being impleaded, answering and being answered unto, defending and being defended, in all courts and places wheresoever, and in all manner of actions, suits, complaints, matters, and causes whatsoever; and may have a coinmon seal, and may change and alter the same at their pleasure; and shall be 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 Proviso shall be lawful for the said corperation to hold, shall be only such as shall be requisite for its immediate accommodation, in relation to the convenient transaction of its business, or such as shall have been bona fide mortgaged to it, by way of security for loans or contracts made, 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 further, That the said corporation shall not, direct-Further pro ly or indirectly, deal or trade in buying or selling any goods, wares, or merchandizes, or commodities whatsoever. viso II. And be it further enacted, That the capital stock of the Capital stock said corporation shall be six hundred thousand dollars; and that a share in the stock shall be fifty dollars. III. And be it further enacted, That it shall be the duty of Taz the cashier of the said bank, to pay on the first Monday in February in each and every year, the sum of fifteen cents on every hundred dollars of the capital stock actually paid in, or secured to be paid, excepting the amount vested in real estate, the amount of such stock held by the state, or by any literary or charitable institution, and to be paid into the treasury of this state, as part of the revenue of this state, and upon the regular payment as aforesaid, no further tax shall be imposed upon the personal property of the said company as a state tax: Provided nevertheless, That Proviso in case any law should hereafter be passed, taxing bank stock, then such tax shall be paid by the said company, in lieu of the payment above recited. Directors IV. And be it further enacted, That the stock, property, affairs, and concerns of the said corporation, shall be managed and conducted by twenty directors, being stockholders, and citizens of this state; which directors shall hold their offices for one year, and shall be elected on the first Monday in July, in every year, at Election such time of that day, and at such place within the city of NewYork, as the board of directors for the time being shall appoint; sand public notice shall be given by the said directors, not less than fourteen days previous to the time of holding the said election, by an advertisement to be inserted in at least two of the public newspapers printed in the city of New-York; and the said election shall be made by such of the stockholders as shall attend for that purpose, either in person or by proxy; and all elections shall be by ballot; and the persons who shall have the greatest number of votes, shall be directors; and if it should happen at any election, that two or more persons should have an equal number of votes, then the said directors in office at the time of such election, or major part of them, shall proceed, by ballot, and by plurality of votes, determine which of the said persons so having an equal number of votes, shall be director or directors, so as to complete the whole number; and the directors elected, as soon as may be President No dissolu tion for nonuser By-laws Transfer of stock Bills &c. as signable thereafter, shall proceed in like manner, to elect one of their num- V. And be it further enacted, That in case it should at any time happen, that an election of directors should not be made on any day, when, pursuant to this act, it ought to have been made, the said corporation shall not, for that cause, or for any non-user, be deemed to be dissolved; but that it shall and may be lawful, on any other day, to hold an election for directors, in such manner as shall be provided by the laws and ordinances of the said corporation. VI. And be it further enacted, That the directors for the time being, or a majority of them, shall have power to make and prescribe such by-laws, rules and regulations, as to them shall appear needful and proper, touching the government of the said corporation, the management and disposition of the stock, business, property, and effects of the said corporation; the time, manner, and terms, at and upon which the duties and conduct of the officers, clerks, and servants employed; the election of directors, and all such other matters as may appertain to the concerns of the institution: Provided, That such by-laws, rules and regulations, be not repugnant to the constitution and laws of the United States, or of this state. VII. And be it further enacted, That no transfer of stock of the said company shall be valid or effectual, until such transfer shall be registered in a book or books, to be kept for that purpose by the directors; and that the total amount of the debts which the said corporation shall at any time owe, over and above the actual deposits in said bank, shall not exceed three times the sum of the capital stock subscribed, and actually paid in the said bank; and in case of such excess, the directors under whose administration it shall happen, shall be liable for the same in their private capacities; but this shall not be construed to exempt the said corporation, or any estate, real or personal, which they may hold as a body corporate, from also being liable for such excess; but such directors who shall have been absent when the said excess was contracted, or who may have dissented from the resolution or act whereby the same was contracted, shall not be liable. VIII. And be it further enacted, That the bills obligatory and of credit, under the seal of the said corporation, which shall be made to any person or persons, shall be assignable, by indorse- shares IX. And be it further enacted, That from and after the time Calls on that the whole amount of the stock, of the said bank, shall have been subscribed, it shall be lawful for the directors, for the time being, to call and demand of the stock holders or subscribers respectively, all such sums of money, by them subscribed, at such times, and in such proportion as they shall see fit, under pain of forfeiture of their shares, and all previous payments thereon, to the said corporation; always, however, giving at least twenty days previous notice of such call and demand, in two or more of the public newspapers, published in the city of New-York; and that each stockholder shall be entitled to one vote on each share of the said stock, which he shall have held in his own name, at least fourteen days previous to the time of voting. Votes. stock under any state law X. And be it further enacted, That it shall be the duty of the Dividends directors, to make half yearly dividends of so much of the profits of said bank, as