person, at least ten shares of the stock of the said corporation.

S 15. The first election for directors under this act, and First elec of the inspectors of the first annual election thereafter, tion, shall be held at such time and place in the city of NewYork as shall be directed by the commissioners herein before appointed; and the said commissioners are hereby appointed inspectors of such first election; and the directors then to be elected shall hold their offices until the second Tuesday of June, in the year one thousand eight hundred and thirty-four, and until others are elected; and the said election shall be holden within two months after the capital stock shall have been subscribed.

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elections.

S 16. The directors for every subsequent year shall be Subsequent elected on the second Tuesday of June of every year, at such time of the day, and at such place within the city of New-York, as a majority of the directors for the time being shall, by a resolution to be entered in their minutes, appoint, and shall hold their offices for one year, and until others are elected in their stead. No person who shall be a director in any other bank or monied corporation, shall be eligible to the office of director in the corporation hereby created.

S 17. Public notice of every election under this act shall Notice. be given by the commissioners or directors, not less than fourteen days previous to the time of holding such election, by an advertisement to be inserted in one or more of the newspapers printed in the said city of New-York, and in the state paper.

S 18. Each stockholder, at the time of the first election Votes. of directors, shall be entitled to one vote on each share of stock which he shall have held in his own name at least fourteen days previous to the time of voting. At every subsequent election, each stockholder shall be entitled to one vote on each share of stock which he shall have held for the time required by law; except that in case any one person shall hold more than four hundred shares, including all shares which may be held by any other person in trust for him, no more than four hundred votes shall be given upon all such shares.

$ 19. All elections for directors shall be by ballot, and By ballot. the thirteen persons who shall have the greatest number of votes shall be directors; and if, at any election, two or more persons have an equal number of votes either for directors or inspectors, then the directors who shall have been duly elected, shall proceed by ballot, and by plurality of votes, to determine which of the said persons

Vacancies.

President.

Banking

when to com.

mence.

Officers.

By-laws.

so having an equal number of votes, shall be director or directors, or inspector or inspectors, so as to complete the whole number.

$20. If any director shall remove out of the state, or cease to be a stockholder to the amount of ten shares, his office shall be vacant; and whenever any vacancy shall happen among the directors, such vacancy shall be filled for the remainder of the year in which it shall happen, by such person possessing the qualifications as to ownership of stock and citizenship above required for a director of this corporation, as the remainder of the directors for the time being, or a majority of them, shall appoint.

$ 21. The directors elected, as soon as may be after their election, shall proceed in like manner, to elect one of their number by ballot to be their president.

$22. The said corporation shall not commence the business of banking, until the whole of the capital stock shall have been paid to the said corporation, in specie or current bank bills; and an affidavit shall have been made by the president and cashier of said corporation, and filed with the comptroller, setting forth that the said payment has been made, and that no loan has, to the knowledge. of such officers, been made, to enable any stockholder to pay up the amount of his shares or any part thereof, under any implied or express agreement that such loan was to be repaid by a discount of any note or other security by such corporation; and any person guilty of wilful false swearing in any such oath, shall be subject to the pains and penalties of perjury.

$23. The directors of the said corporation shall have power, from time to time, to appoint so many officers, clerks and servants, for carrying on the business of the corporation, and with such compensation as to them shalf seem fit.

$ 24. The directors for the time being, shall also have power to make and prescribe such by-laws, rules and regulations, as shall be needful, touching,

1. The government of the said corporation, and the management and disposition of its stock, business, property, estate and effects:

2. The time, manner and terms at and upon which discounts and deposits shall be made and received in and by the same:

3. The duties and conduct of the officers, clerks, and servants employed by the said corporation; and,

4. All such matters as may appertain to the concerns of the institution.

$25. The directors for the time being, shall have Calle on power to require the stockholders respectively to make stockholders. payment of all sums of money by them subscribed, at such times and in such proportions as such directors shall see fit, under the pain of the forfeiture of the shares upon which such payments are required, and all previous payments thereon, to the said corporation.

of

$ 26. The directors shall give notice of every such call, Notice thereby notice to be published at least once a week for eight 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 authorise, in case of his default to comply therewith, the forfeiture above provided.

&c. assigna

ble.

$27. The obligations, contracts, bills, notes and other Bills, notes, 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 assignee 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 paya ble at the banking-house of the said corporation.

$ 28. 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.

$29. 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.

$30. In case any officer of such corporation, having Penalty. charge of such book, 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.

31. If at any time the corporation hereby created In ense of shall neglect or refuse, for ten days after demand at their

neglect or refusal to redeem notes.

Application

banking-house, during the regular hours of business, to redeem in specie, any evidence of debt issued by the said. corporation, the said president, directors and company shall discontinue and close, until it shall resume payment as aforesaid, all its operations and business, except the securing and collecting of debts due or to become due to the said corporation, unless it shall be permitted to proceed in its ordinary banking operations, under the section next following.

$ 32. The said corporation may, after the payment of to chancellor. its debts shall have been refused, apply to the chancellor by petition, accompanied by a full disclosure of the state and affairs of the corporation, for leave to proceed in its business; and 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.

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$33. 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.

$34. It shall not be lawful for the saia 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 Seventh Ward Bank and it shall not be lawful for the said corporation to give public notice that it will redeem the bills, notes or other evidences of debt of any monied institution beyond the jurisdiction of this state.

$35. 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 corporation created hereby.

$ 36. The said corporation shall also oe subject to the provisions contained in the act entitled "An act to create a fund for the benefit of the creditors of certain monied corporations, and for other purposes," passed April 2d, 1829, so far as the same shall be in force at the time of passing this act.

$37. It shall not be lawful for the said corporation to Loans. take a hypothecation of its own stock, as security for making any loan or discount by such corporation.

$ 38. The legislature may at any time modify, alter or repeal this act, or any of its provisions.

Rights reser

CHAP. 190.

AN ACT to increase the capital of the Butchers' and Dro vers' bank, in the city of New-York.

Passed April 20, 1833.

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

to be issued.

S1. The capital stock of the Butchers' and Drovers' Certificates bank, in the city of New-York, is hereby increased to the sum of five hundred thousand dollars; and the president and directors of said company shall issue certificates of stock for eight thousand shares, of twenty-five dollars each, for the additional stock hereby authorised to be created.

ers.

$2. Benjamin M. Brown, John Perrin, Effingham H. Commission Warner, David Cotheal, John Campbell, Henry P. Ro-. bertson, Andrew C. Wheeler, are hereby appointed commissioners to receive subscriptions for the said increase.

$ 3. The said commissioners shall open books for sub- Subscription. scription to the said stock at the banking-house of the said corporation, within three months 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.

S4. If more than the required amount be subscribed, Distributiou. the said commissioners shall immediately distribute said 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 ag gregate of the said new stock, if three-fourths thereof shall have been subscribed by persons not stockholders, or so interested in said bank.