General provisions.

ascounts.

estate in payment 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 convey 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.

S 11. The corporation created by this act, shall be subject to the operations of such of the provisions contained in the eighteenth chapter of the first part of the Revised Statutes, as are not repealed.

Statement of $12. It shall be the duty of the president and secretary, at least thirty days previous to the annual election of directors, 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.

Duration

of act.

Business

mence.

$ 13. The duration of the corporation created by this act shall be thirty years, and no longer; and the office of the said company for the transaction of business, shall be located in the city of New-York, and not elsewhere.

$14. It shall not be lawful for the said corporation to when to com. commence any business under this act, until the president and secretary of said corporation shall have made a deposition in writing, before the mayor or recorder of the city of New-York, and shall have 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.

port.

$15. It shall be the duty of the president and secretary Annual reof said company, on the first Monday of January in each year, to make a report of the state and situation of said company, shewing 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 liability 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.

tion.

$16. It shall be lawful for the chancellor, or vice-chan- Investigacellor 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 the 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 said corporation.

S 17. The person thus appointed to make such exami- On 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 investigation.

celior.

S 18. If, upon such investigation, it shall appear that Duty of chanthe 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 toward said company the same powers and authority as are now by law conferred on the chancellor, in regard to banking incorporations.

$19. The legislature may at any time hereafter, alter, Rights r modify or repeal this act, or any of its provisions.

CHAP. 218.

AN ACT to incorporate the New-York Bowery fire insurance compaапу.

Passed April 24, 1833.

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

Corporation $1. Benjamin M. Brown, and all such persons as shall be associated with him, are hereby declared to be a body corporate, in name and in fact, by the name of "The NewYork Bowery fire insurance company," and to continue for thirty years.

Stock.

Directors.

$ 2. The capital stock of the said corporation shall be three hundred thousand dollars, to be divided into twelve thousand shares, of twenty-five 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 any 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 incorporation shall be managed by twenty-one directors, who shall be stockholders, and one of whom shall be president thereof, who shall hold their offices for one year, and until others shall be appointed, and no longer; which directors shall be appointed on the second Wednesday in February, at such time and place in the city of New-York as a majority of the directors shall appoint, of which public notice shall be given in two of the newspapers printed in New-York, at least ten days previous to said election; and such election shall be made by ballot by a plurality of the stockholders present, allowing one vote for every share; and the stockholders not present may vote by proxy, and First direc the votes be given by citizens of the United States. And the first directors of the said corporation shall be Benjamin M. Brown, Effingham H. Warner, Anson G. Phelps, James R. Whiting, Henry P. Robertson, Mangel M. Quackenboss, Richard Oakley, Benjamin Birdsell, Dennis H. Doyle, Frederick R. Lee, John Perrin, Joseph R. Taylor, Wm. R. Cooke, Daniel Cotheal, William H. Hibbard, Jacob Aimes, Thomas D. Howe, William Lee, Joseph Depew, Joseph Fletcher and William H. Barnes, who shall continue in office until the second Wednesday of February, in the year one thousand eight hundred and thirty-four.

turs.

$4. The directors herein before named, shall, as soon President. as may be after the passing of this act, and the directors hereafter to be chosen at every annual election, shall, as soon as may be after such election, proceed to choose out of their body a president, who shall preside until the next annual election; 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 time, by the board of directors.

$5. The books of subscription of the capital stock of Subscription: this corporation, shall be opened under the inspection of the commissioners for receiving such subscriptions, in the city of New-York, at such place and time as they shall appoint; and may be continued from day to day, until the capital stock shall be subscribed: ten days previous notice of such time and place being given in one or more of the daily newspapers printed in the said city: and five dollars on each share subscribed, shall be paid to the commissioners at the time of making the subscription: and the commissioners shall be Benjamin M. Brown, Effingham H. Warner, Henry P. Robertson, Anson G. Phelps and James R. Whiting.

S6. The president and directors shall have the power Insurancoand 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 and buildings whatsoever; and also upon all goods, wares or merchandize, whatsoever, 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, by 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.

$7. It shall be lawful for the said corporation to make Loans. loans upon bond and mortgage on real estate, worth at least thirty per cent more than the sum for which the same shall be mortgaged, exclusive of buidings, unless the same shall be insured, or to purchase or to 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 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

the

Real estate.

General provisions.

funds.

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-fourth of the capital stock at any one time, together with the surplus profits.

S8. 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 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 córporation, 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 pur

chase or otherwise.

S 9. The corporation created by this act, shall be subject to the operations of such of the provisions contained in the eighteenth chapter of the first part of the Revised Statutes, as are not repealed.

Statement of S 10. It shall be the duty of the president and secretary, at least thirty days previous to the annual election of directors, 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

kholder. to his own use, in any court having jurisdic