СНАР. ІХ. 1857, Ch. 456-Assessment of taxes on corporations 200 SECS. I and 2, respectively, repeal and amend portions of Revised Statutes. 3. Capital stock and surplus, how assessed. 4. Accumulations in life insurance companies held for exclusive 5. Amends a section of Revised Statutes. 1880, Ch. 542 - Taxes upon certain corporations, etc..... .......... 201 SEC. 1. President or treasurer to make annual report to comptroller; in case dividend has not been declared, capital stock to be estimated and appraised; certificate to be sent to comptroller; appeals. 2. Comptroller to add ten per cent in case of failure to make report, etc. 3. Annual tax; amount. 4. When payable. 5. Officers of fire and marine insurance companies to report 6-7. (Relate to tax on railroad and transportation companies.) 9. Taxes, how to be applied. 10. Taxes heretofore imposed to be enforced. II. If dissatisfied with report, comptroller may fix amount; appeal. 12. Proceedings by comptroller in case of refusal to make report. 13. Comptroller may issue subpoenas and examine witnesses. ARTICLE III.— MONEYED CORPORATIONS. 1828, R. S., Part I, Ch. XVIII, Title II — Of moneyed corporations... 208 (Art. 1.) REGULATIONS TO PREVENT THE INSOLVENCY OF MONEYED CORPORATIONS, AND TO SECURE THE RIGHTS OF THEIR CREDITORS AND STOCKHOLDERS. SEC. 1. Restrictions on moneyed corporations. 2. Profits, how calculated. 3. Surplus profits. 4. Losses, how to be charged. 5. Loans, when to be called in. 6. Proceedings on stock hypothecated when debt is not paid. 7, 8 and 9. Certain conveyances for use of corporation invalid. 10. Penalty on director violating preceding sections. II to 18, inclusive, repealed by L. 1830, ch. 71. 19. Annual statement to be transmitted to comptroller. 21. Further contents of each statement after first. 22. Penalty for neglect. 23, 24 and 25. Duty of comptroller in regard to such statement. 26, 27 and 28. (Omitted, they relating exclusively to corporations having banking powers.) 29. Affidavits required from corporations hereafter created. 30. How made and filed. 31. Effect of omission. (ART. 2.) REGULATIONS CONCERNING THE ELECTION OF DIRECTORS OF CHAP. IX. MONEYED CORPORATIONS. SEC. 32. Inspectors to be chosen. 33. Vacancies, how supplied. 34. Disability. 35. Oath of inspector. 36. Who may vote. 37 and 38. Id., and on what stock. 39. Challenge; oath. 40. Persons voting on proxies. 41. Their oath if challenged. 42. Proceedings on challenge. 43. Proceedings, if election be not held. 45. Transfer book of stock. 46. Penalty for refusing to exhibit. 47. Remedy of persons aggrieved by election. (ART. 3.) OF THE CONSTRUCTION OF THIS TITLE. SEC. 51. 66 52. Title to apply to future corporations only. 54. 46 "Effects" defined. 55. "Evidences of debt" defined. ARTICLE IV.- THE GENERAL POWERS, PRIVILEGES AND LIA BILITIES OF CORPORATIONS. 1828, R. S., Part I, Ch. XVIII, Title III Of the general powers, privileges and liabilities of corporations. 218 ARTICLE V.-SPECIAL PROVISIONS RELATING TO CERTAIN 1828, R. S., Part I, Ch. XVIII, Title IV Special provisions ...... SEC. 1. Certain books to be opened at certain times. 221 2. Dividends from surplus profits only; capital not to be reduced; 3. Amount of debts; liability of directors for excess; not barred 4. Certain transfers of property prohibited. 5. Powers of supreme court respecting elections. 6. Certain by-laws to be published; evidence of right to vote CHAP. VIII Return of old certificates of stock, and issuing new certificates in lieu thereof. Capital stock, when and how increased. duction of its capital, and the charter of such company shall be § 6. It shall be lawful for any such company, after its capital shall be so reduced as aforesaid, to increase its capital stock, in 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.) When re ceivers and insurance L. 1867, Chap. 709-An Act to amend an act entitled (SECTION 1. Amends Laws of 1865, chap. 199, ante, p. 123.) § 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 into make surance department, to make and file annual and other statements to superin- of their assets and liabilities, and of their income and expenditures, 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 statements tendent. 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 act as agent for any insurance company within this State, or who liable in a shall as such agent solicit applications, issue policies or renewals, Agents receiving money CHAP.VIII fiduciary and collect premiums either for original insurances or renewals, or 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. moneys, intent to larceny. § 2. Any such agent or person who shall embezzle or convert to Taking his own use, or shall take 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. L. 1875, Chap. 423 – An Act to regulate investments by superinstocks in SECTION 1. Whenever any insurance company, organized under Report to any of the laws of this State, shall have invested any of its funds tendent of in the stock of other incorporated companies, under and in pursu- other comance of the laws of this State, and the superintendent of the insur-panies. ance 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. ment by in other § 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. IX. SEC. 8. On failure of election another day to be appointed; who entitled to vote on such subsequent day. 9 and 10. (Omitted, they relating entirely to banking corporations.) II. Application of title limited. 1842, Ch. 165-Agent of foreign corporation to exhibit list of stockholders.. 226 1850, Ch. 172 - Corporations not to interpose defense of usury. 226 SEC. 1. Defense of usury not to be interposed 66 2. Definition of term corporation." 1867, Ch. 937—Corporations may extend term of existence. 227 SEC. 1. Extension of term of existence. 1870, Ch. 135 -- Defects in certificate of incorporation........... 227 SEC. 1. May file amended certificate. 2. Pending suits not affected. 1872, Ch. 146 Real estate for business purposes may be held in other States...... 228 SEC. 1. Corporations may hold real estate and stocks in other States. 1873, Ch. 151-Duplicates of lost certificates of stock... . . . . 228 SEC. 1. Stockholders may compel corporations to issue duplicate certificates in case of loss. 2. Court to proceed summarily; to order that duplicates be issued ; petitioner to give security; obedience to order, how enforced. 1873, Ch. 469- Purchasers of franchises, etc., on mortgage sales. .... ..... 230 SEC. I. When purchasers of franchises, etc., sold under mortgage may become a body corporate. 2. Certificate to state where corporation was incorporated under general law. 3. Under special act. 4. Filing certificate; new corporation; omission in decree. 1877, Ch. 158-Foreign corporations may hold land in this State..... SEC. 1. May purchase at mortgage foreclosure sale, etc. 232 1877, Ch. 311 Corporations and companies of other States, 232 etc...... SEC. 1. Evidence of corporate existence. 1878, Ch. 264-Corporations of this State may reduce capital stock.... SEC. 1. May diminish stock; proviso. 2. Notice of meeting to reduce stock. 3. Proceedings; certificate to be filed. 233 1880, Ch. 225 —Exchange of preferred for common stock.... 234 SEC. 1. Corporations of this State authorized to exchange preferred for common stock. |