Expenses. Assessments deem expedient, and such improvements may be made in sections and from time to time, if they shall so elect. § 8. All expenses incident to such improvements, or either or any of them, after having been duly certified by the said park commissioners to the said commissioners of estimate and assessment, shall be by them apportioned and assessed upon the property in their judgment benefited thereby within the several districts of assessment so to be fixed by the said park commissioners. The expense of constructing the drive and concourse on the ocean beach, as well as of such bridges as may be required for such park-way, not exceeding the sum of fifteen thousand dollars, shall be a charge on the county of Kings, and of the expense of constructing the said park-way south of a point which is distant fifteen hundred feet southerly from the neck road, so called, not exceeding one-half shall be charged and assessed against the property in the judgment of the commissioners benefited by said. improvement, and so much thereof as shall be charged and assessed against the county of Kings either for the opening or improvement thereof, the supervisors of the said county are hereby directed to raise by tax, upon the requisition of the park commissioners, and the county treasurer to pay the proceeds thereof to the persons entitled to receive the same upon like requisition. And the reports of the commissioners of assessment shall be subject to objection and appeal and to confirmation, in the same manner as their said former assessment reports; but the expenses of no portion of said park-way shall be a charge upon the county of Kings. 9. All assessments made and confirmed in pursuance of this act made and shall be liens upon the lands and premises upon which they shall have confirmed been laid, and such lands and premises shall be subject to be sold for to be liens, &c. the assessments referred to in the fifth and sixth sections of this act, if such assessments are not paid within ninety days after the confirmaExisting tion thereof. The present existing provisions of law, applicable to provisions sales for taxes and assessments in the city of Brooklyn, to redemptions applied. and leases therefor, and to the respective rights of the parties interested 0: law therein, including the rate of interest to be paid by the parties in default, shall apply to all assessments to be laid under this act, whenDuties of ever they are not inconsistent therewith. And when any duties are, park com- by said laws, imposed upon the common council of said city, they shall devolve upon the said park commissioners; and where imposed upon subordinate officers of the city, they shall be performed by persons to be specially appointed by the said park commissioners. mission ers. Collectors to be appointed. lectors. § 10. The said park commissioners may appoint one or more collectors of all assessments to be laid under this act, who shall severally give bonds for the faithful performance of their duties, and for the prompt payment of all the moneys to be collected by them. The Compen collector of any assessment shall be entitled to receive a compensation on of col- of one per cent. on all moneys paid to him within two weeks after he shall have published notice in said newspapers twice a week for four weeks of the time and place where he will attend to receive payment. After the expiration of six weeks from the first publication of the said notice, the collector shall be entitled to three per cent. on all moneys thereafter to be collected by him, and in either case his compensation shall be paid by the party assessed, over and above his assessment and as part thereof, and the lien of the assessment shall extend to such compensation, except that no fees shall be allowed for the collection of the amount assessed against the county of Kings. In case any assessment shall remain unpaid after the expiration of the time Lien. by whom cates of ances. above specified, the collector shall proceed to sell at public auction for sale, the lowest term of years for which any person will take the same and when and pay the amount so remaining unpaid, with interest from the time of the made. confirmation of the assessment report, together with two per cent. for collector's fees, and three dollars on each parcel in addition for the expenses of advertising and sale, and said collector first giving thirty Notice days' notice of the time and place of sale, by publishing the same in thereof. two daily newspapers printed in the county of Kings twice a week for three weeks. Upon a sale being made the said collector shall give Certifi certificates of sale to purchasers and shall also execute and deliver con- Calend veyances of the lands so purchased, unless the same shall have been conveyredeemed by an owner, lessee or mortgagee thereof within two years from the time of sale, by paying to the purchaser, or to the said Brooklyn park commissioners, for his use the amount paid by him, with interest at the rate of twelve per cent. per annum. The said cer- Certifi tificates of sale shall be recorded by the purchasers in the office of the tetor register of deeds in and for the county of Kings, and shall constitute ed. liens upon the premises therein described, after the same shall have To be been so recorded, and shall take precedence of all other liens, except for unpaid taxes or assessments. And all interest to be collected at the said sale shall be credited and paid pro rata among all parties entitled to receive awards upon the said opening. Upon the final collection of any assessment to be made under this act it shall be paid over by the said park commissioners to the several persons entitled to receive the same. be record liens. under the park com 11. After the said avenue shall have been opened, the said avenue, Avenue, and the concurse lateral branch or shore road, at the ocean beach, shall & to be be under the exclusive charge and management of the said park com- charge of missioners, and they shall make and enforce rules and regulations for missionthe proper use thereof. And after the said avenue and shore road shall ers. have been improved as hereinbefore directed, its subsequent mainte- Maintenance shall be a charge upon the city of Brooklyn, and such amounts as charge the said park commissioners shall, from time to time, by resolution, upon the determine to be necessary for the purpose, shall be annually raised by the board of supervisors of the county of Kings, and collected in the taxes of the then current year, and paid over to the said park commissioners. nance a city. sation of estimate. 