CHAP. IX. Amount. Art. II. companies, and manufacturing corporations carrying on manufacture within this State, which exception shall not be taken to include gas companies or trust companies, shall be subject to and pay a tax, as a tax upon its corporate franchise or business, into the treasury of the State annually, to be computed as follows: If the dividend or dividends made or declared by such corporation, joint-stock company or association, during any year ending with the first day of November, amount to six or more than six per centum upon the par value of its capital stock, then the tax to be at the rate of one-quarter mill upon the capital stock for each one per centum of dividends so made or declared; or if no dividend be made or declared, or if the dividend or dividends made or declared do not amount to six per centum upon the par value of said capital stock, then the tax to be at the rate of one and onehalf mills upon each dollar of a valuation of the said capital stock made in accordance with the provisions of the first section of this act; and in case any such corporation, joint-stock company or association shall have more than one kind of capital stock as, for instance, common and preferred stock, and upon one of said stocks a dividend or dividends amounting to six or more than six per centum upon the par value thereof has been made or declared, and upon the other no dividend has been made or declared, or the dividend or dividends made or declared thereon amount to less than six per centum upon the par value thereof, then the tax shall be at the rate of one-quarter mill for each one per centum of dividend made or declared upon the capital stock, upon the par value of which the dividend or dividends made or declared amount to six or more than six per centum and in addition thereto, tax shall be charged at the rate of one and one-half mills upon each dollar of a valuation, made also in accordance with the provisions of this act, of the capital stock upon which no dividend was made or declared, or upon the par value of which the dividend or dividends made or declared did not amount to six per centum. [As amended by Laws of 1881, chap. 361.] Ibid. When payable. § 4. It shall be the duty of the treasurer or other officer having charge of any corporation, joint-stock company or association, upon which a tax is imposed by either of the preceding sections of this act, to transmit the amount of said tax to the treasury of the State within fifteen days after the first day of January in each and every year. [As amended by Laws of 1881, chap. 361.] CHAP. IX. fire and insurance to report amount of etc. § 5. Hereafter it shall be the duty of the president, secretary or Art. II. other proper officer of every insurance company and every associa- Officers of tion organized or incorporated by or under any law of this State, marine and of every person or partnership doing an insurance business companies in this State (except life insurance companies, and purely mutual annually beneficial associations, whose fund for the benefit of members, premiums, their families, or heirs, is made up entirely of contributions of their members, and the accumulated interest thereon), to make report in writing to the comptroller annually upon the first day of August in each year, after the first day of August, eighteen hundred and eightyone, setting forth the entire amount of premiums received on business done in this State by such company or association, person or partnership during the year ending with the preceding thirtieth day of June, whether the said premiums were in money or in the form of notes, credits, or any other substitute for money, and every such company, association, person or partnership shall pay into the State treasury, at the date aforesaid, a tax, as a tax on its corporate franchise or business, at the rate of eight-tenths of one per centum upon the gross amount of said premiums. And every company or association organized under the laws of any other State or country, and every person or partnership doing an insurance business in this State, except, as aforesaid, shall pay into the treasury on the first day of August in each year a tax at the rate of eight-tenths of one per centum on their gross premiums received by them on business transacted in this State during the year ending with the preceding thirtieth day of June, whether the said premiums were in money or in the form of notes, credits, or any other substitute for money. And every such company, association, person, partnership, or the Report to agents and officers thereof in this State, shall make report in August 1, writing to the comptroller annually upon the first day of August in year. each year, setting forth the entire amount of premiums received Ten per during the period aforesaid. Provided, that the reports above re- added in quired shall be made under oath or affirmation, and that it shall be neglect to the duty of the comptroller of the State to add ten per centum to the account of any company, association, person, or partnership, which shall neglect or refuse for a period of thirty days to make the said report, or to pay into the State treasury the tax imposed by this section. And it shall also be the duty of the president, secretary, or other proper officer of each and every insurance company, association, partnership, and of every person liable to be taxed under this section, to make a report in writing to the comp be made in each cent to be case of report. CHAP. IX. Corporations, etc., exempt from taxation for state purposes except on their real estate. Tax, how to be ap plied. Taxes heretofore imposed to be enforced. If dissatisfied with troller on the first day of August, eighteen hundred and eighty-one, under oath or affirmation, of the entire amount of premiums received on business done in this State during the six months ending with the preceding thirtieth day of June, and to pay a tax at the rate of eight-tenths of one per centum thereon. And it shall be the duty of the comptroller of the State to add ten per centum to the account of any company, association, person or partnership, which shall neglect or refuse for a period of thirty days to make the said report, or to pay into the State treasury the tax imposed. [As amended by Laws of 1881, chap. 361.] (§§ 6 and 7. Relate exclusively to taxes upon railroad and other transportation companies, and are omitted.) § 8. The corporations, joint-stock companies and associations mentioned in this act as taxable shall hereafter be exempt from assessment and taxation for State purposes, except upon their real estate and as herein provided; but they shall in all other respects, be liable to assessment and taxation as heretofore. [As amended by Laws of 1881, chap. 361.] § 9. The taxes imposed by this act, and the