22 New York, L. 1857, Chap. 401. sioners and their successors may deem expedient; and in case the said consent in whole or in part, shall have been obtained under the assessment rolls of the years eighteen hundred and fifty-five or eighteen hundred and fifty-six, the same may be used and completed with the like effect and shall be as valid as if obtained under the last assessment rolls next preceding the said subscription, provided the consent subscribed shall represent a majority in amount of the said last assessment roll. SEC. 3. The third section of said act is hereby amended and shall read as follows: SEC. 3. The said commissioner or commissioners authorized by this act may, in his or their discretion, dispose of such bonds or any part thereof, to such persons or corporations, and upon such terms as they shall deem most advantageous to said town, but for not less than par; and the money that shall be raised by any loan or sale of bonds, shall be invested in the stock of the Albany and Susquehanna railroad company, and the said money shall be applied and used in the construction of such railroad as aforesaid, and in its buildings and necessary appurtenances, and for no other purpose whatever, the public necessity and utility whereof is hereby declared, and in the construction of which the said towns are immediately interested, and for that purpose the commissioner or commissioners, in the corporate name of said town, may subscribe for and purchase the stock of said company to the amount which the tax-payers aforesaid shall consent, not exceeding one hundred thousand dollars; and by virtue of said subscription and purchase of said stock and upon receiving certificates therefor, the said town shall acquire all the rights and privileges and be liable to the same responsibilities as other stockholders of said company; and it shall be lawful for the commissioners provided for in this act, or either of them, with the consent of a majority of the others, if more than one, to participate in and to act in all the regular and legally authorized meetings of the stockholders, and either of them may act as director of said company if he shall be duly elected as such. SEC. 4. The fourth section of said act is hereby amended and shall read as follows: SEC. 4. The said commissioner or commissioners authorized by this act, shall report to the board of supervisors of the county wherein said town is located, within three days after the com New York, L. 1857, Chap. 401. 23 mencement of their regular annual session in each year, the amount required to pay principal, or the interest, if any, on the said bonds, authorized to be issued under and by virtue of this act, due or to become due and payable during the next ensuing year. The dividends arising from the stock so subscribed for or purchased by said town, in pursuance of this act, or so much thereof as may be necessary, shall be received by said commissioner or commissioners. and by him or them applied to the payment of the interest which shall from time to time accrue upon the bonds authorized by this act; and in case such dividends shall not be sufficient in any one or more years to pay the principal and interest accruing on said bonds, due and to became due as aforesaid, it shall be and is hereby made the duty of the said board of supervisors, and they are hereby authorized and required to cause to be assessed and levied and collected upon the real and personal estate of said town, at the same time and in the same manner as other taxes are assessed, levied and collected, such sum or sums of money as shall have been reported to said board of supervisors by the said commissioner or commissioners authorized by this act, to be necessary to make good such deficiency in the payment of the said principal and interest on the said bonds, and the same when collected shall be paid to the said commissioner or commissioners, and by him or them applied to the payment of the principal and interest on said bonds, or so much thereof as shall remain unpaid after the application of the said dividends to that purpose. SEC. 5. The sixth section of the said act is hereby amended, and shall read as follows: SEC. 6. The said commissioner or commissioners appointed under and by virtue of this act, may at any time after acquiring such capital stock, exchange the same in whole or in part for the bonds issued under the authority of this act, and in such case they shall cancel the bonds so received by them, or they may dispose of such stock in their discretion to any purchaser or purchasers, for cash; but shall not sell or dispose of such stock at less than par, except upon the written consent of a majority of the tax-payers of said town, their heirs or legal representatives, representing a majority of the taxable property of said town, appearing upon the last assessment roll, proof of which shall be by affidavit. The said commissioner or commissioners shall then sell the same at public auction, of which twenty days notice shall be given in two news 24 New York, L. 1857, Chap. 401. papers published in the county wherein such town is located, and in case of sale of said stock, either at public or private sale, the proceeds thereof shall be applied by said commissioner or commissioners to the purchase or redemption of the bonds authorized to be issued by this act, and to no other purpose