said, on any part or the whole of said route, for the space of two weeks during that part of each season when the steam boats shall run on the lake as aforesaid, it shall and may be lawful for any person or persons to run any stage or stages on such part or the whole of said route as shall be neglected to be run as aforesaid, for that particular season while the said steam boats shall continue to run, and no longer, and shall not thereby be liable to the above penalty: Provided further, that nothing in this act contained shall be so construed as to prevent of the running of stages, by any person or persons, from any place south of lake George, to and from lake George: Provided further, that nothing herein contained shall be deemed or construed to prevent any future legislature, at any time within the period aforesaid, to repeal or in any manner modify and amend this act, I. BE it enacted by the people of the State of New-York, represented in senate and assembly, That from and after the second day of May next, all that part of the county of Montgomery, including the towns of Salisbury and Manheim, and that part of the town of Minden, beginning on the southerly bank of the Mohawk river, opposite the mouth of east Canada creek, and running thence south to the north line of Otsego county, on a line parallel with the western boundary line of said town of Minden, shall be annexed to the county of Herkimer. II. And be it further enacted, That all that part of the town of Minden, included witin the limits aforesaid, be a separate town by the name of Danube; and the first town meeting therein shall be held at the dwelling house of Thomas and E. B. Hitchcock, in the said town, on the thirteenth day of May next, at ten o'clock in the forenoon; and as soon thereafter as conveniently may be, the overseers of the poor of the said town of Danube, aud the said remaining town of Minden, shall divide the poor and poor monies of the said present town of Minden, according to the present tax lists; and all other town charges already incurred by the said present town of Minden, shall be audited and levied by the supervisors of the counties of Montgomery and Herkimer respectively, in proportion to the present assessment lists in said town; and after the said first town meeting in said town of Danube, the future towa meetings therein shall be held on the first Tuesday in March in each year, CHAP. CLXXXV. AN ACT to incorporate the Bank of Washington and Warren. WHEREAS, Zina Hitchcock, Micajah Pittit, Roswell Westou, Roger Skinner, William A Moore and John Doty and others, associated as a company, under the name and style of "the bank of Washington and Warren," by their petition, presented to the legislature, have prayed for the privilege of being incorporated as a company and body corporate: Therefore, Preamble. Declared a Provisa I. BE it enacted by the people of the State of New-York, represented in Senate and Assembly, That all such persons as shall be stockholders of the said bank, shall be, and hereby are ordained, body corps constituted and declared to be, from time to time, and until the first rate. day of January, which will be in the year of our Lord one thousand eight hundred and thirty-two, a body corporate and politic, in fact and in name, by the name of " the president, directors and company of the bank of Washington and Warren;" and by that name, they and their successors, until that day, may and shall have succession, and shall be in law persons capable of suing and being sued, pleading and being impleaded, answering and being answered unto, defending and being defended, in all courts and places whatsoever, and in all manner of actions, suits, complaints, matters and causes whatsoever; and that they and their successors may have a common seal, and may change and alter the same at their pleasure; and also, that they and their successors, by the aforesaid name of incorporation, shall be in law capable of purchasing, holding and conveying any estate, real or personal, for the use of the said corporation: Provided, that the real estate which it shall be lawful for the said corporation to hold, shall be only such as shall be requisite for its immediate accomodation in relation to the convenient transaction of its business, or such as shat have been bona fide mortgaged to it, by way of security, or conveyed to it in satisfaction of debts previously contracted, in the course of its dealings, or purchased at sales upon judgments which shall have been obtained for such debts: And provided, that the said bank shall be established in the village of Sandy-Hill, and that its opererations of discount and deposit shall be carried on in the said village of Operations in Sandy-Hill, and not elsewhere: And provided also, that it shall not be lawful for the said bank to issue any notes or bills, until an affidavit by the president and cashier of said bank shall be made and filed in the clerk's office of the county of Washinton, stating, that the sum of twelve and a half per cent. upon each share of the capital stock of said bank has been actually paid into the said bank by the several stockholders, in specie: And further, that the said corporation shall not, directly or indirectly, deal or trade in buying or selling dealings. any goods, wares, merchandises, or commodities whatsoever, or in buying or selling any stock created under the United