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to pay losses.
every member thereof from nine o'clock in the forenoon to four o'clock in the afternoon, Sundays and legal holidays excepted.
$ 6. The directors of any company formed under this act may issue policies of insurance, signed by their president and secretary, agreeing in the name of said company to pay all damages not exceeding the amount insured, done to farm buildings detached at least one hundred feet, and other buildings not more hazardous, and their contents and live stock owned on the premises, caused by fire or lightning during the time mentioned in the policy of the insured loser; said directors shall not issue .policies for less than one year nor for more than five years, and they shall not insure more than three thousand dollars in any one risk in town associations, and five thousand dollars in any one risk in county associations. The directors may issue more than one policy to one person, firm or corporation, having separate or detached buildings detached not less than one hundred feet that this act or the by-laws of the company do not prohibit the said company from insuring. Said policy so issued shall have attached thereto a printed copy of the by-laws and regulations of the company.
Amended 1880; post, p. 1006. Ondertak- 87. Every person, firm or corporation or trustees so insured shall ing of
give his, her or their undertaking, binding him, her or them, their heirs and assigns, to pay their pro rata share to the company, of all losses or damages caused by fire or lightning which may be sustained by any member or members thereof; and every such undertaking shall be filed by the secretary of such company in the office of the company. He, she or they shall also pay such percentage in lawful money, and such reasonable sum for policies and expenses as may be required by
the by-laws of said company. Proceed- $ 8. Every person holding a policy not expired or vitiated, who has
sustained a loss by fire or lightning, shall immediately notify the president or secretary of the company of his loss, and it shall be the duty of the officers of the company to at once proceed to ascertain and adjust said loss in the manner provided by the charter and by-laws of said company, and by the provisions of this act.
8 9. The companies formed under the provisions of this act may
classify the property or buildings insured therein, at the time of insurrisks.
ing and issuing policies, under different rates, according to the risk
from fire which may be attached to buildings insured. Whenever the members.
amount of any loss is ascertained, which exceeds in amount the cash on hand of the company, the president or secretary, as shall be determined in the by-laws of the company, shall convene the directors or executive committee, who shall make an assessment upon all the property insured, pro rata, sufficient to pay what the cash in hand falls short of paying, or for the whole loss, as the directors or executive com
mittee may decide is best for the interest of the company. Notifica- § 10. It shall be the duty of the secretary, within ten days, to tion of.
notify every person who belongs to this company, in writing, that an assessment has been made, and the amount due from him or them as their share of the loss, and the time when and to whom such amount must be paid; but no such time shall be less than thirty or more than ninety days from the time of such notice; the cost and expenses of
collection to be regulated by the by-laws of the company. Actions § 11. Suits at law may be brought against any member or members
of any company, organized under the provisions of this act by the president thereof, in the name of the company, in any of the courts of this State, of competent jurisdiction, to recover all assessments that any member neglects or refuses to pay when made upon him or
ings in case of loss.
them under the provisions of this act or the by-laws of the company. Any member or members of any company formed under this act who Penalty refuses or neglects to pay his or their part of any assessment, or for for refus
ing to pay. any other reason satisfactory to the directors, may be excluded by a majority of the directors of the company from the company, and when thug excluded, the president shall cancel or withdraw his or their policy or policies, which shall prevent him or them recovering for any loss after exclusion by the directors; but nothing herein contained shall prevent the collection of such assessinent in any suit at law. The officers of any company formed under this act, who shall neglect Penalty or refuse to perform the duties imposed upon them by the provisions for noge of this act, shall be liable in their individual capacity for the amount duty by lost to the person or persons who lose by their refusal or neglect.
officers. $ 12. No company organized pursuant to the provisions of this act Insuring shall insure any buildings or property out of the limits of the terri- property tory comprised in the articles of association adopted in the formation territory. of the company, except where a person or member of the company, who has a farm extended beyond the line of the said limits in which he resides, has buildings on that part beyond, in which case such buildings and their contents may be insured, together with his what other buildings; nor shall any company insure any property other than property detached dwellings and their contents, farm buildings and their con- insured. tents, distant one hundred feet from any other building and live stock owned upon such property.
Amended 1880 ; post, p. 1006.
§ 13. The directors of any company organized under the provisions Directors, of this act shall be chosen by ballot, at the annual meeting of the com- how pany which shall be held on the second Tuesday of January, unless some other day be designated by the by-laws of any such company, At such meeting every person insured shall have one vote, and shall be Votes. entitled to vote by proxy at such elections, unless prohibited by the by-laws of the company. Amended 1880 ; post, p. 1006.
§ 14. It shall be the duty of the president and secretary of each and annual every company formed under the provisions of this act, to make a statement. statement under oath, showing the condition of such company on the day preceding the election of officers, which shall contain the amount and kind of property insured; the number of policies issued cach year from the time of the organization of such company up to the time of making such statement, and the names of the persons to whom issued during the year last passed, and the amount of such policy; the names of persons withdrawn or excluded from the company, with the amount of insurance of each; the whole amount of moneys received by such company during the year, together with an itemized account of the same and the source whence derived ; the amount of disbursements, together with an itemized account of the same; including salaries of officers; all fees, commissions and all sums paid for any purpose, and all other matters of interest to the company or members thereof; which statement or a certified copy thereof shall be filed in the town clerk's Statement office of the town where the office of the company is located, in cases to be filed. of town insurance companies, and in the office of the clerk of the county in cases of county insurance companies, within thirty days after the annual meeting in each year. And no company organized Other under the provisions of this act, nor their officers, shall be required to states make any report or statement, or do any requirement not contained in required. the provisions of this act or in the by-laws of the company to which they belong
With- 8 15. Any member of such company may withdraw therefrom at any drawal of members.
