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1853, Ch. 466 — The general act .....

13 SEC. 1. Corporations may be formed; their purposes.

2. Power to effect re-insurance.
3. Declaration to be filed; its contents; what to contain,
4. Charter; what to contain.
5. Companies not to deal in goods, wares, etc.
6. No joint-stock or mutual company to be formed in New York

or Kings county unless complying with certain provisions.
7. Books of subscription to be opened.
8. Investments of capital and surplus funds.
9. Real estate not to be held except for certain purposes.
10. Attorney-general to examine charter, etc. ; examination as to

capital to be made by superintendent or three commissioners. II. By-laws; seal. 12. No dividends to be made except from surplus profits; penalty

for improperly declaring dividends. 13. Notes to be held as security for losses; persons insuring to be

members of mutual companies; settlement of losses, etc. 14. Mutual companies may unite cash capital as additional security;

joint-stock companies may allow insured to participate in

profits. 15. Word “Mutual” to appear on policies and renewals of mutual

companies, and “Stock on those of stock companies. 16. Suits may be maintained by corporation against members and

stockholders and vice versa. 17. Trustees and corporators to be responsible for debts. 18. Existing joint-stock companies may reorganize under general

act; mutual may become joint-stock companies; may extend

term of charters. 19. Companies may increase capital stock, change name, etc. 20. Companies formed under act of April 10, 1849, brought under

this act. 21. Companies formed to be bodies corporate and politic. 22. Annual statement to be made by company to superintendent;

its contents; annual report of superintendent to legislature. 23. When foreign company may take risk; to appoint attorney; to

file charter and statement; where capital is impaired; deposit of security; securities may be changed; agents to obtain certificates of authority ; to file and publish same; renewal thereof; brokers not to place risks; penalty ; agents' place of business to be advertised; terms "agent and i broker" defined.


Sec. 24. Superintendent may appoint persons to make examinations ;

may publish result: proceedings after investigation; court
may decree dissolution of company; calls may be made on
stockholders ; liability of directors; transfer of stock; for-

eign companies.
25. Penalties, how sued for; any person may be relator,
26. Duration of charter,
27. Fees to be paid county clerk.

28. Repeal ; exception.
1851, Ch. 188 — Voting by proxy prohibited.....

Sec. 1. Members of mutual companies not to vote by proxy for di



1853, Ch. 528 — General act amended

35 SEC. 1. Amends L. 1853, ch. 466. 2. Certain joint-stock companies may be organized under act of



1861, Ch. 92 — Inland navigation companies.
SEC. 1. Powers of inland navigation insurance companies.

2. Id., as to new companies.

1873, Ch. 851 - General act amended ...

36 SEC. I. Amends L. 1853, ch. 466. 2. Examinations to be made by superintendent; when court may

appoint receiver.

1874, Ch. 189— Security against conflagrations; safety funds.. 36
Sec. I. Guarantee and special reserve funds.
2. How created; examination of company by superintendent; no-

tice on policies.
3. When companies not to pay dividends beyond seven per cent ;

surplus profits to be set apart, to constitute funds. 4. Guaranty fund, how to be invested. 5. Special reserve fund, how invested and deposited. 6. Profits of company, how estimated ; how long restrictions on

dividends shall continue. 7. In cases of extensive conflagrations; making up capital stock ;

annual statements; guaranty surplus fund; books, etc., not

assets. 8. When capital stock has become impaired, how to be made up ;

limit on insurance; interpretation.

1877, Ch. 241 — False statements prohibited..

42 SEC. I. False statements of assets prohibited.

2. What advertisements, etc., to contain.
3. Capital set forth in charter may be stated in policy or renewal.
4. Penalties.

1878, Ch. 98 — Merging of corporations....

43 Sec. 1. Merger of corporations organized under general act.

2. Ratification by directors and stockholders
3. When merger effected ; return of original certificates of stock.
4. Effect of merger.
5. Rights of creditors ; liabilities; pending suits.


1879, Ch. 489 — Issuance and reissuance of policies....

45 SEC. 1. Limits as to risk.

2. Limits as to risks taken by foreign companies.
3. Re-insurance.
4. Reserve fund in case of re-insurance; exceptions as to limits on

5. Penalty.
6. Repeal.

1880, Ch. 110– Examinations and reports.....

47 SEC. 1. Investigations; what may be allowed as assets ; liabilities, how

to be estimated.
2. Superintendent to insert interrogatories in blanks.
3. Policies to be canceled on request and premium paid to be

returned less short rate.
4. Receiver to cancel policies and issue certificates of indebted-

ness; to report liabilities.
5. Penalties for violating this act.

6. Repeal.
1880, Ch. 452 - Damage by lightning

48 Sec. I. Joint-stock companies authorized to issue policies against loss

or damage by lightning.

1882, Ch. 218 — Damage by windstorms and tornadoes..

49 Sec. I. Joint-stock companies authorized to issue policies against loss

or damage by windstorms and tornadoes.

1882, Ch. 243 — Charters to be deemed extended......

49 SEC. I. Charters of companies changed from mutual to joint-stock to be

deemed extended.

