Page images
PDF
EPUB

CHAP. CCXVI.

Recital

cis.

An ACT to incorporate the Dutchess County Insurance

Company.

Passed April 15, 1814. WHEREAS Jesse Oakley, James Tallmadge, junior, and others, have associated themselves as a company, for the purpose of insuring buildings and personal property from loss or damage by fire, as well as for making marine and other insurance, and by their petition presented to the Legislature, have prayed to be incorporated, the better to enable them to carry into effect the salutary objects of their association: Therefore, 1. BE it enacted by the People of the State of New-York, repre

Corporation sented in Senate and Assembly, That all such persons as now are created and or bereafter may be associated with them, shall and are hereby heral pow declared to be a body corporate and politie, in name and in fact, by the name and style of “the Dutchess county insurance compani,” and that they and their successors, by such name, shall have power and be capable of suing and being sued, pleading and being impleaded, defending and being defended, answering and being answered unto, in all courts and judicatures whatsoever anul where soever, and also of contracting and being contracted with relative to the purposes and business for which the said corporation is hereby created, as hereafter declared; and the said corporation shall and may have a common seal, and may destroy and renew, or alter ihe same at their pleasure.

II. And be it further enacted, That the capital stock of the Comital stone said corporation shall not exceed two hundred thousand dollars, and shall be divided into shares of twenty-five dollars each, and the whole of the said shares shall, under the direction of the president and directors of the said company, be subscribed, and one fourth part of the amount of the capital hereby created, shall be actually paid, or satisfactorily secured to be paid, before the said corporation shall be authorised to make any policy or contract of insurance whatsoever; and that it shall be lawful for the direc- collecher tors for the time being, to call and demand of the stoekholders respectively, all such sums of money by them subscribed, at such times and in such proportions as they shall see fit, under pain of forfeiture of their shares, and of all previous payments made thereon, to the said company, always however giving sixty days

Notice to previous notice of such call and demand, in the newspapers pub- quired." lished in the village of Poughkeepsie. III. And be it further enacted, That the stock, property and

Board of a eoncerns, of the said corporation, shall be managed and conduct- pecat

rectors, and ed by thirteen directors, one of whom shall be president thereof, how chosen,

&c. who sball hold their offices for one year, and until others shall be ehosen, and no Jonger; which directors shall be chosen on the first Monday in January in each and every year, at such time of day, and in such place in the village of Poughkeepsie, as a 'majority of the directors for the time being shall appoint, of which election public notice shall be given in the newspapers printed in the village of Poughkeepsie, at least ten days previous to sucka

tors.

election; and such election shall be holden under the inspection of tbree stockholders, to be appointed by the directors, and shall be made by ballot, by a plurality of votes of the stockholders present, allowing one vote for every share, and the stockholders not present may vote by proxy, and the votes be given by citizens of

the United States inhabiting this state. President to IV. And be it further enacted, That the directors so to be chobe choren.

sen, shall meet as soon as may be after every election, and shall choose out of their body one person to be president, who sball preside for one year; and in case of the death, resignation or inability to serve, of the president or any director, such vacancy or

vacancies may be filled for the remainder of the year by the First direc board of directors; and the first directors shall be Jesse Oakley,

George B. Evertson, James Emott, James Tallmadge, junior,
William Davies, Nathan Myers, Henry A. Livingston, Henry
Davis, John Brush, Randall S. Street, Paraclete Potter, John
Forbus and John Radcliff, one of whom the said directors shall
elect by ballot as the first president; and they shall respectively

hold their offices until the first Monday in January next. Election of V. And be it further enacted, That in case it should at any directors may be made time happen that an eleetion of directors should not be made on ou any day. any day when, pursuant to this act, it ought to have been made,

the said corporation shall not for that cause be deemed to be dissolved, but it sball and may be lawful on any other day to hold and make an election of directors, in such inanner as shall have been regulated by the laws and ordinances of the said corpora

tion. Transfer of VI. And be it further enacted, That the stock in the said corstock

poration shall be assignable and transferable, according to such rules as the president and directors shall make and establish; and no stockholder indebted to the said company shall be permitted to make a transfer, or receive a dividend, until such debt be paid, or secured to be paid, to the satisfaction of the president and di

rectors. Powers of

VII. And be it further enacted, That the president and directhe bard of tors shall have power and authority, in the name and on beball Atractors.

of the said corporation, to niake all kinds of insurance against fire, all kinds of insurance upon the inland transportation of goods, wares and merchandize, all kinds of marine insurance, and insurance upon life or lives, by way of tontine or otherwise, and generally to do and perform all matters and things relating to the said objects; and all policies shall be suhscribed by the president, or in his absence, by an assistant, if any be appointed, or by a president pro tempore, and countersigned by the secretary, and shall be binding and obligatory upon the said corporation, in the like manner, and with the like force, as is under the

seal of the said corporation. Restricdon

VII. And be it further enacted, That the lands tenements to estate and hereditaments, which it shall be lawful for the said corporaheld by the corporution. tion to hold, shall only be such as shall be requisite for its imme

diate accommodation in relation to the convenient transaction of its husiness, or such as have been or may be bona fide mortgaged to the said corporation by way of security, or which may be con

veyed to it in satisfaction of debts previously, contracted in the course of its dealings, or purchased at sales upon judgments which it shall have obtained for such debts; and with regard to all such lands, tenements and hereditaments so to be held by the said corporation, as aforesaid, except such as may be for its immediate accommodation, or such as it may hold by way of mortgage, and whereof the actual possession shall be in the mortgagors, the said corporation shall as soon as they can conveniently sell and conTert the same into money or other personal property. IX. And be it further enacted, That the president and direct- Secretary