States, or any particular state, unless in selling the same when truly pledged by way of security for debts due to the said corporation. Sandy-Hill. Restricted in II. And be it further enacted, That the capital stock of said stock. ged by 13 di and woen chosen. corporation shall be four hundred thousand dollars; and that a share in said stock shall be fifty dollars. III. And be it further enacted, That the stock, property affairs To be mana and concerns of the said corporation, shall be managed and conducted rectors-how by thirteen directors, to be appointed and chosen in manner hereinafter mentioned, who shall be stockholders, and citizens of this state, and shall hold their offices for one year, and until others shall be chosen in their places; the election for directors shall be held on the first Monday of November in each year, at such time of the day and at such place within the village of Sandy-Hill as a majority of the directors shall appoint; and public notice shall be given, not less than thirty days previous to the time of holding said election, by an advertisement to be inserted in one of the public newspapers printed nearest the said village of Sandy-Hill; the said election shall be made by the stockholders in the said corporation, either in person or by proxy; and all elections for directors shall be by ballot; each stockholder shall be entitled to a number of votes equal to the whole number of shares which he or she shall have held in his or her name at least thirty days previous to the time of voting, that is to say, one vote for each and every share; and the thirteen persons who shall have the greatest number of votes as aforesaid, shall be directors; and if it should happen at any election, that two or more persons elected as aforesaid, shall have an equal number of votes, then the said commissioners, at the first election, and afterwards the directors in office at the time of such election, or major part of them, shall proceed to ballot, and by plurality of votes determine which of the said persous, so having an equal number of votes, shall be director or drectors, so as to complete the whole number so to be elected; and the directors, as soon as may be thereafter, shall proceed, by ballot, to elect one of their number to be their president; and if any director living in the village of Sandy-Hill, shall remove out of the same, his office shall be considered as vacant; and all vacancies in the directors shall be filled for the remainder of the year in which they shall happen, by such person or persons as the remainder of the directors, or a majority of them, shall appoint. IV. And be it further enacted, That Micajah Pettit, Roswell Commission. Weston, John A. Ferris, Halsey Rogers, William A. Moore, John ers to open Bliss and Daniel Shepherd, shall be commissioners, whose duty it books. Notice. shall be, on or before the first Monday of June next, at some proper place in the village of Sandy-Hill, to open books to receive subscriptious to the capital stock of the said bank; and public notice shall be given by the said commissioners, of the time and place of opening such books, in all the newspapers printed in the counties of Washington and Warren, for at least four weeks; and it shall be the duty of the said commissioners to keep said books open for the space of one week, and to receive the subscriptions of all persons inclined to subscribe therein, being residents of this state; and the said commissioners shall demand and receive from any subscribers at the time of the subscription, the sum of one dollar on each share so subscribed in specie; and if the number of shares so subscribed, shall exceed eight thousand shares, the said commissioners shall apportion the same among the several subscribers in proportion to the amount of their several subscriptions; and the said commis sioners shall be inspectors of the first election of directors of said bank, and shall certify under their hands the names of those duly elected, and deliver over to them the subscription books, together with the deposit in money on the stock so subscribed; and the time and place of holding such first election shall be fixed by the said commissioners, and public notice for at least thirty days of the time and place of such election shall be given by the said commissioners as aforesaid; and the directors so chosen shall hold their offices until the first Monday of November next; and in case the said number of eight thousand shares should not be subscribed for in the books directed by this act to be opened by the commissioners as aforesaid, within the time aforesaid, then subscriptions shall be opened and kept open, under the directions of the said commisioners, at such times and places as they shall think proper, until the whole number of shares shall be subscribed. time V. And be it further enacted, That in case it should at any happen, that an election of directors should not be made on the day prescribed by this act, the corporation for that cause shall not 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 according to the by-laws and regulations of the said corporation. VI. And be it further enacted, That the directors for the time By-laws. being, or a majority of them, shall have full power to make and prescribe such by laws, orders, rules and regulations as to them shall appear needful, touching the management and