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funds, how made.

risks are end

of the insur

or capital stock of the said corporation, which may have been loaded by the said corporation, and all debts of any nature, whidi may be due to the said corporation; and after the funds aod property of the said corporation shall have been thus collected and received, to make an equal division of the same among the stock holders, in the propor:

Division of tion that they shall be equitably entitled to, by the number of shares of the stock of the said corporation which they may respectively own; mad and after all the property of the said corporation shall have been thus divided and paid over, the said corporation shall cease and be dissolved. Provided however,

VI. And be it further enacted, That before any division of any part of the funds of the said corporation shall be made as aforesaid, Before divi. the directors shall discharge all debts which the said corporation to be disahar. may owe; and no distribution or division of any part of the funds or ged and paid. capital of the said corporation shall be made as aforesaid, while the r

Not to take said corporation shall have any risk of insurance unexpired, or while place untilell the said corporation shall, in any way, be pledged to any person er ed. Unless persons as insurers, unless the consent of such person or persons shall with consent be previously obtained, and be explicitly expressed in writing, under ed. the hand of such person or persons; and in case such division or distribution as aforesaid, shall be made while the said corporation shall be in lebted to any person or persons, or while the said corporation shall be pledged as insurers to any person or persons, and without having previously obtained, as aforesaid, the consent of such person or persons, then the directors who shall have consented to such division or distribution of the funds and capital of the said corporation, shall be liable in their individual and private capacity, to the Directors lie extent of any such unsatisfied debts by the said corporation, and to alie ma the extent of any demaods which would have been valid against the said corporation, on account of such pledges as insurers; and each stockholler shall also be accountable, to the extent of the portion of the capital or funds of the said corporation, which he may have received by virtue of the distribution or division of the fuods or capital of the said corporation

VII. And be it further enacted, That if it should at any time happen, that an election for directors should not be made on any day Corporation when, pursuant to to this act, it ought to be made, the said corporation not to be din

“solved. shall not for that cause be decmed to be dissolved or forfeited; but it shall apd may be lawful, on any other day, to hold an election for Election held

w on any other directors, in such way as may have been prescribed by the by-laws day. of the company; and the said corporation shall not be subject to forfeiture for any non-user, prior to the fifth Tuesday of June, which will be in the year one thousand eight hundred and eighteen. Provided, such non-user shall be caused by inability to obtain subscribers to Not void by the stock of this corporation, or from any other cause, which may retard the operations of the said corporation.

VIII. And be it further enacted, That Bryan Johnson, James S. Kip, and Alexander B. Jobiison, or any two of them, shall be joint ers appointed commissioners for receiving subscriptioos to the stock created by this subscriptions act, or so much thereof as is not remaining unsubscribed ; and such securities may be received, and such payments required at the time of subscribing, as the said commissioners shall deem proper; and also, such advantages may be secured to stockholders, in the terms ou

non-user.

sal Diyau VUDWUD, van

Commission

o receive

surance to be

secretary.

of Utica.

Tenure of office.

stock.

ments.

Terms of in which they shall be enabled to efect insurance, as the said commiss arrang'a with siovers shall deem most effectual, for the purpose of obtaining substockholders. scribers to the stock of the said corporation, and most conducive to

the interest and prosperity of the corporation; and the said commisTreasurer & sioners may appoint froni among the stockholders a treasurer, and a

secretary, who shall officiate and perform such duties as may appertaio to those offices, until the first election of directors under this act, and as much longer as the said directors shall please aod permit; and the first election of directors shall be made in the manner lierein before

prescribed, and at such time and place in the village of Utica, as the Election in said commissioners shall determine; and they shall give public notice the village of Utica. in the manner hereio before directed, of the number of directors to be * Time when. elected, and of the time and place; and the directors then and there

elected, shall hold their offices from such day, until the first Tuesday of July which may next succeed.

IX. And be it further enacted, That the directors for the time calls to be being shall have power to call and demand from the stockholders made on the respectively, at such time or times as they shall think 'proper, the

remainder of all sums of money, by the said stockholders subscribed

or to be subscribed, and in such proportions as they shall see fit, Forfeiture or under pain of forfeiting to the use and benefit of this corporation former pay. their shares, and all previous payments and securities made thereon,

if such payments be neglected after the same ought to be made ; aod 30 dayspotice thirty days notice of such call and demand, shall be published in given. flow not less than two of the public newspapers published in the westeru

district, of which, at least one shall be published in the village of Utica, anil such publication shall in every case respectively be considered a sufficient call and demand as aforesaid. And further, the said directors shall have power to make and pursue such by

laws, rules and regulations as they shall deem proper, touching the directors:

management of the stock, property, estate, effects and concerns of the said corporation, the election of directors, the transfer of stock, the employment of the clerks, officers, servants, and agents of this corporation, and the investment of the funds of the corporation, which the business of insurance may not actively employ. Provided however, that such investments, by laws, rules and regulations shall not be repuguant to the constitution and laws of this state, or of the United States, nor forbidden by this act in the restrictions and prohibitions on this corporation herein after contained.

