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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.

S 14. It shall be lawful for the chancellor or vice-chan- Investigation cellor 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 vice-chancellor, 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 in said company.

S 15. 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.

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cellor.

$ 16. If, upon such investigation, it shall appear that Duty of chan the 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.

$17. The legislature may at any time hereafter, alter, Rights re modify or repeal this act, or any of its provisions.

CHAP. 242.

AN ACT to revive and amend an act, entitled “An act to incorporate the Deposit bridge company," passed March 2, 1832.

Passed April 26, 1833.

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

$1. The act entitled "An act to incorporate the Deposit Bridge Company," passed March 2d 1832, is hereby renewed and continued in full force.

served.

Act revived.

tended.

$ 2. The time for constructing and completing said Time exbridge is hereby extended to three years from the passage

of this act.

Restriction.

Corporation created.

Stock

Directors

38. Martial R. Hulce, of the village of Deposit, is hereby appointed a commissioner in the place of Nelson K. Wheeler, to open books for subscription to the said stock.

34. After the completion of the said bridge, it shall not be lawful for any person to cross the river over which said bridge shall have been constructed, with intention to evade the payment of toll by fording, or otherwise, within one mile of the site of said bridge, unless it be to cross to and from their own land, under the penalty of the amount of toll which they would have been charged for so crossing said bridge, to be sued for and collected by the treasurer of said company.

CHAP. 243.

AN ACT to incorporate the Syracuse insurance company.
Passed April 26, 1833.

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

$1. David S. Colvin, 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 Syracuse Insurance Company," and to continue for thirty years.

S2. The capital stock of said corporation shall be one hundred thousand dollars, to bedivided into five thousand shares, of twenty 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 corporation shall be managed by thirteen directors, who shall be stockholders, and one of whom shall be president thereof, and shall hold their offices for one year, and until others shall be appointed, and no longer, which directors shall be appointed on the third Monday in May, at such times and places in the village of Syracuse, as a majority of the directors shall appoint, of which public notice shall be given in one or more of the newspapers printed in the county of Onondaga, at least ten days previous to said election: and such election shall be made by

ballot, 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 thirteen persons having the greatest number of votes shall be elected.

S4. The directors to be elected by virtue of this act, President. shall, as soon as may be after their 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 year by the board of directors.

to stock

$5. The books of subscription of the capital stock of Subscriptions this corporation shall be opened under the inspection of the commissioners for receiving such subscriptions in the village of Syracuse, 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 said village; 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 Henry Davis junior, Willet Rayner, Harvey Baldwin, Daniel Dana, Thomas McCarthy, John Fleming junior, Freeborn G. Jewett, David Monro, Oliver Teal, Hezekiah Strong, Lewis H. Redfield, Elam Lynds and Horace Wheaton.

S6. The president and directors shall have power and Insurance. authority, in the name and on the behalf of 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 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 buildings, unless the sames shall be insured; or to purchase or to hold any stocks or funded debt designated by the second section of

Real estate.

General provisions.

Statement of the funds.

this act, for the purpose of investing their capital or sur plus 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-fourth of the capital stock at any one time, together with such 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 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 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.

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.

$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 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 per

son 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.

S 11. The office for the transaction of the business of Office. said company shall be located in the village of Syracuse, and not elsewhere.

be filed.

$ 12. It shall not be lawful for the said corporation to Deposition to commence any business under this act, until the president and secretary of said corporation shall have made a deposition in writing, before a commissioner of deeds, and filed the same in the office of the clerk of the county of Onondaga, 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 secre- Annual re tary of said company, on the first Monday of January in port. 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; 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 clerk in chancery for the seventh circuit.

$ 14. It shall be lawful for the chancellor, or vice-chan- Investigation cellor of the seventh 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 in said company.

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