12. The said commissioners of estimate and assessment shall be Compenseverally entitled to receive three dollars a day for each and every day commisnecessarily employed in the discharge of their duties, and their com- sioners of pensation, with room-hire, stationery and other necessary expenses, together with the compensation of the surveyor, counsel and other persons to be necessarily employed under the foregoing provisions of this act (and who are hereby directed to be employed by the said park commissioners), shall be included in the general expenses to be incurred herein. § 13. This act shall take effect immediately. Corporators. Chap. 584. AN ACT to incorporate the Newtown Savings Bank. The People of the State of New York, represented in Senate and SECTION 1. William S. Worthington, J. Benselin, Warren F. Shattuck, Louis Hamann, Philip Rambold, S. Fisk Worthington, Emil Sauer, Edward H. Weber, John G. Graff, Louis Windmuller, D. Sackett Moore, William S. Wood, and their successors, shall be and they are Corporate hereby constituted a body corporate and politic, by the name of Newtown Savings Bank, to be located in the town of Newtown, and by that name shall perpetual succession, and may sue and be sued in any of the courts of this State. name and location. First trustees. 2. The persons named in the first section of this act shall be the first trustees of the said corporation, and all vacancies in the office of trustee shall be filled by the board, by ballot, without unnecessary how filled. delay, and the vote of a majority of the remaining members of the board shall be necessary to elect a trustee. Vacancy, President, dents, &c. §3. The business of the said corporation shall be managed and vice-pres directed by said board of trustees, who shall elect from their number a president and two vice-presidents, and may elect from their number, or otherwise, such other officers as they may deem expedient; and the vote of a majority of a full board of trustees shall be requisite for the appointment of any officer receiving a salary therefrom, or to fix or to increase the salary of any officer. Salary. Trustee, officer or servant, not to bor row of the corpora tion, &c. 4. No person being a trustee shall, directly or indirectly, receive any pay or emolument for his services, and no trustee, officer or servant of said corporation shall, directly or indirectly, for himself or as the agent or partner of others, borrow any of the funds of the said corporation, or its deposits, or in any manner use the same, or any part thereof, except to make necessary current payments, or to make investments, or to deposit for safety, under the direction and by authority of the board of Not to be trustees; nor shall any trustee, officer or servant of said corporation be an indorser or surety, or in any manner be an obligor, for moneys loaned by or borrowed of the said corporation. indorser. Quorum. Meetings of the trustees. 5. A quorum of said board of trustees shall consist of not less than five, of whom the president or one of the vice-presidents shall be one; and it shall be lawful for the trustees, in their by-laws, to provide for a larger quorum; but less than a quorum shall have power to adjourn from time to time, or until the next regular meeting. § 6. A regular meeting of the board of trustees shall be held once in board of each month, to receive the reports of their officers, and transact such other business as may be necessary; and the trustees may, in their bylaws, provide for calling special meetings; and any trustee omitting to attend the regular meetings of the board for six months, unless previously excused by a vote of the board, shall thereby vacate his office as trustee, but may, in the discretion of the board, be eligible to a reelection. By-laws. 7. The board of trustees of said corporation shall have power, from time to time, to make such by-laws, rules and regulations as they may think proper for the election of officers, for prescribing their respective *So in original. powers and duties, and the manner of discharging the same, for the appointment and duties of committees, and generally for transacting, managing and directing the affairs of the corporation; provided, such Proviso. by-laws, rules and regulations are not repugnant to nor inconsistent with the provisions of this act, the Constitution and laws of this State or of the United States. ject. 8. The general business and object of the corporation hereby created Business shall be to receive on deposit any sum or sums of money that may be and ob offered for that purpose, by any person or persons, or by any religious or charitable corporations or societies, and to invest the same, and declared credit and pay dividends or interest thereon, as hereinafter authorized, and not otherwise; and all certificates or other evidences of deposit, made by the proper officer of said corporation, shall be as effectual to bind the corporation as if executed under the common seal thereof. § 9. It shall be lawful for the trustees of the corporation to invest Investthe moneys deposited with them, and the gains or profits thereof, only ments. as follows, namely: 1. In the stocks or bonds, or interest-bearing notes or certificates, of In U. s. the United States. stocks. 2. In the stocks or bonds or evidences of debt bearing interest, of state this State. 3. In the stocks or bonds of any city or county, town, issued suant to the authority of law. stocks. pur- City or County bonds. gages. 