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part of such real and personal property, as may be necessary for the objects and carrying into effect the purposes of the corporation.

§ 7. Such corporations shall have power to admit and expel mem- Control bers in such manner as may be provided in the by-laws of such corporation.

bers.

CHAP 229.

ance.

owner to

AN ACT to regulate the reinsurance of the policy obligations Insurance. of life insurance companies.

Passed May 4, 1877. The People of the State of New York, represented in Senate and Assembly, do enact as follows :

SECTION 1. No life insurance company, organized under the laws of Reinsurthis state, shall insure any of its outstanding risks or policy obligations in any other life insurance company except as hereinafter provided.

§ 2. Any life insurance company, organized under the laws of this Consent of state, is hereby authorized and empowered to reinsure the whole or any reinsurpart of any policy obligation in any other company or companies, pro- ance. vided the written consent of the owner of such policy so reinsured shall first be obtained to such reinsurance.

§ 3. It shall be lawful for any receiver of any life insurance com- Reinsurpany organized under the laws of this state, to reinsure upon the receiver written consent of the superintendent of the insurance department, company. and the attorney-general, the whole of the policy obligations of such company in any solvent company, or companies organized under the laws of this state, whenever the assets of the company of which he is receiver are sufficient to effect such reinsurance, and whenever such assets are not sufficient to effect such reinsurance, such receiver, upon the like consent as above provided, may reinsure a percentage of each and every policy obligation outstanding in such company to the extent that the assets of such company may be sufficient to effect such reinsurance, provided, however, that no contract effecting such reinsurance shall be entered into except in pursuance of an order of the court in which such receiver was appointed, directing reinsurances authorized by this section, and establishing the general form of the contract to effect the same.

§ 4. This act shall take effect immediately.

of

CHAP 241. AN ACT to prevent the making and publication of false or Insurance

deceptive statements in relation to the business of fire insurance.

PASSED May 8, 1877. The People of the State of New York, represented in Senate and Assembly, do enact as follows :

SECTION 1. It shall not be lawful for any company, corporation, association, individual or individuals now transacting, or now or here- ments by

Falso state

ance com

What advertisements, etc., to

fire insur- after authorized, under any existing or future laws of this state to trans

act the business of fire insurance within this state, to state or represent, panies.

either by advertisement in any newspaper, magazine or periodical, or by any sign, circular, card, policy of insurance or certificate of renewal thereof, or otherwise any funds or assets to be in possession of any such company, corporation, association, individual or individuals, not actually possessed by such company, corporation, association, individual or individuals, and available for the payment of losses by fire, and held for the protection of holders of policies of fire insurance.

$ 2. Every advertisement or public announcement, and every sign, circular or card hereafter made or issued by any company, corporation,

association, individual or individuals, or any officer, agent, manager contain.

or legal representative thereof, now or hereafter authorized by any existing or future laws of this state to transact the business of fire insurance within this state, which shall purport to make known the financial standing of any such company, corporation, association, individual or individuals, shall exhibit the capital actually paid in in cash and the amount of net surplus of assets over all liabilities of such company, corporation, association, individual or individuals, actually available for the payment of losses by fire and held for the protection of holders of their policies of fire insurance, including in such liabilities the fund reserved for reinsurance of outstanding risks; and shall correspond with the verified statement made by the company, corporation, association, individual or individuals making or issuing the same to the insurance department of this state next preceding the making or issuing of the same.

$ 3. Nothing in this act shall be construed to prohibit any insurance company or association from publishing in any policy or certificate of renewal thereof a single item showing the amount of their capital as set forth in their charter, act of incorporation, deed of settlement or articles of association, under which they are authorized to transact the

business of insurance. Punish- § 4. Any violation of any provision of this act shall, for the first of

fense, subject the company, corporation, association, individual or individuals, guilty of such violation, to a penalty of five hundred dollars, to * sued for and recovered in the name of the people with costs and expenses of such prosecution by the district attorney of any county in which the company, corporation, association, or individual or individuals shall be located or may transact business, or in any county where such offense may be committed, and such penalty, when recovered, shall be paid into the treasury of such county for the benefit of the poor of said county. Every subsequent violation shall subject the company, corporation, association, individual or individuals guilty of such violation to a penalty of not less than one thousand dollars, which shall be sued for, recovered and disposed of in like manner as for the first offense.

85. This act shall take effect ninety days after its passage.

Items in policy.

ment for violation of act.

•So in the original.

CHAP 214.

ch. 291

AN ACT to amend chapter two hundred and ninety-one of Villages.

the laws of eighteen hundred and seventy, entitled "An act for the incorporation of villages.”

PASSED May 9, 1877; three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. Section five of title three of chapter two hundred and Amending ninety-one of the laws of eighteen hundred and seventy, entitled “ An Laws 1870, act for the incorporation of villages,” is hereby amended so as to read 7 Edm.690. as follows:

$ 5. The trustees are authorized and empowered to organize a fire Fire dedepartment and provide for the government and discipline of the same, partment. to consist of one or more engine companies, one or more hook and ladder companies, one or more hose companies and one or more protective companies; to appoint a sufficient number of suitable persons as members, not exceeding sixty to each engine company, not exceeding forty to each hook and ladder company, and not exceeding twenty to each hose and protective company, with the consent of the persons appointed. A foreman and assistant foreman for each company shall be chosen by the members of each company, in the mander to be directed by the trustees, and subject to their approval and ratification. $ 2. This act shall take effect immediately.

Amended by ch. 144, L. 1580, post, p. 930.

CHAP. 25.

of balance

AN ACT authorizing the state treasurer and other state offi

cers to publish in the state paper, monthly statements of bank balances, and for other purposes.

