na be placed to the credit of the
thareot Stockholders, all the ascertained profits or surplus
fou. resulting from policies which, by the terms thereof,
do not participate in the profits of the company,
together with one-tenth of the profits or surplus
resulting from policies which, by their terms,
articipate in the profits of the company, paya-
bls at the same time and in the same manner as
is provided for the payment of the seven per cent
aforesaid, or the same, or any part thereof, may be
epplied in the discretion of the board of directors, to
the increase of the capital stock of the company.
Share of Second. The remaining nine-tenths of such last-
olicy- * ‘
olders. mentioned profits or surplus shall be placed upon
: the books of the company at such times as the board
may direct to the credit of policyholders, who may,
as provided in section one, article seven, of this
charter, be entitled to participate in such profits or
surplus, subject to all the provisions of this charter;
but no policyholder shall be entitled to a credit for
profits who has not been insured for one full year,
and whose policy is not in actual force and existence.
Section one of article seven of said charter shall
hereafter read as follows: ,
Lifeoren- §1. Persons insured for the whole term of life, or
holes by endowment policies, and paying to the company
ghare pro- the premium agreed upon, shall participate in the
profits of the company under section two of article
six of this charter, unless it shall be stipulated in
THE STATE OF NEW YORK. 203

such yeeele that the assured shall not participate
in such profits.

Section five of article seven of said charter shall
hereafter read as follows: os

§ 5. In case of the non-payment of the premium Non-pay-
when due, or of any violation by the party to whom premiums
issued of the conditions of any policy of insurance, foes,
or other policy or bond issued by the company, the
same shall become forfeited to the company, with
all previous payments made thereon, and all its
obligations, under or by virtue of such forfeited
policy or bond whatsoever, shall cease and become
void ; provided such conditions and the effect of a-
violation of the ‘same are expressly stated in the
body of such policy or bond.

Section three of article eight of said charter shall
hereafter read as follows:

‘$3. Any director may examine the books and Examina-
vouchers belonging to the company under the regu- books, eto.
lations of the by-laws.

§ 2. Nothing in this act contained shall, or shall '
be construed to, impair or prejudice the interests
and rights of the present holders of policies issued
by said company.

§ 3. This act shall take effect immediately.

Chap. 3138.

AN ACT vo aurnorizze THE Everre Morvan Lire Insur-
ANCE CoMPANY TO INCREASE ITS CAPITAL STOCK. . Passed '
April 6, 1871. ,

The People of the State of New York, represented
in Senate and Assembly, do enact as follows: ¢

Section 1. The Empire Mutual Life Insurance Increase
Company is hereby authorized to increase, from of capital
time to time, its capital stock, not to exceed in all
five hundred thousand dollars; provided, always,
that no dividend shall be declared or paid upon said
stock so to be issued, or any part thereof, over and
above seven per centum per annum upon the par
value of the same during the continuance of said
Ts : : ¢

§ 2. This act shall take effect immediately.
204 MISCELLANEOUS INSURANCE LAWS OF

Chap. 357.

AN ACT to AMEND THE CHARTER OF THE COMMONWEALTH
Lire Insurance Company. Passed April 7, 1871.

The People of the State of New York, represented
' in Senate and Assembly, do enact as follows:

SEoTIoN 1. Section one, article five of the charter
of the Commonwealth Life Insurance Company, is
hereby amended to read as follows:

ARTICLE FIVE.

Increase, ~=-Ǥ 1. The amount of the capital stock of the com-
sok any shall be one hundred and twenty thousand
Rolie, and may be increased at the discretion of
the board of directors to the amount of five hun-
dred thousand dollars, divided into shares of one
hundred dollars each, which shall be po prop-
erty, transferable only on the books of the company.
Sale of If, at any time within six years, any stockholder
pany to Shall desire to sell any part or the whole of his
aave pret- stock, he shall submit the fact, with the price at
purchase. which and the person to whom he proposes to sell,
to the directors, by written notice served upon the
president of the company, and at any time within
ten days thereafter the directors shall be at liberty
to direct the sale to any other person at the same
price, and it shall be made. At the close of the six
years, the preceding section may be continued in
force by a vote of a majority of stockholders, and
thereafter by the same proceeding.
§ 2. This act shall take effect immediately.

Chap. 382.

AN ACT vo avrsormez THE Hore Murua Lire Insvr-
ANoE Company or New YorRK TO INOREASE ITS CAPITAL
stoox. Passed April 11, 1871.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

Increase SECTION 1. It shall be lawful for the Hope Mutual

orca! Life Insurance Company of New York to increase
THE STATE OF NEW YORK. 205

its capital stock, with the consent of a majority of
the directors of said company, to an amount not
exceeding in the whole two hundred and fifty thou-
sand dollars. Such increase of stock to be subject
to all the provisions of the charter of said company
in relation to its capital stock.

§ 2.. This act shall take effect immediately.

Chap. 508..

AN ACT to cHANGE THE DAY OF HOLDING THE ANNUAL
ELECTION FOR DIRECTORS OF vHE AGRICULTURAL INsuR-
ANCE CoMPANY, FROM THE SECOND TO THE THIRD W EDNES-
DAY OF JANUARY IN EACH YEAR. Passed April 14, 1871.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

Section 1. Article sixth of the charter of the
Agricultural Insurance Company of Watertown,
Jefferson county, is hereby amended by striking out
the words ‘‘the second Wednesday,”’ in said article,
au inserting in place thereof ‘‘the third Wednes-

ay.

Chap. 6O1.

AN ACT 10 AMEND THE CHARTER OF THE MrRcHANTS’
Lire Insurance Company. Passed April 19, 1871.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

Section 1. Section sixteen of the charter of said
company is hereby amended .so as to read as
follows:

§ 16. On the first day of January in each year, or vatuation
within thirty days thereafter, a valuation of the of assets,
assets and liabilities of the company shall be made,
and, after placing to the credit of the stockholders
seven per cent of the profits or surplus, the balance
of all said profits or surplus shall be placed to the
credit of the holders of policies entitled to receive
the same, and all such remaining surplus or profits Division of

shall be divided at such time and in such manner prohts.
206

Directors
and offi-
cers.

ualifica-
tions of
directors.

Elections;
qualifica-
tions of
voters.

Policy-
holders to
share in
profits.

MISCELLANEOUS INSURANCE LAWS OF

as shall be provided by the by-laws of the said
company.

§ 2. Section three of the charter of said company
is hereby amended so as to read as follows:

§ 3. The corporate powers ef the ey shall
be vested in and exercised by a board of directors .
and by such officers and agents as the board may
empower. The board shall consist of not less than
thirteen nor more than twenty-five persons, a major-
ity of whom shall be citizens of the State of New
York, and each of whom shall own and hold in
his own right at least five shares of the capital stock
of the company.

§ 3. Section twelve of the charter of said company
is hereby amended so as to read as follows:

$12. At every election of directors each stock-
holder shall be entitled to one vote in person or b
proxy for each and every share of the capital stoc
of the company owned and held by such stock-
holder in his or her own name on the books of the
company ; subject to the provisions of the by-laws
relating thereto in all cases.

§ 4. Section seventeen of the charter of said com-
pany is hereby amended so as to read as follows:

§ 17. Every person insured for the whole term of
life or by endowment policy or policies, and paying
to the company the premium agreed upon for that
purpose, shall participate in all the profits or sur-
plus of the company after paying seven per cent of
such profits or surplus to the credit of the stock-
holders.

§ 5. This act shall take effect immediately.

Chap. 608.

AN AOT vo AMEND AN ACT TO PROVIDE FOR THE INCORPO-
RATION OF FIRE INSURANCE COMPANIES, PASSED JUNE
TWENTY-FIFTH, EIGHTEEN HUNDRED AND FIFTY-THREE.
Passed April 19, 1871.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

Sxction 1. Section eight of chapter four hundred
and sixty-six of the laws of eighteen hundred and
THE STATE OF NEW YORK.

fifty-three, entitled ‘‘An act. to provide for the
een eon of fire insurance companies,”’ is hereby
amended to read as follows:
§8. It shall be lawful for any fire insurance
company organized under this act, or incorporated
under any law of this State, to invest its capital and
the funds accumulated in the course of its business,.
or any part thereof, in bonds and mortgages on
unincumbered and improved real estate within the
State of New York, worth fifty per cent more than
the sum loaned thereon, exclusive of buildings,
unless such buildings are insured and the policy
transferred to said company, and also in the stocks
of this State or stocks or treasury notes of the United
States, and also in the stocks and bonds of any
county or incorporated city in this State, author-
ized to be issued by the legislature, and,to lend the
same, or any part thereof, in the security of such
stocks or bonds or treasury notes, or upon bonds
and ne ipa as aforesaid, and to change and
re-invest the same as occasion may, from time to
time, require; but. any surplus money over and
above the capital stock of any such fire and inland
navigation insurance companies, or any fire insur-
ance companies incorporated under any law of this
State, may be invested in or loaned upon the pledge
of the public stock or the bonds of the United States
or any one of the States, or the stocks, bonds or
other evidences of indebtedness of any solvent divi-
dend-paying institutions incorporated under the
laws of this State or of the United States, except
their own stock, and any amount, not exceeding
one-half the annual premium receipts of any com-
any upon its outstanding policies in any other
Bate of the United States, may be invested upon
bond and mortgage security upon real estate in such
State, which shall be certified by the Superintendent

207

Invest-

ment of
capital.

etc.

Condition
as to secur
ities.

Invest-
ment of
surplus.

Subject to
proval

of the Insurance Department of this State to be oPeiperin.
unincumbered, improved, and worth double the sum tendent.

loaned thereon, or in the stocks or bonds of any
foreign country to the extent which may be provided
under the laws thereof as the condition of such
company doing business therein; provided, that
such investment in such foreign stocks or bonds
208

Incorpo-
rators.

Corporate
name.

Powers of
corpora-
tion.

May hold

real estate;
limitation
to power. -

MISCELLANEOUS INSURANCE LAWS OF

shall be made only from funds which constitute a
surplus over and above capital and other liabilities
and: subject to the approval of the Superintendent
of the Insurance Department.

§ 2. This act shall take effect immediately.

Chap. 616.

AN ACT vo rmcorrorate THE Morvan Beyer Lire
Poricy, Loan anp Trust Company or New York.
Passed April 19, 1871.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

SrcTion 1. Charles G. Dahlgren, Edward A.
Jones, George E. C. Seaman, Charles H. Horton,
Edward R. Phelps, William Johnson, Henry A.
Jones, Rufus K. McHarg, William E, Stiger, John
T. Howard, William Goldsborough, Daniel Clark
Briggs, Joseph J. Hearne, John Falvey} Henry Par-
sons, Edward F. Smith, Peter Trainer, John E.
‘Walsh and others, their associates, successors and
assigns, shall be and they are hereby ordained, con-
stituted and declared to be, a body politic and cor-
eee by the name of the Mutual Benefit Life

olicy, Loan and Trust Company of New York, to
be located in the city of New York, in this State,
with power to establish and maintain branch offices
and agencies at such other places, and for such
periods, as to them, or to the Board of directors of
said company, may appear necessary or convenient;
to sue and be sued, to plead and be impleaded in all
courts of justice, and to have and to use a common
seal, and the same to alter and change at pleasure;
and they shall also be and hereby are empowered to
purchase, hold, possess and enjoy, to themselves
and their successors, any estate, real or personal,
for the use of said corporation ; provided, that the
lands, tenements and hereditaments which it shall be
lawful for the said corporation to hold, be only such
as shall be requisite for its purposes in the transac-
tion of its business, or such as shall have been mort-
gaged or conveyed to it in good faith by way of
THE STATE OF NEW YORK.

security for loans, or such as shall have been con-
veyed in satisfaction of debts previously contracted
in the course of its business, or such as shall have
been purchased at sales upon judgments or decree
obtained for such debts ; and all such real estate as
shall not be necessaty for the purposes of said cor-

oration in the transaction of its business, except
ands mortgaged or conveyed, as aforesaid, shall be
sold and disposed of within five years after the said
corporation shall have acquired title to the same;
and it shall not be lawful for the said corporation to
hold such real estate for a longer period, unless the
said company shall procure from the comptroller,
auditor or other principal financial officer of the
state, in which such lands may be situate, a certifi-
cate, that, in his judgment, the interest of the com-
pany may be impaired by a forced sale of such real
estate, in which case the time of such sale may be
extended for such period as the said financial officer
may designate in such certificate.

§ 2. The objects and business of the said corpora-
tion shall be to establish a general agency for pro-
curing and settling life insurances, endowments and
annuities, as well as health and accident insurance
contracts, and to collect premiums for any and all
life insurance companies, to effect trust insurance for
securing the prompt payment of premiums when
due to life insurance companies, and to assume and
make guarantees of any description in regard to
policies, dividends and notes outstanding in life
companies, and bonds, securities, obligations and
contracts issued by any proper authority or person
or corporation ; to grant loans and make advances
on life policies and dividend claims, and on any
other securities or valuable properly whatever ; to
undertake the care and custody and management of
any kind of property, and accept and execute trusts

-of every description from any person, corporation
or authority whatever, including money and prop-
erty of every description, and to accept and receive
deposits of the same; and any person, corporation
and authority is hereby authorized to commit the
same to said company. Said. corporation shall also
have authority to organize and receive weekly and

27

209

Objects
and busi-
ness.

May insure
collections
of prem?
ums, se-
curities,
etc.
210
Payments,
a :

monthly,
etc.

Terms and
conditions
of insur-
ance.

Rate of in-
terest.
Fees for
services.

Capital
stock.

Increase
of.

MISCELLANEOUS INSURANCE LAWS OF

monthly payments for the purpose of paying up
their premiums on life and endowment policies con-
tracted for, to be paid by them in annual, semi-
annual, tri-annual, or quarterly payments with law-
ful life insurance companiés, and generally to
protect, aid and assist, in every convenient manner,
the policyholders and their representatives in the
maintenance, use and settlement of life policies or
other lawful insurance claims depending on the life-
duration or health of individuals, and do such other
business as may be hereinafter authorized.

§ 3. The said corporation is hereby authorized to
undertake and transact the objects and business
above mentioned, upon such terms and conditions
as the board of directors may prescribe, or may be
agreed upon by the parties; to hold, by assign-
ment, life policies and other written instruments
issued by life, health or accident insurance associa-
tions, in trust or as collateral securities ; to issue
reversionary certificates and certified copies thereof;
and shall also have power to loan any money
received on deposit or otherwise on life, health or
endowment policies, and on such other securities as
the board of directors may, from time to time, pre-
scribe, and at no greater rate of interest than seven
per cent per annum ; but said company may charge,
collect and receive such fees for their services as may
be agreed upon. But such company shall not be
allowed to issue or grant any policies of life insur-
ance, annuities or endowment in any form or man-
ner whatsoever. i

§ 4. That the capital stock of said company shall
be five hundred thousand dollars in cash, divided
into shares of one hundred dollars each, which shall
be deemed personal property, and transferable only
on the books of the company in conformity with the
by-laws ; and when one hundred thousand dollars
shall have been actually subscribed, and fifty thou-
sand dollars paid in cash, the said company shall
be authorized to organize and adopt by-laws, elect
officers and commence business ; and said company
shall have power to increase said capital in the man-
ner provided in and by sections twenty, twenty-cne
and twenty-two of the act entitled ‘“An act to author-
THE STATE OF NEW YORK. 211

ize the formation of corporations for manufacturing,
mining, mechanical or chemical purposes,’’ passed
February seventeenth, eighteen hundred and forty-

Ae by the legislature of New York. Edward R.
Phelps, Edward A. Jones and William E. Stiger

shall be and they are hereby appointed commis-
sioners to open books of subscription to the capital Subserip-
stock of said company, at such time and place ‘as stock. —
they or a majority of them shall deem proper, and

for such amount as in their judgment ths Beietees

of the company may require, but for no less amount

than one hundred thousand dollars, as hereinbefore
provided. The persons named in the first section

of this act shall be directors of said company, and ,. 4;
shall hold their office until others shall be elected in rectors.
their stead; and the commissioners shall, within
twenty days from the closing of the subscription
called for by them, call a meeting of the stockhold-

ers to elect directors in place of any of the persons giection.
named in the first section of this act, and also to

elect such additional directors as may be deemed
necessary, not exceeding the number hereinbefore
specified.

§ 5. That the property and concerns of said com- Number ot
pany, and its corporate powers, shall be vested in ‘ector.
and managed by not less than fifteen nor more than
twenty-one directors, who shall be stockholders, and
by such other officers as they may elect or epee
The board of directors may, if they deem it advisa-
ble so to do, divide themselves by lot into three
classes, as nearly equal as may be. The term of termsor
office of the first class shall expire at the end of one ™°*
year, that of the second class at the end of two
years, and that of the third class at the end of three
years; and at the oa of the first year, and
annually thereafter, there shall be chosen a number
of directors in the class whose term will then expire,
who shall hold their office for three years, or until
their successors are elected; such election to be
held at such time and place, and in such manner, as
may be prescribed by the by-laws of said company.

And in case it should happen that any election for
directors should not be Mold on the day when in
pursuance of this-act it ought to be held, the said
212

beef make
by-laws,
etc.

Appoint-
ment of
officers.

Individual
liability of
stockhold-
ers.

MISCELLANEOUS INSURANCE LAWS OF

corporation shall not be dissolved for that cause

but the acting directors shall hold office until their
successors shall have been duly elected, and it shall
be lawful to hold another election at such time and
place as the directors, or a majority of them, may

designate. Directors shall be reéligible, and vacan-

cies occurring in the intervals of elections may be
filed by the board. In the annual election of
directors each stockholder shall be entitled to one
vote for every share of stock held by him, and such
vote may be given in person or by proxy.

§ 6. That the directors, or a majority of them, for
the time being, shall have power to make and pre-
scribe such by-laws, rules and regulations as to them
shall appear needful and proper for the manage
ment, custody and disposition of the assets of the
company, of whatever nature the same may be, and
for the government of said corporation and the
transaction of its business, and to fulfill the pur-
poses of this act, and to amend, alter and revoke
the same at pleasure, and to elect or appoint such
officers, clerks and agents as they may aparn neces-
sary, with such compensation as may appear to
them proper, and upon such tenure of office as said
directors may determine; provided, nevertheless,
that such by-laws, rules and regulations shall not
be repugnant to the constitution of this State or of
the United States, and said board may hold their
meetings at such ae as they may designate.

§ ‘7. The stockholders of the company incorpo-
rated under this act shall be severally and individu-
ally liable to the creditors of the company in which
they are stockholders, to an amount equal to the
amount of stock held by them respectively, for all
debts and contracts made by such company, until
the whole amount of capital stock, fixed and lim-
ited by such company, shall have been paid in, and
a certificate thereof shall have been made and
recorded in the clerk’s office of the county where
the said company shall have their place of business ;
and the corporation hereby éreatedl shall be subject
to the provisions of titles three and four, chapter
eighteen, part first of the Revised Statutes.

§ 8. It shall be lawful for this corporation at any
THE STATE OF NEW YORK.

time to change its corporate name and adopt another
at its pleasure, upon due notice in writing of such
pee oe with the Secretary of State, and pub-
lished in two of the public newspapers of the city
and county of New York.

§ 9. This act shall take effect immediately.

Chap. 709.

AN ACT To amenp an act ENTITLED “Aw Acr 0
ESTABLISH AN INSURANCE DEPARTMENT,” PASSED APRIL
FIFTEENTH, EIGHTEEN HUNDRED AND FIFTY-NINE. Passed
April 25, 1871.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

Section 1. The seventh section of an act entitled
‘An act to establish an Insurance Department,”’
passéd April fifteenth, eighteen hundred and fifty-
nine, is hereby amended to read as follows:

§7. There shall be paid by every company,
association, person or persons, or agent, to whom
this act shall apply, the following fees toward pay-
ing the expenses of executing this act: For filin
the declaration now required by law, or the certifie
copy of a charter also now required, the sum of thirty
dollars ; for filing the annual statement now required,
twenty dollars ; for each certificate of authority and
certified copy thereof, such sum, not exceeding five
dollars, as shall be fixed from time to time by the
said Superintendent; for every copy of paper filed
in his office, the sum of ten cents per folio, and for
affixing the seal of said office to such copy and cer-
tifying the same, one dollar. In case the expenses
of said department shall exceed the amount of fees
collected under this act, and paid into the State
treasury (exclusive of the tax upon marine premi-
ums), the excess of such expenses shall be annu-
ally assessed by the Superintendent, pro rata, upon
all the insurance companies of this State; and the
said Superintendent is hereby empowered to collect
such assessments and pay the same into the State
treasury. .

§ 2. This act shall take effect immediately.

213

Fees to be
paid In-
surance
Depart-
ment.
214 MISCELLANEOUS INSURANCE LAWS OF

Chap. 828.

AN ACT cHANGING THE TIME FOR THE ANNUAL ELECTION
or Drrectors or THE Guiens Faris Insurance Com
pany. Passed April 28, 1871.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :
Annual SrcTIon 1. The time for holding the annual elec-
faster tion of directors of the Glens Falls Insurance Com-
holding. pany is hereby changed from ‘‘the second Tuesday
of January in every year,’’ as now provided by
article six of said company’s charter, to “the third
Wednesday of January in every year,” and said
article of said charter is amended accordingly.
§ 2. This act shall take effect immediately.

Chap. 840.

AN ACT tw revation to tae Burraro Crry Insurance
Company. Passed April 28, 1871.

The People of the State of New York, represented
in Senate and Assembly, do enact.as follows:

Mayinsure SxoTION 1. The Buffalo City Insurance Company
specie, etc. is hereby authorized and empowered to make insur-
ance upon vessels, freights, goods, wares, merchan-
dise, specie, bullion, jewels, profits, commissions,
bank notes, bills of exchange and other evidences
of debt, bottomry and respondentia interests, and to
make all and every insurance appertaining to or |
connected with marine risks and Aisles of navigation «
and transportation. es
§ 2. This act shall take effect immediately.

 
THE STATE OF NEW YORK.

Chap. 842. _.

AN ACT vo avrsore THE FoRMATION or A MoutuAL
Insurance Company IN THE TOWNS oF ELLISBURGH,
Henperson, Apams AND LoRRAINE, IN THE COUNTY OF
JEFFERSON, AND THE TOWNS oF Boyiston anp Sanpy
rae IN THE couNTY or OswEco. Passed April 28,

1.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows:

215

Srction 1. It shall be lawfal for any number of power to
persons, not less than twenty-five, residing in the form cor

towns of Ellisburgh, Henderson, Adams and’ Lor-
raine, in the county of Jefferson, and in the towns
of Boylston and Sandy Creek, in the county of
‘Oswego, who collectively own property of not less
than fifty thousand dollars in value, which they :
desire to have insured, to form themselves into an

incorporated company for the purpose of mutual

poration.

insurance against loss or damage by fire; which powers
corporation shall possess the usual powers, and be anddutiea

subject to the same duties, of corporations, and the
corporate name whereof shall embrace the name of
the town in which the business office of said com-
pany shall be located.

§ 2. The company so formed shall choose, of their Directors
and ofii-

number, not less than seven nor more than eleven fs.

directors, to manage the affairs of said company,
who shall hold their office for one year, and until
others are elected ; and said directors shall choose
one of their number president and oné as secretary.
§ 3. The directors of such company shall file their
articles of association, together with a copy of
their by-laws and the names of the officers of such
company, in the clerk’s office of the town in which
the office of such company is located, and shall keep
a record of their proceedings in a book to be kept
for that purpose, together with the names of all per-
sons insured, and the amount each person is insured,
which record shall be open for the inspection of al]
the members of such company, from the hours of
ten o’clock a. mM. to two o'clock P.M. of each
secular day, the established holidays excepted.
216 MISCELLANEOUS INSURANCE LAWS OF

ee §-4. The directors. of such company may: issue

* policies, signed by their president and secretary,

agreeing in the name of such company to pay all

damages which may be sustained by fires, for a

term not exceeding five years, by the holders of

such policies, not exceeding the sum named in said

olicy, and which shall not exceed the sum of five
thousand dollars in any one risk.

§ 5. All the provisions of chapter seven hundred
and thirty-nine of laws of eighteen hundred and fifty-
seven, entitled ‘‘An act to authorize the formation
of town insurance companies,’’ not inconsistent with
the provisions of this act, are hereby made appli-
cable to the company hereby authorized.

§ 6. This act stall take effect immediately.

Chap. 871.

AN ACT To AMEND, EXTEND AND CONTINUE AN ACT ENTI-
TLED ‘‘AN ACT TO INCORPORATE THE Banxers’ Lire
Insurance anp Trust Company or New York,”
PAsseD May sixTH; EIGHTEEN HUNDRED AND SEVENTY,
AND TO RATIFY AND CONFIRM THE ACTS AND PROCEEDINGS
OF THE CORPORATORS OF THE SAID COMPANY. Passed
April 29, 1871, three-fifths being present.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows:

pime for. SECTION 1. The act entitled ‘‘An act to incorpor-
otcom- ate the Bankers’ Life Insurance and Trust Company
fended. of New York,” passed May sixth, eighteen hundred
and seventy, is hereby extended ‘and continued for
one year from the first day of May, one thousand
eight hundred and seventy-one; and the time for
the pee of and subscription to the capital stock
of the said company, and for depositing bonds and
mortgages or stocks with the superintendent of the
insurance department, as povided for in sections
eight and nine of said act, is hereby extended for
one year from the first day of May, one thousand

eight hundred and seventy-one.
§ 2, The appointment by a majority of the incor-
porators named in said act of Jacob it. Vanderbilt,
THE STATE OF NEW YORK. 217

James M. Davis, Samuel F. Barger, Samuel Barton Commit.
and John I. Foley, as a committee to open books booksof
of subscription to the capital stock of said company, flex”
and all acts and revealing of the said committee

are hereby ratified, confirmed and continued.

§ 3. This act shall take effect immediately.

Chap- 873.

AN ACT to attow “Tae Morvat Prorsonon Lire

Assurance Society” To INCREASE ITS CAPITAL. Passed
April 29, 1871.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

Sxction 1. The board of trustees of ‘‘ The Mutual tnerease
Protection Life Assurance Society,’ may, at any of capital
time hereafter, increase the capital stock of said
corporation to an amount not exceeding in the aggre-
gate the sum of two hundred thousand dollars.

§ 2. Whenever the capital stogk of said corpora- Issue
tion shall be increased under the’ provisions of this ortinctes
act, the amount of such increase shall be paid into
said corporation in cash, before the issue by said
corporation of any certificates of stock therefor, and
when the subscribers for such additional capital
stock shall have paid in the amount of their several
subscriptions, certificates of stock in said corpora-
tion, for the amounts so paid in, shall be issued to
such subscribers, and such certificates shall be in
the same form as those now used by said corpora-
tion, and stockholders receiving the same shall be
entitled to the same dividends and advantages, and
subject to the same liabilities, as the present stock-
halter, in said corporation are entitled and subject
to, and none other.

§ 3. This act shall take effect immediately.

28
218 MISCELLANEOUS INSURANCE LAWS OF

Chap. 888.

AN ACT ww RELATION TO INSURANCE COMPANIES, CORPORA
TIONS, ASSOCIATIONS, PARTNERSHIPS AND INDIVIDUALS OF
FOREIGN GOVERNMENTS, DOING FIRE INSURANCE BUSINESS
IN THIS STATE. Passed May 3, 1871; three-fifths being
present.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows:

Foreign Srction 1. No foreign insurance company shall

insurance

compa- make any contract of insurance, of any kind or
fimsur description, against loss or damage by fire or inland
anceby. navigation risks, nor expose themselves to any such
loss by any one risk or hazard for any greater
amount in proportion to its capital, as determined
by the provisions of this act, than companies organ-

ized under the laws of this State may do.
Capital of} § 2. The capital of such foreign insurance com-
be consid- pany doing fire insurance business in this State,
ere" or any such company hereafter -admitted to such
. business in this State, shall, for all the purposes of
this act and of the general insurance laws of this
State, be the aggregate value of such sums or securi-
ties as such ae shall have on deposit in the
insurance and other departments of this State, and
of the other States of the United States, for the
benefit of policy holders in any of such States or in
the United States ; and all bonds and mortgages for
money loaned on real estate in this State or any
State of the United States, provided such loans
have been made in conformity with the laws of such
State providing for the incorporation of insurance
companies therein, and the investment of their
capital, and all other assets and property in the
United States, in which fire insurance companies
organized under the laws of this State may, 2 the
laws thereof, invest, provided such bonds and mort-
Tobevest- Sages, assets and property, shall be vested in and
fas ae held in the United States by trustees approved by
grovedby the Superintendent of the Insurance Department of
tendent. this State, and citizens of the United States, for the
general benefit and security of all its policy holders
THE STATE OF NEW YORK.

and creditors in the United States, after taking from
such aggregate value the same deductions for losses,
debts and liabilities in this and the other States of
the United States, and for premiums upon risks
therein not yet expired, as is authorized or required
by the laws of this State, or the regulations of its
Insurance Department with respect to fire insurance
companies organized under the laws of this State.
The said trustees are hereby authorized to invest in
and hold and convey real estate to the same extent,
and subject to the same restrictions, rules and regu-
lations to which companies incorporated in this
State are subject.

§ 3. To determine the amount of such capital the
agent or attorney of such foreign insurance company.
doing fire insurance business in this State shall,
within four months after the passage of this act, and
in the month of January of every year thereafter,
render to him a detailed statement of the items
making up the said capital, and of the deductions
to be made therefrom, subscribed and verified by
the oath of such agent or attorney, and said Super-
intendent shall have authority to make such exam-
inations in respect to such assets and liabilities as
he shall deem proper, and upon compliance with
the requirements of this act it shall be his duty
thereupon, and from year to year thereafter, to issue
to such foreign insurance company a certificate of
the amount of its so determined capital, and that
the requirements of this act have been complied
with, upon which capital it may transact business in
this State, but subject to all the restrictions and
limitations of the laws regulating fire insurance
companies incorporated under the laws of this State.

§ 4. The trustees referred to in the second section
of this act shall be appointed directly by the board
of managers or directors of such foreign insurance
company, and a duly certified copy of the vote or
resolution by which they were appointed shall,
together with a certified copy of the trust deed or
instrument under which they are to act, be filed in
the office of the Superintendent of the Insurance
Department; and the said Superintendent shall
have the same power to examine such trustees, or

219

Invest-
ments.

Amount of
‘ capital,

how deter-

mined.

Trustees;
how ap-
pointed.
220

May be ex-
amined on
oath.

Certificate
required.

Restric-
tions.

Subject to
taxation.

Supervis-
fon of Su-
perintend-
ent.

MISCELLANEOUS INSURANCE LAWS OF

the agent or attorney of such company, under oath,
and their assets, books and accounts, either in per-
son or by one or more persons to be appointed by
him, as by law he has as to the officers, agents,
assets, books and accounts of.any company author-
ized to do the fire insurance business In this State.
And if by such examination it shall appear that the
net capital for which the last certificate shall be out-
standing has been materially reduced, the Superin-
tendent may call in such certificate and issue another,
correspondent with such reduced capital.

§ 5. No foreign insurance company, or any agent
or attorney thereof, shall be admitted to transact the
business of fire insurance in this State, or take risks,
until, in addition to all other requirements of the
laws now in force in this State, such company shall
comply with the provisions of this act, and receive
the certificate of the Superintendent of the Insurance
Department mentioned in the third section of this act.

$6. It shall not be lawful for any such foreign
insurance company, their agent or attorney, di-
rectly or indirectly, to contract for. or effect. any
re-insurance of any risk on property in this State,
with any insurance company, corporation, associa-
tion, partnership or individual, other than such as
companies chartered by the State of New York may
lawfully make re-insurance in.

§ 7. The capital of any foreign insurance company,
so determined and certified, shall be subject to taxa-
tion the same as the capital of fire insurance com-

anies organized under the laws of this State, to be
evied, assessed and collected as prescribed by the
laws of this State, at such place in this State as such
en insurance company shall have its principal
office.

§ 8. The affairs of every foreign insurance company
doing fire insurance business in this State shall be
subject to the same supervision and examination
by the Superintendent of the Insurance Depart-
ment as those of fire insurance companies organized °
under the laws of this State, as to the examination
of its books, assets, accounts and general condition ;
and every foreign insurance company doing fire
insurance business in this State, and its agents and

/
THE STATE OF NEW YORK.

trustees, shall at all times be subject to and be
required to make the same statements, and to
answer the same inquiries, and be subject to the
same examinations, and in case of default therein,
to the same penalties and liabilities as fire insurance
companies organized under the laws of this State,
or any of the officers thereof, are or may be liable to
by the laws of this State or the regulations of its
Insurance Department ; and the said Superintendent
is hereby authorized, whenever he shall deem it
necessary, either in person or by a proper person or
persons by him appointed, to repair to the general
office of any such’ foreign insurance company,
wherever the same may be, and make an investiga-
tion and examination of the affairs and condition
ofsuch company. The said Superintendent is hereby
authorized to cancel and revoke the certificate of
any foreign insurance company refusing or unrea-
sonably neglecting to comply with any of the provis-
ions of this act, or to allow the examination herein
provided for to be made, and to prevent such com-
pany from doing business in this State.

§ 9. Any violation of any of the provisions of this
act shall subject the party so sg eg) to a penalt
of five hundred dollars for each violation, whic
shall be sued for and recovered in the manner pro-
vided for in section twenty-five of ‘‘An act to provide
for the incorporation of fire insurance companies,”
passed June twenty-five, eighteen hundred and fifty-
three, and the amendments thereto, with the same
liability to imprisonment in case of non-payment as
therein provided.

§ 10. The term foreign insurance company, as used
in this act, includes any company, corporation,

- association, partnership or individual of any foreign
overnment doing fire insurance business in this
tate, whether incorporated or not. :

§ 11. This act shall take effect immediately.

221

Examina-
tion of
affairs of.

Certifi-
cate, for
what re-
voked.

Penalties.
LAWS OF 1872.

Chap. 386.

AN ACT To CHANGE THE NAME OF THE MUTUAL
PROTECTION LIFE ASSURANCE SOCIETY, AND PRO-
VIDE FOR AN INCREASE OF ITS CAPITAL. Passed
February 13, 1872.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

Section 1. The Mutual Protection Life Assurance
Society, a corporation created under and by virtue of
the provisions of an act entitled ‘‘An act to provide
for the incorporation of Life and Health Insurance
Companies, and in relation to agencies of such com-
panies,” being chapter four hundred and sixty-three
of the laws of eighteen hundred and fifty-three, and
the several acts amending the same, shall hereafter
be known and designated by the name of ‘ Reserve
Mutual Life Insurance Company,” and its corporate
name is hereby changed thereto ; and the said corpo-
ration shall have the right to continue to hold and
manage its property and business in perpetuity,
under the name of “‘ Reserve Mutual Life Insurance
Company,”’ and under that name shall continue to
be liable and shall be responsible for all debts, de-
mands, liabilities, claims and obligations now exist-
ing against said Mutual Protection Life Assurance
Society, or which may hereafter arise out of the exist-
ing state of things, and shall possess, hold and enjoy
all its rights, property, franchises and privileges.

§2. Nothing herein contained shall in any way affect
any existing action, and in case any action or pro-
ceeding shall hereafter be commenced against the
said corporation by the name heretofore used by it,
the said corporation shall not plead misnomer, but
shall plead to the merits of the action, and shall in

Name
changed.

Rights of
property
and lia-
bilities
continued.

Change of
name not
to affect
any suit or
proceed-
ing.
224 MISCELLANEOUS INSURANCE LAWS OF

its pleading state its true name, and such action
shall then proceed against it in the true name, and
any judgment entered in such action shall be as bind-
ing and valid as if the same had been commenced
against such corporation by its true name.
Capital § 8. Whenever the shareholders of said corporation,
bon’ to the extent of three-fourths of the capital stock,
creased. shall certify, in writing, to the board of trustees, a
desire to increase the capital stock of said corpora-
tion, the same may be increased by the said trustees,
rovided that the amount to which the same shall be
increased shall not exceed the sum of five hundred
thousand dollars, and the stockholders at the time of
such increase shall have the privilege of subscribing
for such increased capital stock in proportion to the
number of shares held by them respectively ; but the
capital shall not be at any time increased, except
upon the written request of the owners of three-
fourths of the capital stock made to the board of
trustees.
§ 4. This act shall take effect immediately.

Chap. 100.

AN ACT IN RELATION TO THE DIVIDENDS OF LIFE
INSURANCE COMPANIES. Passed March 9, 1872.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

Lifeinsur- SECTION 1. It shall be lawful for any life insurance
panies company, organized under the laws of this State, to
tainand ascertain at any poe time, and from time to time,
distripute the proportion of surplus accruing to each policy
of surplus from the date of the last to the date of the next suc-
toeach” ceeding premium payment, and to distribute the pro.
policy. —_ portion found to be equitable, either in cash, in reduc-
tion of premium, or in reversionary insurance,
payable with the policy, and upon the same condi-
tions as therein expressed, at the next succeedin
date of such payment; any thing in the charter o
any such company to the contrary notwithstanding.

§ 2. This act shall take effect immediately.
THE STATE OF NEW YORK.

Chap. 180.

AN ACT To INCORPORATE THE CrTIzENS? PLATE
oa INSURANCE Company. Passed April 6,
872.

_ The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

Section 1. John Gill, A. H. Willmont, Fanning
Cable, David Kennedy, John Rae, B. V. B. Living-
ston, James N. McLean, William Green, James N.
Brock, Zachariah Voorhies, Henry Hamilton, Wil-
liam R. Beeston, Samuel M. Blatchford and their
successors, shall be and they are hereby constituted
a body corporate and politic by the name of The
Citizens’ Plate Glass Insurance Company, and by
that name to have perpetual succession, and to sue
and be sued in all courts of this State, with powers
and privileges as are hereinafter provided.

§ 2. The business and general object of the said
corporation shall be to insure plate glass of every
description, window glass, table glass, mirrors,
crockery, and glass in any form from breakage,
accident, or any other cause except from loss or
damage by fire, and for that purpose all necessary
and incidental powers are hereby conferred upon said
company.

§ 3. The capital stock of said corporation, to be
raised by subscription, shall not exceed two hundred
thousand dollars, in shares of one hundred dollars

225

Corpo-
Tators.

Corporate
name.

Object of
corpora-
tion.

Capital
stock.

each. When one hundred thousand dollars shall .

have been duly subscribed for, and fifty-five thou-
sand dollars actually paid in, the corporation may
organize and proceed to business; the capital stock
of said company shall be invested in the manner
prescribed by law for the investment of the capital
of life insurance companies.

§ 4, All corporate powers of said corporation shall
be exercised by a board of thirteen directors, and the
persons named in the first section of this act shall
constitute the first board of directors, and shall hold
office for one year or until others are appointed.

29

Directors.
226

Directors
to elect
Officers.

Subscrip-
tions to
stock,
when to
be paid.

May hold
rea
estate.

By-laws.

MISCELLANEOUS INSURANCE LAWS OF

§ 5. A majority of the directors above named shall,
as soon as the said company may have been organ-
ized, proceed to elect one of their number president,
and shall appoint all other officers, appraisers and
agents, at such salaries or compensation, and in such
conditions as said company shall deem best for car-
rying out the objects and interests of said corpora-
tion.

§ 6. The directors shall, from time to time, require
the stockholders, respectively, to pay the sums of
money. by them subscribed, at such time and in such
proportions as the directors shall think proper,
under the penalty for non-compliance with such
requisitions of forfeiture to the company of said
shares and all previous payments thereon, provided,
however, that no forfeiture shall be declared until
after a personal demand, or a demand in writing,
through the mail, properly addressed to the reputed
oe of residence shall have been made of the stock-

older at least thirty days before the declaration of
such forfeiture.

§ 7. It shall be lawful for said company to have,
purchase, hold and convey all such real or personal
estate as may be necessary or convenient to carry on
their business, as well as such real or personal estate
as they may deem it necessary to acquire in the en-
forcement or settlement of any claim or demand
arising out of their business transactions, and to sell
the same, as they may determine that the interests of
the company require; and the said company are
hereby authorized to make, execute and issue, in the
transaction of their business, all necessary policies,
notifications and contracts ; which policies shall con-
tain the conditions, rules and regulations, as agreed
upon between the said corporation and the parties
owning the property insured.

§ 8. The board of directors shall have power, from
time to time, to make such by-laws, rules and regu-
lations as they may judge proper for the election of
their officers, for prescribing their respective functions
and discharging the same, for regulating the premium
to be charged for insurance, for the regulation of the
times of meeting of the officers and directors, and
generally for the transacting, managing and directing
the affairs of the company ; provided, such by-laws,
THE STATE OF NEW YORK.

rules and regulations are not repugnant to this act,.

to the Constitution or laws of this State or of the
United States.

§ 9. The said corporation shall possess the general
powers, and be subject to the provisions contained in
the third title of chapter eighteen of part first of the
Revised Statutes.

§ 10. The stock of said company shall be transfer-
able only on the books of said company.

§ 11. The principal office of this company shall be
located in the city of Brooklyn.

§ 12. This act shall take effect immediately.

Chap. 235.

AN ACT To AMEND SECTION TEN OF CHAPTER SEVEN
HUNDRED AND THIRTY-NINE OF THE LAWS OF
EIGHTEEN HUNDRED AND FIFTY-SEVEN, ENTITLED
‘““AN ACT TO AUTHORIZE THE FORMATION OF TOWN
INSURANCE COMPANIES.” Passed April 16, 1872.

The People of the State of. New York, represented
in Senate and Assembly, do enact as follows :

SEction 1. Section ten of chapter seven hundred
and thirty-nine of the laws of eighteen hundred and
fifty-seven, entitled ‘‘An act to authorize the forma-
tion of town insurance companies,”’ is hereby amended
so as to read as follows: ,

§ 10. No company formed under this act shall
insure any property out of the limits of the town in
which the office of the company is located, nor shall
they insure any property other than detached dwell-
ings and their contents, farm buildings and their con-
tents, and such stores, hotels, churches, school-houses
and other public buildings, together with their con-
tents, as the directors of any company formed under
this act shall deem proper; nor shall they insure any
property within the limits of any incorporated city
or village in this State.

§ 2. This act shall take effect immediately.

227

General
powers,

Powers
limited.
228

Time for
paymen’

of stock,
etc., ex-
tended for
one year
from May
1, 1872.

Purpose
for which
company
Is formed.

MISCELLANEOUS INSURANOE LAWS OF

Chap. 459.

AN ACT TO AMEND, EXTEND AND CONTINUE AW Aot
ENTITLED ‘‘ AN ACT TO INCORPORATE THE BANKERS’
Lire INSURANCE AND Trust Company oF Nzw
YORK,” PASSED MAY SIXTH, EIGHTEEN HUNDRED
AND SEVENTY. Passed May 1, 1872.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

Srction 1. The act entitled ‘‘ An act to incorporate
the Bankers’ Life Insurance and Trust Company of
New York,’ passed May sixth, eighteen hundred
and seventy, is hereby extended and continued for
one year, .from the first day of May, one thousand
eight hundred and seventy-two ; and the time for the
payment of and subscription to the capital stock of
the said company, and for depositing bonds and
mortgages or stocks with the Superintendent of the
Insurance Department, as provided for in sections
eight and nine of said act, is hereby extended for one
year from the first day of May, eighteen hundred
and seventy-two.

§ 2. This act shall take effect immediately.

Chap. 628.

AN ACT To AMEND THE CHARTER OF THE AGRI-
CULTURAL INSURANCE CoMPANY OF WATERTOWN,
JEFFERSON County, NEw Yor«K. Passed May
10, 1872.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows:

SEOTION 1. The first clause of article two of the
Agricultural Insurance Company of Watertown,
Jefferson county, is hereby amended so as to read as
follows: ‘‘This company is formed for the purpose
of insuring farmers’ dwellings, private residences, ~
barns and outbuildings with their contents, and other
property not more hazardous, against loss or damage
THE STATE OF NEW YORK. 229

by fire, and it shall be confined in its business to such Business
property. The business of the company is:to be con- plan con-
ducted on the joint-stock plan, reserving to the com- 4¥«t4-
pany all the powers, privileges and benefits conferred

by the several acts of the legislature of the State of

New York, upon companies organized for similar
purposes, or that may be hereafter conferred by law

upon incorporated companies formed under the laws
aforesaid for the purposes of insurance as aforesaid.”’

§ 2. Article sixteen of the charter of said company Capital,
shall be amended so as to read as follows: ‘This invested.
company shall invest its capital and its additional
funds pursuant to the second section of the act of the
legislature of the State, passed April nineteenth,
eighteen hundred and sixty-two, entitled “An act
to amend an act entitled ‘An act to provide for the
incorporation of fire insurance companies,’ ’’ passed
June twenty-fifth, eighteen hundred and fifty-three,
and all acts amendatory thereto or supplemental
thereof, and may also hold and convey real estate, in
the cases, and to the extent and subject to the restric-
tions provided by law.

Chap. 624.

AN ACT TO AMEND THE CHARTER OF THE UNITED
States Lire InsuRANCE CoMPANY IN THE CITY
or New York. Passed May 10, 1872.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

Section 1. The sixth section in article six of the
charter of the United States Life Insurance Company
in the city of New York, is hereby amended so as to
read as follows:

§ 6. The said company shall, within thirty days nalance
after the fourth day of March, eighteen hundred and £0,»
seventy-three, and in every subsequent year, cause a abewing
balance to be struck of the affairs of the company profits.
showing the gross profits of said company, if any,
for the year ending on the thirty-first day of Decem-
ber preceding ; and after deducting therefrom all the
proper costs, charges, expenses and interest on the
guarantee capital and the scrip certificates hereinafter
230 MISCELLANEOUS INSURANCE LAWS OF

provided for, and reserving thereout such sums ag
may be necessary and poe to be applied to the
Residue of reserve and surplus fund of said company, shall ap-
Supsor- portion the residue of the net profits as is provided
tioned. —_ for by the fifth section of said article six of the said
Distribu- charter is hereby amended. The distribution of the
prot sum so apportioned to the policyholders of said com-
how tobe »nany shall be made in accordance with the provisions
of section two of the act of the legislature entitled ‘‘An
act to amend the charter of the United States Life
Insurance Company,”’ passed May sixth, eighteen
hundred and seventy, it being understood, however,
that no portion of a year shall be estimated in deter-
mining a right to profits, and each holder of the guar-
antee capital shall be credited on the books of the
company with his portion of.the net profits so de-
clared as aforesaid, for which he shall be entitled to
receive a scrip certificate, assignable only on the
books of the company on surrender of the certificate, —
bearing an annual interest of seven per cent, to be
paid semi-annually, on the same days on which in-
terest on the guarantee capital shall be payable and so
When cer- on, until the aggregate of the guarantee capital and of
of guaran- SUCh scrip certificates shall amount to the sum of one
te fapital million dollars, when said scrip shall be surrendered,
issued. and certificates of guarantee capital shall be issued in
lieu thereof, whereupon the guarantee capital shall
consist of said amount of one million dollars, and
shall be entitled to interest as now provided for in
the fourth section of said article six of said charter,
but shall not be entitled to any pro rata share in the
net profits of said company, except a sum equal to
three per cent 2 annum on the said capital and all
of said net profits, ascertained as above directed, ex-
cept said last-mentioned sum of three per cent per
annum shall be apportioned among the policyholders. —
in said company, in the same manner as is provided
in the second section of the said act of May sixth,
eighteen hundred and seventy.
§$ 2. Section five of said article six of the said char-
ter is hereby amended by striking thereout the words
“‘who shall have paid an annual premium three years
in succession.”’
§ 3. All parts of said charter inconsistent with the
provisions of this act shall from the date to the pas-
THE STATE OF NEW YORK. 231

sage of this act cease to be operative and of any
force.

§ 4. This act shall take effect immediately.

Chap. 680.

AN ACT To AMEND AN ACT ENTITLED “AN ACT
TO INCORPORATE THE NEw York Lire Iwnsur-
ANCE AND Trust Company,’ PaAssED MarcH
NINTH, EIGHTEEN HUNDRED AND THIRTY, AND
THE ACT AMENDATORY THEREOF, PASSED May
SECOND, EIGHTEEN HUNDRED AND THIRTY-FOUR.
Passed May 10, 1872.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows : '

Section 1. The seventh section of ‘the act entitled
‘An act to incorporate the New York Life Insurance
and Trust Company,’’ passed March ninth, eighteen
hundred and thirty, is hereby amended so as to read
as follows:

§ 7. The capital of said corporation shall be a mil- Capital.
lion of dollars, which shall be divided into shares of
one hundred dollars each. The whole of said capital Hoy,i>
shall be invested in bonds and mortgages on unin- .
cumbered real estate within the State of New York ‘
or in the public stocks of the United States or the .
public stocks of the State of New York. The real
property mortgaged to secure any investment of a
ital shall, in every case, be double in value of the
sum charged thereon. ;

§ 2. Section first of the act passed May two, eigh-
teen hundred and thirty-four, entitled ‘‘An act to
alter and amend an act entitled ‘‘ An act to incorpo-
rate the New York Life Insurance and Trust Com-
-pany,’’’ passed March ninth, eighteen hundred and
thirty, is hereby amended so as to read as follows:

§1. The amount of money which the New York Amount
Life Insurance and Trust Company shall have in fobere”
trust, in deposit, or on loan at any time, shall not ¢elvedin |
exceed ten times the amount of its capital and sur- deposit,
plus, nor shall its outstanding loans at any time limitea.
exceed said amounts; but the said company may
at any time receive in deposit and loan out any
232

Time in
which to
organize
extended.

