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laetwyek, at the time of the division thereof, between the said two towns, in an equitable manner ; and the faid to was, respectively, shall thereafter maintain their respective poor.
XII. And be it further enacted by the authority aforesaid, That it shall and may be lawful for the supervisors and overseers of the poor of Watervliet and Coeymans, for the time being, to divide the poor now maintained by the said towns between the same two towns, in such manner as they, or the major part of them, shall judge to be just and equitable; and each of the said towns shall thereafter support their own poor respectively.
CH A P. XXXV. AN ACT for laving out and regulating cerlain Roads over the Elopus L
Lands, in the County of Ulftsr, and for ascertaining the lines bct:een the Towns of Goshen, Warwick and Minnifink, in the County of Orange.
Palled 18th March, 1791. HEREAS many the , in
the county of Ulfter, have, by their petition, represented to the legislature, that it will be necessary to lay out a public road or roads, over the Efopus Low Lands, to the bridge lately erected over the Esopus creek, but that it would be highly inconvenient that the said road or roads should be of the breadth of four rods, as at present directed by law, by reason of the expence which would attend the fame ; Therefore,
1. Be il enacted by the people of the ftale of New York, represented in fenate and assembly, and it is hereby enabled by the authority of the fine, That it
Ihall and may be lawful for the cominillioners of highhighways in Kingston ways of the said town of Kinglton, or the major part of to lay out a certain them, to lay out such common road or roads, across the Landstwo roads wide. said Low Lands, as may be judged expedient, and that the
breadth thereof from the place of leaving the main road from Kingston to Hurly, to the aforesaid bridge, and from the faid bridge northerly over the said Low Lands, shall be two rods wide. Provided nevertheless, That the faid commissioners or the major part of them, Ozall in all refpects, except as is herein before mentioned, pursue and be governed by the directions and provisions of the act, entitled, An act for the better laying out, regulating and keeping in repair, all common and public highways and private roads, in the counties of Ulster, Orange, Dutchess, Wafhington, Westchester, Albany and Montgomery, palled the 4th of May, one thoufand seven hundred and eighty-fou
II. And be it further enačied by the authority aforefroid, Commissioners to That the faid commissioners of the highways, or the major to be eredied and kept part of them, shall cause to be erected, and kept at the exon faid roads.
pence of the faid town of Kingston, such swinging gates on faid roads, as may be by them, or the major part of them, thought necessary or expedient, not exceeding three, and that any person or persons, who thall open and leave open the said swinging gates, or either of them, shall respectively be liable, for each offence, to the penalty of eight shillings, to be recovered, with costs of suit, before any justice of the peace in the said county of Ulster, and the monies therefrom arising, shall be applied towards the erecting or repairing such swinging gates, or to such other objects as the corporation of the said town of Kingston inay deem meet.
III. And whereas, The towns of Goshen and Warwick are bounded weiterly by the Walkill, and the town of Minnilink is bounded southerly by the fame Kill, in the county, aforesaid, whereby the said Kill is included in neither of the said towns; Therefore, Be it further enacted by the authoriy Towns of Gohen aforefi.id, That the towns aforesaid, shall be, and they are and Warwick to ire hereby divided by the middle of the faid Walkill ; any thing
in any law to the contrary not withitanding.
divided by the suddle of Walkill.
с нА Р. XXXVI. An ACT to divide the Town of North-Caffle, in the County of Weftchefier.
Pafied 18th March, 1791. 1. BE
E il cnailed by the people of the hate of New-York, represented in jenate and asembly, and it is hereby enačked by the authority of the lume,
That from and after the firft Monday of April next, all that dirinted, and one part part of the town of North-Castle, in the county of Westand the viher New: chester, that lies east and south of a line, drawn from the
south-west corner of the town of Bedford, to the head of Brunx's River, where the same divides the town of Mount Pleasant, froin the town of North-Castle, shall be one separate town, by the name of NorthCastle ; and the first town-meeting for the said town of North-Calle, shall be held at the dwelling-house of Harrison Palmer: And all the remaining part of the said town of North-Castle, that lies west and north of the aforesaid line, thall be one other separate town, by the name of New-Castle ; And the first town-meeting for the town of New-Castle, flvall be held at the dwelling-house of Hannan Legget: And the said town of North-Castie, and the faid town of New-Castle, Thall feparately and severally, hold and enjoy, all the privileges and inmunities that the town of North-Castle held and enjoyed, by any former law of this state, at, and immediately before the palting of this act.
Il. And be it further enaĉica ly the authority aforesaid, That the poor of the town of Nortn-Castle, on the first Monday of April next, shallafterwards be divided by the town of North-Castle and the town of New-Cafile, in such proportions as the overseers of the poor for the time being, of the faid towns repectively, shall agree upon ; and in case of disagreement of the faid overseers, then, and in such proportions as the supervisors of the county, at their next annual meeting shall direct, any former law to the contrary notwithstanding.
