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CHAP. 485.

companies.

ch. 463,

corpo

Insurance AN ACT to amend chapter four hundred and sixty-three of

the laws of eighteen hundred and fifty-three, entitled “An act to provide for the incorporation of life and health insurance companies, and casualty insurance companies, and in relation to agencies of such companies.”

PASSED June 6, 1879. The People of the State of New York, represented in Senate and

Assembly, do enact as follows: Amending

SECTION 1. Section one of chapter four hundred and sixty-three of

the laws of eighteen hundred and fifty-three, entitled “ An act to proLaws 1853.

vide for the incorporation of life and health insurance companies and casualty insurance companies, and in relation to agencies of such com

panies,” is hereby amended so as to read as follows: For what 8 1. Any number of persons not less than thirteen in number, may may be in associate and form an incorporation or company for any of the pur

poses specified in either of the following departments : rated.

First department. To make insurance upon the lives of persons, and every insurance appertaining thereto, or connected therewith, and to grant, purchase or dispose of annuities.

Second department. To make any of the following kinds of insurance: First, upon the health of persons; second, against injury, disablement or death of persons resulting from traveling, or general accidents by land or water; third, guaranteeing the fidelity of persons holding places of public or private trust; fourth, upon the lives of horses, cattle and other live stock; fifth, upon plate-glass against breakage ; sixth, upon steam boilers against explosion and against loss or damage to life or property resulting therefrom; seventh, against loss by burglary or theft, or both.

§ 2. Section two of said act is hereby amended so as to read as

follows: Limita- 8 2. No company organized under this act, for the purpose named tions on business.

in the first department, shall undertake either of the risks mentioned in the second department, and no company organized under this act for either of the purposes mentioned in the second department shall undertake any business mentioned in the first department, nor shall any such company hereafter organized undertake or do more than one of the several kinds of insurance mentioned in said second department; and no company organized under this act shall undertake any business or risk, except as herein provided; provided that nothing herein contained shall affect the business of any company heretofore duly organized under the second department of this act.

$ 3. Section three of said act is hereby amended so as to read as

follows: Declara- § 3. The persons referred to in the first section of this act shall be Hien.to be designated as corporators, and they shall file in the office of the super

intendent of the insurance department a declaration signed by each of the corporators, setting forth their intentions to form a company for the purpose or purposes named in this act, and the department under which the company is intended to be formed, which declaration shall comprise a copy of the charter they propose to adopt, and the said

charter shall set forth the name of the company; the place where it is to be located; the kind of business to be undertaken and the department of the first section of this act by which such business is authorized; the mode and manner in which the corporate powers of the company are to be exercised ; the manner of electing the trustees or directors and officers, a majority of whom shall be citizens of this State, and the time of such election; the manner of filling vacancies; the amount of capital to be employed; and such other particulars as may be necessary to explain and make manifest the objects and purposes of the company, and the manner in which it is to be conducted.

$ 4. This act shall take effect immediately, Ante, vol. 4, p. 216 ; vol. 6, p. 468.

CHAP 489.

AN ACT to regulate the issuance of policies, and the reinsur- Fire insur

ance thereof, by fire insurance companies transacting ance. business in this State.

PASSED June 7, 1879. The People of the State of New York, represented in Senate and Assembly, do enact as follows:

SECTION 1. Hereafter it shall not be lawful for any fire insurance Limits as company, organized or incorporated under the laws of this State, to to risk. issue any policy or policies, on any one risk in excess of ten per centum of its paid-up capital stock and net surplus.

$ 2. No fire insurance company organized under the laws of any Limits as other State shall issue any policy or policies in this State, or on risks to risks located in this State, on any one risk, in excess of ten per centum of foreign its paid-up capital stock and net surplus; and no person, partnership niers association, corporation or company of another country shall issue any policy or policies in this State, or on risks located in this State, in excess of ten per centum of the capital stock, as ascertained under the provisions of chapter eight hundred and eighty-eight of the laws of eighteen hundred and seventy-one, a statement of which has been duly filed with the insurance department of this State, and the certificate of the superintendent issued therefor.

$ 3. It shall not be lawful for any fire insurance company organized Ro-insuror incorporated under the laws of this State to reinsure any risk with ance. any person, partnership association, corporation or company which, at the date of such reinsurance, was not authorized to transact business in this State; and no person, partnership association, corporation or company organized or incorporated under the laws of any other State or country shall reinsure any risk written or located within this State, with any person, partnership association, corporation or company not admitted to transact business in this State; and it shall be the duty of the superintendent of the insurance department to require schedules of reinsurance from each person, partnership association, corporation or company transacting business in this State, whenever such person, partnership association, corporation or company files a true statement of its condition in said department.

8 4 When reinsurance is made by any person, partnership associa- Reserved tion, corporation or company as provided in this act, such person, case of repartnership association, corporation or company so reinsuring shall be insurance.

Exceptious as to limits on risk. Penalty.

required to hold as an unearned premium fund an amount equal to the unearned portion of the gross premiums charged on such reinsured policies, from the date of their issuance by the company thus reinsured. When any part of the risk shall be reinsured under this act the amount so reinsured shall not be included in the ten per centum to which risks are limited as hereinbefore provided.

$ 5. Any fire insurance company organized or incorporated under the laws of this State, or person, partnership association, corporation or company of any other State or country vialating any of the provisions of this act, shall be subject to the payment of a penalty of five hundred dollars for each violation, which shall be sued for and recorered in the name of the people by the attorney-general, and the said penalty when recovered shall be paid into the treasury of the State.

§ 6. All acts or parts of acts inconsistent herewith are hereby repealed.

8 7. This act shall take effect immediately.
Ante, p. 407; vol. 9, p. 233; vol. 4, pp. 203, 226.