When
policies,
etc., of
Standard
Life Ins.
Co. to be
taken and
deemed
policies,
etc., of
the Goy-
ernment
Life Ins.
Co.

MISCELLANEOUS INSURANCE LAWS OF

money which may be deposited with them by the
Supreme Court, or any of the courts of law or equity,
or surrogates’ courts, of this State, notwithstanding
the limitation contained in this act.

Chap. 665.

AN ACT TO EXTEND THE TIME FOR THE ORGANIZA-
TION OF THE MUTUAL FIRE INSURANCE ComPANY.
Passed May 18, 1872; three-fifths being present.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

Sxcrion 1. The time in which the Mutual Fire In-
surance Company may organize and commence busi-
ness is hereby extended for one year from the passage
of this act.

§ 2. This act shall take effect immediately.

Chap. 730.

AN ACT FoR THE RELIEF OF THE STANDARD LIFE
InsuRANCE Company. Passed May 15, 1872.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

Srcrion 1. Whenever it shall appear to the satis-
faction of the superintendent of the insurance depart-
ment, that all of the outstanding policies and annuity
bonds of the Standard Life Insurance Company of
the city of New York, and all claims under the same,
have been assumed and re-insured by the Govern-
ment Security Life Insurance Company of said city, it
is hereby declared that said policies and annuity bonds
shall be deemed and taken to be the policies and an-
nuity bonds of said Government Security Life Insur-
ance Company, and all such claims shall be deemed and
taken to be claims against said Government Security
Life Insurance Company, in the same manner and to
the same extent as though such policies and bonds
had been originally issued by said Government Se-
curity Life Insurance Company, subject, nevertheless,
and saving and reserving to said company any legal
THE STATE OF NEW YORK.

defense which said Standard Life Insurance Company
had, or might have had, to any such claim, or to any
of said policies or bonds. And the said Government

Security Life Insurance Company may be sued upon 1

any such claim in the same manner and with the like
effect as though the same arose upon a policy or
bond originally issued by it.

§ 2. The general deposit of one hundred thousand
dollars held in the insurance department of this State,
in trust for the policyholders of
curity Life Insurance Company, under the provisions
of an actentitled ‘‘An act to provide for the incorpora-
tion of life and health insurance companies, and in
relation to agencies of said companies,’ passed June
twenty-fourth, eighteen hundred and fifty-three, and
the acts supplementary thereto, is hereby declared to
be held as such general deposit in trust for the policy-
holders of the Standard Life Insurance Company in
common with and as a portion of, the policyholders of
said Government Security Life Insurance Company ;
and the eaperibanden) of the insurance department,
when satisfied as provided in the first section hereof,
that said Government Security Life Insurance Com-
pany has assumed and re-insured the policies and an-
nuity bonds of the Standard Life Insurance Company,
is hereby authorized and directed to transfer to the
an deposit account of said Government Securit

ife Insurance Company, such portions of the funds
or securities constituting the general deposit account
of the Standard Life Insurance Company in said
.department as shall have been assigned by said last-
named company, to said Government Security Life
Insurance Company, to be held under the provisions
of chapter nine hundred and two of the laws of
eighteen hundred and sixty-nine. And the said
superintendent is further authorized and directed to
re-assign and transfer to said Standard Life Insurance
Company, on written application from said company,
the remaining funds and securities held by him for
said company, after complying with the precedin
provisions of this section and of section nineteen o
chapter four hundred and sixty-three of the laws of
eighteen hundred and fifty-three. ;

§ 3. This act shall take effect immediately.

30

the Government Se- 4

233

Govern-
ment Life
ns. Co.
may be
sued upon
such
claims.

General
deposit
held by
insurance
epart-
ment de-
clared to
be held in
trust for
poe
olders of
Standard
Life Ins.
Co. in
common
with those
of the
Govern-
ment Life
Ins. Co.

When
superin-
tendent to
transfer
funds and
of deposit
Standard
Life Ins.
Co. to
credit of
the Gov-

iy ernment

Life Ins.
Co.

Surplus
funds and
securities
to be re-
assigned
to Stand-
ard Life
Ins. Co.
234

Part of
charter
repealed.

Officers to
cause
balance
to be
struck ex-
hibiting
assets, lia-
bilities,
etc.

Policy-
holders to
be credit-
ed with
equitable
share of
surplus.

MISCELLANEOUS INSURANCE LAWS OF

Chap. 861.

AN ACT To AMEND THE CHARTER OF THE RESERVE
Mutvat Lire InsuRANCE Company. Passed May
31, 1872.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows:

Sroriow 1. Section three of article five of the char-
ter of the Reserve Mutual Life Insurance Company,
filed in the office of the insurance department on the
twenty-seventh day of Muay, eighteen hundred and
sixty-eight, which section reads as follows, to wit:

‘Within sixty days after the first day of January,
in each year, a valuation of the assets and liabilities
of the company shall be made, and, after providing
for all outstanding liabilities, twenty per cent of the
surplus or net profits of the preceding year shall be
set apart and held by the company as a permanent
guarantee fund, subject to losses of the company;
interest upon which shall be paid annually, pro
rata, to the stockholders of the company, but said

uarantee fund shall never exceed the sum of five
undred thousand dollars,” is hereby repealed.

§ 2. Article six of the said charter is hereby amended
so as to read as follows, to wit: Article six. The
officers of the company, within sixty days from the
first day of January in each year, shall cause a balance
to be struck of the affairs of the company, which
shall exhibit its assets and liabilities, both present
and contingent, and also the surplus. After setting’
apart a sum equal to the net value of all the policies,
together with the capital, such policyholders as may
be entitled thereto shall be credited with an equitable
share of said surplus; such equitable share, after
being ascertained, shall be applied in such manner
and at such times as the haar of trustees may deem
equitable, and from time to, time provide.

§ 3. This act shall take effect immediately.
THE STATE OF NEW YORK.

Chap. 862.

AN ACT To AMEND THE CHARTER OF THE NATIONAL
BureLar INsuRANCE COMPANY OF THE CITY OF
New York, PAsseD MAY EIGHTH, EIGHTEEN HUN-
DRED AND SIXTY-EIGHT. Passed May 31, 1872.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

_  Sxcrion 1. Section one of the act entitled “An act
to amend the charter of the National Burglar Insur-
ance Com patty of the city of New York,’’ passed

May eighth, eighteen hundred and sixty-eight, is

hereby amended to read as follows: ;

§1. Jesse C. Dayton, George C. Collins, H. B. Bab-
cock, Charles Fowler and William Dowd, and their
associates, shall’be and are hereby constituted a body
corporate and politic by the name and style of the
National Burglar and Theft Insurance Company of
the city of New York, and by that name shall have
perpetual succession, and sue and be sued in any
court whatsoever, and to make and use a common seal,
and the same to alter and renew at pleasure.

§ 2. Section two of said act is hereby amended to
read as follows: a

§ 2. The corporation hereby created shall have
power to make insurance and take risks on such kinds
of property and at such rates of premium as the
directors may from time to time determine; but this
act shall not be construed so as to include any insur-
ance except against burglary and theft, and to do all
necessary acts and things required in law to make
policies of insurance legal, equitable and binding, all
upon terms to be prescribed by the by-laws of such
. corporation.

§ 8. Section three of said act is hereby amended to
read as follows: .

§ 8. The capital stock of said corporation shall be
two hundred thousand dollars, divided into four
thousand shares of fifty dollars each, and the persons
above named as corporators, or any three of them,
shall be commissioners, whose duty it shall be, within
six years after the passage of this act, on such day
and in such place in the city of New York, or else-
where, as they or a majority of them shall appoint,

235

Corpo-
rators.

Corporate
name.

Corporate
powers.

Capital
stock.

Books of
subscrip<
tion to
capital
236

atock to
be opened.

Title
amended.

MISCELLANEOUS INSURANCE LAWS.

giving at least fourteen days’ notice thereof, in one
or more newspapers published in said city, to open
books for the purpose of receiving subscriptions, and

keep the same open until the half of said stock shall

be taken up, and the said corporation shall not com-
mence business until one-quarter of said capital stock
shall have been subscribed and paid in, and the said
corporation shall organize and commence business
within the time mentioned in this section.

§ 4. The title of said charter is hereby amended so
as to read as follows: The National Burglar and
Theft Insurance Company.

§ 5. This act shall take effect immediately.
LAWS OF 1873.

Chap. 28.

AN ACT To saMEND THE CHARTER OF THE ARCTIC
Fire InNsuRANCE CoMPANY IN THE cITy or NEw
York. Passed February 26, 1873.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows:

Srctrion 1. The first section of article eleven of the
amended charter of the Arctic Fire Insurance Com-
pany in the city of New York, on file in the insur-
cae department, is hereby amended to read as fol-
OWS:

§1. The capital stock of this company shall be two
hundred thousand dollars, divided into ten thousand
shares of twenty dollars each, whenever a majority
of the board of directors, at a meeting called for that
papers shall vote to make the capital stock two

undred thousand dollars, provided that a sum suf-
ficient to make up any impairment existing in the
capital stock shall be paid into the funds of the com-
pany, so that they shall be possessed of the full sum
of two hundred thousand dollars over and above all
liabilities, including a re-insurance fund as required
by existing statutes.

§ 2. The superintendent of the insurance depart-
ment shall, in lieu of the requisition made by him
upon the officers of the Arctic Fire Insurance Com-
pany, dated December twenty-sixth, eighteen hun-
dred and seventy-two, which is hereby abrogated,
‘re-examine into the condition of the company, and
make a requisition upon the officers and stockholders
to pay into the funds of the company a sum sufficient
to make good the capital stock of two hundred thou-

Capital
stock.

Superin-
tendent of
insurance
depart-
ment tore-
examine
into con-
dition of
affairs.
Stock cer-
tificates.

Declared a
body cor-
porate.

Powers
and privi-
leges.

Where to
do busi-
ness.

MISCELILANEOUS INSURANCE LAWS OF

sand dollars, and shall make said requisition in like
manner as is provided for in section twenty-four,
chapter four hundred and sixty-six of the laws of
eighteen hundred and fifty-three.

§ 3. The company shall eall in the outstanding
stock certificates and issue new certificates for the
reduced amount of capital stock, on payment of the
assessment made thereon as per requisition of the
superintendent of the insurance department made in
accordance with this act, and in all cases of non-pay-
ment of said assessment may issue new certificates
for such percentage of the par value thereof, as the
said superintendent may determine. The company
shall pay for the fractional parts of shares, when
necessary, at such. rate as ‘said superintendent may
determine to be just.

$4. This act shall take effect immediately.

Chap. 33.

AN ACT To INCORPORATE THE GUILDERLAND Mt-
TUAL INSURANCE ASSOCIATION, AND FOR OTHER
PURPOSES. Passed February 28, 1873.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows:

Section 1. The Guilderland Mutual Insurance
Association, of the town of Guilderland, Albany
county, as organized in the year one thousand eight
hundred and fifty-four, are hereby declared to be a
body corporate and politic, and hereafter shall pos-
sess all the rights, powers and privileges under chap-
ter seven hundred and thirty-nine of the laws of

‘eighteen hundred and fifty-seven, entitled “An act to

authorize the formation of town insurance companies,”
and the several amendments thereto ; but nothing in
this act contained shall be held or construed to
revive or re-enact the said chapter seven hundred and .
thirty-nine of the laws of eighteen hundred and fifty-
Seven, except for the purposes of this act. The said
company shall not do Castnens outside of the town of
Guilderland.
THE STATE OF NEW YORK.

§ 2. All the official acts of the directors, officers or
managers of said Guilderland Mutual Insurance
Association, under their articles of association, and
having relation to their said association before the
passage of this act, are hereby ratified and confirmed,
but nothing herein contained shall affect any action,
suit or proceedings now pending.

§ 3. This act shall take effect immediately.

Chap. 108.

AN ACT To INCORPORATE THE ALBANY BOARD OF
UNDERWRITERS. Passed March 20, 1873.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

SEcTIoN 1. Stephen Groesbeck, Richard Van Rens-
selaer, George Cuyler, James Hendrick, Garret A.
Van Allen, James F. Crosby, William Lacy, Edwin
Safford, John H. Rice, Joseph F. Winne, Richard
Varrick De Witt, G. Dudley Van Vliet, Charles R.
Knowles, Stephen L. Foster, Charles G. Cook, Rufus
Rose, Theodore Townsend, Charles Hunsdon, Stephen
W. Whitney, Thomas Austin, Cornelius H. Van Ant-
werp, Jacob Learned, E. Wendell Crosby, George N.
Cuyler, and all other persons who are officers or
agents for the time being of any companies or asso-
ciations doing the business of fire insurance in the
city of Albany who may become associated with
them, are hereby created a body corporate by the
name of “The Albany Board of Underwriters,”’ with
perpetual succession, and power to use a common
seal and to alter the same at pleasure, and to sue and
to be sued, to take and hold, by grant, purchase and
devise, real and personal property to an amount not
exceeding thirty thousand dollars in value, for the
purpose of said corporation, and to sell, convey, lease
and mortgage the same or any part thereof, subject,
however, to the laws of this State in relation to
devises. :

§ 2. The purposes of this corporation shall be to
inculcate just and equitable principles in the business
of insurance; to establish and maintain uniformity
among its members in policies or contracts of insur-

239

Official

acts of di-
aro \
etc., legal-
ized. .

Corpora-
tors.

Corporate
name and
powers.

Corporate
objects.
240

Officers.

Election
of.

ualifica~
tions of
electors.

Elections
to be by
ballot.

By-laws.

To provide
atrol, to
e known

as the

Albany

Protect-

ives,

To dis-

cover fires,

etc.

MISCELLANEOUS INSURANCE LAWS OF

ance, and to acquire, preserve and disseminate valn-
able information relative to the business in which
they are engaged.

§ 3. Seven members of the board shall constitute a
quorum for the transaction of business.

§ 4. The officers of this corporation shall be a presi-
dent, a vice-president, a secretary, a treasurer, and such
others as may.be provided for in the by-laws. They
shall hold their respective offices for one year, and
until others may be regularly chosen in their places.
The first election for officers shall be held on the third
Tuesday of April, eighteen hundred and seventy-
three, and future elections shall be held annually, at
such time and place as may be provided for in the
by-laws. To enable a person to vote at the first elec-
tion, he shall present authority from the company
which he represents, to join this corporation and
vote for its aitlcere Such elections shall be made by
ballot, under two inspectors, who shall be members
of this corporation and appointed thereby ; and the
persons having a majority of the votes of all members
present and voting, shall be elected to the several
offices designated on the ballots. If it shall happen
that an election of officers shall not be held on the
day when it should have been made, it shall be law-
ful on any subsequent day to hold such election, in
such manner as may be prescribed in the by-laws.

§ 5. The said corporation shall have power to make
all needful by-laws not contrary to the provisions of
this act or the constitution and laws of this State, or
of the United States.

§ 6. The said corporation shall have power to pro-
vide suitable rooms for the transaction of its business,
and also to provide a patrol of men, to be known as
the Albany Protectives, and a competent person to
act as their superintendent; to discover and prevent
fires, with suitable apparatus to save and preserve
property or life at and after a fire; and the better to
enable them to act with promptness and efficiency,
full power is given to such superintendent and to
said protectives to enter any building on fire, or
which may be exposed to or in danger of taking fire
from other burning buildings, at once proceed to pro-
tect and endeavor to save the property therein, and
to remove such property, or any part thereof, from
THE STATE OF NEW YORK.

the ruins after a fire. Nothing in this act, however,
shall warrant any interference with the action of the
firemen in their duties in extinguishing a fire; and
the said superintendent and the members of said pro-
tectives, while on duty ata fire, shall, in all respects,
be subordinate to and under the control of the Albany
board of fire commissioners.

§ 7. In the month of June, eighteen hundred and
seventy-three, and in the month of June of every
second year thereafter, there shall be held a meeting
of the corporation hereby created, of which ten days’
previous notice shall be inserted in the State paper
published in the city of Albany, at which meeting
each incorporated insurance company or association
doing business in the city of Albany, whether its
officers or its agents be members of this corporation
or not, shall have the right to be represented by one
of such officers or by its agent ; and each organization
represented at such meeting shall be entitled to one
vote. A majority of the whole number so represented
shall have power to decide upon the question of sus-
taining the fire patrol hereinbefore mentioned, and of
fixing the maximum amount of expenses which shall
be incurred therefor during the two fiscal years next
to ensue, which amount shall, in no case, exceed two
per cent on the aggregate of premiums returned as
received, as provided in section eight of this act ; and
the whole of such amount, or so much thereof as may
be necessary, may be assessed upon the organizations
belonging to this corporation and upon all other
organizations and agencies, as hereinbefore mentioned,
in proportion to the several amounts of premiums
returned as received by each, as hereinafter pro-
vided ; and such assessment shall be collectible by
this corporation in any court of law in the State of
New York having jurisdiction.

§ 8. To provide for the payment of persons employed
under the provisions of this act and to maintain the
apparatus for saving life and property contemplated,
this corporation is empowered to require a statement
to be furnished, annually, by all corporations, asso-
ciations, underwriters, agents or persons, of the aggre-
gate amount of premiums received for insuring prop-
erty in the city of Albany, for and during the twelve
months next preceding the thirtieth day of June of

31

241

Not to in-
terfere
with fire-
men. ‘

Meetings.

Notice of.

Companies
entitled to
be repre-
sented.

To decide
on ques-
tions of
sustaining
patrol, etc.

All corpo-
rations,
etc., en-
eee in

@ insur-
ance may
be re-
quired to
report pre-
miums re-
ceived.
242

Treasurer
or other
officer to
demand
statement.

Penalty
for refusal
to make
same.

General
powers.

MISCELLANEOUS INSURANCE LAWS OF

each year, which statement shall be sworn to by the
president or secretary of the corporation or associa.
tion, or by the agent or person so seine and effecting
such insurance in said city, and shall be handed to
the treasurer of this corporation within twenty days
after the time to which such returns are to be made.

§9. It shall be lawful for the treasurer or other
appointed officer of this corporation, within the ten
days preceding the first day of July in each year, by
written or printed demand signed by him, to require
from every corporation, association, underwriter,
agent or person engaged in the business of fire insur-
ance in the city of Albany, the statement provided
for in the last preceding section of this act. Such
demand may be delivered personally at the office of
such corporation, association, agent or person, or at
the residence of the proper officer of such corporation,
association, agent or person ; and every officer of such
corporation or association, and every individual,
agent or underwriter, who shall, for thirty days after
such demand, neglect to render the account, shall
forfeit fifty dollars for the use of the corporation.-
created by this act ; and he shall also forfeit, for their ©
use, twenty-five dollars in addition for every day he.
shall so neglect after the expiration of the said thirty
days ; and such additional penalty may be computed
and recovered up to the time of the trial of any suit
for the recovery thereof, which penalty may be sued
for and recovered, with costs of suit, in any court of
record within this State having jurisdiction, by and
in the name of the corporation hereby created.

§ 10. The corporation created by this act shall pos-
sess the general powers.and be subject to the restric-
tions and liabilities prescribed in the third title of the
eighteenth chapter of the first part of the Revised
Statutes.

§ 11. This act shall take effect immediately.:
THE STATE OF NEW YORK.

Chap. 313.

AN ACT To AMEND THE CHARTER OF THE WESTERN
New Yorx Lire Insurancr Company. Passed
April 26, 1873.

_ The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

Srction 1. The fourth section of article fifth of
the certificate of incorporation of The Western New
York Life Insurance Company of Batavia is hereby
amended so as to read as follows:

§ 4. Every shareholder shall be entitled to one vote
for directors, for every share of the capital stock
standing on the books of the company in his or her
name, for at least thirty days prior to such election ;
and it shall be lawful for any person entitled to vote
to do so by proxy.

§ 2. It shall be lawful for the said company to
increase its capital at any time whenever the majority
of the stockholders present at a meeting called for
that purpose shall so direct. The increased capital
shall be invested and secured, and be liable for the
debts of the company in the same manner as the
original capital stock.

§-3. So much of the charter of said company filed
in the insurance department on the eighteenth of
November, eighteen Thomdred and sixty-eight, as is
inconsistent with the provisions of this act, is hereby
repealed.

4. This act shall take effect immediately.

243

Right of
share-
holders to
vote.

Increase
of capital
stock.

Portion of
charter
repealed.
244.

Compan
may, wit
consent of
stock-
holders,
reduce
number of
directors.

Quorum.

MISOELLANEOUS INSURANCE LAWS OF

Chap. 391.

AN ACT TO AMEND THE CHARTER OF THE NEw
York Fire INsuRANCE COMPANY OF THE CITY OF
New York. Passed May 2, 1878; three-fifths
being present.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows:

Szotion 1. It shall be lawful for the New York
Fire Insurance Company of the city of New York,
an incorporated institution, formed pursuant to the
provisions of the act entitled “ An act to provide for
the incorporation of fire insurance companies,”’ passed.
June twenty-fifth, eighteen hundred and fifty-three, |
and the several acts amendatory thereof, to reduce ©
the number of directors of said corporation to thir- .
teen, a majority of whom shall be citizens of this
State. Such reduction to be made from time to time
as the terms of the directors shall cease, or either of
them be disqualified to act as directors according to
the terms of the charter of said corporation. But no

‘such reduction shall be made until a majority in

number and amount of the stockholders of the com-
pany shall have assented by consent in writing to the
acceptance by the company of the provisions of this
act. And it shall also be lawful for the said corpo-
ration, with such reduced number of directors, to
transact the business of said corporation as specified
and enumerated in said charter.

§2. When the number of directors shall be reduced,
as herein provided, to thirteen, seven of such number
shall constitute a quorum for all purposes.

§ 3. This act shall take effect immediately.
THE STATE OF NEW YORK.

Chap. 472.

AN ACT To avuTHoRIZE THE WyYomING CouNTY
Mutua. InsURANCE CoMPANY TO SELL STOOK AND
INVEST THE SAME IN THE WYOMING CoUNTY
SOLDIERS’ MonumMENT. Passed May 9, 1873.

_ The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

SEctTiIon 1. The directors of the Wyoming County
Mutual Insurance Company are hereby authorized
and empowered to sell and dispose of one hundred
and ten shares of the capital stock of the Warsaw
Water Works Company, now held and owned by
said insurance company, and to pay over the same,
or the proceeds thereof, to the treasurer of the
Wyoming County Soldiers’ Monument Association,
to be used and employed by said association for the
erection of a monument to the soldiers of Wyoming
county who fell in the war of the rebellion.

§ 2. This act shall take effect immediately.

Chap. 561.

AN ACT To AMEND CHAPTER SEVEN HUNDRED AND
THIRTY-NINE OF THE LAWS OF EIGHTEEN HUNDRED
AND FIFTY-SEVEN, ENTITLED ‘‘AN ACT TO AUTHOR-
IZE THE FORMATION OF TOWN INSURANCE COM-
PANIES.’ Passed May 21, 1873.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

SEction 1. Section four of chapter seven hundred
and thirty-nine of the laws of eighteen hundred and
fifty-seven, entitled ‘‘ An act to authorize the forma-
tion of town insurance companies,’’ is hereby
amended so as to read as follows, and as amended is
hereby made applicable to all town insurance vom-
panies heretofore formed or organized thereunder :

§ 4, The directors of such company may issue
‘policies, signed by their president and secretary,
agreeing, in the name of such company, to pay all

245

Insurance
company
may sell
stock of
water-
works
company,
etc.

Policies.
246 MISCELLANEOUS INSURANCE LAWS OF

damages which may be sustained by fire or lightning,
for a term not exceeding five years, by the holders of
such policies, not exceeding the sum named in said
policy, and which shall not exceed the sum of three
thousand dollars in any one risk.

2. Section ten of said act is hereby amended so
as to read as follows:

Property § 10. No company formed under this act shall in-
ain’ sure any property out of the limits of the town or
sured: towns comprised in the formation of the company,

nor shall they insure any property other than detached
dwellings and their contents, farm buildings and their
contents, and such stores, hotels,’ churches, school-.
houses and other public buildings, together with their
contents, as the directors of any company formed
under this act shall deem proper, provided such store,
hotel, church, school-house or public building shall
be at least one hundred feet from any other building,
nor shall they insure any property within the limits
of any incorporated city in this State. All acts and
parts of acts inconsistent with the provisions of this
act are hereby repealed. ‘
§ 3. This act shall take effect immediately.

Chap. 5'75.

AN ACT To AUTHORIZE THE FORMATION OF A MUTUAL
INSURANCE COMPANY IN THE TOWN oF HAMDEN,
IN THE COUNTY OF DELAWARE. Passed May 22,
1873.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

Persons Szorron 1. It shall be lawful for any number of
form com- persons not less than twenty-five, residing in the town
ran of Hamden, in the county of Delaware, who col-

lectively own property of not less than fifty thousand
dollars in value, which they desire to have insured,
Nameand to form themselves into an incorporated company,
which shall be called the Hamden Mutual Insurance
Company, for the purpose of mutual insurance against
loss or damage by fire, which corporation shall pos-
sess the usual powers and be subject to the same
duties of corporations, and the corporate name whereof
THE STATE OF NEW YORK.

shall embrace the name of the town in which the
business office of said company is located.

§ 2. The company so’ formed shall choose of their
number not less than five nor more than nine directors
to manage the affairs of said company, who shall
hold their office for one year and until others are
elected, and said directors shall choose one of their
number president and one as secretary.

§ 3. The directors of said company shall file their
articles of association, together with a copy of their
by-laws and the names of the officers of such com-
pany, in,the clerk’s office of the town of Hamden,
and shall keep a record of their proceedings in a
book to be kept for that purpose, together with the
names of all persons insured and the amount each
person is insured, which record shall be open to the
inspection of all members of such company, from
the hours of nine a. M. to four P. mM. of each secular
day, the established holidays excepted.

§4. The directors of such company may issue
policies signed by their president and secretary,
agreeing in the name of such company to pay all
damages which may be sustained by fire for a term
not exceeding five years, by the holders of such
policies not exceeding the sum named in said policy,
and which shall not exceed the sum of three thou-
sand dollars in any one risk.

§ 5. All the provisions of chapter seven hundred
and thirty-nine of the laws of eighteen hundred and
tifty-seven, entitled “ An act to authorize the formation
of town insurance companies,” not inconsistent with
the provisions of this act, are hereby made applica-
ble to the company hereby authorized.

§ 6. This act shall take effect immediately.

247

Directors.

Articles tc
be filed in
town
clerk’s
Office, etc.

Policies.

Certain
laws to
apply.
248

Superin-
tendent
of the
insurance
depart-
ment.

Salary.

Clerks.

Deputy.

Examina-
tions,
expense
ot.

MISCELLANEOUS INSURANCE LAWS OF

Chap. 593.

AN ACT To AMEND AN ACT ENTITLED ‘‘ AN ACT TO
ESTABLISH AN INSURANCE DEPARTMENT,’’ PASSED
APRIL FIFTEENTH, EIGHTEEN HUNDRED AND FIFTY-
NINE. Passed May 22, 1873; three-fifths being
present.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

SxcTion 1. The second section of the act entitled
“An act to establish an insurance department,”
passed April fifteenth, eighteen hundred and_fifty-
nine, tim be and the same is hereby so amended as
to'read_ as follows: ;

§ 2. The chief officer of the said department shall
be denominated the superintendent of the insurance
department. After the expiration of the term of
office of the present superintendent, or whenever a
vacancy shall occur in such office, such chief officer
shall be appointed by the governor by and with the
advice and consent of the senate, and shall hold his
office for the term of three years. He shall receive
an annual salary of seven thousand dollars, to be
paid in monthly installments, which salary shall be
in full for all services to be performed by said super-
intendent in any capacity, and all fees and moneys
collected by him shall be paid into the State treasury
monthly. He shall employ, from time to time, the
necessary clerks to discharge such duty as he shall
assign them, whose compensation shall be paid to
them monthly on his certificate and upon a warrant
of the comptroller. He shall appoint one of the said
clerks to be his deputy, who shall possess the power
and perform the duties attached by law to the office
of principal, during a vacancy in such office and
during the absence or inability of his principal.
Whenever examinations shall be made of any insur-
ance company by the superintendent or ee
superintendent personally, or by one or more of the
regular clerks of said department, no charge shall be
made on such examination but for necessary traveling
and other actual expenses, and all charges for making
THE STATE OF NEW YORK.

examinations of any insurance company, and all
charges against any company by any attorney or
appraiser of this department, shall be presented in
the form of an itemized bill, which shall first be
approved by the said superintendent and then andited
by the comptroller, and shall be paid on his warrant,
drawn in the usual.manner upon the State treasurer,
to the person or persons making such. examination,
and the company examined, on receiving a certified
copy of said bill of charges, as audited and paid by
the comptroller, shall repay the amount of the same
to the said superintendent, to be by him paid into the
State treasury to replace the money drawn out as
above provided for; and no company examined shall
either directly or indirectly pay, by way of gift,
gratuity or otherwise, any other or further sum to
said superintendent or examiners for services, extra
services, or for purposes of legislation, or on any
other pretense whatever. Said superintendent, ex-
aminer or any officer, clerk or other employee of any
insurance company, violating the provisions of this
section, shall be guilty of a misdemeanor. Within
fifteen days from the time of notice of their appoint-
ment respectively, the superintendent and his deputy
shall take and subscribe the oath of office prescribed
by the constitution, and file the same in the office of
the secretary of state; and the said officers shall be
in all respects subject to the provisions of the sixth
title of chapter five of the first part of the Revised
Statutes, as far as the same may be applicable; and
within the said fifteen days the said superintendent
of the insurance department shall give to the people
of the State of New York a bond in the penalty of
twenty-five thousand dollars, with two good sureties,
to be approved by the comptroller, conditioned for
the faithful discharge of the duties of his office ; and
the said superintendent shall not, either directly or
indirectly, be interested in any insurance company
except as an ordinary policyholder.

§2. The said superintendent shall have power to
refuse admission to any company, corporation or
association, applying to be permitted to transact the
business of insurance in this State from any other
State or country, whenever, upon examination, the
capital stock of such company, corporation or asso-

32

249

Penalty,

Official
oath,

Bond.

When
superin-
tendent
may
refuse
admission
to com-
panies to
transact
business
250

in this
State.

Sums
received
from the
Geneva
award,
how to be
divided.

MISCELLANEOUS INSURANCE LAWS OF

ciation shall be impaired, and, also, whenever, in his
judgment, such refusal to admit shall best promote
the interests of the people of this State. |
§ 3. This act shall take effect immediately.
+ i

Chap. 614.

AN ACT To AUTHORIZE MARINE INSURANCE Com-
PANIES To DECLARE EXTRA DIVIDENDS IN CERTAIN
cASEs. Passed May 24, 1873.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows:

Sxotion 1. If any marine insurance company or-
ganized under the laws of this State, having paid a
loss, shall receive a sum derived from the Gener,
award, by way of re-imbursement of that loss, it shall
be lawful for such company to divide the net amount
so received, after deducting the expenses and liabili-
ties relating thereto, es the persons or parties
who paid premiums and suffered by the payment of
the original loss, or were prevented from receiving
so much as they otherwise would have received by
occasion of that loss, instead of dividing the same
among the more recent scrip holders or dealers with
such company ; such division to be in the form of an
extra dividend, or extra dividends upon the plan con-
templated by the charter of such company, subject
to all just claims for debts and liabilities, and pay-
able to the same persons or their representatives, and
in like manner as the money from which the loss was
originally paid would have been payable if the loss
had not been borne by the company, and the action -
of the board of directors or trustees in ascertaining
the amount and making such extra dividend or divi-
dends shall have the like force and effect as their
action in making and declaring dividends under the
charter.

- §2. This act shall take effect immediately.

   

 
THE STATE OF NEW YORK.

Chap. 615.

AN ACT To AUTHORIZE THE FORMATION OF A MU-
TUAL INSURANCE COMPANY IN THE TOWN OF
CAIRO, IN THE COUNTY oF GREENE. Passed May
24, 1878.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

SeEotron 1. It shall be lawful for any number of
persons, not less than twenty-five, residing in the
town of Cairo, in the county of Greene, who, col-
lectively, shall own property of not less than fifty
thousand dollars in value, which they desire to have
insured, to form themselves into an incorporated com-
“pany, the corporate name whereof shall be the Mu-
tual Insurance Company of the town of Cairo, for the
ad hag of mutual insurance against loss or damage

y fire on village buildings, mills, manufactories,
mechanical establishments and public houses situated
and being in said town of Cairo and their contents,
which corporation shall possess the usual powers and.
be subject to the usual duties of corporations, and
the corporate name whereof shall embrace the name
of the town in which the business office of said com-
pany shall be located.

§ 2. All the provisions of chapter seven hundred
and thirty-nine of the laws of eighteen hundred and
fifty-seven, entitled ‘‘An act to authorize the forma-
tion of town ‘insurance companies,”’ not inconsistent
with the provisions of this act, are hereby made appli-
cable to the company hereby authorized.

§ 3. This act shall take effect immediately.

251

Persons
who may
form in-
surance
company.

Name.

Property’
to be in-
sured.

Chapter
739, laws
of 1857, t:
apply.
252 MISCELLANEOUS INSURANCE LAWS OF

Chap. 617.

AN ACT REGULATING THE DEPOSIT OF SECURITIES
BY PLATE-GLASS INSURANCE COMPANIES. Passed
May 24, 1873.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

Amount Szotion 1. Any company heretofore or hereafter
to be

deposited organized under the laws of this State to make insur-
peat ance against loss or damage to plate-glass, exclu-
surance sively, shall be required to deposit with the superin-
nies. tendent of the insurance department, for the benefit
of all their policyholders, securities amounting to at

least fifty thousand dollars ; and no company created

by the laws of any other State of the United States,

with authority to insure against loss or damage to
plate-glass, shall be permitted to transact business in

- this State without having previously deposited, for

the benefit of their policyholders, securities amount-

ing to at least fifty thousand dollars, with the audi-

tor, comptroller, treasurer or chief financial officer of

the State by whose laws said company is incorpor-

Of what ated. Such deposits shall consist of the same securi-
consist. ties in character and description as are required to be
made by companies under the act providing for the
formation of life and health insurance companies, and

in relation to agencies of such companies, passed

June twenty-fourth, one thousand eight hundred and
fifty-three, and the amendments and additions thereto.

§ 2. This act shall take effect immediately.

Chap. 672.

AN ACT to INCORPORATE THE FIRE ASSURANCE
AGENCY Company. Passed June 7, 1873.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

porromte Section 1. The corporation hereby created shall
have power to act as agent for and on behalf of indi-
viduals, firms or corporations, in procuring insurance
for them on any description of property, and they
may make agreements with their principals to eff
THE STATE OF NEW YORK.

insurance for them at such times and for such periods,
and for such amounts, and with such insurance com-
Pa as may be agreed upon, and they shall be lia-

le to their principals or employers for the faithful
discharge of any business intrusted to them, the same
as. individuals are in similar cases. The principal
business office of the company shall be in the city of
New York.

§ 2. The capital stock of said company shall be oné
hundred thousand dollars, divided into shares of one
hundred dollars each, which shall be deemed personal
property, and shall be transferable in such manner as

‘shall be provided in the by-laws.

§ 3. As soon as the capital stock has been sub-
scribed, and fifty per cent paid in in cash, it shall be
lawful for the said company to organize and proceed
to business, and the amount of the capital stock may
be hereinafter increased as provided for in sections
twenty-one and twenty-two of chapter forty of the
laws of eighteen hundred and forty-eight; but said
capital stock shall not be increased beyond four hun-
dred thousand dollars.

§ 4. The stock, property and affairs of said com-
pany shall be managed by a board of directors of not
less than seven persons, who shall all be stockholders.
Vacancies in the board may be filled by the remain-
ing directors. A majority of the directors for the
time being shall constitute a quorum for the transac-
tion of business. The first board of directors shall
consist of the following persons, Nicholas Murray,
Frederick Z. Dickinson, Edward R. Brevoort, Wil-
liam H. Frailey, Elliott Robbins, William P. Dixon,
James S. White, and they and their associates and
successors are hereby constituted a body corporate
and politic under the name of the Fire Assurance
Agency Company, and under that name may sue
and be sued, plead and be impleaded, and by that
name may exercise and enjoy all the rights and
powers granted by this act, and shall have power to
make and use a common seal and shall hold office
until the first day of February, eighteen hundred and
seventy-four, and until others are ae elected, and
they stall have power to organize said company by
the appointment of officers and ee of by-laws,
and to proceed to business under this act. The di-

258

Capital
stock.

When
company
may or-
ganize,
etc.

Board of
directors.

Vacancies,

Quorum.

First
directors.

Corporate
name and
powers.
254

Annual

election.

Officers,
etc.

Real
estate.

General
powers.

MISCELLANEOUS INSURANCE LAWS OF

rectors of such corporation shall be elected annually,
and the manner of such election shall be regulated

‘by the by-laws of the company.

§ 5. The officers of this corporation shall be a
president, a vice-president, ifthe board shall so select,
and a secretary; the president and vice-president
shall be elected annually from among the directors.
The secretary may be removed for cause at a regular
meeting of the board by a vote of two-thirds of the
directors, and the directors may appoint such other
officers, agents and servants as they may deem neces-
sary for the transaction of the business of the com-
pany, and may at their pleasure remove them in such
manner as the by-laws shall provide, and they may
declare dividends from the profits of the company ;
and they may from time to time make and establish.
such by-laws, rules and regulations as they or a
majority of them shall deem expedient touching the
government and management of said company, the
manner and time of holding elections, provided that -
such by-laws shall not conflict with the constitution
or laws of this State or with the provisions of this act,
and the said directors may receive subscription to
the capital stock of said company and may require
payment of the same at such times and in such in-
stallments as they may deem proper, and the board
of directors may, from time to time, fix the number
of directors, provided the same shall not be less than
seven.

§ 6. It shall be lawful for the said company to lease,
purchase, erect, hold,. mortgage or convey all such
real or personal property or estate as may be neces-
sary or convenient to carry on their business.

§ 7 The corporation hereby created shall possess
the powers and be subject to the liabilities prescribed
in the third title of the eighteenth chapter of the first
part of the Revised Statutes.

§ 8. This act shall take effect immediately.
THE STATE OF NEW YORK.

Chap. 685.

AN ACT TO AMEND, EXTEND AND CONTINUE AN ACT
ENTITLED ‘‘AN ACT TO INCORPORATE THE BANK-
ERS’ Lirk INsuRANCE AND TRUST COMPANY OF
New York,”’ PASSED MAY SIXTH, EIGHTEEN HUN-
DRED AND SEVENTY. Passed June 9, 1878.

The People of the State of New York, represented
én Senate and Assembly, do enact as follows :

SxoTion 1. The act entitled ‘‘An act to incorporate
the Bankers’ Life Insurance and Trust Company of
New York,’’ passed May sixth, eighteen hundred
and seventy, is hereby extended and continued for
one year, from the first day of May, eighteen hundred
and seventy-three, and the time for payment of and
subscription to the capital stock of the said company,
as provided for in section eight of said act, is hereby
extended for one year, from the first day of May,
eighteen hundred and seventy-three.

§ 2. So much of section two of said act as confers
upon said corporation the power to make insurance
upon the lives of individuals, and every insurance
appertaining thereto or connected therewith, and to
grant, purchase or dispose of annuities, is hereby
repealed.

§ 3. Section eight of said act is hereby amended so
as to read as follows:

§ 8. The said company may commence business
and shall be deemed fully organized as soon as the
whole capital stock shall be subscribed for, and
twenty-five per cent thereof actually paid in. Pro-
vided, however, said stock shall be subscribed for
and said amount paid in within twelve months from
the passage of this act.

§ 4. Section nine of said act is hereby repealed.

§ 5. Section twenty of said act is hereby amended
so as to read as follows:

§ 20. A copy of every statement so made and every
report of a referee thereon shall be transmitted to the
comptroller of the State of New York, and to the

265

Time ex-
tended.

Authority
to insure
lives, etc.,-
repealed.

When
company
may com-
mence
business.

ments and
repor‘s to
256

be trans-
mitted to
the comp-
troller.

Compa-
nies may
invest in
bonds of
village.

Agents
receiving
money
liable in a
fiduciary
capacity.

MISCELLANEOUS INSURANCE LAWS OF

superintendent of the banking department, by the
president of the company within thirty days after it
shall have been made or received.

§ 6. This act shall take effect immediately.

«

Chap. 686.

AN ACT To AUTHORIZE ANY LIFE OR FIRE INSUR-
ANCE, OR ANY TRUST OR LOAN COMPANY, OR ANY
SAVINGS BANK IN THE COUNTY OF WESTCHESTER,
TO INVEST THEIR FUNDS OR DEPOSITS IN THE BONDS
ISSUED PURSUANT TO ANY LAW OF THIS STATE, BY
THE VILLAGE OF PEEKSKILL, WESTCHESTER
COUNTY, FOR THE PURPOSE OF CONSTRUCTING
WATER-WORKS. Passed June 10, 1873.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

Srctrion 1. Any life or fire insurance, or any trust
or loan company, or any savings bank in the county
of Westchester, may, by direction of two-thirds of its
board of directors, managers or finance committee,
invest, by loan or otherwise, not exceeding ten per
cent of their funds or deposits in the bonds issued by
the village of Peekskill, Westchester county, pur-
suant to any laws of this State for constructing water-
works for the purpose of supplying such village with
water for public and private purposes, any thing in
the charter of either of the said companies or savings
banks to the contrary notwithstanding.

§ 2. This act shall take effect fame tial

Chap. 688.

AN ACT REGULATING THE RESPONSIBILITY OF
AGENTS OF INSURANCE COMPANIES. Passed June
10, 1873.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

SEcTIon 1. Any person who shall be appointed, or
who shall act as agent for any insurance company
within this State, or who shall as such agent solicit
applications, issue policies or renewals, and collect
THE STATE OF NEW YORK.

premiums, either for original insurances or renewals,
or who shall receive or collect moneys from any
source or any account whatsoever, as such agent, for
any insurance company doing business in this State,
whether such company be organized under the laws
of this State or any other State of the union, such
person shall be held responsible, in a trust or fiduci-
ary capacity, to such company for any moneys re-
ceived by him for such company.

§ 2. Any such agent or person who shall embezzle
or convert to his own use, or shall take or secrete or
otherwise dispose of, with intent to embezzle or use,
or who shall fraudulently withhold or appropriate,
invest, loan or otherwise fraudulently apply or make
use of, without the consent of such company, or con-
trary to its instructions, any money belonging to
such company which shall have come into his pos-
session, or shall be under his care, by reason of such
agency, he shall be deemed by so doing to have com-
mitted the crime of larceny, and upon conviction
shall be punished for such crime.

Chap. 821.

AN ACT To AMEND AN ACT ENTITLED ‘AN ACT TO
AMEND AN AOT ENTITLED ‘AN ACT TO AMEND AN
AOT ENTITLED ‘AN ACT FOR THE BENEFIT OF MAR-
RIED WOMEN IN INSURING THE LIVES OF THEIR
HUSBANDS,’ PASSED APRIL FOURTEENTH, EIGHTEEN
HUNDRED AND FIFTY-EIGHT,’ PASSED APRIL EIGH-
TEENTH, EIGHTEEN HUNDRED AND SEVENTY.
Passed June 23, 1873; three-fifths being present.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

Section 1. The second section of the act entitled
‘An act to amend an act entitled ‘An act to amend
an act entitled ‘An act for the benefit of married
women in insuring the lives of their husbands,’ passed
April fourteenth, eighteen hundred and fifty-eight,’
passed April eighteenth, eighteen hundred and
seventy,’ is hereby amended so as to read as fol-

lows:
83

257

Taking
mone’
with >
intent to
embezzle,
larceny.
Dis MIDCULLARVOUS INMIHANOM LAWS OF

ww pte 84% Any poliny in favor of iia wonsn, oF
oe of suey aad hoe chil ween, con sacred hse Wer, cor in bop
and their favor, on written regu of wid nish
woman, diby schnowlalyead Nefore th comniinmbinuy
Of duds, or other Micon authoviads Vy takes solengwh
oilyrnccntes Of Seouda, in the: maine misniner wm rerpuired
hy law, to pame ber dower right in Inde of bey bm
hand, and on the writhen a were, of the pulley tulder
may be surrendered to said purcliamds by the cnn
prnsny Voapenshinagy thoes monseses isn hier meatier HO MN
Mayne  onlucr whiny, Awl such marricA woman sway, IM
sper ons the have noe Chi or children born of her body,
wi oy way tone Of any hd oF eh born of her
body, Sinpene: of euch policy in and by w bat will
as textauncnt, ov any instrunucnt in thes nabave of %
last wilh and Veetanuant, orby adeaad Auly cxeonted aid
ack wowheal gel before an Miser authori Vs take ae
ksvwhegriuctits, of Sead, ise Sue sess: IMO Wh Heer
ad by Naw te pra her Sower right in bande of
ser huatand, which Siyentition lawfully made wlall
invert the perwn or paren Wo when wich
ehall have bsep 4p tanguecatbens, oy grads am.
vecyodl, with User wastes right ii9 recep not, Uiervedes am euch
marie woman woul fave had in vmme whe aurvived
Use: pores on whiirne Nite such policy wan inmued, aid
sith Nengatecs on evasiens Rhiasl Save, Uner wasn 7
Sieger A xuch policy am herein eanterwA on wh
Maris woman,

$2. Thin ac, abl take Miers ismuucsiabedly,
THE STATE OF NEW YORK. 259

Chap. 849.

AN ACT TO AMEND CHAPTER SIX HUNDRED AND
TWENTY-THEEKE OF THE LAWS OF EIGHTEEN HUMN-
DEED AND SIXTY-EIGHT, ENTITLED “AN ACT TO
AMEND AN ACT ENTITLED ‘AN ACT TO AMEND AN ACT
ENTITLED AN ACT TO PROVIDE VOR THE INCORPOBA-
TION OF LIFE AND HEALTH INSUBANE COMPANIES,
AND IN RELATION TO AGENCIES OF BUCH COMPA-
NI¥6, PASSED JUNE TWENTY-FOURTH, FIGHTEEN
HUNDRED AND FIFTY-THEEE;’ PASSED APRIL
TWENTY-FOU EIGHTEEN HUNDRED AND SIXTY-
61x?’ Passed June 28, 1873,

The People of the State of New York, represented
tn Renate and Assembly, b enact as follows :

SzcTIoN 1. Section one of chapter six hundred and
twenty-three of the laws of eighteen hundred and
sixty-eight, entitled “An act to amend an act entitled
‘An act to amend an aet entitled an act to provide for
the incorporation of life and health insurance com-
panies, and in relation to agencies of such compan

A June twenty-fou: eighteen hundred a
Fifty-three id April twenty-fourth, eighteen
hundred and sixty. ’ is hereby amended by add-
mee the end eet he lone ss -

superintendent may, in discretion, accept When su;

the val of the facet of insurance of any ext may
other State in place of the valuation required in this 74%00
rs provided the insurance officer of such State does ¢f joer

refuse to t, a6 sufficient and valid for all partment
purposes, the certificate of valuation of the insurance sates,

rtrment of this State.

2. This act shall take effect immediately.
260

Declara-
tion to be
filed in
office of
superin-
tendent,
and notice
of inten-
tion pup
lished.

When ex-
amina-
tions to be
made by
superin-
tendent,

When su-
preme
court to
have pow-
er to ap-
point a
receiver.

MISCELLANEOUS INSURANCE LAWS OF

Chap. 851.

