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CHAP.VIII

Sec. 10. Election of directors.

11. Secretary to prepare statement
12. Withdrawal of members.
13. By-laws.

14. Continuance.
1862, Ch. 367—Lien opon stock or certifica tes of profit.... 175
Sec. I to 5, and sec. 7. Amend L. 1853, chap. 466.
6. When companies to have lien upon stock or certificate of profits

of members.
1862, Ch. 412 — Closing ap of insolvent, etc., mutual com-
panies

175 SEC. 1. Referee may be appointed.

2. Proceedings before referee.
3. Notice of hearing.
4. Commission to examine witnesses.
5. Power of supreme court.

6. Disbursements ; saving clause.
1867, Ch. 91 - Reduction of stock by joint-stock companies.... 176
SEC. 1. When capital stock of joint-stock fire and marine insurance

companies to be reduced.
2. Reduction to be made only upon resolution of board of directors.
3. Execution of certificates by superintendent.
4. After filing certificate, charter deemed to be amended.
5. Return of old certificates of stock, and issuing new certificates

in lieu thereof.
6. Capital stock, when and how increased.

7. Amends L. 1853, chap. 466.
1867, Ch. 709 - Statements by receivers and trustees.....

178
Sec. I. Amends L. 1865, chap. 199.
2. When receivers and trustees of insurance companies to make

statements to superintendent.
1873, Ch. 688— Responsibility of agents .....

178 Sec. I. Agents receiving money liable in a fiduciary capacity.

2. Taking moneys, with intent to embezzle, larceny. 1875, Ch. 423 — Investments by insurance companies..

179 SEC. 1. Report to superintendent of stocks in other companies.

2. Investment by companies in other States.
1877, Ch. 183 - Reduction of number of directors.....

180 SEC. 1. Reduction of number of directors; may be done immediately or

gradually; quorum.
1877, Ch. 209 — Amount of capital stock .....

180 SEC. I. Capital stock of fire and marine companies.

2. Requirements of foreign companies.

3. Repeal.
1877, Ch. 211 — Names of companies.....

181 Sec. 1. Not to take name of any other company; duty of superintendent, 1877, Ch. 245 — Bank balances to be published .... ...... 181 Secs. 1 and 2. Superintendent to publish monthly a statement of bal

ances in banks designated as depositories of State funds.

CHAP.VIII 1881, Ch. 463 – Jurisdiction of courts in certain cases .... 182 Sec. 1. Courts of this Stare prohibited from entertaining jurisdiction

of actions on policies of insurance in certain cases. 1881, Ch. 486 Bonds required by law

183 Sec. I. Certain officers may accept as surety, a company authorized to

guarantee bonds, etc.
2. When not to be accepted.
3. Duty of superintendent in case liabilities of company exceed

assets.

1828, R. S. Part 1, Chap. XX, Title 21 – Of insurances on

property in this State made in foreign countries, and

by individuals and associations unauthorized by law. (Most, it not all, of this title is made obsolete by later enactments on the same subject.)

SECTION 1. No person, association or company of persons re- Certain insiding in any foreign country, and no incorporation established foreigners in a foreign country, nor any person in behalf of them, or any

prohibited. 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, 88 1 and 2.*) § 2. Whoever shall offend against the foregoing provision shall Penalty

and appliforfeit one thousand dollars, for the use of the poor of the county cation where such illegal contract shall be made.

(The same.) § 3. There shall be paid into the treasury of this State, on the Amount to first day of February in each year, by every person who shall act into treasas agent for any individuals, or associations of individuals, not in by agents, corporated and authorized by the laws of this state, to effect in

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 amount of all premiums which, during the year ending on the preceding first day of

thereot.

* * surances against

* 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 “ Phænix 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.

Note.- 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 contracts, this act for this, 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.

CHAP. VIII

such agent

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 him as

or against marine losses or risks. [As amended by Laws of 1837, chap. 30, $ 1.]

(Laws of 1824, chap. 277.) Persons 4. No person shall, as agent for any individuals or association nota terast effect or agree to effect any insurances, upon which the duty above without giving

mentioned is required to be paid, or as agent or otherwise procure bonds.

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 comptroller 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 individuals 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 amount of such premiums. [As amended by Laws of 1837, chap. 30, $ 2.]

(Laws of 1824, chap. 277.) $ 5. Every person who shall effect, agree to effect, or procure Penalty for making any insurance specified in the preceding third section of this title,

without having executed and delivered such bond, shall forfeit having given bond. five hundred dollars, for the use of the poor of the county where the offense shall be committed.

