the whole six millions of dollars, for the redemption of which, and the punctual payment of the interest thereon as herein provided, to the owners of such stock, the faith. and credit of the people of this state are hereby pledged.

sued by

$ 2. Upon the filing of every such order, the comptrol- May be is ler shall issue certificates of stock to the amount required comptroller. thereby, in such sums and to such persons or bodies corporate, as the said commissioners, or a majority of them, may direct, for the purpose of being loaned as hereinafter directed.

ers may loan

banks four millions of

$ 3. The said commissioners are hereby authorized to Cominissionloan so much of the said stock when so issued as aforesaid, to New-York or of the moneys arising from the sale thereof, as in their opinion the public interest may require, to such of the in- dollars. corporated banking institutions in the city of New-York as they shall deem proper, not exceeding in the whole four millions of dollars, and in such sums to each as they shall deem proper, not exceeding in amount, to any one institution, one-half the capital stock of such institution, at a rate of interest not less than five per cent., payable quarter yearly, upon its par value: and the said commissioners, before they shall make any such loan, shall examine particularly into the affairs of such bank. And the said commissioners may also, at their discretion, take such security for the punctual payment of said interest and the ultimate payment of said principal, as they shall deem proper and necessary to insure such payments at such time as may be agreed upon, not extending beyond the time when the principal of said stock shall be reimbursable; but no part of the loan made to any banking institution, shall be repaid to the state, before the expiration of the period at which the stock shall be redeemable, unless such repayment shall be made in the stock created under this act.

tificates.

S4. The said commissioners shall prescribe the form Form of cerin which the said certificates of stock shall be issued; and the said stock shall be transferable at the pleasure of the owner, in such manner as the said commissioners shall direct.

$ 5. The said stock shall bear an interest of five per centum per annum, payable quarter yearly at the Manhattan bank in the city of New-York, and shall be reimbursable at such time or times within twelve years from the passage of this act, as the said commissioners shall designate.

Rate of inte

re-t

where to be

S6. The said stock shall be converted into money, in Premium such manner and under such regulations, as the commis- paid. sioners hereinafter mentioned shall direct; but the amount

The sum of two million

ed to citizens.

of any premium received on such stock upon converting the same as aforesaid, shall be paid into the treasury of this state, for the benefit of the general fund.

$7. The said commissioners hereinafter named, are of dollars hereby authorized to convert into money, by disposing of may be on the same by auction or otherwise, in their discretion, a further amount of stock authorized by the first and second sections of this act, not exceeding two millions of dollars, and to pay the said money into the treasury of this state, the premium thereon to belong to the general fund, and the capital to be loaned to the citizens of the different counties of this state, except the counties in the first senatorial district, in the manner and subject to the provisions hereinafter mentioned, to wit:

Apportion

ment

Application

1. The amount to be loaned in each county, shall be ascertained by an apportionment of the whole amount of two millions of dollars among such counties, according to the number of inhabitants in each, as ascertained by the census taken in the year one thousand eight hundred and thirty.

2. No loan shall be made to the citizens of any county, until an application therefor shall have been made to said commissioners, by the board of supervisors of such county. County com 3. The moneys to be loaned in each county, shall be missioners. loaned by the "Commissioners for Loaning Money,” in such county, under the act of April 11, 1808; and where there shall be no such commissioners in any county, they may be appointed in the same manner, and shall hold their offices for the same term, and upon the same tenure, as if appointed under said act, and pursuant to the provisions of the Revised Statutes.

To take oath and give bord.

Loans when payable.

4. The commissioners of each county, before entering upon the duties of their office under this act, shall take the oath of office as prescribed by the constitution of this state, and file in the office of the comptroller a like bond as is provided for by the fourth section of the act last aforesaid, in addition to the bond required by that section. in cases where that may now be required.

5. The principal moneys to be loaned under this act, shall be payable at such time or times within twelve years from the passage of this act, as the said commissioners mentioned in the eleventh section of this act shall designate; and the interest thereon, at the rate of six per centum per annum, shall be payable on the first Tuesday of May in each year: and the said commissioners for loaning money, may retain out of the said interest, one-half of one per cent. for their compensation.

6. The said commissioners for loaning money shall keep Books of separate books and accounts relating to the loan autho- account. rized by this act, distinct from their other loan-office books and accounts; and in addition to the evidences of title required by said last mentioned act, it shall be the duty of the said commissioners to require of the borrower certificates from the proper officers, showing that there is no incumbrance upon the property proposed to be mortgaged, on record in their offices.

7. Whenever any principal moneys loaned by said com- Principal missioners, shall be paid in to them, it shall not be reloaned, but shall be paid into the treasury of this state.

