have one vote and shall be entitled to vote by proxy under such rules and regulations as may be prescribed by the by-laws, unless prohibited by such by-laws. § 273. Annual statement. The president and secretary of every such corporation shall make a statement under oath, showing the condition of the corporation on the thirty-first day of December of each year, which shall contain the amount and kind of property insured, the number of policies issued from the time of the organization of the corporation up to the time of making the statement, the number issued during the year last past, the amount of insurance accepted and amount withdrawn, expired and canceled during the year, the whole amount of insurance in force on December thirty-first, the amount of moneys received by the corporation during the year, the amount of disbursements, specifying the amount paid for fees, salaries and commissions, and all other matters of interest to the corporation or members thereof, which statement, or a certified copy thereof, shall be filed in the town clerk's office of the town where the office of the corporation is located, if a town insurance corporation, and in the clerk's office of each county comprised within the territorial limits of the corporation, if a county corporation, and with the secretary of state, on or before the first day of February next following. No such corporation shall be required to make any report or statement, nor perform any requirement not contained in this article or in the by-laws of the corporation. § 274. Withdrawal of members; new members. Any member of any such corporation may withdraw therefrom at any time by ten days' notice in writing to the secretary and paying his share of all claims existing against the corporation, and surrendering his policy or policies. Members may be admitted who reside or own property within the territorial limits of the corporation, upon the same terms and conditions as the original members, subject to the by-laws of the corporation. Non-residents who own property which may be insured in any such corporation may become members for the purpose of having such property insured, and shall have all the rights and privileges of the corporation and be accountable as other members, but shall not be eligible to hold office in the corporation. § 275. Restrictions as to business. No corporation shall be formed under this article for the purpose of transacting the business of insurance not specified in either subdivision one or two Town and County Co-operative Insurance. S$ 276-278 of section 261, and no such corporation shall be formed for the purpose of transacting the business specified in both subdivisions or partly in both, and no such corporation shall insure against any losses except such as are specified in the subdivision under which it is incorporated for the purpose of making in surances. § 276. By-laws.-Every such corporation may make and enforce such by-laws not inconsistent with law for its regulation as may be prescribed by a vote of two-thirds of its directors at any meeting thereof. Amendments may be made to such by-laws by a like vote of the directors at any regular meeting thereof, if presented to the president at least three months previous to the meeting. The by-laws may also provide for the number, kind and compensation of its officers and the security to be given by any officer, and may designate the amount of money that may be kept on hand, the manner of disbursing the same, and make provisions for books of record of the transactions of the corporation. § 277. Reorganization of existing corporation.-Any corporation already doing a business of insurance upon the principles prescribed in this article may become organized hereunder and possess all its powers and be subject to the restrictions and regulations required herein upon filing a statement of its condition at the time containing the requirements of section 263, in the offices specified in such section. Thereafter such corporation shall be subject to the provisions of this article, and the policies theretofore issued by it shall be as valid, and the rights and powers of the officers and members shall be the same in all respects as if it had been originally organized under this article. § 278. Limitation of business; extension of territorial limits. No corporations formed under the provisions of this article, or any such corporation formed under any similar act repealed by this chapter, shall transact business in more than five counties, which shall be designated in the certificate of incorporation. Any such corporation organized and doing business under the provisions of any act repealed by this chapter, or which may be hereafter organized and do business under the provisions of this article, in one county, or two or more adjoining counties, may extend its business into any number of counties, not exceeding five in all, by filing in the office of the clerk of such adjoining county or counties a duly certified copy of the certificate and statement filed in the office of the secretary of state under the provisions of section two hundred and sixty-three, and filing in the office of the secretary of state and of the county clerk of each county comprised in its territorial limits, a certificate signed by at least two-thirds of its directors, stating the counties in which such corporation proposes to do business; and upon filing such certificates and certified copies herein provided, any such corporation shall possess all the business and corporate powers, rights and privileges in the counties named in such certificate, not exceeding five, and be subject to the same liabilities as if originally organized under a certificate specifying the same counties as the territorial limits of such corporation. Any such corporation so organized and so extending and doing business in five counties may