(The same.) 8 6. The penalties imposed in this title shall be collected, in Penalties, how col- the name of the people of this State, by the district attorney of applied. the county where the offense shall be committed, for the use of

insurance without

the poor thereof.

(The prorisions of the foregoing sections 3, 4, 5 and 6, relating to fire insurance, were repealed by Laws of 1849, chap. 178, $ 6, ante, p. 121, and are therefore omitted.)

lected and

CHAP. VIII

L. 1829, Chap. 336 – An Act concerning marine insurance in the State of New York.

PASSED May 1, 1829. SECTION 1. All the provisions of title twenty-first of chapter Provisions twenty of the first part of the Revised Statutes, respecting insur-applicable ance on property in this State, made in foreign countries and by risks. individuals and associations unauthorized by law, and all the prohibitions, requirements and penalties therein contained are hereby extended and applied to contracts of insurance, or by way of insurance against marine losses and risks, or by lending money on respondentia or bottomry, and to all persons, associations or companies, 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.

L. 1840, Chap. 287 - An Act in relation to mutual insurance companies.

PASSED May 13, 1840. SECTION 1. Any mutual insurance company heretofore incorpo

Mutual rated in this State, whose charter limits the amount to be paid

companies

may loan down upon premium notes to a sum not exceeding five per cent, moneys. may loan such portion of the said five per cent as may not be immediately wanted for the purposes of the corporation, upon good and ample security by bond or promissory notes.

§ 2. All bonds and promissory notes, heretofore taken by any Bonds and such mutual insurance company for money loaned, shall be valid, received by and may be collected by such company.

companies,

mutual

valid.

L. 1848, Chap. 205 – An Act in relation to the business of mutual insurance companies.

PASSED April 8, 1848. . SECTION 1. Every person becoming a member of any mutual Provision insurance company now incorporated under any law of this State, memberin any of the counties of this State, by effecting insurance therein, mutual

companies. shall, before he receives his policy, deposit his promissory note for such a sum of money as'shall be determined by the directors

CHAP. III.

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 immediately 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 propor-
tionate share for all losses and expenses occurring during 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 secured by a bond and a mortgage on
unincumbered real estate, of double the value of the sum loaned.

Furniss v. Gilchrist, i Sandf. 53; Brouwer v. Appleby, id. 158; Mer-
chants' Mutual Ins. Co., id. 184; Hone v. Boyd, id. 481; Brouwer v. Hill,
id. 629; Aspinwall v. Meyer, 2 id. 180; Emmet v. Reed, 4 id. 229; Brouwer
v. Harbeck, 1 Duer, 114 ; Beadle v. Chenango County Mutual Ins, Co., 3
Hill, 161 ; Smith v. Saratoga County Mutual Fire Ins. Co., id. 509; Neely
v. Onondaga County Mutual Ins. Co., 7 id. 49; Frost v. Saratoga Mutual
Ins. Co., 5 Denio, 154; Crooke v. Mali, 11 Barb. 205; Cruikshank v. Brouwer,
id. 228; Boynton v. Clinton and Essex Mutual Ins. Co., 16 Barb. 254;
Viall v. Genesee Mutual Ins. Co., 19 id. 440; Shaughnessy v. The Rens-
selaer Ins. Co., 21 id. 605; Devendorf v. Beardsley, 23 id. 656; Deraismes
v. Merchants' Mutual Ins. Co., I N. Y. 371 ; Howland v. Myer, 3 id. 290 ;
Brown v. Crook, 4 id. 51; Emmet v. Reed, 8 id. 312; Brouwer v. Harbeck,
9 id. 589; Mutual Benefit Life Ins. Co. v. Davis, 12 id. 569; White v.
Haight, 16 id. 310; Savage v. Medbury, 19 id. 32.

L. 1854, Chap. 224- An Act to enlarge the powers and
duties of trustees in certain cases.

PASSED April 14, 1854.
When as-

SECTION 1. Whenever any insurance company or corporation signment made by

shall have made an assignment of its property and effects to any insurance company

person or persons in trust for the benefit of all its creditors, and for benefits such trust shall, from any cause, have become vested in the

supreme court, the person or persons appointed by the said court supreme

for the purpose of executing such trust shall have and possess all Powers and the powers and authority conferred, and be subject to all the obli

gations and duties imposed, in article third, title four, part third appointed by court. and chapter eighth of the Revised Statutes, upon receivers appointed

vests in

court.

of trustee

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