Elections. Vacancies. Inspectors of election. Who to vote at elections. President, etc., how to be chosen. P. Freeman, William E. Prince, Thomas B. Van S 11. Elections for directors shall be held annually on the first Monday of April at the office of the company, and the board shall give at least ten days' notice thereof in two daily newspapers published in the city of New York. Directors shall be re-eligible, and vacancies occurring in the intervals of election may be filled by the board for the unexpired term in such manner as the by-laws of the company may provide. Every election for directors shall be by ballot, and a plurality of votes shall elect. $12. The board of directors previous to each annual election shall appoint three inspectors of such election, and in case any or either of the inspectors so appointed shall decline to act or fail to attend at the appointed time and place of election, the president, or in his absence the vice-president of the company may appoint others to supply their places. S13. At every election of directors each stockholder shall be entitled to one vote in person or by proxy, for each and every share of the capital stock of the company owned and held by him in his own name, on the books of the company, and any person insured for one year, before any election, for the whole term of life in the company, or by an endowment policy, upon either of which the annual premium shall be not less than one hundred dollars, and every person entitled to an annuity of not less than one hundred dollars, shall in like manner be entitled to one vote in person, and not by proxy, but if by proxy, the same shall be recorded in a book, kept by the secretary, three months prior to any election. S 14. The board of directors shall, at their first stated meeting after each annual election, elect, from among their own number, a president, and also in like manner a vice-president of the company, who The shall, respectively, hold office for the term of one year, and until their successors are elected. board shall also elect a secretary and such other officers as they may deem requisite, who shall hold office during the pleasure of the board of directors. $15. The fiscal year of the company shall com- Fiscal year, mence on the first day of January, and shall terminate on the thirty-first day of December in each and every year. When antion to bo nual valua made. $16. On the first day of January in each year, or within sixty days thereafter, a valuation of the assets and liabilities of the company shall be made, and after placing to the credit of the stockholder seven per cent on the amount of the capital stock, which may be paid to the stockholders, one-half on the fifteenth day of February and the remaining half on the fifteenth day of August; there shall also be Application placed to the credit of the stockholders one-tenth of profits. any sarplus which shall remain of the profits or surplus after providing for the outstanding liabilities of the who has not been insured for three full years, and of surplus insurance $17. The board of directors may purchase at any Purchase of time, for the benefit of the company, any policy of policies, etc. insurance or other obligation of the company, growing out of the business, and also any claims of policy holders for profits. policy may omit to pay any premium or sum due from him or feited. $18. In case any policy holder or annuitant shall when be for What to be exhausted before capital shall be impaired. her to the company, or violate any other condition. of the policy of insurance, or any other policy or bond issued by the company, the same may become forfeited, with all previous payments made thereon to the company, but such forfeiture shall not affect the rights of the holder of any scrip which may have been issued on account of the policy previous thereto. $ 19. The scrip and credit to policy holders, shall be exhausted in payment of liabilities of the company, before the capital shall be impaired, and the scrip issued shall contain a provision to that effect. $20. Nothing contained in this charter shall be so construed as in any manner interfering with, changing, modifying, releasing or discharging any policies heretofore issued by said company, or any contracts or scrip heretofore made by or with the said company, or any liability of the said company. And, notwithstanding anything herein contained, the said company shall provide for the liquidation and payment of all scrip and liabilities heretofore issued or incurred, according to the law, rules or regulations under which the said scrip was issued, or such liabilities incurred. S21. This act shall take effect immediately. Chap. 570. AN ACT to amend the amended charter of the Passed April 23, 1867. The People of the State of New York, represented in Senate and Assembly, do enact as follows: SECTION 1. The first section of the second article of the amended charter of the Hope Fire Insurance company, in the city of New York, on file in the insurance department, is hereby so amended as to read as follows: "1. The amount of capital stock of this company shall be one hundred and fifty thousand dollars, which shall be divided into six thousand shares of twenty-five dollars each," provided that said company shall not at any time make any dividend upon its capital stock, nor any distribution of its earnings or assets and property to its stockholders, until its earnings, together with its capital stock, after deducting all liabilities including an adequate re-insurance fund shall be equal in amount to the amount of capital which is now required by law for organization of a fire insurance company in the city of New York; nor shall said company at any time thereafter make any dividend or distribution of its earnings which shall reduce its capital and surplus and an adequate re-insurance fund after deducting all liabilities below the amount aforesaid. $2. The company shall call in the old stock certificates and issue new certificates for the reduced amount of capital, the company paying for the fractional parts of shares when necessary, at the rate of seventy-five per cent of the old par value thereof. $3. This act shall take effect immediately. Chap. 571. AN ACT to provide for raising money to aid in the establishment of a Normal school at Brockport. Passed April 23, 1867; three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows: SECTION 1. The supervisors of the county of Monroe are hereby authorized to appropriate moneys, to aid in the establishment of a normal and training school, at Brockport in said county, and levy and collect the same by tax, in the same manner as other County taxes are levied and collected. 52. Any of the towns in said county by a vote of a majority of the electors thereof present, at any annual, or special town meeting, therein duly called, by the town board of said town for that purpose, may appropriate moneys to aid in the establishment of such normal and training school, and the same shall thereupon be added by the supervisors of the county to the tax of such town, for that year, or that and subsequent years, by installment, and collected in the same manner as other town taxes. S3. This act shall take effect immediately. Chap. 572. AN ACT to authorize the Livonia Academic Association to sell their real estate. Passed April 23, 1867. The People of the State of New York, represented in Senate and Assembly, do enact as follows: SECTION 1. The trustees of the Livonia academic association are hereby empowered to sell, and by deed convey to the purchaser, the real estate owned by said association. S2. The said trustees shall use so much of the proceeds of such sale as may be necessary to pay the debts of said association and the expenses of sale; and the balance, if any, shall be equitably divided among the stockholders of said association. S3. After the sale and conveyance of said real estate, the Livonia academic association shall be dissolved. S4. This act shall take effect immediately. Chap. 573. AN ACT to amend an act entitled "An act in regard to Union free school-district number one, in the town of Deerpark, and to enlarge its boundaries, and authorize the Board of Education thereof to raise money to purchase sites, and to build or purchase school-houses," passed April fourteenth, eighteen hundred and sixty-six. Passed April 23, 1867; three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows : SECTION 1. Section one of an act entitled "An act in regard to Union free school-district number one, in the town of Deerpark, and to enlarge its boundaries, |