revenue derived therefrom, shall be applicable to the payment of the ordinary and current expenses of the State, and if any corporation, joint-stock company, person, partnership or association shall neglect or refuse to pay any tax by this act required to be paid, the same may be sued for in the name of the people of the State, and recovered in any court of competent jurisdiction, in an action to be brought by the attorney-general at the instance of the comptroller. [As amended by Laws of 1881, chap. 361.] People v. National Fire Insurance Co., 27 Hun, 188. § 10. All obligations, liabilities and taxes heretofore incurred or imposed under said act, chapter five hundred and forty-two of laws of eighteen hundred and eighty, are saved, and shall be enforced as if the said act had not been hereby amended. [As amended by Laws of 1881, chap. 361.] (The three following sections were added by Laws of 1882, chap. 151.) § 11. Whenever the comptroller is dissatisfied with the report of report any association, corporation or joint-stock company, liable to tax troller may under any of the provisions of this act, whose capital is only parfix amount. tially employed within this State, he is authorized and empowered comp to fix and determine the amount of capital stock which in his judgment shall be the basis for tax under the provisions of this act, and to settle and account for the taxes, penalties and interest due the State thereon, and any association, corporation or joint-stock company dissatisfied with the account so settled may within ten days after notice thereof appeal therefrom to a board consisting of the secretary of State, attorney-general and State treasurer, which board on such appeal shall affirm or correct the account so settled by the comptroller, and the decision of said board shall be final, but such appeal shall not stay proceedings unless the full amount of the taxes, penalties and interest as due on said account as settled by the comptroller, be deposited with the State treasurer. CHAP. IX. Appeal. ings by troller in refusal to reports § 12. Whenever any association, corporation or joint-stock com- Proceedpany liable to make reports to the comptroller under any of the compprovisions of this act shall neglect or refuse to make such report case of or reports within the time prescribed in this act, the comptroller is make authorized to examine, or cause to be examined, the books and records of any such association, corporation or joint-stock association, and fix and determine the amount of tax due in pursuance of the provisions of this act, and in case of the non-payment of the amount of tax so ascertained to be due, together with the expenses of such examination for a period of thirty days after notice to any association, corporation or joint-stock company so in default, the same may be sued for in the name of the people of the State, and recovered in the same manner provided in section nine of this act. troller ine wit 13. The comptroller is authorized to issue subpoenas requiring Compthe attendance before him of any officer, agent, clerk or employee may issue subpoenas of any association, corporation or joint-stock company liable to be and examtaxed on its corporate franchise or business, capital or dividends nesses. under any of the provisions of this act, and to administer oaths to and examine them or any one or more of them on oath in relation to any matter which may in any way be material in determining the amount of the tax to be paid by any such association, corporation or joint-stock company; it shall be the duty of the person or persons thus subpoenaed to attend as thereby required and give testimony on the subject aforesaid, and in case of failure to so attend or testify, the person so failing shall be guilty of a contempt, and any special term of the supreme court may adjudge and determine the punishment therefor in the same manner and to the same extent as provided in the Code of Civil Procedure for the punishment of contempt of court other than criminal contempt. CHAP. IX [589] Restrictions ARTICLE III.-MONEYED CORPORATIONS. 1828, R. S., Part I, Ch. XVIII, Title II — Of moneyed corporations. (Art 1.) Regulations to prevent the insolvency of moneyed corporations, and to secure the rights of their creditors and stockholders. (Art. 2.) Regulations concerning the election of directors of moneyed corporations. (Art. 3.) Of the construction of this title. (ART. 1.) REGULATIONS TO PREVENT THE INSOLVENCY OF MONEYED CORPORATIONS, AND TO SECURE THE RIGHTS OF THEIR CREDITORS AND STOCKHOLDERS. SEC. 1. Restrictions and prohibitions upon moneyed corporations. 2. Unpaid interest due, not to be calculated as profits for purpose of a dividend. etc. 8. Property of corporation worth more than $1,000, not to be conveyed without resolution of board. 9. Conveyances in contemplation of insolvency, void. 10 and 11. Penalty on directors for violating preceding sections. 12 and 13. When directors to be charged with knowledge of affairs of the corpora tion. 14. When insolvencies of moneyed corporations to be deemed fraudulent. 15. Liability of directors, by whose acts fraudulent insolvencies occasioned. 16. Liability of stockholders, in cases of fraudulent insolvency. 17. Liability, in such case, of persons who transferred stock. 18. Construction of the term "stockholders." 19. Corporations to transmit to comptroller statement of their affairs annually. 20 and 21 Matters to be set forth in such statement. 22. Penalty for not transmitting statement. 23. Comptroller to enter statement in a book, which is to be open to public inspection 24. Comptroller to report to the legislature violations of the charter or of this title. 25. Forms of statements to be prepared by comptroller and transmitted, etc. 26, 27 and 28. (Relate exclusively to corporations having banking powers.) 29. Moneyed corporations not to commence business until stock is paid in. 30. Affidavit of facts to be made and where filed. 31. Charter void if within a year after it was granted affidavit be not filed. SECTION 1. It shall not be lawful for the directors of any mon on moneyed eyed corporation, corporations. 1. To make dividends, except from the surplus profits arising from the business of the corporation; 2. To divide, withdraw, or in any manner pay to the stockholders, or any of them, any part of the capital stock, of the corporation, or to reduce such capital stock, without the consent of the legislature; 3. To discount or receive any note or other evidence of debt in payment of any installment actually called in and required to be paid, or with the intent of providing the means of making such payment ; 4. To receive or discount any note or other evidence of debt, with the intent of enabling any stockholder to withdraw any part of the money paid in by him on his stock; |