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Proceedings in case company wishes to

ness.

rities to be delivered

up by Superintendant.

period not exceeding six months, in the discretion of any court having cognizance thereof. [Laws of 1853, chap. 463, § 18.]

$ 25. [Sec. 19.] When any company, transacting the business of insurance under either of the departrelinquish ments specified in the first section of this act, within the State of New York, shall desire to relinquish its business, the Superintendent of the Insurance Department shall, on application of such company or association, under the oath of the president or principal officer and secretary or actuary, give notice of such intention in the paper in which the State notices are directed to be inserted, at least twice a When secu- week for six months; and after such publication he shall deliver up to such company or association the securities held by him, belonging to them, on being satisfied by the exhibition of the books and papers of such company or association, and on examination, to be made by himself or some competent person, not officer of any life insurance company in this State, to be appointed by him, and upon the oath of the president or principal officer, and the secretary or actuary of the same, that all debts and liabilities of every kind are paid and extinguished that are due or may become due upon any contract or agreement made with any citizens of the United States. And the said Superintendent may also from time to time deliver up to such company or association or its assigns, any portion of said securities, on being satisfied in manner and form aforesaid, or by any other competent proof, that all the debts and liabilities of every kind that are due or may become due upon any contract or agreement made with any citizen of this State by said company or association are less than one-half of the amount of the portion

of said securities he shall still retain. [Laws of 1853, chap. 463, § 19, as amended by Laws of 1859, chap. 263, § 1.]

$ 26. [Sec. 20.] Every charter created by or under the laws of this State for the purposes aforesaid, shall continue until repealed. [Laws of 1853, chap. 463, § 20.]

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companies themselves

of the pro

visions of this act.

$27. [Sec. 21.] Any existing company incorpo- Existing rated by or authorized under the laws of this State, may avail for the purposes mentioned in this act, may avail themselves of the provisions of this act, after publishing their intentions for six weeks in the State paper, and obtaining the consent of the majority of the trustees or directors, and complying with the third section of this act in relation to the filing and contents of the declaration therein referred to. [Laws of 1853, chap. 463, § 21.]

$ 28. [Sec. 22.] So much of the act of April tenth, eighteen hundred and forty-nine, and of April eighth, eighteen hundred and fifty-one, as relate to life insurance, is hereby repealed, but this section shall not affect any company incorporated under such acts. [Laws of 1853, chap. 463, § 22.]

S29. Any mutual life insurance company in this State, incorporated previously to the passage of the general insurance law, on the tenth day of April, eighteen hundred and forty-nine, shall be subject to taxation in the same manner as if it were incorporated under said general law, with a capital of one hundred thousand dollars, as required by the sixth section of the said general law.* [Laws of 1853, chap. 469.]

Parts of

acts of 1849

and 1851,

repealed.

Mutual life companies ject to tax

insurance

to be sub

ation.

*An act entitled "An act to amend the general law relative to the incorporation of insurance companies," passed June 29, 1853.

Mutual life insurance

company incorporated before April 10,

1849, sub

ation on

personal

property to

$ 30. Any mutual life insurance company incorporated in this State previous to the passage of the general insurance law, on the tenth day of April, ject to tax- eighteen hundred and forty-nine, shall be subject to taxation on the sum of one hundred thousand dolthe extent lars for personal property and no more; and it is hereby declared that such was the intention and it is the true construction of said act of June twentyninth, eighteen hundred and fifty-three, in regard to any taxes imposed on said companies after said act took effect.* [Laws of 1855, chap. 83.]

of $100,000

only.

*An act entitled "An act to declare the intention and make more certain an act entitled 'An act to amend the general law relative to the incorporation of insurance companies, passed June twenty-ninth, eighteen hundred and fifty-three;'" passed March 24, 1855, three-fifths being present.

Chap. 95.

AN ACT IN RELATION TO ALL COMPANIES TRANSACTING THE BUSINESS OF LIFE INSURANCE WITH

IN THIS STATE; passed April 8, 1851.*

SECTION 1. Every life insurance company transacting business in this State, shall deposit one hundred thousand dollars in certain stocks or bonds and mortgages; regulations, &c.

2. Stocks, bonds and mortgages to be held as security for policy holders; companies may collect interest in certain cases; securities may be withdrawn on depositing other like securities; regulations as to title and value of real estate mortgaged.

3. Agents not to act in this State without procuring certificates of authority.

4. Companies from other States and foreign countries, to make and publish annual statements of their condition and affairs; contents thereof.

5. An examination may be made into the affairs of any company when deemed expedient; proceedings there

on.

6. Further proceedings when the assets are not sufficient to
re-insure the outstanding risks.

7. Certificates of authority to be revoked in certain cases.
8. Proceedings when company desires to relinquish business.
9. Penalty for violating provisions of act.

10. Repealing section.

* This act was repealed by § 22, chap. 463 of the Laws of 1853, but such repeal is declared as not affecting companies which have been incorporated under this act and the act of April tenth, eighteen hundred and forty-nine.

Wife may insure life

of husband.

1 Barb. Ch., 268.

3 Brad., 189.

When payable to children.

Chap. 80.

AN ACT IN RESPECT TO INSURANCES FOR LIVES FOR THE BENEFIT OF MARRIED WOMEN; passed April 1, 1840 (with amendments to January 1, 1866).

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

S1. It shall be lawful for any married woman, by herself, and in her name, or in the name of

third

any person, with his assent, as her trustee, to cause to be insured, for her sole use, the life of her husband for any definite period, or for the term of his natural life; and in case of her surviving her husband, the sum or net amount of the insurance becoming due and payable, by the terms of the insurance, shall be payable to her, to and for her own use, free from the claims of the representatives of the husband, or of any of his creditors; but such exemption shall not apply where the amount of premium annually paid out of the funds or property of the husband shall exceed three hundred dollars. [Laws of 1840, chap. 80, § 1; as amended by Laws of 1858, chap. 187, § 1.]

S2. The amount of the insurance may be made payable, in case of the death of the wife before the decease of her husband, to his or to her children for their use, as shall be provided in the policy of insurance, and to their guardian, if under age. [Laws of 1840, chap. 80, § 2; as amended by Laws of 1858, chap. 187, § 2, and by Laws of 1862, chap. 70, § 1.]

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