profits, if any, which shall have arisen from insurance on lives made during the preceding year. SEC. 10. The supreme judicial court shall hear and determine in equity all questions arising between the said corporation and any stockholder or assured. House of Representatives, March 30, 1835. Passed to be enacted. JULIUS ROCKWELL, Speaker. Passed to be enacted. In Senate, March 30, 1835. Approved April 1, 1835. GEO. BLISS, President. AMENDMENT OF 1844. Be it enacted by the Senate and House of Representatives in general court assembled, and by the authority of the same, as follows: SECTION 1. The New England Mutual Life Insurance Company is hereby authorized to make insurance on life or lives otherwise than on the mutual principle. House of Representatives, March 9, 1844. Passed to be enacted. SAMUEL H. WALLEY, JR., Speaker. In Senate, March 11, 1844. Passed to be enacted. JOSIAH QUINCY, JR., President. GEO. N. BRIGGS. Approved March 11, 1844. AMENDMENT OF 1855. Be it enacted by the Senate and House of Representatives in general court assembled, and by the authority of the same, as follows: SECTION 1. The New England Mutual Life Insurance Company may purchase real estate in the city of Boston, to hold and may hold real estate so purchased, to an amount not exceeding one-fourth part of the accumulated fund of said company at the time of making any such purchase. House of Representatives, May 7, 1855. Passed to be enacted. DANIEL C. EDDY, Speaker. In Senate, May 8, 1855. Passed to be enacted. HENRY W. BENCHLEY, President. HENRY J. GARDNER. Approved May 10, 1855. BY-LAWS. 1. The annual meeting of the corporation shall be held in Boston, on the third Monday of December, in every year, for the choice of directors and other business, at the time and place to be fixed by the directors. 2. The secretary of the company shall be clerk of the corporation and shall give notice of the annual meeting by publishing the same in two newspapers in Boston, ten days before the meeting. Similar notice shall be given of any special meeting to fill vacancies in the board of directors, whenever their number is reduced to less than six. 3. In making investments the directors shall act according to their best judgment. 4. No person shall be eligible as director who is not insured by policies of the company to the amount of $2,000; and the secretary shall, at every meeting for the choice of directors, exhibit a list of persons insured, and the amount for which they are insured. 5. At every annual meeting the directors shall exhibit a report, with a full statement of the condition of the company, its assets and liabilities. 6. To constitute a quorum of any meeting of the corporation not less than seven persons shall be present, representing policies insuring, in the aggregate, not less than twenty thousand dollars. 7. The number of directors chosen shall be eleven. 8. At the annual meeting held January 26, 1885, the directors shall be elected in three classes: Three directors of the first class, three directors of the second class and four directors of the third class; the term of office of which shall be, respectively, one, two and three years. At the next and every succeeding annual meeting only one class of directors shall be elected, and the term of office of each class shall be three years. Vacancies in any class shall be filled by the election of directors, whose terms of office shall expire with those of the class to which they have been respectively elected. NOTE.-Section 9 of charter was repealed in 1887. DECLARATION, CHARTER AND BY-LAWS OF THE NEW YORK LIFE INSURANCE COMPANY, ADOPTED JULY 12, 1893. This is to certify that the New York Life Insurance Company has duly accepted the provisions of the act of the legislature of the State of New York, chapter 690 of the laws of 1892, known as the "Insurance Law," and the amendments thereto, and in conformity with the same has duly adopted the following amended charter: ARTICLE I. The name of the company shall continue to be "New York Life Insurance Company." ARTICLE II. The company shall be located and its principal place of business shall be in the city of New York. ARTICLE III. The business of the company shall be insurance on lives and all and every insurance pertaining to life, and receiving and executing trusts, and making endowments, and granting, purchasing and disposing of annuities, such kind of insurance being authorized under sub-division one of section 70 of "The Insurance Law."* *SEC. 70. Incorporation.-Thirteen or more persons may become a corporation for the purpose of making any of the following kinds of insurance: 1. Upon the lives or the health of persons and every insurance appertaining thereto, and to grant, purchase or dispose of annuities.-N. Y. Ins. Law. ARTICLE IV. SEC. 1. All the corporate powers of the company shal be exercised by a board of trustees and such officers and agents as the board may appoint. SEC. 2. The board of trustees shall consist of twentyfour (24) elected persons, a majority of whom shall be citizens and residents of the State of New York, and the president, who shall be ex-officio a member of the board. SEC. 3. The elected trustees shall be divided into four equal classes, and as the term of each class shall expire its successors shall be elected for a term of four years, six trustees to be elected each year. Vacancies occasioned by death, resignation or otherwise shall be filled by the board of trustees, a majority of the votes of those present constituting a choice. Each class shall hold over until its successors are elected, and this article shall not be construed so as to prevent a trustee going out from being eligible as a new trustee. SEC. 4. The board of trustees shall have power to make such by-laws, rules and regulations for the transaction of the business of the company, not inconsistent with this charter or the laws of the State, as may be deemed expedient, and to amend or repeal such by-laws, rules and regulations. †SEC. 12. Limitations of amount of property of a non-stock corporation.-A corporation not having capital stock may take and hold property not exceeding in value three million dollars, or the yearly income derived from which shall not exceed five hundred thousand dollars, notwithstanding the provisions of any general or special act heretofore passed or certificate of incorporation affecting such corporation. In computing the value of such property, no increase in value arising otherwise than from improvements made thereon shall be taken into account. SEC. 13. Acquisition of additional real property.-When any corporation shall have sold or conveyed any part of its real property, the Supreme court may, notwithstanding any restriction of a general or special law, authorize it to purchase and hold from time to time other real property, upon satisfactory proof that the value of the property so purchased does not exceed the value of the property so sold and conveyed within the three years next preceding the application. ARTICLE V. SEC. 1. The annual election of members of the board of trustees to fill the places of the outgoing class shall be held on the second Wednesday of April in each year. Notice of the time and place of such election shall be given in two public newspapers printed in the city of New York and in the State paper daily for one week preceding such election. SEC. 2. At each election three inspectors shall be elected to preside at the next annual election of trustees, and at such election each member of the company shall be entitled to one vote in person or by proxy. SEC. 3. After each annual election the board of trustees shall elect a president and such other officers as may be prescribed by the by-laws, who shall hold their office for one year and until others are elected in their stead. SEC. 4. The present members of the board of trustees and present officers of the company shall continue to be such trustees and officers until the expiration of the respective terms for which they have been elected. ARTICLE VI. SEC. 1. The company shall have no capital stock, but shall be a mutual company. SEC. 14. Acquisition of property in other States.-Any don.estic corporation transacting business in other States or foreign countries may acquire and dispose of such property as shall be requisite for such corporation in the convenient transaction of its business.-N. Y. General Corporation Law. SEC. 16. Investment of capital and surplus.-The cash capital of every domestic insurance corporation required to have a capital to the extent of the minimum capital required by law shall be invested and kept invested in the kinds of securities in which deposits with the superintendent of insurance are required by this chapter to be made. The residue of the capital and the surplus money and funds of every domestic insurance corporation over and above its capital, and the deposit that it may be required to make with the superintendent, may be invested in or loaned on the pledge of any of the securities in which deposits are required to be invested, or in the public stocks or bonds of any one of the United States, or except as herein provided, in the stocks, bonds or other evidence of |