CHAP 490.

companies.

ch. 209,

Insurance AN ACT to amend section two, chapter two hundred and

nine of the laws of eighteen hundred and seventy-seven, entitled "An act regulating the amount of capital stock for fire and marine insurance companies.

PASSED June 7, 1879. The People of the State of New York, represented in Senate and

Assembly, do enact as follows: Amending SECTION 1. Section two, chapter two hundred and nine of the laws Laws 1877.

of eighteen hundred and seventy-seven, entitled “ An act regulating the amount of capital stock for fire and marine insurance companies,

is hereby amended so as to read as follows: Require

§ 2. Companies from other States and countries hereafter applying ments of for admission to this State shall be possessed of at least the amount of fire insur- capital required from companies organized under the laws of this State, anco com- and the total capital of such companies must be fully paid in, in cash.

It shall be the duty of the superintendent of the insurance department
to refuse admission to any such company unless its assets are of the
same general character that companies of this State are permitted to
hold, nor shall any such company be admitted to transact business in
this State unless it shall file in the office of the superintendent of the
insurance department an agreement under its corporate seal that it
will not (while authorized to do business in this State) transact any
business which any fire insurance company of this state, organized
under the general insurance act, is prohibited from transacting, and
any company violating the provisions of said agreement shall have
their certificates of authority revoked by the said superintendent
forth with; provided, the assent of the attorney-general shall be previ.
ously obtained.

82. This act shall take effect immediately.
Ante, p. 401.

CHAP 44.

AN ACT to amend chapter sixty-nine of the laws of eighteen Tax.

hundred and fifty-three, entitled “An act extending the time for the collection of taxes when stayed by injunction or otherwise.”

PASSED June 9, 1879; three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows :

SECTION 1. Section one of chapter sixty-nine of the laws of eigh- Amending teen hundred and fifty-three, entitled “ An act extending the time for Laws 1853. the collection of taxes when stayed by injunction or otherwise,” is hereby amended so as to read as follows:

§ 1. In all cases where proceedings for the collection of taxes are Collection by injunction or order or other proceeding of a court of record, when stayed or suspended before the time allowed by law for the collector's stayed by: return, or in case such collection shall be so stayed by several or suc- tion. cessive orders, injunctions or proceedings, the collector shall make his return at the time appointed by law of such portion of such taxes as have been collected by him, if any, and set forth the facts of such stay or suspension, and the collector or other officer having a warrant or process for the collection thereof, if the stay or suspension commenced within thirty days from the time of the receiving of the warrant by him, may, within sixty days, or if the stay or suspension shall not have commenced within thirty days from the time of the receiving of the warrant by him, may, within thirty days after such stay or suspension of proceedings is terminated or removed, or in case of several or successive stays or suspensions then after the termination or removal of the last thereof, and notwithstanding the period for the collection of such taxes under such warrant or process may have expired, and notwithstanding the term of office of such collector holding such such * warrant may have expired, proceed in the same manner and with the same effect to collect the same as if his warrant or process were still in force, and the same shall be deemed in full force and effect for such purposes.

$ 2. Any collector of taxes who shall at the time of the passage of this act hold a warrant duly issued to him for the collection of taxes upon which proceedings shall have been stayed or suspended in the manner stated in the last section, and which stay or suspension shall be removed, may proceed to collect the taxes which shall remain uncollected thereon in the same manner and within the same time, as is provided after the termination or stay in the last section such time to commence at the date of the passage of this act.

§ 3. This act shall take effect immediately. Ante, vol. 3, p. 353.

* So in the original.

CHAP 508.

Railroads,

ch. 254,

may ac

stock

AN ACT to amend chapter two hundred and fifty-four of the

laws of eighteen hundred and sixty-seven, entitled “An act in relation to railroads held under lease."

PASSED June 12, 1879. The People of the State of New York, represented in Senate and Assembly, do enact as follows:

SECTION 1. Section one of chapter two hundred and fifty-four of Amending

the laws of eighteen hundred and sixty-seven, entitled "An act in relaLaws 1867. tion to railroads held under lease,” is hereby amended so as to read as

follows:

§ 1. Any railroad corporation created by the laws of this State, or Lessees of railroad

its successors, being the lessee of the road of any other railroad corpo

ration, may take a surrender or transfer of the capital stock of the quire

stockholders, or any of them in the corporation whose road is held untherein.

der lease, and issue in exchange therefor the like additional amount of its own capital stock at par, or on such other terms and conditions as may be agreed upon between the two corporations; and whenever the greater part of the capital stock of any such corporation shall have been so surrendered or transferred, the directors of the corporatiop taking such surrender or transfer shall thereafter, on a resolution electing so to do, to be entered on their minutes, become ex officio the directors of the corporation whose road is so held under lease, and shall manage and conduct the affairs thereof, as provided by law; and whenever the whole of the said capital stock shall have been so surrendered or transferred, and a certificate thereof filed in the office of the secretary of State, under the common seal of the corporation to whom such surrender or transfer shall have been made, the estate, property, rights, privileges and franchises of the said corporation whose stock shall have been so surrendered or transferred, shall thereupon vest in and be held and enjoyed by the said corporation, to whom such surrender or transfer shall have been made, as fully and entirely, and without change or diminution, as the same were before held and enjoyed, and be managed and controlled by the board of directors of the said corporation, to whom such surrender or transfer of the said stock shall have been made, and in the corporate name of such corporation. The rights of any stockholder not so surrendering or transferring his stock, shall not be in any way affected hereby, nor shall existing liabilities or the rights of creditors of the corporation, where stock shall have been so surrendered or transferred, be in any way affected or impaired by this act.

2. This act shall take effect immediately. Ante, vol. 7, p. 79.

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