AN ACT TO AMEND AN ACT ENTITLED ‘SAN ACT TO
PROVIDE FOR THE INCORPORATION OF FIRE INSUR-
ANCE COMPANIES, PASSED J UNE TWENTY-FIVE, EIGH-
TEEN HUNDRED AND FIFTY-THREE.’ Passed June
28, 1878 ; three-fifths being present.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows: —

SEcTION 1. The third section of the act entitled “An
act to provide for the incorporation of fire insurance
companies,”’ passed June twenty-five, eighteen hun-
dred and fifty-three, is hereby amended so as to read
as follows:

§ 8. Such persons shall file in the office of the sn-
perintendent of the insurance department a declara-
tion signed by all the corporators, expressing their
intention to form a company for the purpose of trans-
acting the business of insurance as expressed in the
first section of this act, which declaration shall also
comprise a copy of the charter proposed to be adopted
by them, and shall publish a notice of their intention
in a public newspaper, in the county in which such
insurance company is proposed to be located, for at
least two weeks successively. :

§ 2. It shall be the duty of the superintendent of «
the insurance department to make the examination
into the affairs of any fire insurance company doing
business in this State, in the manner authorized by
section twenty-four of the act of which this is amend-
atory, whenever any stockholder or creditor of any
such company shall, by a declaration subscribed and
sworn to by him, notify the said superintendent that,
from facts within the knowledge of the person mak-
ing such declaration, he believes that the condition
of such insurance company does not justify its con-
tinuance in business. Such examination may also

«be made without any such declaration whenever the
said superintendent shali deem it expedient, and the
supreme court shall have power, after any such ex-
amination shall have been made in either 0’ the cases
THE STATE OF NEW YORK.

mentioned in said section twenty-four, to appoint a
receiver of its property and effects, and no stock-
holder or creditor, unless with the consent of such
company by a vote of its board of directors at a meet-
ing called for the purpose, shall have the right to
maintain an action for the dissolution of any such
company, or to apply for the appointment of a re-
ceiver of its property and effects until after notifica-
tion to the said superintendent by such creditor or
stockholder as hereinbefore provided, the said super-
intendent of the insurance department shall have
refused or neglected, for the space of ten days from
the filing of such notice, to make the examination
authorized by said section twenty-four of the act of
which this is amendatory.
§ 3. This act shall take effect immediately.

Chap. 867.

AN ACT To AMEND SECTION TEN OF CHAPTER SEVEN
HUNDRED AND THIRTY-NINE OF THE LAWS OF EIGH-
TEEN HUNDRED AND FIFTY-SEVEN, ENTITLED “AN
ACT TO AUTHORIZE THE FORMATION OF TOWN IN-
SURANCE COMPANIES,’ PASSED APRIL SEVENTEEN,
EIGHTEEN HUNDRED AND FIFTY-SEVEN, SO FAR AS
THE SAME MAY APPLY TO THE CLAVERACK FIRE
InsuRANCE CoMPANY. Passed June 28, 1873.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

Section 1. Section ten of chapter seven hundred
and thirty-nine of the laws of eighteen hundred and
Piy-aeven is hereby amended so as to read as fol-

OWS:

§ 10. No company formed under this act shall
insure any property out of the limits of the town in
which the office of the company is located ; nor shall
they insure any property other than detached dwell-
ings and their contents, and farm buildings and their
contents; nor shall they insure any property within,
the limits of any incorporated city of this State.. But
the Claverack Fire Insurance Company may insure
in addition to such property and at a rate to be fixed

261

Property
that may
be insured.
262

MISCELLANEOUS INSURANCE LAWS.

by the directors of said company, property of the
nature following, within the town of Claverack, in.
the county of Columbia, to wit: hotels, stores, res-
taurants, saloons, blacksmith, carpenter, wagon-'
maker, paint, trimmers, harness-maker, shoemaker:
and tinsmith shops, with their appurtenances and
contents.
§ 2. This act shall take effect immediately.
LAWS OF 1874.

Chap. 87.

AN ACT To AMEND AN ACT PASSED MARCH TWENTY-
EIGHTH, EIGHTEEN HUNDRED AND SIXTY-EIGHT,
ENTITLED ‘‘ AN AOT TO AMEND THE CHARTER OF
THE NATIONAL TRAVELER'S INSURANCE COMPANY ;
AND ALSO TO AMEND AN ACT ENTITLED ‘ AN ACT TO
AUTHORIZE THE NATIONAL TRAVELER’S INSURANCE
CoMPANY TO EFFECT INSURANCE UPON THE LIVES
OF INDIVIDUALS,’’’? PASSED APRII. NINTH, EIGH-
TEEN HUNDRED AND SIXTY-SEVEN. Passed March
27, 1874.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

Sxotion 1. Section sixteen of the act passed March
twenty-eighth, eighteen hundred and sixty-eight,
entitled ‘“An act to amend the charter of the Na
tional Traveler’s Insurance Company, and also to
amend an act entitled ‘An act to authorize the Na-
tional Traveler's Insurance Company to effect insur-
ance upon the lives of individuals,’ passed April
ninth, eighteen hundred and sixty-seven,” is hereby
amended so as to read as follows:

§ 16. On the first day of January in each year, or.
within sixty days thereafter, a valuation of the assets
and ‘liabilities of the company shall be made, and
after placing to the credit of the stockholders seven
per cent on the amount of the capital stock, which
may be paid to the stockholder, one-half on the fif-
teenth day of May, and the remaining one-half on
the fifteenth day of November, and aiter providing
for all the outstanding liabilities of the company, all
the remaining profits or surplus shall be placed to
the credit of the policy holders who may be entitled
to participate in the profits or surplus of the company,
964 MISCELLANEOUS INSURANCE LAWS OF

in proportion to the amount of premium paid respect...
ively, as hereinafter provided, which credit may be
represented by scrip, subject to all the provisions of
this charter; but no credit or scrip shall be made for
any fractional part of a dollar, nor shall any policy
holder be entitled to a.credit for profits who has nt
been insured for three full years, and whose policy’ ’
for life, or endowment, is not in actual force at the
time.

§ 2. Section twenty of the said act is hereby amended
so as to read as follows:

§ 20. When the gross assets of the company shall
amount in value to five hundred thousand dollars, it
shall be lawful for the directors to retire one-half of
the capital stock of the company by payment to the
stockholders of one-half of the he value of the stock,
and by issuing to each stockholder, on such payment,
a new certificate, reducing each stockholder’s stock
one-half. Such new certificate shall represent as
many shares as did the old one, and each share of
the new stock shall be of the par value of twenty-
five dollars.

§ 8. This act shall take effect immediately.

Chap. 189.

AN ACT TO PROVIDE SECURITY AGAINST EXTRAOR-
DINARY CONFLAGRATIONS, AND FOR THE CREATION
OF SAFETY FUNDS BY FIRE INSURANCE COMPANIES. .
Passed April 16, 1874; three-fifths being present.

The People of the State of New York, represented
_tin Senate and Assembly, do enact as follows:

Srotion 1. Hereafter it shall be lawful for any fire
insurance company, organized under the laws of" this
State, to create the funds herein provided for, to be
known and designated as the guarantee surplus fund
and the special reserve fund, and to avail itself of the
provisions of this act upon complying with the
requirements thereof.

2. Any fire insurance company desiring to create
such funds shall be and it is hereby authorized to do
so, upon the adoption of a resolution by its board of
directors at a regular meeting thereof, and filing with
THE STATE OF NEW YORK.

the ‘Superintendent of the Insurance Department a
copy thereof, declaring the desire and intention of
such company to create such funds and to do busi-
ness under the provisions of this act; and as soon
after the filing of such copy of the resolution as con-
venient, the Superintendent shall make, or cause to
be made, an examination of such company, and he
shall make a certificate of the result thereof, which
shall particularly set forth the amount of surplus
funds held by such company at the date of such
examination, which, under the provisions of this act,
are toand may be equally divided between and be set
apart to constitute said guaranty surplus and special
reserve funds, which certificate shall be recorded in
the Insurance Department; and from and after the
date of the recording of such certificate, all the poli-
cies and renewals of policies issued by such company
shall have printed thereon, by such company, a
notice that the same are issued under and in pursu-
ance of this act, referring to the same by its chapter,
date and title; and such policies and renewals shall
be deemed to have been issued and received subject
to the provisions of this act.

§ 3. After the date mentioned in any such resolution
so passed and filed, it shall not be lawful for such
company to make, declare or pay, in any form, any
dividend upon its capital stock, exceeding seven per
centum per annum, ee and upon the surplus
funds to be formed hereunder, until after its pay
surplus fund and its special reserve fund shall have
together accumulated to an amount equal to its said
capital stock, and the entire surplus profits of such
company above such annual dividend of seven per
cent shall be Se divided between and be set apart
to constitute the said guaranty surplus fund and the
said special reserve fund, which said funds shall be
held and used as hereinafter provided and not other-
wise; and any company doing business under this
act, which shall declare or pay any dividend contrary
to the provisions herein contained, shall be liable to
be proceeded against by the Attorney-General for its
dissolution.

. §4, Said guaranty surplus fund shall be held and
invested by such company the same as its capital
stock and surplus accumulation ; and shall be lable

34

265
266

MISCELLANEOUS INSURANCE LAWS OF

and applicable in the same manner as the capital
stock and surplus accumulation ; and shall be liable
and applicable in the same manner as the capital
stock to the payment generally of the losses of such
company. *

§ 5. Said special reserve fund shall be invested
according to existing laws relating to investments of
capital by fire insurance companies, and shall be
deposited from time to time as the same shall accu-
mulate and be invested with. the Superintendent. of
the Insurance Department, who shall permit the com-
pany depositing the same to change such deposits by
substituting for those withdrawn others of equal amount
and value, and to collect and receive the interests or
dividends upon such securities as the same may
accrue ; and such special reserve fund shall be deemed
a fund contributed by the stockholders to protect —
such company and its policy holders other than
claimants for losses already existing or then :incurred,
in case of such extraordinary conflagration: or con-
flagrations as hereinafter mentioned ; and said fund
shall not be regarded as any part or portion of the
assets in possession of said company, so as to be or
render the same liable for any claim or claims for
losses,. by fire or otherwise, except as herein provided.

§ 6. In estimating the profit of any such company, +
for the purpose of making a division thereof, between. :
such guaranty surplus fund and such special reserve
fund, there shall be deducted from the gross assets
of the company, including for this purpose the
amount of the special reserve fund, the sum of the
following items: First, the amount of all outstanding
claims: second, an amount sufficient to meet’ the
liability of such company for the unearned premiums
upon its unexpired policies, which amount shall be
at least equal to one-half of the premiums received
on policies having less than one year to run from date
of policy, and a pro rata proportion of the premiums
received on policies having more than one year to run
from date of policy, and shall be known as the re-
insurance liability ; third, the amount of its guaranty
surplus fund and of its special reserve fund ; fourth,
the amount of the capital of the company ; and fifth,
interest at the rate of seven per cent per annum upon
the amount of the capital and of the said funds, for
THE STATE OF NEW YORK.

whatever time shall have elapsed since the last pre-
ceding cash dividend ; and the balance shall consti-
tute the net surplus of the company, subject to an
Sal division between the said funds, as herein pro-
vided.

§7. In the event of any extensive conflagration or
conflagrations, whereby the claims upon such com-
pany shall exceed the amount of the capital stock,
and of the guaranty surplus fund provided for by
this act, the said company shall notify the Superin-
tendent of the fact, who shall then make or cause to
be made an examination of said company, and shall
issue his certificate of the result, showing the amounts
of capital, of guaranty surplus fund, of special re-
serve fund, of re-insurance liability and of other
assets ; and upon his issuing such certificate in dupli-
cate, one copy to be given the company and one to
be recorded in the Insurance Department, the said
special reserve fund shall be immediately held to pro-
tect all policy holders of such company other than
such as are claimants upon it at the time, or such as
become such claimants in consequence of such con-
flagration or conflagrations, and the amount of said
special reserve fund, and an amount equal to the
unearned premiums of such company, to be ascer-
tained as hereinbefore provided, shall constitute the
capital and assets of such company for the protection
of policy holders other than such claimants, and for
the further conduct of its business; and such official
certificate of the Superintendent shall be binding and
conclusive upon all parties interested in such com-

any, whether as stockholders, creditors or policy
holders: and upon the payment to the claimants for
losses or otherwise, existing at the time of, or caused
by, such general conflagration or conflagrations, of
the amount to which they are respectively entitled,
in proportion to their several claims, of the full sum
of the capital of such company and of its eae
surplus fund, and of its assets, excepting only suc
special reserve fund and an amount of its assets equal
to the liability of the company for unearned premi-
ums, as so certified by such Superintendent, such
company shall be forever discharged from any and
all further liability to such claimants, and to each of
them. And the said Superintendent shall, after issu-
268

MISCELLANEOUS INSURANCE LAWS OF

ing his said certificate, upon the demand of such
company, transfer to it all such securities as shall
have been deposited with him by such company ag
such special reserve fund ; and if the amount of such
special reserve fund be less than fifty per cent of the
full amount of the capital of the company, a requisi-
tion shall be issued by the said Superintendent upon
the stockholders, to make up such capital to that
proportion of its full amount, in the manner now pro-
vided by law, in the case of companies with impaired
capitals ; and, provided further, that any capital so
impaired shall be made up to at least the sum of two
hundred thousand dollars. And in case said com-
pany, after such requisition, shall fail to make up its
capital to at least said amount of two hundred thou-
sand dollars, as therein directed, said special reserve
fund shall still be held as security, and liable for any
and all losses occurring upon policies of such com-
pany after such conflagration or conflagrations. Such
company shall, in its annual statement to the Insur-
ance Department of this State, set forth the amount
of such special reserve fund, and of its guaranty
surplus fund.

§ 8. If, at any time after such special reserve fund
shall have been accumulated by any company, it shall
appear, upon examination by the said Superintendent,
that the cs ee of such company has, in the absence
of any such extensive conflagration, become impaired
so as to cause him to order a call upon the stock-
holders to make up such impairment, the board of
directors of such company may either comply with
such order and require the necessary payment by the
stockholders, or at their option they may apply for
that purpose so much of said special reserve fund as
will make such impairment good. No company
doing business under this act shall insure any larger
amount upon any single risk than is permitted by
law to a company possessing the same amount of
capital, irrespective of the funds hereby provided for.

§ 9. This act shall take effect immediately.
THE STATE OF NEW YORK.

Chap. 381.
AN ACT To AMEND AN ACT ENTITLED “AN ACT TO
AMEND AN AOT ENTITLED ‘ AN ACT TO PROVIDE FOR
- THE INCORPORATION OF FIRE INSURANCE COM-
PANIES,’ PASSED JUNE TWENTY-FIFTH, EIGHTEEN
HUNDRED AND FIFTY-THREE,’’? PASSED APRIL NINE-
‘TEENTH, EIGHTEEN HUNDRED AND SIXTY-TWo.
« Passed May 6, 1874.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows:

SecTIon 1. The twenty-third section of the act
entitled ‘‘An act to provide for the incorporation of
fire insurance companies,’ passed June twenty-fifth,
eighteen hundred and fifty-three, as amended by an
act entitled ‘‘ An act to amend an act entitled ‘An act
to provide for the incorporation of fire insurance
companies,’’’ passed April nineteenth, eighteen hun-
dred and sixty-two, is hereby amended by adding at
the end of said section twenty-three, the following :

Any insurance company incorporated by or or-

anized under the laws of the Dominion of Canada,
or the transaction of the business of fire and inland
navigation insurance, may deposit with the Superin-
tendent of the Insurance Department, for the benefit
and security of policy holders residing in the United
States, a sum not less than two hundred thousand
dollars, in stocks or bonds of the Dominion of Canada,
or in stocks or bonds of the United States, or of the
State of New York. If any securities, other than
those above-named, are offered as a deposit, they may
be accepted at such valuation and on such conditions
as the Superintendent of the Insurance Department
may direct; and if the market value of any of the
securities which have been deposited by any company
shall decline below that at which they were deposited,
the Superintendent of the Insurance Department may
call upon the company to make a further deposit, so
that the market value of all the securities deposited
by any company shall be equal to the amount which
it is required to deposit. But such company shall,
in all other respects, be subject to and comply with

269
270

MISCELLANEOUS INSURANCE LAWS OF

all the provisions of existing laws of this State rela-
tive to Insurance companies incorporated by or or-
ganized under any foreign government transacting the
business of fire and inland navigation insurance .
within this State. =

§ 2. This act shall take effect immedediately.

Chap. 501. :

AN ACT To AMEND THE CHARTER OF THE UNIVERSAL
Lirt InsurancrE Company. Passed May 20, 1874,

The People of the State of New York, represented °'
in Senate and Assembly, do enact as follows :

Section 1. The capital stock of The Universal Life
Insurance Company may, by a vote of a majority of
all the directors of said company, be increased from ‘
time to time, by actual cash subscriptions, to an
amount not exceeding one million dollars, and the
stockholders, at the time of any increase in compli- :
ance with this act, shall have the privilege of sub-
scribing for such increased capital stock in proportion —
to the number of shares held by them respectively. ..

§ 2. The number of directors of said company may, :
by a vote of a majority of all the directors thereo
be increased from time to time to a number not exceed:
ing thirty-five.

8. This act shall take effect immediately. .

face

aie

   
 
  

Chap. 560.

AN ACT TO AMEND AN ACT ENTITLED “AN ACT TO
AUTHORIZE THE FORMATION OF TOWN INSURANCE
COMPANIES,’ PASSED APRIL SEVENTEENTH, EIGH-
TEEN HUNDRED AND FIFTY-SEVEN, AND THE ACT TO
AMEND THE SAME, PASSED May TWENTY-FIRST,
EIGHTEEN HUNDRED AND SEVENTY-THREE. Passed
May 22, 1874.

_ The People of the State of New York, represented
tn Senate and Assembly, do enact as follows :

Section 1. Section four of the act entitled ‘An
act to authorize the formation of town insurance com-
THE STATE OF NEW YORK.

panies,’ passed April seventeenth, eighteen hundred
and fifty-seven, and the act to amend the same, passed
May twenty-first, eighteen hundred and seventy-three,
is hereby amended so as to read as follows, and as
amended is made applicable to all town insurance
companies heretofore formed or originated thereunder.

§ 4. The directors of such company may issue
policies, signed by their president and secretary,
agreeing, in the name of such company, to pay all
damages which may be sustained by fire or li Renin
for a term not exceeding five years, by the holders of
such policies, not exceeding the sum named in the
policy, and which shall not exceed the sum of three
thousand dollars in any one risk, excepting upon
detached buildings upon farms, upon which such risk
shall not exceed five thousand dollars.

§ 2. This act shall take effect immediately.

Chap. 614.

AN ACT TO AMEND AN ACT ENTITLED “ AN ACT TO
CONFER ADDITIONAL POWERS UPON THE METRO-
POLITAN POLICE, RELATING TO THE INSPECTION OF
STEAM BOILERS,’’ PASSED APRIL NINTH, EIGHTEEN
HUNDRED AND SIXTY-TWO; ALSO, TO AMEND AN
ACT ENTITLED ‘‘ AN AOT IN RELATION To THE IN-
SPECTION oF STEAM BoILERS, EXCEPT IN THE MET-
ROPOLITAN DISTRICT,’? PASSED JUNE TWENTY-
SECOND, EIGHTEEN HUNDRED AND SIXTY-SEVEN.
Passed June 8, 1874; three-fifths being present.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

Sxcrion 1. All steam users, manufacturers or cor-
porations possessing the guaranteed certificates, unre-
voked and in full life, of any fire insurance company
now incorporated, or hereafter incorporated, or of
any company organized or hereafter organized for the
purpose of making guaranteed steam boiler inspec-
tions, and which have complied with the insurance
laws of the State of New York, having duly filed a
statement with the Superintendent of Insurance or
other authorized officer, of its conditions, and duly
paid license fees and taxes, shall be exempt from any

271
272

MISCELLANEOUS INSURANCE LAWS OF

further inspections and from the pains and. penalties:
of the above-named acts.

§ 2. Any company authorized by the first section
of this act for the purpose of making guaranteed’
steam boiler inspections, and* which have complied :
with the law set forth in the first section of this
amended act, shall, at least once in each month,
make and file returns under oath with the inspector-
in-chief, except in the city and county of New York,
and for said city and county with the board of com-
missioners of police of all inspections made by them
of steam boilers and of all certificates issued by them, :
and those at the time of making said return either in
full force, unrevoked or canceled. Each and every
company so authorized and making insurance under
the provisions of this act, and failing to make said
returns as aforesaid, shall pay the penal sum of fifty
dollars for each and every failure or neglect to make
and file said returns, the same to be recovered by suit
to be brought by said inspector-in-chief, .except in
the city and county of New York, and in said city
and county by said commissioners of police. _

§ 8. This act shall take effect immediately. . |’,

Chap. 654.

AN ACT vo rncorPoratTe THE CENTRAL AGENCY
Company. Passed August 15, 1874.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

SrotTron 1. The corporation hereby created shall
have power to act as agents for any insurance com-
panies, associations or partnerships incorporated. by
or organized under the laws of this State, or of any
such companies, associations or partnerships incor-
pees by or organized under the laws of any other _

tate of the United States, or any foreign government.”
which shall, by compliance with the laws of this
State, have become authorized or empowered to take
risks or transact any business of insurance in this
State. And this corporation shall also have power to _
act as agents or attorneys for corporations, copartnery: -
THE STATE OF NEW YORK.

ships orindividuals in procuring or effecting for them,
and in their name and stead, insurance against fire
or marine losses upon all or any of their property,
real or personal, and also upon the lives (before the
loss).of individuals with, by or through such insur-
ance companies, associations or partnerships, for
such periods, and in such amounts as may be agreed
upon. And this corporation shall possess all the
powers, and be subject to all the duties, requirements
and restrictions which, by law, appertain to agents
-of foreign and domestic insurance companies, asso-
-ciations or partnerships doing any insurance busi-
ness in this State, and also appertaining to persons
who procure and effect insurance for corporations,
copartnerships or individuals. Legal process upon
the president, secretary or any director of this cor-
poration, when the same shall act as agents for any
foreign insurance company, association or partner-
ship, shall have like force and effect as if served
upon an individual agent of such company, associa-
tion or partnership.

§ 2. The capital stock of this corporation shall be
one hundred thousand dollars, divided into shares
of the par value of one hundred dollars each, with
the privilege of increasing said capital stock to an
amount not to exceed five hundred thousand dollars,
which capital stock shall be personal property, and
transferable in such manner as the by-laws shall
prescribe.

§ 8. As soon as fifty thousand dollars of the capi-
tal stock shall have been subscribed, and fifty per
centum thereof actually paid in in cash, it shall be law-
ful for this corporation to organize, and_ to proceed
to conduct its business under the provisions of this
act.

§ 4. The business and property of this corporation
shall be managed by not less than three nor more than
eleven directors, who shall be stockholders, and one of
whom shall be president; such directors shall hold
their office for one year, and until their successors are
elected. Vacancies in the board may be filled by the re-
maining directors. A majority of the directors, for
the time being, shall constitute a quorum for the
transaction of business. The first board of directors
shall consist of the following persons: George M.

35

273
274

MISCELLANEOUS INSURANCE LAWS OF

Church, W. Dent Beale, Harry C. Heyle, William H.
Howell, Horatio J. Brewer, Frederick H. Chapin, and
J. Fisher Reese, and they and their associates and suc-
cessors are hereby created and declared a body cor-
porate and politic, by the name of “Central Agency
Company,” and as such shall have perpetual suc-
cession, and all the privileges and franchises belong-
ing or incident to a corporation. An election of di-
rectors shall be held yearly, at such time or place,
and in such manner as the by-laws may direct, at
which election each stockholder shall be entitled to
one vote, either in person or by proxy, for each share
of stock by him owned. In case it shall happen at
any time that an election of directors shall not be
made onthe day when it should have been made,
the company shall not for that reason be dissolved,
but it shall be lawful on any other day to hold an
election for directors, in such manner as shall be
provided for by the by-laws.

§ 5. The said sorporation may, from time to time,
increase the capital stock to any amount not exceed-
ing the amount authorized in the second section of
this act; and it shall be lawful for the directors of
the said company to call for and demand of the
stockholders respectively, all such sums of money
as are by them subscribed, at such times and in such
proportion as the said directors may determine ; and
in case any stuckholder shall neglect or refuse to
pay in the amount so called for and demanded,
after thirty days’ notice, such shares and all pay-
ments thereon shall be forfeited to this corporation.
The principal business office of said company shall
be in the city of New York.

§ 6. The officers of this corporation shall be a
president and a secretary, and such other officers,
agents and servants as the directors may deem neces-
sary for the transaction of the business of the com- .
pany. The president and treasurer shall be elected .:
annually by the directors. The other officers, agents
and servants shall be appointed by the directors, and
may be removed at the pleasure of the board. The
directors may, from time to time, make such by-laws,
rules and regulations as they may deem expedient,
provided, that the same shall not conflict with the
constitution or laws of this State or with the pro-
THE STATE OF NEW YORE.

ur

‘visions of this act; and said directors may receive

esubscriptions to the capital stock of said company,

and may require payment of the same at such times
-and in such installments as they may deem proper,
and may fix the number of directors from time to
time within the restrictions of this act.

§ 7. It shall be lawful for the said company to
lease, purchase, erect, hold, mortgage or convey all
real or personal property or estate which may be
necessary or convenient to carry on their business.

§ 8. This corporation shall possess the powers and
be subject to the liabilities prescribed in the third

title of the eighteenth chapter of the first part of the

Revised Statutes.

§ 9. The stockholders of said corporation shall be
personally and individually severally liable for the
debts of said corporation in an amount not exceed-
ing the amount of the stock held by them respect-
ively.

¢ 10. This act shall take effect immediately.

275
 

 

LAWS PASSED SINCE 1874,

 

 
LAWS OF 1875.

Chap. 60.

AN ACT To AMEND CHAPTER SIX HUNDRED AND
NINETY-FOUR OF THE LAWS OF EIGHTEEN HUNDRED
AND SIXTY-FIVE, ENTITLED “AWN ACT IN RELATION
TO THE DEPOSIT REQUIRED TO BE MADE, AND THE
TAXES, FINES, FEES AND OTHER CHARGES PAYABLE
BY INSURANCE COMPANIES OF SISTER STarTEs,”
PASSED May ELEVEN, EIGHTEEN HUNDRED AND
SIXTY-FIVE. Passed March 20, 1875; by a two-
third vote.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

Section 1. Section one of chapter six hundred 4:

and ninety-four of the laws of eighteen hundred
and sixty-five, entitled ‘‘ An act in relation to the
deposit required to be made, and the taxes, fines,
fees and other charges payable by insurance com-
panies of sister States,” passed May eleven, eighteen
hundred and sixty-five, is hereby amended, so as to
read as follows:

1. Whenever the existing or future laws of any
other State of the United States shall require of in-
surance companies, incorporated by or organized
under the laws of this State, and having agencies in
such other States, or of the agents thereof, any de-
posit or securities in such State for the protection of
policyholders, or otherwise, or any payment for
taxes, fines, penalties, certificates of authority,
license fees or otherwise, greater than the amount
required for such purposes from similar companies
of other States by the then existing laws of this State,
then, and in every such case, all companies of such

Amending

y

Laws 1865.
280 MISCELLANEOUS INSURANCE LAWS OF

States establishing, or having heretofore established
an agency or agencies in the State, shall be and are
hereby required to make the same deposit for a like
purpose in the Insurance Department of the State,
and to pay the Superintendent of said department
for taxes, fines, penalties, certificates of authority,
license fees and otherwise, an amount equal to the
amount of such charges and payments imposed b
the laws of such State upon the companies of this
State and the agents thereof. And the superintend-
ent of the Insurance Department is hereby author-
ized to remit any of the feesand charges which he is
required to collect by existing laws, except such as
he is required to collect under and by virtue of this
act, provided, however, that no discrimination shall be
made in favor of one company over any other from
the same State. ,
§ 2. This act shall take effect immediately.

 

Chap. 119.

AN ACT vo amMEenpD CHAPTER ONE HUNDRED AND
FORTY-SIX OF THE LAWS OF EIGHTEEN HUNDRED AND
SEVENTY-TWO, ENTITLED “AN ACT TO AUTHORIZE
CORPORATIONS TO HOLD AND CONVEY REAL ESTATE
FOR BUSINESS PURPOSES IN OTHER STATES, WITH
THE CONSENT THEREOF.” Passed April 17, 1875.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows:

Amending SxcTIon 1. Section one of chapter one hundred
Laws lsvz, and forty-six of the laws of eighteen hundred and
seventy-two, entitled ‘‘An act to authorize corpora- .
tions to hold and convey real estate for business
purposes in other States, with the consent thereof,”

is hereby amended so as to read as follows:
Corporae § 1. It shall be lawful for any corporation
Hous me organized under the laws of this State and transact-
eetaieand ing business in several States or foreign countries, to
other acquire, hold and convey, in such States or countries, »
’ with the consent thereof, such real estate as shall
be requisite for such corporation in the convenient

transaction of its business, or to purchase, hold,
THE STATE OF NEW YORK.

own and dispose of any stock in other corporations
owning such real estate situated in such States or
foreign countries in conformity to the laws thereof;
but the authority herein granted shall not be con-
strued to authorize any corporation organized under
the laws, existing or doing business in this State, to
purchase, hold, own or convey any other stocks than
such as may be or may have been based upon or
represented real estate, the possession of which shall
be required in the transaction of its legitimate and
ordinary business.
§ 2. This act shall take effect immediately.

 

L

Chap. 128.

AN ACT to avrnorize tHE New York Bowrry
Fire Insuranck Company TO ELECT ONE OR
MORE VICE-PRESIDENTS. Passed April 21, 1875.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows:

SEoTION 1. The New York Bowery Fire Insur-
ance Company is hereby authorized to elect one or
more vice-presidents.

§ 2. In the absence of the president by sickness,
death, resignation, absence from the city or other-
wise, the vice-president shall act as president, and
have and possess all of the powers now held by the

resident of said New York Bowery Fire Insurance
ompany.

§ 3. This act.shall take effect immediately.

36

281
282

MISCELLANEOUS INSURANCE LAWS OF

Chap. 170.

AN ACT To AMEND SECTION .NINE OF CHAPTER FOUR
HUNDRED AND SIXTY-THREE OF THE LAWS OF
EIGHTEEN HUNDRED AND FIFTY-THREE, ENTITLED
“AN ACT TO PROVIDE FOR THE INCORPORATION OF
Lirz anp Heatran Insurance Compantss,. AND
IN RELATION TO AGENCIES OF SUCH COMPANIES.”
Passed April 24, 1875.

The Peopleof the State of New York, represented
in Senate and Assgnbly, do enact as follows :

Sxotion 1. Section nine of chapter four hundred
and sixty-three of the session laws of the year eigh-
teen hundred and fifty-three, entitled “An act to
provide for the incorporation of life and health in-

‘surance conpanies, and in relation to agencies of

such companies,” is hereby amended so as to read
as follows:

§ 9. No company organized under this act shall
be permitted to purchase, hold or convey real estate,
except for the purpose and in the manner herein set
forth, to wit:

1. Such as shall be requisite for its accommo-
dation in the transaction of its business; or,

2. Such as shall have been acquired for the accom-
modation of its business previous to the passage of
this act; or, .

3. Such as shall have been mortgaged to it in
good faith, by way of security for loans previously
contracted, or for moneys due; or, :

4. Such as shall have been conveyed to it in satis-
faction of debts previously contracted in the course
of its dealings; or,

5. Such as shall have been: purchased at sales upon
judgments, decrees or mortgages obtained or made
for such debts; and it shall not be lawful for any
company incorporated as aforesaid, to purchase, hold
or convey real estate in any other case, or for any
other purpose; and all such real estate as may be
acquired as aforesaid, and which shall not be neces-
sary for the accommodation of such company in the
THE STATE OF NEW YORK.

convenient transaction of its business, or which shall
not have been necessary for such purpose at the
time of its acquisition, shall be sold and disposed of
within five years after such company shall have ac-
quired title to the same; and it shall not be lawful
for such company to hold such real estate for a longer
period than that above mentioned, unless the said
company should procure a certificate from the
Superintendent of the Insurance Department that
the interests of the company will suffer materially
by a forced sale of such real estate, in which event
the time for the sale may be extended to such time
asthe said superintendent shall direct in said certifi-
cate.

§ 2. This act shall apply to all life insurance com-
panies organized under any laws of this State.

§ 3. This act shall take effect immediately.

Chap. 190.

AN ACT 70 AMEND THE CHARTER OF THE ARCTIO
Fire Insurance Company, IN THE city or New
YoRK, AND TO CORRECT AN ACT AMENDING SAID
CHARTER, PASSED FEBRUARY TWENTY-SIX, EIGHT-
EEN HUNDRED AND SEVENTY-THREE. Passed
April 29, 1875.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows: —

Szcrron 1. It shall be lawful for the Arctic Fire
Insurance Company in the city of New York to re-
duce the number of directors of said company to
thirteen, a majority of whom shall be citizens of this
State, and a majority, of whom shall constitute a
quorum at any meeting for the transaction of busi-
ness, and such reduction may be made from time to
time, by resolution of the directors, as the terms of
office of said directors may cease, or either of them
shall be disqualified to act. e

§ 2. The time for holding the annual election for
directors of said Arctic Fire Insurance Company is
hereby changed from the first Tuesday .in June of

283
284

MISCELLANEOUS INSURANCE LAWS OF

each year, as now provided for by section two of
article three of said company’s charter, to the Tues-
day next preceding the second Wednesday in July,
in each year, and said section of said article of said
charter is hereby amended accordingly.

§ 8. An to amend the charter of the Arctic Fire
Insurance Company, of the city of New York, passed
February twenty-six, eighteen hundred and seventy-
three, is hereby corrected by striking out the word
“eleven’’ in section one of said act, and inserting in

lace thereof the word “two,’’ and all proceedings
her iotare taken by virtue of said act are hereby .
declared to be valid and binding, the same as if the
said word ‘‘two’’ had originally been in said section

one, instead of the word “eleven;”’ but no right in

any suit or proceeding now pending against said
ee shall be in any manner impaired or affect-
ed thereby.

§ 4. This act shall take effect immediately.

Chap. 208.

AN ACT v0 AMEND CHAPTER SEVEN HUNDRED
AND SEVENTY-THREE OF THE LAWS OF EIGHTEEN
HUNDRED AND SIXTY-SEVEN, ENTITLED “AN ACT
TO AMEND THE CHARTER OF THE BRooxtyn Lire
Insurance Company.” Passed April 29, 1875.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

SErotion 1. Section two of chapter seven hundred
and seventy-three of the laws of eighteen hundred
and sixty-seven, entitled ‘‘ An act to amend the
charter of the Brooklyn Life Insurance Company,”
passed April twenty-fifth, eighteen hundred and
ot is hereby amended so as to read as fol-
OWS :

§2. Section two of article six of said act is hereby
amended so as to read as follows:

§ 2. It shall not be lawful for the board of directors
of. the Brooklyn Life Insurance Company hereafter
to declare or pay to the holders of its capital stock
THE STATE OF NEW YORK.

*on amount exceeding five per centum semi-annually
on the stock held by them respectively.

§ 2. Section three of said act is hereby amended so
as to read as follows:

§ 3. Section one of article seven is hereby amended
so as to read as follows:

§ 1. The board of directors shall cause a statement
of the affairs of the company to be made annually,
which shall exhibit all its assets and liabilities pres-
ent and contingent, also the net surplus after reserv-
ing a sum sufficient to provide for all liabilities. The
surplus thus found shall be divided among the hold-
ers of policies entitled to participate therein.

§ 3. This act shall take effect immediately.

Chap. 208.

AN ACT FurtTHER TO AMEND CHAPTER FOUR HUN-
DRED AND SIXTY-SIX OF THE LAWS OF EIGHTEEN
HUNDRED AND FIFTY-THREE, ENTITLED “AN ACT
TO PROVIDE FOR THE INCORPORATION OF FIRE IN-
SURANCE ComPantes.” Passed April 29, 1875.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows:

Sxctrion 1. Section nineteen of chapter four hun-
dred and sixty-six of the laws of eighteen hundred
and fifty-three, entitled ‘‘ An act to provide for the
incorporation of fire insurance companies, and
amended by chapter four hundred and seventy-six
of the laws of eighteen hundred and seventy,” is
hereby further amended so as to read as follows :

§ 19. Any existing fire insurance company and any
company formed under this law, may, at any time,
with the written consent of the Superintendent of the
Insurance Department, increase the amount of its
capital stock, change its name, or avail itself of any
powers conferred by the provisions of this act or
any amendments thereto, after notice given once a
week for six weeks in the State paper and in any:
newspapet published in the county where such com

 

*8o in original.

285

Amending
ch. 466,
Laws 1853.

Company
may in-
crease cap-
ital stock,
change
name, etc,
286

MISCELLANEOUS INSURANCE LAWS OF

pany is located, of such intentions, with the written
consent of three-fourths in amount of its stockhold-
ers, unless otherwise provided in its charter, or, if a
mutual company, with the unanimous consent of
its trustees, unless otherwise provided in its char-
ter, by altering or amending its charter in this re-
spect, and filing such written consent of said Su-
perintendent, a copy of its charter, so amended,
together with a declaration under its corporate
seal, signed by its president and directors, of their
desire so to do, with such written consent of three-
fourths in amount of its stockholders, or the unan-
imous consent of the trustees, as aforesaid, to such
increase, change of name or acquisition of such ad-
ditional powers, in the office of the said superin-
tendent, and upon the same proceedings being had
as are required by the tenth section of this act.
And whenever any company formed under this law
shall have accumulated, and be in possession of a
fund in addition to the amount of its capital stock,
and all actual outstanding liabilities in excess of
one-half of the amount of all premiums on risks not
terminated, such company may increase its capital
stock from such fund, and distribute said increase
pro rata to the stockholders of such company, pro-
vided always that such increase shall be equal to at
least twenty-five per cent of the original capital
stock of said company, and shall have been ap-
proved by the Superintendent of the Insurance De-
partment, and authorized by at least three-fourths
of the board of directors of said company, and pro-
vided, also, that any company may hereafter make
and declare a dividend as provided by the provisions
of the general insurance act.
§ 2. This act shall take effect immediately.
THE STATE OF NEW YORK.

Chap. 235.

AN ACT ror THE RELIEF oF THE New YorK AND
Yonkers Fire Lysuranoz Company. Passed
May 1, 1875.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

SEcTION 1. Seven directors of the New York and
Yonkers Fire Insurance Company shall constitute
a quorum of the board for the transaction of busi-
ness. Said company are authorized to reduce the
tne of their directors to thirteen when they may

esire.

§ 2. This act shall take effect immediately.

Chap. 387.

AN ACT To FACILITATE THE DISTRIBUTION OF THE
PROPERTY AND EFFECTS oF THE Eorxctic Lire
Insurance Company. Passed May 15, 1875.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows:

Section 1. The Eclectic Life Insurance Company,
having been dissolved by the judgment of the court
of common pleas of the city and county of New
York, and a receiver of the property and effects of
said company having been duly appointed for the
purpose of collecting, receiving and distributing the

roperty and effects of said company, the Attorney-

eneral may apply to said court in the action in
which said judgment was had, for an order upon the
foot thereof, directing the distribution of the securi-
ties, money, or other property pone to, or de-
posited by, said company, with the Insurance De-
partment; and said court shall have power to refer
such application to inquire into and report upon
the allegations stated therein; and upon the filing
of such report, the said court may direct that the se-
curities and property aforesaid be distributed to and

iD

287
288

MISCELLANEOUS INSURANCE LAWS OF

among the policyholders of said company, as their
rights may be determined by the court upon such
application, and the residue, if any, be distributed
to and among the other persons having legal rights
therein as the same may be established by law.

§ 2. Upon such order being entered, and a certi-

fied copy thereof duly served upon the Superintend-

Report to
superin-
tendent of
stocks in
other com-
panies.

Invest-
ment by
companies
in other
States.

ent of the Insurance Department, he is hereby au-

thorized and directed to assign, transfer and deliver

the said securities, money or property, or otherwise

dispose of the same, as he may be directed by said

order. :
§ 3. This act shall take effect immediately.

Chap. 4238.

AN ACT 10 REGULATE INVESTMENTS BY INSUR
ANCE COMPANIES. Passed May 24, 1875.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows: .

Sxotion 1. Whenever any insurance company,
organized under any of the laws of this State, shall
have invested any of its funds in the stock of other
incorporated companies, under and in pursuance of
the laws of this State, and the Superintendent of the
Insurance Department shall have reason to believe
that such stock is below par, he may direct any such
company to report to him under oath the amount
of such stock so held by any such company, and
the market value thereof is below par, he may di-
rect the sale (under such regulations as he may es-
tablish) of such stock by such insurance company.

§ 2. It shall be lawful for any life, fire or marine
insurance company orgarized under any of the laws
of this State, and transacting business in other States
of the United States, to invest the funds required to
meet its obligations incurred in such other States,
respectively, in the same class of securities in those
States that such corporations are by law allowed to
invest in, in this State, but this act shall not be con-
strued as authorizing, nor does it permit any such
corporation to loan moneys on mortgage upon real
THE STATE OF NEW YORK.

estate without the limits of this State and States ad-
Jjacent thereto.

§ 3. This act shall take effect immediately.

Chap. 465.

AN ACT 10 REQUIRE THE PAYMENT OF CERTAIN
PREMIUMS TO THE FIRE DEPARTMENTS OF CITIES
AND INCORPORATED VILLAGES, BY FIRE INSUR-
ANCE COMPANIES NOT ORGANIZED UNDER THE
LAWS OF THE State or New York, BUT DOING
BUSINESS THEREIN. Passed May 28, 1875.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

289

SEcTIon 1. There shall be paid to the treasurer agents of

of the fire department of every city or incorporated 302-7esI-

village of this State, for the use and benefit of such insurance
fire department, and when no treasurer of a fire de- to Pay two
0:

ars on

partment exists, then to the treasurer of such city tie tun-

or village, who, for the purposes of this act, shall dredtothe
have the same powers as the treasurers of fire de- ment.

partments, on the first day of February in each
year, by every person who shall act as agent for or
on behalf of any individuals or association of indi-
viduals, not incorporated by or under the laws of
this State, to effect insurance against loss or injury
by fire upon property in this State, although such
individual or association may be incorporated for
that purpose by any other State or country, the sum
of two dollars upon the hundred dollars, and at
that rate upon the amount of all premiums which
during the year or part of a year, ending on the last
preceding day of September, shall have been received
by such agent or person, or received by any other
person for him, or shall have been agreed to be paid
for any insurance effected or agreed to be effected,
or promised by him as such agent or otherwise, to
be effected against loss or injury by fire upon prop-
erty situate within the corporate limits of such city
or village.

§ 2. No person shall, as agent or otherwise for any Ag

individual, individuals or association, effect or agree °
37

ents to
ive bonds
290 MISCELLANEOUS INSURANCE LAWS OF

to effect any insurance upon any property situate in
any city or incorporated village of this State, upon
which the above duty is required to be paid, or as
agent or otherwise procure such insurance to be
effected until he shall have executed and delivered
to the treasurer of the fire department of the city or
village in which the property insured is situated, or
if no treasurer of a fire department exists, then to
the treasurer of such city or village, a bond to such
fire department in the penal sum of five hundred
dollars, with such sureties as such treasurer shall
approve, with a condition that he will annually
render to said treasurer on the first day of February
in each year, a just and true account verified by his
oath that the same is true of all premiums which,
during the year ending on the first day of September
preceding such report, shall have been received by
him or by any other person for him, or agreed to be
paid for any insurance against loss or injury by fire
upon property situate in such city or village, which
shall have been effected or procured by him, to be
effected for any individual, individuals or associa-
tion not incorporated by the laws of this State as
aforesaid, and that he will annually, on the first day
of February in each year, pay to said treasurer two
dollars upon every hundred dollars, and at that rate
upon the amount of such premiums.

Penalty. .§ 3. Every person who shall effect, agree to effect,
promise or procure any insurance specified in the
preceding sections of this act, without having ex-
ecuted and delivered the bond required by the pre-
ceding section, shall, for each offense, forfeit two
hundred dollars for the use and benefit of the fire
department of such city or village; such penalty of
two hundred dollars shall be collected by and in the
name of the fire department of the city or village in
which the property insured or agreed to be insured
is ea Ne ‘

Not to 4. None of the provisions of this act shall apply

NewYork. to the city of New Wore i

§ 5. All acts or parts of acts inconsistent with the
provisions of this act are hereby repealed. — .
§ 6. This act shall take effect immediately.
THE STATE OF NEW YORK.

Chap. 496.

AN ACT 1o FaAcrLiTaTE THE DISTRIBUTION OF THE
PROPERTY AND EFFECTS OF THE AMERICAN Ton:
TINE Lire anv Savines Insurance Company oF
New Yorx. Passed June 5, 1875.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

SEcTION 1. A receiver of the property and effects
of the American Tontine Life and Savings Insurance
Company of New York, having been duly appointed
by the Supreme Court of the State of New York, for
the first judicial district, for the purpose of collecting,
receiving and distributing the property and effects
of said company, the attorney-general may apply to
the said court in the action in which said judgment
was had for an order upon the foot thereof, directing
the distribution of the securities, money or other
property belonging to or deposited by said company
with the Insurance Department; and said court shall
have power to refer such application to inquire into
and report upon the allegations stated therein; and
upon the filing of such report, the said court may
direct that the securitiés and property aforesaid be
distributed to and among the policyholders of said
company as their rights may be determined by the
court upon such application, and the residue, if any,
be distributed to and among the other persons hav-
ing legal rights therein as the same may be estab-
lished by law.

§ 2. Upon such order being entered, and a certi-
fied copy thereof duly served upon the Superintend-
ent of the Insurance Department, he is hereby au-
thorized and directed to assign, transfer and deliver
the said securities, money or property, or otherwise
dispose of the same, as he may be directed by said
order.

§ 3. This act shall take effect immediately.

*

291
292 MISCELLANEOUS INSURANCE LAWS OF

Chap. 508.

AN ACT To AMEND SECTION THIRD OF TITLE FOUR
OF CHAPTER EIGHT OF PART THIRD OF THE REVISED
Srarurus. Passed June 7, 1875; three-fifths
being present.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows:

Sxction 1. Section third of title four of chapter
eight of part third of the Revised Statutes is hereby
amended so as to read as follows: ~

§ 8. In suits brought by or against a_ corporation
created by or under any statute of this State, it shall
not be necessary to prove on the trial of the cause
the existence of such corporation, unless the defend-
ant shall have alleged in the answer in the action
that the plaintiffs or defendants, as the case may be,
are not a corporation, nor unless the allegations in
the answer that the defendant is not a corporation
be verified under oath in the manner provided by
law for the verification of pleadings in actions in
courts of record.

Chap. 555.

AN ACT to AMEND CHAPTER FOUR HUNDRED AND
SIXTY-SIX OF THE LAWS OF EIGHTEEN HUNDRED
AND FIFTY-THREE, ENTITLED “ AN ACT TO PROVIDE
FOR THE INCORPORATION OF FIRE INSURANCE COM-

. Panigs.” Passed June 9, 1875.*

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

SEcTion 1. The twenty-third section of the said

act is hereby amended so as to read as follows:
When tor § 23. It shall not be lawful for any fire insurance
panymay company, association or partnership, incorporated

take risk. by or organized under the laws of any other State of

ennai nd be abn Want At 7m nn 28 a 2 nd 2 at en aha nan

 
THE STATE OF NEW YORK.

the United States, or any foreign government, directly
or indirectly, to take risks or transact any business
of insurance in this state, unless possessed of the
amount of actual capital required of similar com-
panies formed. under the provisions of this act; and
any such company desiring to transact any such
business, as aforesaid, by an agent or agents, in this
State, shall first appoint an attorney in this state on
whom process of law can be served, and file in the
office of the Superintendent of the Insurance De-
partment a certified copy of the vote or resolution
of the directors appointing such attorney, which ap-
pointment shall continue until another attorney be
substituted ; in case any such insurance company
shall cease to transact business in this State, accord-
ing to the laws thereof, the agents last designated or
acting as such for such corporation, shall be deemed
to continue agents for such corporation for the pur-
pose of serving process for commencing actions upon
any policy or liability issued or contracted while
such corporation transacted business in this State,
and service of such process for the causes aforesaid
upon any such agent, shall be deemed a valid per-
sonal service upon such corporation; and also a
certified copy of their charter or deed of settlement,
together with a statement, under the oath of the
president or vice-president, and other chief officer
and secretary of the company for which he or they
may act, stating the name of the company and place
where located, the amount of its capital, with a de-
tailed statement of its assets, showing the amount of
cash on hand, in bank, or in the hands of agents,
the amount of real estate, and how much the same
is incumbered by mortgage, the number of shares
of stock of every kind owned by the company, the
par and market value of the same, amount loaned
on bond and mortgage, the amount loaned on other
security, stating the kind, and the amount loaned
oneach, and the estimated value of the whole amount
of such securities, any other assets or property of
the company, also stating the indebtedness of the
company, the amount of losses adjusted and unpaid,
the amount incurred and in process of adjustment,
the amount resisted by the company as illegal and
fraudulent, and any other claims existing against

293

To appoint
attorney.

To file
charter
and state-
ment.
294

Where
capital is
impaired.

Deposit of
security.

Securities
may be
changed.

