under said Act. The Howard was also organized June 29, 1852, re-insured July 1, 1856 in the United States Life.

The fourth section of the Charter relates to the guarantee capital and the increase thereof by subscription or accumulations, and the issue of scrip therefor. (App., 774.)

The Board shall consist of not less than thirteen or more than fifty-two directors of whom one-half shall be stockholders and the remainder may be from among the Life policyholders. The Directors are divided into four classes, hold office for four years, and are elected by the stockholders and Life policyholders holding shares in the permanent profits of the Company. (§§ 5 and 6, App., 775.)

Seven Directors form a quorum: the Board may elect an Executive Committee to superintend, under delegated powers, the whole business of the Company. (§ 13, App., 776, 777.)

The stockholders receive seven per cent annual interest, payable semi-annually, which shall be charged to the expenses of the business. (§ 15, App., 777.)

The profits on the participating or Mutual business are to be equitably apportioned, from time to time, as the Directors may determine, among the persons insured for at least three successive years; except one-tenth of the entire profits which are to be appropriated as a Benefit or Relief Fund until the Fund reaches such an amount as the Directors may consider sufficient for all legitimate purposes to which such fund may be appropriated. (§ 17, App., 777.)

An Act amendatory of this Charter was passed in 1862 by which the quorum was reduced to five Directors and the Executive Committee to such a number as may be prescribed by the By-Laws. Each insurer was required to hold one hundred dollars of profits for each vote. Participating policyholders may be charged with losses to the extent that they have been credited with profits, if the losses by insurance require it. (§§ 2 and 3, App., 778.)

By the fifth section of this Act, the stockholders are allowed to receive twenty per cent of the net earnings of the Company, which dividends shall be charged to the expense account of said Company. (App., 779.)

By the sixth section of said Act, it is provided that when the Benefit or Relief Fund shall amount to $25,000, dividends not exceeding six per cent per annum may be

paid thereon to the insurers or stockholders as the Board of Directors may determine. (App., 779.)

For the By-Laws, thirteen in number, see App., 779-781.

Equitable Life Assurance Society of the United States. (No. 7.)

This corporation can be said to mark and distinguish the commencement of the recent astounding progress in the business of Life Insurance. At the time of its organization in 1859, only six Life Insurance Companies existed in this State, or calling the New York Life and Trust a nominal Life Insurance Company, the number was five, viz: the (1) Mutual, (2) New York, (3) United States, (4) Manhattan, (5) Knickerbocker. Only the Mutual and the Manhattan were issuing new policies exceeding in number one thousand per annum. The Act organizing the Insurance Department had been passed at the preceding session of the Legislature, but did not go into effect until the succeeding January. Six years

had elapsed since the passage of the Act entitled "An Act to provide for the Incorporation of Life and Health Insurance Companies and in relation to Agencies of such Companies," passed June 24, 1853, and not one Life or Health Insurance Company had been incorporated under its very liberal and accommodating provisions.

The Equitable was the first Coinpany organized under this Act, and already over a score of others have followed its example.

The capital stock of this Company was fixed at one hundred thousand dollars, upon which the stockholders receive only legal interest of seven per cent, payable semiannually. (§ 3, App., 782.)

The number of Directors was fixed at fifty-two persons, with power to reduce the number to twenty-four, holding office for four years, and divided into four classes, onefourth of the Board to be elected annually-the Board to be elected by the stockholders; but three-fourths of the Directors may provide that each Life policyholder for not less than five thousand dollars shall be entitled to one vote in person and not by proxy. (§ 4. App., 782, 783.)

The sixth section provides for and regulates the dividends of the Company which are to be made quinquennially, each policy holder being entitled to an equitable share of the surplus which is applicable to the purchase

Assem. No. 50.

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of additional Insurance or to the reduction of premiums. (App., 784.)

Thirty-one carefully prepared By-Laws can be found in the Appendix, 785-787.

Policies on single lives are limited to $25,000. (§ 23, By-Laws, App., 787.)

Guardian Mutual Life Insurance Company. (No. 8.)

Incorporated under the Act of 1853, in August 1859, almost contemporaneously with the Equitable.

The Board of Directors consists of not less than fifteen and not to exceed thirty-three persons, of whom at least eleven shall be stockholders to the extent of five hundred dollars, the Board to hold office for three years, and to be divided into three classes, one third elected annually by the stockholders and policyholders. (§§ 6 and 7, App., 790.)

The holders of the capital stock receive legal interest only on their shares payable half-yearly. Profit dividends to participating policyholders of three years standing are to be made in cash annually after January, 1870. (§§ 15 and 16 of Charter as amended by Chap. 427, Laws of 1867. App., 791, 792.)