whatever. SEC. 6. Such parts of the act entitled "An act to authorize any town in the county of Schenectady, Schoharie, Otsego, Delaware, Chenango or Broome to subscribe to the capital stock of the Albany and Susquehanna Railroad Company," passed March thirty-one, eighteen hundred and fifty-six, as are inconsistent with this act amending the same are hereby repealed. SEC. 7. This act shall take effect immediately. NEW YORK, LAWS OF 1859, CHAP. 384. AN ACT TO INCREASE THE CAPITAL STOCK OF THE ALBANY AND SUSQUE- AND PAYMENT OF TOWN SUBSCRIPTIONS TO THE STOCK OF SAID Passed April 16, 1859; three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows : SECTION 1. The capital stock of the Albany and Susquehanna Railroad Company, is hereby increased to four millions of dollars. SEC. 2. Any town now authorized to subscribe to the capital stock of said company, whenever the proofs shall have been filed in the clerk's office, of the consent, in writing, of a majority of the taxpayers, their heirs or legal representatives, representing a majority of the taxable property of said town, in pursuance of an act passed March thirty-first, eighteen hundred and fifty-six, as amended April fourteenth, eighteen hundred and fifty-seven, authorizing a subscription, by the commissioners, in the corporate name of said town, to the capital stock of said company; such subscription shall be made by the commissioner or commissioners, for the amount the taxpayers shall consent, not exceeding the sum of one hundred thousand dollars, in the same manner as individual subscribers; and the said commissioner or commissioners are hereby authorized and required to issue the bonds authorized by said act, in payment at par of the stock so subscribed, in installments, as required in cases of individual subscribers. SEC. 3. All bonds, so received in payment of stock, shall not be sold by the company for less than par; and proceeds thereof shall be applied and used in the construction of said railroad, and its buildings and necessary appurtenances, and to no other purpose whatever; and (except the first ten per cent of said bonds) the proceeds of the bonds of the towns, west of the town of Oneonta, shall be used in the construction, buildings and necessary appurtenances of said railroad, in and through the several towns through which the same is located; and in case of towns subscribing for stock, through which the road shall not be located, the proceeds of the bonds shall be used in the construction of buildings and necessary appurtenances of the road through the county in which the said road is situated, to the extent required to complete the same through such county. SEC. 4. The amount received by said commissioners as a sinking 26 New York, L. 1859, Chap. 384. fund to pay the said bonds, in pursuance of section eight of the said act, passed March thirty-first, eighteen hundred and fifty-six, as amended April fourteenth, eighteen hundred and fifty-seven, shall be invested and used by them in the purchase of the said bonds of their several towns; and in case such bonds cannot be obtained, then in the bonds of this State, or of any city, village or town thereof, bearing an annual interest of seven per cent, or which shall be made equal to that, to become due in time to pay the bonds of such town, which the said fund is provided to pay. SEC. 5. In case any commissioner, under the said act, passed March thirty-first, eighteen hundred and fifty-six, as amended April fourteenth, eighteen hundred and fifty-seven, shall refuse or willfully neglect to perform any part of the duties specified therein, or required by this act, his office shall thereupon become vacant, and, upon proof of the fact to the satisfaction of the county judge of the county wherein such commissioner shall reside, he shall appoint some other person to fill his place, in the manner now provided by law. And in case any commissioner shall change ́ his residence to some place out of the town where he resided at the time of his appointment or election, his office shall thereupon become vacant, and some other person shall, in like manner, be appointed to fill his place. SEC. 6. All bonds issued by the commissioners of the several towns shall be valid and binding upon the town represented by such commissioner or commissioners, in the hands of bona file holders or owners thereof; and in case of any error, fraud, or willful violation of duty, on the part of any commissioner in the issue of such bonds, the town shall have redress for the injury against such commissioner or commissioners of the town, or upon his or their official bonds, to the extent provided therein; but no commissioner shall be held personally liable, where he shall act in good faith, in the discharge of his official duties. SEC. 7. In case a majority of the resident taxpayers, their heirs or legal representatives, have consented or shall consent in the manner provided in said act, residing within any such town, representing a majority of the taxable property owned by, or taxed to resident taxpayers of said town, the said commissioner or commis sioners shall make a subscription to the stock of said company, for the amount the taxpayers have consented or shall consent, and issue the bouds of the town, in the manner and for the purposes now provided by said act. SEC. 8. This act shall take effect immediately. |