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31. Waat other Companies have been amalgamated with your Company, including those united with the amalgamated Companies prior to their union with your Company? ANSWER-New York Accidental Insurance Company.

32. How many agents, sub-agents, solicitors, canvassers, and other persons (excluding office clerks) acted at any time during the year for your Company in the State of New York, whether acting immediately under the direction of the Company or under any of its general or subordinate agents?

ANSWER-Sixty-three.

The principal Office of the Company is located at No. 96, Broadway, New York city; the Company was incorporated February, 1866; commenced business April 13, 1866; the duration of its charter is perpetual.

CHARTERS AND BY-LAWS

OF THE

LIFE INSURANCE COMPANIES

OF THE

STATE OF NEW YORK.

NEW YORK LIFE INSURANCE AND TRUST COMPANY.

CHARTER.

AN ACT TO INCORPORATE THE NEW YORK LIFE INSURANCE AND TRUST COMPANY.

Passed March 9, 1830.

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

SECTION 1. From the time this act shall commence and take effect, William Bard, Stephen Van Rensselaer, John Jacob Astor, Morgan Lewis, Edward R. Jones, Charles Wilkes, Abraham Bloodgood, Garrit Storm, Saul Alley, Gulian C. Verplanck, Isaac Bronson, Isaac Lawrence, James G. King, Morris Robinson, Elisha Tibbits, Robert Lenox, Samuel Ward, Jr., Walter Bowne, John Duer, Nathaniel Prime, Beverly Robinson, William Paulding, John Mason, John Hone, Peter Augustus Jay, Thomas W. Ludlow, William Goelet Buckner, James A. Hamilton, James Campbell, Lynde Catlin, William B. Lawrence, Robert Troup, Philip Hone, John C. Hamilton, George W. Strong, Robert Emmet, Preserved Fish, Stephen Whitney, Peter Remsen, Thomas J. Oakley, Goold Hoyt, Benjamin Bailey, Cadwallader D. Colden, Eleazer Lord, John Rathbone, Jr., James Kent, Jesse Oakley, George Griffin, John T. Irving, Ogden Hoffman, William James, Herman LeRoy, Isaiah Townsend, John Townsend, Benjamin Knower, Archibald Craig, Thomas W. Olcott, Benjamin F. Butler, James King, Edward C. Delavan, Peter Lorillard, and all such persons as shall hereafter become stockholders in the Company hereby incorporated, shall be a body politic and corporate, by the name of the New York Life Insurance and Trust Company.

2. In addition to the general powers and privileges of a corporation.

as the same are declared in the third title of the eighteenth chapter of the first part of the Revised Statutes, the corporation hereby created shall have power: 1. To make insurance on lives: 2. To grant and purchase annuities: 3. To make any other contingent contract, involving the interest of money, and the duration of life: 4. To receive moneys in trust; to accumulate the same at such rate of interest as may be obtained or agreed on, or to allow such interest there on as may be agreed on, not exceeding in either case the legal rate: 5. To accept and execute all such trusts, of every description, as may be committed to them by any person or persons whatsoever, or may be transferred to them by order of the court of chancery, or by a surrogate.

§ 3. In all cases where an application shall be made to the court of chancery, or to a surrogate having jurisdiction for the appointment of a guardian of any infant, the annual income of whose estate shall exceed the sum of one hundred dollars, the court of chancery or surrogate shall have power to appoint the said Company as guardian of the estate of such infant.

§ 4. On any sum of money not less than one hundred dollars, which shall be collected or received by the said Company, in its capacity of guardian or receiver, an interest shall be allowed by the said Company of not less than the rate of four per cent annually, which interest shall continue, until the moneys so received shall be duly expended or distributed.

§ 5. Where the annual income of an infant, of whose estate the said Company shall be a guardian, shall exceed the sum allowed, or which may be sufficient for the education and support of such infant, such surplus income shall be accumulated by the said Company for the benefit of such infant, by adding interest on the whole as a new principal; and the interest so to be allowed and added on such accumulation, shall in no case be less than four per cent.

§ 6. No bond or other collateral security shall be required from the said Company, when appointed guardian or receiver; but all investments of moneys received by the said Company, in either of such characters, shall be at the sole risk of the said corporation; and for all losses of such moneys, the capital stock, property and effects of the said corporation shall be absolutely liable; and in case of the dissolution of the said Company by the legisla ture, the chancellor, or otherwise, the debts due from the Company, as guar dian, shall have a preference.

§ 7. The capital of the said corporation shall be a million of dollars, which shall be divided into shares of one hundred dollars each. The whole of the said capital shall be invested in bonds and mortgages, on unincum bered real estate within the State of New York, and at least one-half thereof shall be constantly so invested on real property without the limits of the city and county of New York. The real property mortgaged to secure any investment of capital, shall, in every case, be double in value of the sum charged thereon.

