CHAP. XX. deficiency in the capital of such company, and before said deficiency shall have been made up, the directors shall be individually liable to the extent thereof. And if, upon such examination, it shall appear to the comptroller that the assets of any company chartered on the plan of mutual insurance under this act are insufficient to justify the continuance of such company in business, it shall be his duty to proceed in relation to such company in the same manner as is herein required in regard to joint stock companies; and the trustees or directors of such company are hereby made personally liable for any losses which may be sustained upon risks taken after the expiration of the period limited by the comptroller for filling up the deficiency in the capital, and before such deficiency shall have been made up. Any transfer of the Transfer of stock of any company organized under this act, made during the pending of any such investigation, shall not release the party making the transfer from his liability for losses which may have accrued previous to the transfer. And whenever Foreign it shall appear to the comptroller, from the report of the person or persons appointed by him, that the affairs of any company not incorporated by the laws of this state are in an unsound condition, he shall revoke the certificates granted in behalf of such company, and shall cause a notification thereof to be published in the state paper for four weeks; and the agent or agents of such company is, after such notice, required to discontinue the issuing of any new policy, and the renewal of any previously issued. 5 Ab., 444. stock. companies. be sued for. $ 25. Every penalty provided for by this act shall be sued Penalty to 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 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 the 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. Such penalties may also be sued for and recovered in the name of the people by the attorneygeneral, and when sued for and collected by him shall be paid into the state treasury. So amended by Laws of 1862, ch. 367. charter. $26. All companies incorporated or extended under this Duration of act may provide, in their charters, for not more thirty years' duration; but the Legislature may at any time alter, amend or repeal this act, and provide for the closing up of the business and affairs of any company formed under it. Nothing herein contained shall be construed to prevent subsequent extensions of the charters of companies organized or extended under this act. ᏢᎪᎡᎢ L. Fees to be paid. Act of April 10, 1849, repealed. $27. There shall be paid by every association, company or agent, to whom this act shall apply, the following fees, to be appropriated towards paying the expenses of executing said act: For filing the declaration required by the third section, the certified copy of the charter required by the twenty-third section, or the papers required by the eighteenth or nineteenth sections, the sum of twenty dollars; for filing the annual statement, five dollars; for every certificate of agency, one dollar. And all declarations, charters or other papers relating to fire and inland navigation insurance companies, now on file in the office of the secretary of state, shall be transferred to the office of the comptroller, who shall furnish, on payment of the usual fees, all certificates in relation thereto, as if the same had been originally filed in his office. Every county clerk shall demand and receive, for every paper filed in his office under this act, the sum of ten cents, to be accounted for and paid over to the county treasury, as provided by law with regard to other fees. $ 28. So much of the act entitled "An act to provide for the incorporation of insurance companies," passed April 10th, 1849, as relates to fire and inland navigation insurance, is Exception. hereby repealed; but such appeal shall not affect or apply to Act to take effect &c. Companies taxation. any company or association, which, at the date of the passage of the said act of June 25th, 1853, had filed in the office of the secretary of state, the declaration provided for by the third section of the aforesaid act of April 10, 1849. So amended by Laws of 1853, ch. 528. S 29. This act shall take effect immediately; except that those companies whose officers or agents have complied with the law of eighteen hundred and forty-nine, in making and publishing their respective statements, shall be permitted to continue to transact the business of insurance, without further statement, until the thirty-first day of January, eighteen hundred and fifty-four. CHAP. 469. AN ACT to amend the general law relative to the incorporation of insurance companies. PASSED June 29, 1853. The People of the State of New York, represented in Senate and Assembly, do enact as follows: S 1. Any mutual life insurance company in this state, subject to incorporated previously to the passage of the general insurance law on the tenth day of April, eighteen hundred fortynine, shall be subject to taxation in the same manner as if it were incorporated under said general law, with a capital of one hundred thousand dollars as required by the sixth section of the said general law. 20 B., 86. CHAP. XX. CHAP. 528. AN ACT to amend an act entitled "An act to provide for The People of the State of New York, represented in Senate and Assembly, do enact as follows: amended. $1. The twenty-eighth section of the act entitled "An act Section to provide for the incorporation of fire insurance companies," passed June 25, 1853, is hereby amended, &c. See that act ante. Companies, S2. Any persons who have heretofore filed a declaration, how formed or commenced the publication of a notice of their intentions to form any joint stock fire insurance company, under the act entitled "An act to provide for the incorporation of insurance companies," passed April 10, 1849, may proceed to organize such companies under the act entitled "An act to provide for the incorporation of fire insurance companies," passed June 25, 1853, without filing