being chargeable upon said town, and committed to said house of industry, to perform such work and labor toward their maintena nce, as they shall severally be able to perform, and as the said overseers shall from time to time direct. town or towns V. And be it further enacted, That the powers conferred by this Like power act, may be extended to, and exercised by any town, or any number given to any of towns in this state: Provided, That a majority of the freeholders in the state. and inhabitants of any town, wishing to avail themselves of the be- tion 29, 1 Vol nefit of this act, shall at their annual town meeting, by a vote, resolve R L 290 so to do. See also sec House of in VI. And be it further enacted, That if it shall, after due experience, be found that the provisions of this act do not tend to lessen dustry when the expense and burden of maintenance of the poor of the said town sold me. of Redbook, it shall and may be lawful for the freeholders and inhabitants of said town, at their annual town meeting, to adopt any resolution in regard thereto, that they may deem proper; and if found expedient, the premises and buildings purchased by virtue of this act may be sold in such manner as the said freeholders and inhabitants shall direct; and in such sale it shall and may be lawful for the overseers of the poor, and supervisor of the town for the time being. to execute a conveyance for the same; the monies arising therefrom shall and may be disposed of in such manner as shall be directed by the freeholders and inhabitants of said town. CHAP. CCXXXIV. AN ACT to incorporate the New-York Equitable Insurance Com pany. Passed April 23, 1823. WHEREAS John B. Yates, Richard Kingsland, Samuel B. Harper, and their associates, as a company, under the name and style of the "New-York Equitable Insurance Company," have, by their petition, presented to the legislature of this state, prayed for an act of incorporation, for the purpose of insuring against loss or damage, occasioned by robbery, theft, burglary, or other telonious taking or carrying away of any goods, chattels, wares, merchandise, household furniture, or effects, in the city of New-York, whenever the owners or possessors thereof may be absent from the said city, in consequence of the existence or prevalence of any pestilential or infectious disease therein; and also for the further purpose of insuring against loss or damage by fire: Therefore, Preamb Corporation created and I. BE it enacted by the People of the State of New-York, represented in Senate and Assembly, That all such person's as now are, or hereafter shall be stockholders of the said company, shall be, and they are hereby created a body corporate and politic, in fact, and in name, by the name and style of "The New-York Equitable InCorporate surance Company" and by the said name, they and their success-nand ge ors, shall and may have continual succession; and shall be in law capable of suing and being sued, pleading and being impleaded, defending and being defended, answering and being answered unto, in all courts of judicature whatsoever, and wheresoever, in all manner neral powers Special pow ton to insure &c. of actions, suits, complaints, matters, and causes whatsoever; and also of contracting and being contracted with, relative to the property and funds of the said corporation, and the business and purposes for which the said corporation is hereby created, as hereinafter de clared; and they and their successors may have a common seal, and may change and alter the same at pleasure. II. And be it further enacted, That the corporation hereby creer of corpora ated, is so created for the purpose, and shall have power and authority to make contracts of insurance with any person or persons, body politic or corporate, against loss, damage, or injury, sustained or occasioned by robbery, burglary, theft, or other felonious stealing or carrying away of any goods, chattels, wares, merchandise, household furniture, or effects, in the city of New-York, whenever the owners or possessors thereof may be absent from their places of residence or business, temporarily during the year, or necessarily, during the existence or prevalence of any pestilential, infectious, or malignant disease, in the said city; and that such insurance shall in no wise, affect or destroy any other insurance against loss or damage by fire, on or upon such property; and that the said corporation may, under the direction and permission of the corporation of the city of NewYork, or the board of health thereof, establish, for the protection of the property so insured, a day or night watch, or both, as to the said corporation shall seem expedient or proper, which said watch shall be regulated and paid by the said corporation; but shall nevertheless >obey such lawful orders, as may from time to time, be given to them by the said authorities of the city, for the apprehension of felons, incendiaries, or robbers, or persons frequenting the prohibited parts of the said city; and that in case of loss or damage upon policies entered into by virtue of this section, the same shall be adjusted, allowed, and paid, according to, and in conformity with such terms and conditions, as may be agreed to in writing, between the parties, at the time of making such