talions throughout the state; such prizes to be competed for under regulations which shall be prescribed by the general inspector of rifle practice. of ranges. § 279. The range of the national rifle association at Creedmoor, Sale or and any grounds acquired by that or any other rifle association for mortgage rifle practice, and toward the purchase of which the state has contributed shall not be sold, mortgaged, or otherwise alienated, without the written consent of at least two-thirds of the board of directors of such association, including a majority of the ex-officio members of said board, and without also the written consent of the adjutant-general of the state. statement. § 280. The treasurer of the national rifle association and the treasurer Treasurers of all other rifle associations which receive aid from the state shall to file file with the comptroller and the adjutant-general within twenty days after the first day of January and the first day of July in each year, a detailed statement of all receipts and expenditures of such rifle associations during the previous six months, verified by such treasurers under oath; and it shall be the duty of the presidents of such rifle President associations to annually, within twenty days after the first day of tole November, file with the general inspector of rifle practice a statement ment. in detail of all the property of said associations and the condition of the same. state ch. 699. 268, Laws § 281. Chapter six hundred and ninety-nine of the laws of eighteen Repeal of hundred and seventy-two, entitled "An act to establish a rifle range, Laws 1872, and to promote skill in markmanship among the national guard," and and ch. chapter two hundred and sixty-eight of the laws of eighteen hundred 1874. and seventy-four, entitled "An act for the promotion of rifle practice in the national guard," are hereby repealed, with the exception of such parts of said chapters as relate specially to the national rifl association, and which are not in conflict with this act. § 91. The number of section two hundred and sixty-eight of said act is hereby changed to two hundred and eighty-two. § 92. The number of section two hundred and sixty-nine of said act is hereby changed to two hundred and eighty-three. § 93. This act shall take effect immediately. 22 and CHAP. 281. AN ACT to amend chapter two hundred and ninety-one of Incorpothe laws of eighteen hundred and seventy entitled "An ration of act for the incorporation of villages.' PASSED May 20, 1878; three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows: villages. Laws of 7 Edm. 681 SECTION 1. The twenty-second and twenty-fifth subdivisions of Amending section three, title three, of chapter two hundred and ninety-one, of 1870, ch. the laws of eighteen hundred and seventy, entitled "An act for the 21 incorporation of villages," are hereby amended so as to read as follows: 22. To restrain, regulate or prevent hawking and peddling in the To regustreets; to regulate, restrain or prohibit sales by auction, and grant ing and late hawk peddling, licenses to peddlers and auctioneers, and fix the amount to be paid auctions, therefor; to regulate the use and running of all hacks, public carriages public or vehicles for the conveyance of passengers, baggage or movables of hacks and carriages. Powers as water. Water courses. Sewers. any kind, for hire through the public streets; to designate their places of waiting, and grant a license to the owners or proprietors thereof, and fix the amount to be paid for the same. 25. To keep the roads, avenues, streets, lanes, public buildings and to streets, public places of the village in good order, repair and condition, to conalleys, etc. struct culverts and drains, to make and repair all bridges which may be necessary within the bounds of the village; to regulate and prescribe the width, line and grade of streets, avenues, lanes and sidewalks; to pave, plank, or flag roads, crosswalks or sidewalks, lay out and open new roads and streets, to widen, alter and change the grade, or otherwise improve roads, avenues, streets, lanes and sidewalks; to Stagnant drain stagnant waters, and to raise or fill up low grounds, if nuisance, and assess the expense thereof upon the property benefited in proportion to the amount of such benefit, and to regulate the water-courses, ponds and watering places in the village; to cause all necessary sewers to be built, and assess the expense thereof upon the property benefited in proportion to the amount of such benefit. The amount of the benefit in any case, where the same is made the basis of assessment under this section, shall be determined by the president and trustees, provided, however, that no property beyond the limit of one hundred and seventy-five feet from the line terminus of any such sewer shall be liable to assessment for the expenses of building the same; and provided, also, that no sewer shall be constructed under the provisions petition. hereof, except upon a written petition signed by a majority of the persons whose property shall be liable to assessment for the said expense. All assessments for the drainage of stagnant waters, the raising and filling up of low grounds or the building of sewers under the provisions of this section, shall be enforced and collected in the same manner as assessments for the annual village tax. § 2. This act shall take effect immediately. Benefits how determined. Written Assessments. ance. CHAP. 282. Fire insur AN ACT to amend chapter one hundred and eighty-nine of the laws of eighteen hundred and seventy-four entitled "An act to provide security against extraordinary conflagrations, and for the creation of safety funds by fire insurance companies." Amending ch. 189. PASSED May 21, 1878; three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows: SECTION 1. Section three of chapter one hundred and eighty-nine