PASSED May 9, 1877; three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. The state treasurer is hereby authorized and directed to Monthly cause to be published in the state paper, on or before the tenth day of statement each month, a detailed statement of the balances in the several banks in State designated by the canal board, commissioners of the canal fund, or files other state officers, as depositories of state funds. Such statements shall give the name of each bank, and the amount subject to draft at the close of the month preceding such publication.

$ 2. It shall be the duty of the comptroller, secretary of state, superintendents of the insurance and banking departments, and the clerk of the court of appeals, to cause to be published in said state paper similar statements, at the time and in the manner aforesaid, giving the name of the bank, and the amount on deposit at the close of the month preceding such publication, and it shall be the further duty of the state officers named in this section, to certify to the state

deposito

treasurer on or before the tenth day of the months of January, April, July and October, in each and every year, the amount on deposit, at the close of the quarter preceding such certificate, in each and all of the banks designated by them respectively, and the amounts so certified shall be transferred to the general depository of state funds in the city of Albany, by check signed by the state treasurer, and countersigned by the officer making the deposit.

§ 3. This act shall take effect immediately.

CHAP 258.

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AN ACT to amend chapter one hundred and seven of the laws

of eighteen hundred and seventy-seven, entitled " An act in relation to the superintendent of state prisons, and for the more efficient and economical management of said prisons.”

PASSED May 10, 1877; three-fifths being present. The People of the State of New York, represented in Senate and

Assembly, do enact as follows: Amending SECTION 1. Section eight of chapter one hundred and seven of the Cha W102977, laws of eighteen hundred and seventy-seven, entitled “ An act in relaante, p. 383. tion to the superintendent of state prisons, and for the more efficient

and economical management of said prisons," is hereby amended so as

to read as follows: Prison $ 8. Contracts for the purchase of materials and supplies for the

prisons, and for convict labor at any kind of work or trade which shall be approved by the superintendent, and for the sale of property manufactured at the prisons may be entered into by the agent and warden, subject to the approval of the superintendent.

$ 2. This act shall take effect immediately.

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contracts.

CHAP 56.

AN ACT to amend chapter three hundred and seventy-one of

the law of eighteen hundred and seventy-five, entitled “ An act to conform the charters of all savings banks, or institutions for savings, to a uniformity of powers, rights and liabilities, and to provide for the organization of savings banks, for their supervision and for the administration of their affairs."

PASSED May 10, 1877. The People of the State of New York, represented in Senate and

Assembly, do enact as follows: Ameuding SECTION 1. Section thirty-three of chapter three hundred and ser

enty-one of the laws of eighteen hundred and seventy-five, entitled ante, p.121. « An act to conform the charters of all savings banks or institutions

for savings to a uniformity of powers, rights and liabilities, and to provide for the organization of savings banks for their supervision and

Laws 1875, ch. 371,

fund.

allowed

term of

de

for the administration of their affairs,” is hereby amended so as to read as follows:

$ 33. It shall be the duty of the trustees of every such corporation Interest or to regulate the rate of interest or dividends not to exceed five per on depuss centum per annum, upon the deposits therewith, in such manner that its. depositors shall receive, as nearly as may be, all the profits of such corporation after deducting necessary expenses and reserving such amount as the trustees may deem expedient as a surplus fund for the Surplus security of depositors, which to the amount of fifteen per cent of their deposits, the trustees of any such corporation are hereby authorized gradually to accumulate and hold, to meet any contingency or loss in its business from the depreciation of its securities or otherwise ; pro- Classificarided, however, that the trustees of any such corporation may classify depositors their depositors according to the character, amount and duration of as to divitheir dealings with the corporation, and regulate the interest or dividends allowed in such manner that each depositor shall receive the same ratable proportion of interest or dividends as all others of his class. It shall be unlawful for the trustees of any savings bank to Interest declare or allow interest on any deposit for a longer period than the 90t wede same has been deposited except that deposits made not later than for a the tenth day of the month, commencing any semi-annual interest period period, or than the third day of any month, or withdrawn on one of iban the the last three days of the month may have interest declared upon deposit. them for the whole of the period or month when so deposited or withdrawn. No dividends or interest shall be declared credited or paid No divi. ? except by the authority of a vote of the board of trustees, duly entered interest to upou their minutes, whereon shall be recorded the ayes and nays upon blarea each vote, and whenever any interest or dividends shall be declared and except by credited in excess of the interest or profits earned and appearing to the credit of the corporation, the trustees voting for such dividend shall be jointly and severally liable to the corporation for the amount of such excess so declared and credited. And it shall be the duty of Trustees the trustees of any such corporation whose surplus amounts to fifteen per cent of its deposits, at least once in three years, to divide equitably in excess

of profits. the accumulation beyond such authorized surplus as an extra dividend to depositors, in excess of the regular dividends herein before authorized. dividends. A notice posted conspiciously * in the bank of a change in the rate of interest shall be equivalent to a personal notice.

$ 2. Section thirty-four of said act is hereby amended so as to read as follows:

$ 34. In determining the per cent of surplus held by any savings Determinbank, its interest paying stocks and bonds shall not be estimated above their par value or above their market value if below par; its bonds of surplus and mortgages on which there are no arrears of interest for a longer period than six months, shall be estimated at their face, and its real estate at not above cost. Concerning such stocks or bonds, or bonds Valuation and mortgages as are in arrears of interest for six months or more and of stocks concerning all other investments not herein enumerated, the superintendent of the banking department shall determine the valuation of the same from the best information he can obtain, and he may change valuation thereof from time to time according as he may obtain other and further information.

§ 3. Section thirty-six of said act is hereby amended so as to read as follows:

trustees.

liable for dividends

Extra

*

per cent

in

So in the original.

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