Transfers.

Policies of insurance.

Dividends.

When to commence business.

§7. The stock of the said corporation shall be assignable and transferrable, and shall be considered as personal property. § 8. All policies of insurance and other contracts which are authorized by this act, which shall be made or entered into by the said corporation, may be made either under or without the seal thereof, and shall be subscribed by the president or such other officer as shall be designated for that purpose by the by-laws of the corporation, and attested by the secretary; and being so signed, executed and attested, shall be binding and obligatory upon the said corporation, according to the tenor, intent and meaning of this act, and of such policies and contracts; and the insured may thereupon in case of loss arising, maintain an action upon the case against said corporation; and all such policies and contracts may be so made, signed, executed and attested, and the business of the said corporation may be otherwise conducted and carried on, without the presence of a board of directors, by the president or vice-presidents, or of either of them, with a director, or by a committee to be appointed for such purposes; and the acts of such president, vice-presidents, or of either of them, with a director, or such committee, if done under and in conformity to the by-laws of the said corporation, shall be binding and obligatory on it to all intents and purposes.

9. It shall be the duty of the president and directors, on the first Monday of January and July in each and every year, to make a dividend of so much of the profits of the said corporation, as to them or a majority of them shall appear advisable. And in case of any loss or losses, whereby the capital stock of the said corporation shall be impaired or essened, no subsequent dividend shall be made, until a sum equal to such diminution, and arising from the profits of the corporation, shall have been added to the capital. No dividend shall be made of any premium received by the said president and directors, for any contract of insurance, until the voyage risk or passage be terminated.

§ 10. Before the said corporation shall commence any business or assume any risk, in pursuance of this act, the president and secretary of the said company shall make a deposition in writing before the mayor or recorder of the city of New-York, and file it in the office of the clerk of the city and county of New-York, that the capital stock has been paid in, or secured to be paid, either in the stocks of the United States, or the public stocks created by this or any other state, or in the stock of any incorporated bank of this or any other state which shall be at par in the New-York market at the time, or in the stock of the corporation of the city of New-York, or upon bond and mortgage on unincumbered real estate of this state, of the value of fifty per cent more than the amount loaned thereon, exclusive of buildings, un

less the same shall be insured from loss by fire, or in specie, certified checks, current bank bills, or mortgages such as are above described; and that all funds or moneys at any time under the control of the said corporation, shall be loaned on the securities as above specified; nor shall any loan be made of any part of the capital upon any other than the securities aforesaid; and every person guilty of wilful false swearing in the premises, shall be subject to all the pains and penalties of perjury.

§ 11. The said corporation shall hold no real estate, ex- Real estate. cept such as may be requisite for the convenient transaction of its business, or such as may be bona fide mortgaged to the said company by way of security, or such as may be conveyed to it in satisfaction of debts previously contracted in the course of its dealings, or purchased at sales upon judgments or decrees which it shall have obtained for such debts. And with regard to all such real estate as aforesaid, except such as may be received as security as aforesaid, and necessary for its immediate accommodation, or such as shall be bona fide mortgaged as aforesaid, the said corporation shall be bound to dispose of the same respectfully, within five years after the acquisition thereof, otherwise the same shall be forfeited and vested in the people of this state.

of funds.

§ 12. It shall be the duty of the president and secretary, Statement at least thirty days previous to the annual election of directors, to prepare and insert in a book to be provided for that purpose, a full and true statement of the funds, property and securities of the said corporation, showing the amount in real estate, in bonds and mortgages, in notes and other securities, in public debt or other stock, and the amount of debts due to and from the said corporation; which statement shall be certified by the president and secretary, and shall be open to the inspection of every stockholder of the said company during the usual hours of business in the office thereof, until the day of election; and in case the president and secretary shall refuse or neglect to prepare such statement, or submit the same when required, they and each of them shall forfeit and pay, to any person so requiring the inspection of such statement, and being at the time of such neglect or refusal a stockholder of the said company, the sum of five hundred dollars, to be sued for and recovered by such stockholder to his own use, in any court having jurisdiction to that amount; but such suit shall be commenced within thirty days after the annual election of directors of said company.

made annu.

ally.

§ 13. It shall be the duty of the president and directors Report to be of said company, on the first Monday of January in each year, to make a report of the state and situation of said company, showing the amount of capital stock paid in, and

the manner in which the same is invested or secured, how much thereof has been consumed and expended in the payment of losses sustained by said company, and how much is safe and unimpaired; the amount of liabilty incurred by said company, and of debts owing by them; the amount of premiums received, of dividends made, and of losses sustained, during the preceding year, and the amount of the surplus on hand, and the manner in which the same shall be invested or secured; which report shall be signed and sworn or affirmed to by the said president and secretary, and filed in the office of the assistant register in chancery in the first circuit. Investigation $ 14. It shall be lawful for the chancellor or vice-chancellor of the circuit, whenever it shall appear proper, to cause the affairs and situation of said company to be examined into, and reported to said chancellor or vice-chancellor by a master in chancery, or such other person as such chancellor or vice-chancellor shall appoint; the expense whereof shall be determined by said chancellor or vicechancellor, who, in his discretion, may direct such expense to be paid by the company; but the provisions of this section shall not apply to any case of a complaint by an individual not being a stockholder of said company.