dispositions of the stock, property, estate and effects of the said corporation, and the time and manner of the discounts and deposits made in and by the same; the duties and conduct of the officers, clerks and servants employed therein, the election of directors, and all such matters as appertain to the business of a bank; and shall also have power to appoint as many officers, clerks and servants, for carrying on all aud singular the said business, and with such salaries and allowances, as to them shall seem meet: Provided, that such by-laws, orders, rules and regulations be not repugnant to the constitution and laws of this or the United States. Transfer VII. And be it further enacted, That no transfer of stock shall be valid or effectual, until such transfer shall be registered in a stook. book or books to be kept for that purpose by the directors, and unless the person making the same shall previously discharge all debts due by him or her to the said corporation, which exceed in amount the residuary stock of such person. VIII. And be it further enacted, That the total amount of debts Directors liat any time and in any manner due by the said corporation, over and able. above the specie then actually deposited in the bank, shall not exceed three times the sum of the capital stock subscribed and actually paid into the said bank; and in case of any excess, the directors under whose administration the same may have happened, excepting those who dissented therefrom or were not present when the same did happen, shall in their individual and private capacities be liable for such excess, and the estate of the said corporation shall likewise be liable. tory, &c. IX. And be it further enacted, That the bills obligatory and of Bills obliga credit under the seal of the said corporation, which shall be made to Z Specie pay. ments. The Attor ney-general shall prose eute for of fences. Directors call. any person or persons, shall be assignable by endorsement thereon, under the hand or hands of such person or persons, his, her or their assignee, or assignees, and so as absolutely to transfer and vest the property thereof in each and every assignee or assignees respectively, and to enable such assignee or assignees to bring and maintain an action thereupon, in his, her or their own name or names; and bills or notes which may be issued by order of the said corperation, promising the payment of money to any person or persons, his, her or their order, or to bearer, though not under the seal of the said corporation, shall be binding and obligatory upon the same, in like manner, and with the like force and effect, as upon any private person or persons, if issued by him, her or them, in his, her or their private capacity or capacities, and shall be assignable or negociable, in like manner as if they were so issued by such private person or per sons. X. And be it further enacted, That if, at any time after the passing of this act, the said president, directors and company should refuse, on demand being made at their banking house, during the regular hours of doing business, to redeem in specie, or other lawful money of the United States, their said bills, notes, or other evidences of debt, issued by the said company, the said president, directors and company shall, on pain of forfeiture of their charter, wholly discontinue and close their said banking operations, either by way of discount or otherwise, until such time as the said president, directors and company shall resume the redemption of their bills, notes or other evidences of debt, in specie, or other lawful money of the United States: And the said bank shall be liable to pay for all notes or bills or evidences of debt, due from them, which shall have been so demanded, and which shall not have been paid in specie as aforesaid, damages at and after the rate of ten per centum per anDum, until the same shall be so paid or otherwise satisfied: And in case the said president, directors and company shall at any time hereafter offend against either of the provisions of this act, it shall be the duty of the attorney-general of this state, by information or otherwise, to prosecute said company for such offence, and on conviction thereof their charter shall be deemed void; and in case the said corporation shall at any time be dissolved, the stockholders thereof shall be responsible for the debts of the said corporation, to the amount of the stock held by each at the time of such dissolution. XI. And be it further enacted, That it shall be lawful for the directors for the time being, to call and demand of the stockholders may make respectively, all such sums of money by them subscribed, or to be subscribed, at such time and in such proportions as they shall see fit, under the pain of forfeiture of their shares, and all previous payments made thereon, to the said company; always however giving sixty days previous notice of such call and demand, in one or more of the newspapers published in the said counties. Dividends. XII. And be it further enacted, That it shall be the duty of the directors to make half-yearly dividends of so much of the surplus profits of the said bank, as they or a majority of them shall deem advisable; and that the said corporation shall not demand any greater interest on a loan or discount, for a time not exceeding sixty days,, than at the rate of six per centum per annum. |