снА Р. XXXVII. An ACT to incorporate the Stockholders of the Bank of New York.
Paffed 2ift March, 1791.
, a : under the style of the president, directors, and company of the bank of New York, by their petition prefented to the legislature, have prayed for the privilege of being incorporated, the better to enable them to carry on the purposes of their institution : Therefore,
I Be it enacted by the people of the fate of New-York, represented in ferrate and allemlıly, and it is hereby cnalicd by the authority of the fame, That
Beid tockholders all fuch persons as now are, or hereafter shall be stockhola years, by the naine of ders of the faid bank, Thall be, and hereby are ordained, éle president, direct constituted and declared to be, from time to time, and unde bank of New York til the fecond Tuesday of May, which will be in the year
one thousand eight hundred and eleven, a body corporate and politic, in fact and in name, by the name of the president, directors and
company of the bank of New-York; and that by that And sheerand their name, they and their succeffors, until the said second Tueltu luave continual fuc- day of May, one thousand eight hundred and eleven, shall gedoen in de boer sammen and may have continual fucceflion; and shall be persons Iyed in all actious in law capable of fuing and being sued, pleading and being whatsoever.
impleaded, answering and being answered unto, defending and being defended in all courts and places whatsoever, in all manner of actions, fuits, complaints, matters and causes whatsoever: And that they and their fucceflors may have a common feal, and may change and alter the fame at their pleasure ; and also that they and their successors, by the same naine of the president, directors and company of the bank of New York, shall be in law, capable of purchasing, holding and conveying any estate, real or perfonal, for the use of the said corporation.
II. And be it further cnuclcd by the authority aforeluid, Each fhare in said That a share in the stock of the said bank, shall be five hundid the whole amouni dred Spanish milled dollars, or the equivalent thereof in ceed 1830 : and the specie; and the number of fhares shall not exceed one whole amount of flock thousand eight bundred, exclusive of any shares that may nue to exceed onc mil- be Subscribed on the part of this state, and subscriptions shall * lion of dollars.
be kept open under the direction of the president and directors of the said bank, until the faid number of shares shall be filled, and the whole amount of the Rock, estate, and property which the said corporation Thall be authorised to hold, including the capital, stock or shares above mentioned, shall never exceed in value one million of dollars.
IHI. And be it further enacted by the authority aforesaid, Stock, and affairs of That the stock, property, affairs and concerns of the said ged by thirteen direca corporation shall be managed and conducted by thirteen be president, ali en be directors, one of whom to be the president, who shall hold chofen yearly, on a their offices for one year, which directors Thall be ftockhol. certain day.
ders, and shall be citizens of this state, and be elected on the fecond Tuesday of May in every year, at fuch time of the day, and at such place in the city of New York, as a majority of the dire&ors, for the time being, shall appoint; and public notice shall be given by the said directors, in two of the news-papers printed in the faid city,
of such time and place, not more than twenty, nor less than ten days previous to the time of holding the said election; and the faid election shall be held and made, by fuch of the faid stockholders of the said bank, as shall attend for that purpose, in their own proper persons, or by proxy; and all elections for directors shall be by ballot, and the thirteen persons who shall have the greatest number of votes at any election, shall be the directors, except as is herein after directed. And if it should happen at any election that two or more persons have an equal number of votes, in such manner that a greater number of persons than thirteen shall, by plurality of votes, appear to be chosen as directors, then the faid stockholders herein before authorised to hold such election, shall proceed to ballot a second time, and by plurality of votes determine which of the faid persons fo having an equal number of votes, shall be the director or di
rectors, so as to compleat the whole number of thirteen; and the faid di. rectors as soon as may be after the said election, Mall proceed in like manner to elect by ballot one of their mumber to be their president; and four of the directors which shall be chosen at any year, excepting the president, lhall be ineligible to the office of director for one year, after the expiration of the time for which they shall be chosen directors. And in case a greater num. ber than eight of the directors, exclusive of the prelident, who served for the lait
ye.it, Thall appear to be elected, then the election of such perion or perfons above the said number, and who shall have the fewest votes, shall be confidered as void, and such other of the stockholders as shall be eligible, and Shall have the next greatest number of votes, fhall be considered as elected in the room of such lait described person or persons, and who are hereby declared ineligible as aforesaid. And the prelident, for the time being, shall al ways be eligible to the office of director, but stockholders not residing within this state Thall be ineligible, and if any director (hall remove out of this state
his office shall be considered as vacant: And if any vacanmay happen, how to cy or vacancies mould at any time happen among the di
rectors by death, resignation or removal from this ftate, such vacancy or vacancies shall be filled for the remainder of the year in which they may happen by a special election for that purpose, to be held in the fame inanner as is laerein before directed respecting annual elections, at such time and place in the city of New-York, as the remainder of the dire&ors for the time being, or the major part of them, shall appoint. And the first directors shall be Isaac Roosevelt, William Maxwell, Thomas Randall, Daniel M'Cormick, Nicholas Low, William Constable, Joshua Waddington, Sainuel Franklin, Comfort Sands, Robert Bowne, Gulian Verplanck, John Murray and William Edgar, and shall hold their offices respectively, until the second Tuesday of May next.
