Society may sell real estate. Proceeds, used. uncollected, in whole or in part, during the term prescribed by its charter; but the renewing of any such warrant shall in no way affect the liability of the collector or the sureties upon the bond of such collector. § 2. This act shall take effect immediately. CHAP. 227. AN ACT authorizing the Oswego County Agricultural Society to sell its real estate to pay its indebtedness, and invest the surplus in the purchase of new fair-grounds, and to mortgage such new grounds for part of the purchase price PASSED May 27, 1882.* thereof. The People of the State of New York, represented in Senate and Assembly, do enact as follows: SECTION 1. The Oswego County Agricultural Society is hereby authorized to sell at public or private sale its real estate and fair-grounds, situate in the village of Mexico, with the written consent of two-thirds of the members thereof. The sale shall be conducted by the board of managers of said society, who shall give four weeks' previous notice of such intended sale in three public newspapers published in said county. § 2. The proceeds of such sale shall be used by said society, first in how to be the payment of the indebtedness thereof, and the surplus, if any, shall be invested in the purchase of new fair-grounds, and in preparing and fitting them for such use. Deed, how to be § 3. The deed or deeds conveying said property shall be executed executed. by the president, treasurer and secretary of said society, and such deeds shall be conclusive proof that two-thirds of the members of said society have executed their assents to the sale of the lands as conveyed therein, and that the notice aforesaid was duly published. May mortgage new § 4. The said society is also hereby authorized to mortgage the new grounds. grounds, which may be purchased as aforesaid, for securing any part of the purchase-price thereof; which mortgage shall be executed by said president, treasurer and secretary. § 5. This act shall take effect immediately. CHAP. 228. AN ACT making an appropriation for the construction of an iron bridge across the Mohawk river, on the line between the towns of Herkimer and German Flats, in the county of Herkimer, made necessary by the State extending the blue line and appropriating lands across the river, at this point, to avoid the high bluff on the berme bank where the canal was enlarged, and to authorize the commissioners of highways of said towns to release all claims against the State on the part of said towns for any excess of cost beyond or above the sum hereby appropriated, and to maintain and keep in repair said bridge in the future. PASSED May 27, 1882; three-fifths being present. The People of the State of New York, represented in Senate and sentation claims for intendent release. build iron SECTION 1. Upon the presentation to the superintendent of public On preworks of a release duly executed by the commissioners of highways of release of the towns of Herkimer and German Flats, in the county of Herki- of all mer, of all claim on the part of said towns against the state for dam- damages, ages or forfeiture, liability for maintenance or otherwise, which release, e, superso executed, is hereby declared to be binding upon said towns, the to accept said superintendent is hereby authorized and directed to accept such and audit release and to audit the amount, after receipt by him of said release, amount to which in his judgment may be necessary and proper to enable said bridge. towns to construct an iron bridge over the Mohawk river in said towns, in place of the wood bridge known as the Herkimer lower river bridge, not exceeding the sum in the aggregate of five thousand dollars, and to certify such acceptance with said audit to the comptroller, who shall draw his warrant upon the treasurer, in favor of the commissioners of highways of said towns for the sum so audited, which said sum of five thousand dollars, or SO much thereof as may be necessary, is hereby appropriated out of any moneys in the treasury not otherwise appropriated, and the treasurer is hereby directed to pay to said commissioners the amount of such audit upon the aforesaid warrant. 82. This act shall take effect immediately. CHAP. 229. AN ACT to provide for submitting a proposed amendment to the constitution to the electors of the state. PASSED May 27, 1882. The People of the State of New York, represented in Senate and Assembly, do enact as follows: inspectors. SECTION 1. The inspectors at each poll, in the several towns and Duty of wards in this state, at the general election to be held in the state on the seventh day of November, one thousand eight hundred and eightytwo, shall provide a box to receive the ballots of the citizens of the Form of ballot. Indorsement. Canvass. County canvass. State canvass. Secretary publish form of ballot. state, in relation to the amendment proposed to the constitution by concurrent resolutions of the legislature, passed in eighteen hundred and eighty-one, and eighteen hundred and eighty-two, and each voter may present a ballot on which shall be written or printed, or partly written and partly printed in the form following, namely: "For the proposed amendment to section three, article seven of the constitution," or a ballot on which shall be written or printed, or partly written and partly printed, in the following form, namely: "Against the proposed amendment to section three, article sevenof the constitution." The said ballot shall be indorsed "constitutional amendment-canal." And all the electors in the state entitled to vote for members of the legislature in their respective districts shall be entitled to vote on the adoption of said proposed amendment during the day of election in the several election districts in which they reside. § 2. After finally closing the polls of such election, the inspectors thereof shall count and canvass the ballots given relative 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 the whole number of votes given for said proposed amendment in the words in which said amendment is hereinbefore given, and the whole number of votes given against the said proposed amendment in the words in which said amendment is herein before given, and shall certify and subscribe the same, and cause copies thereof to be made and certified and delivered as prescribed by law in respect to the canvass of votes given at an election for governor. § 3. The votes so given shall be canvassed by the board of county canvassers, and statements thereof shall be made, certified and signed and recorded in the manner required by law in respect to the canvassing of votes given at an election for governor, and certified copies of the statements and certificates of the county canvassers shall be made, certified and transmitted by the county clerks, respectively, in the manner provided by law in respect to the election of governor. The said certified copies transmitted by the county clerks shall be canvassed by the board of state canvassers in the like manner as provided by law in respect to the election of governor, and in like manner they shall make and file a certificate, of the result of such canvass, which shall be entered of record by the secretary of state, and shall be published