contracts; and in case of difference thereafter, the same shall be estimated and determined by three appraisers, one of whom to be chosen by the parties respectively and the third by the two so first chosen, whose award or appraisement, made in writing, and signed by at least two of them, shall be final and conclusive against the said corporation, and shall be paid within sixty days after the same shall have been made. Further. spe III. And be it further enacted, That the said corporation hereby dial powers created, shall also have power and authority to make contracts of insurance with any person or persons, body politic or corporate, against loss or damage by fire, of any house, manufactory, or building, whatsoever; of machinery, goods, merchandise, chattels, or personal estate whatsoever, or of ships and vessels, while building or in port, for such term or terms of time, and for such premium or consideration, and under such modifications, limitations, and restrictions as may be agreed upon between the said corporation and the person or persons so agreeing with them for such insurance. Capital stock mortgage IV. And be it further enacted, That the capital stock of the said corporation, shall be three hundred thousand dollars, and shall be divided into shares of fifty dollars each; and it shall not be lawful for the said corporation to make any insurance or insurances, by virtue of this act, until the whole amount of the said capital stock. shall have been subscribed and aetually paid for, or secured to be paid, by mortgages upon unincumbered real estate, of at least fifty V. And be it further enacted, That it shall and may be lawful Real estatè for the said corporation to purchase and hold such and so much real · estate, not exceeding in value fifteen thousand dollars, as shall be necessary for their convenient accommodation, in the transaction of their business; and also to take and hold any real estate, or securities, bona fide mortgaged or pledged to the said corporation, either to secure the payment of the shares of the capital stock thereof, or to secure the payment of any debt which may be contracted with the, said corporation; and also to proceed on the said mortgages, or other securities, for the recovery of the monies thereby secured, either at law or in equity, or otherwise, in the same manner as any other: mortgagee is or shall be authorised to do; and also to purchase on sales made by virtue of any judgment at law; or any order or decree of a court of equity, or any other legal proceedings, or otherwise to receive and take any real estate in payment or towards the satisfaction of any debt previously contracted, and due to the said corporation; and to hold the same until they can conveniently and advantageously sell and convert the same into money, or other personal property: Provided always, That it shall not be law, Proviso ful for the said corporation, to deal or use, or employ any part of the stock, funds, or monies thereof, in buying or selling any goods, wares or merchandize, in the way of traffic, or in the purchasing or discounting of any bill, bond, note or obligation whatever, or in any other banking operations, or the purchase or sale of any stock, or funded debt, created or to be created, under any law of the United States, or of any particular state; but it nevertheless shall be lawful for the said corporation to purchase and hold such stocks or funded debt, as is permitted by the fourth section of this act, for the purpose of investing therein, any part of their capital stock, funds or monies; and also to sell and transfer the same when it shall be necessary, for the payment of any losses they may have sustained, and again to renew such investments, when and as often as the exigencies of the said corporation shall require ; and also to make loans of the capital stocks, funds or monies, on bonds and mortgages, and the same to call in, and re-loan on bonds and mortgages, as occasion may render expedient: And provided Further pré further, That the said corporation shall be bound to sell and dis viso Directors Elections pose of any real estate, that may be purchased by virtue of this art. VI. And be it further enacted, That the stock, property af fairs and concerns of the said corporation, shall be managed and conducted by seventeen directors, who may respectively hold their offices for one year, and until others are elected, and no longer; each of which directors shall at all times, during their continuance in office, be stockholders in the said company, in their own right, to the amount of at least twenty shares, and shall be citizens of the United States and the said directors shall be hereafter elected on the first Monday in June, in each and every year, at such hour of the day, and at such place in the city of New-York, as the board of directors for the time being, shall appoint; of which election, public notice shall be given, in two of the public newspapers, printed in the city of New York, at least ten days immediately preceding such election; and such election shall be hoiden under the inspection of three stockholders, not being directors, to be appointed by the board of directors, previously to every election, and such election shall be by ballot, and by a plurality of the votes of the