To obtain

MISCELLANEOUS INSURANCE LAWS OF

the company, also a copy of the last annual report,
if any, made under any law of the State by which
such company was incorporated, and no agent shall
be allowed to transact business for any company,
nor shall any agent or broke be allowed to nego-
tiate for or place any risk with any company whose
capital is impaired to the extent of twenty per cent
thereof, while such deficiency shall continue, and
any company incorporated by or organized under
any foreign government shall, in addition to the
foregoing, deposit with the Superintendent of the
Insurance Department, for the benefit and security.
of policyholders residing in the United States, a sum
not less than two hundred thousand dollars in stocks
of the United States or the State of New York, in
all cases to be, or to be made to be, equal to a stock
producing six per cent per annum, said stocks not
to be received by said Superintendent at a rate above
their par value, or above. their current market value,
or in bonds and mortgages on improved unincum-
bered real estate in the State of New York, worth
fifty per cent more than the amount loaned thereon,
or in such stocks and securities as now are or which
may hereafter be receivable by the bank depart-
ment as security for circulating notes. The stocks
and securities so deposited may be exchanged from
time to time for other securities, receivable as afore-
said, and so long as the company so depositing shall
continue solvent and comply with the laws of this
State, may be permitted by the said Superin-
tendent to collect the interest or dividends on
said deposit. The said deposit shall be in lieu
of the investments in the name of trustees, as
heretofore required, and upon its being duly made,
either by the transfer of the trust funds, or other-
wise, the trustees shall thereby be discharged from
all liability ; and where a deposit is made of bonds
and mortgages, accompanied by full abstracts of
title and searches, the fees for an examination of
title by counsel to be paid by the party making the
deposit shall not exceed twenty dollars for each
mortgage, and the fees for an appraisal of property
shall be five dollars to each appraiser, not exceeding
two. besides exnenses for each morteave. Nor shall
THE STATE OF NEW YORK. 295

company or companies referred to in this section,
directly or indirectly, in taking risks or transacting
the business of fire or inland navigation insurance
in this State, without procuring from the Superin-.
tendent of the Insurance Department a certificate of
authority stating that such company has complied
- with all the requisitions of this act which apply to
such companies, and the name of the attorney ap-
pointed to act for the company. A certified copy To fle
of such certificate of authority, with statement, must °*Ttificate.
be filed by the agent in the office of the clerk of
every county where such company has agents, and
shall be published in the paper in which the State
notices are required to be inserted, four successive
times after the filing of such statement, as aforesaid,
and within thirty days thereafter proof of such pub-
lication by the affidavit of the publisher of such
‘newspaper, his foreman or clerk, shall be filed in the
office of the said Superintendent. The statements
and evidences of investments required by this sec-
tion shall be renewed from year to year in such
manner and form as may be required by said super-
intendent, with an additional statement of the amount
of premiums received and losses incurred in this
State during the preceding year, so long as such
agency continues ; and the said superintendent, on Renewal
being satisfied that the capital, securities and invest- core:
ments remain secure, as hereinbefore provided, shall
furnish a renewal of his certificate, as aforesaid and
the agent or agents obtaining such certificate, shall
file a certified copy of the samein the office of the
clerk of the county in which such agency shall be
established, within the month of January. But any
company organized under or incorporated by any
foreign government may furnish and file such annual
statements and evidences in the month of January,
in each year, made out for the year ending on the
preceding thirtieth day of June, if accompanied,
also, by an annual supplementary statement, duly
verified by the attorney or general agent of the com-
pany in this State, showing the amount of risks
written, premiums received, losses sustained and
taxes it in this State for the year ending on the
prsetine thirty-first day of December; said supple-
mentary statement shall also contain a description
296 MISCELLANEOUS INSURANCE LAWS OF

of the investments of such company in this country,
and such other information as may be required by
Brokers the said superintendent. (Whenever, by the pro-
place _ visions of this section, it shall be unlawful for any
HISES, fire insurance company, assoctation or partnership
herein specified, to take risks or transact the business
of fire insurance within this State, through agents or .
otherwise, it shall be likewise unlawful for any
broker or brokers, or other persons acting for per- |
sons, firms or corporations in this State or elsewhere,
to negotiate for or place risks in any such insurance
company, or in any way or manner aid such per-
sons, firms or corporations in effecting such unau-
Penalty. thorized insurances.) Any violation of any of the
provisions of this section shall subject the party vio-.
lating to a penalty of five hundred dollars for each
violation, and of the additional sum of one hundred
dollars for each month during which any such agent’
shall neglect to make such publication, or to file
such affidavits and statements as are herein required.
Placeot Every agent of any fire insurance company shall, in
* all advertisements of such agency, publish the loca-
tion of the company, giving the name of the city,
town or village in which the company is located,
and the State or government under the laws of which
itis organized. The term, agent or agents, used in
this seotion, shall include an acknowledged agent or
surveyor, or any other person or persons who shall,
in any manner, aid in transacting the insurance bus-
iness of any insurance company not incorporated
by the laws of this State (and the term broker or
brokers, also used in this section, is hereby declared
to include all persons and firms whose business, in
whole or in part, it is to negotiate for and place
risks, deliver the policies covering the same, and
collect the premiums ee he provisions of
this section shall apply to all foreign companies,
partnerships, associations and individuals, whether
incorporated or not. ae:
§ 2. The twenty-fifth section of the said act is
hereby amended so as to read as follows:
Penalty to § 25. Every penalty provided for by this act (in-
for, curred outside of the limits of the city and county
of New York) shall be sued for and recovered in the
THE STATE OF NEW YORK.

county in which the company or the agent or agents
so violating shall be situated (or in which the act in
violation was committed or suffered), and one-half
of said penalty when recovered shall be paid into the
treasury of said county, and the other half to the in-
former of such violation. Such penalties may also
be sued for and recovered in the name of the people
by the attorney-general, and when sued for and col-
lected by him shall be paid into the State treasury.
(And every penalty provided for by this act when
incurred within the limits of the city and county of
New York shall go and be paid to the informer of
such violation, who, on the giving, approval and fil-
ing of the bond hereinafter mentioned, may sue for
and recover such penalty in the name of the people
of this State on the relation of such informer; and
every such suit or action shall be deemed a private
suit or action and which may be discontinued and
the relator be nonsuited therein as in private actions,
the said relator being liable for the costs thereof in
cases where the defendant succeeds in the action;
and in such cases judgment shall be entered against
such relator for costs in the same manner as if the
relator was the nominal plaintiff; and in all cases
wherein judgment is obtained against the party pros-
ecuted, the judgment may be canceled and dis-
charged by the relator, or the attorney for the re-
lator, in the same manner as if such relator was the
nominal plaintiff. Any citizen of this State, or body
corporate created by or under the laws of this State
may be an informer, and shall be competent to act
and stand as relator in any action for a penalty or
penalties incurred under this act within the limits
of the city and county of New York, on filing in the
office of the clerk of the court in which such action
is to be prosecuted, a bond executed by one or more
sureties to the defendant in such action in the pen-
alty of five hundred dollars, to be approved by a
judge or justice of said court, conditioned to pay
all costs that may be recovered in such action against
such relator in case the party prosecuted succeeds
in the action, the sureties in which shall be residents
of the city and county of New York and freeholders,
and shall acknowledge the same before an officer
authorized to take proof and acknowledgment of

38

297

Any per-
son may
be relator.
298

MISCELLANEOUS INSURANCE LAWS.

deeds, a copy of which bond shall be served on th
arty prosecuted with the summons in such action.
n case of the non-payment of any of the penaltie
provided for in this act the party offending shall b
liable to imprisonment for a *periud not exceedin;
six months, in the discretion of any court havin
cognizance thereof.
LAWS OF 1876.

Chap. 334.

AN ACT to cHancE THE NAME or THE KNICKER-
BOCKER Piate Guass anp AccripentaL InsuR-
ance Company or New Yorx. Passed May 15,
1876.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

SECTION 1. The board of directors of the Knicker-
bocker Plate Glass and Accidental Insurance Com-
pany of New York is hereby authorized to change
the name of said insurance company to the ‘‘ Knick-
erbocker Casualty Insurance Company of New
York”? by a resolution to be incorporated in its by-
laws, and by filing a copy of the same with the Su-
perintendent of the Insurance Department and in
td office of the clerk of the city and county of New

ork..,

§ 2. This act shall take effect immediately.

Chap. 341.

AN ACT REGULATING THE FORFEITURE OF LIFE IN-
SURANCE POLIcrES. Passed May 15, 1876.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows:

SrcTion 1. No life insurance company doing bus-
iness in the State of New York shall have power to
declare forfeited or lapsed any policy hereafter is-
sued or renewed, by reason of non-payment of any
annual premium of interest, or any portion thereof,
300

Amending
ch. 170.
Laws 1875.

MISCELLANEOUS INSURANCE LAWS OF

unless a notice in writing, stating the amount of an-
nual premiums or interest due and when due on such
policy, and the place where said premium or interest
may be paid, shall have been duly addressed and
mailed by the company issuiftg such policy to the
insured, postage paid, at his or her last known post-
ofiice address not less than thirty nor, more than sixty
days next before such payment becomes due, accord-
ing to the terms of such policy. —

2. The affidavit of any officer, clerk or agent of
the company that the notice to the assured, provided
for in section one, has been duly addressed and
mailed by the company issuing such policy to the
assured, shall be presumptive evidence of such
notice having been duly given.

§ 3. This act shall take effect immediately.

Chap. 357.

AN ACT To AMEND SECTION ONE OF CHAPTER ONE
HUNDRED AND SEVENTY OF THE LAWS OF EIGH-
TEEN HUNDRED AND SEVENTY-FIVE, ENTITLED “ AN
ACT TO AMEND SECTION NINE OF CHAPTER FOUR
HUNDRED AND SIXTY-THREE OF THE LAWS OF
EIGHTEEN HUNDRED AND FIFTY-THREE, ENTITLED
“AN ACT TO PROVIDE FOR THE INCORPORATION OF
LIFE AND HEALTH INSURANCE COMPANIES, AND IN
RELATION TO AGENCIES OF SUCH COMPANIES.”
Passed May 19, 1876.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows:

SEcTION 1. Section one of chapter one hundred
and seventy of the laws of eighteen hundred and
seventy-five, entitled “An act to amend section nine
of chapter four hundred and sixty-three of the laws
of eighteen hundred and fifty-three, entitled ‘An
act to provide for the incorporation of life and health
insurance companies, and in relation to agencies of
such companies,’”’ is hereby amended so as to read
as follows:
THE STATE OF NEW YORK.

§ 1. Section nine of chapter four hundred and sixty-
three of the Laws of eighteen hundred and fifty-three,
entitled “An act to provide for the incorporation of
life and health insurance companies, and in relation
to agencies of such companies,’ is hereby amended
so as to read as follows:

§ 9. No company organized under this act shall
be permitted to purchase, hold or convey real estate,
except for the purpose or in the manner herein set
forth, to wit:

_ 1. The building in which is contained its principal
offices and the land upon which it stands ; or,

2. Such as shall be requisite for its accommodation
in the transaction of its business ; or,

3. Such as shall have acquired for the accommoda-
tion of its business previous to the passage hereof ;
or,

4. Such as shall have been mortgaged to it in good
faith by way of security for loans previvusly con-
tracted or for moneys due; or,

5. Such as shall have been conveyed to it in sat-

‘isfaction of debts previeusly contracted in the course
of its dealing ; or, )

6. Such as shall have been purchased at sales upon
judgments, decrees or mortgages obtained or made
for such debts. And it shall not be lawful for any
company incorporated as aforesaid to purchase, hold
or convey, real estate in any other case, or for any
other purpose. And all such real estate mortgaged
and conveyed in satisfaction of debt or acquired by
purchase at sale as aforesaid, shall be sold and dis-
posed of within five years after such company shall
have acquired title to the same unless the said com-
pany shall procure a certificate from the Superintend-
ent of the Insurance Department that the interest
of the company will suffer materially by a forced sale
of such real estate, in which event the time for the
sale may be extended to such time as the said Su-
perintendent shall direct in said certificate.

_ §2. This act shall apply to all life insurance com-
panies organized under the laws of this State.

§ 8. This act shall take effect immediately.

801

Purchase
of real
estate.

Sale of
real estate.

To apply
to all com:
panies.
802 MISCELLANEOUS INSURANCE LAWS OF

Chap. 359.

AN ACT To AMEND CHAPTER FOUR HUNDRED AND
SIXTY-FIVE OF THE LAWS OF EIGHTEEN HUNDRED
AND SEVENTY-FIVE, ENTITLED “AN ACT TO RE
QUIRE THE PAYMENT OF CERTAIN PREMIUMS TO THE
FIRE DEPARTMENTS OF CITIES AND INCORPORATED
VILLAGES BY FIRE INSURANCE COMPANIES NOT OR-
GANIZED UNDER THE LAWS OF THE STaTE or New
YORK, BUT DOING BUSINESS THEREIN,” PASSED
May TWENTY-EIGHT, EIGHTEEN HUNDRED AND
SEVENTY-FIVE. Passed May 19, 1876; three-
fifths being present.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows:

Amending SECTION 1. Section one of chapter four hundred
jaws ists, and sixty-five of the laws of eighteen hundred and
seventy-five, entitled ‘‘ An act to require the pay-
ment of certain premiums to the fire departments of
cities and incorporated villages by fire insurance com-
ae not organized under the laws of the State of
ew York, but doing business therein,’’ is hereby

amended so as to read as follows:
Agentsof § 1. There shall be paid to the treasurer of the fire
dent com- department of every city or incorporated village of
paniesto this State, for the use and benefit of such fire depart-
dollars on ment, and when no treasurer of a fire department
dredto fire exists then to the treasurer of such city or village,
iow who, for the purpose of this act, shall have the same
owers as the treasurers of fire departments, on the
first day of November of each year, by every person
who shall act as agent for or on behalf of any in-
dividual or association of individuals, not incorpo-
rated by or under the laws of this State, to effect in-
surance against loss or injury by fire upon prop-
erty in this State, although such individual or
association may be incorporated for that purpose by
any other State or country, the sum of two dollars
upon the hundred dollars, and at that rate upon the
amount of all premiums. which. during the vear or
THE STATE OF NEW YORK.

of September, shall have been received by such agent
or person, or received by any other person for him,
or shall have been agreed to be paid for any insur-
ance effected or agreed to be effected, or promised
by him as such agent or otherwise, to be effected
against loss or injury by fire, upon property situate
within the corporate limits of such city or village.

§ 2. Section two of said act is hereby amended so
as to read as follows:

303

_ §2. No person shall, as agent or otherwise for any Agents to
individual, individuals or association, effect or agree fonds.

to effect any insurance upon any property situate in
any city or incorporated village of this State, upon
which the above duty is required to be paid, or as
a or otherwise procure such insurance to be
effected until he shall have executed and delivered
to the treasurer of the fire department of the city or
village in which the property insured is situated, or,
if no treasurer of a fire department exists, then to
the treasurer of such city or village, a bond to such
fire department in the penal sum of five hundred
dollars, with such sureties as such treasurer shall
approve, with a condition that he will annually ren-
der to said treasurer, on the first day of November
in each year, a just and true account, verified by
his oath that the same is true of all premiums which,
during the year ending on the first day of Septem-
ber preceding such report, shall have been received
by him or by any other person for him, or agreed to
be paid for any insurance against loss or injury by
fire upon property situate in such city or village
which shall have been effected or procured by him
to be effected for any individual, individuals or asso-
ciation not incorporated by the laws of this State as
aforesaid, and that he will annually, on the first day
of November in each year, pay to said treasurer two
dollars upon every hundred dollars, and at that rate
.upon the amount of such premiums.

§ 3. Section four of said act is hereby amended so

as to read as follows:

§ 4. None of the provisions of this act shall apply New York

to the cities of New York or Albany.

bany.
304

MISCELLANEOUS INSURANCE LAWS OF

Chap. 360.

AN ACT To FACILITATE THE DISTRIBUTION OF THE
PROPERTY AND EFFECTS oF THE AsBuRY Lirs In.
SURANCE Company. Passed May 19, 1876.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows:

Section 1. A receiver of the property and effects
of the Asbury Life Insurance Company having been
duly appointed by the Supreme Court of the State
of New York, upon the petition of the Attorney-
General, for the purpose of collecting, receiving and
distributing the property and effects of said company,
and the said receiver having given proper security,
which has been approved by the Supreme Court, the
Attorney-General, or the said receiver, on notice to
the Attorney-General, may apply to said court in
the proceeding in which said order was made, for an
order upon the foot thereof, directing the distribution
of all the securities, money or other property be-
longing to the said company, or heretofore deposited
by said company with the Insurance Department,
under or by virtue of the provisions of any law or
laws of this State, requiring or permitting such de-
posits for any purpose; and said court shall have
power to refer such application, to inquire into and
report upon the allegations stated in such applica-
tion, and upon the filing of such report the said
court may direct that the securities and property
aforesaid be transferred by the Superintendent of the
Insurance Department to said receiver and be dis-
tributed to and among the policyholders of said
company, as their rights may be determined by the
court upon such application, and that the residue, if
any, be distributed to and among the creditors or
other persons having legal right therein, as the same
may be established by law, on due notice to said
receiver.

§ 2. Upon such order being entered, and a certified
copy thereof duly served upon the Superintendent
THE STATE OF NEW YORK.

of the Insurance Department, he is hereby author-
ized and directed to assign, transfer and deliver the
said securities, money or property, or otherwise dis-
pose of the saine as he may be directed by said
order.

§ 3. This act shall take effect immediately.

39

805
LAWS OF 1877.

Chap. 49.

AN ACT To EXTEND THE CORPORATE EXISTENCE
AND CHARTER OF THE GLEN Cove Muruat Insor-
ANoE Company. Passed March 20, 1877.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows:

SxecTION 1. The corporate existence of the Glen Charter
Cove Mutual Insurance Company, incorporated by Siyeurs ™
chapter one hundred and eighteen of the laws of
eighteen hundred and thirty-seven, entitled “An act
to incorporate the Glen Cove Mutual Insurance Com-
pany,” is hereby extended, and its charter and all
provisions of law applicable thereto are continued
in force for twenty years from the twenty-ninth day °
of March, eighteen hundred and seventy-seven.

§ 2. This act shall take effect immediately.

Chap. 56.

AN ACT to rcorporatEe THE WaTERTOWN Fire
InsuRANCE CoMPANY, ORGANIZED UNDER THE GEN-
ERAL ACT TO INCORPORATE FIRE INSURANCE COMPA-
NES, DECEMBER SEVENTH, EIGHTEEN HUNDRED
AND SIXTY-SEVEN. Passed March 22, 1877.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

SEcTION 1. The second article of the charter of
the Watertown Fire Insurance Company, on file in
the insurance department, is hereby amended so as
to read as follows:
3808

Objects of
formation
of com-
pany.

Manner of
conduct-
ing busi-
ness.

Annual
election of
directors
to be held
1st Tues-
day in
April.
Number of
directors
may be
reduced,

MISCELLANEOUS INSURANCE LAWS OF

ARrICcLE 2. This company is formed to make
insurance on farmers’ dwellings and private resi-
dences and their contents, private barns and other
buildings and property, against loss or damage by
fire and lightning, provided ‘in act aforesaid. The
business of this company is to be conducted on the
joint-stock plan, reserving to the company all the
powers, privileges and benefits conferred by the
several acts of the legislature of the State of New
York, upon companies organized for similar pur-
poses, or that may be hereafter conferred by law
upon incorporate companies, formed under the laws
aforesaid, for the purpose of insurance as aforesaid.

§ 2. This act shall take effect immediately.

Chap. 68.

AN ACT To AMEND THE CHARTER OF THE Laray-
eTte Fire Insurance Company or Broox yn,
Passed March 27, 1877.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows:

Srction 1. The Lafayette Fire Insurance Com-
pany of Brooklyn is hereby authorized to hold its an-
nual election for directors hereafter on the first Tues-
day in April, instead of the second Tuesday in Feb-
ruary, as heretofore; and it shall be lawful for said
company to reduce its number of directors to thir-
teen, said reduction to be made from time to time
as vacancies may occur by death, resignation or dis-
qualification, until said minimum of thirteen is
reached.

§ 2. This act shall take effect immediately.
THE STATE OF NEW YORE.

Chap. 183.

AN ACT vo pRovivE FoR THE REDUCTION OF THE
NUMBER OF DIRECTORS IN FIRE AND MARINE
INSURANCE COMPANIES. Passed April 25, 1877.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

SrcTion 1. Any existing fire or marine insurance
company, organized under any of the laws of this
State, may by a vote of two-thirds of its board of
directors, and upon a written notice to all its stock-
holders, with the written consent of a majority in
amount of its stockholders, reduce the number of
directors to not less than thirteen, a majority of
whom shall be citizens of this State, by altering or
amending its charter in respect to the number of
directors, and filing a copy of the charter so amend-
ed, together with a declaration under its corporate
seal, signed by its president and two-thirds in num-
ber of its directors, with such written consent of a
majority of its stockholders, in the office of the
superintendent of the insurance department; such
yodnation of the number of directors may be made
so as to take effect either immediately or gradually
as vacancies may occur in the board of. directors
by death, resignation, disqualification or otherwise ;
and when the number of directors shall be reduced
as herein provided to thirteen, seven of such num-
ber shall constitute a quorum for all purposes.

§ 2. This act shall take effect immediately.

 

Chap. 209.

AN ACT REGULATING THE AMOUNT OF OAPITAL
STOCK FOR FIRE AND MARINE INSURANCE COM-

panies. Passed May 2, 1877.

‘The People of the State of New York, represented
in Senate ond Assembly, do enact as follows :

Sxction 1. No company shall be hereafter organ-

ized under the laws of this State for the transaction ee.

3809

\

Reduction
of number
of direct-
ors.

May be
done im-
mediately
or grad-
ually.

Quorum.

Capital of

re
310 MISCELLANEOUS INSURANCE LAWS OF

of fire or marine insurance business with a smaller
capital than two hundred thousand dollars, the same
to be paid in in cash.
Foreign, = § 2. Companies from other States and countries ap-
to possess, Pl ying for admission to this State shall be possessed
ane @4P- of at least the amount of capital required from com.
panies organized under the laws of this State, the
same to be paid in in cash.
§ 8. All acts or parts of acts inconsistent with this
act are hereby repealed.
§ 4. This act shall take effect immediately. .

 

Chap. 211.

AN ACT In RELATION TO THE NAMES OF INSURANCE
compantres. Passed May 2, 1877.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :
Not to SEcTION 1. No fire, life, marine or other insurance
take e™ company hereafter organized under the laws of this
othercom- State, shall use a corporate name or title which shall
at the time of such organization be used to desig-
nate any fire, life, marine or other insurance com-
pany already existing under the laws of this State;
Dutyor and it shall be the duty of the superintendent of the
superin- Insurance Department to reject any name which he
* ghall deem to be so nearly similar to any already in
use as to lead to confusion or uncertainty on the
part of the public.
§ 2. This act shall take effect immediately.

Chap. 229.

AN ACT 10 REGULATE THE REINSURANCE OF THE
POLICY OBLIGATIONS OF LIFE INSURANCE 6OM-
panies. Passed May 4, 1877.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

Srorton 1. No life insurance company, organized
nnder the laws af thia State chall inanva anw of ita
THE STATE OF NEW YORK.

ue EunTAng company except as hereinafter pro-
vided.

§ 2. Any life insurance company, organized under
the laws of this State, is hereby authorized and em-
powered to reinsure the whole or any part of any
policy obligation in any other company or com-
panies, provided the written consent of the owner
of such policy so reinsured shall first be obtained to
such reinsurance.

§ 3. It shall be lawful for any receiver of any life
insurance company organized under the laws of this
State, to reinsnre upon the written consent of the
Superintendent of the Insurance Department, and
the Attorney-General, the whole of ths policy obli-
gations of such company in any solvent company
or companies organized under the laws of this State,
whenever the assets of the company of which he is
receiver are sufficient to effect such reinsurance, and
whenever such assets are not sufficient to effect such
reinsurance, such receiver, upon the like consent as
above provided, may reinsurea percentage of each
and every policy obligation outstanding in such
company to the extent that the assets of such com-
pany may be sufficient to effect such reinsurance, pro-
vided, however, that no contract effecting such rein-
surance shall be entered into except in pursuance of
an order, of the court in which such receiver was ap-
pointed, directing reinsurances authorized by this
section, and establishing the general form of the con-
tract to effect the same.

§ 4. This act shall take effect immediately.

 

Chap. 241.

AN ACT to PREVENT THE MAKING AND PUBLICA-
TION OF FALSE OR DECEPTIVE STATEMENTS IN RE-
LATION TO THE BUSINESS OF FIRE INSURANCE,
Passed May 8, 1877.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

Suction 1. It shall not be lawful for any company,

corporation, association, individual or individuals

6

311

Out-stand-
ing risks
of com-
panies, in-
surance of.

Insurance}
by receiv-
ers of com-
panies.

False
stat

ate-
ments of
312

assets
prohibit-
ed.

What
statement
shall ex-
hibit.

Capital set
torth in
charter
may be
stated in
policy, etc.

Penalties,

MISCELLANEOUS INSURANCE LAWS OF

now transacting or now or hereafter authorized, under
any existing or future laws of this State, to transact
the business of fire insurance within this State, to state
or represent, either by advertisement in any newspa-
per, magazine or periodical, or by any sign, circular,
card, policy of insurance or certificate of renewal
thereof, or otherwise, any funds or assets to be in
possession of any such company, corporation, asso-
ciation, individual or individuals, not actually
possessed by such company, corporation, associa-
tion, individual or individuals, and available for the
payment of losses by fire, and held for the protection
of holders of policies. of fire insurance.

§ 2. Every advertisement or public announcement,
and every sign, circular or card hereafter made or
issued by any company, corporation, association,
individual or individuals, or any officer, agent, mana-
ger or legal representative thereof, now or hereafter
authorized by any existing or future laws of this
State to transact the business of fire insurance within
this State which shall purport to make known the
financial standing of any such company, corporation,
association, individual or individuals, shall exhibit the
capital actually paid in in cash and the amount of
net surplus of assets over all liabilities of such com-
pany, corporation, association, individual or individ-
uals actually available for the payment of losses by
fire and held for the protection of holders of their poli-
cies of fire insurance, including in such liabilities
the fund reserved for reinsurance of outstanding
risks; and shall correspond with the verified state-
ment made by the company, corporation, associa-
tion, individual or individuals making or issuing
the same to the insurance department of this State
next preceding the making or issuing of the same.

§ 3. Nothing in this act shall be construed to
prohibit any insurance company or association from
publishing in any policy or certificate of renewal
thereof a single item showing the amount of their
capital as set forth in their charter, act of incorpora-
tion, deed of settlement or articles of association,
under which they are authorized to transact the
business of insurance.

_§4. Any violation of any provision of this act
THE STATE OF NEW YORK.

LS a association, individual or individuals,
guilty of such violation, to a penalty of five hun-
dred dollars, to * sued for and recovered in the name
of the people with costs and expenses of such prose-
cution by the district attorney of any county in
which the company, corporation, association, or
individual or individuals shall be located or may
transact business, or in any county where such
offense may be committed, and such penalty, when
recovered, shall be paid into the treasury of such
county for the benefit of the poor of said county.
Every subsequent violation shall subject the com-
pany, corporation, association, individual or indi-
viduals guilty of such violation to a penalty of not
less than one thousand dollars, which shall be sued
for, recovered and disposed of in like manner as for
the first offense.

§5. This act shall take effect ninety days after
its passage.

Chap. 321.

AN ACT To AMEND CHAPTER THREE HUNDRED
AND FORTY-ONE OF THE LAWS OF EIGHTEEN HUN-
DRED AND SEVENTY-SIX, ENTITLED “ AN ACT REG-
ULATING THE FORFEITURE OF LIFE INSURANCE
pouicies.” Passed May 23, 1877.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows:

Section 1. Section one of chapter three hundred

and forty-one of the laws of eighteen hundred and ¢

seventy-six, entitled ‘An act pep ulauing the forfeit-
ure of life insurance policies, is hereby amended so
as to read as follows:

§ 1. No life insurance company doing business in
the State of New York shall have power to declare
forfeited or lapsed any policy hereafter issued or re-
newed by reason of non-payment of any annual pre-
mium or interest, or any portion thereof, except as
hereinafter provided. Whenever any premium or
interest due upon any such policy shall remain un-

 

* So in the original.

40

313

Lapsin,

and forfeit:
ure of
policies.

Notice to
be given.
314

Proviso.

Evidence
of notice
given

MISCELLANEOUS INSURANCE LAWS OF

paid when due, a written or printed notice stating:
the amount of such premium or interest due on such
policy, the place where said premium or interest
should be paid,'and the person to whom the same
is payable, shall be duly addtessed and mailed to.
the person whose life is assured, or the assignee of
the policy, if notice of the assignment has been given
to the company, at his or her last known post-office :
address, postage paid by the company, or by an
agent of such company or person appointed by it
to collect such premium. Such notice shall further
state that unless the said premium or interest then
due shall be paid to.the company or toa duly ap-
pointed agent or other person authorized to collect
such premium within thirty days after the mailing
of such notice, the said policy and all payments
thereon will become forfeited and void. In case the
payment demanded by such notice shall be made
within the thirty days limited therefor, the same
shall be taken to be in full compliance with the re-
quirements of the policy in respect to the payment
of said premium or interest, any thing therein con-
tained to the contrary notwithstanding; but no such

olicy shall in any case be forfeited or declared for-
feited or lapsed until the expiration of thirty days
after the mailing of such notice. Provided, however,
that a notice stating when the premium will fall due,
and that if not paid, the policy and all payments
thereon will become forfeited and void, served in the
manner hereinbefore provided, at least thirty and
not more than sixty days prior to the day when the.
premium is payable, shall have the same effect as
the service of the notice hereinbefore provided for.

§ 2. The affidavit of any one authorized by section -
one to mail such notice, that the same was duly °
addressed to the person whose life is assured by the
policy, or to the assignee of the policy, if notice of
the assignment has been given to. the company, in
pursuance of said section, shall be presumptive evi-
dence of such notice having been given.
THE STATE OF NEW YORK.

Chap. 372.

AN ACT to avrsorize tae Arctic. Free Insvur-
ANcE Company or New York, To AMEND ITs
CHARTER AND TO EXTEND ITS POWERS AND PRIV-
ILEGES THEREUNDER. Passed June 2, 1877.

The People of the State of New York, represented
in Senate and. Assembly, do enact as follows :

Suction 1. The Arctic Fire Insurance Company of
New York is hereby authorized to’ amend its char-
ter on file in the office of the superintendent of the
insurance department so as to confer upon the said
company the following rights, previleges and pow-
ers.

1. To change the name of said company to the
** Arctic Insurance Company” and to establish its

principal office for the transaction of its business in om

the city of New York.

2. To make insurance upon vesels,* freights,
goods, wares, merchandise, specie, bullion, jewels,
profits, commissions, bank ‘notes, bills of exchange
and other evidences of debt, bottomry and respon-
dentia interests, and to make all and every insurance
appertaining to or connected with marine risks and
risks of transportation and navigation.

3. To make insurance on dwellings, houses, stores,
and all kinds of buildings, and upon household fur-
niture, merchandise and other property against loss
or damage by fire and the risks of inland naviga-
tion and transportation.

§ 2. In availing itself of the benefits and privileges
of this act, the said company may so amend its char-

ter by adopting the same at a regularly convened ¢r

meeting of the board of directors of said company
by a majority of said board, which amended charter,
upon being certified by the president and secretary
of said company under their official signatures and
the corporate seal as having been regularly adopted
as aforesaid, shall be filed with the superintendent
of the insurance department of this State.

 

*So in the original.

315

Alteration
of charter
author-
ized.

Change of
name. ;

Principal
office.

Insurance

Ibid.

Amend-
ments to
charter,
adoption
of.
316 MISCELLANEOUS INSURANCE LAWS OF

Liabilities § 3. Nothing in this act contained shall in any way

ration not impair‘any right or liability of the said corporation
charter. ip relation to any insurance or contract heretofore
‘ made.

8 4. This act shall take effeét immediately.

Chap. 378.

AN ACT v0 cHANGE THE TIME FOR ELECTING DI
RECTORS oF THE Hanover Fire Insurancz
Company. Passed June 2, 1877.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows:
Election Section 1. After the election of directors of the
orsuect Hanover Fire Insurance Company (a corporation
ofholding. formed in the year eighteen hundred and fifty-
two, under the act of April tenth, eighteen hundred
and forty-nine, chapter three hundred and eight) to
be held on the first Monday of April, one thousand
eight bundred and seventy-seven, all subsequent
elections of directors of said company shall be held
on the second Monday of January in each year,
commencing in the month of January, one thousand
eight hundred and seventy-eight.

- Chap. 423.

AN ACT to AMEND CHAPTER THREE HUNDRED AND
SIXTY-SIX OF THE LAWS OF EIGHTEEN HUNDRED
AND FIFTY-NINE, ENTITLED “ AWN ACT TO ESTABLISH
AN INSURANCE DEPARTMENT.” Passed June 6,
1877; three-fifths being present.

The People of the State of New York, represented

in Senate and Assembly, do enact as follows:
Laws of Suction 1. Section six of chapter three hundred
eaeee and sixty-six of the laws of eighteen hundred and
ed. ey te is hereby amended so as to read as fol-
OWS:
THE STATE OF NEW YORK.

§ 6. There shall bé assigned to the said superin-
tendent, by the trustees of the State hall, suitable
offices in the city of Albany, tor conducting the bus-
iness of said department ; and the said superintend-
ent shall, from time to time, furnish the necessary
furniture, stationery, fuel, lights and other proper
conveniences for the transaction of the said business,
the expenses of which, together with the rent of said
offices, shall be paid on the certificate of the super-
intendent and the warrant of the comptroller.

§ 2. This act shall take effect immediately.

Chap. 439.

AN ACT In RELATION TO THE INSURANCE OF
PLATE-GLAssS. Passed June 15, 1877.

The People of the State of New York, represented
in Senate and Assembly, do enact as follows :

Sxction 1. Every corporation, association or com-
pany heretofore organized under the laws of this
State to make insurance against loss or damage to
plate-glass, shall be required to deposit with the
superintendent of the insurance department of this
State, for the benefit of all their policyholders, secu-
rities amounting to at least fifty thousand dollars ;
and no corporation, association or company, created
by or existing under the laws of any other State of
the United States, with authority to insure against
loss or damage to plate-glass, shall be permitted to
transact business in this State without having pre-
viously deposited for the benefit of their policy-
holders securities amounting to at least fifty thou-
sand dollars, with the superintendent of the insurance
department, treasurer or chief financial officer of the
State wherein such corporation, association or com-
pany is organized. Such deposit shall consist of the
same securities in character and description as are
required to be made by companies under the act
providing for the formation of life and fire insurance
companies, and in relation to agencies of such com-
panies, passed June twenty-fourth, one thousand

317

Superin-
tendent’s
office.

Furnish-
ing of.

Expenses,
payment
of.

What de-
posits nec
essary.

Securities,
nature of.
318

Policies,
issuing of
act.

Agents,
etc.

Penalty
for viola-
tion of, etc.

Laws of
1873, ch.
617, re-
pealed.

MISCELLANEOUS INSURANCE LAWS,

eight hundred and fifty-three, and the amendments
and additions thereto.

§ 2. No such corporation or company shall issue
or deliver any policy, certificate or contract of insur-
ance upon plate-glass within ‘this State, in any cor-
poration or company name, unless such corporation
or company shall have first complied with the pro-
visions of this act, prescribing and regulating de-
posits ; and no person shall act within this State as
agent, surveyor or otherwise, in soliciting, receiving
or procuring applications for insurance or. premiums
therefor, or in delivering policies of insurance, or
in adjusting or replacing losses, or in any manner
whatever in aid of transactions relating to the busi-
ness of plate-glass insurance of or for any company
or corporation, unless such ene or corporation
shall have fully complied with the provisions of this
act.

§3. Every violation of this act shall subject the
corporation or company committing such violation
to a penalty of five hundred dollars for each viola-
tion, which penalty shall be sued for and recovered
in the name of the people of this State by the district
attorney of the county in which the company or
corporation is located, or in which the agent or
agents shall have committed such violation, and
such penalty, when recovered, shall be paid into the
treasury of said county.

§ 4. Chapter six hundred and seventeen of the
laws of eighteen hundred and seventy-three, entitled
“ An act regulating. the deposit of securities by Ae
glass insurance companies,” is hereby repealed.
INDEX.

ABANDONMENT : Page.
construction of section 18, chap. 308, Laws of 1849...........cecceee 58
ACCOUNTING, final, of life insurance company, proceedings on.......... 74
ACCUMULATIONS, or Frre InsuRANCE COMPANIES, how invested ...... 20, 21
or MARINE INSURANCE COMPANIES, how invested ............ asians 50
oF Lire INSURANCE COMPANIES, how invested ..... ...-.2es0+e00e .
amount and nature of, to be reported in annual statement............ VW
ACTUARY, to close business of life insurance company, when to be
- appointed ............... ee ere ein acuta gidrpsais\avernsSioreco inh Wierd 171
AGENCIES, may be established by marine insurance companies beyond
the United States ............. esa ataie fe hG:'ejaleca agate ugncacy’ slsre:s- oaveaon eas 56
in Asia or Europe, may defer statements...... ..s.eeec eee eters eens 56
AGENCY, oF Free InsuRANCE CoMPANIES, with smaller capital than two
hundred thousand dollars, not to be established in :New York or
Kings counties........ Wis wig teas ate sie’a otal <a tte Bayes wens aKere Gee eee ae 18
companies doing business on the plan of mutual insurance not to estab-
lish in New York or Kings counties, until agreements entered into
with four hundred applicants.............cceeecceeeecneteres weeee 18,19
companies doing business in other counties not to establish, until agree-
merits entered into with two hundred applicants ............+.-- ave 19
AGENTS, or FirrE INsuRANCE COMPANIES, when process to be served upon, 83
of companies of other States and foreign countries, not to take risks
except in certain cases, and after having procured certificates of
authority from the superintendent of the insurance department ; reg-
ulations....... pine Aiayerarsiee ne sisierntesalerexs sisinislstaelewia mien bss tciesiets 33, 34, 35, 36
of foreign companies to furnish evidence of the investment of a certain
amount of securities for the benefit of policy holders in the United
States.........65 sGaese sees many ticle A SME Aste Pow LS eee ASiemneTuIele 34, 35
of companies of other States and foreign countries shall not be allowed
to transact business, when capital of the company is impaired twenty
percent .......-. eee ee sees Tissiearseacced $6 aioe c fauntai a eteiis sie sees 34
obtaining renewal of certificates of authority, shall file certified copies
of the same in county clerk’s office in the month of January in each ay
OOP wareiicticuis sicivtdo 4.4 Sey So se eit SACS aves sears ayes b aletercrere di acerasincts .. 30,
af enopasies of other States and foreign countries shall publish lo
tion of company, and the State or government under which it is
organized, in all advertisements.......-..- Ssayefersiaere’e sipiedes eeaeiay os 36
term, as used in section 23, chap. 466, Laws of 1858, defined.......... “36
required to discontinue the issue and renewal of policies after the pub-
lication of the revocation of their certificates of authority .......... 89, 40
‘of companies in New York city, not incorporated by the laws of this
State, to render an account to treasurer of New York fire department ;
pay two per cent tax ; to give bond, etc.......... seeees 102, 108, 104, 105
of companies in New York.city, not incorporated by the laws of this
State, shall report places of their residence, and the individuals or
associations for whom they are acting as agents ....... hotles . 106, 107

of companies not incorporated under the laws of this State, to pay two
per cent tax on premiums to the fire departments of all cities and

incorporated villages in this State... ...+s.seereseresercoeeerees Raa

embezzlement by, declared to be larceny......+2sssereseereeserers

35
320 INDEX.

AGENTS — Continued. Page,
oF MARINE InsuRANCE CoMPANIEs, of other States, not to transact the
business of insurance in this State without procuring certificates

of authority from the superintendent of the insurance department 47, 48

48

to procure statement under oath of president or secretary ........

of foreign companies, not to be appointed, without procuring cer-
tificates of authority ; regulations concerning......... ..... 3s es: 49

term, as used in section 7, chap. 308, Laws of 1849, defined . 49

new, to be appointed i in certain CaSeS ...... 6c eee cece eens ences 49

of companies, not incorporated by the laws of this State, to pay
two per cent State tax on premiums, and to are bonds to render

account, and pay tAX .....sssseeeeseess erence eters sesvessees 99,100
receiving money, liable in fiduciary capacity . HRT eee cei 256
embezzlement by, declared to be larceny....s.i...0.-eeeeeeeeee 257

oF Lire InsuRANCE CoMPANIES, of other States, hot to transact the
business of life insurance except in certain cases, and after
having received certificates of au from the superintendent
of the insurance department........0c.eeeeee ere eevecnnece 81, 82, 88
of foreign companies, regulations concerning se eeeeeeeeee 88, 84, 85, 86
duty of, to facilitate examination of company, made, or caused to
be made, by the superintendent of the insurance department.... 87
of companies not incorporated by the laws of this State, required
to discontinue the issuing of new policies in certain case ; publica.
tion by superintendent of the insurance department of notifica-
tion that their certificates of authority are revoked. veeevcereeae 87,88
receiving money liable in a fiduciary capacity... .........+0...5. 256
embezzlement by, declared to be larceny.........secessceeveer 257
AGREEMENTS, oF Fink Insurance CoMPANrss, for insurance, required
with at least four hundred applicants, preliminary to the incorpora-
tion of 2 mutual company in the city of New York and county of
Kings; in other counties two hundred applicants required.......... 18,19
oF Marine INSURANCE COMPANIES, for insurance, required with at
least one hundred applicants, preliminary to the incorporation of a
mutual company in the city of New York and county of Kings.... At
AGRICULTURAL INSURANCE COMPANY OF WATERTOWN, charter

  

BTA SNA Sia icartd ie ccd csocacentBreenoneiavacacate ovecesecerere’s sieceraavter’ coeress atte 205; 228

day for holding annual elections Changed... .... ccc cece siveee veces 205
ALBANY BOARD OF UNDERWRITERS, incorporation Oli see.ce. . 288
AMENDED CHARTER, notice of intention of corporation to apply to legis-

lature for, to be published sh a-cyhea sth BALI yh tac accstapassbelMarsnece i ovscnc bebe 2.8. 6 4

oF Fire INSURANCE CoMPANIES, to be filed, in case of extending term
of original charter, of a mutual or joint-stock company ...... 27,28,29
to be filed in case of the increase of capital stock of a mutual or
joint-stock company...........ieeeeee Severson
to be filed by a mutual company on ‘becoming B joint-stock company, 28, 29
or MARINE INSURANCE COMPANIES, may be made to conform to sec-
tion 14, chap. 808, Laws of 1849 ...... Sicoibrejdunavaheye eraraa shwapiatamtereica 8058 56, 57
or Lrg InsuRANCE CoMPANIES, in sama! with chap. 328, ‘Laws of
. 1860, may be made...... isd seedeatia desduis intaala teas Sisal easacceteaseaioancisiee ® 25, 76
may be made by companies so as to avail themselves of the provis-
ions of the act of 1858.......... ....eeee sid Rieieisyersieiiiene wk eet
AMENDMENT, of charters of joint-stock, fire and marine insurance com-
anies, on filing certificates of reduction of capital stock ..........+
AMENDMENTS TO ACTS, authorizing life insurance companies to make
special deposits of securities in the insurance ee ete, Chap.
708, Laws 1867........ . duck cicada bagune auctions caiswea Salaloieaks coaseisiemaag sees e 166
authorizing the formation of town insurance companies. “Chap. 7
Laws 1857. ..........eceeeee cotasdsey ora: ines Booravetivayers) A) a: ates asa 227, As. "Se 270
INDEX. 321

AMENDMENTS TO ACTS— Continued. Page.
providing for the incorporation of fire insurance companies. Chap. 466

Laws 1858.............. datdarcure sawieig ats SBS Siaiant re Seeandane 186, 206, 260, 269
providing for the incorporation of life and health insurance companies,

Chap. 468, Laws 1853 ‘
authorizing the formation of town insurance companies....... 245, 261, 270
relating to the inspection of steam boilers by metropolitan police.....

AMERICAN EXPERIENCE TABLE, rate of mortality to be that estab-

lished bys aisccaeccseneresimerkan ecks cowae ces pivieea aceigs emtara! oupaas 78, 79

table of mortality based On ....... 00. cece cee ee ces eeaceneees aaa ate
AMERICAN POPULAR LIFE INSURANCE COMPANY authorized to

 

imcrease its capital. ........ ccc ee scene eee ene neeee ceecseees 146
ANNUAL DIVIDENDS, made to stockholders, to be reported by life insur-

ance companies to thé superintendent ......... eoeews KeaeGu sane Lae 90

may be made by life insurance companies ...........0.cceceeecevecs 93, 94

to be made in favor of insurance companies belonging to underwriters’

BUG yi jerscd cas creavannnneauiereue send Sat Patan y aacalwakooanaeds 132
ANNUAL MEETING, when members of fire insurance companies entitled

to priority in subscribing to capital stock, at ........ 00. .cc cece eee 28

ANNUAL REPORT to contain names and compensation of clerks........ 11

to contain amount of expenses of department................0006 sitive 11

to be made on or before the first day of April......... sapoare aaa atdceate 11

fifteen hundred copies for use of superintendent...............+ aes 11

usual number of copies for use of legislature ................00e cues 11

of the superintendent of the insurance department .............. 33, 54,78

to be printed by the printer employed to print legislative documents. . 11

ANNUAL SALARY of superintendent increased.............0cceec cence 10

ANNUAL STATEMENTS, fees for filing .......... ccc cee eee eens 12, 18, 218
to be made to superintendent by receivers and trustees of insurance
companies.............. Se tewsees ss sae Rea ha 8 restate AMR Aa eiaosceweeca

tobe made by secretary of companies formed for insuring against loss
from the stealing of horses, cattleand sheep, etc.; contents thereof... 119, 120

or Fire INSURANCE COMPANIES, to be made by the officers of all com-

panies incorporated or organized under the laws of this State ; con-

tents: there ie:5- 6 5260.5 cine scdiayateis cepted BES a eres See es 30, 31, 82
to be made by companies of other States and foreign countries, 33, 34, o
36, 3

or MaRInE INSURANCE COMPANIES, of other States to be procured, filed

and published .......-..ccccesecceseseccecassserscssesenese
of other countries, and evidences of investment to be renewed, 48, 49, 50
of this State, to be made and filed; contents thereof........... .. 58,54
forms of, to be prescribed by superintendent ...............eeees 54
forms of, may be changed by superintendent................. Sac 54

information contained in, to be communicated to the legislature by
superintendent .......c ccc eeee teen e en eeee BGG a esetatovey toes Maye 54

or Lire INSURANCE COMPANIES, to be made and filed by the officers
’ of all companies organized under the laws of this State ; contents

Phereo $v seccv.sies sais sisrare sae oe ween te eees eee .- 77,78
to be made by companies of registered policies... ............. - 168
form for, to be provided by superintendent of the insurance depar'

MONE: sorieearnwear Messe sete sees Ee or ee ae 78

to be made by companies of other States and by foreign companies,
in the same form and manner as by our own companies, 83, 84, 85, 86
ANNUAL TAX to be paid by foreign insurance companies toward defray-
ing expenses of insurance department.............. see e eet eennees 85, 86
ANNUITIES, powers of companies to grant, purchase or dispose 8 ioe see 0
companies transacting business of life insurance prohibited from taking
other risks than those pertaining toannuities and toinsurancesonlife, 71
ANNUL?Y BONDS, to be issued to life insurance companies by the super-
int: ndent in certain CASES... ...ccce cree cece cere ceseevecsccccsees 91
322 INDEX.

