this act, for the purpose of investing their capital or surplus profits, or any part thereof, (and also to sell and transfer the same, and again invest the same or any part thereof,) in such bonds, mortgages or stock, or funded debt as aforesaid, whenever and as often as a due regard to the safe investment of such capital and surplus profits of said corporation shall require; but the said corporation shall not have invested in stock more than one quarter of the capital stock at any one time, together with the surplus profits.

$ 8. It shall and may be lawful for the said corpora- Real estate tion to purchase and hold such and so much real estate as shall be necessary for the transaction of their business; and also, to take and hold any such real estate, bona fide mortgaged and pledged to the said corporation; and also to proceed in the said mortgages, and other securities, for the recovery of moneys thereby secured, either at law or in equity, or otherwise, in the same manner as any other mortgagee is or shall be authorised to do: and also, to purchase on sales made by virtue of any judgment at law, or any order or decree of a court of equity, or any other legal proceedings or otherwise, to receive and take any real estate in payment, or towards the satisfaction of any debt previously contracted and due to the said corporation, and to hold the same until they can conveniently and advantageously sell and convert the same into money; but such real estate shall be sold within five years after the same shall be invested in the said company, by purchase or otherwise.

$9. The corporation created by this act, shall be sub- General project to the operations of such of the provisions contained visions. in the eighteenth chapter of the first part of the Revised Statutes, as are not repealed.

S 10. It shall be the duty of the president and secretary, Statement of at least thirty days previous to the annual election of di- funds. rectors, to prepare and insert in a book to be kept for that purpose, a full and true statement of the funds, property and securities of the said corporation, shewing the amount in real estate, in bonds and mortgages, in notes and the securities thereof, in public debt or other stock, and the amount of debts due to and from the said company; which statement shall be certified by the president and secretary, and shall be open to the inspection of every stockholder of the said company, during the usual hours of business, in the office thereof, until the day of election; and in case the president and secretary shall refuse or neglect to prepare such statement, or to submit the same when required, they and each of them shall forfeit and pay to any person

so requiring the inspection of such statement, and being at the time of such neglect or refusal a stockholder of the said company, the sum of five hundred dollars, to be sued for and recovered by such stockholder, to his own use, in any court having jurisdiction to that amount; but such suit shall be commenced within thirty days after the annual election of directors of said company.

$ 11. The office for the transaction of the business of said company, shall be located in the city of New-York, and not elsewhere.

$ 12. It shall not be lawful for the said corporation to commence any business under this act, until the president and secretary of said company shall have made a deposition in writing, before the mayor or recorder of the city of New-York, and filed the same in the office of the clerk of the city and county of New-York, that the capital stock of the said corporation has been paid in, or secured to be paid, according to the provisions of this act; and every person guilty of wilful false swearing in the premises, shall be subject to all the pains and penalties of perjury.

S 13. It shall be the duty of the president and secretary of said company, on the first Monday of January, in each year, to make a report of the state and situation of said company, showing the amount of capital stock paid in, and the manner in which the same is invested or secured; how much thereof has been consumed and expended in the payment of losses sustained by said company, and how much is safe and unimpaired; the amount of liabilities incurred by said company, and of debts owing by them; the amount of premiums received, of dividends made, and of losses sustained, during the preceding year; and the amount of surplus on hand, and the manner in which the same shall be invested or secured; which report shall be signed and sworn or affirmed to by said president and secretary, and filed in the office of the assistant register in chancery in the first circuit.

$ 14. It shall be lawful for the chancellor, or vice-chancellor, of the first circuit, whenever it shall appear proper, to cause the affairs and situation of said company to be examined into and reported to said chancellor, or vicechancellor, by a master in chancery, or such other person as said chancellor, or vice-chancellor, shall appoint; the expense whereof shall be determined by said chancellor, or vice-chancellor, who, in his discretion, may direct such expense to be paid by the company: but the provisions of this section shall not apply to any case of a complaint by any individual not being a stockholder of the corporation.

$15. The person thus appointed to make such exami~ Under oath. nation, shall have power to examine under oath, the president and secretary, or other officers of said company, and the books, papers and vouchers thereof, in such manner as will best advance the purposes of such investiga

tion.

chanccilor.

$ 16. If upon such investigation it shall appear that the Duty of said company have, in any respect, exceeded the powers' hereby granted, or violated the provisions of this act, it shall be the duty of the chancellor, or vice-chancellor, to exercise towards said company, the same powers and authority as are now by law conferred on the chancellor in regard to banking incorporations.

S17. The legislature may at any time hereafter, alter, Rights modify or repeal this act, or any of its provisions.

CHAP. 217.

AN ACT to incorporate the Union fire insurance company.

Passed April 24, 1833.

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

reserved.

