§ 4. Upon the receipt of such bond by the said commissioners, it shall be lawful for them to assign and transfer the same to any person or persons, or corporation, who shall pay to such commissioners the amount of principal money agreed to be paid by said bond, without discount or deduction; and such bond, when executed and assigned, shall be deemed to be, and shall be in law a valid debt against the said town of Champlain. pervisors to § 5. It shall be the duty of the board of supervisors of Bond of Bu the county of Clinton, at their next annual session, to levy levy tax. and assess on the taxable property of said town, in the same manner as other town charges are levied and assessed, a sum sufficient to pay the first instalment of principal and interest, to become due by said bond on the first day of April, eighteen hundred and fifty-nine; which sum shall be collected in the manner provided by law for the collection of other town charges, and shall be paid by the collector to the treasurer of said county, to be by him paid upon such bond. And it shall be the duty of said board of supervisors, at each successive annual session of such board, to provide in the manner above specified for the payment of the remaining instalments and interest, to become due in each year until the said bond shall be fully paid and satisfied, and which amounts respectively, shall be collected and paid over in each year as above provided. § 6. This act shall take effect immediately. Law amend. ed. Corporation, how dis solved. Petition. Statement. To accompany petition. Chap. 10. AN ACT to amend an act entitled "An act for the incorporation of companies formed to navigate the lakes and rivers," passed April fifteenth, eighteen hundred and fifty-four. Passed February 18th, 1858. The People of the State of New York, represented in Senate and Assembly, do enact as follows: SECTION 1. The act entitled "An act for the incorporation of companies formed to navigate the lakes and rivers," passed April fifteenth, eighteen hundred and fifty-four, is hereby amended by adding thereto the following sections: § 28. Whenever the directors of any such corporation, or a majority of them shall, for any reason, deem it beneficial to the interests of the stockholders that such corporation should be dissolved, they may apply by petition to any court of record of superior jurisdiction, or a judge or justice thereof sitting or residing in the county in which an office or place of business of such corporation is located, for a decree dissolving such corporation pursuant to the provisions of this act. § 29. Every such petition shall contain a statement of the reasons why the petitioners desire a dissolution of such corporation, and it shall be sufficient to annex thereto: 1. A general statement of the nature, kind and value of the property and assets of such corporation, so far as known to such petitioners. 2. The amount of capital stock of such corporation subscribed, and the amount paid thereon. 3. The names and places of residence of the stockholders, and the number of shares held by them respectively, so far as the same are known to such petitioners. 4. A statement of all mortgages, judgments and other incumbrances upon the property of such corporation, so far as the same are known to such petitioners. 5. A statement of the amount of the indebtedness of such corporation, as nearly as such petitioners have been able to ascertain the same, and so far as they are able, the names and residences of such of the creditors as are non-residents of the county in which the petition shall be presented, and the amount due to them respectively. 30. To every such petition there shall be annexed an Affidavit to affidavit of the petitioners or the president and secretary of petition. the corporation, that the facts stated in such petition, and in the accounts, inventories and statements contained therein or annexed thereto, are true to the best of the knowledge, information and belief of the persons making such affidavit. to be filed persons in § 31. Upon such petition, statement, accounts, inventories Petition, &c., and affidavit being presented to such court, judge or justice, and order they shall direct the same to be filed and an order to be entered to entered in the proper clerk's office, requiring all persons terested, &c. interested in such corporation to show cause, if any they have, before the same court, judge or justice, at a time and place to be specified in such order, why such corporation should not be dissolved, and notice that such application has been made, and of the time and place for hearing the same, shall be published for at least ten days before the day of hearing in one or more daily newspapers, as such court, judge or justice shall by such order direct. Such court, judge or justice shall also require such notice, of at least ten days, to be served by mail or otherwise on such of the creditors and stockholders of such corporation, so far as known. heard by § 32. At the time and place appointed in such order, such Parties to be court, judge or justice shall proceed to consider such appli- court, &c. cation, and shall hear the parties interested, and such proofs as may be presented, and may adjourn the hearing from time to time as shall be