Laws 1874, of the laws of eighteen hundred and seventy-four, entitled "An act to 9 Edm. 870. provide security against extraordinary conflagrations, and for the creation of safety funds by fire insurance companies," is hereby amended so as to read as follows: § 3. After the date mentioned in any such resolution so passed and companies beyond cent. filed it shall not be lawful for such company to make, declare or pay, When in any form, any dividend upon its capital stock exceeding seven per not to pay cent per annum thereupon and upon the surplus funds to be formed dividends hereunder, until after its guaranty surplus fund and its special reserve seven per fund shall have together accumulated to an amount equal to its said capital stock; and the entire surplus profits of such company above such annual dividend of seven per cent shall be equally divided between and be set apart to constitute the said guaranty surplus fund and the said special reserve fund, which said funds shall be held and used as hereinafter provided, and not otherwise, and any company doing business under this act, which shall declare or pay any dividend contrary to the provisions herein contained, shall be liable to be proceeded against by the attorney-general for its dissolution. Whenever such company shall notify the superintendent of the insurance department that it has fulfilled the requirements already expressed in this section and that its guaranty surplus fund and its special reserve fund, taken together, equal its capital stock, it shall be his duty to make an examination of such company and to make a certificate of the result thereof; and thereafter such company may continue, out of any subsequent profits of its business, to add to such funds, provided that when any addition is made to the special reserve fund, an equal sum shall be carried to the guaranty surplus fund. § 2. Section five of said act is hereby amended so as to read as follows: reserve and de § 5. Said special reserve fund, until it shall amount to a sum equal Special to one-half of the capital stock of such company, shall be invested ac- fund, how cording to existing laws relating to investments of capital by fire in- invested surance companies, and any additional sum added to such fund shall posited. be invested in any securities in which such company is by law authorized to invest its capital or its surplus accumulations, and shall be deposited from time to time as the same shall accumulate and be invested, with the superintendent of the insurance department, who shall permit the company depositing the same to change such deposits by substituting for those withdrawn others of equal amount and value, and to collect and receive the interests or dividends upon such securities as the same may accrue; and such special reserve fund shall be deemed a fund contributed by the stockholders to protect such company and its policy holders others than claimants for losses already existing, or then incurred, in case of such extraordinary conflagration or conflagrations as hereinafter mentioned; and said fund shall not be regarded as any part or portion of the assets in possession of said company so as to be or render the same liable for any claim or claims for loss by fire or otherwise, except as herein provided. § 3. Section six of said act is hereby amended so as to read as follows: § 6. In estimating the profit of any such company for the purpose of making a division thereof between said guaranty surplus fund and such special reserve fund, until such funds shall together amount to a sum equal to the capital stock of such company, there shall be deducted from the gross assets of the company, including for this purpose the amount of the special reserve fund, the sum of the following items: First, the amounts of all outstanding claims; second, an amount sufficient to meet the liability of such company for the unearned premiums upon its unexpired policies, which amount shall be at least equal to one-half of the premiums received on policies having less than one year to run from date of policy, and a pro rata proportion of the premiums Profits of how esti company, mated. received on the policies having more than one year to run from date of policy, and shall be known as the re-insurance liability; third, the amount of its guaranty surplus fund and of its special reserve fund; fourth, the amount of the capital of the company, and fifth, interest at the rate of seven per cent per annum upon the amount of the capital and of the said funds for whatever time shall have elapsed since the last preceding cash dividend; and the balance shall constitute the net surplus of the company subject to an equal division between the How long said funds as herein provided. The restriction of dividends upon the capital stock of such company to an amount not exceeding seven per cent per annum upon the amount of such capital stock and of the continue. surplus funds formed hereunder, shall continue until the said funds shall together equal the amount of such capital, but any addition to said funds, beyond an amount equal to such capital stock, may be made out of any profits of the subsequent business of such company, whether such addition or additions shall constitute the whole of such subsequent profits or only a part thereof. restriction In cases of extensive tions. § 4. Section seven of said act is hereby amended so as to read as follows: § 7. In the event of any extensive conflagration or conflagrations, conflagra- whereby the claims upon such company shall exceed the amount of its capital stock, and of the guaranty surplus fund provided for by this act, the said company shall notify the said superintendent of the fact, who shall then make, or cause to be made, an examination of said company, and shall issue his certificate of the result, showing the amounts of capital, of guaranty surplus fund, of