sell or purchase, as inducement to such insurance, or in connection. therewith, any stock, bonds or other securities of any insurance company, or other corporation or association, or any dividends or profits accrued thereon, or anything of value whatsoever, not specified in the policy, nor shall any insurance broker, his agent or representative, or any other person, directly or indirectly, either by sharing commissions or in any manner whatsoever pay or allow or offer to pay or allow as inducement to such insurance, or after the insurance shall have been effected, any rebate from the premium which is specified in the policy; nor shall the insured, his agent or representative, directly or indirectly accept or knowingly receive any such rebate from the premium specified in the policy; this section shall not prevent any corporation, person, partnership or association lawfully doing such insurance business in this state from the distribution of surplus and dividends to policyholders after the first year of insurance nor prevent any member of an inter-insurance or Lloyds association from receiving the profit on his or its underwriting; nor shall this section prevent any such corporation or other insurer, or his or its agent, from paying commissions to the broker who shall have negotiated for the insurance, nor shall this section prevent any licensed broker from sharing or dividing a commission earned or received by him with any other licensed broker or brokers who shall have aided him in respect to the insurance for the negotiation of which such commission shall have been earned or paid, and nothing herein contained shall be held to prevent the covering of risks by temporary binders or such other memoranda as do not conflict with the provisions of this chapter. No person shall be excused from attending and, when ordered so to do, from testifying or producing any books, papers or other documents before any court or magistrate, upon any investigation, proceeding or trial for a violation of any of the provisions of this section, upon the ground or for the reason that the testimony or evidence, documentary or otherwise, required of him may tend to convict him of a crime or subject him to a penalty or forfeiture, but no person shall be prosecuted or subjected to any penalty or forfeiture for or on account of any transaction, matter or thing concerning which he may have been required so to testify or to produce evidence, documentary or otherwise, and no testimony so given or produced shall be received against him upon any criminal investigation or proceeding. Any person or corpo ration violating the provisions of this section shall be guilty of a misdemeanor and shall forfeit to the people of the state the sum of five hundred dollars for each such violation. This section shall not apply to any contract of life insurance nor to any contract of insurance upon or in connection with marine or transportations risks or hazards other than contracts for automobile insurance, nor to contracts made by persons, associations or corporations authorized to do business under articles five, six, seven and nine of this chapter. § 2. This act shall take effect immediately. Chap. 417. AN ACT relating to the repaving of West Lincoln avenue and Became a law June 23, The People of the 1911, with the approval of the Governor. Passed, Accepted by the City. State of New York, represented in Senate and Assembly, do enact as follows: issue au Section 1. The common council of the city of Mount Vernon is Bond hereby authorized and empowered, by resolution adopted by it, to thorized. issue and sell bonds in the name, in behalf and upon the credit of said city, in an amount not exceeding forty thousand dollars, for the purpose of paying the cost of repaving said streets as widened. execu § 2. Said bonds shall be issued in the name and under the seal Bonds, of said city, signed by the mayor and comptroller thereof, and tion, etc shall be for the sum of one thousand dollars each. They shall be payable twenty years from the date of their issue, with interest payable semi-annually at a rate not exceeding six per centum per annum, and the principal and interest thereof shall be payable at the office of the treasurer of said city. They shall be numbered consecutively from one to the highest number issued, and shall be known and designated as "West Lincoln avenue repaving bonds," and be in such form as the common council shall prescribe, and shall contain a recital that they are issued pursuant to and in conformity with the provisions of this act; and the comptroller of £ale. Fund for payment of principal and in terest. said city shall keep a record of the number of each bond, its date, amount, rate of interest, when payable, and the name of the purchaser thereof. § 3. Said common council shall sell and dispose of said bonds, or any part thereof, at not less than par value and accrued interest, at public auction, or by sealed proposals, after giving at least ten days' notice thereof, such notice to be published at least once in each of the official newspapers of said city. § 4. While any bonds issued under this act shall remain unpaid, the comptroller of said city is hereby directed to draw a draft to the order of the treasurer of said city, payable out of the moneys collected in the next preceding tax levy, for the sum of not less than one-twentieth of the aggregate amount of the bonds theretofore issued under this act, as he may be directed by the common council; and the said treasurer of said city shall deposit the amount of each such draft in such bank or banks, trust company or trust companies as shall be designated by the common council. Such a draft shall be so drawn and a deposit so made on or before the first day of July in each year. Such money shall be deposited in the name and to the credit of the city of Mount Vernon, and all moneys so deposited shall be designated upon the books of the treasurer and comptroller of said city as “special sinking fund for payment of principal and interest on Lincoln avenue repaving bonds," and the principal and interest of bonds issued under authority of this act shall be paid out of said fund, upon order of the common council. The common council of said city is forbidden to order any warrant drawn upon the moneys in the special sinking fund directed to be created by this act, except such warrant be for the payment of principal or interest upon bonds issued by authority of this act, and any alderman voting for, or any official signing or issuing any warrant or draft upon the said special sinking fund except for the purpose authorized by this section shall be guilty of a misdemeanor, except that any balance remaining in said special sinking fund after the principal and interest on each and every bond issued under authority of this act shall be fully paid, shall be paid into the city treasury by the direction of the common council. § 5. This act shall take effect immediately. |