pointed by him, that the affairs of any company not incorporated by the laws of this State, are in an unsound condition, he shall revoke the certificates granted in behalf of such company, and shall cause a notification thereof to be published in the State paper for four weeks; and the agent or agents of such company is, after such notice, required to discontinue the issuing of any new policy and the renewal of any previously issued.

§ 25. Every penalty provided for by this act shall be sued for and recovered in the name of the people, by the district attorney of the county in which the company or the agent or agents so violating shall be situated, and one half of said penalty, when recovered, shall be paid into the treasury of said county, and the other half to the informer of such violation: and in case of the non-payment of such penalty, the party so offending shall be liable to imprisonment for a period not exceeding six months, in the discretion of any court having cognizance thereof.

§ 26. All companies incorporated or extended under this act may provide, in their charters, for not more than thirty years' duration; but the Legislature may at any time alter, amend, or repeal this act, and provide for the closing up of the business and affairs of any company formed under it. Nothing herein contained shall be construed to prevent subsequent extensions of the charters of companies organized or extended under this act.

§ 27. There shall be paid by every association, company, or agent, to whom this act shall apply, the following fees, to be appropriated towards paying the expenses of executing said act: For filing the declaration required by the third section, the certified copy of the charter required by the twenty-third section, or the papers required by the eighteenth or nineteenth sections, the sum of twenty dollars: for filing the annual statement, five dollars for every certificate of agency, one dollar. And all declarations, charters, or other papers relating to fire and inland navigation insurance companies now on file in the office of the secretary of state, shall be transferred to the office of the comptroller, who shall furnish, on payment of the usual fees, all certificates in relation thereto, as if the same had been originally filed in his office. Every county clerk shall demand and receive, for every paper filed in his office under this act, the sum of ten cents, to be accounted for and paid over to the county treasury, as provided by law with regard to other fees.

§ 28. So much of the act entitled "An act to provide for the incorporation of insurance companies," passed April 10, 1849, as relates to fire and inland navigation insurance, is hereby repealed; but such repeal shall not affect any companies organized under the said act.

§ 29. This act shall take effect immediately; except that those companies whose officers or agents have complied with the law of eighteen hundred and forty-nine, in making and publishing their respective statements, shall be permitted to continue to transact the business of insurance, without further statement, until the thirty-first day of January, eighteen hundred and fifty-four.

AN ACT to amend an act entitled "An act to provide for the Incorporation of Life and Health Insurance Companies, and in relation to Agencies of such companies," passed June 24, 1853.

[Passed July 18, 1853.]

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

§ 1. Section six of said act is hereby amended so as to read as follows:

No company shall be organized under this act, for the purposes mentioned in the first department, with a less capital than one hundred thousand dollars; and no company shall be organized for the purposes mentioned in the second department, with a less capital than twenty-five thousand dollars. The whole capital of such company shall, before proceeding to business, be paid in and invested in stocks of the United States, or of the State of New York, the market value of which shall be at the time at or above par, or in such stocks or securities as now are or may hereafter be receivable by the bank department. No company organized for the purposes mentioned in the first department shall commence business until they have deposited with the comptroller of this State the sum of one hundred thousand dollars in the stocks or securities before mentioned; but all mortga ges deposited by any company under this section shall be upon improved unincumbered real estate, worth seventy-five per cent. more

than the amount loaned thereon; and no company organized for the purposes named in the second department shall commence business until they have deposited with the comptroller of this State the sum of twenty-five thousand dollars in the stocks or securities before mentioned. The comptroller shall hold such stocks or securities as security for policy holders in said companies; but, so long as any company so depositing shall continue solvent, may permit such company to collect the interest or dividends on its stocks or securities so deposited, and, from time to time, to withdraw any of such securities, on depositing with the comptroller other securities of like character, the market value of which shall be at the time of such deposit at or above par.

§ 2. Section fourteen of said act is hereby amended so as to read as follows:

It shall not be lawful for any person to act within this State, as agent or otherwise, in receiving or procuring applications for insurance, or in any manner to aid in transacting the business of insurance referred to in the first section of this act, for any company or association incorporated by or organized under the laws of any other State government, unless such company is possessed of the amount of capital required by the sixth section of this act for companies in this State, and the same is invested in stocks of the United States, or of the State of New York, or of the State in which said company is located, the market value of which at the time of such deposit shall be at or above par, or in such stocks or securities as now are or may hereafter be receivable by the bank department; but all mortgages deposited by any company under this section shall be upon improved, unincumbered real estate, worth seventy-five per cent. more than the amount loaned thereon, which investments are deposited with the auditor, comptroller, or chief financial officer of the State, by whose laws said company is incorporated, and the comptroller of this State is furnished with the certificate of such auditor, comptroller, or chief financial officer aforesaid, under his hand and official seal, that he, as such auditor, comptroller, or chief financial officer of such State, holds in trust and on deposit, for the benefit of all the policy holders of such company, the security before mentioned, which certificate shall embrace the items of the security so held; that he is satisfied that such securities are worth one hundred thousand dollars, if the company proposes to transact the business referred to in the first department,

or that they are worth twenty-five thousand dollars, if the company proposes to transact the business referred to in the second department. But nothing herein contained shall be construed to invalidate the agency of any company incorporated by another State by reason of such company having from time to time exchanged the securities so deposited with the auditor, comptroller, or chief financial officer of the State in which such company is located, for other stock authorized by this act, the market value of which shall be at or above par, or by reason of such company having drawn their interest and dividends, from time to time, for such stocks. Such company shall also appoint an attorney in this State, on whom process of law can be served; and such attorney shall file with the comptroller a certified copy of the charter of said company, and also a certified copy of the vote or resolution of the trustees or directors of the said company appointing such attorney, which appointment shall continue until another attorney be substituted, in which vote or resolution they shall name the time designated for making their annual statements. When the foregoing requirements shall have been complied with, the comptroller shall give a certificate to that effect, setting forth the name of the attorney for such company, which certificate, when filed in the county clerk's office of the county where the agency is to be esta blished, shall be the authority of such company to commence business; and such company or their attorney, shall annually file with the comptroller of this State a statement of their affairs in the manner and form provided in section twelve for similar companies in this State.

§. 3. This act shall take effect immediately.

INDEX.

N. B. Those references which have the abbreviation Intr. annexed, are to the sec

ADJUSTMENT AND SETTLEMENT OF LOSS,

the difference in the rule of, in fire and in marine insurance, 249. how far there may be a general average in a settlement under a fire policy, 250-252.

the adoption of an average clause in a fire policy, 252.

when a policy against fire may be a valued one, 253.

salutary provision that any mutual office may insure not exceeding a certain value, 255.

and how far, under such a legislative provision, the sum insured is evidence of the value of the insured property, 256, 257, 258,

263.

preliminary proofs no evidence of amount of damages, 259, 260. unless made so by the terms of the policy. lb.

case of property destroyed by gunpowder by public authority, and the assured obtained a verdict for damages for the same, 261. care required in considering what property is embraced by the policy, 262.

effect of usage in determining amount of loss, 263.

how the loss by fire, of goods under consignment, is to be estimated at the time the loss happens, 264, 265.

how in the case of a carrier, where he effects an insurance on the goods to be carried, 266.

no recovery to be had for interruption of business occasioned by fire, 267.

(See REBUILDING AND REINSTATEMENT.)

ADMINISTRATOR,

(See PROCEEDINGS IN EQUITY.)