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


Annual Reports.
SIC 49, IL shall be the duty of the President Vice
President and Secretary each company anz I'd
der this annually the LIST day OF January or with
in one month thereafter 10 prepare under OATH and
deposit In the Office of the Controller OF the state,
well in the Office OF the Clerk Of the County in which
such company shall be located and Ia each and every
other county where such company shall have an agency
and shall also cause 10 be published in At least one
newspaper published In such county, statement cx-
hibiting the total amount Of premiums received, and
the total amount of osses paid and Ascertain incud
Ing expenses during the year also the amount oil deos
owing by the company at the date Of the statement
aud the amount Of claims which then exist against the
company for losses accrued, showing what amount OF
such claims for Losses is payable on dsmand, what
thereof is considered fair or legal, the payment
of which not then matured according TO the con
tract and what amount thereof IL resisted on account
Of alleged fraud for which the company do not con.
elder themselves legally sble slso state ment OF the
securities representing the capital stock aud all funds
of the company and also whether any of the securi
ties held owned by such company are considered
bad doubtful and 30 spcciyng the smount OF such
securities, and the gross amount OF outstanding risks
thereon and list of the stock holders II stock com
psny together with the amount OF their respective
shares aud If upon due examination 1t shall appear to
the Controller that the losses and expenses OF any
stock company during the year have exceeded the pre-
mums and In consequence thereof the capital of such
company has become deficient from any other cause
become impaired TO the extent OF % per CT sha
be- duty the said Control to direct tie officers
of any such company within 60 days proceed to wine
10 its business unless within that tine the stockhold
thereof shall pay in the amount OF such deficiency
Any company receiving such requistion from the Con
troer shall forthwith call upon its stockholders Ter
such amounts will mske It's capital equal 10 the
amount xed by the charter Of the said company, and
in any stakeholder of such company shall refuse
or eject psy such call after notice personally given
or by advertisement in such time and manner as the
Controller sha approve IL sha be lawful for the said
company require the return OF the original ceriih
OF stock held by such stockholders. may bs emit
the proportion that ths esCertaiDed value OF
the funds of the said company be- found to bear 10
the original capital of the said company the value OF
such shares for which certificates shall be Issued
TO be asceraued under direction Of the Controller
aud the company paying for the fractional parts OF
shares and It shall be lawful for the directors OF such
company 10 create new stock and dispose OF the same
aud issue certificates therefor 10 amount sufficient
TO make up the original capital OF the company And
hereby declared that 10 the event of any additional
losses accruins upon risks, taken after the Con
roer shall have made the rcqusition Aforesaid and
before the said deficiency shall have been made up the
directors shall be individually liable to the extent there
Of And If upon due examination 1t shall sppssr 10 the
Controller that the losses and expenses Of any com
pany chartered the plan of mutual insurance under
this act shall during the yesr have exceeded the pre-
miums and In Their sol that the capital OF
the company, required In It's Organization has be-
come deficient from any other cause has become
impaired IL shall be the duty Of the Controller 70 direct
the officers Of such mutual insurance companies TO take
the proceedings herein required to be taken 10
of Joint stock companies and until said directions
shall be complied with, the directors shall be person
ally liable pay all damages occssioned by such neg
oct to any person body corporate which may be in
ured thereby Any transfer OF the stock OF any com
pany organized under this act shall not release the
party making the transfer from his liability for losses
| which may have accrued previous to the transfer
Extension Of Charter.
SEC. a. Any existing Joint Stock Company incorPo
rated by this State for either Of the purposes men
toned In the fret section Of this act may at any time
after notice being given for three months In public
nrhli ed IN where such Com
pauy 10 located OF such intention and with written
consent Of majority OF threeourths Ia amount OF IT.
Goc kholders, OF If Mutual Company with the unani
nous consent of Its Trustees extend s original Char
ter the time specified by the provisions OF this act oy
altering amending the same so as TO accord win the
provisions of this act aud filing copy OF the same 90
altered or amended together with declaration under
its corporate seal signed by Ito President and Directors
of their desire for such extension and also the written
consent Of threefourhs OF is stockholders and TOR
unanimous Of the Trustees Aforesaid 10 such
extension In the office of the Secretary OF the state
and upon the filing Of such consent declaration and
Charter the proceedings shal be had rs are re-
uured by the eleventh section Of this act and any OF
| the Mutual Insurance Companies already chartered
BY the Legislature of this State may after giving ninety
days notice In three Of the public papers Of the state
change to Joint Stock Companies by proceeding In ac-
cordance with and confirming their charter to the pro-
visions Of this act
elnu If