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CHAP. VIII

Notice of hearing

Commission to examine witnesses.

subject to the same duties and obligations, and shall receive the same compensation as referees appointed by the supreme 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 probable error in the said judgment, nor unless security be given to the satisfaction of said justice for the payment of said judgment and the costs of the appeal, if said judgment be affirmed,

§ 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,

§ 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 controversy before him as a justice of the peace now has.

§ 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 reference shall in no way prejudice the proceedings already had.

§ 6. The prevailing party shall recover the disbursements 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.

Sands v. Harvey, 19 Abb. Pr. 248; Sands v. Birch, id. 255.

Power of supreme court.

Disburse. ments. Saving clause.

L. 1867, Chap. 91 – 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. SECTION 1. Whenever it shall appear to the superintendent of the insurance department, from an examination made by him in

When capital

CHAP. VIII

stock of

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the manner prescribed by law, that the capital stock of any jointstock fire or marine insurance company organized pursuant to law, joint-stock is impaired to an amount exceeding twenty-five per cent of such marine capital, and he shall be of the opinion that the interests of the companies public will not be prejudiced by permitting such company to con- reduced. tinue business with a reduced capital, it shall be lawful for such company, with the permission of the said superintendent, to reduce its capital stock, and the par value of the shares thereof, to such amount as the said superintendent may, under his hand and official seal, certify to be proper, and as shall, in his opinion, be justified by the assets and property of such company : 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, and provided that Extent of 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 company, under the general insurance laws, for the transaction of business at the place where such company is located and of the kind which such company is authorized to transact.

§ 2. No reduction of the capital of any such company shall be Reduction made, except upon a resolution of its board of directors, approved only upon by at least two-thirds of the directors, and certified under its cor- of board of porate seal, signed by the president and at least two-thirds of the directors, 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 shall be had by him thereon.

$ 3. The superintendent of the insurance department, in case Execution he shall permit any such company to reduce its capital in the man

cates by ner provided in this act, shall execute the certificate required by

superinthe 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 company is located, and the other of such certificates shall be filed in the office of said superintendent.

*$ 4. Such company, upon filing the certificate with the county After filing clerk, as required by the third section of this act, shall, with such charter reduced capital, possess the same rights and be subject to the same to be liabilities that it possessed or was subject to at the time of the re

directors.

of certifi.

tendent,

deemed

amended.

old certificates of

CHAP. VIII

duction 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. Return of $ 5. It shall be lawful for the said company to require the re

turn of the original certificate of stock held by each stockholder, stock, and issuing new

and in lieu thereof to issue new certificates for such number of certificates in lieu

shares as the said stockholder may be entitled to, in the proporthereof.

tion that the reduced capital may be found to bear to the original

capital of the company. Capital 8 6. It shall be lawful for any such company, after its capital stock, when

shall be so reduced as aforesaid, to increase its capital stock, in increased.

the mode prescribed by the nineteenth section of chapter four hundred and sixty-six of the Laws of eighteen hundred and fiftythree.

(Section 7 amends Laws of 1853, chap. 466, ante, p. 19.)

and how

L. 1867, Chap. 709– An Act to amend an act entitled

“ An Act to amend an act to provide for the incorporation of fire insurance companies, passed June twentyfifth, eighteen hundred and fifty-five," passed March twenty-sixth, eighteen hundred and sixty-five, and to require receivers and trustees of insurance companies to make annual and other statements.

Passed April 24, 1867. (SECTION 1. Amends Laws of 1865, chap. 199, ante, p. 123.) When re

§ 2. It shall be the duty of all receivers and trustees of insurtrustees of ance companies, during the month of January of each year, and companies at any other time when required by the superintendent of the in

surance department, to make and file annual and other statements to superin- 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 officers of such companies are now required by law to make annual and other statements to the insurance department

to make statements

L. 1873, Chap. 688 – An Act regulating the responsibility of agents of insurance companies.

PASSED June 10, 1873. SECTION 1. Any person who shall be appointed, or who shall Agents receiving act as agent for any insurance company within this State, or who money liable in a shall as such agent solicit applications, issue policies or renewals,

CHAP.VIII and collect premiums either for original insurances or renewals, or

fiduciary who shall receive or collect moneys from any source or any account capacity. 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 fiduciary capacity, to such company for any moneys received by him for such company.

§ 2. Any such agent or person who shall embezzle or convert to Taking his own use, or shall také or secrete or otherwise dispose of, with with intent to embezzle or use, or who shall fraudulently withhold or embezzle, appropriate, invest, loan or otherwise fraudulently apply or make use of, without the consent of such company, or contrary to its instructions, any money belonging to such company which shall have come into his possession, or shall be under his care, by reason of such agency, he shall be deemed by so doing to have committed the crime of larceny, and upon conviction shall be punished for such crime.

moneys,

intent to

L. 1875, Chap. 423 – An Act to regulate investments by insurance companies.

PASSED May 24, 1875. SECTION 1. Whenever any insurance company, organized under Report to

superinany of the laws of this State, shall have invested any of its funds tendent of

stocks in in the stock of other incorporated companies, under and in pursu- other com

panies. ance 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 if the market value thereof is below par, he may direct the sale (under such regulations as he may establish) of such stock by such insurance company.

§ 2. It shall be lawful for any life, fire or marine insurance com- Investpany organized under any of the laws of this state, and transacting companies business in other States of the United States, to invest the funds States. 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 construed as authorizing, nor does it permit any such corporation to loan moneys on mortgage upon real estate without the limits of this State and States adjacent thereto.

CHAP. VIII

L. 1877, Chap. 183 – An Act to provide for the reduction

of the number of directors in life, fire and marine insurance companies.

PASSED April 25, 1877. [Title thus amended by Laws of 1881, chap 583, 8 2.] Reduction SECTION 1. Any existing life, fire or marine insurance company, of directors, 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 stockholders, 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 amended, together with a declaration under its corporate seal, signed by its president and two-thirds in number of its directors, with such written consent of

a majority of its stockholders, in the office of the superintendent May be

of the insurance department; such reduction of the number of mediately directors may be made so as to take effect either immediately or ally.

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, Quorum.

seven of such number shall constitute a quorum for all purposes. [As amended by Laws of 1881, chap. 583, § 1.]

done im.

stock com

L. 1877, Chap. 209- An Act regulating the amount of capital stock for fire and marine insurance companies.

PASSED May 2, 1877. Capital of SECTION 1. No stock company shall be hereafter organized unpanies. der the laws of this State for the transaction of fire or marine

insurance business with a smaller capital than two hundred thousand dollars, the sum to be paid in, in cash. [As amended by Laws

of 1878, chap. 377, 81.] Require. § 2. Companies from other States and countries hereafter apforeign

plying for admission to this State shall be possessed of at least the companies. 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 department 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

ments of

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