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New
$ 191-e,
added.
$30,000,000
serial bonds
authorized.

first, nineteen hundred thirty-six; and, third, to the reimbursement of any fund or funds from which moneys were advanced to liquidate budget appropriations of such city of the year nineteen hundred thirty-three and prior years, and thereafter to the payment of serial bonds issued pursuant to section one hundred ninety-one-f of this title.

After all obligations secured by any special fund, established subsequent to January first, nineteen hundred thirty-six, pursuant to section one hundred ninety-one-a of this title, shall have been fully paid and discharged, any moneys remaining in such fund or pledged to such fund and thereafter collected, may be withdrawn therefrom by the city during the fiscal year in which such special fund was established up to an amount equal to the difference between the amount of such obligations and the maximum amount of revenue bills issuable under section one hundred ninety-one of this title in anticipation of the collection of the installment of real estate taxes which is payable into such fund, as provided by this title, and any balance remaining after such payment of such obligations and such withdrawals not in excess of such difference, and any moneys pledged to such fund and thereafter collected, shall be applied to the payment of any obligations of such city issued under this title subsequent to January first, nineteen hundred thirty-six, other than serial bonds issued pursuant to section one hundred ninety-one-f of this title.

§ 2. Such title of such charter is hereby amended by adding thereto a new section, to follow section one hundred ninety-one-e, to be section one hundred ninety-one-f, to read as follows:

§ 191-f. Notwithstanding anything to the contrary contained in any general, special, or local law, the comptroller is authorized to issue during the year nineteen hundred thirty-six serial bonds in an amount not exceeding thirty million dollars, maturing in equal principal amounts in each year during a period not exceeding five years from their date, for the purpose of paying or retiring revenue notes of the issue of November first, nineteen hundred thirty-three. All interest upon such revenue notes shall be paid from sources other than the proceeds of the sale of such serial bonds. Any such proceeds, other than any premium or interest paid by the purchasers of such serial bonds, remaining after such revenue notes have been fully paid and discharged shall be transferred and paid into the special fund established pursuant to section one hundred ninety-one-c of this title and shall be administered as provided in this title. There shall be included in the budget in each year in which any of such serial bonds shall mature as an appropriation for the payment of such serial bonds maturing in such year an amount not exceeding the amount of such serial bonds maturing in such year less the amount which the comptroller estimates will be applicable to the payment thereof in accordance with the terms of section one hundred ninety-one-d of this title.

§ 3. This act shall take effect immediately.

amended.

CHAPTER 669
AN ACT to amend the county law, in relation to meetings of the board of

supervisors in Putnam county
Became a law May 22, 1936, with the approval of the Governor. Passed,

three-fifths being present The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. Section ten-b of chapter sixteen of the laws of nine- $ 10-6 teen hundred nine, entitled “An act in relation to counties, constituting chapter eleven of the consolidated laws," as last amended by chapter three hundred sixty-seven of the laws of nineteen hundred thirty-four, is hereby amended to read as follows:

$ 10-b. Regular meetings. The board of supervisors of the counties of Allegany, Cortland, Ontario, Schenectady, Madison, Chemung, Cayuga, Wyoming, Tioga, Greene, Wayne, Suffolk, Tompkins, Putnam and Niagara, respectively, may by resolution Putnam

added. determine to hold in addition to the annual meeting such regular meetings not exceeding one in each month as they may determine. If such resolution be adopted, such board of supervisors may transact at any such meeting all business that may come before it, including the audit of accounts and charges against the county which have been presented to the board, and which shall have been accrued, and whenever such board shall have audited any account, claim or demand against the county at any such regular meeting, it may direct payment thereof by order drawn by the clerk of said board upon the county treasurer of the county, and may authorize the county treasurer to borrow upon the faith and credit of the county a sum of money sufficient to pay the aggregate amount of the accounts so audited and allowed at any one or more of the meetings so held. No such loan shall be negotiated for a longer period than twelve months.

§ 2. This act shall take effect immediately.

CHAPTER 670
AN ACT to amend the banking law, in relation to payment of withdrawal

value of shares of deceased members without appointment of executors or

administrator Became a law May 22, 1936, with the approval of the Governor. Passed,

three-fifths being present The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. Section three hundred and ninety-seven of chapter 3 397 three hundred and sixty-nine of the laws of nineteen hundred four- amended. ieen, entitled "An act in relation to banking corporations, and individuals, partnerships, unincorporated associations and corpora

Notice.

Payment; amount.

By-laws.

Dividends.

tions under the supervision of the banking department, constituting chapter two of the consolidated laws," as last amended by chapter three hundred and twenty-five of the laws of nineteen hundred thirty-three, is hereby amended to read as follows:

§ 397. Withdrawal of free shares; notice thereof and withdrawal value. The accumulations upon free shares of any such association may be withdrawn and the shares canceled after sixty days' written notice of such intention filed with its secretary at the place of business of the association, but the directors may waive such notice. The withdrawing shareholder shall, subject to the provisions of the next succeeding section of this article, be paid the withdrawal value of his shares as determined at the last declaration of dividends before such notice, together with all dues paid thereon since such declaration, less fines and other obligations; but no association shall pay to a withdrawing shareholder any sums excess of the dues credited upon its books, together with such dividends as have been duly declared and credited thereto. Provided, however, that if the by-laws so provide, such accumulations when withdrawn between dividend periods may be credited with dividends at the rate of the last dividend, computing from the last dividend period to the date withdrawn.

A withdrawing member, until paid, shall be entitled to dividends upon his shares at not more than one-half of the rate at which dividends are credited upon other shares of the same class.

