Repeal. Act to take effect. ity, license fees and otherwise, an amount equal to the amount of such charges and payments imposed by the laws of such State upon the companies of this State and the agents thereof.* [Laws of 1865, chap. 694, § 1.] $9. [Sec. 8.] All laws or parts of laws inconsistent with this act are hereby repealed. [Laws of 1859, chap. 366, § 8.] $10. [Sec. 9.] This act shall take effect on the first day of January next. [Laws of 1859, chap. 366, § 9.] *An act entitled "AN ACT in relation to the deposits required to be made, and the taxes, fines, fees and other charges, payable by insurance companies of sister States," passed May 11, 1865, three-fifths being present. LAWS RELATING TO FIRE INSURANCE COMPANIES. Chap. 466. AN ACT TO PROVIDE FOR THE INCORPORATION OF FIRE INSURANCE COMPANIES; passed June 25, 1853 (with amendments and additions to January 1, 1866). SECTION 1. Corporations may be formed; their purposes. 2. Powers of inland navigation insurance companies. 3. Powers of insurance companies hereafter incorporated. 4. Power to re-insure risks taken. 5. Declaration to be filed in office of the Superintendent of 6. Charter comprised in declaration; what to contain. 9. Books of subscription to be opened. 10. Investments of capital and surplus funds of companies, in bonds, mortgages and stocks. 11. Real estate not to be purchased, held or conveyed by companies, except for certain purposes. 12. Time for selling real estate may be extended. 13. The charter, &c., to be examined by Attorney-General; examination as to capital to be made by Superintendent of the Insurance Department or by three Commissioners; certificates, &c. 14. Corporators, &c., to have power to make certain by-laws; common seal. 15. Dividends to be made from surplus profits; penalty for improperly declaring dividends. 16. Notes to be held as security for losses in mutual fire insurance companies, until what time; directors to determine amount of note to be given in addition to cash premium; settlement of losses, &c. 17. Mutual companies may unite a cash capital to premiums; proviso; joint-stock company may allow the insured to participate in the profits; scrip may be issued; redemption thereof, &c. Corporations may SECTION 18. Word "Mutual" to appear on first page of every policy, &c., of mutual companies, and "Stock," on policies of cash stock companies. 19. Suits may be maintained by stockholders against corporation, &c.; members not parties may be witnesses. 20. Trustees, corporators, &c., to be responsible for debts in certain cases, &c. 21. Existing joint-stock companies may reorganize under general act; mutual, may become joint-stock companies; mutual companies may extend term of their charters; proceedings thereon. 22. Capital of companies may be increased; proceedings thereon. 23. Companies formed under act of April 10, 1849, brought under this act; exceptions. 24. Companies formed under this act, bodies corporate and politic, and subject to Revised Statutes, &c. 25. Annual statement to be made by company to Superintendent of the Insurance Department; its contents; annual report of the Superintendent to the Legislature, &c. 26. Fire insurance corporations of other States and foreign countries not to take risks, &c., unless they comply with certain provisions; penalty for violation of provisions of section; definition of term agent. 27. Foreign insurance companies to make annual statements. 28. Penalty for failure to make annual statements. 29. When annual statements of foreign companies to be made and filed. 30. Superintendent of the Insurance Department may appoint one or more persons to make examinations; duties and powers of such persons; duty of the Superintendent and of the Attorney-General, &c. 31. Penalties, how sued for and recovered. 32. Length of charters; power of Legislature to repeal acts and dissolve companies. 33. Fees to be paid to county clerk. 34. Act of April 10, 1849, repealed as to fire and inland navi- 35. When act to take effect; exception as to companies [The original numbering of the sections of this act is retained within brackets.] The People of the State of New York, represented in Senate and Assembly, do enact as follows: S 1. Any number of persons, not less than thirteer, be formed. may associate and form an incorporated company for 176 the following purposes, to wit: 31 Barb., To make insurance on dwelling houses, stores and all kinds of buildings, and upon household furnture and other property, against loss or damage by fire, and the risks of inland navigation and transportation. [Laws of 1853, chap. 466, § 1.] inland insurance S2. Any and all insurance companies, incorpo- Powers of rated under the provisions of the act entitled "An navigation act to provide for the incorporation of insurance companies. companies," passed April tenth, eighteen hundred and forty-nine; or under the provisions of the act entitled "An act to provide for the incorporation of fire insurance companies," passed June twentyfifth, eighteen hundred and fifty-three; which shall, in the declaration and charter provided to be filed by the third sections of such acts respectively, have expressed an intention to make insurance, or which shall have power to make insurance against loss or damage by the risks of inland navigation or transportation, shall have power to make insurance upon vessels, boats, cargoes, goods, merchandise, freights and other property against loss and damage by all or any of the risks of lake, river, canal and inland navigation and transportation. [Laws of 1861, chap. 92, § 1.] igation in companies hereafter S3. Any insurance company hereafter incorpo- Inland nav rated under the last of said acts, may have the surance powers aforesaid, if in its charter it shall express its intent to exercise such powers. [Laws of 1861, chap. 92, § 2.] incorporated. insurance. $ 4. [Sec. 2.] Any company organized under this To effect rcact, shall have power to effect re-insurance of any risks taken by them respectively. [Laws of 1853, chap. 466, § 2.] Declaration to be filed $5. [Sec. 3.] Such persons shall file in the office of the Superintendent of the Insurance Department and con *The words, "said Superintendent," or "Superintendent of the Insurance Department," are substituted for "Comptroller" throughout these laws, in accordance with the provisions of chap. 366, Laws of 1859. tents there of. Charter, what to contain. Company not to deal in goods, wares, &c. a declaration, signed by all the corporators, expressing their intention to form a company for the purpose of transacting the business of insurance, as expressed in the first section of this act, which declaration shall also comprise a copy of the charter proposed to be adopted by them, and shall publish a notice of such their intention, once in each week, for at least six weeks, in a public newspaper in the county in which such insurance company is proposed to be located. [Laws of 1853, chap. 466, § 3.] $6. [Sec. 4.] The charter comprised in such declaration, shall set forth the name of the company; the place where the principal office for the transaction of its business shall be located; the mode and manner in which the corporate powers granted by this act are to be exercised; the mode and manner of electing trustees or directors, a majority of whom shall be citizens of this State; and of filling vacancies (but each director of a stock company shall be the owner in his own right of at least five hundred dollars worth of the stock of such company, at its par value); the period for the commencement and termination of its fiscal year, and the amount of capital to be employed in the transaction of its business; and the Superintendent of the Insurance Department shall have the right to reject any name or title of any company applied for, when he shall deem the name too similar to one already appropriated, or likely to mislead the public in any respect. [Laws of 1853, chap. 466, § 4.] $7. [Sec. 5.] No company formed under this act shall directly or indirectly, deal or trade in buying or selling any goods, wares, merchandise, or other commodities whatever, excepting such articles as may have been insured by any company, and are |