S8. The moneys to be realized from the stock autho- General fund rized to be issued under the preceding section of this act, shall belong to the general fund of this state, and the interest upon said stock shall be paid out of the said general fund.

Provisions

$9. Except as herein otherwise provided, all the pro- Contained in visions of the act aforesaid, entitled, "An act authorizing other acts. a loan of moneys to the people of this state," passed April 11th, 1808; and also of the act to amend the same, passed March 29th, 1809; and also of the act passed April 21, 1825, entitled "An act to provide for the conveyance of land sold by a commissioner of loans," under the act, entitled "An act authorizing a loan of moneys to the citizens of this state," passed April 11th, 1808; and also of the act, entitled "An act relative to the loans of 1786, 1792 and 1808," passed April 13, 1832, shall apply to the loans to be made under the seventh section of this act, in the same manner as if the moneys loaned constituted a part of the said loan of one thousand eight hundred and eight.

$10. Whenever, upon the foreclosure and sale of any Security. premises mortgaged to secure any loan made under the seventh section of this act, the said mortgaged premises shall not bring the amount due and to become due upon said mortgage, with the costs of foreclosure and sale, the deficiency shall be reported by the commissioners making such sale, to the board of supervisors of the county, who shall, at their next annual meeting, cause such deficiency and the interest thereon to be raised as part of the contingent charges of such county, and paid over to the county treasurer; whose duty it shall be to pay the same over to the said commissioners for loaning money.

ers to carry

$11. The commissioners of the canal fund, and the Commissionbank commissioner appointed by the governor and senate, art into effect shall be commissioners to carry this act into effect; but it shall not be lawful for them to require any issue of stock,

Time limited

to make ap plication.

Special meet

ing of superYisors.

Act to tako effect.

as herein before provided, after the first day of February

next.

$ 12. If the supervisors of any county in this state shall refuse or neglect, for three months after the passage of this act, to take said loan on the terms herein mentioned, the said commissioners may, in their discretion, loan the money appropriated to said county to any incorporated bank or banks in said county; and if there is no incorporated bank in said county, then the said commissioners may loan the amount apportioned to said county to any incorporated bank or banks in this state. Said loans mentioned in this section to be made upon the like terms and security as the loans mentioned in the third section.

S 13. The clerk of the board of supervisors of the several counties of this state is hereby authorized to call a special meeting of the board of supervisors in their respective counties, on the application in writing of any three of the supervisors, giving at least six days notice to each supervisor of the time and place of meeting; and the said supervisors, or a majority of them, when so met, shall have power to adjourn from time to time, for the purpose of carrying into effect this act.

$ 14. This act shall take effect immediately upon the passage thereof.

Time extend

ed.

Number of directors.

CHAP. 131.

AN ACT to amend an act entitled "An act to incorporate the Washington marine insurance company of the city of New-York," passed April 27th, 1833.

Passed April 22, 1834.

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

$1. The time for filing the deposition mentioned in the seventeenth section of the act hereby amended, be and is hereby extended until the twenty-seventh day of April, one thousand eight hundred and thirty-five.

$ 2. That the number of directors of said company be increased from fifteen to twenty-five; and that a majority of the directors named in the act hereby amended, have power to appoint the additional number of directors, who shall continue in office for the like term as the other directors named in said act hereby amended, and who shall be subject to the provisions therein contained.

to stock.

3. Asaph Stone, Alexander Hamilton and Roderick Subscriptions Curtis, are hereby appointed commissioners to receive subscriptions to the capital stock of said corporation, in place of John Barstow, Aaron B. Nones and Joseph B. Nones, resigned.

payment.

S4. The said corporation shall have power to take as Security for security for the payment of the capital stock, or any part thereof, in addition to the stock mentioned in the twelfth section of the act hereby amended, bank stocks created by the legislature of this state, or the stock of any incorporated city of this state, which shall be at or above par in the market at the time; and shall also have power to loan its funds, or moneys of said corporation, on such securities within this state.

$5. The legislature may at any time hereafter alter, Right to remodify or repeal this act, and the act hereby amended.

CHAP. 132.

AN ACT to authorize Richard Pennell to erect a dock in the town of New-Utrecht.

Passed April 22, 1834.

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

$1. It shall be lawful for Richard Pennell, of the town of New-Utrecht, in the county of Kings, his heirs and assigns, to erect and maintain a dock adjacent to his lands in said town, lying on the Narrows and extending into the same, not exceeding four hundred feet from high water mark, and not exceeding one hundred feet in width, and to receive reasonable wharfage and dockage from persons using the same; but the legislature may at any time hereafter regulate the rates of wharfage and dockage to be received thereat, in such manner as shall be deemed just and reasonable.

peal.