$1. Jeromus Johnson, Augustus Wynkoop, William Corporation James, James Hay, Egbert Benson junior, John R. Mar- created. shall, and all such persons as shall be associated with them, are hereby declared to be a body corporate in name and in fact, by the name of "The Union Fire Insurance Company in the City of New-York."

S2. The capital stock of the said company shall be Stock. four hundred thousand dollars, to be divided into eight thousand shares, of fifty dollars each: and it shall not be lawful for the said corporation to commence any business whatever until the whole amount of the capital stock shall be subscribed and paid in specie or current bank bills of this state, or secured by the public stocks created by this or any other state, or by the United States, or an incorporated city or bank of this state, which shall be, at the time at or above par value in the market.

S3. The stock, property and concerns of the said cor- Directors poration shall be managed by twenty-one directors, being stockholders, and one of whom shall be president thereof; and which directors shall hold their offices for one year, and until others shall be chosen, and no longer; the first directors shall be chosen at such time and place in the city

President.

Transfers.

Subscriptions

First election

of New-York, as the commissioners hereinafter named shall designate; and every future election shall be held on the first Monday of April, in every year, at such time of the day, and at such place as the directors for the time being shall appoint; and of the first election, as well as every other election, public notice shall be given in two of the newspapers printed in the city of New-York, at least ten days previous to said election. The first election shall be held under the direction of the commissioners, as hereinafter directed; and every subsequent election shall be holden under the inspection of three stockholders, who shall not be directors, and shall be made by ballot, by a plurality of the stockholders present, allowing one vote for every share; and the stocknolders not pre-. sent-may vote by proxy, such proxy being granted directly to the person representing them at such election; and the votes to be given by citizens of the United States, inhabiting this state.

S 4. The directors so to be chosen, shall meet as soon as may be after such election, and shall choose out of their body one person to be their president, who shall preside for one year; and in case of the death, resignation or inability to serve, of the president or any director, such vacancy or vacancies may be filled for the remainder of the year, by the board of directors.

$5. The stock in the said corporation shall be assignable and transferable according to such rules as the president and directors shall make and establish.

$ 6. The books of subscription of the capital stock of this corporation, shall be opened under the inspection of the commissioners hereinafter named, or of any three of them, for receiving such subscription, in the city of New-York, at such time and place as they shall appoint, and may be continued from day to day, until the whole capital stock shall be subscribed; notice of which shall be given in one or more of the daily newspapers printed in the city of New-York, at least ten days previous to opening such subscription; and five dollars on each share subscribed shall be paid to the commissioners at the time of making such subscription: and the commissioners shall be George H. Stanton, Jeromus Johnson, Peter I. Nevius, James Hay, William James, Augustus Wynkoop, Ralph Clark, John R. Marshall and Egbert Benson junior.

$7. The first election of directors shall be holden as soon as may be after the requisite amount of stock shall have been subscribed, under the inspection of three of the commissioners before named, whose duty it shall be to give due notice of the time and place of holding such

election, as above stated, and immediately after such election, to give to the stockholders. present, a certificate of the names of the persons elected, and to hand over to the directors the subscription books of the said corporation, and all papers relating to the same.

S8. The president and directors shall have the power Insurance. and authority, in the name and on the behalf of the said corporation, to make all kinds of insurance against losses by fire, of any houses or buildings whatsoever; and also, upon all goods, wares or merchandize, whatsoever; and for such term or terms of time, and for such premium or consideration, and under such modifications or restrictions as may be agreed upon between the said corporation and the person or persons agreeing with them for such insurance; and the policies of insurance shall be subscribed by the president, or in his absence, an assistant, if any be appointed, or by a president pro tempore, and countersigned by the secretary, and shall be binding and obligatory upon the said corporation, in like manner and with the like force, as if under the seal of the said corporation.

S9. It shall be lawful for the said corporation to make Loans. loans upon bonds and mortgages on real estate, worth at least thirty per cent more than the sum for which the same shall be mortgaged, exclusive of buildings, unless the same shall be insured, or to purchase or hold any stocks or funded debt designated by the second section of this act, for the purpose of investing their capital or surplus profits, or any part thereof, (and also to sell and transfer the same, and again invest the same or any part thereof,) in such bonds and mortgages or stock or funded debt as aforesaid, whenever and as often as a due regard to the safe investment of such capital and surplus profits, if said corporation shall require; but the said corporation shall not have invested in stock more than one quarter of the capital stock, at any one time, together with the surplus profits.

S10. It shall and may be lawful for the said corporation to purchase and hold such and so much real estate as shall be necessary for the transaction of their business; and also, to take and hold any such real estate, bona fide mortgaged or pledged to the said corporation; and also to proceed in the said mortgages, and other securities, for the recovery of moneys thereby secured, either at law or in equity, or otherwise, in the same manner as any other mortgagee is or shall be authorised to do: and also, to purchase on sales made by virtue of any judgment at law, or any order or decree of a court of equity, or any other legal proceeding or otherwise, to receive and take any real

Real estate. .