they, or a majority of them, shall deem advisable ; and that the said corporation shall not demand any greater interest Interesti on a loan or discount, than at the rate of six per centum per annum. XI. And be it further enacted, That it shall and may be law- May hold ful for the said corporation to accept, and hold, certificates of stock, created or to be created, by, or in pursuance of any law of this state, for any loan which may be subscribed, or made by the said corporation to this state, bearing such interest as may be provided by law; and also to assign and sell the whole, or any part of the said stock, which shall be issued to the said corporation, for any loan they may make or subscribe as aforesaid, in like manner as their other estate and property. XII. And be it further enacted, That this act shall be deemed Public act a public act, and shall be benignly and favorably construed, for all the purposes therein expressed and declared, in all courts and places whatsoever. XIII. And be it further enacted, That the banking house of Banking the said incorporation, shall be located in Chatham square, in the house loca said city, or its immediate vicinity, and uot to the westward of James-street. ted book XIV. And be it further enacted, That a book for the sub- Subscription scription of stock shall be opened, under the direction of a committee of the directors of said company, of which at least six days notice shall be given in two of the public newspapers, printed in Bills to be re deemed 13 of the di to be selected the city of New-York, of the time and place, and the said book to be kept open from day to day, until the whole amount of stock shall be subscribed. XV. And be it further enacted, That if at any time, after the passage 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 until such time as the said president, directors and company shall resume the redemption of the said 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 to the holders of all such notes and bills, the payment whereof has been refused or delayed upon demand as aforesaid, damages for the non-payment thereof, at the rate of twelve per centum per annum, until the same ahall be paid as aforesaid 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. XVI. And be it further enacted, That thirteen of the persons rectors how who shall at every election hereafter to be elected to the office or trust of director of the said company, shall be by their trade or calling, either mechanics, manufacturers, or persons whose business shall be the principally buying and vending goods of American manufacture or articles of domestic produce, and that any deviation from the above provisions shall be a forfeiture of the charter of the aforesaid bank. This act may be re pealed &c XVII. And be it further enacted, That it shall be lawful for the legislature at any time or times hereafter, to alter, modify or repeal this act. CHAP. XCIV. Preamble AN ACT to extend the Time of Payment of a Loan, made to Daniel Johnson; and for the relief of the Heirs and Execu tors of John Livingston, deceased. Passed March 29, 1823. WHEREAS by the forty-first section of an act, entitled "An act for the payment of certain officers of Government," passed the 15th day of April, 1814, the comptroller was authorised to loan to Daniel Johnson, of the county of Otsego, on real security, of at least double the value thereof, exclusive of buildings thereon, the sum of five thousand dollars, for the term of five years. And whereas, said loan was pursuant to the provisions of said section, made to the said Daniel: And whereas, Alfred Crafts of the town of Laurens, in the county of Otsego, mortgaged certain premises situate in said county, for the security of the payment thereof: And whereas, the said Daniel and Alfred, have petition- Time extend Proviso 1. BE it enacted by the People of the State of New-York, re- ed to Janua presented in Senate and Assembly, That the time of payment ry 1, 1830. of said sum of money be extended to the first day of January, one thousand eight hundred and thirty: Provided, said borrower produces satisfactory evidence to said comptroller within three months next after the passage of this act, that said security is amply sufficient pursuant to the requisitions of said act authorising said loan, or in case he mortgages additional lands to the satisfaction of said comptroller: And provided further, the interest due is paid in Further pro fall to this time: And provided, the interest be annually paid; otherwise, the act shall be void, and the property now mortgaged, sball not be released. vise heirs and 11. And be it further enacted, That the provisions contained Relief to in the act, entitled "An act for the relief of John Livingston, executors of passed April 18, 1822," be and they are hereby extended to the J. Livington beirs and executors of the said John Livingston: Provided, That they shall, before the first day of April next, designate the lands upon which the money heretofore deposited with the comptroller of this state, shall be applied and paid. CHAP. XCV. AN ACT to incorporate the Phoenix Fire Insurance Company, Passed March 29, 1823. WHEREAS Francis Cooper, James Warner, David Dunham Preamble and others, associated as a company, under the name and style of "The Phoenix Fire Insurance Company," have by their petition presented to the legislature, prayed for an act of incorporation, for the purpose of insuring against any loss or damage by fire: porate name, 1. BE it enacted by the People of the State of New-York, re- Corporation presented in Senate and Assembly, That all such persons as now created, cor are, or hereafter shall be stockholders of the said company, shall and genera! be, and they are hereby created a body corporate and politic, in powers fact and in name, by the name of "The Phoenix Fire Insurance Company;" and by the said name, they and their successors, shall and may have continual succession; and shall be in law, capable of suing and being sued, pleading and being impleaded, defending and being defended, answering and being answered unto, in all courts of judicature whatsoever and wheresoever, in all manner of actions, suits, complaints, matters, and causes whatsoever; and also of contracting and being contracted with, relative to the property and funds of the said corporation, and the business, and purposes for which the said corporation is hereby created, as herein after declared; and they and their successors, may have a common seal, and may change and alter the same at their pleasure. and ers of corpo ration 11. And be it further enacted, That the corporation hereby Special pow created, is so created for the purpose, and shall have power authority to make contracts of insurance, with any person or per |