CHAP. VI. When assess laws may prescribe) from the company, and when thus excluded the secretary shall cancel or withdraw his or their policy or policies, which shall prevent him or them recovering for any loss or damage after such exclusion by the directors or executive committee; but nothing herein contained shall prevent the collection of such assessment and the penalty aforesaid in any suit at law which may have been made prior to such exclusion. It shall be the duty of the ments to be officers of any company formed under this act to proceed to collect all assessments within thirty days after the expiration of the notice to pay the same, and any neglect or refusal on their part to endeavor to collect as aforesaid, or to perform any of the duties imposed by this act, shall render them liable in their individual capacity for the amount lost to the person or persons who lose by their refusal or neglect, and suit at law may be maintained by such party against such officers to collect such amount. [As amended by Laws of 1881, chap. 171, § 8.] collected. Location of risks. Directors to be chosen by ballot. Annual statement § 12. No company organized pursuant to the provisions of this act shall insure any building or property out of the limits of the territory comprised in the articles of association adopted in the formation of the company, except when a person or member of the company, who has a farm extended beyond the line of the said limits on which he resides, has buildings or property on that part beyond, in which case such buildings and their contents may be insured, together with his other buildings, nor shall any company insure any property other than dwelling-houses, barns and their contents, other property not more hazardous, buildings in incorporated villages or cities detached such distance from any other building as the by-laws of the company may prescribe from any other building, and their contents, and live-stock owned upon such property. [As amended by Laws of 1881, chap. 171, § 9.] § 13. The directors of any company organized under the provisions 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 in each year unless some other day be designated by the by-laws of any such company. At such meeting every person, firm or corporation insured shall have one vote, and shall be entitled to vote by proxy at such elections, under such rules and regulations as may be prescribed by the by-laws, unless prohibited by the bylaws of the company. 14. It shall be the duty of the president and secretary of each of affairs. and every company formed under the provisions of this act to make a statement under oath, showing the condition of such company on the thirty-first day of December preceding the election of officers, which shall contain the amount and kind of property insured, the number of policies issued from the time of the organization of such company up to the time of making such statement, and the whole amount of the same; the whole amount of moneys received by such company during the year, together with an itemized account of the same, including 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 certfied copy thereof shall be filed in the clerk's office of each county comprised within the territorial limits of such company, and with the secretary of State, on or before the first day of February next following. [As amended by Laws of 1880, chap. 171, § 10.] CHAP. VI. drawal of of mem § 15. Any member of such company may withdraw therefrom Withat any time, by a ten days' notice in writing to the secretary, and members. paying his share of all claims existing against the company and surrendering his policy or policies. Members may be admitted Admission who reside or own property within the territorial limits of the com- bers. pany, upon the same terms and conditions as the original members, subject to the by-laws of the company organized by virtue of this act. Non-residents who own property that may be insured in any such company may become members and enjoy all the rights and privileges of such company, and shall be accountable the same as other members, but shall not be eligible to hold office in said company. insurance made. § 16. No company formed under this act shall insure against What losses or damage otherwise than by fire or lightning, nor issue may be life insurance policies or policies on any other risk not mentioned in this act, or transact any other business than as provided by this act. etc. § 17. Any company formed under this act may make and By-laws, enforce such by-laws for its regulation as two-thirds of all the directors of such company may adopt, and any amendments of such by-laws may be adopted by being presented to the president at least three months previous to any regular meeting of such directors; but said proposed amendments shall be voted for at a regular meeting only, and two-thirds of the votes of all the directors shall be required to adopt them. No by-laws shall be of any effect which are inconsistent with this act or the laws of the State. CHAP. VI. Companies already doing business may organize act 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, the manner of disbursing the same, and make provision for books for records of the transactions of the company. § 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 reguunder this lations required by this act, upon filing a statement of their condition at the time, containing the requirements of section three, in the offices required by said section. The said companies shall thereafter be subject to the provisions of this act, and the policies. theretofore issued by them shall be as valid and the rights and powers of the officers and members of said companies shall be the same in all respects as if they had been originally organized under this act. Not to transact more than three counties. may be filed stating counties. 19. Nothing herein contained shall authorize any company business in formed under the provisions of this act to transact business in not to exceed three counties, which shall be designated in the certificate required by section one, except as hereinbefore specially authorized. Any company now organized and doing business under the provisions of this act, or which may hereafter be organized and do business under the provisions of this act, in one county or two adjoining counties, may extend its business into any number Certificate of counties, not exceeding three in all, by filing in the office of the clerk of such adjoining county or counties a duly certified copy of the certificate and statement filed in the office of the secretary of State, under the provisions of sections one and three of this act, and also by filing in the office of the secretary of State and of the county clerk of each county comprised within the territorial limits of said company, a certificate signed by at least twothirds of the directors of said company stating the counties within which said company proposes to do business, and upon filing such certificates and certified copies as herein provided, any such company shall possess all the business and corporate powers, rights and privileges in the counties named in such certificate (not exceeding three), and be subject to the same liabilities as though originally organized under a certificate specifying the same counties as the territorial limits of such company. [As amended by Laws of 1881, chap. 171, § 11, and by Laws of 1882, chap. 38, § 1.] L. 1881, Chap. 305-An Act to extend the time for the continuance of town insurance companies organized under chapter seven hundred and thirty-nine of the laws of eighteen hundred and fifty-seven. CHAP. VI. continu town PASSED May 19, 1881. SECTION 1. The time for the continuance of any town insur- Time for ance company organized under the provisions of chapter seven ance of hundred and thirty-nine of the laws of eighteen hundred and fifty- insurance seven as amended, and which has since continued to do and is extended twenty-five now doing business under the provisions of such chapter as years. amended, is hereby extended twenty-five years from the passage of this act. companies CHAPTER VII. CHARITABLE, BENEVOLENT AND BENEFICIARY ASSOCIATIONS, SOCIETIES AND CORPORATIONS.* 1872, Ch. 104 — Trustees not to receive compensation. SEC. 1. No director or trustee to receive compensation. 1881, Ch. 256- The general act..... SEC. 1. Certain societies and associations to be subject only to the provisions of this act. 2. To report annually to the superintendent; form of report; fee; no deposit required; penalty for refusing to report. 3. Principal office, etc.; notice of change of office, etc. 4. Certificate of authority to do business. 5. Visitation and inspection; proceedings when superintendent is of opinion that association should be restrained from doing business; trial by jury. 6. Act not to apply to insurance companies. 7. Penalty for neglect of official duty. 8. Report to be in lieu of other reports required by any general law. 1881, Ch. 428-Investment of funds.... SEC. 1. Funds how invested. 2. May hold property donated. 164 3. Not to hold property beyond amount entitled by its charter or by law. *It has not been deemed advisable to insert in this compilation, the Laws relating to "Benevolent, Charitable, Scientific and Missionary Societies." The general act for the incorporation of these societies is chap. 319, Laws of 1848. The following are the amendatory acts: Laws of 1849, chap. 273; Laws of 1853, chap. 487; Laws of 1861, chap. 239; Laws of 1872, chap. 649; Laws of 1875, chap. 452; Laws of 1876, chap. 190, and Laws of 1881, chap. 526. The following acts also relate to the same subject: Laws of 1854, chap. 50; Laws of 1861, chap. 58; Laws of 1864, chap. 419; Laws of 1870, chap. 51, and Laws of 1881, chap 641. The court of appeals in People, ex. rel. Blossom, v. Nelson, 46 N. Y. 477, held that a benevolent co-operative relief association is not an association for benevolent or charitable purposes within the meaning of chap. 319, Laws of 1848, above mentioned. |