The board of directors of permanent associations may permit a member to withdraw part of the accumulations to his credit without thereby reducing the number of shares held by him; and the directors of serial associations may permit the holders of savings and juvenile savings shares to withdraw in the same manner part of the amounts standing to the credit of such shares.

If any member of a savings and loan association shall die, leaving unpledged shares in said association, of which the withdrawal value shall not exceed five hundred dollars, and no executor of his last will and testament, or no administrator of his estate shall be appointed, the savings and loan association of which he is a member, upon receiving a waiver from the state tax commission, may, in its discretion, pay the withdrawal value of his shares to his widow, or if the decedent was a married woman, to her surviving husband, next of kin, funeral director, or other creditor who may appear entitled thereto. As a condition of such payment, the savings and loan association may require proof by affidavit as to the parties in interest, the filing of proper waivers, the execution of a bond of indemnity with sureties, and a proper receipt and acquittance for such payment, by the person to whom the payment is made. For any such payment made pursuant to this section the savings and loan association shall not be held liable to the decedent's executor or administrator thereafter appointed, unless the payment shall have been made within one year after the decedent's death, and an action to recover the amount shall have been commenced within one year after the date of payment.

Accumulations.

Payment to widow.

to minor.

Guardian.

When shares have been issued in the name of any minor, the payment same shall be held for the exclusive right and benefit of such minor, and free from the control or lien of all other persons, except creditors, and the withdrawal value thereof shall be paid to the person in whose name the shares are held, and a receipt or acquittance of such minor shall be a valid and sufficient release and discharge to the association for the accumulations upon such shares, or any part thereof. And in like case and manner when shares have been issued to a parent, guardian or voluntary trustee for a minor, the association may permit the transfer of such shares to the minor by said parent, guardian or trustee, thereafter to be held for the exclusive right and benefit of such minor; or in the event of the death of such parent, guardian or voluntary trustee and the presentation of satisfactory evidence thereof, and the surrender of the certificate, pass book or other proper evidence of the ownership of said shares, the association may transfer and hold said shares thereafter for the exclusive right and benefit of such minor.

§ 2. This act shall take effect immediately.

CHAPTER 671

sixty- $169,

subd. 9.

AN ACT to amend the Greater New York charter, in relation to the use of

corporate stock and serial bonds Eecame a law May 22, 1936, with the approval of the Governor. Passed,

on emergency message, by a two-thirds vote The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. Subdivision nine of section one hundred sixtynine of the Greater New York charter, as re-enacted by chapter amended. four hundred sixty-six of the laws of nineteen hundred one, as last amended by chapter ninety of the laws of nineteen hundred thirty-four, is hereby amended to read as follows:

9. For the repaving of streets to an amount not exceeding Restrictions three million dollars, in any one calendar year. Corporate stocks coriserade to be issued for purposes other than those herein before in this stock and section specifically enumerated, or for such purposes in excess of the amounts therein specified, shall be authorized by the board of aldermen, with the approval of the board of estimate and apportionment, as provided by section forty-seven of this act; provided, however, that whenever by existing provisions of law the commissioners of the sinking fund may be specifically authorized to provide for the issue of stocks or bonds, said authorization of the comptroller shall be made by said commissioners instead of said board of estimate and apportionment; and that nothing in this section contained shall affect the provisions of sections one hundred and eighty and two hundred and thirteen of this act; provided, however, that nothing in this section shall

serial bonds.

prevent the issue of general fund bonds in the manner provided by section two hundred and twenty-two of this act. The city of New York shall not, except as hereinafter provided, expend any part of proceeds of sales of corporate stock or serial bonds for the purpose of paying operating expenses of said city as hereinafter defined. The term "operating expenses, as used in this section, includes expenses for maintenance, repairs and current operation or administration of the property and government of the city; and excludes expenditures by the city for betterments, improvements and acquisitions of property of a permanent nature; but expenditures made or incurred by the board of water supply, the aqueduct board, and prior to January first, nineteen hundred and ten, by the department of docks, shall not be considered operating expenses within the meaning of this act. The city of New

York shall not, except as hereinafter provided, expend any part Exooption.

of the proceeds of sales of corporate stock or serial bonds for other than revenue-producing improvements, except for the erection of additional wings, buildings and dormitories to city owned hospitals already erected, for alterations, additions and improve

ments to city owned hospitals already erected, and for school Further buildings, and the acquisition of sites therefor, and the acquisition acceptions.

of houses for school purposes and the furnishing and equipment of any such buildings or houses, when first erected or acquired, and except for the erection and equipment of the buildings of the American Museum of Natural History and the Metropolitan Museum of Art which by charter and contract with the city is an adjunct of the educational system of the city, and except for the erection and equipment when first erected of buildings for garbage and rubbish disposal plants and dumps and except the sum of six million dollars for the purpose of erecting a municipal building in the borough of Brooklyn, and except for the erection and equipment of the central library in the borough of Brooklyn, and except for the completion of the erection and equipment of sections designated F and G on architect's plans for the Museum of the Brooklyn Institute of Arts and Sciences and except a sum not exceeding three million, five hundred thousand dollars for the erection and equipment of a central court building in the borough of Brooklyn, and except for the erection and equipment of the

New York city penitentiary on Rikers Island, and except for the Court house, construction and equipment of a court house in the borough of

Brooklyn for the appellate division of the supreme court, second department, including the acquisition of site therefor, and except the sum of twenty-five million dollars for the purpose

of acquiring new sites for parks, parkways and playgrounds in Definition of the said city. The term “revenue-producing” as used in this producing." section shall apply to that class of improvements, including among

others those for docks, water and rapid transit purposes, the expenditure for which shall, at the time it is authorized, be determined by the board of estimate and apportionment to have a substantial present or prospective earning power. Nothing herein

Brooklyn.

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