by him in the state paper and in the papers designated by the several boards of supervisors to publish the session laws, or which may be designated by said board to publish the said certificate. § 4. It shall be the duty of the secretary of state to cause the said of state to proposed amendment to the constitution, together with the form of the ballot, as herein specified, to be published in the manner provided for the publication of the certificates of the result of canvass by section three hereof, at least twice prior to such election, but no neglect or failure to publish shall impair the validity of such election. To print ballots and deliver same to County clerks. § 5. The secretary of state shall cause to be printed as many ballots in the form prescribed by this act in favor of the proposed amendments as there were electors voting for secretary of state at the last general election, and as many ballots in the form prescribed by this act against the proposed amendment as there were electors voting for secretary of state at the last general election, and to deliver to each of the county clerks of this state, on or before October tenth, eighteen hundred and eighty-two, as great a number of each of said ballots as there were electors voting for secretary of state in said county at the clerks. last general election. Said county clerk shall, on or before November Duty of first, eighteen hundred and eighty-two, deliver to each of the town county clerks in his said county as great a number of each of said ballots as the whole number of electors voting in said town at the last general election. Said town clerks shall deliver said ballots to the inspectors of town of election in their respective towns on or before the morning of November seventh, eighteen hundred and eighty-two. Nothing herein contained shall prevent any person or persons printing or distributing tickets for or against said proposed amendment. § 6. This act shall take effect immediately. CHAP. 230. AN ACT to incorporate the Franklin Loan and Trust Company of the city of New York. PASSED May 27, 1882 The People of the State of New York, represented in Senate and Assembly, do enact as follows: clerks. SECTION 1. Charles J. Canda, Conrad N. Jordan, Joseph L. Hance, CorporaJohn I. Waterbury, Henry W. Curtiss, William R. Grace, John L. tors. Nesbit, Eugene T. Lynch, Washington S. Valentine, Isidor Valentine, Peter Ward, John T. Woodward, Courtlandt P. Dixon, Jr., and Braddock E. Strong, William C. Beatty, and their associates, and all other persons who shall become stockholders in the company hereby incorporated, are hereby constituted and created a body corporate by the name of the Franklin Loan and Trust Company of the city of New Name. York. §2. The capital stock of the said company shall be five hundred Capital thousand dollars, and the same may be increased from time to time if stock. the majority in interest of the stockholders of said company shall so determine, to a sum not exceeding two millions of dollars. Such capital shall be divided into shares of one hundred dollars, each, and shall be deemed personal property, and shall be transferable in such manner as shall be prescribed by the by-laws of said company. Said company may organize and commence business within two years from the passage of this act, and whenever five hundred thousand dollars of its capital stock shall have been subscribed and paid in cash. invested. 3. The capital shall be invested in bonds and mortgages on How unincumbered real estate in the state of New York, worth at least double the amount loaned thereon, or in the stocks of this state or of the United States, or in the bonds of incorporated cities of this state duly authorized to be issued. 84. The trustees shall have a discretionary power of investing the moneys received by them in trust, in public stocks of the United States or of any individual state, or in the bonds or stocks of any incorporated city in this state, authorized by the legislature, or in such real or personal securities as they may deem proper; but the said company shall not hold stock in any private incorporated company. beyond twenty-five thousand dollars. § 5. No loan shall be made, directly or indirectly, to any trustee or Loans proofficer. hibited. § 6. The affairs of the company shall be managed by a board of Board of trustees, election of, etc. First trustees. trustees. trustees, of such number, not less than thirteen nor more than twenty- company. § 7. The persons named in the first section of this act, or such of them, respectively, as shall have subscribed to at least thirty shares of the said capital stock, shall be the trustees of the said company for the first year, and until others are elected in their place, and may add to their number not exceeding the limit of twenty-five aforesaid. Powers of The trustees shall have power, from time to time, to make and establish such by-laws, rules and regulations as they shall deem expedient for the conduct and management of the business and affairs of the said company, the issue and transfer of the capital stock, for determining the time, place and manner of holding elections and meetings of the company and of the trustees, the filling of vacancies in the board of trustees, the number of trustees necessary to constitute a quorum, not less than a majority of the whole number, and all other matters that may appertain to the concerns of said company; and they may prescribe the duties and fix the compensation of all officers and agents of the company. They may require payment of subscriptions to the capital stock in such proportion, and at such times as they shall deem expedient, under penalty of forfeiting all stock and previous payments thereon and the said company may sue for and recover all such subscriptions. The said trustees shall elect one of their number president of the board, and appoint such other officers and agents as they may deem proper. § 8. Charles J. Canda, Conrad N. Jordan, Joseph L. Hance, John I. Waterbury and Henry W. Curtiss shall be and they are hereby ap pointed commissioners to open books for subscriptions to the capital stock of said company at such time and place and in such manner as they, or a majority of them, may deem proper. 9. The corporation hereby created shall have the general powers and privileges of a corporation as declared in the third title of the eighteenth chapter of the first part of the Revised Statutes, and, in addition thereto, shall have power: 1. To act as the fiscal or transfer agent of any state, municipality or corporation, and, in such capacity, to receive and disburse money, and transfer, register and countersign certificates of stock, bonds or other evidences of indebtedness. 2. To receive deposits of money, securities and other personal property from any person, and to loan money on real or personal security. 3. To lease, purchase, hold and convey real estate necessary in the transaction of its business, or acquired in satisfaction of debts due the corporation, under sales, judgments and mortgages. 4. To act as trustee under any mortgage issued by any municipality or corporation, and to accept and execute any other municipal or corporate trust not inconsistent with the laws of this state. |