L. 1853, Chap. 466 – An Act to provide for the incorporation of Fire Insurance Companies.*

PASSED June 25, 1853.

Their purposes.

SECTION 1. Any number of persons, not less than thirteen, may Corporaassociate and form an incorporated company for the following be formed. purposes, to wit:

To make insurance on dwelling-houses, stores and all kinds of buildings, and upon household furniture and other property, against loss or damage by fire, and the risks of inland navigation and transportation.

Sands v. Lilienthal, 46 N. Y. 541. (See Laws of 1861, chap. 92, post, p. 35.)

§ 2. Any company organized under this act, shall have power to effect to effect re-insurance of any risks taken by them respectively.

Casserly v. Manners, 48 How. 219.
The title should have included inland navigation and transportation companies, as


does the text of the act.

CHAP. II. Declara

notice of intention

what to contain.

& 3. Such persons shall file in the office of the superintendent tion to be of the insurance department* a declaration signed by all the cor

porators, expressing their intention to form a company for the published. purpose

of transacting the business of insurance as expressed in the first section of this act, which declaration shall also comprise a copy of the charter proposed to be adopted by them, and shall publish a notice of their intention in a public newspaper, in the county in which such insurance company is proposed to be located, for at least two weeks successively. [As amended by Laws

of 1873, chap. 851, § 1.] Charter, 8 4. The charter comprised in such declaration shall set forth

the name of the company, the place where the principal office for the transaction of its business shall be located, the mode and manner in which the corporate powers granted by this act are to be exercised, the mode and manner of electing trustees or directors, a majority of whom shall be citizens of this State, and of filling vacancies (but each director of a stock company shall be the owner in his own right of at least five hundred dollars worth of the stock of such company at its par value), the period for the commencement and termination of its fiscal year, and the amount of capital to be employed in the transaction of its business; and the superintendent of the insurance department shall have the right to reject any name or title of any company applied for, when he shall deem the name too similar to one already appropriated, or likely to mislead the public in any respect.

(See Laws of 1877, chap. 211, post, p. .) Company 8 5. No company formed under this act shall, directly or indiin goods, rectly, deal or trade in buying or selling any goods, wares, mer

chandise or other commodities whatever, excepting such articles as may have been insured by any company, and are claimed to be

damaged by fire or water. Joint-stock

§ 6. No joint-stock company shall be incorporated under this

act in the city and county of New York, nor in the county of formed ink Kings, nor shall any company incorporated under this act establish countyorfin any agency for the transaction of business in either of said Kings, counties, with a smaller capital than two hundred thousand dolplying with lars, nor in any other county in this State with a smaller capital visions,

than fifty thousand dollars ; nor shall any company formed for the purpose of doing the business of fire or inland navigation

*The words "said superintendent” or “superintendent of the insurance department," are substituted for “comptroller" throughout these laws, in accordance with the provisions of chap. 366, Laws of 1859.

not to deal

wares, etc.

company not to be

unless com


insurance, on the plan of mutual insurance, commence business, if located in the city of New York or in the county of Kings, nor establish any agency for the transaction of business in either of said counties, until agreements have been entered into for insurance with at least four hundred applicants, the premiums on which shall amount to not less than two hundred thousand dollars, of which forty thousand dollars at least shall have been paid in cash, and notes of solvent parties, founded on actual and bona fide applications for insurance, shall have been received for the remainder ; nor shall any mutual insurance company in


other Mutual in county of the State commence business until agreements have companies, been entered into for insurance with at least two hundred appli- mence busicants, the premiums on which shall amount to not less than one

ness only

ance with certain

on complihundred thousand dollars, of which twenty thousand dollars at

conditions. least shall have been paid in cash, and notes of solvent parties, founded on actual and bona fide applications for insurance, shall have been received for the remainder. No one of the notes received as aforesaid shall amount to more than five hundred dollars; and no two shall be given for the same risk, or be made by the same person or firm, except where the whole amount of such notes shall not exceed five hundred dollars ; nor shall any such note be represented as capital stock unless a policy be issued upon the same within thirty days after the organization of the company, upon a risk which shall be for no shorter period than twelve months Each of said notes shall be payable, in part or in whole, at any time when the directors shall deem the same requisite for the payment of losses by fire or inland navigation, and such incidental expenses as may be necessary for transacting the business of said company. And no note shall be accepted as part of such capital stock, unless the same shall be accompanied by a certificate of a justice of the peace or supervisor of the town or city where the person making such note shall reside, that the person making the same is, in his opinion, pecuniarily good and responsible for the same, and no such note shall be surrendered during the life of the policy for which it was given. No fire insurance company organized under Restriction. this act, or transacting business in this State, shall expose itself to any loss on any one fire or inland navigation risk, or hazard, to an amount exceeding ten per cent of its paid-up capital. [As amended by Laws of 1854, chap. 369, § 1, and by Laws of 1862, chap. 367, 8 I.]

(See Laws of 1877, chap. 209, as amended by Laws of 1878, chap. 337, post, p. amount of capital required.)

, as to

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