time, by notice in writing to the president, or in his absence to the
secretary, and paying his share of all claims existing against the comAdmission pany and surrendering his policy or policies. Members may be admit
ted who reside within the territorial limits of the company, upon the same terms and conditions as the original members, subject to the by-laws of the company organized under the provisions of this act. Non-residents who own property that may be insured in any such company may become members for the purpose of having their property insured, and shall enjoy all the rights and privileges of such company, and shall be accountable the same as other members, but shall not be
eligible to hold office in said company. Limita- $ 16. No company formed under this act shall insure against losses business.
otherwise than by fire or lightning, nor issue life insurance policies or policies on any other risk not mentioned in this act, nor shall they insure any buildings or property within the corporate limits of any city or village, situated less than one hundred feet distant from any other
risk or structure. By-laws. § 17. Any company formed under the provisions of this act may
make and enforce such by-laws for its regulation as two-thirds of all the directors may adopt, and any amendment may be adopted by being presented to the president at least three months previous to any regular meeting of said directors; but said proposed amendment shall be voted for at a regular meeting, and two-thirds of the votes of all the directors shall be required to adopt it. No by-laws shall be of any effect, if inconsistent with the provisions of this act or the laws of the State. The by-laws may provide for compensation of the officers of the company and the number and kind and the security proper to be given by any officer, and may designate the amount of money that may be kept on hand and the manner of disbursing the same, and make provision for books for records of the transactions of the company.
$ 18. Any company already doing a business of insurance upon the companies principles prescribed by this act, may become organized and possess organize all the powers and be subject to the restrictions and regulations re
quired by this act upon filing a statement of their condition at the time, containing the requirements of section three in the offices required by said section. The said companies shall thereafter be subject to the provisions of this act, and the policies theretofore issned by them shall be as valid and the rights and powers of the officers and members of such companies shall be the same in all respects as if they had been originally organized under this act.
$ 19. This act shall take effect immediately. Amended 1880; post, p. 1006.
under the act.
AN ACT in relation to the annual reports of colleges and acad
Colleges emies to the regents of the university.
PASSED May 15, 1879. The People of the State of New York, represented in Senate and Assembly, do enact as follows:
SECTION 1. Every college and academy, subject to the visitation of the regents of the university, shall make up its annual report and report. transmit the same to the secretary of the regents on or before the first day of October, in each year.
§ 2. This act shall take effect immediately,
Corporalaws of eighteen hundred and seventy-four, entitled “An tions. act to amend an act, passed April twenty-seventh, 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 an act, passed February seventeenth, 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 15, 1879. The People of the State of New York, represented in Senate and Assembly, do enact as follows:
SECTION 1. The first section of the act, entitled “An act to authorize the formation of corporations for manufacturing, mining, ch. 149, mechanical or chemical purposes,” passed February seventeenth, Laws 1874. eighteen hundred and forty-eight, as amended by chapter two hundred and sixty-two of the laws of eighteen hundred and fifty-seven, as amended by section two of chapter six hundred and fifty-seven of the laws of eighteen hundred and seventy-one, as amended by chapter four hundred and twenty-six of the laws of eighteen hundred and seventy-two, as amended by chapter one hundred and forty-nine of the laws of eighteen hundred and seventy-four, is hereby amended so as to read as follows: § 1. At any time hereafter any three or more persons, who may de
Incorporasire to form a company for the purpose of carrying on any kind of tion of manufacturing, mining, mechanical or chemical business, or the busi- manufacness of printing and publishing books, pamphlets and newspapers, or mining, the business of making butter, cheese, concentrated or condensed milk, cancha or any other products of the dairy, or the business of erecting build- other. ings for church sheds, or laundry purposes, and the carrying on of laundry business, or the business of slaughtering animals, or the supplying of hot water, or hot air or steam for motive power, heating,
cooking or other useful applications in the streets and public ana private buildings of any city, village or town in this State, may make, sign and acknowledge, before some officer competent to take the acknowledgment of deeds, and file in the office of the clerk of the county in which the business of the company shall be carried on, and a duplicate thereof in the office of the secretary of State, a certificate in writing, in which shall be stated the corporate name of the said company, and the objects for which the company shall be formed, the amount of capital stock of said company, the time of its existence (not to exceed fifty years), the number of shares of which the said stock shall consist, the number of trustees and their names, who shall manage the concerns of said company for the first year, and the name of the town and county in which the operations of the said company are to be carried on.
8 2. This act shall take effect immediately.
The effect of the above amendment is to insert after the words " slanghtering animals,” (act of 1874), the words“ or the supplying of hot water; or hot air," etc.; and to omit after the word “newspapers” the words,“or the business of preserving or dealing in meats.”
The first section of the act of 1874 was also amended by ch. 374, of L. 1877, the amendment consisting of inserting after the words “slaughtering animals," the words “ or for the purpose of towing or propelling canal boats,” etc. (see p. 595, ante), – a clause not in the above act, and probably for the reason that in drawing it the act of 1877 was overlooked. The clause has however been restored, and the acts of companies formed under it legalized by ch. 241, L. 1880, post. p. 957.