Secretary. to be signed. $18. The directors shall appoint a secretary of the company, who shall hold his office until the first Monday of July, and until another shall be appointed in his stead. $ 19. All policies of insurance shall be subscribed by Policies how the president, or in his absence, by an assistant, or by a president pro tempore, and countersigned by the secretary, and shall be binding and obligatory upon the said corporation in like manner and with like force, as if under the seal of said corporation. $20. The capital stock of the said corporation shall be Transfers. transferable, and shall be deemed to be personal property. No transfer of stock shall be deemed to be valid or effectual in law, until such transfer shall be entered or registered in a book to be kept for that purpose by the directors, and unless the person making the same shall previously discharge all debts due by him or her to the said corporation, or secure the payment of the said debts to the satisfaction of the directors. when to com mence. S 21. It shall not be lawful for the said corporation to Business commence any business whatever, until fifty thousand dollars of the capital stock shall have been subscribed and actually paid, or secured to be paid by bonds and mortgages upon unincumbered real estate of at least thirty per cent above the value for which the same shall be mortgaged, exclusive of buildings, or in the public stocks created by the authority of the United States, or of any individual state, or in the stock of any incorporated bank of this state, which at the time shall be above the par value in the market, or in the stock of any incorporated city of this state, or in the stock of any other incorporated company of this state, which at the time shall be above par value in the market. And all funds and money at any time under the control of said corporation, shall be loaned upon the securities above specified, and no other. The said corporation may sell and transfer any of the said stocks and securities, and again invest the proceeds, as the interest of the company and a due regard to the safety of its funds may from time to time require. $ 22. The said corporation shall not, directly or indi- Restriction. rectly, deal or trade in buying or selling any goods, wares or merchandize, or in buying or selling any public stocks, except as aforesaid; unless in selling the same when truly pledged by way of security for debts due to the said corporation. stockholders. $ 23. The directors for the time being shall have power calls on to require the stockholders respectively to make payment of all sums of money by them subscribed, at such times H Notice. Duration of act. Office. Real estate, Deposition to filed. and in such proportions as such directors shall see fit, under pain of the forfeiture of their shares upon which such payments are required, and all previous payments thereon, to the said corporation. $24. The directors for the time being shall give notice of every such call, by 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 Schenectady; which notice so published shall be a sufficient call on each stockholder to authorize the forfeiture above provided, in case of his default to comply therewith. $ 25. The corporation hereby created shall continue until the first day of June, one thousand eight hundred and sixty-four, and no longer. $26. The office for the transaction of business of the said corporation, shall be in the city of Schenectady, and at no other place. $27. It shall and may be lawful for the said corporation to purchase and hold such and so much real estate as shall be necessary for the transaction of their business. And also to take and hold any real estate, or such securities as have been specified in the twenty-first section of this act, bona fide mortgaged or pledged to the said corporation to secure the payment of any debt which may be contracted with said corporation: and also to proceed on the said mortgages and other securities for the recovery of moneys thereby secured, either at law or in equity, or otherwise, in the same manner as any other mortgagee is or shall be authorized to do. And also to purchase on sales made by virtue of any judgment at law, or any order or decree of a court of equity, or any other legal proceeding, or otherwise to receive and take any real estate or any such securities, in payment or towards the satisfaction of any debt previously contracted and due to the said corporation, and to hold the same until they can conveniently and advantageously sell and convert the same into money. But such real estate shall be sold within four years after the same shall be invested in the said company by purchase or otherwise. $28. It shall not be lawful to commence any business be made and under this act, until the president and secretary of said corporation shall have made a deposition in writing, before the mayor or recorder of the city of Schenectady, and deposited the same in the clerk's office of the county of Schenectady, that fifty thousand dollars of the capital stock of the said company has been paid in, or secured to be paid, as provided by the twenty-first section of this act. And any wilful false swearing in any such oath, shall sub ject the person guilty thereof to the pains and penalties of perjury. $29. The corporation hereby created shall be subject General to the provisions contained in the eighteenth chapter of provisions. the first part of the Revised Statutes, except so far as the same have been repealed before the passage of this act, or modified by any of its provisions. $30. It shall be the duty of the president and secretary Annual of said company, on the first Monday of January in each report. year, to make a report of the state and situation of the said company, showing