Every company organized under this act shall have authority to re-insure any risk herein authorized to be undertaken. [§ 1, Chap. 463, Laws of 1853.] S2. No company organized under this act for the pur- Risks. poses named in the First department, shall undertake either of the risks mentioned in the Second department; nor shall any company organized under this act, for the purposes named in the Second department, undertake any business mentioned in the First department; and no company organized under this act shall undertake any business or risks, except as herein provided. [§ 2, Chap. 463, Laws of 1853.] S3. The persons referred to in the first section of this act shall be designated as Corporators, and they shall file in the office of the Superintendent of the Insurance Department,* a Declaration signed by each of the corporators, setting forth their intentions to form a company for the purposes named in this act, 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 by referring to and repeating the department of the first section of this act to which they refer; 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 words "Superintendent of the Insurance Department" or "said Superintendent," are substituted for "Comptroller," in accordance with the provisions of section 3, Chapter 366, Laws of 1859. Corpora tors to file tion. Attorney- tion. To publish intention to form company. Capital. the manner in which it is to be conducted. [§ 3, Chap. 463, Laws of 1853.] $4. Whenever the corporators shall file such Declaration with the Superintendent of the Insurance Department, it shall become his duty to submit the same to the Attorney-General for examination; and, if found by him to be in accordance with the provisions of this act, and not inconsistent with the Constitution and laws of the United States and of this state, he shall certify to the same and deliver it back to the said Superintendent who shall cause the said Declaration, with the Certificate of the Attorney-General, to be recorded in a book to be kept for that purpose, and, upon application of the corporators to the said Superintendent, it shall become his duty to furnish a certified copy of such Declaration and Certificate to the said corporators. [§ 4, Chap. 463, Laws of 1853.] $5. Whenever the corporators shall have received from the said Superintendent the certified copy provided for in the last section, and desire to proceed to organize such company, they shall publish their intentions in the paper in which the state notices are directed to be inserted; and when such intentions have been published in said paper for six weeks, they may open books to receive subscriptions to the capital stock, and keep such books open until the amount required by this act is subscribed, and may then proceed to distribute the stock among the subscribers, if more than the necessary amount is subscribed, and proceed to collect in the said capital and complete the organization of the company. [§ 5, Chap. 463, Laws of 1853.] S6. No company shall be organized under this act, for the purposes mentioned in the First department, with a less capital than One hundred thousand dollars, and no company shall be organized, for the purposes mentioned in the Second department, with a less capital than Twenty-five thousand dollars. The whole capital of such company shall, before proceeding to business, be paid in and invested in stocks of the United States or of the State of New York, the market value of which shall be at the time at or above par, or in bonds and mortgages on improved unincumbered Real Estate within the State of New York, worth seventy-five per cent more than the amount loaned thereon, (but in such valuation, farm buildings shall not be estimated,) or in such stocks or securities as now are or may hereafter be receivable by the Banking Department.* And it shall be lawful for any company organized under this act, to change and reinvest its capital, or any part thereof, at any time they may desire, in the stocks or bonds and mortgages or securities aforesaid. No *The following are the statute provisions prescribing the kind and nature of the Stocks receivable by the Bank Department: "The stocks which banking associations or individual bankers, now or hereafter to be organized under the provisions of the act, 'To authorize the business of banking,' passed April 18, 1838, and the amendments thereto, shall hereafter deposit with the Superintendent shall be New York State stocks, in all cases to be, or to be made to be, equal to stock producing six per cent per annum, or at least one-half the amount so deposited, shall be in the stocks of the State of New York, as before mentioned, and not exceeding one-half in stocks of the United States, in all cases to be, or to be made to be equal to a stock producing an interest of six per cent per annum; and it shall not be lawful for the Superintendent to take such stocks at a rate above their par value, or above their current market value." [Vide § 1, Chap. 313, Laws of 1849.] In lieu of stocks, one-half of the deposit of securities in the Bank Department may