and other ors, for the time being, shall have power and authority to appoint otticore and employ a secretary, and such other officers, ministers and be chosea. servants, as they may think proper for the transaction of the business and concerns of the said corporation, and to allow and pay them such compensation as they shall see fit, and to vary such compensation, and to displace such officers and servants at pleasure ; and also, to make and establish such bye-laws, rules and Power to

make bye. regulations as they or a major part of them shall think expedient, luwse for the better management and government of the concerns, and officers and servants of the said corporation, so that such bye-laws, rules and regulations be not inconsistent with the constitution and laws of this state or of the United States, and to abolish or alter such bye-laws at pleasure, and to declare and make dividends of the profits accruing to the said corporation by such business as they may lawfully follow and transact among the stockholders, and at such times and in such portions, as to them shall seem meet. X. And be it further enacted, That in case of any loss or losses, Div

Dividends whereby the capital stock of the said corporation shall be lessen- in case of

losses. ed, no subsequent dividend shall be made until a sum equal to" such diminution, and arising from the profits of the corporation, shall have been added to the capital.

XI. And be it further enacted, That the said corporation shall Restriction not directly or indirectly deal or trade in buying or selling any in stock,

as to trading goods, wares, merchandize, or commodities whatsoever ; or, in A buying or selling any stock created by any act of the congress of the United States, or of any particular state, unless in buying the same in order to invest its capital stock, or any part thereof, by way of securing the said capital stock, or in selling the same for the payment of its debts, or to re-invest in other stock when truly pledged to it by way of security for debts due to the said corporation : And further, it shall not be lawful for the said corporation And as to

banking. to issue or emit any notes or bills, or make any contracts for the payment of money only, except the same be under the seal of the corporation, and all such notes, bills and contracts shl be construed and taken to be specialties, and shall not possess any other or greater power of being assigned or transferred than specialties at common law. XII. And be it further enacted, That the president may sign Policies:

when bird any policy or contract, and cause the secretary to attest and sign ing. the same in such manner as to be valid against and to bind ibe

LAWS-S. 37.

36

act.

said corporation, without the presence of a board of directors, provided the same is done under and in conformity to a bye-law of the corporation, which may have been made and ordained for

that purpose. Duration of

XIII. And be it further enacted, That the duration of the corporation created by this act shall be twenty years and no

longer. Declared a

da XIV. And be it further enacted, That this act shall be deemed public act. and taken to be a public act, and shall be liberally construed to

effect the end and purpose hereby intended and contemplated.

[Note.-This act requires no remark.--Its object is laudable, and the legislature have very properly given it their sanction.]

| CHAP. ccXVII.
An ACT for the relief of Henry Burhans.

Passed April 15, 1814. WHEREAS it appears that Henry Burbans is in possession of Recital.

a farm of land, situate in Catskill, in the county of Greene, of which William Van Orden Dumond was seised of an undivided portion, which portion the said Henry Burhans purchased for a valuable and full consideration, without a knowledge of any defect of title: And whereas, It appears that the said William Van Orden Dumond was indicted and convicted of the crime of adhering to the enemies of this state during the revolutionary war, and judgment was rendered against him in January term, 1782, and the judgment signed after the signing of the preliminary articles of peace : And whereas, The said Henry Burhans has himself made discovery of the claim or title of the people of this state to the share or interest of the said William Van Orden Du. mond, of and in the premises ; and inasmuch as it is inexpedient for the people of this state to assert a title and divest the bona fide

purchaser of his estate in the premises : Therefore, Certain est

BE it enacted by the People of the State of New York, reprelate granted sented in Senate and Assembly, Ithat all the estate, right, title

and interest, of the people of this state, of, in and to that farm of land, situate in the town of Catskill, in the county of Greene, in the possession of Henry Burhans, junior, son of the said Henry Burhans, be, and hereby is granted to the said Henry Burhans, his heirs and assigns forever: Provided, The said Henry Burhan. shall pay, or secure to be paid, to the people of this state, su sum as the surveyor-general shall, under all the circumstances think reasonable and just.

to H. Bur hans.

Proviso.

[Note. This act requires no remark.]

CHAP. GcXVIII.

Certain aliens eng

real estate

in ACT to enable certain persons therein named to purchase

and hold real estate.

Passed April 15, 1814. BE it enacted by the people of the State of New-York, represented in Senate and Assembly, That William Jones, Henry Waller, Daniel MʻGiven, James Maginness, Samuel Maginness, John bled to hold Bowers, William Lee, Robert M.Donald, John Dolan, Edward Campbell, Francis Toole and Mary Toole his wife, Margaret Toole, Jobn Toole, Mary Toole, Catharine Toole, Elizabeth Toole, Isabella 'Toole, Adaline Toole, Clementine Toole and Anna Toole, children of the said Francis and Mary, and Archibald Watt, shall be, and hereby are enabled to take real property in this state, either by descent or purchase, and to hold or dispose of the same, in like manner as natural born citizens : Provided

U Proviso. always, That nothing herein contained shall be construed to confer on them any other rights appertaining to natural born citizens, except those of taking, holding and disposing of real property within this state, upon their respectively taking the oaths of allegiance to the people of this state, and of abjuration to every prince, potentate and state whatsoever, and filing a certificate thereof in the office of the secretary of this state.

[Note.-This act met with considerable opposition in the Senate. Several names introduced in the bill in the Assembly were stricken out in the Senate, but eventu. ally some were restored, and on the suggestion of the Hon. Morgan Lewis, Esquire, one of the Senate, that part of the proviso, requiring the persons named in the bill, to take the oath of allegiance and abjuration, was inserted, and passed.]

« PreviousContinue »