 

ANNUITY BONDS — Continued. : Page.
to bear. upon their face certain WOrdS, ........c cece cence cee eeeneuee 91
companies receiving them, to be charged ‘with their net present value. 91
return of their condition to be made........ 0c cece ee eee eee tee eeeee 91 168
to be delivered to superintendent by COMPANIES. 0.6... cee ceca eee eese 92
how registered... ...ee cece cece eee ee eee ee QU eee eee ees 92
expenses of registration of, how paid 92
duplicates to be given to superintendent. siete Siew OF jou 169
return of mutilated ONES ..0. ascressewied yawns eauneweanmiewsoenrdes 93, 170

APPLICATION to the superintendent of the insurance department to be
made by a life insurance company desiring : to relinquish business... &8, 89
of chapter 88, Laws of £857, to existing marine insurance companies. . 60

APPRAISERS, fees Of, im Cértain, CaseSs..c6% 06s ocnsesassecnecerans 53
ARCTIC FIRE IN SURANCE CO. of city of New York, charter amended.. 237
ASHBURY LIFE INSURANCE CO., charter amended.........eee0seees 158

ASSESSMENTS may be made by superintendent on the stock insurance
companies of the State for excess of department expenses over fees

 

 

TOCOLV OU Ge iis ncd. cutie dian enadiedGures (ie MEPS ANEY RI TTS CER cei aoe
to be made to pay losses in mutual fire insurance companies.. 24, 25, 109, 10
may be made by a receiver of a mutual insurance company......... 110, 111
to be made in certain cases by companies for insuring against loss, a

having had stolen, horses, cattle and sheep ; proceedings sisuaeas 118, 119

to be made annually, upon insurance companies belonging to under-
writers’ GUUC. 0... ccc cee teen teen teen eens nena eneceans 182
ASSETS, premium notes taken by FIRE INSURANCE COMPANIES in advance,
considered as, for certain PUIPOSES...,. 5. +e cece erence eee eeeens a7
of companies to be specified in annual statements..... 380
to be set forth in statements of trustees and receivers 43
OF Marine INSUKANCE COMPANIES, to be specified in their annual

SLATS TOOTS sesssisensirsscnio ausersca,audveeee: vida erg ororeisniayesdebunesaiere:ls soravaliein ye: aoleeabidiered Gee 53, 54
notes taken in advance of premiums, when to be regarded ; GAs ceese 59
oF Lire INSURANCE COMPANIES, to be specified in their annual state-

PROD GS jain ocacnyapsincacoosvseacgveis Seaveeicaviers lanseuraeesue's ageuesd bere sieve. aesremocaleraie MW
ASIA, when agencies established in, statements may be deferred. vee = 56
ASSIGNMENTS, when to be received as evidence and recorded.......... 11

by insurance company in trust for the benefit of creditors, proceedings,

when the trust shall have become vested in the supreme court.... 111,112
ATLANTIC INSURANCE CO. of Albany, relative to special deposits ‘and

ADVOSEM CIES De 25.5 9, cnet lap eodin nyecoia-aisupss Wiaieis SA Siansle Sieararer@@ gered ee 181
ATTORNEY, to be appointed in this State for a fire insurance company of

another State or LOVEE COUDUEY -aiceissceachsious in: seerd: desi Seunaioue manciniecg F492 33

for a life insurance company from another State or country to be
appointed in this State, to file with the superintendent of the insur-

ance department a certified copy of said company’s charter and_of his

own appointment ; to file annual statement of the company’s affairs ;

his appointment to continue until another is substituted............ 82, 83

for a foreign life insurance company to be appointed, upon whom pro-

(OSS CAN be: SERVED vase use sdree ee weerecigem nme wsieme suisse nnees te 4

for a foreign life insurance company to make an annual statement of

the company’s affairs in the United States.............c.eeceeee 84, 85, 86
ATTORNEY-GENERAL to examine charter and proof of publication of

notice prior to the organization of a fire insurance company.......+

duty of, to apply to the supreme court for an order dissolving | a fire
insurance company in certain caseS ..........eeseeeseeee wea aacees , 89

to examine charter prior to organization of a marine insurance, company 52
certificate of approval by in case of extension of charter of mutual or

stock marine insurance COMPANY. ...... 4... cece ee ceeeeeeeeeenee ..» 58,59
to examine declaration prior to the organization of a life insurance
INDEX. 393

Page.

AUTHORITY, to commence business, for « fire insurance company organ-
ized in this State... 2.0... ce. cece ce cee cccusesceuvesevewarses 22, 23

to commence business, for a marine insurance company organized under
the lass of (ile States; 54:14 1 sv;scasesucvmae auaoucevasheuncovaha 53

to commence business, for a life, health or casualty insurance company
organized under the laws of this State......... sg i Vedi sik waaay jaar 75
for a company from another State.............cecee ween sevccceseees 82,83
for a foreign life insurance company..............06+. wicraiaiptaisiai coos. 84, 85

BANKING DEPARTMENT:
description of stocks and securities receivable at (see note) .........
BANKERS’ LIFE INSURANCE AND TRUST COMPANY OF NEW
YORK, incorporation Of ........... cece cece cece en euececaseeunes
charter amended, extension of time for formation of company... 216, «28, 258
BOARD OF FIRE UNDERWRITERS IN NEW YORE, who to constitute ;

purposes, powers and duties of corporation...... 125, 126, 127, 128, 129, 180
BOARD OF METROPOLITAN POLICE, fire marshal, assistant and clerks,
to be appointed by ...... 2-2 cece cece a neces eneneceeuarecneee 186, 187
reports to be made to, by fire marshal ...... 1. ....-cceceeeeceneaes 137
to direct and supervise in certain cases, the proceedings of the fire
MAYS ie dy os ote x iandieie eee Gs <ie'ebs esa pas USER ES GAA FRG CCR 189
BODIES CORPORATE AND POLITIC, companies organized under the acts
of June 25, 1853, and June 24, 1853, to be taken aS........... 0.000. 30, 77
BOND, official, in penalty of ten thousand dollars to be given by superin-
tendent; contents thereof va.cs ays sessed ce an ed han sd Oh Ma eOTES 10, 249
to be executed by agents of marine insurance companies not incorpora-
ted by the laws of this State....... 0... cece ee eee ee oe 100, 101

to be executed by agents of any individuals or association of individu-
als not incorporated by the laws of this State, preliminary to trans-

acting the business of fire insurance in the city of New York..... 104, 105
BONDS, to be transferred to superintendent of insurance department...... 12
and. mortgages of counties and incorporated cities of this State, capital
and funds of a fire insurance company may be invested in.......... 20, 21
and mortgages, capital of fire insurance companies may be invested in;
regulations CONCETNIDE .....- 60. c cece eee eee eee eee et ee eee eetene 20, 21
and mortgages, the capital of marine insurance companies, may be.
invested in; regulations concerning ............0e+eseeeeee eee sees 50
and mortgages, the capital of a life insurance company, may be invested,
in ; regulations concerning ...........ec cece cece eect ee ee ee eetees « 73,74
the funds and accumulations of a company may be invested in; yegu-
JatIONB eects dd-44 Saaetiad hates ee te a Si acon eme aa re 4,75
issued by county, town or village authorities, according to law, securi-
ties of a life insurance company may be invested in..... .......... 74,75
and mortgages deposited by a life insurance company of another State ;
regulations CONCETDING....... 6. eee ee ene e eee ete e tee cee et eee ees 81
and mortgages, transfer of, by superintendent, fo be countersigned by
State treasurer... 2... cece eee e eee eter eee e eases eee eens seeeeeeee 94
BOOKS, in offices of comptroller and secretary of State, to be transferred
to superintendent of insurance department.........++.++++-+++10es 12
of subscriptions to the capital stock of a fire insurance company ; when
to be opened .... ccc e cece cece ene ee een e tee cent eres eeteanene 20
of subscription to the capital stock of a marine insurance company;
when to be opened ....... 0. cece cece ee recente ene nr ese e erences 46
of marine insurance companies, to be opened for inspection of exam- a
PING TS ies bose 3.5 stam ete aera Dae loin eS oo od Gaia cess Gis Diantyersig eanars , 62
of subscriptions to the capital stock of a life insurance company ; when
to be opened... ... 0. . cee c eee e ec eect eect een nn teen ee ee ee eeenerees 2, 73
to be kept by State treasurer for entries of transfers of securities coun-
tersigned by him...........+seeeseee ecaisisieis sdgcarvienes eaaewrsgeaven 204

of insurance department, access t0.....ssssccerenesseacccssesescenee 169
324 INDEX.

Page,
BOTTOMRY interests, insurance to be made upon, by marine insurance
COMPANIES .. 0... sere eee ener sens FEw SEE TR PRET ENS Neie ee as oe 46
BY-LAWS, fire insurance companies have power to make, alter and amend. 23
marine insurance companies, power of corporators, or trustees or direc-
tors, to MAKE 6.6... 0. eee eee eee ee eee eens ES is bathe Pcaukeaegees 53
life insurance companies, power of corporators, or trustees or directors
MO! TCS 2 as caycusios axon eps dgsc weds sc svioks <0< shah ennievec ass anes ay: di suevenacitecenesa Guaneeca aioiee ts 16,77
companies formed to insure against loss by having had horses stolen,
UG 5 MAY AAG Ph iy be, soiree cacersnose ty sedestel sing taevsviladandv chavo ey ssa baueca Gxeyauis a6 0 Saunibes 120
BUILDINGS, not to be estimated in the valuation of real estate mortgaged
to fire insurance companies unless insured and policy assigned ..... 20
to be entered upon and examined by metropolitan fire marshal.... .. 188
BUFFALO CITY INSURANCE COMPANY, authorized to insure vessels,
LTEIPNES, SPECIE, SUC oie.» ce. sse nesoyes alvin avelareeiacpieiouernusureveieiet a deelein a 6 ieee
BURGLAR INSURANCE COMPANY of New York, incorporation of.. 155
CANADIAN INSURANCE COMPANIES :
deposit by, when may do business in this State............eceeeseee 269
CAPITAL, amount of, to be employed in business of fire i insurance com-
pany to be set Perel i CNA tieca soecmen pv pewscaaamam mensou rain 18
of a fire insurance company, how to be invested; may be changed and
PO AVI VE SECO feevicca> “syaia act sv cielacerspesucapous serucuarsrshnincea hoa adi a@uaiee kya eoewais 20, 21

of a marine insurance company, amount requisite for organization of, 47
of companies-from other States and countries, to be of the same amount

as required for companies of this State... 0.0... . cc cee ee ewes cones 48, 49
and funds, how to be invested... .. cc cece c cence cence ete eeeeenecs 50, 60
when deficiency in, how to be made up......... sce eececeeee 54, 55, 62, 63
when to be liable for payment of debts.......... cc. eeeee ones aasetiye 60
amount, requisite for life, health or casualty i insurance companies . vo)
to be wholly paid in and invested, before proceeding to business ; man-

ner of investment; may be changed and re-invested.............06 78, 74

of life insurance companies from other States, to be of the same
amount as required for companies of this State ; and to be invested

 
 

in securities of. « similar nature.......... 0.0066 cece eee ee eens 31
CAPITAL STOCK of a fire insurance company, to be specified in annual
SUALOMEN Gs oa sto 3.2 He capes hee mee Wotieee Ciela dane besa caiene er ephioeteyatpos snes «RE He 30
of joint-stock, fire and marine insurance companies, when to be reduced, 41,42
EXLENT-OF TOAUCHONS cer" iersiesscaiaicsescsshd come bbe, caine wale te arecere earache ae te
reduction to be made only upon resolution of board of directors. .....
when and: how increased........... ccc cece eee eee eee ee ceeeneenentes 43,168
of marine insurance company, books open for subscription to......... 46
amount of securities representing, to be specified in annual statement, 54
when impaired, dividends not to be made ...........0.ccceeeeeeceess
to be subscribed to, under certain circumstances distributed among sub-
scribers of life insurance companies...........cceeeceeseeeeeeeeee 72,78
amount of, to be specified in annual statement... ... mibnis wate, Lal,
Migs eee fae ees eee tonya oa an saa caieen sm seaare 200
when impaired companies may be refused right to do business....... 280
CASH CAPITAL of joint-stock fire insurance Se may be paid off
and canceled in certain caseS.......... cece eect eee cece een e eens
of not less than thirty thousand dollars may be added by a mutual fire
insurance company ; regulations ...........0.605 sees eeeeee ss sae 25,26
marine insurance companies to unite as additional | security in certain
CUBOB! iar yeimnateae atch apsissarnereear at Masa, icc a ce sk orpresoueceeec acm ete av eee ioeabiarannciis Oe . 59,60
when liable for payment of debts ...... Sitipaaeeniera: we. Gx scibjavgk shaveyandeaners as
mutual companies authorized to create ..........0ce cee eens ashton ee .

holders of, entitled to one vote at elections. ........ 00... cuececeeevee 60, 67
INDEX. 325

: Page.
CERTIFICATE, when to be received as evidence and recorded ......... oe 11
of approval of governor to official seal, etc.......... ad gvie cee ees , 11
on reduction of capital stock to be executed by superintendent....... 42
to be filed in offices of superintendent and county clerk ........... oe. 42, 48

FIRE INSURANCE CoMPANIES, extending period within which to sell
real estate may be given by the superintendent, in certain cases.... 21,22
of attorney-general as to the charter and proof of publication of notice

preliminary to the organization of a company..........seeseeeseee 22
may be given by superintendent, to enable joint-stock company to pay

off and cancel cash capital.............. cece cece eee ceesueceuseues 26
that the whole amount of capital of a company has been paid in; to be

recorded..............2004 ied poitie digs aauidinan wo uis Mine Repeal aNte s 27

MARINE INSURANCE COMPANIES, to extend time for sale of real estate,
may be procured from superintendent of insurance department,

IM COrtAin CASES... 2... ieee eee eee e tee eeeeen eeenk cee 51

of the attorney-general as to the charter of ; to be filed...... waves 52, 53
of superintendent of insurance department, or commissioners, pre-
liminary to organization of company, to be filed, and certified

COPY: LOIMIBNEDs wiiiccoc soaswing gaenminienes. eatlwewk Vanewen’ coer 52, 53
certified copy of, and of charter, filed in office of county clerk, to be
authority to commence business, and to be used as evidence for

or against corporations........... Asteweiicet accel sented slereteve x 53
of stock, when to be recalled and new issued............. 54, 55, 62, 68
of superintendent, as to condition of mutual or stock marine insur-

ance company extending its charter........... a7 CoA eee 58
of approval of extension of charter of such company by attorney-

general........ od 2 ela Gps arceatinia dimeliense barnerea Wllaie and avorhy aise ile 58, 59

LiFe INSURANCE CoMPANTES, of the attorney-general as to the declara-
tion and charter of the corporators of a company, preliminary to
the organization of the company; to be recorded.............. 72
of deposit to be furnished by the superintendent of the insurance
department, and when filed with other papers in the county
clerk’s office, to be the authority to commence business; and
when so filed may be used as evidence for and against the cor-
poration inal) sUltS.cceesese cess secede cece ee eteseteessseavesss 15
to extend fime for sale of real estate owned by companies, may be
issued by superintendent in certain cases...... 0 seceeesseeeeee 76
of the comptroller or chief financial officer of another State, that a
company of that State has deposited securities with him, to be

furnished to the superintendent of the insurance department.... 81
CERTIFICATES OF AUTHORITY, fees for, and for certified copies
thereof........ sisiwesseer sees kas asaishs Spetaasi aden aire ee aes 12, 36, 218

Fire InsuRANCE COMPANIES, to be granted by superintendent to the
agents of companies of other States and foreign countries in certain
cases; regulationS..  .-..... ce eee e cer eee cote cent eee eneees . 85, 220

not to be given when capital is impaired twenty per cent........ . 84, 62
certified copy of, to be filed by agents of companies of other States
and foreign countries in county clerk's office, in the month of

January in each year... 1... ccc cece ee eee te es en ee en etree enens 35, 36
certified copy of, to be published in the State paper, and proof of
publication filed in the insurance department.................. 35

Marine InsuRANCE COMPANIES, to be granted by superintendent, in
certain cases, to agents of companies of other States and coun-

tries; regulations concerning.........+..-.- a doe ah eteneceiais 48, 49, 220
to be filed in county clerk’s office where agent resides, or where
agency established,and to be published........ se auaiacebracesainl «. +» 48,49

Lire INSURANCE COMPANIES, to be granted by superintendent, in certain
cases, to the agents of companies from other States and foreign
countries; regulations concerning........... ceeds 82, 83, 84, 85, 220
to be filed in county clerk’s office.......... seaveivinns a Se wisjertdsiedven B82, OF
when to be revoked and canceled..............+ ahs siattale stele arenes 93
326 INDEX.

eae

CERTIFICATE OF INCORPORATION of companies, how amended.. 177

of life and health insurance companies, what to contain.............. 152
CERTIFICATE OF STOCK, return of old, and issuing new in liew thereof,
ih COPtAL CASES, 6... eos Soicre pine 8 20 FOOTAGE TS ATS GEO Rae nen

 

deposited by life insurance companies with superintendent,
CERTIFIED COPY of papers in office of superintendent, when to be evi-

OTC Oy recs iai th wieinen casa reggie So ties WISRALAN Bin oA AES SEMIN AH a UNIS Ae eae il
of certificates of authority, fees for.......... eee eee ee ee ee eee een é 12
of papers filed in office of superintendent, fees for..... ............. 12
GF 663], O06, TAGS TOP. is das cece coe ees USOT EEK EER Sd E Rees 12

of declaration and charter of life insurance company, to be furnished
to corporators by superintendent, and by them filed in the county

GLETE A) OM COs. cove seine eens ces oe Pes Se TRA CA ee eR aed ke ee eye 72,75
CHARTER, notice of intention of corporation to apply to the legislature,
for amendments of, to be published; contents of notice............ , 8
fees for filing certified copy Of ........ cc cece ee cece cece eee eee ences 12, 213
copy of, to be comprised in declaration ......... cc cece eee e nsec eseaees 18
What tO CONTIG... seccecas dense Fades saeT REV Tee TE ee eRe ee eeR EEA 18
oF Fire INSURANCE CoMPANY, to be forfeited when dividends made
‘contrary to provisions of section 12, chapter 466, Laws of 1853,. 4
amended, to be filed in case of extending the term of the original
charter of a joint-stock or mutual company.............005 7, 28, 29
amended, to be filedin dase of a mutual company becoming a doe
stock company, and to be conformed to the act...........0.00. 28, 29

amended, to be filed on increasing the capital stock of a company. 29
certified copy of, to be filed by a company of another State or foreign
country, preliminary to procuring authority to transact business

inthis: States.cscascarseridewdaw aad pores ee ME Se OK FAR eeNS 4 -88, 84
duration of company, provided for in......... eee eee e ee ene 40

of a company organized or extended under act of June 26, 1853,
may be subsequently extended .............0+seeeee ike Sears 40
filing of certain certificate, an amendment of.........+.0eseeuees 43

OF A MARINE INSURANCE COMPANY, to be comprised in declaration and
filed in insurance department; contents thereof .............+. 46

corporators to declare in, mode and manner of exercising cor-
POrate POwWers! 30 cevssescss sade denversns ose sy i Ps sewawmnes 52

to be examined by attorney-general, and by superintendent of in-
surance department, or three commissioners; regulations con-

COMMING jos seve ave eis seeav eevee Ue eeuies ee eeeeekss VisGaeains 52, 53
companies organized under special, may avail themselves of pro- *

visions of section 1, chap. 574, of the Laws of 1867 ............ 52
may be extended by joint-stock or mutual companies . iG es peaeats 56, 57
shall continue thirty years .......0.. cece ese ete cece ee ee eens 57
of mutual or stock marine insurance companies may be extended ;

proceedings thereon.......... cece sc see e ns ceneeereneeacesens

oF a Lire, Heara OR CasuaLTy INSURANCE CoMPANY, to be com-

prised i in declaration, and filed in insurance department ; contents
there! iiss. sccm ag. os8 a aibes sass esa en eae eG EA HENS Ce LES soe Bem 71,72
amendment of, provided for by section 3, chap. 828, Laws of 1860, 75,76

of a company organized under laws of this State, to continue till

Tepeal eds cane sucuiscgesereisawenew na Me heswees GeRN VENAetER eee 89

when to become VOid........0.. cece cece esse een eeenenee neste 158
CITIZENS’ PLATE.GLASS INSURANCE COMPANY, encruprauan a of,. 225
CLAVERICK FIRE COMPANY authorized to insure certain Denese 261
CLERKS, to be appointed by superintendent....... Se ee 10
their. compensation, when and how paid .............0.sseeeeeeeeeee 10

one of them to he annointed denntv _.
INDEX.

COMMISSIONERS, to examine the capital of a fire insurance company

preliminary to organization...............05 SidSh fase) Riese ina sasalne areg e708
may be appointed by superintendent to examine the condition of any
fire insurance company doing business in this State; proceedings, 37,
examination of condition of marine insurance company by

COMMISSION, may be issued to examine witnesses, by referee, in relation

to controversy between receiver and stockholders of insolvent mutual
insurance compan

COMMONWEALTH LIFE INSURANCE COMPANY, charter amended, etc
COMPANIES may be formed for insurance against loss by having had

stolen horses, cattle and sheep; provisions for forming and regula-
tions concerning ......... cece eee ence eee eee tence ent eesecenes

Fire INSURANCE, may be formed for the purposes of fire and inland

navigation insurance ............00- ceeeee eee sheauasieavnieaeyiis
organized under the act of June 25, 1858, authorized to effect re-
INSUTANCES oa. 5 farevwieecncs median ao neem saa auosavets iSieitearaarenianies ain

shall not deal or trade in buying and selling goods; exceptions. .
mutual, may prescribe the liability of the owners of cash capital,

and the interest to be paid to them...:...5.. 0.0.6. ce eeeeeeeee
extended, or exchanged, under the provisions of section 18, chap.

327
Page,
22
88, 39
52

124
204

126
17

25, 26

466, Laws of 1858, to come under the provisions of the said act, 27,28

incorporated, or extended, under the “ Act to provide for the incor-
- poration of insurance companies,’ passed April 10, 1849, brought

under the provisions of chap. 466, Laws of 1853, sub modo..... 30
incorporated or extended, under chap. 466, Laws of 1853, to be
deemed bodies politic and corporate, and subject to the provis-
ions of the Revised Statutes ....... iste aynS oad io Sod awa Seeks hs
required to make annual statements ..............-cceee eee 30, 35, 57
may change dates of termination of fiscal years in certain cases... 112
MARINE INSURANCE, may be formed for the purposes of insurance
appertaining to marine risks and risks of transportation and
navigation. .......... 226 cece ee eee e eee cece teeter eens 46
empowered to make re-insurance in certain cases ...............- 46
from other States and foreign countries to make annual state-
MONS. .c4i6se.ewindten eee tHeedsise om Ges 47, 48, 49, 50
how to invest their capital and surplus accumulations............ 50
prohibited from purchasing, conveying or holding real estate,
except for certain purposes and in a certain manner........... 51
of this State, officers of, to make annual statements; contents
the POOL -.oc dis score ogee 8 Ge Se ARRAS Pee Deve neee .+ 58,54
may change dates of termination of their fiscal years in certain i
CASOS 6 aces, sve orn srsiicsaccveis oie Srebaaiw a's, VOR H Sarte WES. Fass EEO RS SESE
may maintain suits at law against members and stockholders, and
WLOG WETBD 5 xv ahci nicsetre nent DS Geeks SEES Hew EA EESy SARA SRS 57
to be subject to provisions of Revised Statutes .............-.+.. 58
restained from dealing or trading in commodities................ 58
mutual, to unite cash capital in certain cases... ...........0.65. 59
to have lien on stock, or certificates of profits of members in cer-
tain CASES... 1... ce eee ee eee BS ee theses Biel ab areas ters Seatieis rev even’ 61
mutual, authorized to create cash capital.. ......0....e..eee eee 65, 66
Lire INsURANCE, may be formed for the purposes of insurance upon
the lives of individuals; upon the health of individuals; the
lives of live stock and against casualties............. -......5- 70
when organized under one department of the law of June 24, 1853,
not to take risks in the other department ....-...........0006- val
authorized to effect re-insurance’.... 6 wie ee eee eee see vi
transacting the business of life insurance prohibited from taking
other risks than those appertaining to insurarces on life, and to
- annuities ; exception ........-.... Ase GaNttae ase Be caves SR TES 1

36
328 INDEX.

COMPANIES, Lirr InsurANCE — Continued. Page,
organized under chap. 463 and 551, Laws of 1853, may, by a vote
of their directors, accept the provisions of chap. 328, Laws of 1860,
and amend their charter to conform to the same....... 75,76
may maintain suits at law against members and stockholders ; ‘and
TOG DOT BUG sa cesar ck asin Sista pu teria a ta phn 26 a soso sale Copsioietimi dus ve ialie ai STO LER Wide ave evataces 16,77
formed under act of J une 24, 1853, shall be deemed bodies corpor-
ate and politic, and subject to the provisions of the Revised
Statutes ; exceptions. fs <rdah Mesetbredaea Seige aeons abcosusacandee oleueusetesietenstegatiatelarecs 77
from other States, and from foreign countries, to make annual state-
ments in the same form and manner as our own companies.. 84, 85, 86
desiring to relinquish business, to institute certain proceedings. . 88, 89
incorporated under the laws of this State may avail themselves of
the provisions of the act of June 24, 1853, by complying with

Certain requisitionS......... sees cece ere r eect eee e ert ereeenens 89
COMPENSATION of superintendent of insurance department Aonouele seaee 10, 248
Of CLOT ss csiare sina seca ais: 0:4: arden ns a1 esesn ese vse own ieee wiaidnniecengrate ace siaviavatgiewinig:aloimsie's 10
to be reported to legislature cana Win ta lavads Os, linac anova var oiacaj suai stave auptacae 11
of State treasurer for countersigning transfer of securities and other
Chri Pee ee ee ee ee er ree 95
of ee fire marshal and other officers, and when and ae inp
ALCL seen: ia fesesnse ie Gales fay dates secs aration fo otespsthovairecovsirainrs nccaus Scmunaecn
‘COMPTROLLER, warrant of, necessary for. payment of compensation of
CLOG y ha stecataneis tocar ease wins caorns yh wx’ erararare one seeniermieenn ae anrorecars brseater acs a 10
official bond of superintendent to be approved DYisssssisnassacsetparih esas. 10
powers, duties of, etc., in relation to insurance companies and their for-
mation, transferred to superintendent of insurance department ..... 10,11
books, papers, documents, securities, mortgages, etc., in office of, to be
transferred to superintendent ..........00cee cece ene e crete renee 12
warrant of, necessary for payment of epee of fael, light, etc., fur-
nished insurance department...........00.65 peacaiesarete Sewiaca BOSE Sareea eta 12
superintendent, etc., substituted for (note) Z sansbiiads archn jeiarconte score MSS 1

CONSENT, in writing, of three-fourths in amount of the stockholders of a
joint-stock fire insurance oanseed to be filed on increasing its capital

SEOCK sara cdyaiaraecasmorose in isonceinsaraca deavet star evclayoy ep siat ata) ojaCaeet dea sasdVeiesteahcpaiatenere gases 29
of two thirds of the members or corporators of a mutual fire insurance
company necessary, in order to change the same intoa aii

COMPADY... cece 5 vee eeeeesecersneseeecenecee wenenes 28
unanimous, of trustees, required on increasing the capital of a mutual
COMPANY... sec eenee ener ee eeee nee eestneseteenes see senneeees 29

in writing, of a majority of three-fourths i in amount of the stockholders of
a marine insurance company, unecessary to extend its original charter, 56,57

unanimous, of trustees, necessary to extend original charter.... ..... 67

by all, or two-thirds of trustees, to extension of charter of mutual or
stock marine insurance company, NECESSATY.......... 02 ec cess cece 58

when, for mutual companies in operation in New York city, to increase
capital, to be filed in the office of superintendent..............0006 . 60, 61

of two-thirds of board of directors, managers, or finance committee,
necessary for investment of funds of life insurance company, in cer-

POM SO CUTILO Bs: a -saiiase idee avai ciereieie tian Bene ainsddae tare soca aur Bieeese veces 14,75
CONSENT OF SUPERIN' TENDENT requisite to extend time for aaa of
real estate of a marine insurance company........2..se.eeeere 51
requisite to amend charter in conformity to the act of 1860.......+-- 5, %
to extend time for sale of real estate of a life insurance company. . caee 6
CONSTITUTION, extract from... ..... cc cece cece eee sence eee eeeeenrene 5
construction of section 18, oa 308, of the Laws of 1849. . seer — 58
CON TENTS; GAD LO (Of cete.z aiayeaiatt dese tic us Scsies aga seisvane islesote aigroeaapiceleraiapacone bi ecacelN¥ 8, 4

 
INDEX. 329

Page.

CORPORATIONS, how created..............- eas ¥ ears Sse baa oe REZE so5% 5
term, as used in article VIII of the constitution, defined.............. 5
may sue and be sued in like cases as natural persons..........2. s+. 5

when notice of applications to legislature for acts of incorporation to

be published
fire insurance, may bring suits against members and stockholders. ....
marine insurance, may bring suits against members and stockholders. 57
life insurance, may bring suits against members and stockholders..... 76,77
New York board of fire underwriters subject to certain provisions of

Revised Statutes... 0... 0. cece cect ee teen en ence cnet ence rseneeeee 130

New York underwriters’ guild subject to restrictions and liabilities
prescribed by the Revised Statutes......... cc cc cece cece nsec eees 184
organized under general laws, relief of............0s cece cence nese ees 177
CORPORATORS, declaration to be signed by, and express their intention.. 17,18
to publish a notice of their intention............. 0. ..c cece cece eeeees 18

or officers, of a fire insurance company, required to certify under oath
as to capital on incorporation... .....0.. cece ence ee cee en ee eeee . 22

trustees, and those entitled to participate in profits of a fire insurance
~ eompany, liable for debts, until capital is paid in and certificate

 

recorded........-. sHiawstdestdaepay Bago clenmnen tha kis awe acai meget 27
of a marine insurance company to file declaration in office of superin-
Tengen tis 'uc-cy sais aeisye crapecrarcieaiears weed ania mais tuleni eaiouane ears 46
to declare in charter the mode and manner of exercising corporate
POWELS 6.506 ci 56sec tresses seeds eeileeimee voice eels eile 52
of trustees, or directors, empowered to make by-laws.............-+ [xe 53
when jointly and severally liable...... tie poeta seiaiisne aueaeine 59
designation of, applied to certain persons..........0-+seceeeeeeeeecee 71
of a life insurance company, to file declaration in the office of the
superintendent.........+.-. SAR RiUlsieaie tats sR HANS GG Oa SY 71

COSMOS LIFE POLICY TRUST CO. of New York, charter amended.... 199
COUNTY CLERE, certified copy of certificates of authority to be filed by
agents of fire insurance companies of other States and ‘countries in

Office Of, occ cece cee ee ere cee e ee eet eee ee ee tenet teen eeeereeene 35
certificates of reduction of capital stock to be filed in office of....... .- 42,43
statement of marine insurance companies of other States and countries

to be filed in office of....... Baise DAS ESTERS RE eae he Hed eee Dew ESS te 48, 49
certificates and renewal certificates to be filed in office of, where agency

established ... 0... ccc cece eee cece eee n ere eer cece eee enseteenees 49
certified copies of certificate of authority to be filed by life insurance

companies of other countries in office Of.........+..25 ee eseere eee 84
fees OF 2. cece cece cece ence teen eee nett een reese eens nese eertereaee 40, 86

CREDITORS, individual liability of stockholders of marine insurance com-

panies to, in certain caseS.........sesserense renee ees e tees ees 59
of a man whose life is insured for the benefit of his wife, to have no

claim upon amount of insurance; exceptions......... fest eeeneenee 97

DECLARATION:
fees for filing ........ ORR ROS A RSS e854 wh ty) csscvaehia pines Heiamennews eas 12

to be filed in the office of the superintendent of the insurance depart-
ment by the corporators of a fire insurance company ; contents

thereof.....5 .eeeseereecees ead ce. Gases atiae Snes Maes BRS AEE 17,18, 260
of intention to extend term of original charter by an existing joint

stock fire insurance company to be filed..........2.seeeee rece eneee 27
of intention to create safety fund by fire insurance companies to be filed

in the office of the superintendent. .....-..-6s essere esee ere eetes 264
of intention to extend term of original charter to be filed by mutual

companies organized under the general act .........++.++s++++suss: 28

of intention to be filed by a mutual fire insurance company heretofore
incorporated, desiring to extend the term of its original charter ;
other proceedings. ..... -sseseeereereeeeteeces SGuige anid aieaietntpaace: BOHOC
880 INDEX.

DECLARATION — Continued. Page.
of marine insurance company to be filed in the office of the superin-
tendent of the insurance department, by corporators of; contents

HHGTCOL acer cwieeel? Giew, RAG AGH sAReSE eee Las omaaainletes 46

to be filed on extension of Chaban facacoeraSbinnta aiuteehisteai ac nian. Akio 57
to be filed in the office of the superintendent ofgthe insurance depart-
ment, by the corporators of a life, health or casualty insurance com-

pany ; contents thereof .......... ccc c eee ener teens wieder. 71,72
to be recorded with certificate of attorney-general.......,.......... 72
certified copy of, and certificate furnished by superintendent to direc.
tors ; and to be by them filed in county clerk’s office.............. 72,75
DEFICIENCY, when in assets of fire insurance company, proceedings had
to close up the business of the company ........00+ceeueeeceveveee 38
when in capital of marine insurance company, stockholders ‘to pay in
AMOUNT thee! ic205 Koti ee camencee Mee dts SOR Meee EE ETS 84
when in assets of a marine insurance company, proceedings had to ‘close
up the business of the company...........000 seer ee enetecee rene 62
when in assets of life insurance. company, proceedings to be had for
dissolution thereof s..005 .avetsc. eeieaausa eeasaws emwomeneeers 5 87,88
DEPARTMENT, insurance, established, charged with the execution of all
laws in relation tO IMSNTENCE ..c0% eatoaceces ¢ Gaba hike area at ates oes
DEPOSIT of securities in insurance department by companies of other States
It GOTiAIN CASES o.. sav. casas eveeuané Beheredeaane Sates eeeerex wes 18, 14
of securities to be made with the superintendent by fire insurance com-,
panies of other countries... 6.6.6.5 cece cece e ener ents enters 34, 218

of securities to be made with the superintendent by life, ‘health | or :
casualty insurance companies of this State ; by foreign companies. 78,74,
83, 84, 153
certificates of, to be furnished to companies by superintendent...... 75
of securities, to be made by companies of other States-with the chief
financial officer of the State, under the laws of which the company

 

IS OFBONIZEd wi cnc anevcive ews seaw ee ORO ATEwIwee Oe GawaR hes Ty x 81

certificate of, to be furnished to the superintendent of the insurance
department by a company from another State............. foe 81
of securities by plate glass company............. cc ese e ence ene eeene « 282

special, of. securities to be made with superintendent by life insurance
COMPANIES: ceeii seer aeesatena se cas ceeerees petaaneweswrees 90, 91, 167, 174
of additional securities, when made ........... .ceecnsceeevseaetees 91, 92

of certain securities to be made in accordance with chap. 708, Laws of
868 joc dasd setae ence eee MEARS eM ERAN wee whites 93
DEPUTY SUPERINTENDENT, to be appointed ; his powers and duties. . 10
to countersign registered policies and annuity DORA edwin aeacenaenr: 91

DEPUTY STATE TREASURER, transfer of securities a superintend. ;

ent, in certain cases ; to be countersigned by 94
Other duties Of ..cicjacvseree se casa veewaese vetascewe re ereds aeeca 9B

DIRECTORS, Fire INSURANCE Company, of a stock company shall ‘each,
own at least five hundred dollars’ worth of stock at par value...... 18
majority of, in fire companies must be citizens of this State........... 18:
trustees or corporators may make certain by-laws.........ccsseeeeeee 23

or trustees of a mutual company may determine the amount of pre-
mium note to be given under certain restrictions ...........05 sees 24,
reduction of capital stock made only upon resolution of board of...... 42
Mee INSURANCE COMPANIES, a majority of, to be citizens of this ss

CALC cei greeies wees ae S Seale Mh Cay ANNE eeDMEA SaoRRENS
to create new stock and issue new certificates therefor in certain
CABOS occas eisidaier  SvODGSAR OR Eee ARMIN eee

individually liable for additional losses in certain COSC... cesses
personally liable to pay damages in certain cases.........
authorized to create new stock under certain circumstances. .
individual liability of....... he EEG: GE LARA Saha at colareradavasaue: ausionten

life insurance company, majority of, to be citizens of this mete: 72, 162

 
INDEX. 331

Page.
DISBURSEMENTS, prevailing party to recover, in controversies between
receivers and stockholders of insolvent mutual insurance companies, 124
DISSOLUTION of fire or marine insurance company by the supreme court

on the application of the attorney-general, in what cases......... 37, 88, 62
DISTRIBUTION of the stock of a life, health or casualty. insurance com-
pany, among subscribers; in what cases to take place.............. 72, 73
DISTRICT ATTORNEY, penalty sued for by, and when recovered to be
paid into the treasury of county......0 0.0... cece cece ceccusecucuce 49
DIVIDENDS may be made by fire insurance companies from surplus profits
only; penalty for violation of this provision...... soi iwerslsi  eavisie 28, 24
of mutual fire, marine and life insurance companies, unclaimed for two
years, statement of, to be published annually................000005 110

by marine insurance companies, not to be made, when capital stock is
impaired, or when making thereof will have effect of impairing
Capltal BLOCK ines cout aitie mainmayaideninae eee oskee se ook! alae dag as 40K 59

on stocks and securities of life insurance companies held by superin-
tendent in trust, may be collected during solvency of the company

Ge POSTING ies ies cia lage vos aed oct ue rere Shel eale MEMClMaU ee Rieaelews sedearees 74,
certain, made to stockholders by life insurance companies to be re-
ported to the superintendent.......... 00.000. cece eccecaccenees < 90
may be made annually by life insurance companies.................- 93, 94
to be made annually,in favor of insurance companies constituting
UNGEPWHILETS? PUL oes sos cciesgeieeeis neti vag peed Exes ees se esieZ ees 132
may be made by life insurance companies from surplus profits........ 224
____ extra may be made in certain caseS........... ccc cece eect e eect e eens 280
DURATION of the charter of a fire insurance company under the laws of
this: Statecscaes gas oedd o ebss ea) WER ReMPed Fae eRe S: otal e edie ne 40
of the charter of a marine insurance company under the laws of this
State sowacenau give evy a gis 4 ap eeemededee ena Wealee Laven eas ee ed cae 5?

of the charter of a life insurance company under the laws of this State, 89
DUTY of officers or agents of life, health or casualty insurance companies
to open books for inspection in case of examination by superin-

Pend ons: sccwironasiaaiee’ <ieo¥.g eS Uae Hie siera acehelsntsl nave mnsisbravetnyhauiesiand 87
HCLECTIC LIFE INSURANCE COMPANY:
name of first eclectic assurance society changed t0..........-.eecee0e 145

EMBEZZLEMENT by agent of insurance company declared to be larceny.. 257
EMPIRE MUTUAL LIFE INSURANCE COMPANY, authorized toincrease ~

Cabal (StOOK., 2-5 ceria. sees aiweecaesg aos save See bid e's coors HER alee Siaaveave 203
EVIDENCE, when certificates, assignments or conveyances executed by
superintendent to be received AS.......-0 sce eese cere er een neenee : 11
certified copies of papers, etc., in office of superintendent, to be...... on li
certified copy of charter and certificates filed in county clerk’s office,
may be used for or against fire insurance company................ «28

that cash capital has been paid in at the organization of a mutual fire
insurance company to be furnished to the satisfaction of the superin-

HONGENtGy asics a, sworn wargaw Trees ik gual oa Peer eee eee eee 26
certified copy of charter and certificates filed in county clerk’s office to
be used as, for or against marine insurance company............... 53

to be furnished by agents of foreign marine insurance companies’ to
superintendent, of investment of certain stocks, before admission to

the State to do business.......... case Geen’ sieiriglene see ata steneiokate 48, 49
certified copy of charter and certificates filed in county clerk’s office

may be used as, for or against life insurance COMPANY... ...... eee 5
EUROPE, when agencies established in, by marine insurance company,

statements may be deferred.......-.ceseeeeseeeees Gieaedee vey 56

EXAMINATION, by superintendent or commissioners, of the condition
and affairs of a fire insurance company ; proceedings thereon, 87, 38, 39, 260

of charter of marine insurance company by attorney-general..... waders 52

of condition of, to be made by superintendent or commissioners... . 52, 58
433 = INDEX.

EXAMINATION — Continued.
if upon, the losses and expenses of stock company have exceeded

Page.

promiums for any year, what actlon to be bad. .vcccecsceennsee OG, 08

into affalrs of marine insurance companies by porsons appolnted by
superintendent..... SAC RRA RVR NN Ga A ou Ne Teo eS Ta Ni

duties of officers nnd agents of companies lu relation thereto...

of declaration of a life tusuranoe by attorney-general..cecccccseaveee

“ft tho wtliutrs of a life Insurance company to be caused to be made by
suporintondont In COPLALN CABOB. cc cere ecee ere eneneeeeeee vane

oxponses of, to be borne by company oxmmlnod....ccceee veeeee

of Ife nnd casualty insurance companies by suporintondont..ccceeees
EXCHLSIOR FIRE INSURANGD COMPANY, valliity of conveyance...
EXCELSIOR LIFE INSURANCH COMPANY, charter amondodvas.scee.
EXCESS, of corialn securities above net present value of reglatered pollelos
and annulty bonds, when withdrawn from insuraneo departinont....
EXEMPT FIREMEN’S BENEVOLENT UND, tax on promiunia, payable
to trusteos of, for a mited perlod of thug... ..ceccesenebecreeneae
BPXPENDITURES of a fro Insurance company to bo specified in annual
BEOTOMANt. coe cree een eee et neon nese rei t eee eeeeeeeeneten oe

to be sot forth in statements of recelvers and trustOOS.cesseecrvee coe

of marine insurance company to bo spoclflod tu lit annual statement...

of a life Insurance company to be specttied in its annual atatement,...
EXPENSES of insurance departmont; to be reported annually, .iccecees
when fees are exceeded by, thon ansossments to be mado... csceeeee

 

y

12
of registration of policies and annulty bonds, how puld,..... .... 02, 08, 100

EXTENSION of time for selling roal estate owned by flro Insurance com.

PONCE) aiid tae heres Teter | BE
of time for selling real estate owned by marine insurance compantes,. — 51
of charter by joint-stock and mutual marino insurance compnules,... 80, 0%
of charter by mittual and stock marine Insurance company, and pro:

Cveding’s theron, .caccsecccereverscereeercusvecrevesrectsecseess OB) M0
of time for selling real oxtate owned by Ife insurance companion... 70

EXTENSION OF THI CHARTIORS of certain insurance companies in
Now: Vowle: Ghyy sccasicssacsuwn warsaaaine siteciiscs lanrearsiomardaa in eerataisiew ales

FARM BUILDINGS: ‘
not to be estimated In the valuation of real estate mortgaged to life
INBUPANCO COMPONIOH. ce ereeereccceeeraeerneerenseeeeenareetene

FEES to bo pald by Insurance companies to Insurance department, 12, 18, et

for each certificate of authority and certified copy thereof,.... 12, 80, 88, a

for examination of title to real ostate In cortaln CnHON voc cceren sens

for appraisal of property in Cortln CAHOM, cc seek cece eeereeeeneenes

to be paid to county clerk....ccceeeceereees eee ee nn eneeereeeenenaes
FIDELITY of persons holding places of public and private trust, powor to
WATANLCO cieceseccee ceeeen sees ceedeenneeeettenreens eens enens
FINES, what to be pald b poeuapias of other States, In cortaln cases,...
FIRE ASSURANCE AGENCIES, incorporation of... .cse.sseees ceeapen
FIRE INSURANCE COMPANIMS, formation of, and thelr purposus,,.. 1
prohibited from exposliy themselves to loss to an wmount oxeveding

ton por cont of pald up CApliOlssscessccceeerceecerveseeenenneeeer

85
40, 86

10
18, 14
252
7, 200

20

may hold or eonvihy real estate; In what cases and for what Tp 91,22
0

hereafter organized to have word “mutual” or “stock” on policies an
TONGWH! TECOIPHAs viicse vedacsinsseaeddureraa reas eeerTMNNeOts ra.
mombors of, when entitled to priority in subscribing to capital atock, 27,
may Increase the amount of thelr capital stock ; proceedings thereon, . fi
of other States and foreign countries, not slowed to dace rinks oxcopt

in certain cases, and on procuring certificates of authority from the

98, 20
0, 186

superintendent of the Insurance departmont.......+...+. BB, 84, 85, 86, i

may have allen upon the stock or cortifiente of proflia of members...
when capital stock of, fo be roducod. .csscceecceccesceucscevanreesens

41, 42
INDEX. 333

FIRE INSURANCE COMPANIES — Continued, Page.
scrip of, to bear interest ; surplus of, how invested ,........ sreeceees 207
when supreme court may appoint receiver ..... Sade ERE seeseceees 260

FIRE DEPARTMENT in New York city may sue for certain penalties;

PIOCOCUIN GS 2 5.505 a. 5.c0: 0 sidceansierasieetelen eae aiden aie Peeanaie eas he oe

of all cities and incorporated villages, entitled to a tax of two per cent
on all premiums received by agents of fire insurance companies not

   

 

ieceporsted by the laws of this State ..............5 siladse “ace Dueeess « 107,108
FIREMAN hae INSURANCE COMPANY of Brooklyn, charter
amended .........seeee0 saith abelia WAT SEE distnsinwcciden., «nibasaonrs dessaiaca.t . 168
FIRE or aaa, Metropolitan, to be appointed by Board of Metropolitan a
POMC? criviineceincs notes aeons (WER eiciaeraaiecns Eesiereseia weinaiets
powers and duties of.,........-.e0006 Aste . 187, 188, 189
origin of fires to be examined into by.... sevcee 187,188
compensation of ....... re TUG: capa 'ahavavdvesas Haicbor onnagarecniaa iresoieteis 188
FIRE PATROL, meetings of New York Board of Fire Underwriters, to be
held in relation to...... 128
to be preniee Dy board fe ev 5i95 ta cad ccs gavenna andragianeamunatmemian at 128
FIRE UNDERWRITERS, board of, in New York; who to constitute such
board; purposes, powers and duties of corporation .............+- 125, 126
127, 128, 129,180
FIRES, investigation of the origin of, in certain cases........00.+.00005 121, 122
origin of, in certain localities, to be examined into by fire marshal, and
aeeracn Cert err eee er ere Geis here eekerers desk aime auberene ops 187, 188
FIRST NATIONAL ECLECTIC ASSURANCE SOCIETY of the United
States, charter amended, and name changed to Eclectic Life......... 145
FISCAL YEAR of fire, marine and life insurance companies may be
changed in certain cases....... Si ciata las coiarete ahs si Seah ah asacgiegecdeeierec see. 56,112
FOREIGN INSURANCE COMPANIES required to make annual state-
ments; penalty for failure..... iat 'g wow elias . 86, 87, 48, 49, 50, 84, 85, 86

Firt Companrgs, of other States and countries not allowed to transact
business in this State, except on compliance with certain require-

   
 

MeNth........0000- pimeaieoiie najeaiee as roe eee rere, vee BB, 84
definition of term........... Sages bevene ees Pies eae eae Ha ea 218
capital of, what shall be considered ........-0+00005 berasasae ae 218
limit of insurance by........+.++ (aReumonpubebee esse pevisatecs. 218
investments by. .......scecesves teavaaee eer een tiesascas BLD
trustees of, how appointed ...........6+ eee deneesa ia seve 219
FestrictionS UPON. .....seseceseeeceevens ' »» 220
subject to taxation..... sas as »» 220
certificate, how revoked. 220, 221
penalties, what liable to............. hanwe deat a sean, 221

   

manner of discontinuing business........... cone o5Rs feasts aS 165
Marine Companizs, of other States and countries, agents of, not
allowed to transact business in this State, except upon compliance

with certain requirements......+.0+eseeeeeee wietha eee Bae ee 48, 49
Lirg COMPANIES, except such foreign companies as have made required

deposit in insurance department, prohibited from taking other

mak than those appertaining to insurances on life, and to an-

TUMOR. yee scene cence rete tenn een e en bese eeeeeenntetntnnenes 71
to make deposit of securities with superintendent of insurance

department; amount and nature of such securities ....... sere 88, 84
to appoint an attorney in this State upon whom process of law can

BO BOLVOd ccsiesciie ete bn ae get oN SARNIA TTR Maw ba oe edieae 84

to pay annual tax toward defraying expenses of insurance depart-
MENG. csc srecerccercens Oates il D aaeuw ian 4b 8 eeneees Sat Adare tenes
FORMS for annual statement to be furnished by superintendent ; power of |
the superintendent to change and alter the same ........ secees 82, 54,78
FULTON ‘AND MONTGOMERY COUNTY FARMERS’ MUTUAL FIRE
INSURANCE ASSOCIATION, charter amended .......s0++eseeses 147
334 INDEX. .

