Gates and tolla. Subscrip ced. the village of Medina, as lies between the canal bridge and the race of the Orleans mill, a distance of about onehalf of one mile, and collect toll at legal rates per mile on their road, the same as if a continuous road was built. 6. The said plank road company are hereby authorized to locate gates on their road, as follows, viz: one gate at or near the cemetery ground, north of the village of Medina, another gate at or near the road crossing the plank road near the mill dam of the Orleans mill, on the Oak Orchard creek, and collect a toll of three cents on all vehicles drawn by two animals, and all other tolls in that proportion, except vehicles coming on or going off of the said plank road, at the roads intersecting the said plank road at the mill dam above referred to, which shall be charged one-third of the above rates of toll, and no more; also one other gate north of and near to the Baptist church, south of Shelby Centre, and collect thereat a toll of one and one-half cent only, on vehicles drawn by two animals, coming on to or going off the said plank road, at either of the roads intersecting the said plank road at the church above referred to, and all other vehicles and animals in the same proportion: Provided that this section shall not be so construed as to allow the company to collect toll of persons now exempt from toll, nor to collect toll at all the gates on their road, which shall in the aggregate exceed the legal rates for the number of miles of road built; nor shall this section be so construed as to exempt from legal rates of toll, any vehicle coming from the south, and having travelled over and upon the said plank road. § 7. The directors of said plank road company are heretions rodu- by authorized to allow Elijah Bentley to reduce his stock subscription to two hundred dollars, also to allow Eli Angevine & Co., to reduce their stock subscription to twentyfive dollars, and the said subscriptions shall be equally binding as if originally made for the said amounts. § 8. This act shall take effect immediately. Chap. 95. AN ACT in relation to all companies transacting the business of Life Insurance within this State. Passed April 8, 1851. The People of the State of New-York, represented in Senate and Assembly, do enact as follows: be deposit ar. §1. Every company or association transacting the busi- $100,000 to ness of life insurance within the state of New-York, shall, ed with on or before the first day of August, in the year one thou- comptroll sand eight hundred and fifty-one, deposit with the comptroller of this state the sum of fifty thousand dollars, and on or before the first of February thereafter, the further sum of fifty thousand dollars, in public stocks of the United States, or of this state, or stocks or bonds of either of the incorporated cities of this state; and which stocks or bonds shall be at or above par at the time of such deposit, or in bonds and mortgages on unincumbered improved real estate situate within this state, and worth at least fifty per cent more than the amount of the mortgage thereon; and the president or agent of every company shall annex to every mortgage his affidavit that said mortgage was made and taken in good faith for money loaned by the company which he represents, to the amount therein named, and that no part thereof has been since paid or returned, and that he has reason to believe, and does believe, that the premises thereby mortgaged are worth at least fifty per cent more than the amount of the mortgage thereon; and the comptroller shall prescribe such regulations for ascertaining the title and value of such real estate as he may deem necessary; provided, however, that companies or associations established, or which may commence operation in this state by agents or otherwise, subsequent to the passage of this act, shall, before obtaining the certificate required by the act to provide for the incorporation of insurance companies, passed April tenth, eighteen hundred and forty-nine, deposit with the comptroller the sum of one hundred thousand dollars, in securities as hereinbefore specified. how held §2. The comptroller shall hold said stocks, bonds and Money mortgages as security for policy holders in said companies, and how but shall, so long as any company so depositing shall con- managed. tinue solvent and shall comply with all the requisites of Agents. Reports to foreign the laws of this state applicable to such company, permit such company to collect the interest or dividends on its bonds and mortgages or stocks so deposited, and from time to time to withdraw any of such securities on depositing with the comptroller other like securities, stocks or mortgages, the par value of which shall be equal to the par value of such as may be withdrawn; each mortgage so substituted to be also accompanied with an affidavit as required in the first section; and the comptroller shall prescribe such regulations for ascertaining the title and value of the real estate covered by the mortgage so substituted, as he may deem necessary. §3. It shall not be lawful for any person to act, within this state, as agent or otherwise in receiving or procuring application for insurance. in or in any manner to aid in transacting the insurance business of any company or association not incorporated under the laws of this state, until he has procured a certificate from the comptroller that the company or association for which he acts has complied with all the provisions of this act; and for every certificate so obtained the sum of three dollars shall be paid to the comptroller. §4. Every company or corporation organized under the be made by laws of sister states or foreign governments, and transactcompanies. ing the business of life insurance in this state, shall, within three months after the passage of this act, and on or before the first day of February in each year thereafter, furnish