Amending ch. 170, 4 Edm. 218. CHAP. 357. AN ACT to amend 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.' 999 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 1875, laws of eighteen hundred and seventy-five, entitled "An act to amend ante, p. 73. 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: Purchase of real estate. Sale of § 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 been acquired for the accommodation 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 previously contracted, or for moneys due; or, 5. Such as shall have been conveyed to it in satisfaction of debts previously 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 real estate. debt or acquired by purchase at sale as aforesaid, shall be sold and disposed of within five years after such company shall have acquired title to the same; 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 said Superintendent shall direct in said certificate. To apply to all com panies. § 2. This act shall apply to all life insurance companies organized under the laws of this State. § 3. This act shall take effect immediately. CHAP. 358. AN ACT to amend chapter eight hundred and thirty-eight of The People of the State of New York, represented in Senate and Assembly, do enact as follows: ch. 838, SECTION 1. Section three of chapter eight hundred and thirty-eight Amending of the laws of eighteen hundred and sixty-six, entitled "An act to Laws 1866. amend an act entitled 'An act to authorize the formation of corpora- 6 Edm.871. tions for manufacturing, mining, mechanical or chemical purposes,' passed February seventeenth, eighteen hundred and forty-eight," is hereby amended so as to read as follows: certain § 3. It shall be lawful for any company heretofore or hereafter or- May hold ganized under the provisions of this act, or the act hereby amended, to stock in hold stock in the capital of any corporation engaged in the business of compa mining, manufacturing or transporting such materials as are required nies. in the prosecution of the business of such company so long as they shall furnish or transport such materials for the use of such company and for two years thereafter, and no longer; and also to hold stock in the capital of any corporation which shall use or manufacture materials, mined or produced by such company; and the trustees of such company shall have the same power with respect to the purchase of such stock and issuing stock therefor as are now given by the law with respect to the purchase of mines, manufactories and other property necessary to the business of manufacturing, mining and other companies. But the capital stock of such company shall not be increased without the consent of the owners of two-thirds of the stock to be obtained as provided by section twenty-one and twenty-two of the act hereby amended. § 2. This act shall take effect immediately. 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 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 twentyeight, 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: SECTION 1. Section one of chapter four hundred and sixty-five, of the laws of eighteen hundred and seventy-five, entitled, "An act to Amending ch. 465, ante, p. 154. Laws 1875, 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," is hereby amended so as to read as follows: § 1. There shall be paid to the treasurer of the fire department 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 purpose of this act, shall have the same powers 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 individual 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. Section two of said act is hereby amended so as to read as follows: § 2. No person shall, as agent or otherwise for any individual, individuals or association, effect or 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, 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 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 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 association 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 to the cities of New York or Albany. CHAP. 363. tions AN ACT to repeal part of chapter one hundred and forty- Corporanine of the laws of eighteen hundred and seventy-four, entitled "An act to amend the act passed April twentyseventh, eighteen hundred and seventy-two, entitled 'An act to amend chapter six hundred and fifty-seven of the laws of eighteen hundred and seventy-one, entitled 'An act to amend the act passed February seventeen, eighteen hundred and forty-eight,' entitled 'An act to authorize the formation of corporations for manufacturing, mining, mechanical or chemical purposes, passed April twentieth, eighteen hundred and seventy-one.' PASSED May 19, 1876. The People of the State of New York, represented in Senate and Assembly, do enact as follows: Amending holders. stock SECTION 1. Section two of chapter one hundred and forty-nine of ch. 149, the laws of eighteen hundred and seventy-four, which reads as follows, Em namely: "The stockholders of any corporation hereafter formed under Liability the act hereby amended, or any act amendatory thereof or supplemen- of stocktary thereto, or extending the operation and effect thereof, shall, in addition to the liabilities provided for in said acts, be individually responsible, equally and ratably, in an amount to the extent of their respective shares of stock in such corporation. The term stockholder, Who are as used in this section, shall apply not only to such persons as appear holders. by the books of the corporation or association to be such, but also to every equitable owner of stock, although the same may appear on such books in the name of another person; and also to every person who shall have advanced the installments or purchase money of any stock in the name of any person under twenty-one years of age, and while such person remains a minor, to the extent of such advance; and also to every guardian or other trustee who shall voluntarily invest any trust funds in such stock; and no trust funds in the hands of such guardian or trustee shall be in any way liable under the provisions of this act and the acts aforesaid, by reason of any such investment, nor shall the person for whose benefit any such investment may be made be responsible in respect to such stock until thirty days after the time when such persons, respectively, become competent and able to control and dispose of the same; but the guardian or other trustee making such investment as aforesaid shall continue responsible as a stockholder until such responsibility devolves upon the person beneficially interested therein; and in respect to stock held by a guardian or other trustee under a transfer of the same by a third person, or under positive directions by a third person for such investment, the person making such transfer or giving such directions, and his executors and administrators shall, for the purposes of this act and the acts aforesaid, be deemed a stockholder, and the estate of such person, if he be deceased, shall be responsible for the debts and liabilities chargeable on such stock according to the provisions of this act," is hereby repealed. §2. This act shall take effect immediately. Amending ch. 586, Laws 1873. CHAP. 366. AN ACT to amend chapter five hundred and eighty-six of the laws of eighteen hundred and seventy-three, entitled "An act to amend the twenty-third section of article first, title four, chapter second, part fourth, of the Revised Statutes, entitled 'Of the return and summoning of grand juries, their powers and duties."" PASSED May 20, 1876; three-fifths being present. 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 hundred and eightysix of the laws of eighteen hundred and seventy-three, entitled “ An 9 Edm.657. act to amend the twenty-third section of article first, title four, chapter second, part fourth of the Revised Statutes, entitled "Of the return and summoning of grand jurors,* their powers and duties," is hereby amended so as to read as follows: 2 Id. 747. Grand jurors. Additional grand jurors. How drawn. SECTION 1. The twenty-third section of article first, title four, chapter second, part fourth of the Revised Statutes, is hereby amended so as to read as follows: § 23. If at any court of oyer and terminer, or court of sessions, there shall not appear at least sixteen persons duly qualified to serve as grand jurors, who shall have been summoned for that purpose, or if the number of grand jurors attending shall be reduced below sixteen by any of them being discharged or otherwise, such court shall, by an order to be entered in its minutes, require the clerk of the county to draw, and the sheriff to summon such additional number of grand jurors as it shall deem necessary, which number shall be specified in said order. The clerk of the county in which such court is held shall forthwith, in the presence of said court, proceed publicly to draw from the jury box containing the names of all persons in attendance, and not excused, who have been drawn to serve as petit jurors for that term of the court, the names of as many persons as there shall be additional grand jurors required by said order, and when such drawing is completed, the said clerk shall make duplicate lists of the persons so drawn, each of which shall be certified by him to be a correct list of the names of the persons so drawn by him, one of which he shall file in his office, and the other he shall deliver to the sheriff of the county. The sheriff shall thereupon proceed to summon the persons mentioned in such list to appear forthwith in the court in which the order requiring the attendance of such jurors shall have been made* and the persons so drawn and summoned, unless excused, shall be grand jurors of said court for every purpose and in every respect as though they had been drawn and summoned as members of the regular panel of grand jurors for said term, and said court is hereby prohibited from completing said grand jury in any other way than under the provisions of this act. After the discharge of said grand jury by the discharge. Court, the names of the persons so drawn as aforesaid shall be returned to the jury box from which they were drawn, and said persons shall discharge their duties as petit jurors for the remainder of said court. § 2. This act shall take effect immediately. Summoned. After So in the original. |