Under oath.

Duty of chancellor.

Debts.

§ 15. The person thus appointed to make such examination, shall have power to examine under oath the president and secretary, or other officers of said company, and the books, paper and vouchers thereof, in such manner as will best advance the purpose of such investigation. § 16. If upon such investigation it shall appear that the said company have in any respect exceeded the powers hereby granted, or violated the provisions of this act, it shall be the duty of the chancellor or vice-chancellor to exercise towards said company the same powers and authori ty as are now by law conferred on the chancellor in regard to banking incorporations.

§ 17. This act shall continue in force for and during twenty-one years next ensuing, and in respect to all debts which shall be contracted by the said corporation, before the time limited for the expiration of this act, the persons composing the said corporation, at the time of its dissolution, shall be responsible in their individual and private capacities, to the extent of their respective shares in the funds of the said corporation at that time, and no further, in any suit or action to be brought or prosecuted after the dissolution of the said corporation; and the said insurance company shall not be considered as dissolved by reason of its not holding its elections for directors on the day hereinbefore prescribed; but it shall be lawful to hold such elections on any other day, giving ten days' notice of the same in two of the pub

lic newspapers; and the books for subscription for the stock of the said company may be opened at any future period, within two years from the passage of this act, provided the stock shall not be subscribed within the period fixed by law for such purpose.

§ 18. The said corporation shall possess the general powers of a corporation as defined in title third in the eighteenth chapter of the first part of the Revised Statutes, as are not repealed, and shall be subject to the operations of the provisions of that chapter.

§19. The legislature may at any time alter, modify or repeal this act.

General

powers.

Right to repeal.

CHAP. 131.

AN ACT to authorize John C. Clark to erect a dam across the Chemung river.

Passed March 31, 1837.

The People of the State of New-York, represented in Senate and Assembly, do enact as follows:

erected.

§ 1. It shall and may be lawful for John C. Clark, his Dam may be heirs and assigns, and they are hereby authorized to erect and maintain a dam across the Chemung river, near the foot of the Upper Narrows, in the town and county of Chemung, not exceeding three feet in height. The said John C. Clark, his heirs and assigns, shall erect, and shall at all times maintain, an apron or lock in said dam, of such construction as to render the passage safe and easy for arks, rafts and other floats, during the continuance of said dam. Nothing herein contained shall be so construed as to affect the rights of individuals: and it shall be lawful for the legislature at any time to alter, modify or repeal this act.

СНАР. 132.

AN ACT to authorize and require the board of Supervisors of Orange county to raise money by tax on the town of Walkill, to build a bridge across the Walkill, at Phillipsburgh.

Passed April 1, 1837.

The People of the State of New-York, represented in Senate and Assembly, do enact as follows:

§ 1. The board of supervisors of Orange county are Money to be hereby authorized and required, at their next annual meet-a raised by

How to be applied.

ing, to cause to be assessed, levied and collected, by tax on all the taxable property in the town of Walkill, in said county, the sum of fifteen hundred dollars, for the purpose of building a bridge across the Walkill stream, at Phillipsburgh, in said town; which said sum, so to be raised and collected, shall be assessed, levied and collected, in the same manner as other town charges, or contingent expenses of said town are assessed, levied and collected; and in addition to, and over and above the amount which each town is now authorized by law to raise and collect.

§2. The said sum of money, when so raised and collected, shall be paid over to the commissioners of highways of the said town of Walkill, for the purpose of defraying the expenses of erecting and completing a bridge across the Walkill, at the place aforesaid; and it shall be the duty of the said commissioners of highways, to cause the said bridge to be built and completed with all reasonable diligence; and to apply the said moneys to the payment of the expenses at tending the same, and to account to the board of town auditors of the said town of Walkill, for the moneys which they may receive by virtue of this act, at the next annual meeting of said board, after the receipt of such money aforesaid.

CHAP. 133.

AN ACT authorizing the raising of money to repair a bridge across the Rondout creek, in the town of Marbletown, and for other purposes.

Passed April 1, 1837.

The People of the State of New-York, represented in Senate and Assembly, do enact as follows:

Money to be § 1. The supervisors of the county of Ulster, are hereraised by tax by authorized, at their next annual meeting, to cause to be levied and collected, upon the taxable inhabitants of the town of Marbletown, in said county, in the same manner as other contingent charges of said town are by law directed to be levied and collected, the sum of four hundred dollars, together with collecting fees, for the purpose of enabling the managers of the arch bridge across the Rondout creek, in said town, to put a roof and siding on said bridge, and pay their former contracts for said bridge.

Commission.

ers.

§ 2. Garret Hasbrouck, Andrew S. Wood, and Andrew Schoonmaker, of said town, are appointed commissioners, whose duty it shall be to superintend the completing of said bridge; and they are hereby vested with power to contract for the materials and workmanship of the same.