1. To make insurance upon vessels, freight, goods, wares, merchandise, specie, bullion, jewels, profits, commissions, bank notes, bills of exchange, and other evidences of debt, bottomry and respondentia interests, and to make all and every insurance appertaining to or connected with marine risks and risks of transportation and navigation. 2. To make insurance on dwelling houses, stores and other buildings, and upon household furniture, merchandise and other property, against loss or damage by fire. 3. To cause themselves to be re-insured when deemed expedient, against any risk upon which they shall have made or may make insurance. Corporate to be exer 3. All the corporate powers of the said company shall be exercised by a board of trustees, and such officers and agents powers, how as they may appoint; the board of trustees shall consist of cised. thirty-two persons, all of whom must be residents of this state; they shall elect a president and vice-president annually, who shall on their election be ex-officio members of the board, and shall hold their offices until others are elected in their stead. Said board shall have power to declare by a by-law, what number of trustees less than a majority shall be a quorum, not less however than eleven at any time. receive ap rance. § 4. Thomas Hale, Josiah Lane, Charles B. Moore, Thomas CommisF. Youngs, John A. Underwood, S. Townsend Nicoll and John soners to D. Jones, are hereby appointed commissioners, whose duty it plications shall be, or the duty of a majority of them, within two years for insu from the passage of this act, to receive applications for insurance to be effected by said company; and when applications amounting to five hundred thousand dollars shall have been received, said commissioners shall give notice to the persons who have made such application of a meeting for the election of thirty-two trustees, and three inspectors for the next election; said commissioners, or any three of them, shall be inspectors of the first election, and every person having so made application for insurance, shall be entitled to vote at said election, and the persons chosen at said election shall be trustees of said company for the ensuing year, and shall, as soon as may be thereafter, proceed and organize the company, and choose a secretary and such agents and clerks as they may deem neces sary. tees. 5. The trustees shall at their first meeting divide them- Classifica selves into four classes of eight each; the term of the first tion of trus class shall expire at the end of one year, the second at the end of two years, the third at the end of three years, and the fourth at the end of four years; the seats of these classes shall be supplied by members of this corporation; and vacancies occasioned by death, resignation or removal from this state, may be filled by the board of trustees, a plurality of votes constituting a choice. This section shall not be construed to prevent Persons deemed the com pany. á trustee going out from being eligible as a new trustee; each class shall hold over until others are elected in their stead. § 6. Every person having taken a policy during the preceding members of year directly in his own name, or in the name of his firm, the premium on which shall amount to one hundred dollars, and every person holding in his own name, or in the name of his firm, a certificate of profits of the company amounting to one hundred dollars, not discharged by payments or losses, shall be deemed a member of said company, and entitled to vote in person, or by proxy, at all elections. Every person who shall become a member of this corporation by effecting insurance shall pay the rates that shall have been fixed upon by the trustees or officers of the company; and the premium so paid shall be liable to pay the losses and expenses incurred by the company, until applied to the redemption of certificates as hereinafter mentioned. Investments. Elections. Annual dividend be made. 7. It shall be lawful for said company to invest said premiums in bonds and mortgages on unincumbered real estate within the state of New-York, worth fifty per cent more than the sum charged thereon; and also, in any stocks created by or under the laws of the United States or of this state, and to loan the same upon the security of such stocks, and on bottomry and respondentia or otherwise, and to change and reinvest the same. 8. After the first election, annual elections shall be held for the election of eight trustees, and for three inspectors of the next election. Notice of the time and place of holding every election shall be given in two public newspapers printed in the city of New-York, for one week preceding such elec'tion. § 9. After the first year, an annual dividend statement shall statement to be made, containing a fair estimate of the nett profits of the company, up to the last day of December of each year, and not before divided, in which allowance shall be made for any deficiencies or errors in previous estimates. The board of trustees may then declare a dividend, and the officers of the company may thereupon issue certificates of a certain per cent on the premiums received for risks marked off during that period, to the persons in whose names the policies of insurance were made, or to their representatives, which certificates shall be conclusive on all the parties entitled to receive them, and not be changed although the actual payments of losses and expenses shall prove to be more or less than the estimates; but such certificates shall be transferable only on the books of the company, and be subject to be called in or reduced if the losses and expenses in any subsequent year shall exceed the estima. ted profits of such year. No certificate shall be issued for sums between even tens of dollars, nor for any sum less than ten dollars; and any sum or sums divided and remaining un balance claimed five years, shall be carried to the credit of the company. 