Page.
FUNDS of fire insurance companies may be invested in certain securities, 20
accumulated or surplus, of marine insurance companies, how invested, 50
of marine insurance companies, may be loaned on bottomry and re-
SPONGOU bia: « nisnwecwseenee ey eas sa as 24s 2s MORK IOO RENTER EA 50
of mutual company, how applied in certain caseS.........+-.0000- aie 67
of life insurance companies may be invested in certain securities. ae ies 1
of Underwriters’ Guild, how invested. ....... 0c. cece cen e eee see eens 182
certain, to be responsible for loss and damage to insured parties i in
COLtaiM CASK! «,....6 5. see aanewneewaaneaeries iooa BCA ceWnae es - 188

GENERAL INSURANCE LAWS:
how applicable to companies incorporated by special act............. 162

 

GENEVA AWARD, extra dividends to be made on 250

GLENS FALLS INSURANCE COMPANY, changing time for holding
ABTA CLEC GH ogc invert n yp scare in BI0 wie OMe 5 IO caus Bia sone NRT AGG Banibanidie enw 214
GOVERNOR, to appoint superintendent of insurance department cessed is 10
to approve seal of the department... 0.0... 0. cece eee eee ee eee eee cee 11

GREAT WESTERN LIFE INSURANCE COMPANY, charteramended.. 149
GUARANTY FUND, contributions to, by fire insurance companies. consti-

tuting New York Underwriters’ Guild ..........cc00. lesseueeees 182
GUILD, New York UNDERWRITERS’, what insurance companies to con-
stitute ; purposes, powers and duties thereof...... 181, 182, 133, 134, 185
GUILDERLAND MUTUAL INSURANCE ASSOCIATION, incorpora-
HOMOL.. ie ieee Pte aa ae sea eee sediaisapea env chexsivcolatelbaacsintiattoubiore 238
HEALTH:
of individuals, power to make insurance thereon ..........0eee0eeee 70
HERCULES MUTUAL LIFE ASSURANCE SOCIETY, authorized to
increase its capital stock..... 0... cee c eee eee eee eee ee eneee 184
HOME LIFE INSURANCE COMPANY, charter amended ............- 148
HOPE FIRE INSURANCE COMPANY ‘of the city of New York, charter
RE OTNGL GCL feds Gusininise Bie se ibiaie te cel ase jnspuaaue neicagereeh averaceeaublaragalsn doa lace muaayanis 197
HOPE MUTUAL LIFE INSURANCE COMPANY, authorized to increase
its capital BUOY a Sen ra oreceies oe Soscntie nn anara neacelniee rai atapariom evauiahiand dh anacearny 3 204
IMPRISONMENT: ¢
party liable to, for non-payment of penalties for violating paoyisions
OL LTE: INGUTANCO MCs a seinie saigissidatcwauireia gas bier eeawemmematres 40
party liable to, for Seen of penalty for violation ‘of life insur-
ANCE WBC. soanascreuieiimnieiere niacin iureieinDawdr wanadiealvuieielsaden wilde 88
INCOME of a fire insurance company to be specified in annual statement, 381
of a marine insurance company to be specified inannual statement.... _ 54
of a life insurance company to be specified in annual statement ...... 7
to be set forth in statements of receivers and trustees..........00.055 48
INCREASE OF CAPITAL STOCK, when and how effected. . ceveccee 29,48
INDIVIDUAL LIABILITY, constitutional provision concerning... Sine 8 5
of directors of mutual fire i insurance sompeeles for mesisleney in capital
stock in certain cases. ..2.. 0.6... c cece ences ce ereereeeeeeeens é 89
stockholders of marine insurance company,. when to. ‘pay. up deficiency, 54, 55
of directors in the event of additional losses in certain cases .... .:.. 55,
of subscribers to cash capital for debts in certain cases ..... .....4. . 60, 67
of stockholders to creditors in certain cases (see personal liability). . 59.
INLAND NAVIGATION INSURANCE COMPANIES, power to make
insurance upon vessels, cargoes, etc....... UK eR RENE KEM ER ANS 1?
powers of companies hereafter incorporated..... .....4..0eeseeueees i?

doing business on the plan of mutual insurance, not to commence busi-
ness in New York or Kings counties, nor establish agencies therein,
until agreements entered into with four hundred applicants..... ale 19
not to commence business in other counties until agreements with two
hundred applicants entered into, etc......... SWAIN TREES
INDEX. 335

Page.
INSURANCE, department established....... swieieieuationeee ieiianas es 9
" amount effected during the year by life insurance companies, to be re-
ported in annual statement ....... eset st seeekeeekes jeiead ea as U7
for the benefit of a married woman, may be made. payable to her chil-
dren in case she dies before her husband........ ..... eae we es . 97
by foreigners in this State prohibited ; penalties.............. - 99, 100, 101
limited partnership not to be formed for the purpose of making...... 112
to - poe pon certain public buildings by officers having charge
o OM oa nse Shasta br ais cahe wish avarjoaca le Gretta Satie: starete oS vies) Sites SweeEs ies 113
of school-houses by trustees of school districts...........-.00-.-0006 113
-INSURANCE COMPANIES to pay certain fees to insurance department, 12,13
‘ 213
assessments, when to be made upon............eeers veces iicielececasiete 12, 213
deposit of securities and payment of fines, fees, etc., by companies of
Other States gos ceases sys cae wtseadeuns beds deaneeos bo Gacnneudyavauedtie:aiers 138, 14
FIRE, may be formed. ............cccceeceesecucseeeseseseeeneees 17
shall have power to make insurance on vessels, boats, etc., on lakes,
rivers and canals, in what cases..........+ sronaceisinlare Shuegeuee sane 17
_ their purposes ...........0. cc cece cece ees se eees untae cayerdiadavays ayes 17
ND NaVIGATION, powers of....... siaiab dale swie sncuenercinssaeseaaae QAGAAS T 17
hereafter incorporated, powers Of..........0c.cccceeercecsenenes 17
power to effect re-insurance........ ..cccee ce esee rec ceetceeee 17
name of, to be contained in charter ...........-.cceesascecceece : 18
when name, or title of, to be rejected by superintendent.......... 18
not to deal or trade in buying or selling goods, wares, etc........ 18
JOINT-STOCK, FIRE AND MARINE, may reduce their capital stock in
COLLAIN CARES. sone cahiw yaad abxesnoteauuimins ann eremmnies 42, 43
may increase their capital stock after such reduction............ i é
receivers and trustees of, to make annual and other statements... 43

may be formed for the purpose of making insurance upon vessels,
bottomry and respondentia interests, and every insurance apper-
taining to marine risks, and risks of transportation and navigation 46
may be formed for the purpose of making insurance upon the lives
of individuals, or on the health of individuals; on the lives of

live stock, and against casualties............02cceeeceeeeeeee 70

certificate of incorporation of, how amended ............ fecesen LTT

charter of, when becomes void............ edits se pueseseeustews 153
INSURANCE DEPARTMENT, separate and distinct department estab-

lished, charged with the execution. of insurance laws......... .. 9

chief officer of, denominated superintendent............. quae ee 10

fees to. be paid to, by insurance companies........ .. 12, 13, 35, 36, 83, 213

when expenses of, exceed fees, superintendent to make assessment, 12, 213
deposit of securities in, by companies of other States in certain cages, 13,14
of other States, valuation of, may be accepted by superintendent of
the insurance department of this State............0 cece eee cenee 259
INSURANCE LAWS, separate department charged, with execution of,... 9
INSURERS’ INDEMNITY COMPANY. of New York city, charter
BMONGEM 556 oes 6. sco sea si syaresdorsiar seis ioig) emtomR Rae Saae eas Sebewaness 154, 182
INSURERS’ OWN FIRE INSURANCE COMPANY, charter amended.. 180
INTENTIONS to form a fire insurance company to be filed in insurance

department......... cecccceereeeeeece doojenesateie oe feet eeee ten eeeeee 17,18
notice of, to be published in a newspaper in county in which company
is located... ...00.seeceersencnes sein veneyce selon ns Coton ae Bebo dageage toes Hosete- aie 18

to form a marine insurance company to be filed in insurance department, 46
notice of, to be published in a newspaper in the county where the com-

pany is located.......... shea eae alan poe ae ssnhihapnisvaisiieve nase daneoiee 46
notice of, to extend charter........ 0 -- secs cece ccc ee seeeesneesneeenne 56, 57
to form a life insurance company, declaration of, to be filed in ingur-

ance department.........-eesecereee Osiiinananig een Sirians wkeerebaie . 71, B

to be published in State paper........ aiiara a iaityas suapaisualntars aveie vubiereaare eile
3
336 INDEX.

  

Page.
INTERNATIONAL INSURANCE COMPANY of New York city, charter
AMENeM ss sai -v aver ane a seoies aioe 4 are 49) -¥ aemain haysisealsreraeetateha eeerae 74 &
INTEREST due or accrued remaining unpaid, not to be estimated as surplus
PIONS ccc sacssdeeteea eta e 2 ease Ce eed thee ee ce Saws eee SE RES Y aie 24
on cash capital may be allowed in mutual fire imsurance companies. . 26
when allowed on cash capital of marine insurance companies..,...... 60
on securities of life insurance companies deposited with the superin-
tendent in trust, permission to collect............. rien ree 74, 169
amount of, received during year to be reported in annual statement... 77
when rate ‘of, to be four and one-half per cent per annum............ %8
standard of in certain cases may be varied by superintendent......... 79
when annual tax of two per cent collected out of, on stocks ar¢ secur-
ities deposited by foreign life insurance companies........ ....... 85
INVESTMENT of capital and funds of fire insurance companies.......... 20, 21
of capital of marine insurance company of another State, how to be
MAO sicporcarsitinc cS Au Sk eA SStENS CAE EMEP ERG EAS AONE Sse 48, 206, 207
of capital of foreign marine insurance company, how to be made.. 48, 218
of capital or surplus accumulation of companies organized under chap.
B08, Laws of 1849... ....c-ccee ener een ceerene te teen ae eeenees 59
of capital of life, health and casualty insurance companies, how to be
MECC josscrisseseere BREAST ESST okaga Pes aneaetes
of funds and accumulations...........0cceeeceeeeeenes Hes
of funds belonging to Undewmaiieie’ Guild, how made ; 1
INVESTIGATION of the origin of fires...........-eeeeeeee 121, 122, 187, 188

of the affairs of life insurance companies, when to be made, by ‘whom, 178

JOINT-STOCK:
FIRE AND MARINE insurance companies, when capital stock of, to be ab
POGUE. cice3 sits preci nmnawonisg acu, NEERING OYE EMD D TRE CORE he ‘
J OINT. STOCK FIRE INSURANCE COMPANIES, not to be formed in
New York city or Kings county with a smaller capital than two

hundred thousand dollars....... 0... .e cece ee ee eee eee e er twetereee 19
not to be formed in other counties of this State with less than fifty

thousand dollars capital... 2... .. cc scence eee e teres sence anes 19
may permit the insured to participate in the profits; regulations con-

CORNING o 6 ci Gis Beek bie eave ob 0 9540 240s AE te TEER BESTS Ze 26

to express on face of their policies the fact that they are stock policies, 27
may extend the term of their original charter; regulations and pre

    

VISIONS CONCEMMING sciigos ce Teas CATRALL RO GuRW 27, 28
may increase the amount of their capital stock ; , proceedings on euch
INCTOABG.; «ser sire) 34 Sth SUE PT TAS my TS RES TEE AR SRS aieehey 29
certain, may be organized under the act of June 25, 1853. .......... 41
JOINT-STOCK MARINE INSURANCE COMPANIES, not to be formed
in New York city or Kings county with a smaller capital than one
hundred and fifty thousand dollars...........ssseeeseseeeeerenes 4
not to be formed in any other county of this State with less than fifty
thousand dollars capital......... cc cece sence cence neues ceeceeeuee Ay
when deficiency in sore of, proceedings by superintendent to wind
Up SAMO osc sss eS eeweSae hd oe Dee SET ia ae Pea ERE SS vy... 54, 55, 61, 62
when original charter 1 may be extended...... al caii loses adevereaceraes ave ets 56, oT
KINGS COUNTY, companies in, may invest funds in bonds of village
of Middletown, Orange county ......... oie lee aS eiarar aso Grete ia Bow Se gunligyecn init
LARCENY:
taking money by agent of insurance company, with intent to embezzle,
GOGATEM 10) De. oc sieis vines dae g: date oleate’ s Sieg HEA wc EMR geNR AEN. sae i
LAWS, general or special, creating corporations, may be altered or repealed 5

application of certain, to existing marine insurance companies...... -» 58,
LENDING money on bottomry and respondentia by foreigners, prohibited.. 101
INDEX. 337

Page.
aaeerests oi of a fire insurance company, to be specified in annual state-
ment............. eee siacrele dace oaiocecan Beier aastanhis aid Srainavacra Wrereaeas eee 31
to be set forth in statements of trustees and receivers............0005 43
of a marine insurance company, to be specified in annual statement... 54
amount of, to be reported in annual statement of a life insurance com-
PBN Yi oes ose ccsretis sve ware Wi ecetecaren hiayetacneine eyes sib anaassars aay oric otayenal seranelixs V7
LIABILITY, individual, constitutional provision concerning.............+ 5
Fire Insurance CoMPANniss, of owners of the cash capital of a mutual
cOMpany.....2...4.- eriateyie orecol dso Site diehoueve di mbue- then avavagayperapave i gtotiadaieie 26
of directors for deficiency in capital stock after requisition in cer-
tain cases.......... 3:86 aia See eh OS he fae radia sete te Sdn ore esas oy siete 39
individual, of directors neglecting or refusing to perforin certain
duties in companies formed for insuring against loss by having
had stolen, horses, cattle and sheep..........+..0-se00-s Maina 119
Marine InsuRANCE COoMPANIEs, of stockholders for deficiency in cer-
PAIDACABEB aii aceon Set eeQeseacnasous teahuwaabaiace i satovategoc 54, 55
individual, of directors, in certain cases........... win ivlavace:Geansvarsaaiate 55, 63
personal, of directors to pay damage in certain cases....... seeaee 55
of corporators, jointly and severally, until whole amount of capital
paid in, and certificate recorded.............eceeeeeeee ceeeee
of stockholders, to creditors, in certain cases............+seee0ee:
of subscribers to cash capital, for debts of company, in certain cases 60, 67
of cash capital for debts of company...........-.200+eeeees Birsieue 60
of fund represented by scrip, for excess of losses and expenses
above the earned premiums of any year...........e.eeeeeeeeee

transfer of stock when not torelease person from, making the same 56
LIEN, fire and marine insurance companies to have, upon stock or certifi-
cate of profits of members thereof...........0.6000) see Satis tae nates 41,61
LIFE INSURANCE COMPANIES, deposits in insurance department, by.. 176
LIFE AND HEALTH INSURANCE COMPANIES, acts amending act for

fmcorporation Of........ eee eeee cece ne ceeeee cece ,ee- 152, 162, 164, 259

J IMITATION of time for holding real estate owned by a fire insurance
COMPANY... cee eee cee cece eee eet e nett eet ne ne neeeetaeneseenes 21, 22
of time for holding real estate owned by a marine insurance company. 51
of time for holding real estate owned by a lite insurance company.... 16
LIVES of individuals, power to make insurance thereon................ ee 70
of cattle, horses and other live stock, power to insure..............++ ‘ 70
of husbands, may be insured by wives....... Saag se swe saalndiscels war sisave 97
LOAN COMPANIES may invest their funds in certain securities......... 44

LOANS may be made by fire insurance companies on United States, New
York State, county and city stocks,and on bond and mortgage, in
certain cases...... eee er i ebitagas ee 20, 21
may be made by marine insurance companies on bonds and mortgages,
and on stocks of the United States, of this State, stocks and bonds of
incorporated cities of this State, and on bottomry and respondentia.. 50, 60
of surplus accumulations, how made....... setae en ee Sete eereeoneee 50, 60
may be made by life, health or casualty insurance companies on stocks
or treasury notes of the United States, or on city or New York State
stocks, and on bonds and mortgages ; regulations concerning........ 5
LOSSES in mutual fire insurance companies, how to be paid......... eeeee 24,25
accruing upon new risks after term limited by superintendent for
filling up deficiency, directors to be liable individually to the extent

SHOPGOL « i.n 856 do a En 2 ORR OORT NOES pte nenenenees sete ence eens se 39
when they have exceeded premiums during any one year in marine

insurance company, duty of superintendent ........ .... sects neces 54, 55
when additional, accrue upon new risks in certain cases, directors to be

individually liable .........-- Hii eee RES ONOR See Weed siciaece 55

suits at law to be maintained by members or stockholders of marine
insurance company against corporation for..... iwiseaciwn weesece OT
338 INDEX.

MARGIN: Page.
of ten per cent required on stock loans by fire insurance companies ... 21
on value of property mortgaged to marine insurance ee cat as 50
required on stock loans..........ceeec ce er tense er eeet et enceerstees 50, 51
on value of property mortgaged to life insurance companies. eo a 73.75, 81
MARINE INSURANCH, by foreigners, prohibited ...............6... -. 101

MARINE INSURANCE COMPANIES may make insurance upon vessels,
bottomry and respondentia interests, and insurances appertaining to
MATING TISKSia.dirsa igus <aaiseos SreRiian dotmnentmmraee ene

when capital stock of to be reduced ..............-
may establish agencies beyond the United States
mutual or stock, may extend their charters — proceedings thereon.... 58,59

  

   

persons to be appointed by superintendent to examine ihto affairs of.. 61
not incorporated by laws of this State, to pay State tax of two per cent
OM PLCWIUMS: viiic case seer cec sh soeeessetieees iposas Peake eos 99, 100
authorized to declare dividends in certain caseS...........2cccueeuene 250
MARRIED WOMEN, an act for the benefit of, for insuring the lives of
their husbands, .ciaciecssaortvesatnssee ose so ses ee ee ee ev eRe es 97
ACPAMENGING cdvccsigasacsseeesqiewe EESTIe sews tw sso e ee Kes 185, 257
MEMBERS of a mutual fire insurance company ; who shall become: when

and to what extent liable for losses and expenses ..... ... 24, 25, 109, 110
or corporators, of a mutual fire insurance company, consent of two-thirds
present at any annual or special meeting, etc., acces to change

    

same into a joint-stock COMPANY... sees ceeeeeereeer seers eerenens 28
of mutual insurance companies now incorporated. regulations concern-
ing premium nNOtes.......eceseceees cereeere vers eenes eB 109, te
of mutual fire insurance companies not to ‘Vote by proxy aio aie eines
of marine insurance ee suits at law may be maintained, by and
AGAINSE, .se.sc sede veces shee as Pereer yer Seve TT ee Te
when fire and marine insurance companies to have lien upon stock or
certificates of profits Of. 6... .. ccc e ee tec eect eee tenet ene eeeees 61
of life insurance companies, suits at law may be maintained by and
DO ANSE ea peisoisieyeiern ssi vreecavas Hi aeciehe aes Wi ereGteVaG a's -SeRetS ase Saas awe ars 16,77
of companies for insuring against loss by having had stolen, horses,
cattle and sheep, liable to be sued in certain cases............ sade
MERCHANTS’ LIFE INSURANCE COMPANY, charter amended ...... 195, 205
METROPOLITAN FIRE MARSHAL, to be appointed by board of metro-
politan police ..... ee ee eer er ee 136
powers and duties of... 187, 188, 189, 271
origin of fires to be examined into by. LAPSES Ek eR ETES Se Aaa Tea aes 137, 138
COMPCNSAation Of sv verse cenasavorwecreowsrwee wre we nnen sin eetwes Tees 188
METROPOLITAN POLICE, board of, to appoint fire marshal, assistant and
COLES sissies rncer saijoae Gia sgh 6 aa 6 ASK NOE Cee SERV aed eeSRER EYE TS 186, 187
reports to be made to, by fire marshal ...cs0iecdcsens saci dens neneeners 187
to ae and supervise, in certain cases, the proceedings of the fire mar- ‘
Phal ccanicnse sect aewneeeeneanes SRR O TE aan eNeiNeenenuar AeA 13!
inspection of steam boilers by..........ccceee ceeeeeeeeeeeeneeeeees avi
MIDDLETOWN, Orange county, companies of Orange, New York or Kings
counties may invest in bonds ......... ccc. eee e eee ee eee see eterees 143
MISDEMEANOR, violation of sec. 2, chap. 598, Laws 1878, by superintend-
ent, examiner, etc., declared to be. ....... 0. ce cee e cece cece eceeneees 249
MORTALITY, rate of, to be that established by American experience
tables. cia isaives oss sedeeces sere cibe shee dee eeeey yeas eT eet es 78, 79, 80
standard of, may be varied by superintendent ....... .. cesses renee 79
table of, based on American OXPCTICNCS wiceiwwsianiecwa avouisn’ avue 80

MORTGAGES to be transferred to superintendent of insurance department, 12
and bonds on New York real estate to be deposited by fire insurance
companies of foreign governments...........ecsceree eset eeeeerees 34
deposited by life insurance company of another country.............- 83, 94
on oe a funds and capital of fire insurance companies may be in-
Vested INsscicsa sear ecanene ea
INDEX. 339

MORTGAGES — Continued. Page.
on real estate, capital and funds of marine insurance companies may
be Aniventied in, sac csar ancaees aeAwee Siveieewn sions dWen.sucai anaes ¥ me Ors 50
not to be greater in amount than fifty per cent of the value of the
premises covered by them,..........00000 ce ccccceececceccceuceee 50
on real estate, capital and funds of a life insurance company may
be invested Ino, ois eek Skee 6d ven cues seen beet cuted occcauan 78, '75, 81

 

York city, incorporation Of.. 0.0.0.0... 00 cccee ceuceecectccccesecs 208
MUTUAL FIRE INSURANCE COMPANY, time in which to organize
OXtended . csvciww diseenan vawwxws . eae seis evninrornrne nich dpa aityerteee sre agna 9 ay 232
MUTUAL FIRE INSURANCE COMPANIES not to be incorporated
with less capital than $100,000.............. 0... ccecacee cane eas 19
MUTUAL FIRE INSURANCE COMPANY, in the town of Hamden, au-
thorizing the formation of .......... deans Asie Aasersiee welosisin ties 246
MUTUAL FIRE, MARINE AND LIFE INSURANCE COMPANIES
required to publish annually a statement of dividends remaining
unclaimed for two years..... ...... a oleate poiennara Sule wogiudean ene Gees 110
MUTUAL INSURANCE COMPANY in town of Cairo, Greene county,
authorizing the formation of .......... 0... ce ccee vec sensecceeueucs 251
MUTUAL INSURANCE COMPANIES not to commence business in
New York and Kings counties until agreements entered into with
four hundred applicants............. ccc eceee eens ceeeseeaneeeees 19
nor in other counties until agreements entered into with two hun-
dred applicants) ses o2 xs sacs a2e5sise asad eel daa va eae g cece e doa@anwed 19
when controversy exists between receiver of insolvent company
and stockholders, referee may be appointed..............00cceeueee 123
proceedings for winding up insolvent company...............00.005 128, 124
not to be incorporated in New York city or Kings county with less
capital than $200,000....... 0... eee cc ee cece cere e net e na reeeeneee
inay add cash capital, allow interest thereon, and a participation in
the profits of the company ; proviso............ cece eee eee eee 25, 26
hereafter organized shall embody the word “mutual” in title and
express same word in policies and renewal receipts. 27
may become joint-stock companies; proceedings..............+06- aes 28
heretofore incorporated may, in certain cases, extend term‘of origi-
nal charter; proceedings...........0cccese eens cence cere ween senene 28, 29
deficiency in capital stock, how paid up, after an examination........ 39
heretofore incorporated may loan certain moneys; previous loans
confirmed. .........e.eeeeeeeeeee 12% Sake lien wes tery S wareeaanates 110
MUTUAL INSURANCE COMPANY in certain towns in the county of
Oswego, formation authorized.... ......e. cc ece cece eee er ecies «= 215
MUTUAL INSURANCE of Buffalo, charter amended..............0eeee0 151

name of, changed to Buffalo Fireand Marine Insurance Company.. 151
MUTUAL LIFE INSURANCE COMPANIES incorporated previous to
the passage of the law of April 10, 1849, to be subject to taxation

as if incorporated under said law...........e cece cece eee ee cence 89, 90
to be subject to taxation on $100,000 for personal property, and no
more—chap. 83, Laws of 1855......-...+ceeeeeseceeeees aigtine Pak. 90
MUTUAL, MARINE INSURANCE COMPANIES, books of subscrip-
tion to stock, when to be opened........ccceeec en eee cece eeeeecees 46
not to be incorporated with less capital than $100,000......... bo ereee AT
not to be incorporated in New York city or Kings county with less
capital than $300,000............... needa eee ena a rebemeeaeer AY
examination of condition of, by superintendent or commissioners..... 52
may issue non-participating policies in certain cases................. 82
steps required to be taken when there is ascertained to be a defi- i
CHONCY «i eeseie seis bee soe sees ecaae ts apeit a Sida PY REE C RES OR eee Rew
may extend their charters........... eee veeearace 56, 57, 58, 59
may be changed to joint-stock companies.......+.++sseecsseereeesees OF
340 INDEX.

MUTUAL, MARINE INSURANCE COMPANIES — Continued. Page.
authorized to unite cash capital as an additional security to members.. 59, 60
doing business in the city of New York, mayincrease their capital.. 60, 61
authorized to create cash capital...... cc. .6. cee s eee ee nee wears 65

MUTUAL PROTECTION ASSURANCE SOCIETY authorized to in.

crease its capital stock.......... cc cee ee cece cece cece en ceeneeee - 217, 224
name of, changed to Reserve Mutual Life Assurance Society ........ 223

NAME:
of a fire insurance company, when it may be rejected by the superin-

HOT ONG cos pide ered racdrw neeseyeegd a SEE R'G 85-0 RTE DATA: COREY ERE ES US 18
NATIONAL BURGLAR INSURANCE COMPANY of New York city,

Charter amended... 5 sidecases sieis ews se vase ae Faas See eaES » = 235
NATIONAL TRAVELERS’ INSURANCE COMPANY, charter amended.. 263
NEW YORK BOARD OF FIRE UNDERWRITERS, who to constitute ;

purposes, powers and duties of corporation..... "125, 126, 127, 128, 129, 130
NEW YORK BURGLAR INSURANCE COMPANY, incorporation of..... 155
NEW YORK COUNTY, companies in, may invest fundsin bonds of vil-

lage of Middletown, Orange county iGaah ins SEM RGR SESE CERT Se Se 143
NEW YORK FIRE INSURAN CE COMPANIES, certain officers of the, con-

stitute the New York Board of Fire Underwriters. . essceesee 125, 126
NEW YORK FIRE INSURANCE COMPANY of New York city, char-

POF BINGNUOT ses over cred snore eciaydcdyeusie wi apciore layne Gy eG he GAARA Le ea See E a 244
NEW YORK LIFE INSURANCE AND TRUST COMPANY, charter

OF, AMON IEG is ois esa aie G aaaiacew a died acrne 2a 1. OGke Sone caer a wee tees 231

NEW YORK UNDERWRITERS’ GUILD, insurance companies to consti-

tute same; purposes, powers and duties of Guild... - 181, 182, 188, 134, 185
NORTH AMERICA LIFE INSURANCE COMPANY, authorized to issue

scrip to policy holders... ....c::ceecseetseerecarreenes Pistesacea, 196
NOTES taken in advance of premiums to be regarded as ASSetS....... cess 27, 59
NOTICE, intention of association to apply to the legislature for incorpora-

tion, and of corporation for amendment of charter, to be nai

S0Useuts OF UGUCE oc down a wkd aees 249d 4G IEE eee EERE E PS bee ees . %8

Fire INSURANCE COMPANIES, of intention to form a company, to be
published for six WOOGIE “ccxatesnied Man dios ecindans aes s dae Sader 18

to be given by a company desiring to extend term of its orginal
CHANbOr iis icsiace vesdia: bie Sea eee Gar sedt GaP hee 8 Sreeat nnaia, aS RAI few 27

to be published by mutual! company, intending to become a joint-
StOCK COMPANY... ..... cee cece eres eee e nee eene alae Gcateudr abvetatace 28

to be published by a mutual company, heretofore incorporated,
desiring to extend term of original charter; other proceedings. 28, 29

personal or by advertisement, to be given to stockholders to return
original certificates of stock when requisition is made to pay

up deficiency in capital stock......... cece eee cence eeeeiee 38
of the result of an investigation of the condition and affairs of a
company, to be published in certain cases...... 38
of revocation of certificates of authority, to be published by super-
intendent in the State paper... ..... ce cece eens eter eeeeneee 39
MARINE INSURANCE CoMPANIES, of intention to form a company, to be
published for six weeks.......c.ceeeeneceeev cues emirate anateiasers 46
of calls upon stockholders to pay up deficiency. Lise bende eum an sna a. 54, 55
to be given of intention to extend charter............ Bonnaaeenay ... 56, 57
required on changing mutual marine into joint-stock companies... 57
LIFE INSURANCE COMPANIES, of intention to form a company to be
published for six SEIS <uncs ch panuiaie oun a en oe alas "2
vf result of an investigation into the affairs of a company to be
published, in certain cases ...... ccc eee ee cece cence eucene ees
of intention of a company to relinquish business to be published
twice a week for six MONtHS........... ccc s eee eee ee cee eeraces 88, 89

of hearing in controversy before referee in relation to ingolvent or
dissolved mutual insurance company...... Gat eeneuahndee’ cia a tronettnets 124
INDEX. 341

Page.
NOTIFICATION of revocation of certificates of authority to agents of ma-
rine and life insurance companies not incorporated under the laws of
this State, to be published in State paper by superintendent...... 64, 87, 88
NUMBER of persons who may associate and form a, fire insurance company, 17
of persons who may associate and form a marine insurance company... 45
of persons who may associate and form an incorporation for the pur
poses stated inthe 1st and 2d departments of the act of June 24,
1858... 00... ccc eee iedeobere-sveceeea eLaseeiemeMe: wie WEIR Gee ven dies 70
OATH:
official, of superintendent and deputy ........ Pie aie pistes Saisie amen ales 10, 249
OFFICERS, oF 4 Fire Insurance CoMPany, required to certify as to
capital on organization............ ....es Riel eseiw lain Giana Sb aa4 eveleraes 22
and agents to cause their books to be opened for inspection on an ex-
amination of company by superintendent or commissioners ; other
AUtIOB: cs ves dors yes cireesere cee eee Shevwis sileie Wioiess Fantacbupiesaneuiuaas dedve 37
OF A MARINE INSURANCE COMPANY, to prepare and deposit in insur-
ance department annual statments of affairs of company....... 58, 54
and agents of a marine insurance company to cause their books to
be opened for inspection on examination of affairs............. 62
when directed by superintendent to wind up business of com-
Fra POEL sc cxdor tara c casas areisiadeudassanans Gaviacta coir mie: Shnvatar adaunetareve nbaae SEMIN Sue NR MES 54
Or Lire InsunANcE Compantns, duty of, to open books and facilitate
any examination caused to be made by the superintendent of the
insurance department...........0cceeee scenes a cbieiaieaiciarnras axete pi 87
to make application to superintendent, under oath, in case of inten-
tion to relinquish business; and to make oath that all liabilities
are extinguished. ........ 0... cece eee cece ee enees giiesadineaans 88, 89
certain, to constitute the New York Board:of Fire Under-
writers ........-. afesteane nie de oR ease Ce Cob any sedis aia romana 125, 126, 127
of insurance companies, duties of, relative to securities deposited
with superintendent. .... g, hoaye stares er ee ee aieiniavere 16
OFFICIAL BOND to be given to the people, etc., by the superintendent, . . 10,249
what bond to contain... 0... ccc ccc eee reece erent eee teen eeeeeee 10
OFFICIAL OATH of superintendent and deputy.............. cece eee 10
OFFICIAL SEAL to be devised by superintendent........... ..... yah 11
description and certificate of approval to be filed in office of secretary
of State............ saa icanaycicra cao ain Gcaite are soiS: teats e/storaen oahiolayS Rg ate Areyecore 11
certified copies of papers authenticated by............eeeeee ce eeee ii
impression of, on paper to be valid...........++.- beeen eens ieee 11
ORANGE COUNTY, companies in, may invest funds in bonds of village
of Middletown, Orange county........ sea nieces pretences see 148
ORIGINAL, section 6, of chap. 468, Laws of 1853, referring to the organiza-
tion of life and health insurance companies and the investment of
their capital.......... 0. cece eee cence gains aibareiare a ihSbanis Sieur 74
section 8, chap. 463, Laws of 1858.........ccsee ese e eee cette eens WS
ORIGIN of fires, investigation of, in certain cases......... Mr bsod te Bhs 121, 122
in certain localities, to be examined into by fire marshal; proceed-
ings..... dodeees jini eae ea eae oer sod tieerd htarsate-cie 37, 138
PARTNERSHIPS: pict nis
, limited, not to be formed for the purpose of making insurance..... ses 112
PARTICIPATION in profits may be allowed to the owners of cash capital
by a mutual fire insurance company.......... Pee teas 25, 26
in the profits may be allowed to the insured by joint-stock fire insur-
ANCE COMPANIES. ...... 2 cree cer eevee cece eeene peedeeaguweSewascs” 3 26
PATROL, fire, in New York city......6. ce cee eee ee ene ee cere ee eeeeees 128

meetings to be held in relation to......... bik Gondst bus tnme Tee aha s 129, 180

I
342 INDEX.

Page.

PENALTIES, when to be paid by insurance companies of other States.... 18, 14

for failure of fire insurance companies to make annual statements or
to reply to inquiries of the superintendent..............20.. 000005.
for violating act, to be sued for by the district attorney of the county
and by the attorney-general; to whom penalties to be paid.........
for neglect or refusal of agents of marine insurance companies to make
annual, stateMentsias. ecisccesia se cuawbe Spe aveds Nees Mee ee ees
for neglect or refusal of agents of foreign life insurance companies to
make statements, same as provided in case of New York State com-
PANICB 2.6609 sees y ee ete sire agile, HAIN Siders SOMA TRG Sie Siena aah E ea Ree
for neglect of fire insurance companies doing business in New York, to
make semi-annual statements to board of underwriters.............
PENALTY for improperly declaring a dividend, by a fire insurance company,
for violating provisions of section 23, chapter 466, Laws of 1858.....
for agent effecting fire insurance in New York city without having
executed proper bond to treasurer of fire department ; for agent neg-

49, 50

86
130
24
36

lecting to render account......... cece cece eee cent eee eeenes 105, 106
49

for violating provisions of section 7, chapter 308, Laws of 1849........

for agents effecting marine insurance for companies not incorporated

in this State, without executing bond; penalties, how collected.....

for violation of act of June 24, 1853, to be sued for by district attorney ;

to whom to be Paid nis aw siciecn iron wernaedeaiesion, Keine @awier wees
PEOPLE’S FIRE INSURANCE COMPANY of New York city, charter
AMENAED . +s: cece sae, Kos Meee WAL NE CEE GMOS SSE SNE ea eR EL

1
PERMANENT FUND of marine insurance company, how invested..... .- 50, 51

 

100

PERSONAL LIABILITY, constitutional provisions concerning............ 5
of stockholders receiving a dividend improperly made................ 24
of trustees and corporators of a fire insurance company, until the capi-

tal is paid in and certificate recorded... .............0000 chines oietene 27
of directors, on new risks after a requisition has been made on the
company by the superintendent ......... cece cece cece eee ee en eee
of directors of marine insurance companies in certain cases....... 55, 56, 63
of trustees of marine insurance companies in certain cases.......... aie
of directors in companies formed for insuring against loss by having
had stolen, horses, ete. ........0 0:05 ccc eeceecenrcucsccucscecsaas 119
PERSONS, number of, who may associate and form incorporation for the
purposes specified in section 1, chap, 466, Laws of 1858............. 17
number of, who may associate and form incorporation for the purposes
specified in section 1, chap. 308, Laws of 1849...............ce cece 45
number of, who may associate and form incorporation for the purposes
specified in section 1, chap. 463, Laws of 1858...... 70
PLATE GLASS COMPANIES, deposit of securities by.............00.506 252
POLICIES, non-participating, may be issued by mutual marine insurance
companies ..... sistant Taietse LAGS ON ui Adu Rierips MURR RIEeE Maes cared ardcee 52
number and amount of, issued and in force, and tabular statements
thereof to be made, in annual statement ................. abe ta'fove thier %8
may be valued by the superintendent in groups..............eceessee 79
issued by life insurance companies, when to be registered... .. a Guster 91, 167
when registered, what to bear upon their face.......... ccc ccececeees 91
companies receiving, to be charged with their net present value...... 91,168
return to be made to superintendent, semi-annually, of their condition, 91
delivery of, to superintendent..... Wai Sofa iS 6 Wanis tRve iw cete 4a ea sa Elbe: Ceres 92
HOW Pe gistered 65.4 wasccescacarese scion wairemen antemevie-wiuisoeauart ween cate §2
when registered, to be received by companies,. in accordance with the
provisions of chap. 708 of Laws of 1868 ...........06 cc cccccecuee 93
when mutilated, duty of superintendent to receive them and issue oth-
OTs in liew thereof sce. cid vedeewas se949 VES Gee ec ee eas. an +... 98,170
companies may issue unregistered......... ........000 Seiten es eanyas "475

in favor of married woman may be disposed of by will, when to be
notified of ;
INDEX. 343

Page.

POLICY HOLDERS, deposit of securities by companies of other States for

protection of

TASC C Cen ec ee ne Comet ee ee ee en ee eee m er etree Bees c ences y

POWER of superintendent to direct the winding up of marine insurance

company in certain cases................ diniraly oi eibrwacat ered ieatealgcstarsrnws 54
of superintendent to examine affairs of a life insurance company, or to
appoint persons for that purpose ............ as id aNbianin Seared trans geet 87

‘PREMIUMS on agreements for insurance, on the incorporation of a mutual

fire insurance company in New York city and Kings county, to be paid
in cash to the amount of forty thousand dollars ; in other counties

twenty thousand dollars required to be paid in cash....... ......05 19
unearned, not to be estimated as surplus profits............0.c.ecce0s 23
amount of, received by marine insurance company during the year, to

be reported in annual statement.........0cccecesecececeueees sis ars 53

on agreements for insurance, on the incorporation of a mutual marine
insurance company in New York city or Kings county, to amount to
three hundred thousand dollars; in other counties to amount to one

hundred thousand dollars.............2...005 ee ee 47
amount of, received during year by life insurance companies, to be

reported in annual statement...............04. eran a drank aaicee aware vir)
faxes on, When paid............c. cece cece cence serene nseeesenecees 13
upon what, taxes payable. ...... 0. cece cece en ee cece cnet eeeeeee 13
tax on, payable to the trustees of the Exempt Firemen’s Benevolent

Fund fora limited period of time .......... 0c. ce ec cece ence eneeee 104
semi-annual statement of, received for insuring property in New York,

to be furnished Board of Underwriters.............e00000. satesacee 129, 180

PREMIUM NOTES on the incorporation of a mutual fire insurance com-

pany, regulations concerning ; when same may be surrendered, 18,19, 24,25
in a mutual fire insurance company, directors may determine the amount

of, but not to be more than five times the cash premium ........... 24
not to be considered as debts, in determining the solvency of a mutual
fire insurance COMpaNyY ........ cc cece cece ee eee renee tesa neeaee 27

on the incorporation of a mutual marine insurance company in New
York city and Kings county; in other counties of this State; regula-.
tons CONCOIMING 6 iecscceccscessees A hie AW sea cwe ee eas ewes AT

PRESIDENT and directors, to sign declaration on extending term of origi-

nal charter, and on increasing capital stock of a fire insurance com-

PANY .-..ceeeeeeeeee Meise aa isk PUA IMS E Re URE ROS RbaNES 27, 28,29
of vice-president and secretary of fire insurance companies to make

annual statements of’ their affairs during the month of January ; con

Ponts Thereol as. cosice hace a Raw Pete Seca sid deeR reseed 4 Sie se 30, 31, 32
or other officers of a marine insurance company, duty of, to make annual

statements to superintendent............ HGS KEK Sa rewioenlas es Pesote 53
or other officers of .a life insurance company, duty of, to make annual

statement to superintendent. .........66. cee e eee ee cee ee teen eee v7

PRINTER, number of copies of insurance report to be printed by......... 11
PROCEEDINGS in case a life insurance company wishes to relinquish

PUSINOSS sos cscceie-csreccieieerd! OE o eam eee eee 8, 89
in supreme court, to close business of life insurance company......... 170
by a foreign life insurance company desiring to discontinue business... 165

PROGESS., when to be served upon agents of fire insurance companies of

other States and foreign countries.......... iG Seteleeiiahiutsetdasaslaae 33

how to be served on insurance corporation of another State. ......... 114
PROFITS, privilege of retaining over a certain amount in certain cases not

to: De CXeTCISE. vccrcsecceerecieneaeagews, Sey eee wee eee aes weiss 61

how to be divided in certain cases....... cece cece rece eee eneteees 66
aggregate amount of, and of capital, when not to be fixed below

$1,000,000... 02... ccc cece eee cee eter n eee teen ne tee ee eens 67

PROOF of publication of notice, when to be examined by attorney-general 22

to be exhibited to the superintendent for the purpose of obtaining his
certificate before paying off cash capital of a joint-stock fire insurance

COMMPADY «0+ +e eee eeeee dediadatars seausan erate eee et er ee
344 INDEX.

PROOF — Continued.
of publication of certified copy certificate of authority issued to ayent

 

  

Page.

of fire insurance company of another State or country to be filed.. 35
PROXY, no member of 2 mutual fire insurance company to vote by ...... 112
PUBLICATION of notice of intention of association to apply to the legis-

lature for incorporation, and of corporationor amendment of charter q

Fre INsuRANCE CoMPANIES of notice of intention of corporators to
fOFM & COMPANY... .. cece ee cece eee sent een ete eeees .e»» 17, 18,260
of notice of intention to extend charter of a company......... 27, 28, 29
of notice of intention to increase capital stock of a company...... 29
of certified copy of certificate of authority and statement of a com-
pany from another State or country......--.... sec eet eee eee 35
of place of business of a company from another State or country.. 36
of result of investigation of affairs of a company, to be made at
discretion of superintendent...........ccceeeeeeeeeeet essences 38
Marine InsuRANCE CoMPANIE#S, of intention of corporators to form a
COMPADY si. a:cnetuiissewieuwt SGN ee SEAMS EGG NAG MOEA E Mee cee'es 46
of statement of company of another State desiring to transact busi-
Hess in this Htatescics sisi oosewserewsensases eos eaa vane ee eee 48
of copy statement of foreign COMPANY... ....eeeee ccc eee e erences 49
of notice of intention to extend charter of company. Wee hE a he 56, 57
of result of investigation of affairs of company, to be made at dis-
cretion of superintendent...........ccce cece ence et ee nents 62
of revocation of certificates of authority..........+...seeeeeeeeee 64
Lire InsurANCE CoMPANI#S, of intention of corporators toform a com-
POLY. 5c ciicied: Wcaae ee aT STATS A ER aGTS Boa Rae Chee eee tS. vp
of result of an investigation of a company’s affairs, to be made at
discretion of the superintendent.............0eeeeeee eer e ees
of notification of revocation of certificates of authority to. be made
by superintendent in State paperisccrced meecews cose inn canes . 87,
of notice of intention of a company to relinquish business; when
and how to be made...........c cece nee eee coe As WeEs tows VawaS 88, 89
RATE:
of interest, when to be four and one-half per cent..... 62... ccc eeees %8
of mortality, when to be that established by American experience table 78
REAL ESTATE, in what cases and for what purposes may be held by fire

insurance COMpanieS...........se eee ence ee ween ences nte eee e ee 21,22

held by fire insurance companies to be sold and ‘disposed of within five

VOUS eciva 5580562 VEE Ey a PERNA EATS CSR TE TOR TAN ECTS ROTTS ts 22

owned by fire insurance companies, time to sell may be extended “by

the superintendent...... cc. cccc cece cect eee cence tenet erecens 22

in what case and for what purposes may be held by marine insurance

COMPATICH. «3 0222 ga vetes ewes tee Sheen son aiew ele acces 51

certain to be disposed of within five YeRTSiicicces cstassves tare sages 51
certificate to postpone sale of, ued be issued by superintendent in “cer-

tOIN CANES. scsccae sions seeseesdosee dar eee ee eeane elew ed Sea Seee 51

may be held by life insurance companies, in what manner and for

what PUPPOSCR: .s:cesascsssetatedieayseedetecarsend isc ke ere ease 76

held by companies, to be disposed of within five years.............+. 76
certificate to postpone sale of, may be issued by superintendent in cer-

TAU CASED. 63 8 c7 ics eae aeeRes arse KeCET TRESS PESTER EN Gaee eE TEESE 16
REAL Stare ASSURANCE COMPANY of New York city, incorpora-

tidnof is esceccnss vee cs@ectaeeihiss Fhe EEE EE Asuna desde ta 160
RECEIVER of insurance company to make annual and ‘other statements

to superintendent of insurance department.............00. ceeeees 43

of insolvent mutual insurance company, when caceril between,

and stockholders, referee to be appointed.......... cele wesc eee 123

of fire insurance company, when supreme court may appoint, Haar eo hanevs 260

of life insurance company, duties and powers Ofssagescces wee. 170, 171, 172
compensation Of ..... 0c ec ce eee eens BsRMSGUNNN Nasa tee hvcaasan viseesuaee oo 1%
Clerks Of. .c5. 80 wees even es asa: as Sete ARS: wees wiptesdrejpiesd Si dnacavae 176
INDEX. 345

Page.
RECEIVERS OF MUTUAL INSURANCE COMPANIES may make assess-
ments on premium notes to pay debts; proceedings on such assess-
MONS: cls eevee ee ciae Poa ieee cma oe bee ke teak oe oucees 110, 111
may surrender policies in certain cases; may institute an action in
which the court is authorized to examine the acts and proceedings
of corporations, and if funds have been misapplied to decree that the

 

guilty officers shall pay the same to receiver..........0cceseseeees 111
RECORD to be made of declaration and charter of corporators of a life in-
surance company, and of the attorney-general’s certificate thereto... 72
REDUCTION of capital stock of joint-stock fire and marine insurance com-
panies, on impairment thereof,...........ccccceeeecacereceeceares 41, 42
extent of reduction.......... 0... cece cece ence erento ene eeenecnees
to be made only on resolution of board of directors ......... Sets 42
certificates of, when to be executed by superintendent 42
REFEREE may be appointed by the supreme court on an application by
the attorney-general for the dissolution of a company.............. 38, 62
power of supreme court to appoint, in case of application by attorney-
general to close the business of a life insurance company........... 87
to be appointed when controversy between receiver of insolvent mutual
insurance company and stockholders...............-00.- Sonam tase 123
proceedings before, powers, duties and compensation of........ ... 123, 124
REFERENCES to various provisions of the Revised Statutes affecting in-
MUTANICE! COMPANIES o. 05 sc06.sisis< acs locsyere dhe ecb Sis esos BASSE OOS TOTES 140, 141
REGISTERED POLICIES, when to be issued by superintendent to life in-
SUTANCE COMPANIES... . 0.6... eee ee cece cece eee ee etetereeeee -. 91,167
companies receiving them to be charged with their net present value.. 91
what to bear upon their face.............0+ BERRA AAs 2 Foe Re SO 91, 168

return to be made semi-annually to superintendent, of their condition, 91
to be delivered by companies to the superintendent, after preparation
PHEPCOE aie cise acnisiecae e eseicne nie Bes Side: HEAT cag ataxia te gfe Wielaie a a uayas Slag 92
expenses of, how paid........ ccc. cece cece eee eee rece ee eeeeeneens
return of mutilated Ones. ........ cece cece cece renee ee ee eenes
RE-INSURANCE, power of fire insurance company to effect
power of marine insurance company to effect..........
power of life insurance company to effect
RENEWAL CERTIFICATES, when to be furnished by superintendent to
agents of fire insurance companies from other States and countries.. 35, 36
when to be furnished to agents of marine insurance companies of

    

other States and countries... .....6 68 ke erws case pede eee oes seeee 47, 48, 49
when to be furnished to agents of life insurance companies from
other States and countries........ Maia RSE E aie a VEG eie eee SCENES 838, 85
REPEAL of act of April 10, 1849, sub modo..........seee cree ee eee nee 40
of section 6, chap. 308, Laws of 1849.........-. 0... sees eee tee teees 47
sub modo, of portions of the acts of. April 10, 1849, and April 8, 1851,
relating to life insurance.........-. sees eee eset teste et ee teenies
of certain provisions of the Revised Statutes as amended............. 101
of certain sections notto affect actions commenced or liabilities incurred
prior to repeal.......e sce e eee e cree cence ete e eet et nc ee te ree sees enes 107
REPORT of the superintendent .......... sha geateleeae os reeeeeses 11, 38, 54,78
REPORTS of annual dividends by life insurance companies to be made to
the superintendent ; how and when made, and what to contain ..... 90
of transfers of stock countersigned by State treasurer, to be made an- aa
DUALLY coc ccc ccc ce ccc ee ee er cere eect teat rec ecennereeccenenene
. to be made by fire marshal to various authorities....... eter e tenes 137
REQUIREMENTS for the admission of fire insurance companies from other
States and countries.........++. aeRO ENN a's Cae 64 BE KS 88, 34, 35, 36
for admission of marine insurance companies from other States .... . 47, 48
for admission of companies from foreign countries..... a bie les gee 48, 49, 50
for admission of life insurance companies from other States....... 81, 82, 83

for admission of life insurance companies from foreign countries, 88, 84, 85, 86

#
346 INDEX.

Page.

