Bills, notes,

ble.;

cient call on each stockholder, to authorise in case of his default to comply therewith, the forfeiture above provided.

$27. The obligations, contracts, bills, notes and other &e assign 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 payable at the banking-house of the said corporation.

Dividends

Transfers

Penalty.

In case of ne

sal to redeem nules.

$28. It shall be the duty of the directors of the said 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 shall be valid, until such tranfer 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 charge of such books, 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.

S31. If at any time the corporation hereby created, glect of shall neglect or refuse, for ten days after demand at their 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 they 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.

Application

$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.

$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 said corporation to redeem the bills, notes or other evidences of debt of any monied institution without the jurisdiction of the state, and which shall be made payable at the said "Herkimer County 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.

Damages.

Restriction.

ers.

$35. The said corporation shall possess the general General powpowers 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.

Act of April

$ 36. The said corporation shall also be subject to the provisions contained in the act entitled "An act to create 2, 1829. 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⚫ vel.

Name

Corporation created.

Banking powers.

Real estate.

Restriction.

CHAP. 62.

AN ACT to incorporate the president, directors and company of the Cayuga county bank.

Passed March 14, 1833.

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

$1. There shall be established in the village of Auburn, and county of Cayuga, a bank, to be called "The Cayuga County Bank," whose operations of discount and deposit shall be carried on in the village of Auburn, and not elsewhere.

$ 2. All persons who shall become holders of the capital stock of the said bank pursuant to this act, shall be, and they are hereby constituted a body corporate, by the name of "The President, Directors and Company of the Cayuga County Bank;" and such corporation shall continue until the first day of January, in the year one thousand eight hundred and sixty-three.

$3. The said corporation shall have power to carry on the business of banking, by discounting bills, notes and other evidences of debt; by receiving deposits; by buying and selling gold and silver bullion, foreign coins and bills of exchange; by issuing bills, notes and other evidences of debt; and by exercising such other incidental powers as shall be necessary to carry on such business. $ 4. The real estate which it shall be lawful for the said corporation to purchase, hold and convey, shall be,

1, Such as shall be requisite for its immediate accommodation in the convenient transaction of its business; or, 2. Such as shall have been mortgaged to it in good faith, by way of security for loans previously contracted, or for moneys due: or,

3. Such as shall have been conveyed to it in satisfaction of debts previously contracted in the course of its dealings; or,

4. Such as shall have been purchased at sales upon judgments, decrees or mortgages, obtained or made for such debts.

The said corporation shall not purchase, hold or convey real estate in any other case, or for any other purpose.

S5. The said corporation shall not, directly or indirectly, deal or trade in buying or selling any goods, wares, merchandize or commodities whatsoever, or in buying or selling any stock created under any act of the United States, or of any particular state, unless in selling the

same when truly pledged by way of security for debts due to the said corporation.

$6. The capital stock of the said corporation shall be Stock. two hundred and fifty thousand dollars, to be divided into ten thousand shares, of twenty-five dollars each; and Nathaniel Garrow, Rowland Day, Peter Yawger, George B. Throop, John Seymour, William H. Noble, Robert Muir, Charles Pardee and Sherman Beardsley, are hereby appointed commissioners to receive subscriptions to the said capital stock.

book.

$7. The commissioners, or a majority of them, shall Subscription open a subscription book for the said stock, on such day and at such place in the village of Auburn as they shall appoint; and shall give at least fourteen days' previous notice of such time and place, in two or more of the newspapers printed in that village, and in the state paper.

daye.

$8. The book for subscriptions shall be kept open at To be kept least three days, for six hours each day; and the sum of three two dollars and fifty cents on each share subscribed for, shall be paid to the said commissioners at the time of making such subscription. Such payment shall be made in specie or current bank bills; and no check, draft, or certificate of deposit, shall be received.

scriptions.

$ 9. If the whole of the capital stock be not taken up Further sub during the said three days, the said commissioners may receive further subscriptions, on such other day and at such place in the village of Auburn, as they or a majority of them shall from time to time appoint, until the whole capital stock of the corporation shall be taken up, giving public notice thereof, as directed in the seventh section of this act.

$10. The commissioners shall proceed within sixty Distribution days after the passage of this act, to distribute the capital stock of the said corporation among the subscribers thereto; and in case there should be subscriptions to more than the amount of such stock, within the said three days, it shall be the duty of the said commissioners to apportion the same among the subscribers thereto, in such manner as a majority of them shall deem most advantageous to the interests of the institution; and there shall not be allowed to any one of the subscribers or commissioners, directly or indirectly, or to any one in trust for him, more than one hundred shares of said stock, if, without such allowance, the whole stock be taken up.

published.

$11. The commissioners shall, within ten days after Names to be the distribution of said stock, publish in one of the newspapers published in the county of Cayuga, a full and com

Expense

Restriction.

Directors.

First election

plete statement of all of the subscribers for the same, with their places of residence, the number of shares by each subscribed for, and the number of shares allotted to each of them; which statement shall be sworn to by the commissioners.

$ 12. The expenses incurred by the commissioners in executing any duties required by this act, shall be paid out of the moneys received by them from the subscribers to whom stock shall be distributed.

S 13. No corporation having banking powers under the authority of this state or of the United States, shall be permitted or authorised, directly or indirectly, to subscribe for any part of the capital stock of the said corporation by this act created; nor to purchase, take or hold any part of such stock, except when the same shall be hypothecated in good faith in security for a debt or loan; and in such case, the shares of stock so hypothecated shall be sold within sixty days after such debt shall become due, according to the terms of such hypothecation; and if not so sold, the same shall be forfeited, and shall belong to the fund created by the "Act to create a fund for the benefit of the creditors of certain monied corporations, and for other purposes," passed April 2d, 1829; and the commissioners directed to be appointed by the said act, shall take the necessary measures to appropriate the same accordingly, and shall sell the same as soon as may be, and pay the proceeds to the comptroller, for the benefit of the said fund.

S 14. The stock, property, affairs and concerns of the said corporation, shall be conducted by thirteen directors, being stockholders of the said corporation, and citizens of this state; but no person shall be a director, who shall not, at the time of his appointment, hold on his own account, and not in trust in any manner whatsoever for any other person, at least ten shares of the stock of the said corpo

ration.

S15. The first election for directors under this act, and of three inspectors of the first annual election thereafter, shall be held at such time and place in the village of Auburn, 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.