New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1849-04-13

SEC 6. No company formed for doing the business OF
e health insurance on the plan of mutual insur-
snce, shall commence business until cash capital OF
hundred thousand dollars sha have been paid In
aud actually invested ether In the stocks OF the incor
oorated cities OF ths State the stocks OF this state or
the United States farms worth double the amount
for which the same 10 nortgaged the value OF the ano
DO appraised by three dsinterested commissioners
appointed by the let Judge Of the county where such
company Is to be located. Farm buildings to form 10
part of the valuation.
SIC T. II shall not be lawful for any company organ
lied under this act TO transact business unless possess
ed of capital securities hereinbefore mentioned
shall IL be lawful for any agent agents OF insur
companies Incorporated by other states directly
Indirectly to take rsks transact any business oi
insurance Ia this State without procuring certifcae
of authority from the Controller OF this and such agent
or agents. having procured statement under the oath
Of the president secretary Of the company for which
he or they may act, which statement shall show the
amount Of the capital Of such company, the manner 10
which the 10 invested and shall also state the fact
whether its capital 10 impaired, and II 80 how much
such statement sha be filed In the Office Of the County
Clerk of the county where such agent resides and
shall be published la at least one newspaper, II news
paper be there published at least six successive weeks
after the filing of such statement in the Clerks once
aforesaid the first statement shall be hed In the month
Of January next and such statement shall be procured
annually, and filed and published in each and every sue
ceeding month of January thereafter as long as such
agency continues, and no company incorporated oy
other States shall business In this State unless
possessed of the Of actual capital required OF
formed under the provisions Of this act and
agency of any life insurance companies formed un
der the laws of other States shall transact Its business
in this State unless II shall first prove to the satisfaction
If the Controller of which fact he shall give certificate
be filed in the Office of the Clerk Of the County where
such agency is established that II possesses such
an amour; Of actual capital as 10 required OF
companies trausactng the business OF life In
surance under the laws of this State Nor
shal Il be lawful for any agent or agents hereafter
be appointed Of any company incorporated by any
foreign Government other than the States OF THIS nion
tran
Of insurance 10 this State without procuring cerfh
cate of authority from the Controller; such agent or
agents having previously furnished evidence TO the SAT
fscton Of the Controller of the State that such com
pany has invested In the stocks Of this State or OF the
United States amount equal 10 the amount OF capital
security required by this act and that such socks
held 10 by citizens OF this state for the oeueht ana
security of such as may effect insurance wn nlm or
them And the agent or agents furnishing satisfactory
evidence aforesaid shall be entitled 10 certificate there
Of from the Controller aforesaid The statements ana
evidence of Investments required by this section sns
be reyie wed from year to year. In the month OF January
10 each year. and the Controller on being SATISFIED nai
the capital securities and Investments remain secure as
At first shall furnish renewal oil certificates as siore
ssid and the agent or agents obtaining slcn csfuncste
shall file the same together with copy OF the state
ments on which il obtained renewed in the oil
ice of the Clerk of the county In which such agency
shall be established, and shall cause the same TO be
published In at least newspaper published IN such
county Any violation Of the provisions of this section
shall subject the party violating % penalty Of Se0 Tor
each violation which shal be sued for and recovered
Ia the of the people, by tho District Attorney oil
the county In which the agent company so violating
shall be- situated and the said penalty when recovered
shall be paid into the Treasury OF said county provided
that all companies Incorporated by any Government
u,her than the States of this Union, which may have
appointed such agent or agents before the first day OF
March, las. may here after appoint a new agent or
agents 10 the of the DEATH resignation removs
Of al agent or agents previously appointed The term
agent agents used 10 this section shall include an &C
knowledged agent surveyor any other person or
persons who shall In any aid In trsnsscng the
insurance business Of an insurance company not In
corporsted by the laws OF this state
Investment Of Funds.
SEC g. IL shall be lawful for any company organized
under this act invest the funds accumulated By Ia
business or any part thereof In bonds snd mortgages
ON uuncumbered real estate within the State OF New
York worth ftty per cent more than the sum loaned
thereon and also in the stocks OF this State or OF the
United States and also in all or any stocks or bonds Of
either of the incorporated cities of this STATE snd which
stocks or bonds shall be above par al .he time Of
such investment and TO lend the same or any par
thereof on the security Of such stock or bonds and any
company organized for tne purpose OF marine 10
funds on bottomry snd respondentA and change anc
+, lowest the same a. occasion may from time TO time
require.
SIC g No COMPANY Organised by or under the pro
visions OF this act shall be permitted TO purchase hot
and convey real estate excepting tor the purposes AnS
ia the manner herein set forth. 10 wit:
l. Such ~ shall be requisite for in immediate accom-
r,oassion In the transaction of its business; OF
such A. shall have been mortssged TO IL in sooS
faith BY way of security for loans previously contract
ed or for moneys due or
,en Of debts previously contracted in the course OF 10
dealings or,
4 such as shall have been purchased AZ sales uPo'
iudsments decrees or mortgages obtained or made 10
.nr5 deAs ana IL shall not be lawful for sny COMPANY
Incorporated as Aforesaid TO purchase hold or conve
res, ess,e in any other for any other purpose
and al such real estate may be acquired q slore
said and which shall not b nocessary for the accom-
modssion Of such company In the convenient aasae
49, ~ 10 husnsss shsu BE- cold end disposed OF Whit