REQUISITION may be made by the superintendent on eeeaveRy to pay in
deficiency in certain cases; proceedings thereon....... 7, 38, 39, 62, 63, 64
RESERVED FUND of fire marine insurance company, how ree sais 51

RESERVE MUTUAL LIFE INSURANCE COMPANY, name of Mutual
Life Association Society, changed to..... Be sece Sicienenae RARE os 228
Charter amended... .... cece cece c cece cece e erence n eee t eee eeens 234

RESPONDENTIA interests, insurance to be made upon by marine insur-
ANCE COMPANIES... cece cece ener cere eee tenet esters rentartseeese 46

REVISED STATUTES, extract from, in relation to application to the leg-
islature for acts of incorporation and amendments of charters...... 7, 8

marine insurance companies subject to provisions of.........-......- 58
REVOCATION of certificates of authority to be made by eu eaaay

in certain CASES ..... cece eee cece ence e ee tee e eter eneee 39, 68, 64, 87, 88
RISKS, power to make insurances appertaining to marine, and ‘eke of

transportation and navigation. ....... cee eee erence tent e ene 46
RE-INSURANCE OF, not to be taken by agents of companies from other

States except on complying with certain provisions ....:.........+- 47,48

when certain, to be excluded from computation of premiums......... 66

under first department of the law of June 24, 1858, not to be taken by
a company organized under the second department, and vice versa ;

 
 

EXCEPTION... cee ese ese e ewe come n ete neee tt ennee seeeeeees eens 71
ROOMS in the State hall to be assigned to the superintendent of the insur-
ance department ....... cece cece eee cea ee Seen ae saentenetaeas 12
RUTGER’S FIRE INSURANCE COMPANY, charter amended. , seeneerined » = 195
SALARIES:
of superintendent of insurance department and clerks..............+ 10
Of tTEASULEL .. cc eee eee cece eect teen eter sree een tee eenee 169
SAFETY FUNDS of fire insurance companies ......... 0 ce ee ceeeeeeeees 264.
MATING COMPANIES «0... cece eee cee teeter tees recente eeaes 264, 266
SALE of real estate owned by insurance companies may be postponed by
certificate of superintendent. .......... sees ee eee sean 22, 51, 76
SCHEDULE, consisting of table of mortality based on American Experi- an
OTL CG ah Sicrasuse cca wravmiente Si aratis sian dita areityeinpeatataps winarawnadbnnre sieeieiovauelli asa G76
SCHOHARIE AND SCHENECTADY COUNTIES FARMERS’ MUTUAL
FIRE INSURANCE ASSOCIATION, charter amended........-. -. 188
SCHOOL-HOUSES to be insured by trustees of school districts........... 118
SCRIP dividends declared by fire insurance companies, when to be paid
from surplus profits only .......5 0-6 ccc ce eee cece eee en etree. 24
may be issued to the insured for prota t in participating joint-stock fire
insurance companies ; regulations concerning. ........+.s.++seee++ 26
regulations concerning issue of, by mutual marine insurance companies
IM Certain CASES... eee eee cece etter newness Ms iaRaaatanese 66
SCRIP, of life insurance company to bear interest. 178
SEAL for insurance department to be devised by the superintendent ; de-
scription thereof to be filed in office of secretary of State; effect of
seal ; impression may be made directly on paper... ........+.055s 11
fees for affixing, to copies of papers and certifying the same ......... 12
common, fire insurance companies may have, may alter and change.. 23
corporators of a life insurance company have power to-adopt......... 76
SECRETARY or other officers of insurance companies to make annual
BLAVCMEN te ois oes hes Cae A eT cake Na a Re ONOR e eae 30, 58, 77
SECRETARY OF STATE, all books, papers and documents in the office of,
relating to insurance to be transferred to the office of the superin-
tendent of the insurance department .........- 0.00... c sees eee eee "12
SECURITIES to be transferred to superintendent of insurance department, Hi

to be deposited by companies of other States in certain cases....... 13,
or Fire INsuRANCE CoMPANIES, what to consist of; may be changed, 20, at
deposited in insurance department by fire insurance companies of
foreign countries................6. haters aaeedians waye shen gitar spies 9 -. 84
INDEX. 347

SECURITIES — Continued. Page
or Frere INsuRANCE COMPANIES, may be exchanged from time to time, 34
OF Marine INSURANCE COMPANIES, from another State, what to con-

sist of.......... Lane GEST Lae eee ane eau Se TeaareS eee 48
of companies from foreign countries, what to consist of......... . 48,49
of companies in this State, what to consist of........... iskdesigiere .
to be specified in annual statement.... ...........0.05 cece : 54
oF Lire InsuRaANCE COMPANIES, amount of, required for organization
of under second department...................0005 ote Siese eadicae' ts 70,71

what to consist of; amount to be deposited with superintendent of
insurance department; may be withdrawn and exchanged... 78, 74,75
description of, receivable at banking department 7
of a life insurance company from another State to be deposited
with chief financial officer of that State; nature thereof; may be

exchanged ; and interest thereon received by company......... 81, 82

when to be deposited by foreign life insurance companies with
Superintendent. ....0 22... cece cece esc crcccecsccuseereccceee 83, 84

special deposits of, to be made in the insurance department, by
life insurance companies. ........ cece cece ees eeceeeeseeecees 0, 91
additional, when to be deposited and how to be held ........ 91, 92,168
when to be sold.............0 .eees Sao) by. REGhevesQeTaT 171
excess of, above net present value, may be withdrawn .......... 92,169
transfer of, in certain cases, to be countersigned by State treasurer, 94
deposited with superintendent, interest On .........0. eee scene 74,161

oF PLATE GLAss CoMPaNIEs, what to consist of, amount to be deposited
with the superintendent of insurance department............. 252

SEMI-ANNUAL STATEMENT of registered policies and annuity bonds to

be made to insurance department...........-.200.22 ceeeeeeeenee 91

of premiums received for insuring property in New York, to be fur-

nished board of underwriters..........0 sce e see e renee ee enee anes 129
SERVICE OF PROCESS upon agents of fire insurance companies of other

States and countries ...ccseeweueiaarives eesies Keawereatae sewer 83

may be made upon the attorney of a life insurance company from

another State OF COUNLIY....... 0... e cece ence ene er es eseereonerens 82, 84

on insurance corporations created by the laws of other States; term

“process” defined: sss. siqi's ened 3 warm Bale se abie'e ees are eRIe-e, Wislessieie 114, 115
SOCIETY FOR PROMOTING LIFE INSURANCE AMONG CLERGY-

MEN, incorporation of..... SAG eal We aevag Heed Peale d oe eua aero mINes 178
SISTER STATES, deposit of securities by insurance companies of, in cer-

ELI CAB EB a wis crs severe sana orsrredaiso ical tau at avlasivaTelares wR hase meets Wie leona 18,14
STANDARD LIFE INSURANCE COMPANY, relief of..............., 232
STANDARDS OF INTEREST AND MORTALITY, may be varied by the

superintendent in special cases...........--.... 022 sees teen eee ee
STATE HALL, trustees of, to assign rooms to superintendent in ......... 12
STATEMENT of companies formed for insuring against loss or damage

from having had stolen, horses, €t¢.......+..6 seeee cece eee eeeee 119, 120

or A Free InsuRANCE COMPANY, annual, when to be made and filed ;
contents thereof ........ 0. cece eee cece eee eee peseeeee 30, 31, 82,33

of mutual companies to report amount of notes originally forming
Capital 2... cee cece eee ete tener e teen teen ete e ene eee ee eeens 82

to be made by a company of another State and foreign country,
preliminary to being authorized to transact business in this
State; contents thereof.............eseeee eee eee cence 33, 34

of companies of other States and of foreign countries to be renewed
annually, premiums received and losses incurred in this State

to be reported by attorney or general agent..............4, «+. 35,36
same, to be made by foreign fire, marine and life insurance com-
panies as are made by our own companies....... ...+......5. 37

or A MARINE INSURANCE COMPANY, from another State, on admission
into this State, to be procured thereafter annually............ ‘
348 INDEX.

STATEMENT, or A MARINE INSURANCE CoMPANY — Continued. Page.

from another country, on admission into this State, to be renewed
anally isocccecasnswosmvaaed Veit steeolwenaeewEeS Sate 48, 49, 50
annual, to be made by companies of this State ; contents thereof, 53, 54
may be deferred by agencies in Asia or Europe. saan alabaster y aneds 56

oF A Lire InsuRANCE COMPANY, annual, when to be made and filed ;

and contents thereof ...... sian amon a memisaashs sears oraim «ee 77,78
to be filed by a company from another ‘State or country ean aca '6 82, 83, 84

annual and other, to be made by receivers and trustees of insurance
companies to superintendent, and contents thereof.............
of annual dividends made to stockholders, to be reported to super-

INGENGEN be oaks NRE SS Oe nS Mie Ree ROAR eee tide Seen wie 90
semi-annual, of premiums received for insuring property in New
York, to be furnished to board of underwriters ............. 129, 130
to be made annually by officers of underwriters’ guild to superin-
tendent..00.006ass secaseveeed a aKee ANTE ENE Oa ee be eee ene dees 138
STATE TREASURY, assessments of stock companies to be paid into..... 12
fees to be paid into. ...... cece ec eee tee cence eect ene eee nee e tenes 12
STEAM BOILERS, inspection 0f..........c esc e cece ence eee ence eee renee 272
STOCK, new may be issued to make up deficiency in assets of a fire or
marine insurance company, in certain cases.......-..0.0005 38, 39. 63
old certificates of, returned, and new issued in lieu thereof, in
COTtAIN CASOB... ccc cc cece cence et etcetera neato eee n eee seen 43
capital, when and how increased. ............0006 seeee ree eeeces 43
oF A Marine InsuRANCE CoMPANy, books of subscription to, when to
Ve Opened .ovevicca acted oamdiorainawud ewssinseretisleranaceies @ siee 46
amount of, required for incorporation of companies in the city of
New York and county of ‘Kings; for other counties ........... 47
securities representing, to be specifiedin annual statement ....... 54
new, when to be created and disposed of by directors ............ 55
transfer of, when not to release person making transfer from lia-
Dility: 5... sacs se tee tinendaseosoesaietey helen sores Anau siete gees 56, 63
when impaired, dividends not to be made.............++. soiereuets 59
when companies to have lien upon .........cccseeee seer eneeeees 61
duties of trustees, when amounts to $300, 000.. dav ay'aha nngilgha' ek ena aerng 6-0 66, 67

or A Lire INSURANCE Company, to be distributed among subscribers
in certain cases
STOCKHOLDERS, or Fire InsuRANCE COMPANIES, liable for Teoeinang

dividends made contrary to certain provisions........... F 24
of companies, not parties to suits, may be witnesses ...........+. 27
may bring suits at law against corporation for losses in certain

CASOSs <5 « c¥x SRL e Bole Sew ee OS sma UR RASA ies sev eeiee e bE 27
transferring stock during the pendency of an examination, under

section 24, chap. 466, te « of 18538, not released from liability

for losses previous igs Mra tBle, nay: va dos vaxecad by antdeoweatews 39

OF MARINE INSURANCE COMPANIES, when called upon to pay amount

of deficiency in capital...........e:seeees esse eee nese nent ones 54, 62
written consent of a majority of three-fourths i in amount, necessary

to extension of charter of joint-stock company................. 56, 57
suits at law may be maintained by, against corporation in certain

CASES cia iceg eats: Gese sd esccewea seer bee veiee ss died se caeee 57

or Lire InsuraANcH COMPANIES, may bring suits at law against a life
insurance corporation, in certain cases .

See er ee ate tone sooo a

certain dividends made to, must be reported to superintendent. . 90
STOCK FIRE INSURANCE COMPANIES to express on face of policies
that the same are stock policies...........c. cece eee e eee eee ar

Panes A SURANCE COMPANIES, when to be assessed by superintend-

STOCK 1 MAKING INSURANCE COMPANIES = extend their charters ;
proceedings thereons scccioysransevkaahnserce sarees sare sien emes . 58, 59
INDEX. 349

Page.
STOCKS to be transferred to superintendent of insurance department .... 12
Fire Insurance Compantius, of this State and the United States, capital

. _,and funds of a company may be invested in .....0. .ecececees 20, 21
of counties or incorporated cities of this State, capital and funds of

a company may be invested in......... asadaous ipa eGR amtnauaetnents 20
nature and character of, to be deposited by companies of other

countries ; may be exchanged.............ccececccceesseurees 34
MaRINE INSURANCE COMPANIES, from other States, capital of, what.

invested in... 0... cece cece eee aRRieNawoiw iewuniwienrs tie owes 48

» from other countries, capital of, what invested in............. a 48

of this State, capital of, what invested in.............eccee eee ee 50

Lire InsuRANCE ComPanrns, or treasury notes of the State of New
York or the United States, the capital of company may be

IN VOREOR IN ia. oa ssc ais eeninivie, seis aa yarasereraietesolarerecete Men eOeewenae 73
description of, receivable at banking department ..............0. 73
of incorporated cities of this State, funds and accumulations of

companies may be invested in........... cece cece eee eeee anes 1
description of,in which the capital of companies from another

State may be invested... 2.00... cc cece ence een e cee eneeetees 81
transfer of, by superintendent, to be countersigned by State treas- :

URED hoes tees wares at d anise seh malas sia Sarena eles eEe dea e™ 9

SUBPCINAS, when to be issued by metropolitan fire marshal ; proceedings
on failure of witness to Obey... 2... 0... cece eee nc en eect eens 138

SUBSCRIPTION BOOKS, to capital stock of fire insurance companies,
when to be opened; regulations..............0ceceeececeeeeenees 20

to capital stock of marine insurance company, when to be opened ; regu-
lations concerning..............0.0c cee ees Gey) shee avers dasa skis ta araeede 46

to capital stock of life insurance company, when to be opened; regula-
MLODLS safe sazesderaias’ spree 'ainterapeteareveletuieaces pa cdinalaaiee oRiceanbianeaeningh sp ues 72, 73

SUITS AT LAW, may be maintained by fire insurance corporations against
‘any of their members or stockholders, and vice versa......... waeIes 27

may be maintained by marine insurance companies, against any of
their stockholders, and vice versd. ........ccecscccee seaeeee savers 57

may be maintained by life insurance corporations against any of their
members, and vice versa......... ecole acmaymaua aweannnenets wae Seine esate V7

SUPERINTENDENT OF THE INSURANCE DEPARTMENT, how ap-
pointed ; salary; to employ clerks and appoint a deputy ........... 10, 248
shall take the constitutional oath of office, give bond, etc........ ... ‘ 10
general powers and duties.................... easaais supine ners Baars 10, 11, 249
shall devise a seal for the insurance department......... 06. seeseee 11

shall make an annual assessment on stock insurance companies of this
State for excess of expenses of department over fees received... 12, 218

to be paid for taxes, fines, penalties and license fees, by insurance
companies of other States, an amount equal to the amount imposed

by laws of such States upon companies of this State............ wee. 18, 14
to have supervision of affairs of foreign insurance companies......... 220
violation of the provisions of section 2, chap. 593, Laws of 1873 by, de-

clared a misdemeanor.............. eet HeAVEL MICAS SAWN Ke eemRRe
examination of insurance companies....... «2. esse eer ce er ee cane 248
Fire InsuRANCE COMPANIES, may reject the name ofa company; in

what cases.. .. ..........- (Hiey News wanaRtaRensaaanet RES 18
may extend time within which to sell reai estate owned by a com-

pany ; in what cases...........+ sa a We SM Name 21, 22
to make or cause to be made an examination of the capital of a

company, preliminary to organization....... wAgiecawelarene abel eae 22

must certify that he is satisfied that accumulated profits have
been realized and duly invested ; scrip issued therefor, to a cer-
tain amount, before cash capital of a joint-stock company car be
paid off and canceled........ ieee lave oPesetarave cera anata ravens Muwiataracbtaree: Asks 26
350 INDEX.

SUPERINTENDENT OF THE INSURANCE DEPARTMENT —Cont’d. Paga
Fire INSURANCE COMPANIES, may address any inquiries to a company ;

duty of company to reply promptly, in writing ................ 82
duty to prepare and forward printed forms for annual statements, 82
may change form of annual statement, from time to time......... 82, 33
to make annual report to the legislatures, sig (pain Alas Yin ish Uae 11, 83
amount and nature of securities to be deposited "with, by com-

panies of foreign countries...........02 05 cece eee cette ences 34
to grant certificates of authority to the agents of companies of

other States and foreign countries, in certain cases............ 35
to furnish renewal certificates of authority to agents in certains

VASCR a hci eek kei asAau ened ae ee yeh eae WE RCe Cee 35, 36

to make or cause to be made an examination of affairs of a com-
pany whenever he shalldeem it expedient; powers and duties’

of superintendent thereon........... wc eeeeee eee ee 387, 88, 39, 260
may make a requisition on a company to pay in deficiency when
, assets are found to be insufficient.......... 0... cece cece cence ee 38
reduction of capital stock of joint-stock, fire and marine insurance
companies, by permission Of............ 2c: ce cee cere ete eee eeee 42
certificates of reduction, when to be executed by........... Sigjees 42
annual and other statements to be made to, by receivers and trus-
tees of insurance COMPANIES. ..... co cece eter eee eee n ene
Marine InsuRANCE COMPANIES, declaration, comprising copy of
charter to be filed in office of..........0 ccc eeee cower eeeee
certificates of authority, when issued by, to agents of companies
fromvother States jeri esate: aa; vis saa suareoreicies walenaraalealemariannaits 47, 48
certificates of authority, when issued by, to agents of companiés
from other countries 1.0.0.0... ccc eek cece eee eee reeeeraes
statements of eompantes of other States and countries to be filed
INJOMCE Ol ccopsrosnantaies nidWasuledanlhasnneeneeneseae veers 48, 49
may extend time for sale of real estate in certain cases........... 51
charter of company, when to be examined by........... ca aed einai 52
when to furnish certified copy charter and certificates.......... 53

annual statement of affairs of every company to be filed in office of 58
to prescribe forms for annual statements, and make changes

CHETOID ss saeisice Wares se sistas ee weenie sen Thain Sa Ree Al
to arrange and communicate to the legislature the information con-
tained in annual statements.......... ccc cee eee cette eee e eee 54
when to direct officers of company to wind up “business ; regula-
HONS CONCEPNING 6.05 hese e cere c bie c dene dis deeds eect eweecwaces , oF
copy ofamended charter and accompanying documents, when filed
IM OMCOOL cise cesses cece tee news s er iasneeeetvesaeeyeens arose 56, 5
when written consent to increase capital of mutual companies, in
operation in New York city, to be filed in office of....... aneet 60, 61
copy of amended charter of mutual or stock marine insurance com-
pany, and consent of trustees, to be filed in office of.... ..... as 58
examinations and proceedings to be had thereon by............++ 58
certificate of approval by, to be filed....... Saye siete soe eases : 58
companies subject to supervision of, whose privileges are ex-
Pended. ssccisavee sed decca eves save ape cn eavess sas esteada sec dae by
to appoint persons to examine into the affairs of marine insurance
COMPANICS 5.5 sie cea e eeae eres teins sda s tie eee SEE BES SSS OE 61
may make a requisition on stockholders of a company to pay in
deficiency, when assets are found to be insufficient ............ 62
LiFE INSURANCE COMPANIES, may extend time for sale of real estate
IN‘ COTtAIN CABOB i sicqweaiencien se siiem meee GRE R ai aie sa: sie wissdiecs Seer %6
duty of, to prepare and furnish printed forms for annual state-
ments ; power to make changes therein......... 0... .ceseeerene 78

to compile and report to the legislature the information contained
in the annual statements..........eece eee eeee cence nes ee 78, 79, 80
INDEX. 351

SUPERINTENDENT OF THE INSURANCE DEPARTMENT — Cont'd. Page.
Lire INSURANCE COMPANIES, to make valuation of outstanding poli-
cies and other obligations of American life insurance companies,

   

transacting business in this State ............... 78
may vary standards of interest and mortality. . 79
may value policies in groups, etc.......... ai oatyer eieasicajeaietey eeecaceaal 19
to give certificates of authority, in certain cases, to the agent of a

company from another State, or foreign country.......... 82, 88, 84, 85
to cause an examination to be made into the affairs of a company

when he shall deem it expedient so to do; powers of superin-

tendent in such cases........... oe eee 87
to publish the result of an examination into the affairs of a com-

pany, if deemed for the interest of the public so to do.......... 87
to communicate to the Attorney-General the factof the insuffi-

ciency of the assets of acompany................ aoepucraieaie mieredals 87

to publish notification of revocation of the certificates of authority
of agents of a company not incorporated under the laws of this
SERCE 3 scans eixeeceiarees a acces erord wor eerie sais gra spesseaceretays alirdeipinierace aes 87, 88
to publish notice of the intention of a company to relinquish busi-
ness, on receiving the application of its officers to that effect.... 88, 89
to deliver up to a company relinquishing business, all securities
held for it in trust, on being satisfied that all its debts are extin-
guished; or in proportion as all liabilities upon any contract
with any citizen of this State are diminished less than one-half
the amount of securities retained. .......... ccc cece ces eucces 88, 89
to receive mutilated registered policies, etc...........0cceeceeee 93, 170
may address inquiries to life and casualty companies insurance. .. .98, 175
required to examine into condition of life and casualty insurance com-

 

panies, in certain cases ............-..... Sal ong ghar iaranaiana bane) aiayeiyars 93
to countersign registered policies and annuity bonds...............+ ‘ 91
examination of condition of life and casualty insurance companies by, 93
to have access to certain books of State treasurer ..........0cceeeeeee 95
power of, as to life and health insurance companies. . axat - 152
may reject name or title of any company........... asaisine needa aw 153
SUPPLEMENTARY STATEMENTS, when to be filed by fire insurance
companies of other countries, and what to contain...............4. 36, 37
when to be filed by life insurance companies of other countries, and
what to contain ...........20.00005 seretanchets “evaiers seis Gates savas apaoains 85, 86

SUPREME COURT, to take cognizance of application of the attornaey-gen-
eral to close the business of a marine or life insurance company or-

ganized under the laws of the State of New York, and in certain cases :

to decree the dissolution of the company ...........seeeeeeeees 62, 87, 170
empowered to refer actions in which receivers of insolvent mutual
insurance companies are parties......... cc cece eee eer cons cereee 124
SURETIES, to the official bond of the superintendent................... 10
SURPLUS FUNDS, of a fire insurance company, how to be invested and
Fein vested) jc as-jagssewieeeonwure chinawaadtowindise oleate Hae wees 21, 207
scrip dividends, to be paid from...... emge aor eny doen Gb we ene anette a 24
of a marine insurance company, how invested ...........ceeeeeeeee 50, 209
to be liable for excess of losses and expenses above premiums, in eer-

tain cases........+.4. Soa sea eeitetets pie aiiatebataheaynidiaheh <gitaie [beeen eee es 66
on sale of securities by life insurance company, how disposed of, 172, 178, 174
SURPLUS PROFITS of a fire insurance company, how estimated ........ 23,24

TABLE OF MORTALITY:

based on American experience ............+.++.. jinn ays dates sae ws ‘ 80
TAX upon premiums when paid, and upon what premiums payable....... 18
when to be paid by companies of other States..... Steetete eee seeeee 18,14
annual, to be paid by foreign life insurance companies toward defray-
ing expenses of insurance department .........seeseeescesseeeeees

39
352 INDEX.

TAX — Continued. Page.
on marine premiums received by the agents of companies not incorpo-
rated by the laws of this State.......-..c cece cece eee entree none 99, 100

of two per cent on premiums, to be paid by fire insurance companies
not incorporated by the Jaws of this State, to fire department in-
New York city, and in every city and ingprporated village in this

BERL ose sie wie aa siernavees area Mere Moet eens tana ees vevveeees 108, 104, 107, 108
of mutual life insurance companies provided for by amendment to law
Of June 29, 1888). .csncdieie onan wine ce eee emis: tamale ieee le ecelere 89, 90

of mutual life insurance companies to be limited to taxation on $100,-
000 for personal property, and no more, as provided by chap. 83, Laws

Of 1BDS . siaiancrircd x ietSasias 60s SOS Fe PMR Te Fees cee ew ees 90
of foreign insurance companies and associations .......-+++.+:-++++ 1038, 229
on premiums payable to the trustees of the Exempt Firemen’s Benevo-
lent Fund, for a limited period of time... -........ 0.0 eee eens eer eee 104
T.ME for selling teal estate owned by insurance companies extended, 21, 22, 51, 76
‘TITLE of insurance company, when to be rejected .........-.eeeee eee eee 18
TOWN INSURANCE COMPANIES, acts amending act authorizing forma
GON) Of wieccias ater soba e 3 he ee tee RS Sees AGA Sem GaN 227, 245, 261
TRANSFER of stock of marine insurance companies, in certain cases, not
to release from liability persons making the same.... ..........--- 56, 63
of stocks by superintendent to be countersigned by State treasurer or
his: deputy. caaai cones emexmneendeenaseonee reeds sisims anes seae's as 94
TREASURY NOTES, or stocks, the capital of a fire insurance company may
berinvested In s<.04 ascewnwesaiecsen sees aise eveveis stem aaa sapere aoe 20
or stocks. the capital of life insurance companies may be invested i in. 3

TREASURER of New York fire department may demand an account and
payment of the tax on fire premiums from agents of companies not

 

incorporated by the laws of this State...........seseeeee  ceeeee 105, 106
may require a renewal of bond. ........cces cess seer e eee eects «. 105
TREASURER OF STATE, transfer of stock by superintendent, to be coun-
terplened. bys cic: dsosicien a sonrdeleassmegasin } deoage susie @ Wiad etga g siste“e ® sets ate
books to be kept by, and what to contain, and other duties of....,..... 94
to report to legislature, amount of transfers..... Suse Ree Rea dem e's tees 94
to have access to books of insurance department.......... seatanans 5 oben dia 95
compensation of, for certain duties........ 00. c cece eens eee ee eugene aes 88 95
TRUST COMPANIES may invest their funds in certain securities.....- «» 74, 75
TRUSTEES or Fire INSURANCE CoMPANIES, majority of, to be citizens of
this States sccsanicvasee yea sdedes, silasesasesieeesers bo ee a ve cowie 18
corporators: or directors of acompany may make by-laws........... 23
and corporators, and those entitled to participate, liable for all debts
until capital is paid in, and a certificate thereof recorded........... 27
unanimous consent of, necessary to the increase of capital stock of a
mutual. COMPANY ......6 650 sieved see eek nals He weds Cad Ma eties wane cwures 29
of directors, consent of three-fourths necessary in order to eater a
mutual to a joint-stock COMpany......... ese e cece eee e eee e eens eens 28
of insurance companies to make annual and other statements to super-
intendent of insurance department........... ccc cece eee e ee eeeaces 43
OF MariInE INSURANCE COMPANIES, a majority of to be citizens of
this State....... pwese sweeties $oiesa Sey etek s ies ines ate Meme rhe 52
have power to make by-laws............ cc cee e rece ee cence eens eeees : 53
unanimous consent of, necessary to extend original charter of mutual
COMPANY 55 seecs) sacs mppelearees e gynsie pas ba ee eb Sa ee Biss w bag Soa SH S.T See Va 56, 57
jointly and severally liable, until whole amount of capital paid in, and
certificate thereof recorded...... ..ce.ccsescesseaseeusececencnens 59
to make regulations in relation to certificates of stock to be issued and
the transfer thereof in certain cases ..... etueislela Bt Gnee Vintaw ate RINE 60
liability of, in certain cases pees

63
power of, when cash stock paid in amounts to $300, 000. dhe dawesaysy 66,67
INDEX. 353

TRUSTEES — Continued,

; . Page.
Or Lirg InsuRANCE COMPANIES, majority of, to be citizens of this

State............ iGo8 Hiss Tieieldi sain agra a ork orgie eigeie steed elpresinee 72, 162
majority of, or certain officers, to make annual statement............ 77, 78
have power to make seal and by-laws... .....00.ccecceceeeseneenees 16, 77
trustees of Exempt Firemen’s Benevolent Fund, tax on premiums, pay-

able to for a limited period of time............... 104
of foreign insurance companies, how appointed 219

 

UNDERTAKINGS:
to be given to treasurer of New York fire department by agents of
fire insurance companies uot incorporated by the laws of this State, 104, 105
to be given by members of companies for insuring against loss by
having had stolen horses, cattle and sheep; to be filed with town

COR ia ais stars 5 Babar eeeveiayee iN STAAL A OREN) SNe ae S _. 117, 118
UNDERWRITERS’ GUILD, what insurance companies constitute; pur-
poses, powers and duties of same.............0e000s 181, 182, 183, 134, 185
UNITED STATES, agencies may be established by marine insurance com-
panies beyYONd . so iicssvesiees casi ii ert eaers ois Fines tee eeeeawrwes 56
UNITED STATES LIFE INSURANCE COMPANY of New York city,
charter amended s ois cece k ceca eawietee Chae e Ree REET ORR ED, BOS 198, 229
UNITED STATES RAILROAD CONDUCTOR®S’ LIFE INSURANCE COM-
PANY, incorporation of. ........ Mach estore ceY séGceReeaeae eee 165
UNIVERSAL LIFE INSURANCE COMPANY, charter amended........ 270
¥ ¢
VICE-PRESIDENT:
of insurance companies or other officers, duty of, to make annual state-
ment to superintendent ......... ccc eee e eee e cere ne seer eeeeeee 80, 58, 77
VIOLATION of provision of section 23, chap. 466, Laws of 1853, penalty .. 36
of provisions of section 7, chap. 308, Laws of 1849, penalty for........ 49
of provisions of chap. 463, Laws of 1853, penalty for...........-..++. 88
VOTE, holders of cash capital entitled to, in certain cases..........-..+6+- 66, 67

of directors of a company not organized under the laws of this State,
appointing attorney in the State of New York, certified copy of to be

filed in insurance department ........ cee ence cree eeee ent eeeee 83, 82, 84
WESTCHESTER COUNTY:
companies in, authorized to invest in bonds of village of Peekskill... . 256

WESTERN INSURANCE COMPANY of the city of Buffalo, risks author-

Te) Ae ee eee eee ee ee 158
WESTERN NEW YORK LIFE INSURANCE COMPANY of Batavia, char-

ter amended .......... cece eset eng tcc e cence cece nen emseneerencene 243
WITNESSES, commission may be issued to examine, in certain cases..... 124

WYOMING COUNTY MUTUAL INSURANCE COMPANY authorized to
sell stock and invest same in Wyoming County Soldiers’ Monument, 245

YEAR: .
when construed to mean calendar year........ - ie eeeee pote eee eee es 24
dates of the termination of fiscal, may be changedin certain cases ... 56, 112
INDEX TO APPENDIX.

   

 

Page.
ACTIONS: Proof of existence of corporation........ dieimieieainewiatie aigcajenainasae 292
ACTS AMENDED:

laws 1865, ch, 694 (deposits, taxes, fines, fees, etc., by foreign companies), 279

laws 1872, ch. 146 ae estate in other States) se:oha tilslare Ra aes weietenie es 280

laws 1858, ch. 463 (real estate)........0cc cece eee ee ereee seeeseeseee 282

laws 1867, ch. 773 Brooklyn Life)...........ccceceec cece seseerceanees 284

laws 1858) ch. 466 (increase of stock, change of name, etc.)... ........ 285

rev. stat., vol. 2,458 (suits by and against) Seales é siete caaiee sis 4 Be aedten ary 292

laws 1853, ch. 466 (foreign companies)..........ceeeceeeseecece cece 292

laws 1875, ch. 170 (real estate of Life and Health company)........... 300

laws 1875, ch. 465 (payment to fire departments)............0csceceeee 802

laws 1876, ch. 341 (forfeiture of policies)........0.cccs sence eeceees , 813

: laws 1859, ch. 366 (Insurance Department)..........0.eecceeeeeeeecs 316

ADVERTISEMENTS, what to contain........cscceeceee cence soveeee 296

AGENTS, of Foreign ‘Companies to obtain certificate of authority......... 294

; to file certificate............. agen WIRE We Rhea BENE w BaCeE SETA Seid Bewe elds 6 295

renewal of certificate... ...... ccc v ccc eer e een eeeees Bie a KARA ING Savoie lend 295

penalty for failure to COMpLY......... ccc sees cence nee ene cnceeeses 296

to advertise location of companies... ......e.ceeceeccscceeeeeneeeees 296

to make payments to fire departments in cities and villages........ 289, 802

to give bonds to secure such payMents......e.cecseeeeeee ceneece 289, 303

2 enalty for failure to comply.........ccc cee ec er eeseeeereeeeteeesee 290
AMERICAN TONTINE LIFE PAN D SAVINGS INSURANCE COMPANY,

distribution of effects........ 0... cece cece ete e ee ect neces et eeeceee 291

ARCTIC FIRE INSURANCE COMPANY, may reduce number of directors. 283
annual elections.

  

  

_. . amendments to charter. .....cccccccc cers cece ee rn eeeeverccsneseeees 815
ASBURY LIFE INSURANCE COMPANY, distribution of effects of..... 804
BOND of Agents to make payments to city and village firedepartments 289, 303
BROOKLYN LIFE INSURANCE COMPANY, charter amended......... 284
COMPANIES, may purchase, etc., real estate in other States..... ....... 280
what stock IMAY2PUTCNABO 625.5 oo 2:0 wan aiase HsieiVialarereravereatere Sarg Nelo eurediaa 281
what rea! estate may purchase and hold.............eeeeseeceeeeues 282
when may increase capital stock, change name, etc..........-.....00- 285
investments DY: sssveraerdeinwewisie dos eis 2 eso o6 a aides aisle siete Vowsee eas 288
proof of incorporation on trial of action by or against..............6. 292
not to take name of other companies. 310
false statements of assets, etc 811
what statement shall show..... 812
deposits by, with department.............. 317
BECUPItIOS, NAtUTO Of. 68. .ceee cee e kes Seas ds oie owe eens Que eS we 317
- penalty for disobeying act..... 0... cece seer ee eter e cere ete eteteeeeees 318
organized in other States (see Foreign Companies).
DEPOSITS by insurance companies... 2.0... cere sce ee eect eee eeteeneeee 317

ECLECTIC LIFE INSURANCE COMPANY, distribution of property of.. 287

~“
356 INDEX TO APPENDIX.

  

 
    

 

Page.
FEES AND CHARGES against foreign companies.............+++:+ coer 279
FIRE COMPANIES, when may increase capital stock, change name, etc.. 285
payments by, to ‘fire departments of cities and villages sare rarer SCS 289, 302
reduction of number of directors in....... cece cece cece ce ences sseee 809
capital stock, of what amount required.........e.ceeeececeeceeeecees 809
FIRE DEPARTMEN TS in cities and a payments tO... se eeeenes 289, 302
FOREIGN COMPANIES:
deposits and payments for taxes, fines, penalties, etc............. accey 279
when may take risks and transact business i in this State.............. 292
to appoint attorney.......... ia beste siatersie SNS a Sie Sogistesais ge weteies eile eee 293
to file charter, etc......... .eeeeeee a! Geiusig sealer -sasiceahy ral apa (oles aviagsta el shagaral ais 293
where capital is impaired......... ba a ahaa ee Hea eras deel wliaiauen! | eee
Geposits'Of SECUFILY ss 6. esside es iaererveredsenensvgecnweesaeee’s wees 294
agents of, to obtain certificate of authority...... 204
to file certificate... ... cc. ceece eee e eens een eees eee 295
renewal of certificate............ ere rere Tee eT ers eee wees 295
brokers; not to place risks......... 0. ce cece ee eeees sad Walon Seth e's Ba SRS
penalty for not complying with conditions fadusleaceia sees Ralston esace 296
agents to publish location of the company in all advertisements...-.... 296
penalty to be sted for... cies eseccecssnecnsbesacteatensetenteuve ae. 296
, payments by, to-fire departments of cities and villages............ 289, 302
capital stock requisite............-005 Late COSGN keae Ge ae Sbase eee S 310
FORFEITURE of life policies................. 4 2u9
FRAUD, false statements as to assets..........- er ‘ ae. old
GLEN COVE COMPANY, charter extended....... ree awe S sex SORTS ERROR 307
HANOVER FIRE COMPANY, directors of......... ioe a3e4 316
HEALTH COMPANIES (see Life Companies).
INSURANCE DEPARTMENT, office of superintendent................. 316
INVESTMENTS by life, fire and marine insurance companies. .........+ 288
KNICKERBOCKER PLATE GLASS, ETC., INSURANCE COMPANY,
change Of MAMC: cs iscecencirceseeecar ds sacs dev eeedeseetteaeeneen
LAFAYETTE FIRE COMPANY, directors Of....---+s.+-ssssessveseeee
LIFE COMPANIES, real estate, what may purchase and hold
forfeiture of policies Dea oe Gis 6 Aa SEL Sea A eee eR BREN at 4) BEE OS
reinsurance of outstanding risks... ............- gution Sorered eee ates . 810
reinsurance by rec€ivers...:.6. ssectesictccscevsswacbesacerctinces 311
. lapsing and forfeiture of policy....... aise Bah oid “apa eevee ree oe chamawe BIB
notice of preminm ue ...... 2 sce cee ce eee be teeter esse eeeanetes 318
MARINE COMPANLES, reduction of number of directors of.......... .. 809
cupital stock of, what requisite... .. 6... cece eee cece eee eeee winnaar 809
NAME of other companies NOt to be taken. scisssceswew vacsiwevwsiewaes 310
NEW YORK AND YONKERS FIRE COMPANY, directors...........- 287

NEW YORK BOWERY FIRE COMPANY, president and vice president, 281
NON-RESIDENT COMPANIES (see Foreign Companies).

NO'TICE of lapsing forfeiture of policy.......-....ccceeec ener eeeneenees 814:
PENALTY for doing business in'the State without authority. eclbiatinvn eave w/e 296
OW LOCOVETEM resco ass pee eed dimdain Reimer aa samcece ada Siane ce, saduge rec’ 296
PLATE GLASS COMPANIES, deposits of securities by..... sidistatone iptbiasiceu 818
POLICIES, forfeiture of ...... Bice wm Brora esses ice i iecanhesiauage!(onesbue Saves sinibiore 208, 313
NOTICE OL LOPLOLUTOs ie. iacaveia dessa seis aiecocee: yieie-sieiand: dinaeeverueg 0.9) w b:aiese dotieancds 314
REAL ESTATE, companies transacting business in other States may pur-
HABE OUCH sie cancisranc iat ssis yarn cies uesnine agen Veda aendawe wets 280
of life and health COMPANIES... . 000s. cc cseesevacscsceneeeceunes 282, 300
RECEIVERS, reinsurance by ........ 0c. e eee e ete e see e ec eeeserasevarene 311
REINSURANCE by life companies.. anche duebtesmhanahowascateaeub hay setaatner es 310
STOCK, what stock company may MeO Ta ee uunod eorcaae saeneenes 281

WATERTOWN FIRE COMPANY, charter amended ........ Sais aleieeg a es 301
INSURANCE LAWS

OF THE

SPATE OF NEW YORK

PASSED IN 1878.

ISSUED BY THE
NEW YORK INSURANCE DEPARTMENT,

JOHN F. SMYTH,

Superintendent,

ALBANY.
WEED, PARSONS AND COMPANY, PRINTERS. \
1878,
CHAP. 98. .

AN ACT to authorize the merging of corporations organized
under the act entitled ‘‘ An act to provide for the incorpor-
ation of fire insurance companies,’’? passed June twenty-
fifth, eighteen hundred and fifty-three, and of the acts
amending or extending the same, passed April first, eighteen
hundred and seventy-eight.

The People of the State of New York, represented in Senate and
Assembly, do enact as follows :

Sxction 1. Any two corporations heretofore, or that may hereafter
be organized under the act entitled “An act to provide for the incor-
poration of fire insurance companies, passed June twenty-fifth, eighteen
hundred’ and fifty-three, or of the acts amending or extending the
same, are hereby authorized to merge one of such companies into the
other of them in manner following: The directors of any two such
corporations may enter into apd make an agreement under their re-
spective corporate seals, for te merger of one of said companies into
the other of them, prescribing the terms and conditions thereof; the
mode of carrying the same into effect; the amount of capital and
number of shares of the stock into which the same is to be divided,
which capital shall not-be larger in amount than the aggregate amount
of capital of the two companies, with such other particulars as they
may deem necessary, not inconsistent with the provisions of the said
last named act, and the acts amending and extending the same; and
which agreement shall be subject to the approval of the superintend-
ent of the insurance department.

§ 2. Such agreement of the directors shall not be deemed to be the
agreement of the said corporations so proposing to merge one into the
other, unless assented to by a majority of the number of directors of
each one of said corporations prescribed by the charters of said two
corporations, until the assent of one-half of the stockholders owning
two-thirds of the stock of each of said companies so proposing to be-
come menged into one, be obtained. And when such agreement of the
directors has been sanctioned and approved by one-half of the stock-
holders of each of said companies, owners of. two-thirds of the stock
thereof, in the manner hereinbefore prescribed, then such agreement
of the directors shall be deemed to be the agreement of the said cor-
porations; and such assent in writing, or a duplicate thereof attached
to the said agreement, shall be evidence of the assent of such stock-
holders. :

- 83, Upon the making, sanctioning and approving of the said agree-
ment in the preceding sections mentioned in the manner therein re-
quired, and the filing of the duplicates, or counterparts thereof, and
of the assent in writing mentioned in the preceding section, with the
approval of said superintendent, in the office of the clerk of the county
2

where the principal office of said corporation is located, and in the
office of the superintendent of the insurance department; then and
immediately thereafter the said corporation shall be merged in the
corporation provided for in said agreement, and the details of such
agreement shall be carried into effect as provided therein, and it shall
be lawful for said corporation to require the return of the original
certificates of stock held by each stockholder in each of the companies, :
and in lieu thereof to issue new certificates for such number of. shates
of its own stock as the said stockholders may be entitled to receive.

4, Upon the merger of any corporation in the manner herein pro-
vided, all and singular the rights, franchises and interests of the said
corporation so merged, in and to every species of: property, real, per-
sonal and mixed, and things in action thereunto belonging, shall be
deemed to be transferred to, and vested in such corporation, as the
other of them has become merged, without any other deed or transfer ;
and said last named corporation shall hold and enjoy the same, and
all rights of property, franchises and interests, in the same manner,
and to the same extent, as if the said corporation so merged should
have continued to retain the title and transact the business of such
corporation; and the title and real estate acquired by the said cor-
poration so merged shall not be deemed to revert by means of such
merger, or any thing relating thereto.

§ 5. The rights of creditors of any corporation that shall be so
merged shall not in any manner be impaired by any such merger, nor
shall any liability or obligation for thg@ payment of any money now
due, or hereafter to become due, to any person or persons, or’ any
claim or demand in any manner, or for any cause existing against any
such corporation, or against any stockholder thereof, be in any man-
ner released or impaired, but such corporation into which the other
shall become merged, is declared to succeed to such obligations and
liabilities, and to be held liable to pay and discharge all such debts
and liabilities of the merged corporation in the same manner as if
such corporation into which the other shall become merged had itself
incurred the obligation or liability to pay such debt or damages, and
the stockholders of the respective corporations, so entering into such
agreement, shall continue subject to all the liabilities, claims and de-
‘ mands existing against them as such at or before such merger, and no
suit, action or other proceeding then pending before any court, or tri-
bunal in which any corporation that may be so merged is a party shall
be deemed to have abated or discontinued by reason of any such
merger, but the same may be prosecuted to final judgment in the same
manner as if the said corporations had not entered into the@aid agree-
ment; or the said last named corporation may be substituted in the
place of any corporation so merged as aforesaid, by order of the court
in which such action, suit or proceeding may be pending.

§ 6. This act shall take effect immediately.
CHAP. 189.

AN ACT to provide security against extraordinary conflagra-
tions, and for the creation of safety funds by fire insurance
companies, passéd April sixteen, eighteen hundred and
seventy-four, as amended by chapter two hundred and
eighty-two of the laws of eighteen hundred and seventy-
eight, passed May twenty-first, eighteen hundred and
seventy-eight. .

The: People of the State of New York, represented in Senate and
Assembly, do enact as follows :

SzctTion 1. Hereafter it shall be lawful for any fire insurance com-
pany, organized under the laws of this state, to create the funds herein
provided for, to. be known and designated as the guarantee surplus
fund and thespecial reserve fund, ‘and to avail itself of the provisions
of this act upon complying with the requirements thereof. _

§ 2. Any fire insurance company desiring to create such fund shall
be and it is hereby authorized to do so, upon the adoption of a resolu-
tion by its board of directors at a regular meeting thereof, and filing
with the superintendent of the insurance department a copy thereof,
declaring the desire and intention of such company to create such
funds and to do business under the provisions of this act; and as
soon after the filing of such copy of the resolution as convenient, the
superintendent shall make, or cause to be made, an examination of
such company, and he shall make a certficate of the result thereof,
which shall particularly set forth the amount of surplus funds held by
such company .at the date of such examination, which, under the
provisions of this act, are to and may be equally divided between and
be set apart to constitute said guaranty surplus and special revenue

_ funds, which certificate shall be recorded in the insurance department;
and from and after the date of the recording of such certificate, all
the policies and renewals of policies issued by such company shall
have printed thereon, by such company, a notice that the same are
issued under and in pursuance of this act, referring to the same by its
chapter, date and title; and such policies and renewals shall be
deemed to have been issued and received subject to the provisions of
this act. ‘

§ 3. After the date mentioned in any such resolution so passed and
filed it shall not be lawful for such company to make, declare or pay,
in any form, any dividend upon its capital stock exceeding seven per
cent per annum thereupon and upon the surplus funds to be formed
hereunder, until after its guaranty surplus fund and its special reserve
fund shall have together accumulated to an amount equal to its said
capital stock ; and the entire surplus profits of such company above
such annual dividend of seven per cent shall be equally divided
between and be set apart to constitute the said guaranty surplus fund
2

and the said special reserve fund, which said funds shall be held.and
used as hereinafter provided, and not otherwise, and any compan
doing business under this act, which shall declare or pay any dividen
contrary to the provisions herein contained, shall be liable to be pro-
ceeded against by the attorney-general for its dissolution.. Whenever
such company shall notify the superintendent of the insurance depart-
ment that it has fulfilled the requirements already expressed in -this
section and that its guaranty surplus fund and its special reserve fund,
taken together, equal its capital stock, it shall be his duty to make an
examination of such company and to make a certificate of the result
thereof ; and thereafter such company may continue, out of any sub-
sequent profits of its business, to add to such funds, provided that when
any addition is made to the special reserve fund, an equal sum shall
be carried to the guaranty surplus fund.

$4. Said guaranty surplus fund shall be held and invested by such
company the same as its capital stock and surplus accumulation ; and
shall be liable and applicable in the same manner as the capital stock
to the payment generally of the losses of such company.

§ 5. Said special reserve fund, until it shall amount to a sum equal
to one-half of the capital stock of such company, shall be invested ac-
cording to existing laws relating to investments of capital by fire in-
surance companies, and any additional sum added to such fund shall

be invested in any securities in which such company is by law author-.

ized to invest its capital or its surplus accumulations, and shall be
deposited from time to time as the same shall accumulate and be in-
vested, with the superintendent cf the insurance department, who
shall permit the company depositing the same to change such deposits
by. substituting for those withdrawn others of equal amount. and
value, and to collect and receive the interests. or dividends upon such
securities as the same may accrue; and such special reserve fund shall
be deemed a fund contributed by the stockholders to protect such
company and its policy holders others than claimants for losses already
existing, or then incurred, in case of such extraordinary conflagration
or conflagrations as hereinafter mentioned; and said fund shall not
be regarded as any part or portion of the assets in possession of said
company so as to be or render the same liable for any claim or claims
for loss by fire or otherwise, except as herein provided.

§ 6. In estimating the profit of any such company for the purpose
of making a division thereof between said guaranty surplus fund and
such special reserve fund, until such funds shall together amount to.a
sum equal to the capital stock of such company, there shall be deducted
from the gross assets of the company, including for this purpose the
amount of the special reserve fund, the sum of the following items:
First, the amounts of all outstanding claims; second, an amount suffi-
cient to meet the liability of such company for the unearned premiums
upon its unexpired policies, which amount shall be at least equal to
one-half of the premiums received on policies having less than one year
to run from date of policy, and a pro rata proportion of the premiums
received on the policies having more than one year to run from date
of policy, and shall be known as the re-insurance liability ; third, the
amount of its guaranty surplus fund and of its special reserve fund;
fourth, the amount of the capital of the company, and fifth, interest
at.the rate of seven per cent per annum upon the amount of the capi-
3

tal and of the said funds for whatever time shall have elapsed since
the last.preceding cash dividend ; and the balance shall constitute the
net surplus of the company subject to an equal division between the
said funds as herein provided. ‘The restriction of dividends upon the
capital stock of such company to an amount not exceeding seven per
cent per annum upon the amount of such capital stock and of the
surplus funds formed hereunder, shall continue until the said funds
shall together equal the amount of such capital, but any addition to
said fands, beyond an amount equal to such capital stock, may be
made out of any profits-of the subsequent business of such company,
whether such addition or additions shall constitute the whole of such
subsequent profits or only a part thereof.

