How to be collected.

38. It shall and may be lawful for the said New-York Washington monument association, to collect and receive by subscription, grant, devise, or otherwise, for the purposes herein after mentioned, the said sum of one hundred thousand dollars; and until the money may be required for erecting the monument contemplated to be erected under this act, to invest the same, or any part thereof, in the United States government or state stock, or stocks of the city of New-York, or to deposit in, or make loans to, any of the banks of this state, or to the life insurance and trust company of the city of New-York.

And applied. 4. Whenever there shall be subscribed and paid to the said incorporation the sum of fifty thousand dollars, then, and not previously, the said Washington monument association may cause to be erected, in such part of the city of New-York as the contributors may by vote or otherwise direct, a monument in commemoration of the esteem and deep feeling of veneration entertained by the citizens of New-York, for the character and memory of George Washington.

Models and

drafts.

Votes.

Vacancies.

By laws.

$ 5. Nothing in this act contained shall be construed to prevent the disbursing of moneys for models and drafts, and other necessary and preparatory measures, previous to the said amount of fifty thousand dollars being collected.

S6. In voting, or otherwise designating the place on which said monument is to be erected, each contributor to the amount of one dollar and upwards, shall be entitled to one vote, under such rules and regulations as the said incorporation shall prescribe.

S7. Whenever a vacancy shall happen by resignation, or death, or removal from the city of New-York, of any or either of the directors of the said corporation, such vacancies shall be filled by appointment, by the remaining directors, of some citizen residing in the ward in whose representation such vacancy may have happened; but no vacancy happening among the list of directors described as surviving officers of the revolution shall be filled up.

S8. The said Washington monument association may make such necessary rules and by-laws, for the government of themselves and officers, as they may deem expepedient: and they may annually, at such times as they shall agree upon, appoint a president, two vice-presidents, and two secretaries, and such other officers and agents as they may deem necessary for carrying into execution the undertaking in this act described; and the said officers shall hold their places until the same are either discontinued or other persons appointed in their place: and at any meet

ing at which there shall be twenty-one directors present, they shall be deemed a quorum, and capable to transact all business of said incorporation, provided that the said meeting shall have been twice advertised in two or more of the public newspapers in said city.

clause.

S9. The said Washington monument shall not be Saving placed or erected in any of the streets or public squares of the said city, without the consent or approbation of the corporation of the said city.

$10. The incorporation created by this act shall possess General pro the powers, and be subject to the provisions and restric- visions. tions contained in the third title of the eighteenth chapter of the first part of the Revised Statutes.

S 11. The legislature, may at any time alter, modify Rights re or repeal this act.

CHAP. 241.

AN ACT to incorporate the Long-Island insurance

company.

Passed April 26, 1833.

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

servcd.

created.

S 1. Richard V. W. Thorne, and all such persons as Corporation shall be associated with him, are hereby declared to be a body corporate, in name and in fact, by the name of "The Long-Island Insurance Company," and to continue for thir

ty years.

$ 2. The capital stock of the said corporation shall be Stock. two hundred thousand dollars, to be divided into four 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 com- Directors pany, shall be managed by twenty-five 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; which directors shall be appointed on the second Monday in May, at such times and places in the village of Brooklyn, in the county of Kings, as a ma

President.

Subscriptions

Insurance.

jority of the directors shall appoint, of which public notice shall be given in one or more of the newspapers printed in the county of Kings, 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 the votes be given by citizens of the United States inhabiting this state: and the first directors of the said corporation shall be Richard V. W. Thorne, Henry Waring, Samuel B. M. Sands, Nathan W. Sanford, Gerardus Č. Langdon, Joseph Sprague, Stephen Wood, Obadiah Jackson, Conklin Brush, Simeon Benjamin, Robert T. Hicks, John Laurence, Henry E. Pierrpont, John R. St. Felix, George M. Patchen, John M. Hicks, Jeffray Smith, Richard Mortimer, Jeremiah Lott, Joseph Conselyea, Elias Hubbard, junior, James Cropsey, David Anderson, George L. Thatcher and James Ĉ. Church, who shall continue in office until the second Monday in May, in the year one thousand eight hundred and thirty-four.

$ 4. The directors herein before named, shall, as soon 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 this corporation shall be opened under the inspection of the commissioners for receiving such subscriptions, in the village of Brooklyn, in the county of Kings, 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 newspapers printed in the said county: 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 Gerardus C. Langdon, Obadiah Jackson, Samuel R. M. Sands, Henry Waring and John Lawrence.

$6. The president and directors shall have the power 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 and buildings whatsoever; and also upon all goods, wares or merchandize, chattels, real or personal, whatsoever, for such term or terms of time, and

for such premium or consideration, and under such modi fications or restrictions, as may be agreed upon between the said corporation and the person or persons agreeing with them for such insurance; and all 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.

S7. 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 buildings, 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 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 corporation Real estate. 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 other

wise.

S 9. The corporation created by this act shall be sub- General project to the operations of such of the provisions contained

visions.

Statement of

funds.

Office.

Deposition.

Annual report.

in the eighteenth chapter of the first part of the Revised Statutes, as are not repealed.

$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 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 village of Brooklyn, in the county of Kings, and not elsewhere.

S 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 a judge of the county courts of Kings county, and filed the same in the office of the clerk of the said county, 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 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;

t