§§ 119, 120, 170. Psychiatric Institute. L. 1920, ch. 860. roll and whose tenure of office is intermittent or of uncertain duration. (Added by L. 1912, ch. 59, and amended by L. 1918, ch. 499.) § 119. Retirement board created. The retirement board hereinbefore mentioned, shall be composed of the comptroller of the state of New York, the medical member and the legal member of the New York state hospital commission, a representative of the officers to be chosen at a regular quarterly conference of the superintendents with the state hospital commission, and a representative of the employees, to be chosen by a majority vote of the employees contributing to the retirement fund, which board shall have general jurisdiction over and authority to pass upon all questions that may arise under the provisions of this article. Members of the retirement board as provided in this section, except the comptroller, medical and legal members of the state hospital commission, shall be chosen or elected, as provided in this section, within ninety days after this act as hereby amended takes effect and thereafter biennially, commencing with November, nineteen hundred and twenty. (Added by L. 1912, ch. 59, and amended by L. 1912, ch. 283, L. 1916, ch. 607 and L. 1918, ch. 499.) § 120. Medical examiners.-The retirement board may appoint one or more boards of medical examiners hereinbefore mentioned, each of which boards shall be composed of not less than three physicians connected with the New York state hospital system to conduct examination. (Added by L. 1912, ch. 59, and amended by L. 1918, ch. 499.) § 170. Psychiatric Institute.-The Psychiatric Institute heretofore established by the commission is hereby continued and shall hereafter be known as the New York State Psychiatric Institute. The objects of such institute shall be that of conducting studies into the causes, nature and treatment of diseases affecting the mind, brain and nervous system, to discover and apply more efficient measures of prevention, treatment and cure of such disorders, in other* that their numbers shall be decreased; conducting regular and special courses of instruction for physicians and others, in order to improve methods of care and treatment of patients; for the development of methods of prevention and cure through an out-patient department hereinafter provided for. Such institute shall be under the general supervision and control of the commission. The commission shall cause the institute to be removed from its present location on Ward's Island to the building or buildings hereinafter provided for. (Amended by L. 1910, ch. 289 and L. 1920, ch. 860, in effect May 21, 1920.) the L. 1920, ch. 860, § 4. For the purposes of commencing work to carry out the provisions of this act, there is hereby appropriated out of any moneys in treasury not otherwise appropriated the sum of twenty-five thousand dollars ($25,000) for the development of plans, soil surveys, test pits models, et cetera, of *So in original. L. 1920, ch. 860. Psychiatric Institute. construction to cost seven hundred thousand dollars. as provided by the insanity law. §§ 172, 172-a. Such sum shall be disbursed § 172. Director of institute; residence and maintenance of staff. The director of such institute shall be appointed by the commission, after a special civil service examination therefor and shall be a qualified expert in psychiatric research. He shall perform, under the direction of the commission, such duties as may be required by the commission in carrying out the purposes of this act. He shall have the supervision and control of such institute and of the physicians and others employed therein, and their appointment, subject to the general direction, supervision and control of the commission as provided in this article. He shall receive an annual salary to be fixed by the commission, within the amount appropriated therefor by the legislature. The state institutions shall co-operate with the institute in such manner as the commission may from time to time request. Resident physicians of the staff and officers and employees of such institute shall, if required by the commission, reside in such institute, and shall be furnished with rooms and maintenance as provided by law for officers and employees in state hospitals. (Amended by L. 1910, ch. 289, L. 1912, ch. 121 and L. 1920, ch. 860, in effect May 21, 1920.) § 172-a. Hospital and out-patient department.-Upon order of the commission, the institute shall be removed from its present location on Ward's Island to the building or buildings provided for in the laws of nineteen hundred and twenty and thereafter there shall be conducted as part of such institute a hospital and out-patient department for the reception, study and treatment of suitable patients. Patients shall be admitted, discharged, paroled and transferred in accordance with such rules and regulations as the commission may from time to time establish. The maintenance of such patients while under treatment in said institute and the cost of their care and treatment shall be provided for in the appropriation made for the support of the institute. Private patients may be admitted upon consent of the medical director at rates fixed by the state hospital commission. The director of the institute shall have general powers and duties in relation to the administration of the hospital department and the care and treatment of the patients therein similar to those conferred by the insanity law upon superintendents of state hospitals. (Added by L. 1920, ch. 860, in effect May 21, 1920.) INSECTICIDES. Labeling; Agr. L., § 140 ff. §§ 9, 12. Minimum capital stock. L. 1920, ch. 563. § 9. INSURANCE LAW. (L. 1909, ch. 33.) Certificate of authorization of superintendent. The procuring of authority to transact business of insurance in this State is a conditon precedent to the maintenance of an action by a foreign insurance company and must be alleged in the complaint in an action to recover the amount of premiums due on a New York contract of marine insurance. Automobile Ins. Co. v. Barondess (1919), 107 Misc. 513, 176 N. Y. Supp. 839. Right to collect yearly premium on bond accruing after authority to do business has expired.-American Fidelity Co. v. Leahy (1919), 189 App. Div. 242, 178 N. Y. Supp. 511. § 12. Minimum capital stock.