any new declaration of intention, or publishing any new notice. CHAP. 224. AN ACT to enlarge the powers and duties of trustees in certain cases. PASSED April 14, 1854. The People of the State of New York, represented in Senate and Assembly, do enact as follows: trustees. § 1. Whenever any insurance company or corporation shall Powers of have made an assignment of its property and effects to any person or persons, in trust for the benefit of all its creditors, and such trust shall from any cause have become vested in the supreme court, the person or persons appointed by the said court for the purpose of executing such trust shall have and possess all the powers and authority conferred, and be subject to all the obligations and duties imposed, in article third, title four, part third and chapter eight of the Revised Statutes, upon receivers appointed in case of the voluntary dissolution of a corporation; and shall, in addition thereto, have and possess the same power and authority conferred, and be subject to the same duties and obligations imposed upon receivers in certain cases, by the act entitled "An act PART I. to facilitate the collection of debts against corporations," passed March nineteenth, eighteen hundred and fifty-two, and shall in all respects be subject to the control and direction of the said court. Unclaimed dividends tised. CHAP. 75. AN ACT relative to unclaimed dividends of Insurance Companies. PASSED March 19, 1855. The People of the State of New York, represented in Senate and Assembly, do enact as follows: $1. Every insurance company or association for fire, marine, to be adver- or life risks, conducted on the mutual principle or otherwise, now or hereafter incorporated or organised, or doing business, under any general or special law of this state, on or before the first day of September next, and annually thereafter, shall cause to be published for six successive weeks, in one public newspaper printed in the county in which such company or association may be located, and in the state paper, a true and accurate statement, verified by the oath of the treasurer or presiding officer, of all dividends and interest declared and payable upon any of the stock, bonds, or other evidence of indebtedness of said company or association, which, at the date of such statement, shall have remained unclaimed by any person or persons authorised to receive the same, for two years then next preceding; and the word "dividend," shall include all scrip issued or declared due for unpaid earnings or profits. Mutual how subject CHAP. 83. AN ACT to declare the intention and make more certain an act entitled "An act to amend the general law relative to the incorporation of insurance companies," passed June twenty-ninth, eighteen hundred and fifty-three. PASSED March 24, 1855; three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows: $1. Any mutual life insurance company incorporated in companies, this state previous to the passage of the general insurance law to taxation. on the tenth day of April, eighteen hundred and forty-nine, shall be subject to taxation on the sum of one hundred thousand dollars for personal property and no more, and it is hereby declared that such was the intention, and it is the true construction of said act of June twenty-ninth, eighteen hun dred and fifty-three, in regard to any taxes imposed on said companies after said act took effect. [See under the head of "Corporations, General Provisions," Laws of 1855, ch. 279, for "An act to facilitate the service of process on insurance and other cor-. porations doing business in this state."] CHAP. XX. CHAP. 28. AN ACT in relation to Marine Mutual Insurance Companies incorporated under special charters or under general laws PASSED February 16, 1857. The People of the State of New York, represented in Senate and Assembly, do enact as follows: to create S 1. Any marine mutual insurance company heretofore Authorized chartered by the legislature of this state under a special act, capital. or any marine mutual insurance company now incorporated, or which may hereafter be incorporated under any general act or law of this state, shall have power to create or unite with its existing corporate funds, if it have any such funds, a cash capital of not less than three hundred thousand dollars, to be divided into shares of one hundred dollars each, to be issued to such persons as shall subscribe and pay for the same; which shares shall be transferable only on the books of the Shares company, subject to such regulations as the trustees shall from time to time prescribe. transferable to be divi S2. The profits of the business of every corporation which Profits, how shall avail itself of the provisions of this act, after setting ded. apart therefrom a sufficient sum to cover the payment of seven per cent per annum upon the cash capital, and also the interest accruing upon any outstanding scrip or certificates of such company, shall be divided between the stockholders and others entitled by its charter or articles of association to participate in its profits, in the following manner, viz.: one-third thereof, or such other proportion not exceeding that rate as may be determined and agreed upon at the time when the subscriptions to the cash stock thereof are made, to be paid to the stockholders in cash, and the remainder thereof to the persons entitled by its charter or articles of association to participate in its profits, to whom scrip or certificates therefor shall be issued as provided in said charter or articles of association; but it shall be competent for such company to exclude Company to from the computation of premiums entitled to participate in certain such profits, premiums or risks on which loss shall have happened. The fund represented by the scrip shall constitute a Surplus or surplus or reserve of such company for the security and pay- fund. ment of losses, and be liable for any excess of losses, and expenses above the earned premiums of any year; each later annual issue of scrip always to be first reduced or wholly can exclude risks. reserve |