Body corporate. Directors to divide. Election of trustees. President Chap. 304. AN ACT to incorporate the Income Insurance Company, in the city of New York, and to authorize an Accumulating Fund. Passed April 17th, 1858, three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows: SECTION 1. John R. Livingston, Abel T. Anderson, James De Peyster Ogden, J. Romeyn Broadhead, Morris Franklin, Pendleton Hosack, Thomas G. Talmage, James W. Barker, Dayton Hobart, Charles H. Haswell, William C. Langley, Joseph B. Varnum, Edward L. Livingston, William Cox Dusenbery, Ovando S. X. Peck, Augustus Clason Graham, James Bleecker, Thomas Stewart, John F. Entz, Edmund Dwight, and all such persons as shall hereafter become stockholders in the corporation hereby created, shall be a body corporate by the name of "The Income Insurance Company;" the persons named above shall be the first directors of said corporation. § 2. The directors shall, at their first meeting, divide themselves by lot into four classes of five each. The term of the first class shall expire at the end of one year; the term of the second class shall expire at the end of two years; the term of the third class shall expire at the end of three years; the term of the fourth class shall expire at the end of four years, and so on successively for each and every year. The seat of these classes shall be filled by the stockholders of this corporation, a plurality of votes constituting a choice. The election of trustees shall be held on the first Monday of May in each year, at such hour and place in the city of New York, as the board of directors may determine, of which public notice shall be given in two of the daily papers of the city of New York, for ten days previous to the said election. 3. The directors herein before named are authorized to and Secreta- choose a president, a secretary, an actuary, and such other officers, clerks or agents, as may be necessary to perform the ry. duties incident to this corporation; and in case of a vacancy in any of such offices or directors, such vacancy may be filled for the remainder of the year, by the residue of the directors, or a president "pro tempore" may be appointed. 4. The capital stock of said corporation shall be one Capital hundred thousand dollars, to be divided into shares of ten stook, &c. dollars each, which shall be subscribed and paid for in specie, or current bank bills of this state, or secured by the public securities, created by the corporation of the city of New York, the state of New York, or any other state, or by the United States, or any incorporated bank of this state, or secured on bond and mortgage on real estate, worth fifty per cent more than the sum for which the same shall be mortgaged, exclusive of buildings, except the same shall be insured; with the privilege of increasing said capital stock to a sum not exceeding five hundred thousand dollars. 5. The books of subscription of the capital stock of the Books of said corporation, shall be opened under the inspection of subscription the said directors, or any two or more of them, for receiving such subscriptions, in the city of New York, at such time and place as they shall appoint, and may be continued from time to time until the said capital stock shall be subscribed for; one week's previous notice of such time and place being given, in one or more of the newspapers printed in the said city. Two dollars on each share subscribed, shall be paid at the time of making the subscription. surance, &o. § 6. In addition to the general powers and privileges of Power to a corporation, as the same are declared by the third title of make inthe eighteenth chapter of the first part of the revised statutes, the corporation hereby created shall have power and authority to make insurance, on the payment of rents accruing or to accrue, from the leasing or letting or hiring of real or leasehold estate, and the use and occupation thereof, and to make all and every insurance or guarantee appertaining to the rents, profits or income as aforesaid; and to let or relet any premises, the rent or income whereof may have been insured according to the provisions of this act; and also to insure or guarantee the prompt and punctual payment of interest on bonds secured by mortgage or otherwise, according to the condition thereof. The policies of insurance shall be subscribed by the president and secretary, and shall be binding upon said corporation in like manner as if made under its corporate seal. Classes to receive subscription. Real estate § 7. The corporation hereby created, in addition to the powers enumerated in the preceding section, shall have authority to form classes and receive subscriptions to a fund, to be called the "accumulating fund," whereby the amounts paid in, together with the stipulated interest thereon, shall, after the termination of a certain number of years (not to exceed twenty), as may be agreed upon, be paid over in equal proportions, to the surviving subscribers to such fund; or the interest thereon may be paid semi-annually, or as may be agreed; and in all cases, said company shall invest the amount of such fund in bonds, secured by mortgage on improved unincumbered real estate, worth not less than fifty per cent over and above the amount loaned or in public stocks, created by the United States, the state of New York, or the corporation of the city of New York, or of any one of the United States, which security shall be described in a schedule to be annexed to the articles of agreement, duly certified by the president of the said company. § 8. The real estate which it shall be lawful for the said corporation to purchase, hold and convey, shall be: 1. Such as shall be requisite for its immediate accommodation in the convenient transaction of its business, and they may let such parts thereof as may not be required for their own use or occupation. 