-No domestic fire or marine stock insurcorporation shall be hereafter authorized with a smaller capital stock than two hundred thousand dollars fully paid in in cash, but nothing in this section contained shall be understood to relate to the class of corporations provided for in articles nine or ten of this chapter. No domestic stock insurance corporation shall be hereafter authorized to transact the kind of insurance business described in subdivisions one, two, five, six, seven, eight, nine, ten and eleven of section seventy of this chapter with a smaller capital stock than one hundred thousand dollars fully paid in in cash. No domestic stock insurance corporation shall be hereafter authorized to transact the kind of insurance business described in subdivisions three or four of section seventy of this chapter with a smaller capital stock than two hundred and fifty thousand dollars fully paid in in cash if authorized to transact any kind of insurance business described in one of such subdivisions or a smaller capital stock than five hundred thousand dollars fully paid in in cash if authorized to transact the kinds of insurance business described in both such subdivisions. Except as to requirements of a minimum capital stock for the transaction of the kinds of insurance business described in subdivisions three or four of section seventy of this chapter every domestic stock insurance corporation hereafter authorized having power to transact business under more than subdivision of such section shall, in addition to the minimum capital stock prescribed in this section, have an additional capital stock of fifty thousand dollars fully paid in in cash, for every kind of insurance business more than one which it is authorized to transact. Any corporation to which this section is applicable shall also, at the time of its organization, have a surplus equal to fifty per centum of its capital stock, which surplus shall also be fully paid in in cash; provided that this requirement shall not apply one L. 1920, ch. 422. Investment of capital and surplus. § 16. (Amended by L. 1910, ch. 634, L. to existing corporations reincorporated. § 16. Investment of capital and surplus.-The cash capital of every domestic insurance corporation required to have a capital, to the extent of the minimum capital required by law, shall be invested and kept invested in the stocks or bonds of the United States or of this state, not estimated above their current market value, or in the bonds of a county or incorporated city in this state authorized to be issued by the legislature, not estimated above their par value or their current market value, or in bonds and mortgages on improved unencumbered real property in this state worth fifty per centum more than the amount loaned thereon. The cash capital of every foreign insurance corporation to the extent of the minimum capital required of a like domestic corporation shall be invested and kept invested in the same class of securities specified for domestic insurance corporations, except that like securities of the home state or foreign country shall be recognized as legal investments for the amount of the minimum capital required. The residue of the capital and the surplus money and funds of every domestic insurance corporation over and above its capital, and the deposit that it may be required to make with the superintendent, may be invested in or loaned on the pledge of any of the securities in which deposits are required to be invested or in the public stocks or bonds of any one of the United States, or in bonds and mortgages on improved unencumbered real property in this state worth fifty per centum more than the amount loaned thereon, or except as in this chapter otherwise provided, in the stocks, bonds or other evidence of indebtedness of any solvent institution incorporated under the laws of the United States or of any state thereof, or in such real estate as it is authorized by this chapter to hold; but no such funds shall be invested in or loaned on its own stock or the stock of any other insurance corporation carrying on the same kind of insurance business, except that any such company organized under section seventy of this chapter for the purpose of engaging in business principally as a surety company may, subject to the consent of the superintendent of insurance, invest such funds in or loan such funds on the stock of any other corporation carrying on the same kind of business outside of but not within the United States; provided, however, that the superintendent in determining the condition of any such corporation so loaning or investing such funds shall not allow it as an asset the amount of the funds so loaned or invested; and, provided that, if a stock life insurance corporation shall determine to become a mutual life insurance corporation, it may, in carrying out any plan to that end under the provisions of section ninety-five of this chapter, acquire any shares of its own stock by gift, bequest or purchase. And until all of such shares are acquired, any shares so acquired shall be acquired in trust for the policyholders of the corporation $ 16. Investment of capital and surplus. L. 1920, ch. 422. as hereinafter provided and shall be assigned and transferred on the books of the corporation to three trustees and be held by them in trust and be voted by such trustees at all corporate meetings at which stockholders have the right to vote, until all of the capital stock of such corporation is acquired when the entire capital stock shall be retired and canceled and thereupon, unless sooner incorporated as such, the corporation shall be and become a mutual life insurance corporation without capital stock. Said trustees shall be appointed and vacancies shall be filled as provided in the plan adopted under section ninety-five of the insurance law. Said trustees shall file with the corporation a verified acceptance of their appointments and declaration that they will faithfully discharge their duties as such trustees. All dividends and other sums received by said trustees on said shares of stock so acquired, after paying the necessary expenses of executing said trust, shall be immediately repaid to said corporation for the benefit of all who are or may become policyholders of said corporation and entitled to participate in the profits thereof, and shall be added to and become a part of the surplus earned by said corporation and be apportionable accordingly as a part of said surplus among said policyholders. Section twenty-five of the general corporation law and section eleven of the personal property law shall not apply to the trust hereinbefore authorized. Any domestic insurance corporation may, by the direction and consent of two-thirds of its board of directors, managers or finance committee, invest, by loan or otherwise, any such surplus moneys or funds in the bonds issued by any city, county, town, village or school district of this state, pursuant to any law of this state. Any corporation organized under subdivision one-a, section one hundred and seventy of this chapter, for guaranteeing the validity and legality of bonds issued by any state, or by any city, county, town, village, school district, municipality or other civil division of any state, may invest by loan or otherwise any of such surplus money ́s or funds as provided in section one hundred of this chapter. Every such domestic corporation doing business in other states of the United States or in foreign countries, may invest its funds in the same kind of securities in such other states or foreign countries as such corporation is by law allowed to invest in, in this state. Any life insurance company may lend to any policyholder upon the security of the value of his policy a sum not exceeding the lawful reserve which it holds thereon, and such loan shall become due and payable and be satisfied as provided in the loan agreement or policy. But nothing in this section shall be held to authorize one insurance poration to obtain, by purchase or otherwise, the control of any other insurance corporation. The assets of every domestic mutual insurance corporation, to the extent of an amount equal to the minimum capital required of a like domestic stock corporation, shall be invested and kept invested in the same class of securities specified for the investment of the minimum capital of like domestic stock insurance corporations. The residue of the cor |