necessary. If it shall appear to such court, judge or justice, that for any reason, a dissolution of such corporation will be beneficial to the stockholders, and not injurious to its creditors, or to the public interests, an order or decree shall be made and entered appointing one or more receivers of its estate and effects. may be ro § 33. Any of the directors or officers of such corporation, Directors or any of its stockholders, may be appointed such receivers ceivers. or receiver. Before entering upon the duties of their appointment, they shall give and perfect such security to the people of this state as such court, judge or justice shall direct, conditioned for the faithful performance of the duties of their appointment, and for the due accounting for all moneys which may come to their hands as such receivers. § 34. Upon perfecting and filing such security as herein Security filed, &c. Creditor when to be paid. Court to issue orders sale of security, &c. before required, an order shall be made and entered dissolving such corporation, and it shall thereupon cease and be dissolved; and such receiver or receivers shall thereupon be vested with all the real and personal estate and property which such corporation was possessed of or entitled to at the time of filing such petition, or at any time thereafter, and shall be trustees of such estate and property for the benefit of the creditors and stockholders of such corporation. § 35. When there are sufficient funds on hand to pay off and discharge any one or more creditors, the said receiver may, with the assent of the other creditors, appropriate such funds exclusively to the payment of any debts, or with the consent of all the creditors, unprovided for by the funds on hand, may pay any debt in any of the assets or property of the said corporation. After any debts shall have been provided for or paid as aforesaid, the property and assets of the said corporation, with the consent of all the remaining creditors, may be sold upon such terms in all respects, either payable in stock or otherwise, as the said judge, court or justice may deem expedient for the interests of all parties interested therein. § 36. Such court, judge or justice may from time to time authorizing make such orders authorizing the sale by such receiver or receivers, at public auction or otherwise, upon such terms of payment, upon credit (not exceeding two years) or otherwise, and upon such security, as shall be deemed for the interest of the creditors and stockholders of such corporation, and may also from time to time make such orders and give such directions as may be expedient and proper in reference to the duties of such receiver or receivers, the closing up of the affairs of such corporation, the liquidation and payment of its debts and liabilities, and the distribution among the stockholders of any surplus which may remain of its property and assets. Inability of judge, &c., to attend. § 37. In case of the inability, from absence or any cause, of any judge or justice before whom any proceedings under this act are pending, to act therein, such proceedings may be continued before any other judge or justice of the same court, or of the supreme court in that judicial district. Provisions of $38. The provisions of article third of title four, chaputes to apply ter eight, part third of the revised statutes, so far as they to receivers relate to the powers and duties of receivers, and the distribution and disposition of the property and estates of corpo revised stat under this act. rations, on the voluntary dissolution thereof, and are not inconsistent with the provisions of this act, shall apply to receivers appointed, and the property and estates of corporations dissolved under this act, but nothing in this section. contained shall be taken or construed to limit or restrain the powers herein before conferred by this act on the court, judge or justice therein mentioned. 39. This act shall take effect immediately. Chap. 11. AN ACT to amend an act entitled "An act for the construction of a workhouse in the county of Monroe," passed May 27th, 1853. Passed February 18th, 1858, three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows: ed. SECTION 1. Section fourteen of an act entitled "An act Law amendfor the construction of a work-house in the county of Monroe" is hereby amended so as to read as follows: of certain ment, &c., to to said work §14. It shall be lawful for the board of Supervisors in Supervisors either of the counties of Livingston, Steuben, Yates, Sene- counties to ca, Ontario, Wayne, Orleans, Genesee and Niagara, to make agreeenter into an agreement with the board of supervisors of send persons the county of Monroe (or with any person in their behalf house, etc. and by them appointed), to receive and keep in said workhouse any person or persons, who may be sentenced in either of said counties to confinement in the jail of said county, for any time not less then three months; and it shall be the duty of the sheriff of any of the said counties for which such agreement may be made as aforesaid, upon receiving notice thereof in writing from the board of supervisors of such county, to convey all persons sentenced to confinement in the jail of said county, for a term not less |