2. Such as shall have been mortgaged to it in good faith, 3. Such as shall have been conveyed to it in satisfaction § 9. The office for the transaction of the business of the § 10. It shall be the duty of the president and secretary 2. The amount of the expenses. 3. The amount of losses. 4. The condition of the "accumulating fund" and the securities for the same. J 5. The balance remaining with the said company. 6. The nature of the security on which the same is invested or loaned, and the amount of cash on hand. The said company shall also make and transmit to the comptroller of the state, in the month of January in each year, a full statement of its affairs, in the same manner as moneyed corporations are required to do, under the second title of the eighteenth chapter of the first part of the revised statutes. § 11. The corporation hereby created shall be authorized President, to commence business so soon as the president and secretary shall have made and filed an affidavit, stating that fifty per cent of the capital stock of the said corporation has been paid in cash, which affidavit shall be made before the mayor or recorder of the city of New York, and filed with the county clerk in said city. § 12. The legislature may at any time alter or repeal this act. § 13. This act shall take effect immediately. &c., to file affidavit. Chap. 305. AN ACT to enable the Supervisors of the city and county of New York to raise money by Tax. Passed April 17th, 1858, three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows: SECTION 1. The board of supervisors of the city and county of New York, are hereby empowered, as soon as conveniently may be, after the passage of this act, to order and cause to be raised by tax on the estates, real and personal, subject to taxation according to law, a sum not exceeding three million four hundred and forty-one thousand and ninety-five dollars, for the objects and purposes following, to wit: Alms house, six hundred and five thousand dollars; aqueduct repairs and improvements, twenty thousand dollars; board of health, ten thousand dollars; pavement, two hundred and thirty-two thousand dollars; county contingencies, fifty thousand dollars; city contingencies, eighty thousand dollars; city inspector's department, eleven thousand eight hundred and seventy-five dollars; coroners' fees, twenty thousand dollars; cleaning streets, by contract, two hundred and eighty thousand dollars; charges on arrears of taxes, five thousand dollars; charges on arrears of assessments, five thousand dollars; county jail reconstruction, twenty-five thousand dollars; contingencies, mayor's office, three thousand dollars; donations, fifteen thousand dollars; docks and piers, building and repairing and cleaning and dredging slips, one hundred and fifty thousand dollars; election expenses, fifty thousand dollars; errors and delinquencies, fire thousand dollars; fire telegraph, six thousand four hundred dollars; fire department, sixty-two thousand five hundred dollars; interest on revenue bonds, three hundred and twenty-five thousand dollars; interest on assessment bonds, eleven thousand dollars; intestate estates, seven thousand dollars; lands and places, twenty-five thousand dollars; monument to Major General Worth, and rail, ten thousand dollars; markets, seven thousand dollars; officers' fees, twenty-five thousand dollars; obstructions, removal of, in streets and harbor, ten thousand dollars; printing, eightyfive thousand dollars; rents, thirty thousand dollars; real estate, thirty-three thousand five hundred dollars; real estate expenses, one hundred thousand dollars; roads and avenues, and arrearages of eighteen hundred and fifty-seven, fiity thousand dollars; roads, macadamizing Second avenue, above Sixty-first street, fifty thousand dollars; working as a country road the Eleventh avenue, between One Hundred and Seventh and One Hundred and Forty-fourth streets, twenty thousand dollars; repairs to public buildings, including new buildings and buildings for fire department, eighty-three thousand dollars; Russ pavement improvement, twenty-six thousand dollars; supplies for public offices, fifteen thousand dollars; stationery, twenty thousand dollars; sewers, repairing and cleaning, thirty-five thousand dollars; salaries, five hundred and eighty-four thousand four hundred and ninety dollars; sunken vessels, removing, five thousand dollars; street expenses and paving, ninety thousand dollars; society for the reformation of juvenile delinquents, eight |