the amount of capital stock paid in, and the manner in which the same is invested or secured; how much thereof has been consumed and expended in the payment of losses sustained by said company, and how much is safe and unimpaired; the amount of liability incurred by said company, and of debts owing by them; the amount of premiums received, of dividends made, and of losses sustained during the preceding year, and the amount of surplus on hand, and the manner in which the same shall be invested and secured; which report shall be signed and sworn or affirmed to by said president and secretary, and filed in the office of the register in chancery. chancellor. S 31. It shall be lawful for the chancellor or vice-chan- Power of cellor of the third circuit, whenever it shall appear proper, to cause the affairs and situation of said company to be examined into and reported to said chancellor or vice-chancellor by a master in chancery, or such other person as the said chancellor or vice-chancellor shall appoint; the expense whereof shall be determined by said chancellor or vice-chancellor, who, in his discretion, may direct such expense to be paid by the company; but the provisions of this section shall not apply to any case of a complaint by any individual not being a stockholder in said company. $ 32. The person thus appointed to make such exami- Examination, nation, shall have power to examine under oath the president and secretary or other officers of said company, and the books, papers and vouchers thereof, in such manner as will best advance the purposes of such investigation. Duty of chan S 33. If upon such investigation it shall appear that the said company have in any respect exceeded the powers celler. hereby granted, or violated the provisions of this act, it shall be the duty of the chancellor or vice-chancellor to exercise towards said company the same powers and authority as are now by law conferred on the chancellor in regard to banking incorporations. Right to repeal. Money may be raised. Bridge how $34. The legislature may at any time hereafter, alter, modify or repeal this act, or any of its provisions. CHAP. 307. AN ACT to authorize the supervisors of the county of Monroe to raise money to build a bridge across the Genesee river. Passed May 6, 1834. The People of the State of New-York, represented in Senate and Assembly, do enact as follows: S 1. The board of supervisors of the county of Monroe are hereby authorized, at their next or any future. meeting, when they shall deem it expedient, to levy and collect, as the contingent charges of said county are levied and collected, a sum sufficient to build a bridge across the Genesee river, at some eligible point between the mouth of Little Black creek and William Tone's old tavern stand in the town of Chili, at such place as the said board of supervisors shall designate; but the sum so levied shall not exceed the sum of three thousand dollars. S2. The said bridge shall be built under the superinto be built. tendence of the said board of supervisors; and it shall be the duty of the treasurer of said county to pay, on the warrant of the supervisors, over to such person or persons as they shall therein appoint to receive the same, all the moneys which may come to his hands by virtue of this act. CHAP. 308. AN ACT to amend article third of title second of chapter sixth of part second of the Revised Statutes. Passed May 6, 1834. The People of the State of New-York, represented in Senate and Assembly, do enact as follows: be S1. In any case where a surrogate who would have exclusive jurisdiction to admit to probate any will, or grant letters testamentary, or of administration upon any estate, is a subscribing witness to said will, the same may proved before the first judge of the county courts of the said county in which said surrogate would have such exclusive jurisdiction, and the said first judge may grant letters testamentary or of administration, in the same manner and with like effect as the said judge is now authorized to do by the third article of title second of chapter sixth of part second of the Revised Statutes, in cases where the said surrogate is precluded from acting by the said article. CHAP. 309. AN ACT relative to the opening of Amos-street, from York. Passed May 6, 1834. The People of the State of New-York, represented in Senate and Assembly, do enact as follows: S1. The street known as Amos-street on the map or Street to be plan of the city of New-York, between Greenwich-lane opened. and the Sixth avenue, may be opened in like manner as if the same were a street in that part of the said city not laid out into streets, avenues and public places, under and by virtue of the act entitled "An act relative to improvements touching the laying out of streets and roads in the city of New-York, and for other purposes," passed April 3d, 1807. S2. This act shall apply to the duties and proceedings Estimate and of the commissioners of estimate and assessment hereto- assessment. fore appointed in the matter of opening Amos-street above mentioned, and shall take effect as a law from and immediately after the passage thereof. СНАР. 310. AN ACT for the survey of a road from Whitehall, in the county of Washington, to Port Henry, in the county of Essex. Passed May 6, 1834. The People of the State of New-York, represented in Senate and Assembly, do enact as follows: Boners. S 1. The governor of this state is hereby authorized Commisand empowered to appoint three persons as commissioners, who shall cause a survey to be made of the most suitable route for a road from Whitehall, in the county of Washington, to Port Henry, in the county of Essex; and said commissioners are hereby directed to make a report to the next legislature of the probable expenses of constructing such road. |