4. In bonds secured by mortgage on improved, unincumbered and Bonds productive real estate, situate in this State, worth at least twice the and mortamount loaned thereon; but not to exceed forty per cent. of the assets of the corporation shall consist of such bonds and mortgages. and con estate. 5. It shall be lawful for the corporation to purchase, hold and convey Power to real estate only as follows: 1. A lot and banking-house requisite for the take, bold transaction of its business, and for an income from such portions of the vey real same as are not required for its own use. 2. Such as shall have been purchased at sales upon statute or other foreclosure of mortgages owned by the corporation, or upon judgments or decrees obtained or rendered for debts due it for money loaned; and all such real estate as is described in the last two preceding clauses shall be sold by the trustees within five years after the same shall be vested in the corporation unless, upon application by the trustees, the Superintendent of the Banking Department shall extend the time within which such sale shall be made. security § 10. In all cases of loans upon real estate, a sufficient bond or other Personal personal security shall be required of the borrower, and all the expenses for loans. of searches, examinations and certificates of title or appraisal of value, and of drawing, perfecting and recording papers, shall be paid by such borrower. ance. § 11. Whenever buildings are included in the valuation of any real Insurestate, upon which a loan shall be made by said corporation, they shall be insured by the mortgagor for at least two-thirds their value, in such company of this State as the trustees shall direct, and the policy of insurance shall be duly assigned to the corporation; and it shall be Renewal lawful for said corporation to renew such policy of insurance, in the of policy. same or in any other company of this State as they may elect from year to year or for a longer or shorter term, in case the mortgagor shall neglect to do so, and may charge the same to him. And all the necessary *So in original. Expenses charges and expenses paid by said corporation, for such renewal or renewals, shall be paid by such mortgagor to the said corporation and shall be a lien upon the property so mortgaged until paid. thereof. Corporation not trade in 12. It shall be unlawful for the said corporation, directly or indito deal or rectly, to deal or trade in real estate in any other case, or for any other purpose than as authorized in the ninth section of this act, or to deal or trade in any goods, wares, merchandise or commodities whatever, except as authorized by the provisions of this act, and except such personal property as may be necessary in the transaction of its business. real estate, & c. Loans. Invest ment of deposits. Excep tion of available fund. 13. It shall be lawful for the trustees of the corporation, while awaiting opportunity for the judicious investment of the moneys deposited with them, as authorized and required by this act, to loan the same, or any part thereof, upon the securities mentioned in section nine of this act; but not exceeding ninety per cent. of the cash market value of such securities shall be loaned thereon; and should any securities depreciate in value after making a loan thereon, it shall be the duty of the trustees to require the immediate payment of such loan, or a part thereof, or additional security therefor, so that the amount loaned shall at no time exceed ninety per cent. of the market value of the securities pledged therefor. § 14. It shall be the duty of the trustees of said corporation, as soon as practicable, to invest the moneys deposited with them, and the gains or profits thereof, in the securities named in the ninth section of this act, except an available fund of not exceeding twenty per cent. of the deposits with said corporation, which the trustees may keep to meet current payments, and which may by them be kept on deposit in any bank or banking association, organized under any law or laws of this State or of the United States, or with any trust company incorporated by any law of this State, upon such terms as may be agreed upon; but the sum so kept on deposit in any one bank or trust company shall not exceed twenty per cent. of the capital of such bank or trust company, and shall not exceed twenty-five thousand dollars, or ten per cent. of the whole amount of deposits with this said corporation; or such available fund, or any part thereof, may be loaned by loaned on the trustees on call, or on notice not exceeding ten days, upon the securities and in the manner provided in the last preceding section of this act. Amount thereof. May be call. Repay. deposit 15. The sums deposited with the said corporation shall be repaid ment to to the depositors thereof, or their legal representatives, at such times ors, regn- and with such interest, and under such regulations, as the board of therefor. trustees shall from time to time prescribe, which regulations shall be lations Deposit minors, or mar. ried wo heid. put and kept up in some conspicuous place in the room where the business of the corporation shall be transacted, and shall also be printed in the pass-book of each depositor, but shall not be altered so as to affect any deposit previously made. 16. Whenever any deposit shall be made by any person being an alien or minor, or a female being or thereafter becoming a married woman, the same shall be held for the exclusive right and benefit of men, how such depositor, and free from the control or lien of all persons whatsoever, except creditors, and shall be repaid, together with the divi dends or interest thereon, to the person making the deposit, and the receipt or acquittance of such alien, minor or female shall be a valid and sufficient release and discharge for such deposit to the corporation. § 17. In all actions in any court of this State, against the said corband, wife poration, by a husband to recover for moneys deposited by his wife in her own name, or as her own money, the wife may be examined and In action by hus may be a witness. |