L. 1872, Chap. 104- An Act in relation to trustees and directors of charitable and benevolent institutions. PASSED March 12, 1872. CHAP. VII. or trustee to pensation. SECTION 1. No trustee or director of any charitable or benevo- No director lent institution, organized either under the laws of this State or receive comby virtue of a special charter, shall receive, directly or indirectly, any salary or emolument from said institution, nor shall any salary or compensation whatever be voted or allowed by the trustees or directors of any institutions organized for charitable or benevolent purposes, to any trustee or director of said institution for services, either as trustee or director, or in any other capacity. L. 1881, Chap. 256-An Act concerning charitable, benevolent and beneficiary associations, societies and corporations, PASSED May 12, 1881. societies ations to be only to the provisions of this act. SECTION 1. All associations and societies, whether voluntary or Certain incorporated under the laws of this State, or of any other State and associor territory of the United States or of the District of Columbia, subject doing business in this State, which heretofore have or hereafter may issue any certificate to, or have made, or may make, any promise or agreement with their members whereby upon the decease or sickness or other physical disability of a member any money or other benefit, charity, relief or aid is to be paid, provided or rendered to such member, or to others dependent upon him, or beneficiary designated by him, which money, benefit, charity, relief or aid are derived from voluntary donations or from admission fees, dues and assessments collected or to be collected from the members thereof and interest and accretions thereon, and which funds and the business operations of which associations and incorporations are limited to such benevolent or charitable uses, shall be subject only to the provisions of this act as hereinafter specified. intendent of depart § 2. Every such association or society shall, on or before the To report annually to first day of March of each year, make and file with the superin- the supertendent of the insurance department of this State, a report of their insurance operations during the year ending on the thirty-first day of Decem- ment ber, immediately preceding, which shall include the number of members then existing, the number who have become members during such year, the number whose membership has terminated from any cause, and the cause thereof, the total receipts and sources CHAP. VII. Form of reports. Fee. thereof, the total expenditures and objects thereof. Such reports shall be upon blank forms to be provided by such superintendent, and shall be verified under oath by the duly authorized officers of such associations, and shall be published, or the substance thereof, in his annual report by such superintendent, who shall be entitled to receive therefor, from each of such associations at the time of filing their annual report, a sum equal to one dollar for each one hundred members or fraction thereof, not exceeding the No deposit sum of twenty-five dollars from any association. And no other required. charge shall be made, or fee collected, from such associations or societies by such department for any purpose whatsoever, nor shall any deposit of securities with the superintendent be required from Penalty for such associations or societies. Any association or society refusing or neglecting to make such report and payment may, upon the suit of any citizen of this State, be enjoined by the supreme court from carrying on any business until such report and payment shall be made, and until the costs of such action be paid. refusing to report. Principal office, etc. §3. Every such association or society now doing business within this State shall, on or before the first day of July in the year eighteen hundred and eighty-one, and every such association hereafter commencing business within this State, shall, before doing business therein, designate some place within this State as the principal office in this State of such association and some person residing in the same city, village or town where such office is located, as a person upon whom service of legal proceedings and papers may be made, as upon such association, such designations to be made by an instrument under the hand of the president and secretary of such association, filed in the office of the superintendent of the insurance department of this State. If the person designated as above provided shall die or remove from such place, another change of person shall be appointed in his place within thirty days. Notice of any change of the office of such association, or any new or different designation of a person upon whom service may be made as above provided, shall, under the hand of such president and secretary, be filed with the superintendent aforesaid, within thirty days after such change or new designation is made. Upon failure to comply with any of the provisions of this section, such association shall cease to do business in this State until compliance therewith, and any officer, agent or representative of such association who shall collect any moneys or issue any certificate in carrying Notice of office, etc. on said business, after failure to comply with these requirements, shall be liable to punishment as hereinafter provided. CHAP. VII. of authority business. § 4. No such association or society, except such as are now doing Certificate business within this State, shall commence business therein until it to do has received from the superintendent of the insurance department a certificate of authority, a duplicate of which shall be filed in the office of said superintendent. It shall be the duty of said superintendent to refuse certificate to any association or society when, in his