By the third section of the amendatory Act (Chap. 427, Laws of 1867), the Company may cancel the Capital stock by redeeming the same at its par value, after setting aside, over and above all Liabilities, special reserve of one hundred thousand dollars to provide for the deposit of that amount in the Insurance Department. (App., 792. For ByLaws, see App., 793-795.)

Washington Life Insurance Company. (No. 9.)

This Company was the first one incorporated under the jurisdiction of the Insurance Department.

The Board of Directors consists of not less than twenty nor more than forty-eight persons, divided into three classes holding office for three years, and one class elected by the stockholders annually.

By an amendment to the Charter (Chap. 101, Laws of 1863), the holders of the capital stock can receive a dividend of only three and a half per cent semi-annually. (§ 2, Art. VI, App., 799.)

Profit dividends to the policyholders of all the surplus of the Company are to be made quinquennially as provided in § 1 of Art. VIII, App., 800.

For By-Laws see App., 801-803.

Policies are limited to twenty thousand dollars on a single life. (§ 14, By-Laws, App., 803.)

Home Life Insurance Company. (No. 10.)

This Company was the first Life Insurance Company organized in the city of Brooklyn. Among the corporators were Walter S. Griffith, Abiel A. Low, George T. Hope and thirty other individuals.

The Board of Directors consists of not less than twentyfour nor more than forty persons; the quorum to consist of not less than seven members. The Directors are divided into four classes holding office for four years, to be elected by the stockholders in person or by proxy, and by the policyholders in person and not by proxy. (Articles IV and V, as amended by Chap. 942, Laws of 1867, App., 805, 806.)

The stockholders receive an annual interest dividend of twelve per cent on their capital stock, payable semiannually. (§ 2, Art. VI, as amended by Chap. 942, Laws of 1867, App., 807.)

The net profits are to be ascertained annually and such a proportion thereof as the Board may determine shall be applied towards the accumulation of a Reserve Fund of two hundred thousand dollars, and the remainder shall be apportioned to participating policyholders. (§ 1, Art. VII, as amended by Chap. 942, Laws of 1867.)

The Company may loan to policyholders a sum not exceeding one-half of the annual premiums on their policies. (§ 2, Art. VII, as amended by Chap. 942, Laws of 1867.)

The By-Laws may be found in the Appendix, 808-810. No risk can be taken on a single life exceeding ten thousand dollars; all premiums are payable in cash, except on whole life policies, where one-half may be taken in a note for twelve months, on interest. (By-Laws, Art. VI, App., 810.)

Germania Life Insurance Company. (No. 11.)

The Germania is the first American Life Insurance Company which has ever established an agency either in Great Britain or on the continent of Europe. This example will be followed, sooner or later, by other institutions, until the policies of American Life Insurance Companies will cover lives in every clime and nation.

The Board of Directors consists of not less than thirty nor more than fifty members (seven forming a quorum), divided into five classes holding office for five years, one class to be elected annually by the stockholders in person or by proxy and by the policyholders and annuitants in person. (Art. III and IV, App. 811-813.)

No loan of the funds of the Company can be made to any Director or officer of the Company. (Art. XII, App. 815.)

An interest dividend of seven per cent on the capital stock of two hundred thousand dollars is first payable before any division of the profits. (Art. VI, App. 814.)

The net profits or surplus to January, 1868, are divisable, in cash, twenty per cent thereof to the stockholders and eighty per cent thereof equitably among the participating policyholders. On the first day of July, 1869, and annually thereafter, or at such other times as the Board of Directors may determine, a dividend is to be made of the surplus, out of which a sum equal to five per cent per annum on the capital stock is to be set aside for the stockholders, making their whole dividend twelve per cent per annum. The balance of the net profits is to be equitably divided among the participating policyholders. (Art. XIII, as amended by Chap. 258, Laws of 1867.)

Among the corporators of this Company are the names of Hugo Wesendonck, Oswald Ottendorfer, Frederick Schwendler, and twenty-seven others.

The By-Laws may be found in the Appendix, 818-821. All premiums are payable in cash, and no risk can be taken on a single life exceeding twenty thousand dollars. (Art. VI, By-Laws, App. 820.)

The officers and Directors are prohibited from receiving any commissions for procuring or facilitating loans from the Company. (§ 4, Art. VII, By-Laws, App. 820.)

Security Life Insurance and Annuity Company. (No. 12.)

The Board consists of not less than fifteen nor more than forty-five Directors (seven constituting a quorum), holding office for three years, and being divided into three classes, one class elected annually by the stockholders (§§ 4–11, App. 822, 823.)

Capital, $110,000. (§ 15, App. 824.)

The stockholders receive an interest dividend of seven per cent per annum, payable semi-annually, and an addi