iv. did be it further enalled by the authority aforesaid, 1! an election for That in case it should at any time happen, that an election be hellenanyppoin. of directors should not be made on any day, when, pursunote: De dilloved für ant to this act, it ought to have been made, the faid corpo
ration Thall not for that cause, be deemed to be dissolved,
but that it shall and may be lawful, on any other day, to hold and make an election of directors, in such manner, as shall have been regulated by the laws and ordinances of the said corporation.
V. And be it furih r enacted by the authority aforesaid, Stockholders entit: Thateach stockholder shall be entitled to a number of votes fer number of votes proportioned to the number of shares which he or the Chall in proportion to their have held in his or her own name at lealt three months prior by proxy. to the time of voting according to the following ratios, that is to say; at the rate of one vote for each share not exceeding four, five votes for fix shares, fix votes for eight shares, seven votes for ten shares, and one vote for every five Ihares above ten : Stockholders actually resident within the United States and none other, may vote in elections by proxy.
VI. And be it further encatcd by the authority aforesaid, Directors, half year. That it shall be the duty of the directors to make half yearly of the profits. ly dividends of so inuch of the profits of the said bank, as to them, or a majority of thein Thall appear advisable ; and that once in every three years, and oftener, if thereunto required, by a majority of the voies of the tłockholders, to be given agreeably to the ratios herein before established, they shall lay before the stockholders, at a general ineering, for their infor
mation, an exact and particular statement of the debts which shall have remained unpaid, after the expiration of the original credit, for a period of treble the term of that credit, and of the surplus of profits, if any, after deducto ing losses and dividends.
VII. And be it further enacted by the authorily aforesaid, Directors from time That the directors for the time being, or a major part of to time to make bye. laws,tor managing the them, shall have power to make and prescribe, such byeproperty fforiche de laws, rules, and regulations, as to them Mall
needful and en powered to ap- and proper, touching the management and dilposition of point their ownofficers
the stock, property, eitate and effects of the said corporation, and touching the duties and conduct of the officers, clerks, and servants employed therein, and touching the election of directors, and all fuch other matters as appertain to the bulineis of a bank; and shall also have power to appoint so many officers, clerks, and servants, for carrying on the said business, and with such salaries and allowances, as to them all léem meet. Provided, That such bye-laws, rules and regulations, be not repugnant to the constitution and laws of the United States, or of this state.
VIII. And be it further en.fied by the authority aforefuii, The flate entitled That this state shall have a right to subscribe any number of proper, to subscribe shares to the said bank, not exceeding in the whole, the any number of shares, number of one hundred, at any time, when they shall by
law, authorise any person or persons for that purpose, and the state shall have a right to increase the number of shares and stock, which the said corporation may hold, to the amount of the sum to be subscribed, if the number of shares herein before limitted shall be subscribed before such subscription shall take place, on the part of the state.
IX. And be it further enaĉed by the authorily aforefoid, Bank never to owe That the total amount of the debts which the said corpora the amount of their tion shall at any time owe, whether by bond, bill, note or azpital.
other contract, over and above the monies then actually deposited in the bank, shall not exceed three times the sum of the capital stock subscribed, and actually paid into the bank ; and in case of such excess, the directors, under whose administration it shall happen, shall be liable for the fame, in their natural and private capacities; but this fall not be construed to exempt the said corporation, or any estate real or personal, which they may hold as a body corporate, from being also liable for, and chargeable with the said excess; but such of the said directors, who may have been abfent when the said excess was contracted, or who may have disenied from the resolution or act, whereby the same was so contracted, may respectively exonerate themselves from being so liable, by giving immediate notice of the fa&, and of their absence or diffent, to the mayor or recorder of the city of New York, and to the ftockholders, at a general meeting, which they Bauk to emit no
shall have power to call for that purpose : And further, It motes payable in the mall not be lawful for the said corporation to einit any
notes, or contract debts, which shall be payable in the bills of credit, emitted by the laws of this state.
X. And be it further enacted by the authorily aforesaid, What kind of real That the lands, tenements, and hereditaments, which it the bank to lwll, and shall be lawful for the faid corporation to hold, shall be only
such as shall be requisite for its immediate accommodation, in relation to the convenient tranlačting of its busineis, or such as fhall have been bona fide inortgaged to it, by way of security, or conveyed to it in falisa
more than three times
bills of credit of this
for what use.