to the comptroller, and shall also publish in the state paper, daily for two weeks, a statement, verified by the oath of their president or principal officer, and a majority of their directors or trustees, showing the amount of paid up capital, and accumulations of which they are possessed, and specifying the securities in which they are invested, with the amount of each; the number of policies, and the amount of outstanding risks thereon; the several amounts received in premiums and from other sources for the current year; the amount of losses and expenses severally for the same period; the amount of claims remaining unpaid; the amount of fund reserved for re-insurance; the amount of premium notes held by the company on account of policies in force; the amount of premium notes, if any, held on account of policies upon which the risk has terminated; the whole number of policies issued or continued through their agencies in this state, the amount at risk thereon, and the gross amount of premiums received therefor in the year preceding their report; the number and amount of losses paid through their agencies during the same period. be examin § 5. It shall be lawful for the comptroller, whenever Affairs to he shall deem it expedient so to do, to appoint one or more ed." competent persons, not officers of any life insurance company doing business in this state, to examine into the affairs of any life insurance company incorporated in this state, or doing business by its agents in this state, and it shall be the duty of the officers or agents of any company doing business in this state, to cause their books to be opened for the inspection of the person or persons so appointed, and otherwise to facilitate such examination so far as it may be in their power to do; and for that purpose the comptroller or the person or persons so appointed by him, shall have power to examine, under oath, the officers and agents of any company relative to the business of said company; and whenever the comptroller shall deem it for the interest of the public so to do, he shall publish And report the result of such investigation in one or more papers in published. this state. ings report. §6. Whenever it shall appear to the comptroller, from Proceedexamination made under his direction, that the assets are upon not sufficient to insure the outstanding risks of any company incorporated in this state, he shall communicate the fact to the attorney general, whose duty it shall then become to apply to the supreme court for an order requireing them to show cause why the business of such company should not be closed, and the court shall thereupon proceed to hear the allegations and proofs of the respective parties; and in case it shall appear to the satisfaction of said court that the assets and funds of the said company are not sufficient as aforesaid, the said court shall decree a dissolution of said company and a distribution of its effects, including the securities deposited in the hands of the comptroller. The supreme court shall have power to refer the application of the attorney general to a referee to inquire and report upon the facts stated therein. when to re $7. Whenever it shall appear to the comptroller from Comptroll the report of the person or persons appointed by him, voke cert that the affairs of any foreign company, as aforesaid, are ficates in an unsound condition, he shall revoke all such certificates in behalf of such company, and shall cause a notification thereof to be published in the state paper for four weeks, and the agent of such company is, after such notice, required to discontinue the issuing of any new poli cy. §8. When any company transacting the business of life Manner of insurance within the state of New-York, shall desire to sines closing br Fenalties. Repeal. relinquish its business, the comptroller shall, on application of such company or association, under the oath of the president or principal officer, and secretary, give notice of such intention in the state paper at least twice a week, for six months; and after such publication he shall deliver up to such company or association, the securities held by him belonging to them, on being satisfied by the exhibition of the books and papers of such company or association and the examination aforesaid, and upon the oath of the president or principal officer, and secretary of the same, that all debts and liabilities of every kind are paid and extinguished, that are due or may become due upon any contract or agreement, made with any citizen of this state. § 9. Every violation of this act shall subject the party violating to a penalty of five hundred dollars for each violation, which shall be sued for and recovered in the name of the people, by the district attorney of the county in which the company or the agent or agents so violating shall be situated, and one-half of the said penalty, when recovered, shall be paid into the treasury of said county, and the other half to the informer of such violation; and in case of the non-payment of such penalty, the party so offending shall be liable to imprisonment for a period not exceeding six months, in the discretion of any court having cognizance thereof. 10. So much of the act passed April tenth, one thousand eight hundred and forty-nine, in relation to the incorporation of insurance companies, as is inconsistent with the provisions of this act, is hereby repealed. Chap. 96, AN ACT to incorporate the Rome Water Works Company. The People of the State of New-York, represented in Senate and Assembly, do enact as follows: § 1. Benjamin N. Huntington, Horace Adams, John Stryker, Edward Huntington, Jesse Armstrong, Roland S. Doty, Calvert Comstock, John B. Jervis and Hervey Brayton, and all such persons as are or may be hereafter associated with them, shall be, and are hereby constituted a body corporate by the name of the "Rome Water Works Company." |