X. And be it further cnacted, That the stock of the said corpo. Stack trans- ration shall be assignable and transferable, according to such rules

and regulations as shall be established by the by-laws of the company; and no transfer of stock shall be effectual, until entered in a book to be kept for that purpose by the directors, and they may refuse to transfer the stock of any stockholder who is indebted to the company, or to pay him any dividend, uutil such debt be paid or secured to be paid, to the satisfaction of the directors.

XI. And be it further enacted, That the said corporation hereby To appoint oflcers of the created, shall have power to appoint such and so many officers, company. clerks, firemen, servants, and agents, as they shall deem necessary

for the due management of their business, and to diemiss the same,

and appoiot others at their pleasure. And also, that the said corpo: To bold real ration shall have power to purchase and hold such and so much real

&c. estate, or to bire the same by lcase, as shall be necessary and con

Powers of the

Curable.

estate, &c.

sage, &c.

mortgage &cc.

Fenicot for the said corporation, its ollicers and servants, for the due transaction of its business ; and that it shall not hold any land or lenement for any other purpose or design whatever, excepting,

XII. And be it further enacted, That the said corporation may receive, take and hold mortgages on any real estate, chattele or

To receive tenements, if the same shall be bona fide mortgaged or pledged to pledges by the said corporation, to secure the payment of any shares which may way

way of mort be subscribed to make up the capital stock of the said corporatiou, or to secure the payment of any debt which may become due to the said corporation, by any means howsoever. And the said corporation shall have power to proceed on the said mortgages, or on any other security for the recovery of the money thereby secured to them, either at law, or in equity, as any other body corporate, or any in- mortgages

" To foreclose dividual might, is, or shall be authorised to proceed, were he or it the one to whom the securities had been given. And it shall be lawsul for the said corporation to purchase on sales made by virtue either of a judgment at law, or decree, or order of a court of equity, or otherwise, and to take any real estate io payment, or towards satisfaction of any debt, or sum of money due to the said corporation, and to hold such real estate, so to be purchased, or received, or taken as last aforesaid, until they cap conveniently sell and convert the same into money or other personal property : Provided always, in every such transaction, that the said corporation shall be bound to provided that make such sale or conversion, within five years after it may have real estate

bove the sale of acquired such real estate, and in default thereof the same shall im- acquired by mediately, on the expiration of the said five years after such trans- shall be dispo action respectively, be forfeited ard vested in the people of this

sed of within

5 years, state.

XHI. And be it further enacted, That it shall be the duty of the directors to make half-yearly dividends of so much of the profits dende of this corporation, as they shall deem advisable: Provided however, that no divideod shall be declared, if any losses shall have diminished No dividend the amount of the capital stock; and in case of such diminution, the to be made

where the dividends shall be discontioued until the accumulated profits shall capital stock have supplied the amount of which the capital was deficient.

by luss. XIV. And be it further enacted, That the stock of the said cor.. poration shall be deemed and coosidered personal estate; and in re

ck personspect to all debts which shall be contracted by the said corporation, aleviate. before the time limited for the expiration of this act, the persons composing the said corporation, at the time of its dissolution, shall be When the respousible in their individual and private capacity, to the extent of charter ex.

pires each o their share of the funds and property of the institution, and no further, be liable tă on any suit or action, to be brought or prosecuted, after the dissolu- his

his share. tion of the said corporation.

XV. And be it further enacted, That at every regular meeting of the board of directors, a majority of the directors present shall be Meierite of competent to decide on all business and concerns relating to this directors to

of the decide corporation ; and on the occasional or accidental absence of the presirlent, the board shall be permitted to appoint one or more presidents pro tempore, to officiate in his absence, who shall on such In the elbo occasions be competent to perform all the duties which the president president, may perform by virtue of any by-law of the corporation; and any appointmentcom policy or engagement, signed by the president, and attestcd by the

is diminished

the extent of

Every policy secretary, when done conformably to any by-laws of the directors, signed by the president and shall be valid against, and effectually biod the said corporation, attested by

eborn without the presence of a board of directors, and as effectually as if the secretary valid. under the seal of the said corporation. Provided however,

XVI. And be it further enacted, That no policies or engagements wbatever, which shall as aforesaid be entered iuto by this corporation, with any individual, body corporate or politic, either without the seal of this corporation or otherwise, shall be trans

ferable: negociable, or assignable, so as to give such second holder The consent or assignee a claim on the said corporation, either io his own

o corpo name or in the name of the person originally concerned, unless the sary to trans, consent of this corporation shall have been previously obtained, and fer and negociatea policy. endorsed in writing on such instrument, or unless such a privilege

form a part of the original agreement, and be expressly granted by this corporation.