special reserve fund, of re-insurance liability, and of other assets, and, upon his issuing such certificate in duplicate, one copy to be given the company and one to be recorded in the insurance department, the said special reserve fund shall be immediately held to protect all policy holders of said company, other than such as are claimants upon it at the time, or such as become such claimants in consequence of such conflagration or conflagrations; and the amount of said special reserve fund, and an amount equal to the unearned premiums of such company, to be ascertained as hereinbefore provided, shall constitute the capital and assets of such company for the protection of policy holders, other than such claimants, and for the further conduct of its business; and such official certificate of the superintendent shall be binding and conclusive upon all parties interested in such company, whether as stockholders, creditors or policy holders, and upon the payment to the claimants, for losses or otherwise, existing at the time of or caused by such general conflagration or conflagrations, of the amount to which they are respectively entitled, in proportion to their several claims, of the full sum of the capital of such company, and of its guaranty surplus fund, and of its assets, excepting only such special reserve fund and an amount of its assets equal to the liability of the company for unearned premiums, as so certified by such superintendent, such company shall be forever discharged from any and all further liability to such claimants, and to each of them; and the said superintendent shall, after issuing his said certificate, upon the demand of such company, transfer to it all such securities as shall have been deposited with him by such company as such special reserve fund; and, if the amount of such special reserve fund be less than fifty per cent of the full amount of the capital of the company, a requisition shall be issued by the said. superintendent upon the stockholders to make up such capital to that proportion of its full amount in the manner now provided by law in Making up capital stock. the case of companies with impaired capitals; and provided, further, that any capital so impaired shall be made up to at least the sum of two hundred thousand dollars, and in case said company, after such requisition, shall fail to make up its capital to at least said amount of two hundred thousand dollars, as therein directed, said special reserve fund shall still be held as security and liable for any and all losses occurring upon policies of such company after such conflagration or conflagrations; and provided, further, that if any amount greater than a sum equal to one-half of its capital stock shall by such company, under the provisions of this act, have been deposited with such superintendent, he shall retain of such securities a sum equal to one-half of what amount he shall so hold thereof in excess of such one-half of such capital stock, and he shall transfer the balance thereof to such company, as herein provided; and the amount so transfered to such company shall, from the time of such transfer (provided the amount thereof shall not be less than two hundred thousand dollars), constitute the capital stock of such company for the further conduct of its business as herein before provided, and the sum so retained by said superintendent shall thenceforth constitute the special reserve fund of such company to which additions may be made as herein provided, and shall be held in the same manner and for the same purposes, and under the same condition as the original special reserve fund of such company was held. Such company shall, in its annual statement to the insurance Annual department of this state, set forth the amount of such special reserve statefund and of its guaranty surplus fund. If at any time, in consequence Guaranty of the payment of losses by fires, or of the expenses of the business, or of surplus the interest payable under the provisions of this act to stockholders, or from any other cause, the guaranty surplus fund shall be reduced in amount below the amount of the special reserve fund, the directors of such company shall have the right at their option, at the time of making any division of the net profits as herein provided, to carry a larger sum to the guaranty surplus fund than to the special reserve fund; but this privilege shall cease as soon as the said two funds are made equal in amount. The policy registers, insurance maps, books Books, of record and other books in actual use by such company in its etc., not business, are not to be considered as assets, but shall be held by the company for its use in the protection of its policy holders not claimants for losses at the time of such general conflagration. § 5. Section eight of said act is hereby amended so as to read as follows: ments. fund. assets. stock has § 8. If at any time after said special reserve fund shall have been When accumulated by any company, it shall appear, upon examination by capital the said superintendent, that the capital of such company has, in the become absence of any such extensive conflagration, become impaired so as to impaired. cause him to order a call upon the stockholders to make up such impairment, the board of directors of such company may either comply with such order and require the necessary payment by the stockholders, or at their option, they may apply for that purpose so much of said special reserve fund as will make such impairment good. No company doing business under this act shall insure any larger Limit on amount upon any single risk than is permitted by law to a company possessing the same amount of capital irrespective of the funds hereby provided for. So much and such parts of existing laws as are Interpreinconsistent with this act are hereby made and declared to be tation. insurance |
