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assiguable.

required, and all previous payments thereon, to the said corporation,

$ 24. The directors shall give notice of every such call, Notice thereby notice to be published at least once a week for four weeks successively, in one or more of the newspapers printed in the city of New York, and in the state paper; which notice so to be published, shall be a sufficient call on each stockholder, to authorize, in case of his default to comply therewith, the forfeiture above provided.

$ 25. The obligations, contracts, bills, notes and other Bille, Sec. evidences of debt, made or issued by the said corporation, shall be obligatory upon the said corporation, and be assignable and negotiable in like manner as if made or issued by a private person; and every evidence of debt assigned by the said corporation, by endorsement thereon, shall enable the assignée thereof to maintain an action thereupon in his own name; but every note, bill or evidence of debt, purporting to be a bank note, to be issued by the said corporation, shall be deemed and taken to be payable at the banking-house of the said corporation.

$ 26. It shall be the duty of the directors of the said Dividends. corporation, to make dividends half yearly or otherwise, of so much of the surplus profits arising from the business of the said corporation, as they or a majority of them shall deem advisable.

S 27. No transfer of any stock in the said corporation Transfers. shall be valid until such transfer shall have been registered in a book to be kept by the directors of such corporation for that purpose; which book shall, at all reasonable times during the usual hours of transacting business, be open to the examination of any person having in his possession, any note, bill, or other evidence of debt, issued by such corporation, the payment of which shall have been refused; and of any stockholder of the said corporation.

$ 28. In case any officer of such corporation, having Penalty. charge of such books, shall refuse to permit the same to be examined as aforesaid, he shall, for every such offence, forfeit the sum of two hundred and fifty dollars, to be recovered by the person to whom such refusal shall have been made.

S 29. If at any time the corporation hereby created shall In case of neglect or refuse, for ten days after demand at their bank- refusal to reing-house, during the regular hours of business, to re- deem bills. deem in specie, any evidence of debt issued by the said corporation, the said company shall discontinue and close all its operations and business, except the securing and

Appliration tu chancel lor.

Damages.

Restriction.

collecting of debts due or becoming due to the said corporation, until it shall resume payment as aforesaid, unjess it shall be permitted to proceed in its ordinary banking operations, under the section next following.

S 30. The said corporation may, after the payment of its debts shall have been refused, apply to the the chancellor by petition, accompanied by a full diselosure of the state and affairs of the corporation, for leave to proceed in its business: ard if the chancellor after due examination, shall find that the proceedings of the said corporation have been fair and without fraud, and that such corporation is in a condition to resume its operations, he may, by an order to be entered in the minutes of the court of chancery, permit the said corporation so to do.

$ 31. The said corporation shall be liable to pay to the holders of every evidence of debt made by it, the payment of which shall have been demanded and refused, damages for non-payment thereof, in lieu of interest, at and after the rate of ten per cent per annum, from the time of such refusal, until the payment of such evidence of debt and the damages thereon.

$ 32. It shall not be lawful for the said corporation to redeem the bills, notes or other evidences of debt of any monied institution without the jurisdiction of this state, and which shall be made payable at the said La Fayette bank; and it shall not be lawful for the said corporation to give public notice that it will redeem the bills, notes or other evidence of debt of any monied institution beyond the ju

risdiction of this state. General pow. S 33. The said corporation shall possess the general

powers of a corporation as defined in the eighteenth chapter of the first part of the Revised Statutes, and shall be subject to the provisions contained in that chapter, except so far as the same have been repealed before the passage of this act, or are modified by the act recited in the section next following, or by this act in respect to the corpo

ration created hereby. Act of April S 34. The said corporation shall also be subject to the 2,1823

provisions contained in the act entitled “An act to create à fund for the benefit of the creditors of certain monied corporations, and for other purposes,"passed April 2d, 1829, and the acts amending the same, so far as the same shall be in force at the time of passing this act.

S 35. It shall not be lawful for the said corporation to take an hypothecation of its own stock, as security for the making any loan or discount by such corporation.

Loons.

$36. It shall not be lawful for said corporation to is- amount of sue or to have outstanding, or in circulation, at any time, circulation. an amount of notes or bills, loaned or put in circulation as money, exceeding once and an half its capital stock then paid in and actually possessed.

$ 37. The legislature may at at any time alter, modify Right to reor repeal this act, or any of its provisions.

peal.

CHAP. 210.
AN ACT to increase the capital of the Phenix bånk in

the city of New-York.

Passed April 29, 1834. The People of the State of New-York, represented in Senate and Assembly, do enact as follows :

$ . The capital of the Phenix bank of the city of New- Capital York, is hereby increased to the sum of one million five stock. hundred thousand dollars; and the president and directors of said company shall issue certificates of stock for forty thousand shares of twenty-five dollars each, for the additional stock hereby authorized to be created.