XVII. And be it further cracted, That the first election for Election to directors shall be made by such persons as shall have subscribed for ose made by stock, or their proxies, and by so many of them as shall attend for that ure present. purpose, and no trausfer of stock previous to the first election for

directors shall be valid or effectual.

XVIII. And be it further enacted, That no part of the funds or .. capital of this corporation, which the business of insurance may not

actively employ, por any other part or portion whatever of the funds No partof the or capital of this corporation, shall at any time be by the said corpocapitale to be ration either directly or indirectly employed, to deal or trade in

buying or selling any goods, wares or merchandise; or in the purchase or sale of any grain or other produce, foreiga or domestic, or in buying or selling any funded or other stock, created by any act of the Congress of the United States, or of any particular state ; or iu buying or selling the stock of any bark, or in loaning any money, and issuing any notes as lierein before prohibited. Provided honever,

XIX. And be it further enacted, That the said corporation shall

be permitted to receive any such stock or funds, to make up or secure secured for any part of the capital subscribed to this corporation, or to secure debts due.

the payment of air debt due to the corporation. And the said funds or stocks, after so received, to sell, when the occasions of the company shall require it. · XX. And be it further enacied, That this act shall be, and is

hereby declared to be a public act, and the same shall be, for the Thisdeclared time herein before limited, coustrued in all courts and places benigoly a public agt.

“and liberally, to effect every beneficial purpose therein mentioned

and contained.

Stock to

be permitted

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AN ACT to vest certain lands in the Mayor, Aldermon and Commonalty of the city of New-York.

Passed March 29, 1816. WHEREAS the mayor, allermen and commonalty of the city of New York have by their memorial, represented to the legislature that they are desirous to become possessed of the lands, tenement:

and premises in the second ward of the said city of New-York, bounded south-westerly by Beekman's-slip, north-westerly by Front-street, north-easterly by Crane-wharf, and south-easterly by the East river, for the purpose of erecting thereon an extensive and commodious public market, and with the right of converting and disposing of the

Preamblea said laods and premises, for other public purposes, or otherwise, whenever they or their successors may deem the continuance of the said market there unnecessary; and that they are willing and desirous to defray the whole expense of the purchase of the said premises, out of the city treasury, upon the said premises being vested in them, ip fee simple, but that the present law presents difficulties which render legislative interference pecessary, and praying the aid of the le.. gislature in the premises: And whereas the said prayer appears reasonable, Therefore,

I. BE it enacted by the people of the State of New-York, repre. sented in Senate and Assembly, That it shall be lawful for the may. or, aldermed and commonalty of the city of New York, whenever they shall judge proper, to cause application to be made to the supreme court of judicature of this state, or to either of the justices Thereof, for the appointment of commissioners for the purpose of Sapreme performing the duties hereioaster prescribed ; and upon sach applica- court to ap tion, it shall be lawful for the said court or justice, to whun suel missioners. application shall be made, to nominate and appoint three discreet and disinterested persons, being citizens of the said ciiy,commissioners of estimate, for the purpose of performing the duties herein after prescribed; which said commissioners, before they enter upon the per- Oath to be formance of the duties of their appointment, shall severally take and taken. subscribe an oath or affirmation, before some person authorised by law to admioister oaths, “ faithfully to perform the trust and duties required of them by this act;" which oath or affirmation shall be,

Filed in filed in the clerk's office of the city of New-York: And it shall be clerk's office the duty of the said commissioners, as soon as conveniently may be after their appointment, to make a just and true estimate of the loss and damage to the respective owners, lessees, parties and persons respectively, entitled unto or interested in the lands, tenements, heredit. Appraisal to

be niade, and amenis and premises, lying and being within the above mentioned lim. report par.

ticularly. its, by aod in consequence of relioquishing the same to the said may. or, aldermen and commonalty of the city of New York, and to report thereon to the said suprenie court of judicature, without upnecessary delay; and in the said report the commissioners who shall make the same, shall set forth the names of the respective owners, les. sees, parties and persons entitled unto or ioterested in the lands, tene. meats, hereditaments and premises mentioned in the said report, and each and every part and parcel thereof, as far forth as the same shall be ascertained by them, and ad apt and sufficient desigoation or description of the respective lots or parcels of land, and other teue. ments, hereditaments and premises, lying and being within the above mentioned limits; but in each and every case and cases, where the Where owa: owners and parties interested, or their respective estates and interests known to are unkoown, or not fully known to the said commissioners, it shall be state in gras

ral terme. sufficient for them to estimate and to set forth and state in their said report, in general terms, the respective sums io be allowed and paid

to the owners and proprietors generally, of such lands, tenements, he. reditaments and promises, for the loss and damage to such owners,

es are un

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