§ 7. In the event of any extensive conflagration or conflagrations,
whereby the claims upon such company shall exceed the amount of its
capital stock, and of the guaranty surplus fund provided for by this
act, the said company shall notify the said superintendent of the fact,
who shall then make, or cause to be made, an examination of said
company, and shall issue his certificate of the result, showing the
amounts of capital, of guaranty surplus fund, of special reserve fund,
of re-insurance liability, and of other assets, and, upon his issuing such
certificate in duplicate, one copy to be given the company and one to
be recorded in tlfe insurance department, the said special reserve fund
shall be immediately held to protect all policy holders of said company,
other than such as are claimants upon it at the time, or such as be-
come such claimants in consequence of such conflagration or confla-
grations ; and the amount of said special reserve fund, and an amount
equal to the unearned premiums of such company, to be ascertained
as hereinbefore provided, shall constitute the capital and assets of such
company for the protection of policy holders, other than such claim-
ants, and for the further conduct of its business; and such official
certificate of the superintendent shall be binding and conclusive upon
all parties interested in such company, whether as stockholders, credi-
tors or policy holders, and upon the payment to the claimants, for
losses or otherwise, existing at the time of or caused by such general
conflagration or conflagrations, of the amount to which they are
respectivély entitled, in proportion to their several claims, of the full
sum of the capital of such company, and of its guaranty surplus fund,
and of its assets, excepting only such special reserve fund and an
amount of its assets equal to the liability of the company for unearned
premiums, as.so certified by such superintendent, such company shall

be forever discharged from any and all further liability to such claim-
ants, and to each of them; and the said superintendent shall, after
issuing his said certificate, upon the demand of such company, trans-
fer to it all such, securities as shall have been deposited with him by
such company as such special reserve fund; and, if the amount of
such special reserve fund be less than fifty per cent of the full amount
of the capital of the company, a requisition shall be issued by the said
superintendent upon the stockholders to make up such capital to that
_proportion of its full amount in the manner now provided by law in
the case of: companies with impaired capitals; and provided, further,
that any capital so impaired shall be made up to at least the sum of
two hundred thousand dollars, and in case said company, after such
requisition, shall fail to make up its capital to at least said amount of
“4

two hundred thousand dollars, as therein directed, said special reserve
fund shall still be held as security and liable for any and all losses oc-
curring upon policies of such company after such conflagration or con-
flagrations ; and provided, further, that if any amount greater than a
sum equal to one-half of its capital stock shall by such company,
under the provisions of this act, have been deposited with such super-
intendent, he shall retain of such securities a sum equal to one-half of
what amount he shall so hold thereof in excess of such one-half of
such capital stock, and he shall transfer the balance thereof to such
company, as herein provided ; and the amount so transferred to such
company shall, from the time of such transfer (provided the amount.
thereof shall not be less than two hundred thousand dollars), consti-
tute the capital stock of such company for the further conduct of its
business as hereinbefore provided, and the sum so retained by said
superintendent shall thenceforth constitute the special reserve fund of
such company to which additions may be made as herein provided, and
shall be held in the same manner and for the same purposes, and under
the same condition as the original special reserve fund of such company
was held. Such company shall, in its annual statement to the insurance
department of this state, set forth the amount of such special reserve
fund and of its guaranty surplusfund. If at any time, in consequence
of the payment of losses by fires, or of the expenses of the business, or of
the interest payable under the provisions of this act to stockholders,
_or from any other cause, the guaranty surplus fund shall be reduced
in amount below the amount of the special reserve fund, the directors
of such company shall have the right at their option, at the time of
making any division of the net profits as herein provided, to carry a
larger sum to the guaranty surplus fund than to the special reserve
fund; but this privilege shall cease as soon as the said two funds are
made equal in amount. The policy registers, insurance maps, books
of record and other books in actual use by such company in its
business, are not ‘to be considered as assets, but shall be held by the
company for its use in the protection of its policy holders not claimants
for losses at the time of such general conflagration.

§ 8. If at any time after said special reserve fund shal! have been
accumulated by any company, it shall appear, upon examination by
the said superintendent, that the capital of such company has, in the
absence of any such extensive conflagration, become impaired so as to
cause him to order a call upou the stockholders to make up such
impairment, the board of directors of such company may either
comply with such order and require the necessary payment by the
stockholders, or at their option, they may apply for that purpose so
much ‘of said special reserve fund as will make such impairment good.
No company doing business under this act shall.insure any larger.
amount upon any single risk than is permitted by law to a company
possessing the same amount of capital irrespective of the fands hereby
provided for. So much and such parts of existing laws as are
inconsistent with this act are hereby made and declared to be
inapplicable to insurance companies doing business under and in
conformity with this act.

§ 9. This act shall take effect immediately. ‘
CHAP, 209.

AN ACT regulating the amount of capital stock for fire and
marine insurance companies, passed May second, eighteen
hundred and seventy-seven, as amended by chapter three
hundred and thirty-seven, laws of-eighteen hundred and.
seventy-eight, passed May twenty-third, eighteen hundred
and seventy-eight. i

e -
The People of the State of New York, represented in Senate and
Assembly, do enact as follows :

SEction 1. Nostock company shall be hereafter organized under the
laws of this state for the transaction of fire or marine insurance
business with a smaller capital than two hundred thousand dollars,
the same to be paid in in cash.

§ 2. Companies from other states and countries applying for admis-
sion to this state shall be possessed of at least the amount of capital
required from companies organized under the laws of this state, the
same to be paid in in cash. :

§ 3. All acts or parts of acts inconsistent with this act*are hereby
repealed.

§ 4. This act shall take effect immediately.
CHAP. 264.

AN ACT to authorize corporations organized under the laws
of this state to reduce their capital stock, passed May
fifteenth, eighteen hundred and seventy-eight.

The People of the State of New Yorn, represented in Senate and
Assembly, do enact as follows :

' Sxcrion 1. Any corporation or company organized under general or
a special law of this state, and now existing, or which may hereafter
be organized under such general or special law, may diminish its capi-
tal stock, by complying with the provisions of this act, to any amount
which may be deemed sufficient and proper for the purposes of the
‘orporation. But nothing in this act shall be so construed as to re-
lieve any holder or owner of stock in such corporation from any per-
sonal liability existing prior to such reduction; provided that nothing
in this act contained shall be construed to in any manner interfere
with, or affect any law now in existence, authorizing any corporation
heretofore organized to reduce its capital stock. ;

§ 2. Whenever any company shall desire to call a meeting of the
stockholders for the purpose of diminishing the amount of its capital
stock, it shall be the duty of the trustees or directors to publish a no-
tice signed by at least a majority of them, in a newspaper in the
county in which the business of the company is carried on, or its
principle office is located, if any, shall: be published therein, at least
three successive weeks, and to deposit a,written or printed copy thereof
in the post-office, addressed to each stockholder, at his usual place of
residence, at least three weeks previous to the day fixed upon, for
holding such meeting, specifying the object of the ae the time
and place when and where such meeting shall be held, and the amount
to which it shall be proposed to diminish the capital; and a vote of
at least two-thirds of all the shares of stock shall be necessary to a dim-
inution of the amount of its capital stock. ; ;

' §3. If at the time and place specified in the notice provided for in
the preceding section of this act, the stockholders shall appear in per-
son or by proxy, in numbers representing not less than two-thirds of
all the shares of stock of the corporation, they shall organize by choos-
ing one of the trustees chairman of the meeting, and also a suitable
’ person for secretary, and proceed to a vote of those present in person
or by proxy and if, in canvassing the votes it shall be found that a suf-
ficient number of votes has been given in favor of diminishing the
amount of capital, a certificate of the proceedings showing a compli-
ance with the provisions of this act, the amount of capital actually
paid in, the whole amount of debts and liabilities of the company, and
the amount to which the capital stock shall be diminished, shall be
made, signed and verified by the chairman, and such certificate shall
2

be acknowledged by the chairman and filed in the office of the clerk
of the county in which the business of the company shall be carried on,
and a duplicate thereof in the office of the secretary of state, with the
approval of the comptroller indorsed thereon, to the effect that the re-
duced capital is sufficient for the proper purposes of the company, and
is in excess of all debts and liabilities of the company, exclusive of
debts secured by trust mortgages, and that the actual market value of
the stock of the company prior to the reduction of the capital, was
less than the par value of the same, and whén so filed the capital stock
of such corporation shall be reduced to the amount specified in such
certificate.
§ 4, This act shall take effect immediately.
CHAP. 399.

AN ACT to authorize the Mutual Fire Insurance Company
to unite a cash capital, and to provide for its participation
in their business, passed June sixth, eighteen hundred and
seventy-eight.

The People of the State of New York, represented in Senate and
Assembly, do enact as follows :

SEcTION 1. It shall be lawful for the Mutual Fire Insurance Com-
pany, located in the city of New York, to unite a cash capital of not
less than thirty thousand dollars, and to open books of subscription
for the same in shares of the par value of fifty dollars each, and as
soon as the same shall be all subscribed and paid in in cash, the superin-
tendent of the insurance department shall cause an examination to be
made either by himself or by his deputies, who shall certify under oath
that the said capital has been-paid in, and is possessed by said com-
pany, and thereafter the shareholders shall be entitled to interest on
their respective shares and, without incurring any personal liability
by reason thereof, may paticipate in the profits of the business to such
extent as may be provided in the policies of insurance to be issued by

, Said company not to exceed one-fourth of said profits.

§ 2. This act shall take effect immediately.

SB
CHAP, 412,

AN ACT to amend chapter seven hundred and thirty-nine of
the laws of eighteen hundred and fifty-seven, entitled ‘An
act to authorize the formation of town insurance compan-
ies,” passed June twelfth, eighteen hundred and seventy-
eight ; three-fifths being present.

The People of the State of New York,.represented in Senate and
Assembly, do enact as follows : :

SEcTION 1. Section six of chapter seven hundred and thirty-nine,
of the laws of eighteen hundred and fifty-seven, entitled “An act to
authorize the formation of town insurance companies,” is hereby
amended so as to read as follows, and as so amended is hereby made
applicable only to existing insurance companies formed under said
act:

§ 6. Every member of such company, holding a policy not expired
or vitiated, who may sustain loss thereunder, shall immediately notify
the president, or in his absence the secretary thereof, who shall forth-
with convene the directors of such company, whose duty it shall be
when so convened to appoint a committee of not less than three nor
more than five members of such company, to ascertain the amount of
such loss, which, if agreed to by the loser and directors, shall
be paid to the said loser as in this act provided. But in case
of the inability or failure of the said parties to so agree, or in case the
said directors for any cause shall dispute the liability of said com-
pany, the said loser or claimant, upon ten days’ notice thereof to the
president of such company, may appeal to the county judge of the
county in which the office of said company is located, and said count
judge shall appoint three disinterested persons as referees, who shall
have full authority to issue subpoenas, administer oaths to witnesses,
examine them under oath, and to fully investigate and determine all
matters in dispute. Said referees, or any two of them, in case they
cannot all agree, shall make their decision in writing to the president of
such company, or in his absence the secretary thereof, within sixty
days after their appointment, unless upon good cause shown the time
has been extended by the county judge making such appointment or
his successor in office, which decision shall be final. The said referees
shall each be allowed the sum of three dollars per day for every day’s
service so rendered, and the witnesses the same fees allowed by law to
witnesses in the supreme court, which expenses shall be paid by the
claimant unless the decision of said referees shall be more favorable
to him than the amount which the said directors were willing to allow
him, in which case they shall be paid by the company.

§ 2. This act shall not affect any action or proceeding now pend-
ing.

: 8. This act shall take effect immediately.
CHAP. 465.

AN ACT to require the payment of certain premiums to the
fire departments of cities and incorporated villages, by fire
insurance companies not organized ,under the laws of the
State of New York, but doing business therein, passed
May twenty-eighth, eighteen hundred and seventy-five, as
amended by chapter one hundred and thirty-eight of the
laws of eighteen hundred and seventy-eight, passed April
fifteenth, eighteen hundred and seventy-eight.

The People of The State of New York, represented in Senate and
Assembly, do enact as follows:

Szotion 1. There shall be paid to the treasurer of the fire depart-
ment of-every city or incorporated. village of this state, for the use
and benefit of such fire department, and when no treasurer of a fire
department exists, then to the.treasurer of such city or village, who,
for the purposes of this act, shall have the same powers as the treas-
urers of fire departments, on the first day of February in each year,
by every person who shall act as agent for or on behalf of any
individuals or association of individuals, not incorporated by or
under the laws of this state, to effect insurance against loss-or injury
by fire upon property in this. state, although such individual or
association may be incorporated for that ‘purpose by any other state
or country, the sum of two dollars upon the hundred dollars, and at
that rate upon the amount of all premiums which during the year
or part of a year, ending on the last preceding first day of September,
shall have been received by such agent or person, or received by any
other person for him, or shall have been agreed to be paid for any
insurance effected or agreed to be effected, or promised by him as such
agent or otherwise, to be effected: against loss or injury by fire upon
property situate within the corporate limits of such city or village.

- §2. No person shall, as agent or otherwise for any individual,
individuals, or association, effect of agree to effect any insurance upon
any property situate in any city or incorporated village of this state,
upon which the above duty is required to be paid, or as agent or
otherwise procure such insurance to.be effected until he shall have
executed and delivered to the treasurer of the fire department of the
city or village in which the property insured is situated, or if no
treasurer of a fire department exists, then to the treasurer of such
city or village, 2 bond to such fire department in the penal sum of
five hundred dollars, with such sureties as such treasurer shall approve,
with: a condition that he will annually render to said treasurer on. the
first day of February in each year, a just and true account verified by
his oath that the same is true of all premiums which, during the year
ending on the first day of September preceding such report, shall
have been received by him or by any other person for him, or agreed to
2

be paid for any insurance caus foss or injury by fire upon property
situate in such city or village, which shall have been effected or
procured by him, to be effected for any individual, individuals or
association not incorporated by -the laws of this state as aforesaid, and
that he will annually, on the first day of February in each year, pay
to said treasurer two dollars upon every hundred dollars, and at that
rate upon the amount of such premiums,

§ 3. Every person who shall effect, agree to effect, promise or pro-
cure any insurance specified in the preceding section of this act, with-
out having executed and delivered the bond required by the preceding
sections, shall for each offense forfeit two hundred dollars, for the use -
and benefit of the fire department of such city and village; such pen-
alty of two hundred dollars shall be collected by and in the name of
the fire department of the city or village in which the property
insured or agreed to be insured is situate. .And the treasurer or chief
financial officer of any city or incorporated village, havipg no incorpo-
rated fire department or incorporated fireman’s relief or benevolent
society, receiving any money under the provisions of chapter four hun-
dred and sixty-five of the laws of eighteen hundred and seventy-five,
as aménded by chapter three hundred and fifty-nine of the laws of
eighteen hundred and seventy.six, shall on or before the fifteenth day
of November, in each year, apportion and pay over all such moneys s0
received .to the treasurers of the several fire companies as are duly
recognized by the common council or trustees.of such city'or village.
And if he shall neglect or refuse to perform any or all of the duties
required by this act, he shall be subject toa penalty of two hundred
dollars for such neglect or refusal; and the foreman of any fire com-
pany shall be entitled to and may maintain an action and sue for, in
the name of and for the benefit of such fire company, any of the
proportion of penalties prescribed by this act ; and premiums or pen-
alties to which such company may be entitled under chapter four
hundred and sixty-five of the laws of eighteen hundred and seventy-
five, as amended _ by chapter three hundred and fifty-nine of the laws
of eighteen hundred and seventy-six. .

§ 4. None of the provisions of this act shall apply to the city of
New York.

§ 5. All acts or parts of. acts inconsistent with the provisions of
this act are hereby repealed.

§ 6. This act shall take effect immediately.

m.
INSURANCE LAWS

OF THE

STATE OF NEW YORK

PASSED IN 1879.

ISSUED BY THE
NEW YORK INSURANCE DEPARTMENT,

JOHN F. SMYTH,

Superintendent.

ALBANY:
WEED, PARSONS AND COMPANY, PRINTERS.'
1879,
CHAP. 89.

AN ACT to amend chapter sixty-four of the laws of eighteen
hundred and seventy-seven, entitled, “An act to amend
section seven of chapter six hundred and thirty-three of the
laws of eighteen hundred and sixty-six, entitled ‘An act in
relation to the benevolent. fund of the late volunteer fire
department in the’ city of New York,’” passed April seven-
teen, eighteen hundred and sixty-six, as amended by chap-
ter nine hundred and sixty-two of the laws of eighteen
hundred and sixty-seven, and as further amended by chap-
ter two hundred and ninety-seven of the laws of eighteen
hundred and seventy.

PassED March 17, 1879.

The People of the State of New York, represented in Senate and
Assembly, do enact as follows :

Section 1. Section seven of the act entitled “An act relating to
the benevolent fund of the late volunteer fire department in the city
of New York,” passed April seventeen, eightéen hundred and sixty-
six, a8 amended by chapter nine hundred and sixty-two of the laws of
eighteen hundred and sixty-seven, and as further amended by chapter
two hundred and ninety-seven of the laws of eighteen hundred and
seventy, is hereby amended so as to read as follows:

%. The said corporation shall be entitled to receive, and there
shall be paid to them, the percentage or tax on the receipts of the
foreign fire insurance companies doing business in the city of New
York, as provided by chapter five hundred and forty-eight of the laws
of eighteen hundred and fifty-seven, for nine years from the seven-
teenth day of April, eighteen hundred and seventy-nine, and all
returns and undertakings required by said act shall be made to the
treasurer of the said corporation.

§ 2. All acts and parts of acts inconsistent with the provisions of
this act are hereby repealed.

§ 3. This act shall take effect immediately.
CHAP. 153.

AN ACT to amend chapter four hundred and sixty-five of
the laws of eighteen hundred and seventy-five, as amended
by chapter three hundred and fifty-nine of the laws of
eighteen hundred and seventy-six, entitled “An act to
require the payment of certain premiums to the fire depart-
ment of cities and incorporated villages by fire insurance
companies, not organized under the laws of the State of
New York, but doing business therein,’”’ passed May twenty-
eighth, eighteen hundred and seventy-five.

PassED April 8, 1879.

The People of the State of New York, represented in Senate and
Assembly, do enact as follows :

SEcTION 1. Section three of chapter four hundred and sixty-five of
the laws of eighteen hundred and seventy-tive, as amended by chapter
three hundred and fifty-nine of the laws of eighteen hundred and sev-
enty-six, entitled ‘‘ An act to require the payment of certain premi-
ums to the fire department of cities and incorporated villages, by fire
insurance companies not organized under the laws of the State of New
York, but doing business therein,” is hereby amended so as to read as
follows:

§ 3. Every person who shall effect, agree to effect, promise or pro-
cure any insurance specified in the preceding sections of this act, with-
out having executed and delivered the bond required by the preceding
section, shall for each offense forfeit two hundred dollars, for the use
and benefit of the fire department of such city or village, such penalty
of two hundred dollars shall be collected by and in the name of the
fire department of the city or village in which the property insured, or
agreed to be insured, is situated, and the treasurer or chief financial
officer of any city or incorporated village, having no incorporated fire-
man’s relief or benevolent society, receiving any money under the pro-
visions of chapter four hundred and sixty-five of the laws of eighteen
hundred and seventy-five, as amended by chapter three hundred and
fifty-nine of the laws of eighteen hundred and seventy-six, shall on or
before the fifteenth day of November, in each year, apportion and pay
over all such moneys so received, to the treasurers of the several fire
companies as are duly recognized by the common council or trustees
of such city or village. And if he shall neglect or refuse to perform any
or all of the duties required by this act, he shall be subject to a penalty
of two hundred dollars for such neglect or refusal; and the foreman of
any fire company shall be entitled to, and may maintain an action and
sue for; in the name of and for the benefit of such fire company, any
of the proportion of penalties prescribed by this act; and premiums or
2

penalties to which such company may be entitled under chapter four
‘hundred and sixty-five af the laws of eighteen hundred and seventy-
five, as amended by chapter three hundred and fifty-nine of the laws
of eighteen hundred and seventy-six. But no action shall be main-
tained or recovery be had, in any court of this state, for or on account
of any such offense heretofore happening; nor shall any such court
have power or authority to render judgment for or on account of any
such offense heretofore happening, when such agent shall have paid to
the party entitled to the same, the premium required to be paid by sec-
tion one of this act as amended by section one of chapter three hun-
dred and fifty-nine of the laws of eighteen hundred and seventy-six.
§ 2. This act shall take effect immediately.
CHAP. 161. oo

AN AOT to amend chapter four hundred and sixty-three of
the laws of eighteen hundred and fifty-three, entitled “An
act to provide for the incorporation of life and health insur. .
ance companies, and in relation to agencies of such
companies.”

PassED April 15, 1879.

The People of the State of New York, represented in Senate and
Assembly, do enact as follows :

Srction 1. The title of chapter four hundred and sixty-three of the
laws of eighteen hundred and fifty-three, entitled “An act to provide
for the incorporation of life and health. insurance companies, and in
relation to agencies of such companies,” is hereby amended so as to
read. as follows: “An act to provide for the incorporation of life and
health insurance companies, and casualty insurance companies, and in
relation to agencies for such companies.”

§ 2. Section seventecn of said chapter four hundred and sixty-three
of the laws of eighteen hundred and fifty-three, is hereby amended so
as to read as follows:

§ 17. It shall be the duty of the superintendent of the insurance
department, whenever he shall have good reason to suspect the cor-
rectness of any annual statement, or that the affairs of any company,
required by law to make such statement, are in an unsound condition,
to cause an examination to be made, for the purposes named in this
act, into the affairs of any such insurance company, or any insurance
company doing business by its agencies in this State; and it shall be
the duty of the officers or agents of any insurance company, incorpo-
rated or doing business in this State, to cause their books, and the
books of such companies, to be opened for the inspection of the said
superintendent and the person or persons appointed by him to make
such examination, and otherwise to facilitate such examination, so far
as it may be in their power so todo; and for that purpose the said
superintendent, or the person or persons so appointed by him, shall
have power to examine, under oath, the officers and agents of any com-
pany relative to the business of such company ; and whenever the said
superintendent shall deem it for the interest of the public so to do, he
shall publish the result of such investigation in the State paper.
Whenever it shall appear to the said superintendent from the state-
ment of any life or casualty insurance company made to the insurance
department, or from an examination of the affairs of any such com-
pany (if a stock company), that its capital stock is impaired to the
extent of fifty per cent thereof, it shall be the duty of the said super-
intendent, if the company is organized under the laws of any other
state or country, to revoke the certificate of authority issued to the

‘
2

agent or agents of any such company, and shall cause a notice thereof
to be published in the State paper for four weeks, and the agent or
agents of such company are, after-such notice, required to discontinue
the issuing of any new policies. If the company so impaired is organ-
ized under the laws of this State, it shall be the duty of said superin-
tendent to direct the officers thereof to require the stockholders to
make good in cash the amount of such deficjency within ninety days
after the date of his requisition. And in case of the failure of the
stockholders to comply with such demand, it shall be the duty of the
superintendent to report the facts to the attorney-general, who shall
thereupon bring an action in the supreme court for the dissolution of
the corporation. And in case it shall satisfactorily appear to the
court that the assets and funds of the company are not sufficient
to justify the further continuance of the business of insuring lives,
granting annuities and incuring new obligations, as authorized by its
charter, the court shall render judgment dissolving such company,
and directing a distribution of its assets, exclusive of those deposited
with the superintendent of the insurance department, Provided that
any company organized under the laws of this State, whose capital
is impaired as above fifty per cent may by a vote of a majority of its
directors at a meeting called for that purpose reduce its capital stock
to an amount not less than one hundred thousand dollars; and the
said directors are hereby empowered to issue new certificates of stock
to the stockholders for the amount of the reduced capital, and require
in return all certificates previously issued. Whenever it shall appear
to the superintendent that the assets of any of the companies referred
to in this section, other than stock companies, are insufficient to re-
insure its outstanding risks, he shall communicate the facts to the
attorney-general, whose dnty it shall then be to bring an action in the
supreme court for the dissolution of such company. And in case it
shall satisfactorily appear to the court in such action that the assets
and credits of the company are not sufficient to re-insure its out-
standing risks, the court shall render judgment dissolving the com-
pany and directing a distribution of its assets, exclusive of the
_ securities deposited with the superintendent of the insurance depart-
ment. In any action authorized by this section the court may prescribe
the time within which the company proceeded against shall answer,
and may hear and try the issues at such time, in such manner, and
upon such notice as the court may direct; and may appoint a referee
to inquire into and report upon the facts; and shall have power to
grant such orders, and in its discretion, from time to time, to modify
or revoke the same, as the facts or evidence in the case, and the situa-
tion of the parties and the interests involved shall seem to require.
After the rendition of any judgment referred to in this section, the
court shall have power to order the distribution, by the superintendent,
of the securities and funds deposited with and held by him under the
provisions of this act. And in estimating the condition of any life
Insurance company under the provisions of this act, the superintend-
ent shall allow as assets only such investments as are authorized by
the existing laws of the State at the date of examination, and shall
charge as habilities in addition to the capital stock all outstandin
indebtedness of the company and a premium reserve on policies, an

!
3

additions thereto in force, based on net premiums, American experi-
ence table of mortality, with four and one-half per cent interest. And
in estimating the condition of any casualty insurance company under
the provisions of this act, the superintendent shall allow as assets only
such investments as are authorized by the existing laws of the State at
the date of his investigation ; and shall charge as liabilities, in addi-
tion to the capital stock, all outstanding indebtedness of the company
and a premium reserve on policies in force equal to the unearned por-
tions of the premiums paid by the insured for covering the risks,
computed on each respective risk from the date of the issuance of
the policy. The report of every examination of the affairs of a com-
pany, made pursuant to this act, shall be verified by the person making
such examination, to be just and true in all respects according to the
best of his knowledge and understanding, and when so verified shall
be presumptive evidence in all courts and legal proceedings. ‘The ex-
pense of any examination made under this section shall be borne by
the company whose affairs are so examined, to be paid by the company
to the State treasurer after being approved by the superinteudent of
the insurance department and audited by the comptroller.

§ 3. This act shall not impair or affect any action or proceedings
now pending in any court against any insurance company, but the
courts shall have the same power to proceed in such actions or pro-
ceedings to final decision, decree or judgment as if this act had not
been passed.

§ 4. All acts or parts of acts inconsistent herewith are hereby
repealed.

§ 5. This act shall take effect immediately.
CHAP. 248.

AN ACT for the relief of policyholders in life insurance
companies.

PassED May 5, 1879.

The People of the State of New York, represented in Senate and
Assembly, do enact as follows :

Szction 1. All policies of insurance heretofore or hereafter issued
within the State of New York upon the lives of husbands for the benefit
and use of their wives,in pursuance of the laws of the State, shall be,
from and after the passage of this act, assignable by said wife with the
written consent of her husband; or in case of her death by her Icgal
representatives, with the written consent of her husband to any person
whomsoever, or be surrendered to the company issuing such policy with
the written consent of the husband.

§ 2. This act shall take effect immediately
CHAP. 28%,

AN ACT to provide for the formation of county and town
co-operative insurance companies.

PassED May 15, 1879; three-fifths being present.

The People of the State of New Yi ork, represented in Senate and
Assembly, do enact as follows : :

SECTION 1. It shall be lawful for any number of persons, not less
than twenty-tive, residing in one or more adjoining towns or in any
county in this State who collectively own property of not less than
fifty thousand dollars in value, which they desire to have insured, to
form themselves into an incorporated company for the purpose of co-
operative insurance against loss or damage by fire or lightning, by mak-
ing, signing and acknowledging before some officer by law authorized
to take acknowledgments of conveyances of real estate a certificate of
their intention to form such corporation stating ithe town or towns, or
the county in which such company intends to do business, its corpor-
ate name which shall embrace the county im cases when the association
fueled a county, and the name of the town in cases of towns in
which the business office of said company is located. Every person
insured in said company shall sign an application for insurance as re-
quired by the articles of association and by-laws of the company, and
thereby become a member thereof. '

2. Every company formed according to the provisions of this act
shall choose of their members not less than five directors in the case
of town insurance companies, nor less than one director for every town
in the case of county insurance companies within the territorial lim-
its of said company, whose duty it shall be to manage the business of
the company, who shall hold their office one year or until others are
elected or qualitied, and said directors shall choose from the members
of said company a president and a secretary, and such other officers as
their by-laws shall prescribe. All officers to be elected by ballot. The
business and corporate powers of the companies incorporated under
this act, shall be exercised by said board of directors subject to the by-
laws of the company. The by-laws shall prescribe the number of said
directors necessary to constitute a quorum for the transaction of busi-
ness, and may provide for an executive committee for such purposes as
may be necessary, and may require officers to give such bonds as the
interests of the company may require. -

§ 3. It shall be the duty of the first directors of any company organ-
ized under this act, before doing any business of insurance, to prepare
a statement showing the name of the company the names of the per-
sons comprising the proposed company, with the amount of proposed
insurance to each, the name of the association, a copy of the articles
and by-laws of association, and the names of the county, town or
2

towns comprising the territorial limits within which it is proposed to

do business, the names of the directors and officers, with their post

office address, the place where the principal office for the transaction

of business shall be located and the mode and manner in which the

business of said company is to be conducted, and file a copy thereof

signed by said directors and officers, in each of the following offices,
namely, in the office of the clerk of the county where the office of the

company is located, and in case of town instrance companies in the

office of the clerk of the town where the office of said company is

located.

§ 4. The persons so associating, after having filed the statement as
required by section three, may open books to receive propositions and
enter into agreements in.a manner authorized by this act. But no
company organized under this act shall do any business or issue any
policies until bona fide agreements have been entered into covering
property to be-‘insured to the amount of not less than one hundred
thousand dollars in casés of county associations, and fifty thousand
dollars in cases of town associations.

§ 5. The directors of every company formed under this act shall
procure proper books in which the secretary shall keep a perfect record
of all the transactions of the company and of the board’ of directors,
and shall show at all times fully and truly, the condition, affairs and
business of said company, and shall be kept open for the inspection of
every member thereof from nine o’clock in the forenoon to four o’clock
in the afternoon, Sundays and legal holidays excepted.

§ 6. The directors of any company formed under this act may issue
policies of insurance, signed by their president and secretary, agreeing in
the name of said company to pay all damages not exceeding the amount
insured, done to farm buildings detached at least one hundred feet, and
other buildings not more hazardous, and their contents and live stock
owned on the premises, caused by fire or lightning during the time
mentioned in the policy of the insured loser; said directors shall not
issue policies for less than one year nor for more than five years, and
they shall not insure more than three thousand dollars in any one risk
in town associations, and five thousand dollars in any one riskin county
associations. The directors may issue more than one policy to one
person, firm or corporation, having separate or detached buildings de-
tached not less than one hundred feet that this act or the by-laws of
the company do not prohibit the said company from insuring. Said
policy so issued shall have attached ‘thereto a printed copy of the by-
laws and regulations of the company.

§ 7. Every person, firm or corporation or trustees so insured shall give
his, her or their undertaking, binding him, her or them, their heirs and
assigns, to pay their pro rata share to the company, of all losses or
damages caused by fire or lightning, which may be sustained by any
member or members thereof; and every such undertaking shall be
filed by the secretary of such company in the office of the company.
He, she or they shall also pay such percentage in lawful money, and
such reasonable sum for policies and expenses as may be. required by
the by-laws of said company.

§ 8. Every person holding a policy not expired or vitiated, who has
sustained a loss by fire or lightning, shall immediately notify the presi-
3

dent or secretary of the company of his loss, and it shall be the duty of
the officers of the company to at once proceed to ascertain and adjust
said loss in the manner provided by the charter and by-laws of said:
company, and by the provisions of this act.

§ 9. The companies formed under the -provisions of this act may
classify the property or buildings insured therein, at the time of insur-
ing and issuing policies, under different rates, according to the risk
from fire which may be attached to buildings insured. Whenever the
amount of any loss is ascertained, which exceeds in amount the cash
on hand of the company, the president or secretary, as shall be deter-
mined in the by-laws of the company, shall convene the directors or
executive committee, who shall make an assessment upon all the prop-
erty insured, pro rato, sufficient to pay what the cash in hand falls
short of paying, or for the whole loss, as the directors or executive com-
mittee may decide is best for the interest of the company.

§ 10. It shall be the duty of the secretary, within ten days to notify
every person who belongs to this company, in writing, that an assess-
ment has been made, and the amount due from him or them as their
share of the loss, and the time when and to whom such amount must
be paid; but no such time shall be less than thirty or more than
ninety days from the time of such notice ; the cost and expenses of
collection to be regulated by the by-laws of the company.

§ 11. Suits at law may be brought against any member or members
of any company, organized under the provisions of this act by the
president thereof, in the name of the company, in any of the courts
of this State, of competent jurisdiction, to recover all assessments that
any member neglects or refuses to pay when made upon him or them
under the provisions of this act or the by-laws of the company. Any
member or members of any company formed under this act who re-
fuses or neglects to pay his or their part of any assessment, or for any
other reason satisfactory to the directors, may be excluded by a ma-
jority of the directors of the company from the company, and when
thus excluded, the president shall cancel or withdraw his or their
policy or policies, which shall prevent him or them recovering for any
joss after exclusion by the directors; but nothing herein contained
shall prevent the collection of such assessment in any suit at law.
The officers of any company formed under this act, who shall neglect
or refuse to perform the duties imposed upon them by the provisions
of this act, shall be liable in their individual capacity for the amount
lost to the person or persons who lose by their refusul or neglect.

§ 12. No company organized pursuant to the provisions of this act
shall insure any buildings or property out of the limits of the territory
comprised in the articles of association adopted in the formation of
the company, cxcept where a person or member of the company, who
has a farm extended beyond the line of the said limits in which he
resides, has buildings on that part beyond, in which case such build-
ings and their contents may be insured, together with his other build-
ings; nor shall any company insure any property other than detached
dwellings and their contents, farm buildings and their contents, dis-
tant one hundred feet from any other building and live stock owned
upon such property. ; 7

§ 13. The directors of any company organized under the provisions
4

of this act shall be chosen by ballot, at the annual meeting of the
company, which shall be held on the second Tuesday of January, un-
less some other day be. designated by the by-laws of any such company.
. At such meeting every person insured shall have one vote, and shall
be entitled to vote by proxy at such elections, unless prohibited by the
by-laws of the company. -

-§ 14. It shall be the duty of the president and secretary of each and
every company formed. under the provisionseof this act, to make a
statement under oath, showing the condition of such company on the
day preceding the election of officers, which shall contain the amount,
and .kind of property insured; the number of policies issued each
year from: the time of the organization of such company up to the
time of making such statement, and the names of the persons to
whom issued during the year last past, and the amount of such policy ;
the names of persons withdrawn or excluded from the company, with
the amount of insurance of each; the whole amount of moneys re-
ceived by such company during the year, together, with an itemized
account of the same and the source whence derived; the amount of
disbursements, together with an itemized account of the same, includ-
ing salaries of officers; all fees, commissions and all sums paid for any
purpose, and all other matters of interest to the company or members
thereof; which statement or a certified copy thereof shall be filed: in
the town clerk’s office of the town where the office of the company is
located, in cases of town insurance companies, and fn the office of the
clerk of the county in cases of county insurance companies, within
thirty days after the annual meeting in each year. And no company
organized under the provisions of this act, nor their officers, shall be
required to make any report or statement, or do any requirement not
contained in the provisions of this act or in the by-laws of the com--
pany to which they belong.

§ 15. Any member of such company may withdraw therefrom at
any time, by notice in writing to the president, or in his absence, to
the secretary; and paying his share of all claims existing against the com-
pany and surrendering his policy or policies. Members may be admitted
who reside within the territorial limits of the company, upon the same
terms and conditions as the original members, subject to the by-laws
of the company organized under the provisions of this act. Non-resi-
dents who own property that may be insured in any such company may
become members for the purpose of having their property insured,
and shall enjoy all the rights and privileges of such company, and
shall be accountable the same as other members, but shall not be eli-
gible to hold office in said company. ’

§ 16. No company formed under this act shall insure against losses
otherwise than by fire or lightning, nor issue life insurance policies or
policies on any other risk not mentioned in this act, nor shall they
insure any buildings or property within the corporate limits of any
city or village, situated less than one hundred feet distant from any
other risk or structure,

§ 1%. Any company formed under the provisions of this act may
make and enforce such by-laws for its regulation as two-thirds of all
the directors may adopt, and any amendment may be adopted by being
presented to the president at least three months previous to any regu-
5

lar meeting of said directors; but said proposed amendment shall be
voted for at a regular meeting, and two-thirds of the votes of all the
directors shall be required to adopt it. No by-laws shall be of any
effect, if inconsistent with the provisions of this act or the laws of the
State. The by-laws may provide for compensation of the officers of
the company and the number and kind and the ‘security proper to be
given by any officer, and may designate the amount of money that
may be kept on hand and the manner of disbursing the same, and
make provision for books for records of the transactions of the com-
pany.

§ 18. Any company already doing a business of insurance upon the
principles prescribed by this act, may become organized and possess all
the powers and be subject to the restrictions and regulations required
by this act upon filing a statement of their condition at the time, con-
taining the requirements of section three in the offices required by
said section. ‘The said companies shall thereafter be subject to the
et of this act, and the policies theretofore issued by them shall

e as valid and the rights and powers of the officers and members of
such company shall be the same in all respects as if they had been
originally organized under this act. :
. §19. This act shall take effect immediately.
 

CHAP. 324,

AN ACT to prevent conflagrations in certain cases within the
counties of New York, Kings and Queens.

PASssED May 19, 1879.

The People of the State of New York, represented in Senate and
Assembly, do enact as follows :

SEcTION 1. It shall be unlawful for the owner, or for any of the
officers, employees, or crew of any ship, vessel, canal boat, barge, lighter,
boat or other craft lying at or within one hundred and fifty feet of
any warehouse, yard, shed, dock, pier, bulkhead, wharf, or other
place, within the counties of New York, Kings or Queens, at, in, or on
which petroleum oil, or any of its products, is stored or kept for export
or in quantities exceeding ten thousand gallons; or for any other per-
person or persons to bring, keep, have, or use or suffer or per-
mit to be brought, kept, had, or used on board of any such
ship, vessel, canal boat, barge, “lighter, boat, or other craft, or at,
in, or on any such warehouse, shed, yard, dock, pier, bulkhead, wharf, or
other place, any lighted match, or lighted cigar, cigarette or pipe, or
any fire or light of any kind without, or otherwise than in strict con-
formity to the written permission of the owner, lessee, or superintend-
ent of such warehouse, yard, shed, dock, pier, bulkheadj wharf or
other place, specifying the fire or light to be kept, had, or used, the
particular purpose for and the place or spot at which the same may
be so kept, had, or used, and the particular manner of keeping, hav-
ing, or using the same. : ; é

§ 2. Every violation of this act shall be a misdemeanor, triable
before any court of special sessions, having territorial jurisdiction of
the place where the offense was committed, but this act shall uot apply
to steam tugs while transacting their ordinary business, nor to steam
fire engines engaged in extinguishing fires.
’

CHAP. 347%,

AN ACT to protect the rights of policyholders in life insur-
ance companies.

Passep May 21, 1879.

The People of the State of New York, represented in Senate and”
Assembly, do enact as follows :

SECTION 1. Whenever any policy of life insurance hereafter issued
by any company organized or incorporated under the laws of this
State, after being in force three full years, shall by its terms lapse or
become forfeited for the non-payment of any premium, or of any note
given for a premium, or loan made in cash on the policy as security,
or of any interest on such note or loan, unless the provisions of this
act are specifically waived in the application, and notice of such waiver
written or printed in red ink on the margin of the face of the policy
when issued, the reserve on such policy, including dividend additions,
calculated at- the date of the failure to make any of the payments

-above described, according to the American experience table of mor-

tality, and with interest at the rate of four anda half per cent per
annum, after deducting any indebtedness of the insured on account of
any annual, semi-annual or quarterly premium then due, and any loan
made in cash on such policy, evidence of which is acknowledged by
the insured in writing, shall, on demand made, with surrender of the
policy within six months after such lapse, be taken asasingle premium
of life insurance at the published rates of the company at the time
the policy was issued, and shall be applied, as shall have been agreed
in the application and policy, either to continue the insurance of the
policy in force at its full amount so long as such single premium will
purchase temporary insurance for that amount, at the age of the in-
sured at the time of lapse, or to purchase upon the same life at
the same age, paid-up insurance payable at the same time, and under
the same conditions, except as to payment of premiums, as the original
policy. Provided, that if no such agreement be expressed in the ap-
plication and policy, the said single premium may be applied in either
of the modes above specified, at the option of the owner of the policy ;
notice of such option to be contained in the demand hereinbefore re-
quired to be made to prevent the forfeiture of the policy. Provided,
also, that the net value of the insurance given for such single premium
under this section, computed by the standard of this State, shall in no
case be less than two-thirds of the entire reserve after deducting the
indebtedness as specified ; but such insurance shall not participate in
the profits of the company. , ; ;

§ 2. If the reserve upon any endowment policy, applied according
to the preceding section as a single premium of temporary insurance,
be more than sufficient to continue the insurance to the end of the
endowment term named in the policy, and if the insured survive that
term, the excess shall be paid in cash at the end of such term, on the
conditions on which the original policy was issued. :

§ 3. ‘This act shall take effect on the first day of January, eighteen
hundred and eighty. :
CHAP. 409.

AN ACT to extend the time for the organization of the Cen-
tennial Insurance Company of New York.

PassED May 29, 1879.

_ The People of the State of New York, represented in Senate and
'. Assembly, do enact as follows :

Section 1. The time in which the Centennial Insurance Company
of New York may organize and commence business, and the time for
the subscription to and payment of the capital stock of the said com-
pany, and for depositing bonds, mortgages, or other securities, with
the superintendent of the insurance department, is hereby extended
for one year from the first day of May, eighteen hundred and seventy-
nine.

§ 2. This act shall take effect immediately.
CHAP. 485.

AN ACT to amend chapter four hundred and sixty-three of
the laws of eighteen hundred and fifty-three, entitled “ An
act to provide for the incorporation of life and health insur-
ance companies, and casualty insurance companies, and in
relation to agencies of such companies.”

PassEp June 6, 1879,

Lhe People of the State of New York, represented in Senate and
Assembly, do enact as follows :

SEcTION 1, Section one of chapter four hundred and sixty-three of
the laws of eighteen hundred and fifty-three, entitled “An act to pro-
vide for the incorporation of life and health insurance companies and
casualty insurance companies, and in relation to agencies of such com-
panies,” is hereby amended so as to read as follows:

§ 1. Any number of persons not less than thirteen in number may
associate and form an incorporation or company for any of the pur-
poses specified in either of the following departments:

First Department. To make insurance upon the lives of persons,
and every insurance appertaining thereto or connected therewith, and
to grant, purchase or dispose of annuities.

econd Departinent. ‘To make any of the following kinds of insur-
ance: First, upon the health of persons ; second, against injury, dis-
ablement or death of persons resulting from traveling, or general acci-
dents by land or water; third, guaranteeing the fidelity of persons hold-
ing places of public or private trust ; fourth, upon the lives of horses,
cattle and other live stock; fifth, upon plate-glass against breakage ;
sixth, upon steam boilers against explosion and against loss or damage
to life or property resulting therefrom ; seventh, against loss by bur-
glary or theft, or both. :

§ 2. Section two of said act is hereby amended so as to read as fol-
lows:

§ 2. No company organized under this act, for the purposes named
in the first department, shall undertake either of the risks mentioned
in the second department, and no company organized under this act
for either of the purposes mentioned in the second department shall
undertake any business mentioned in the first department, nor shall
any such company hereafter organized undertake or do more than
one of the several kinds of insurance mentioned in said second depart-
ment; and no company organized under this act shall undertake any
business or risk, except as herein provided; provided that nothing
herein contained shall affect the business of any company heretofore
duly organized under the second department of this act.

§ 3. Section three of said act is hereby amended so as to read as fol-

lows:
2

§ 3. The persons referred to in the first section of this act shall be
designated as corporators, and they shall file in the office of the super-
intendent of the insurance department a declaration signed by each of
the corporators, setting forth their intentions to form a company
for the purpose or purposes named in this act, and the department
under which the company is intended to be formed, which dec-
laration shall comprise a copy of the charter they propose to adopt,
and the said charter shall set forth the name of the company ;
the place where it is to be located; the kind of business to be un-
dertaken and the department of the first section of this act by which
such business is authorized ; the mode and manner in which the cor-
porate powers of the company are to beexercised; the manner of elect-
ing the trustees or directors and officers, a majority of whom shall be
citizens of this State, and the time of such election; the manner of
filling vacancies; the amount of capital to be employed; and such
other particulars as may be necessary toexplain and make manifest
the objects and purposes of the company, and the manner in which it
is to be conducted.

§ 4. Thisaci shall take effect immediately.
CHAP. 489,

AN AOT to regulate the issuance of policies, and the reinsur-
ance thereof, by fire insurance companies transacting busi-
ness in this State.

t PassED June 7, 1879.

The People of the State of New York, represented in Senate and
Assembly, do enact as follows :

SECTION 1. Hereafter it shall not be lawful for any fire insurance
company, organized or incorporated under the laws of this State, to
issue any policy or policies, on any one risk in excess of ten per centum
of its paid-up capital stock and net surplus.

§ 2. No fire insurance company organized under the iaws of any
other State shall issue any policy or policies in this State, or on risks
located in this State, on any one risk, in excess of ten per centum of
its paid-up capital stock and net surplus; and no person, partnership
association, corporation or company of another country shall issue an y
policy or policies in this State, or on risks located in this State, in
excess of ten per centum of the capital stock, as ascertained under the
provisions of chapter eight hundred and eighty-eight of the laws of
eighteen hundred and seventy-one, a statement of which has been duly
filed with the insurance department of this State, and the certifiicate
of the superintendent issued therefor.

§ 3. It shall not be lawful for any fire insurance company organized
or incorporated under the laws of this State to reinsure any risk with
any person, partnership association, corporation or company which, at
the date of such reinsurance, was not authorized to transact business
in this State; and no person, partnership association, corporation or
company organized or incorporated under the laws of any other State
or country shall reinsure any risk written or located within this State,
with any person, partnership association, corporation or company not
admitted to transact business in this State; and it shall be the duty of
the superintendent of the insurance department to require schedules
of reinsurances from each person, partnership association, corporation
or company transacting business in this State, whenever such person,
partnership association, corporation or company files a true statement
of its condition in said department. :

§ 4. When reinsurance is made by any person, partnership associa-
tion, corporation or company as provided in this act, such person, part-
nership association, corporation’ or company so reinsuring shall be
required to hold as an unearned premium fund an amount equal to the
unearned portion of the gross premiums charged on such reinsured
policies, from the date of their issuance by the company thus reinsured.
When any part of the risk shall be reinsured under this act the
amount so reinsured shall not be included in the ten per centum to
which risks are limited as hereinbefore provided.
2

5. Any fire insurance company organized or incorporated under
the laws of this State, or person, partnership association, corporation
or company of any other State or country violating any of the provis-
ions of this act, shall be subject to the payment of a penalty of five
hundred dollars for each violation, which shall be sued for and recoy-
ered in the name of the people by the attorney-general, and the said
penalty when recovered shall be paid into the treasury of the State.

§ 6. Allacts or parts of acts inconsistent Merewith are hereby re-

pealed.
§ 7. This act shall take effect immediately.
CHAP. 490.

AN ACT to amend section two, chapter two hundred and
nine of the laws of eighteen hundred and seventy-seven,
entitled ‘‘ An act regulating the amount of capital stock
for fire and marine insurance companies.”

PAssED June 7, 1879.

The People of the State of New York, represented in Senate and
Assembly, do enact as follows :

_ _SEction 1. Section two. chapter two hundred and nine of the laws

of eighteen hundred and seventy-seven, entitled “An act regulating
the amount of capital stock for fireand marine insurance companies,”
is hereby amended so as to read as follows:

§ 2. Companies from other States and countries hereafter applying
for admission to this State shall be possessed of at least the amount of
capital required from companies organized under the laws of this State,
and the total capital of such companies must be fully paid in, in cash.
It shall be the duty of the superintendent of the insurance depart-
ment to refuse admission to any such company unless its assets are of
the same general character that companies of this State are permitted
to hold, nor shall any such company be admitted to transact business
in this State unless it shall] file in the office of the superintendent of
theinsurance department an agreement under its corporate seal that it
will not (while authorized to do business in this State), transact any
business which any fire insurance company of this State, organized
under the general insurance act, is prohibited from transacting, and
any company violating the provisions of said agreement shall have
their certificates of authority revoked by the said superintendent forth-
with ; provided, the assent of the Attorney-General shall be previously
obtained.

§ 2. This act shall take effect immediately.