judgment, such refusal will best promote the public interests. Matter of Hartford Life and Annuity Ins. Co., 63 How. 54. and inspec ings when tendent is that associ should be from doing § 5. All such associations and societies, together with their books, Visitation papers and vouchers shall be subject to visitation and inspection tion. by the superintendent of the insurance department or such person or persons as he may designate. If said superintendent shall be Proceedof the opinion that such association or society should be restrained superinfrom doing business, he shall report the same, with the facts upon of opinion which such opinion is based, to the attorney-general, whose duty it ation shall be, if he shall be of the opinion that the facts warrant such restrained report, to apply to the supreme court, at a special' term thereof, business. within the judicial district in which the principal place of business of such association or society within this State is located, for an order requiring the officers of such association or society to show cause, at a reasonable time and place within such district, why such association or society should not be restrained from continuing to transact business, with power to the said court to adjourn the hearing thereof, from time to time, not exceeding, however, sixty days in the aggregate. Such associations or societies shall be entitled to be heard, and to a trial by jury of the facts stated in said report, jury. and to examine papers and witnesses under oath in the usual mode of trials of actions, and the verdict of said jury shall be conclusive upon the propriety of restraining such continuance of business upon such report and opinion. And judgment shall be entered upon such verdict in the same manner as in ordinary actions under the Code of Civil Procedure. Trial by § 6. Nothing in this act contained shall be construed to apply Act not to apply to to any corporation, company or society incorporated under the insurance life insurance laws of this or any other State, territory or country. Matter of Hartford Life and Annuity Ins. Co., 63 How. 54. companies. § 7. Any officer or agent of any such association or society, Penalty for neglect of whose duty it is to make any report or perform any act as pro- official duty. vided in this act, who shall neglect or refuse to comply with any CHAP. VII. Report to other of the provisions of this act in respect thereto, or who shall make in any report or statement aforesaid any false or fraudulent statement, and any person who shall act within this State as agent, solicitor or collector for any such association or society, which shall have failed, neglected or refused to comply with the provisions of this act, shall be guilty of a misdemeanor, and upon conviction thereof shall be punished by a fine of not less than one hundred dollars, nor more than five hundred dollars, or by imprisonment in a county jail of not less than ten days nor more than one year, or both such fine and imprisonment, in the discretion of the court. § 8. The report to the superintendent of the insurance departbe in lieu of ment shall be in lieu of all other reports required by any general reports law under which said associations or societies are or may be inany general corporated. required by law. Funds, how invested. May hold property donated. Not to hold property beyond L. 1881, Chap. 428- An Act relating to the investment of funds of charitable and benevolent institutions and corporations. PASSED May 28, 1881. SECTION I. The funds of charitable and benevolent institutions and charitable and benevolent corporations may be invested in any such securities as are now permitted by law to banks for savings; and also in such real estate as such institutions or corporations are permitted to hold under the laws of this State. § 2. Such associations and corporations may retain and hold as such investment any specific property, real or personal, donated to them respectively. § 3. Nothing contained in this act shall be so construed as to permit any such institution or corporation to take or hold any amount personal or real estate beyond the amount in value it is now enits charter titled to hold under its charter or the laws of this State. entitled by or by law. CHAPTER VIII. GENERAL AND MISCELLANEOUS PROVISIONS RELATING TO INSURANCE COMPANIES. 1828, R. S. Title 21, Ch. XX, Part I -Insurances made in foreign countries and by associations, etc., unauthorized by law. SEC. I. Certain insurances by foreigners prohibited. 2. Penalty and application thereof. 3. Amount to be paid into treasury by agents. 4. Persons not to act as agents without giving bond. 5. Penalty for making insurance without having given bonds. 1829, Ch. 336- Marine insurance.. PAGE. 167 169 SEC. 1. Provisions of R. S. applicable to marine risks. 1840, Ch. 287- Mutual companies. . . . . . 169 SEC. 1. Mutual companies may loan certain moneys. 2. Bonds and mortgages received by mutual companies valid. 1848, Ch. 205... 169 SEC. 1. Provisions respecting membership to mutual companies. 1854, Ch. 224 — Powers and duties of trustees..... ..... 170 SEC. 1. When assignment made by insurance company for benefit of creditors, vests in supreme court; powers and obligations of trustee appointed by court. 1855, Ch. 75 - Unclaimed dividends.......... 171 SEC. 1. Companies to publish annually statement of dividends and interest unclaimed for ten years. 1859, Ch. 168 stolen. - Insurance against loss of horses, etc., by being ....... 171 SEC. 1. Companies may be formed for recovery of stolen horses, etc.. and to insure against loss by being stolen. 2. Directors; term of office. 3. Articles of association to be filed. 4. Policies. 5. Undertakings to be given; contents thereof, and when filed. 6. Duty in case of loss or damage. 7. Assessment, when to be made. 8. Duty of secretary. 9. Liability of members. |