President.

Transfers.

Subscriptions

Election.

Insurance.

$ 4. The directors so to be chosen shall meet as soon as may be after such election, and shall choose out of their body one person to be their president, who shall preside for one year; and in case of the death, resignation or inability to serve, of the president or any director, such vacancy or vacancies may be filled for the remainder of the year by the board of directors.

$ 5. The stock in the said corporation shall be assignable and transferable, according to such rules as the president and directors shall make and establish.

S6. The books for subscription of the capital stock of this corporation shall be opened under the inspection of the commissioners hereinafter named, or of a majority of them, for receiving such subscription in the town of Hempstead, in the county of Queens, at such time and place as they shall appoint; and may be continued from day to day, until the whole capital stock shall be subscribed: notice of which shall be given in one of the newspapers printed in the county of Queens, at least fifteen days previous to opening such subscription; and two dollars on each share subscribed shall be paid to the commissioners at the time of making such subscription: and the commissioners shall be Nathaniel Seaman, John Lefferts, Platt Willets, Nicholas Wyckoff, Benjamin F. Thompson, Stephen C. Snediker, Samuel Sherman, Singleton Mitchill, Richard Carman, Benjamin Rushmore, John Simanson, Elias Hicks and Albert Hentz.

$7. The first election of directors shall be holden as soon as may be after the requisite amount of stock shall have been subscribed, under the inspection of a majority of the commissioners before named, whose duty it shall be to give due notice of the time and place of holding such election as above stated, and immediately after such election to give to the stockholders present a certificate of the names of the persons elected, and to hand over to the directors the subscription books of the said corporation and all papers relating to the same.

S8. The president and directors shall have the power and authority, in the name and on the behalf of the said corporation, to make all kinds of insurance against losses by fire, of any houses or buildings whatsoever; and also upon all goods, wares or merchandize whatsoever, for such term or terms of time, and for such premium or consideration, and under such modifications or restrictions, as may be agreed upon between the said corporation and the person or persons agreeing with them for such insurance; and the policies of insurance shall be subscribed by the president, or in his absence, by an assistant, if any be ap

pointed, 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 the like force as if under the seal of the said corporation.

$9. It shall be lawful for the said corporation to make Loans. loans upon bond and mortgage on real estate, worth at least thirty per cent more than the sum for which the same shall be mortgaged, exclusive of buildings, unless the same shall be insured, or to purchase or to hold any stocks or funded debt designated by the second section of this act, for the purpose of investing their capital or surplus profits, or any part thereof, (and also to sell and transfer the same, and again invest the same or any part thereof,) in such bonds, mortgages or stock, or funded debt as aforesaid, whenever and as often as a due regard to the safe investment of such capital and surplus profits of said corporation shall require; but the said corporation shall not have invested in stock more than one quarter of the capital stock at any one time, together with the sur- . plus profits.

S 10. It shall and may be lawful for the said corporation Real estate. 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 such real estate, bona fide mortgaged or pledged to the said corporation; and also, to proceed in 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 authorised to do: and also, to purchase on sales made by virtue of any judgment at at law, or any order or decree of a court of equity, or any other legal proceedings, or otherwise to receive and take any real estate 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 five years after the same shall be invested in the said company, by purchase or otherwise.

visions.

$11. The corporation created by this act shall be sub- General preject to the operations of such of the provisions contained in the eighteenth chapter of the first part of the Revised Statutes, as are not repealed.

funds.

S 12. It shall be the duty of the president and secre- Statement of tary, at least thirty days previous to the annual election of directors, to prepare and insert in a book to be kept for that purpose, a full and true statement of the funds, property and securities of the said corporation, shewing the

Office.

Deposition.

Annual report.

amount in real estate, in bonds and mortgages, in notes and the securities thereof, in public debt or other stock, and the amount of debts due to and from the said company; which statement shall be certified by the president and secretary, and shall be open to the inspection of every stockholder of the said company, during the usual hours of business, in the office thereof, until the day of election; and in case the president and secretary shall refuse or neglect to prepare such statement, or to submit the same when required, they and each of them shall forfeit and pay to any person so requiring the inspection of such statement, and being at the time of such neglect or refusal, a stockholder of the said company, the sum of five hundred dollars, to be sued for and recovered by such stockholder, to his own use, in any court having jurisdiction to that amount; but such suit shall be commenced within thirty days after the annual election of directors of said company.

