S6. The corporation shall possess the general powers, General and be subject to the general restrictions and liabilities, powers. prescribed in the third title of the eighteenth chapter of the first part of the Revised Statutes.

$7. The legislature may at any time alter, modify or Right to rerepeal this act or any of its provisions.

peal.

CHAP. 225.

AN ACT to incorporate the Genesee Wesleyan seminary.

Passed May 1, 1834.

created,

The People of the State of New-York, represented in Senate and Assembly, do enact as follows: $1. Abner Chase, Glezen Fillmore, Loring Grant, Ri- Corporation chard Wright, Micah Seager, Francis Smith, Augustus A. Bennett, Ruel Blake, Asahel Warner, John Lowber, John Copeland, Lewis A. Birdsall and Israel Chamberlayne, shall be, and are hereby constituted a body corporate, by the name of "The Genesee Wesleyan Seminary," for the purpose of establishing, maintaining and conducting a seminary of learning, for the education of youth of both sexes, to be located at Lima, in the county of Livingston.

S2. The said corporation shall have power to purchase, Real estate, take and hold real and personal estate to the annual income of four thousand dollars, and to lease, sell, or otherwise dispose of the same for the use of the institution.

$3. The trustees shall have power to elect the faculty By-laws. and teachers of the institution, form regulations and bylaws, prescribe the course of study, attend the examinations, and regulate the government and instruction of the students.

$ 4. There shall always be thirteen trustees of the said Trustees. corporation, who shall be appointed by the Genesee annual conference of the Methodist Episcopal church: said trustees shall be divided into three classes, to be numbered one, two, three. The places of the first class, or number one, shall become vacant one year from the next meeting of said conference; the places of the second class, or number two, shall become vacant in two years; and the places of the third class, or number three, shall become vacant in three years from said meeting of said conference; provided, however, that the said trustees shall continue to act until others are appointed in their places.

First trustees

Restriction.

Vacancies.

General powers.

Report.

Repoal.

Act to take effect.

Right to repeal.

$5. The aforesaid Abner Chase, Glezen Fillmore, Loring Grant, Richard Wright, Micah Seager, Francis Smith, Augustus A. Bennet, Ruel Blake, Asahel Warner, John Lowber, John Copeland, Lewis A. Birdsall and Israel Chamberlayne, shall be the first trustees of said corpo

ration.

$6. No part of the funds of the corporation hereby created, shall ever be applied for the support of theological or other studies than those of literature and the fine arts.

$7. Upon the vacancy of the place or places of any of the said trustees, by resignation, death, expiration of the term of trusteeship, or otherwise, said vacancy shall be filled up by the said conference at their next annual meeting; who shall nominate and appoint the person or persons who shall fill such vacancy or vacancies as aforesaid; of which nomination and appointment so made, a certificate shall be given, signed by the president, and countersigned by the secretary, and registered in the books of said corporation; whereupon the person or persons so nominated and appointed, shall be to all intents and purposes, trustee or trustees of said corporation.

S8. The corporation hereby created shall possess the power and be subject to the provisions contained in the third title of the eighteenth chapter and first part of the Revised Statutes.

S 9. The trustees shall yearly, and every year, make report in writing to the aforesaid conference, of the state and condition of the funds and property belonging to said corporation, and of the number of students that shall have been taught at said seminary during the preceding year. S 10. The act entitled, "An act to incorporate the Genesee Wesleyan seminary," passed April 30, 1833, is hereby repealed.

$11. This act shall take effect immediately upon the passage thereof.

S 12. The legislature may at any time alter, modify or repeal this act..

CHAP. 226.

AN ACT to amend the act to incorporate the Squakie Hill bridge company, passed April 19th, 1833.

Passed May 1, 1834.

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

S 1. The time for building a toll bridge over the Genesee river at Squakie Hill, in the county of Livingston, is hereby extended two years from the passage of this act.

CHAP. 227.

AN ACT to incorporate the Frankfort manufacturing com

pany.

Passed May 1, 1834.

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

created.

S1. Chauncey Mathews, Amasa Mann, James H. Corporation Rathbone, Henry Strong, Guy C. Marshall, John B. Dygert, and George B. Judd, and such other persons as may be associated with them, are hereby declared to be a body corporate, by the name of "The Frankfort Manufacturing Company," for the purpose of manufacturing cotton and woollen goods, and suitable machinery for such factories, or either of them, at any place or places between the Mohawk river near the flouring mill of James H. Rathbone, and the south line of the flouring mill lot and water privileges of Henry Strong, in the village and town of Frankfort, in the county of Herkimer.

