Calls on stockholders.

Notice

thereof.

Bills notes,

ble.

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

$25. The directors for the time being shall have power to require the stockholders respectively, to make payment of all sums of money by them subscribed, at such times and in such portions 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.

$26. The directors shall give notice of every such call, by notice to be published at least once a week for eight weeks successively, in one or more of the newspapers printed in the village of Peekskill, and in the state paper; which notice so to be published, shall be a sufficient call on each stockholder, to authorise in case of default to comply therewith, the forfeiture above provided.

$27. The obligations, contracts, bills, notes and other Keig 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 issued under the seal of such corporation, and assigned 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.

$ 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 transfer shall have been registered in the 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 any evidence of debt, issued by such corporation, the payment of which shall have been refused; and of any stockholder of the said corporation.

S30. In case any officer of such corporation, having charge of such book, shall refuse to permit the same to be examined as aforesaid, he shall forfeit the sum of two hundred and fifty dollars, to be recovered by the person to whom such refusal shall have been made.

refusal to re.

$31. If at any time the president, directors and com- In case of pany of the said corporation shall neglect or refuse, for neglect or ten days after demand at their banking-house, during the doem notes. 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.

to chancellor.

$ 32. The said corporation may, after the payment of Application 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 Damages. 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 Restriction. 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 Westchester 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 evidence of debt of any monied institution beyond the jurisdiction of this state.

powers.

$35. The said corporation shall possess the general 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 next following section, or by this act in respect to the corporation created hereby.

2, 1829.

$36. The said corporation shall also be subject to the Act of April 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,

Loans.

Rights re

served.

1829, so far as the same shall be in force at the time of passing this act.

S37. It shall not be lawful for the corporation to 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.

CHAP. 71.

AN ACT for the relief of Stephen Sprague, Orange Spalding and Robert R. Cowan, late trustees of school district number twelve, in the town of Aurelius.

Passed March 22, 1833.

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

$1. The trustees of school district number twelve, in the town of Aurelius, in the county of Cayuga, are hereby authorised and required immediately after the passage of this act, to levy and collect by tax on the taxable inhabitants of the said district, the sum of eighty-five dollars, besides five per cent commission for collection, and to pay the said sum of eighty-five dollars to Stephen Sprague, Orange Spalding and Robert R. Cowan, late trustees of the said school district, in full of all their claims for moneys paid and expenses incurred by them in suits prosecuted against them, or against the collector of said district; and no such tax shall be levied until a majority of the taxable inhabitants of the said district, at a regular meeting, shall have authorised the same, and a majority of the said inhabitants may direct the whole or any part of the said sum to be raised.

$2. The said tax shall be assessed, levied and collected in the same manner that taxes are directed to be levied and collected by the provisions of the Revised Statutes, relating to common schools.

CHAP. 72.

AN ACT to alter the division line between the towns of
Pitcher and Lincklaen, in the county of Chenango.

Passed March 23, 1833.

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

1. After the first Tuesday in March, one thousand eight hundred and thirty-four, the dividing line between the towns of Pitcher and Lincklaen, in the county of Chenango, shall be on the north fine of lots number fifty-five, fifty-six, fifty-seven, fifty-eight, fifty-nine, sixty, sixty-one, sixty-two and sixty-three; and all that part of the town of Lincklaen, lying south of said line, shall constitute a part of said town of Pitcher.

СНАР. 73.

AN ACT authorising the supervisors of the county of Livingston to raise money to build a bridge over the Genesee river.

Passed March 23, 1833.

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

by tax.

$1. The supervisors of the county of Livingston are 1,500 dollars hereby authorised and required at their next annual meet- to be raised ing, to cause to be levied, collected and paid to the treasurer of said county, in the same manner as other contingent charges of said county are by law directed to be levied, collected and paid, the sum of one thousand five hun dred dollars, together with treasurer's and collector's fees thereon, for the purpose of building a bridge over the Genesee river near Fowlerville, in said county; three hundred dollars of which shall be levied and collected in the town of York, two hundred dollars in the town of Avon, and the remaining sum of one thousand dollars in the county of Livingston, including the aforesaid towns of York and Avon, which sums of money, when collected and paid to the treasurer of said county, shall be subject to the order of the commissioners hereinafter named for the purposes aforesaid.

ers.

$2. Wells Fowler, Asa Arnold and Alexander Skillic, Commissionare hereby appointed commissioners to superintend the building of said bridge, with full power to contract for the

To give bond

To account.

materials and workmanship of the same, to the extent of the sum hereby granted; and in case of the death or refusal of said commissioners, or either of them, to serve, it shall be lawful for the first or senior judge of the county of Livingston to appoint a person or persons to fill the vacancy or vacancies.

S3. It shall be the duty of the commissioners who are hereby appointed, or may hereafter be appointed, to superintend the building of said bridge, before entering upon the duties of said trust, to execute a bond with sufficient surety or sureties, to the board of supervisors of said county, in the penal sum of three thousand dollars, condition for the faithful performance of their duties under this act.

$4. The said commissioners shall account with the board of supervisors of said county, from time to time, as the said board shall require, for all moneys received or expended by the said commissioners for building said bridge.

CHAP. 74.

AN ACT respecting the loan-officers of the county of Suf

folk.

Passed March 23, 1833.

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

1. It shall be lawful for the loan-officers of the county of Suffolk to assign and set over to any person or persons, or corporate body, their heirs or assigns, on their paying the principal and interest due thereon, all mortgages on lands which may have been mortgaged to said loan-officers and their predecessors in office, which have not been cancelled and paid, and thereupon the assignees of such mortgages, their heirs and assigns, shall be possessed of all the right, title and interest which the people of the state of New-York and the said loan-officers have in and to the same, and shall be entitled to take all lawful means in their own name for the collecting of the moneys due, or to become due thereon, which the said people and the said loan-officers now have, or may have for the collection of the same; but the people of this state are in no event to be made liable by such assignment, for the principal and interest, or any part thereof, in case the same shall not be recovered of the mortgagor or mortgagors, their heirs or assigns, or from the sale of the premises thus mortgaged.