stockholders, present, or their proxies, allowing one vote to every share of the said stock; but no share shall entitle the holder to vote, unless the same shall have been held by him, at least sixty days next immediately preceding such election; and the first directors shall be John B. Yates, William Cairns, Richard Kingsland, John C. First diret Morrison, Harvey Weed, Thomas Darling, Daniel E. Dunscomb, James Benedict, Thomas R. Mercein, Samuel B. Harper, Jonas Mapes, Samuel Thompson, Benjamin Hide, Shepard Knapp, William B. Lawrence, Isaac Collins, and Israel Corse; who shall respectively hold their offices, until the first Monday of June, one. thousand eight hundred and twenty-four, and until others are elected in their stead; and the said directors, at any time within one year from the passage of this act, if deemed necessary for the interest or good government of the said corporation, may increase the number of the directors of the said corporation to twenty-one, but after such increase, the number shall not be diminished during the continuance of this act. tors President VII. And be it further enacted, That the directors herein before mentioned, shall, as soon as may be, after the passing of this act, and the directors to be chosen at such annual elections, shall, as soon as may be thereafter, proceed to choose out of their body, one person to be president, who shall preside until the next annual election thereafter; and in case of the death, resignation, or inabili ty to serve, of the president, or any director, of the said corporation, Vacancies, such vacancy or vacancies may be filled for the remainder of the year by the board of directors; and in case of the absence of the president, the board of directors shall have power to appoint a pre the sident pro tempore, who shall have, and exercise such powers and VIII. And be it further enacted, That if it shall at any time hap- Day of slec pen that an election should not be made on any day, when pursuant tion to this act it ought to have been made, the said corporation shall not for that cause be deemed to be dissolved; but it shall be lawful, on any other day, to make and hold an election of directors, in such manner, as shall have been regulated by the by-laws and ordinances of the said corporation. IX. And be it further enacted, That the stock of the said corporation, shall be assignable and transferable, according to such. rules, and subject to such restrictions and regulations, as the board of directors shall, from time to time, make and establish, and shall be considered as personal property; but in case the said corporation shall have any claim or demand against any stockholder thereof, whether such claim or demand is due or to become due, at any future period, such stockholder shall not be entitled to u make any transfer, sale or conveyance of his stock in the said corporation, or to receive a dividend thereon, until such claim or demand shall be paid, or secured to be paid, to the satisfaction of the board of directors; and unless such claim or demand shall be paid, or secured to be paid in the manner aforesaid, within three months after the same shall have become due, then such stock of any such debtor, or so much thereof as shall be sufficient for that purpose, may be sold by the said corporation, and the proceeds thereof applied towards the satisfaction of such claim or demand. Transfer of norum Commrs. di X. And be it further enacted, That the president, and seven other directors shall constitute a board, and be competent to the trnsaction of all the business of the said corporation, and all questions before them shall be decided by a majority of voices; and they shall have power to appoint committees of directors, and one or more assistants, and also to appoint a secretary or actuary, or both, and such other officers, agents, clerks and servants, as they rectors, secre shall deem expedient and proper for the well conducting and trans- tary, acting their business; and they shall also have power, at such time as to them shall seem meet, to make and declare dividends of such parts of their profits, resulting from the business of the said corporation, as they shall deem expedient; and also have power to make and prescribe such by-laws, rules, and regulations, as to them shall appear needful and proper, respecting the management and disposition of the stock, property, estate and effects of the said corporation, the compensation or wages, and the duties, powers and conduct, of the officers and servants thereof; the election and meeting of directors, the transfer of shares, the management and conducting of the business of the said corporation, and all matters appertaining thereto; and such by-laws, rules and regulations, at their discretion, to repeal, alter, or modify: Provided, That such by-laws, rules and regulations shall not be repugnant to the constitution and laws of this state, or of the United States. insurance XI. And be it further enacted, That the policies of insurance, Policies of and other contracts founded thereon, hereafter to be made or entered into, by the said corporation, though not under seal, if subscribed by the president, or in case of his absence, resignation or inability to act, by such officer or officers, or person or persons, |