$ 2. The capital stock of said company shall be two hun- Stock. dred thousand dollars, divided into shares of one hundred dollars each; but it shall be lawful for said company to commence and transact business as soon as fifty thousand dollars thereof shall be subscribed, and twenty-five thousand dollars paid in.

to stock.

S3. Books of subscription to the capital stock of said Subscriptions company shall be opened and may be kept open from time to time, under the direction of the directors hereinafter named and their successors in office, until the whole amount of said capital stock shall be subscribed for. But no subscription shall be received unless the sum of ten dol lars on each share subscribed for shall be paid to the di

4'alls on stockholders.

Transfers.

Directors.

First direc LAIS.

rectors, or their agent, at the time such subscription shall be made. And in case there should be subscriptions to more than the amount of the capital stock of said company, within ninety days after the books of subscription shall first be opened for that purpose, it shall be the duty of the directors to apportion the stock of said company among the subscribers thereto in such manner as a majority of them shall deem most advatageous to the interest of the corporation.

$ 4. It shall be the duty of the directors to call for and Idemand of the stockholders respectively all sums of money by such stockholders subscribed, at such time or times, and in such proportions as the directors, or a majority of them, shall see fit, under penalty of the forfeiture to said company of the shares of such stockholders, and all previous payments made thereon, always giving forty days previous notice of such call or demand, by publishing the same in a newspaper printed in the county of Herkimer, and in the state paper.

$5. The stock of the company hereby incorporated shall be transferable and assignable, subject to such rules as the directors shall make and establish.

S6. The stock, property and concerns of said company shall be managed by seven directors, who shall hold their offices until the first Monday of January next and immediately after their election, and until others are elected in their places; and one of said directors shall, by a majority of them, be chosen president of said company, and shall hold his office for the same term.

$7. The first directors shall be Chauncey Mathews, Amasa Mann, James H. Rathbone, Henry Strong, Guy C. Marshall, John B. Dygert and George B. Judd, who shall hold their offices until the first Monday of January next, and until an election of directors shall take place, which shall be on the said first Monday of January; and on the first Monday of January in each year thereafter, at such place as a majority of the directors shall appoint; of the time and place of any such election twenty days previous notice shall be given, by publishing the same in a newspaper printed in the county of Herkimer, and the state paper. All such elections shall be made by the stockholders attending in person or by proxy for that purpose; and each stockholder shall be entitled to one vote on each share of the stock held by him at the time he shall offer his vote, except that when any one person, or two or more persons jointly, shall hold more than two hundred shares (including all shares which may be held by any other person or persons in trust for him or them) no more

than two hundred votes shall be given upon all such shares.

how to be

$ 8. All elections shall be by ballot, and no ballot shall Elections contain more than seven names; and the seven persons conducted. who shall have the greatest number of the votes given at any election shall be directors. But if it shall happen that two or more persons have an equal number of votes, so that a greater number than seven appear to be chosen, then the stockholders present, in person or by proxy, shall proceed to ballot until they shall by a plurality of votes determine which of the persons so having an equal number of votes shall be director or directors, so as to complete the number of seven; but no person shall be eligible to the office of director unless he shall reside in the state, and shall at the time of his election own and hold in his own right and name at least five shares of the stock of said company. And if any director shall remove out of the state, cr cease to be a stockholder to the amount of five shares, his office shall become vacant; and whenever any vacancy shall happen among such directors, either by death, resignation or otherwise, such vacancy may be filled for the remainder of the year or term in which it shall happen, by such person, possessing the qualifications as owner of stock and citizenship as above required for a director, as the remainder of the directors, or a majority of them, shall appoint.

certified.

S 9. The president and directors in office, or a majo- Result to be rity of them, at the time of any election, shall preside at, and certify the result of any such election.

$10. The directors shall at all times keep, or cause to Accounts. be kept, proper books of account, in which shall be entered all the transactions of the company, which books shall be subject to the inspection of the stockholders.

$11. The corporation hereby created shall continue Duration of twenty-five years, and no longer.

act.

$ 12. The said corporation shall possess the general General powers, and be subject to the general restrictions and lia- powers. bilities prescribed in the eighteenth chapter of the first part of the Revised Statutes; and the legislature may at any time alter, modify or repeal this act.

debts.

$ 13. For all debts which shall be due or owing by the Liability for said company at the time of its dissolution, the persons composing such company shall be individually responsible to the extent of their respective shares of stock in said company, and no further.