$ 2. Enos T. Throop, John Delafield, Mangle M. CommirQuackenbush, David Bryson, John S. Crary, are hereby sioners. appointed commissioners to receive subscriptions for the said increase.

S 3. The said commissioners shall open books for sub- Books for scription to the said stock at the banking-house of the said corporation, within ninety days after the passage of this act; and, by publication in two or more of the daily papers in said city, shall give fourteen days' notice of the time and place of opening said books, and shall keep them open from ten o'clock in the forenoon until three o'clock in the afternoon, on two successive days; and five dollars on each share shall be paid at the time of subscribing therefor.

$ 4. If more than the required amount be subscribed, Distribution the said commissioners shall immediately distribute said of stock. stock among the subscribers, in such manner as they shall think best for the interest of said corporation; but the said commissioners shall not allot or assign, directly or indirectly, to stockholders in said bank, or to persons any way interested therein, more than one-fourth part in the aggregate of the said new stock, if three-fourths thereof shall have been subscribed by persons not stockholders, or so interested in said bank.

subscription. Payments

holders a part on hand, ment, andses of said the nethe new

Additional

capital.

Former acts,

$ 5. The directors shall equalize the value of the new stock to the old, by requiring payment on the new stock of a rateable portion of the expenses of said bank in its organization and establishment, and an amount equal to the surplus profits on hand, if said bank possesses any, or by dividing a part or the whole of said surplus among the holders of the old stock.

S 6. The additional capital hereby created, shall not be used for the purposes of loan or discount, until the whole amount thereof shall be paid to the said corporation in specie or current bank bills; which payment shall be proved on oath to the satisfaction of the bank commissioners, before any such loan or discount shall be made.

$ 7. All the provisions of the act to incorporate the said company, or any act relating thereto, and now in force, shall apply to the additional capital hereby created, except so far as the same may be modified or altered by this act, and also except that the president and directors of said company shall require the additional stock thus subscribed, to be paid before the first day of January next; and thirty days' notice of the call therefor shall be sufficient for that purpose.

$ 8. The said commissioners shall, within ten days after the distribution of the stock, publish in one or more of the public newspapers printed in the city of NewYork, a statement under oath of the subscribers for said stock, with the amount subscribed and the amount of stock allowed to each subscriber.

$ 9. The said commissioners shall not apportion or reserve to themselves, or to any person or persons in trust for them or either of them, directly or indirectly, more than three hundred and twenty shares in the aggregate of the stock hereby created; and they shall not apportion to any other person, directly or indirectly, in trust or otherwise, more than three hundred and twenty shares of the stock hereby created, if without such apportionment the whole stock be taken.

$ 10. It shall not be lawful for said corporation to iscirculation. sue or to have outstanding or in circulation at any time,

an amount of notes or bills loaned or put in circulation, as money, exceeding once and an half its capital stock, then paid in and actually possessed.

$ 11.. This act shall take effect immediately on its passage; and the legislature may at any time alter, modify or repeal the same, or any of its provisions.

Names to bo published,

Restriction.

Amount of

Act to tako effect.

abandoned.

public high

CHAP. 211.
AN ACT to amend an act entitled "An act to incorporate

the Phillipstown turnpike company, in the county of
Putnam," passed April 14, 1815.

Passed April 30, 1834. The People of the State of New-York, represented in Senate and Assembly, do enact as follows:

S 1. The president, directors and company of the Phil- Part may bo lipstown turnpike company, are authorized to abandon so abar much of their road as lies between Haviland's Corners, in the town of Patterson, and its intersection with the Connecticut live in the town of Pawlings.

$ 2. So much of said turnpike road as shall be abandon- And be a ed by virtue of this act, shall be and remain a public high-way. way; and the commissioners of highways of the several towns in which such road shall be situated, are authorized and required to divide the same into road districts, and to assess the inhabitants living thereon to work said road according to law.

S 3. In place and stead of the tolls authorized to be Tolls. taken by said corporation by the third section of the act hereby amended, for every coach, coachee, phæton or curricle with two horses, they shall be the same as are authorized to be taken for every wagon with two horses; and instead of the tolls authorized to be taken by the third section of the act hereby amended, for every sulky, chair, chaise or other one horse pleasure carriage, they shall be the same as those authorized to be taken for every one horse cart.

S 4. The legislature may at any time alter, modify or Right to rorepeal this act, or any of its provisions.

peal.

CHAP. 212.
AN ACT in relation to highways in the village of Pots-

dam.

bulls.

Passed April 30, 1834. The People of the State of New-York, represented in Senate and Assembly, do enact as follows :

S 1. It shall be lawful for the commissioners of highways of the town of Potsdam, in the county of St. Lawrence, on the application of the trustees of the village of

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