extend its business into any number of adjoining counties, not exceeding that number in all, which shall be equal to one county for each full million of dollars of its insured property in force at the time of any such extension, except that companies organized exclusively for the purposes of insuring cheese factories and creameries and their contents may extend to any number of counties, not exceeding one county for each full one hundred thousand dollars of insurance in force, and such extension or extensions shall be made in all respects in the manner herein provided. (As amended by chap. 687 of 1893, § 4; chap. 907 of 1896, § 1; chap. 654 of 1898, § 1.) § 279. Existing town corporation may extend itself to entire county. Any such corporation already organized as a town corporation and doing a business of insurance upon the principles prescribed in this article in one or more towns in any county, may extend its business to the entire county, by filing in the office of the clerk of such county a duly certified copy of the certificate and statement filed in the office of the secretary of state under the provisions of section 263 of this article, and also filing in the office of the secretary of state a certificate signed by at least two-thirds of the directors of the corporation, stating the county in which such corporation intends to do business, and the name of such corporation which shall include the name of such county; and upon filing such certificate and certified copies as herein provided, any such corporation shall possess all the business and corporate powers, rights and privileges in the county named in the certificate and be subject to the same liabilities as if originally organized under a certificate specifying such county as its territorial limits. Policies theretofore issued by any such Stipulated Premium Life Insurance. § 300 town corporation shall be deemed to have been issued by such $280-Extrusion of Corporate Extruce-added 1901 c.142 1904-0.551 ARTICLE X. LIFE INSURANCE CORPORATIONS ON THE STIPULATED PRE MIUM PLAN. SECTION 300. Incorporation. 301. Completion of organization. 302. Corporations subject to this article. 303. Existing corporations, associations or societies qualifying under this article. 304. Mininum premium. 305. Reserve fund. 306. Limited payment policies. 307. Cash values. 308. Distribution of surplus. 309. Payment of maximum amount. 310. Foreign corporations. 311. Surrender value of lapsed or forfeited policies. 312. No forfeiture of policy without notice. 313. Discriminations prohibited. 314. Personal liability. 315. Withdrawals of securities upon relinquishmeut of business. 316. Change of beneficiary. 317. Exemption from execution. 318. Application of certain provisions of article two. 319. When the superintendent of insurance may decline to register 320. Surrender of securities. § 300. Incorporation.-Thirteen or more persons may become a corporation for the purpose of making insurance upon the lives or the health of persons, and every insurance pertaining thereto, by making and filing in the office of the superintendent of insurance a certificate signed by each of them, stating their intention to form such a corporation, and setting forth a copy of the charter which they propose to adopt, which shall state the name of the proposed corporation, the place where it is to be located, the kind or kinds of insurance to be undertaken, the mode and manner in which its corporate powers are to be exercised, the manner of electing its directors and officers (a majority of whom shall be citizens and residents of this state), the time of such election, the manner of filling vacancies, and such other particulars as it may be necessary to explain and make manifest the objects and purposes of the corporation. Such certificate shall be proved or acknowledged and recorded in a book to be kept for that purpose and a certified copy thereof delivered to the persons executing the same. (Added by chap. 85 of 1898, § 1.) 8 301. Completion of organization.-Upon receipt of the certified copy of the certificate of incorporation from the superintendent of insurance, the persons signing such certificate shall publish for six successive weeks in a paper published at Albany in which notices by state officers are required by law to be published, notice of their intention to form such corporation. No such corporation shall commence the business of insurance until at least two hundred persons eligible under the proposed plan of the corporation have subscribed in writing, to be insured therein. in the agregate amount of at least five hundred thousand dollars, and have each paid in the amount in cash of one annual stipulated net premium for their age of entry on the amount of insurance severally subscribed for, and the same is deposited in a duly incorporated bank to the credit of said company, to be held in trust for the benefit of the members and beneficiaries; nor until such corporation has deposited with the insurance department of the state of New York one hundred thousand dollars, in such securities as are required by law to be deposited by insurance corporations; and the superintendent of insurance shall have further certified that it has complied with the provisions of this article, and is authorized to transact the business of insurance. The securities deposited with the insurance department, pursuant to this section, shall be held by the superintendent in trust for the benefit and protection, and as security for the policyholders of the corporation, their legal representatives and beneficiaries. (Added by chap. 85 of 1898, § 1.) § 302. Corporations subject to this article.--Any corporation or association which issues any policy, certificate or other evidence of interest to, or makes any promises or agreement with its memhers whereby any money or other benefit is to be paid to a mem |