$ 13. The office for the transaction of the business of said company, shall be located in the town of Hempstead, in the county of Queens, and not elsewhere.

S 14. It shall not be lawful for the said corporation to commence any business under this act, until the president and secretary of said corporation shall have made a deposition in writing, before one of the judges of Queens county, and filed the same in the office of the clerk of the county of Queens, that the capital stock of the said corporation has been paid in, or secured to be paid, according to the provisions of this act, and every person guilty of wilful false swearing in the premises shall be subject to all the pains and penalties of perjury.

S 15. It shall be the duty of the president and secretary of said company, on the first Monday of January in each year, to make a report of the state and situation of said company, shewing 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 liabi lity incurrred 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 or secured; which report shall be signed and sworn or affirmed to by said president and secretary, and filed in the office of the assistant register in chancery in the first circuit.

tion.

$16. It shall be lawful for the chancellor, or vice-chan- Investiga+ cellor of the first 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 vicechancellor, 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.

$17. The person thus appointed to make such exami- On oath. 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.

cellor.

S18. If, upon such investigation, it shall appear that the Duty of chan said company have, in any respect, exceeded the powers hereby granted, or violated the provisions of this act, it shall be the duty of the chancellor or vice-chancellor, to exercise toward said company the same powers and authority as are now by law conferred on the chancellor in regard to banking incorporations.

$ 19. The legislature may at any time hereafter, alter, Rights re modify or repeal this act, or any of its provisions.

CHAP. 259.

AN ACT to submit to the people of this state a certain amendment to the constitution, relating to the election of the mayor of the city of New-York.

Passed April 29, 1833.

served.

Whereas the following amendment to the constitution Preamble. of this state was agreed to by a majority of all the members elected to each of the two branches of the legislature for the year one thousand eight hundred and thirty-two, and was also agreed to by two-thirds of all the members elected to each of the said two branches for the year one thousand eight hundred and thirty-three, pursuant to the eighth article of the said constitution; which said amendment is in the words following:

"At the end of the tenth section of the fourth article of Proposed the said constitution add the following words: 'Except in

amendment.

To be submitted to the people.

Election how to be con

ducted.

Inspectors to canvass ba!

return,

the city of New-York, in which the mayor shall be chosen annually by the electors thereof qualified to vote for the other charter officers of the said city, and at the time of the election of such officers.'"

Now, therefore, for the purpose of submitting the said proposed amendment to the people of this state,

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

S1. The inspectors at each poll in the several towns and wards of this state, at the annual election to be held on the first Monday of November next, shall provide a proper box to receive the ballots of the citizens of this state in relation to the said proposed amendment; and each voter shall present a ballot on which shall be written or printed, or partly written or partly printed, one of the following forms, or a form substantially the same namely: first, "For electing the mayor of the city of New-York by the electors thereof;" or, second, "Against electing the mayor of the city of New-York by the electors thereof:" And all the citizens of this state entitled to vote for members of assembly in their respective counties, shall be entitled to vote on the adoption of the said proposed amendment during the days of such election, in the several towns and wards in which they reside.

$ 2. The said election shall be conducted in all respects in the manner prescribed by law in relation to the election of governor, lieutenant-governor and senators; persons offering to vote at such election may be challenged, and the same oath shall be administered in the like cases as provided by law in the election of a governor; and all the provisions of the sixth chapter and first part of the Revised Statutes, and of all acts amending the same, are hereby extended to the said election as far as the same may be applicable, except where provision is herein otherwise made.

S 3. After finally closing the poll of such election, the lote and make inspectors thereof shall count and canvass the ballots given in relation to the said proposed amendment, in the same manner as they are required by law to canvass the ballots given for governor; and thereupon shall set down in writing, and in words at full length, the whole number of votes given "For electing the mayor of the city of NewYork by the electors thereof," and the whole number of votes given "Against electing the mayor of the city of New-York by the electors thereof," and shall certify and subscribe the same, and cause copies thereof to be made, certified and delivered, as prescribed by law in respect to the canvass of votes given at an election for governor.