§ 8. All the corporate powers of the said Company shall be exercised by

a Board of Trustees, and such officers and agents as they shall appoint. The Board of Trustees shall consist of thirty persons, all of whom must be citizens of this State, and stockholders. They shall elect a President annually from their own body, and shall have power to declare, by a by-law, what number of trustees less than a majority of the whole, shall be a quorum for the transaction of business.

9. The trustees shall severally hold their offices during good behavior; but the chancellor shall have like power to remove a trustee, upon the application of a person interested, as he now possesses, to remove a trustee under the provisions of the Revised Statutes.

10. Every vacancy happening in the Board of Trustees, by death, resignation, or otherwise, shall be supplied by the choice of the remaining trustees; and, in all cases, the votes of two-thirds of all the trustees, for the time being, shall be requisite to a choice. No person shall be eligible who shall not have been openly nominated at a meeting of the trustees, at least one month before the day on which the election is held; and the name of every person so nominated shall be published for three successive weeks previous to the day of election, in one or more of the public newspapers in the city of New York, and in the State paper.

11. The following persons shall constitute the first Board of Trustees: William Bard, Stephen Van Rensselaer, Isaac Bronson, James Kent, Gulian C. Verplanck, Abraham Bloodgood, Edward R. Jones. John Jacob Astor, Saul Alley, John Duer, Robert Lenox, Walter Bowne, Nathaniel Prime, Philip Hone, Peter Augustus Jay, John Mason, Peter Lorillard, Thomas W. Ludlow, William B. Lawrence, Jonathan Goodhue, Samuel Thompson, William James, Peter Remsen, Isaiah Townsend, Benjamin Knower, Stephen Whitney, Benjamin F. Butler, Thomas J. Oakley, Edward C. Delavan, and Garrit Storm. Their power and authority as trustees shall commence on the day on which this act shall commence and take effect as a law.

§ 12. The Board of Trustees, within six months after this act shall be in force, shall appoint a committee of not less than three, nor more than five of their own number, whose duty it shall be, at the time and place fixed by them for that purpose, to open books for receiving subscriptions to the capital stock. The books shall be opened at the hour of ten in the morning, and shall be kept open, from time to time, by adjournment, till the whole stock shall be subscribed. Public notice shall be given, for at least thirty days, in two papers in the city of New York, and in the State paper, of the time and place of opening the books for receiving subscriptions to the capital stock of the said corporation.

§ 13. Each subscriber shall, at the time of subscription, pay to the committee receiving the same, the sum of ten dollars on each share by him subscribed and after the shares shall have been distributed and allotted, each stockholder shall pay the whole amount remaining due on the shares so held by him, within twelve months thereafter, at such time and place as the trustees shall appoint, of which at least three weeks' public notice shall be given.

The shares of every stockholder omitting to make such payment, shall e forfeited, together with all previous payments made thereon; and the books shall be again opened, as directed in the last section, for subscription, and so, from time to time, till all the shares are subscribed and paid for.

14. Every trustee named in this act shall be a stockholder to the amount of five thousand dollars at least; and any trustee not becoming a stockholder to the amount of five thousand dollars, within six days after the books are opened for subscription, shall cease to be a trustee and the seat of every trustee thereafter ceasing to be a stockholder, shall be immediately declared

vacant.

15. No loan shall be made, directly or indirectly, to any trustee; but every trustee may secure the shares of stock possessed by him by his own bond and mortgage, on unincumbered real estate.

16. The certificates of stock, and of moneys received in trust, issued by the said corporation, shall be assignable on the books of the Company, according to such regulations as the Board of Trustees shall establish; but no alteration or change shall be made in the regulations so established, unless by an order of the chancellor, made on a petition of a majority of the trustees.

17. The trustees shall have a discretionary power of investing the premiums and profits received by the Company, and the moneys received by them in trust, in public stocks of the United States, or of any individual State, or in the stock of any incorporated city, or of the Bank of the United States, or in such real or personal securities as they may deem proper; but the said Company shall not hold stock in any private incorporated company beyond twenty-five thousand dollars.

18. The Board of Trustees shall exhibit annually to the chancellor, on such day as he shall appoint, a full statement of their affairs, in such form, and verified in such manner, as the chancellor shall direct. The chancellor, should he deem it proper, may refer such statement to one of the masters of his court, with directions to make a full and thorough investigation into the affairs and management of the Company, and to report his opinion in relation to the ability and integrity with which its affairs are conducted. the prudence and safety of its investments, the security afforded to those by whom its engagements are held, and the advantage derived by the public from its operations. The expenses of every investigation so made shall be refrayed by the Company.

19. Upon the exhibition of any such annual statement, or upon the coming in of a master's report thereon, the chancellor may recommend to the trustees such alterations and amendments in the regulations and by-laws of the Company as he shall deem to be required by the public good, and a just regard to the security of the creditors. If any recommendation, so made by him, shall be neglected, or, without just cause, disregarded by the trustees, the chancellor shall make a full communication of the facts to the legislature, at their first session thereafter.

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