consist of seven per cent bonds and Mortgages on improved, productive, unencumbered lands within this State, for not exceeding two-fifths of the value of said lands, excluding buildings; to be received at a sum not above five thousand dollars for each Mortgage, and under regulations to be prescribed by the Superintendent of the Bank Department. [Vide § 8, Chap. 260, Laws of 1838; and § 2 and § 3, Chap. 340, Laws of 1848; and § 10, Chap. 164, Laws of 1851.] company organized for the purposes mentioned in the First department, shall commence business until they have deposited with the Superintendent of the Insurance Department of this State, the sum of One hundred thousand dollars, invested as hereinbefore provided for the investment of the capital of such company, and no company organized for the purposes named in the Second department, shall commence business until they have deposited with the Superintendent of the Insurance Department of this State, the sum of Twenty-five thousand dollars, invested as hereinbefore provided for the investment of the capital of such company. The Superintendent of the Insurance Department shall hold such securities as security for policy holders in said companies, but so long as any company so depositing shall continue solvent, may permit such company to collect the interest or dividends on its securities so deposited, and from time to time to withdraw any of such securities on depositing with the said Superintendent such other securities of like value as those withdrawn, and of the same character as those above mentioned. [§ 6, Chap. 463, Laws of 1853, as amended by § 1, Chap. 551, Laws of 1853, and § 1, Chap. 328, Laws of 1860.*] *The original section 6 of Chapter 463, Act of 1853, as amended by section 1, Chapter 551, Laws of the same year, is as follows: § 6. No company shall be organized under this act for the purposes mentioned in the First department with a less capital than one hundred thousand dollars; and no company shall be organized for the purposes mentioned in the Second department with a less capital than twenty-five thousand dollars. The whole capital of such company shall, before proceeding to business, be paid in and invested in stocks of the United States, or of the State of New York, the market value of which shall be at the time at or above par, or in such stocks or securities as now are or may hereafter be receivable by the Bank Department. No company organized for the purposes mentioned in the First department shall commence business until they have deposited with the Comptroller of this state the sum of one hundred thousand dollars in the stocks or securities before mentioned; but all mortgages deposited by any company under this section shall be upon improved unincumbered Real Estate, worth seventy-five per cent more than the amount loaned dent to fur cate of $ 7. Whenever the corporators shall have fully organ- Superintenized such company, and the said company have deposited nish certifi with the said Superintendent the requisite amount of deposit. capital, it shall become his duty to furnish the corporation with a Certificate of such deposit, which, with a certified copy of the papers previously required under this act, shall, when filed in the County Clerk's office of the county where such company is to be located, be the Authority to commence business and issue policies, and the same may be used in evidence for and against the corporation in all suits. [§ 7, Chap. 463, Laws of 1853.] S8. It shall be lawful for any company organized under this act, to invest its funds or accumulations in bonds and mortgages on unincumbered Real Estate within the State of New York, worth fifty per cent more than the sum so loaned thereon, on in stocks of the United States, stocks of this State, or of any incorporated city of this State, if at or above par, and to lend the same or any part thereof on the security of such bonds and mortgages, and upon the pledge of such stocks; provided, that the current market value of such stocks shall be at least ten per cent more than the sum so loaned thereon. [§ 8, Chap. 463, Laws of 1853, as amended by § 2, Chap. 328, Laws of 1860.*] thereon; and no company organized for the purposes named in the Second department shall commence business until they have deposited with the Comptroller of this state the sum of twenty-five thousand dollars in the stocks or securities before mentioned. The Comptroller shall hold such stocks or securities as security for policy holders in said companies; but, so long as any company so depositing shall continue solvent, may permit such company to collect the interest or dividends on its stocks or securities so deposited, and, from time to time, to withdraw any of such securities, on depositing with the Comptroller other securities of like character, the market value of which shall be at the time of such deposit at or above par. * The original section 8, Chapter 463, Laws of 1853, is as follows:§ 8. It shall be lawful for any company organized under this act, to invest its funds or accumulations in bonds and mortgages, on unincum |