10. On some day in the month of January, after the expi- General ration of the first year from the time when the said company statement. shall issue its first policy, and within the first month of every subsequent year, the officers of the said company shall cause to be made and printed, a general balance statement of the affairs of the said company, specifying the amount of premiums received, and of expenses and losses sustained during the year, the balance remaining with the company and the nature of the security on which the same is invested, showing what amount is invested on real security in the city of New-York, what in stocks, what in other securities, and what amount of cash is on hand. A printed copy of this statement shall be delivered to each member, on request, and the said statement shall be printed daily, for one week after the first month of each year as aforesaid, in the state paper and in two daily papers in the city of New-York. §11. The said company may divide among the holders of Dividends. certificates such of the interest received from investments, not exceeding six per cent, as may appear not to be required for the payment of losses and expenses; and whenever the accumulated nett profits shall exceed five hundred thousand dollars, the excess may, and in case such nett profits shall exceed one million of dollars, such excess shall be applied from year to year thereafter, towards the redemption of each year's certificates, successively, in whole or in part; but the certificates of a subsequent year shall not be redeemed until all those of preceding years are provided for. be reccived § 12. The company, for the better security of its dealers, Notes may may receive notes for premiums in advance, of persons intend- for preing to receive its policies, and may negotiate such notes for miums. the purpose of paying claims or otherwise, in the course of its business; and on such portions of said notes as may exceed the amount of premiums paid by the respective signers thereof at the successive periods when the company shall make up its annual statement as hereinafter provided for; and on new notes taken in advance thereafter a compensation to the signers thereof, at a rate to be determined by the trustees, but not exceeding five per cent per annum, may be allowed and paid from time to time, provided the compensation so allowed does not in any case exceed the nett profits of the company at the time. be received § 13. It shall and may be lawful for the said company to re- Money may ceive from any person or persons any sum or sums, to the on interest. extent of one hundred thousand dollars, upon such terms and for such periods as may be mutually agreed on, and to allow legal interest therefor; and after each dividend statement required hereby, to apportion and pay the nett profits thereon, or Debtors. Suits. Sections deduct losses therefrom pro rata, upon the amounts thus received, and the premiums subsequently earned and marked off, until the amounts received as aforesaid shall be refunded or exhausted in losses. $ 14. In case any person or persons entitled to a certificate, shall be indebted to the company for sums passed due and unpaid, the company may withhold the certificate, and deduct such sum or sums from the amount thereof, or reduce or cancel the same; but persons insuring or entitled to certificates, shall not be answerable by reason thereof, or of any thing contained herein, except for the payment of their premiums, or other notes given in advance for premiums. $ 15. Suits at law or in equity may be prosecuted and maintained by any member against said company, and no member of the company, not being in his individual capacity a party to a suit, shall be incompetent as a witness. $ 16. The sections of the Revised Statutes from nineteen applicable. to twenty-five, both inclusive, of the first Article of the second Title of the eighteenth Chapter of the first Part, shall not be applicable to the company hereby established. Location. ( 17. The operations and business of the company shall be carried on at such place in the city of New-York as the trustees may direct, and not elsewhere. Duration of act. One judge may hold court. act. $ 18. The legislature may at any time alter or repeal this $ 19. This act shall take effect immediately, and continue in force for the period of thirty years. CHAP. 285. AN ACT concerning courts of common pleas of the county of Jefferson. Passed April 12, 1842. The People of the State of New-York, represented in Senate and Assembly, do enact as follows: 8 1. Any judge of the county courts of the county of Jefferson, of the degree of counsellor in the supreme court, may hold any term of the court of common pleas of said county, whenever the other judges of said court shall be absent therefrom. § 2. This act shall take effect immediately. СНАР. 286. AN ACT to raise money for roads and bridges in the town of Glen. Passed April 12, 1842. The People of the State of New-York, represented in Senate and Assembly, do enact as follows : raised by tax. § 1. The supervisors of the county of Montgomery are here- Money to be by authorized, at their next annual meeting, to cause to be levied and collected upon the taxable inhabitants of the town of Glen, in said county, in the same manner as other contingent charges of said town are by law directed to be levied and collected, a sum not exceeding five hundred dollars, in addition to the sum of two hundred and fifty dollars, now authorized by law, for the building and repair of roads and bridges in said town. § 2. The said sum of money, when so raised and collected, To whom shall be paid over to the commissioners of highways of said to be paid. town, or their ssccessors in office, for the purposes aforesaid. be rendered, § 3. It shall be the duty of the said commissioners to account Account to to the board of town auditors of said town, for the moneys they may receive by virtue of this act, at the next annual meeting of said board, after the receipt of the moneys aforesaid. § 4. This act shall take effect immediately. CHAP. 287. AN ACT to incorporate the New-York Mutual Insurance Company. Passed April 12, 1842, by a two-third vote. The People of the State of New-York, represented in Senate and Assembly, do enact as follows: created. § 1. There shall be established in the city of New-York, an Corporation insurance company, for life, fire, inland navigation and transportation, and marine risks, to be called the New-York Mutual Insurance Company. special pow ers. § 2. In addition to the general powers and privileges of a cor- General and poration, as the same are declared by the third Title of the eighteenth Chapter of the first Part of the Revised Statutes, the corporation hereby created shall have power by instrument, under seal or otherwise. 1. To make insurances on lives, and to make all and every insurance appertaining to life: 2. To make insurance on dwelling houses, stores and other |