PART I. Purchasers cute. lage in which he resides; and thereafter it shall not be lawful for such individual banker to transact business under said act in any other place than in which he resides, and in case of any change of residence of such individual banker, he shall forthwith file a notice thereof in the comptroller's office as aforesaid. Any person neglecting to comply with the requirements of this section or either of them, shall for each neglect forfeit one thousand dollars, to be sued for and recovered by the attorney-general in the name and for the benefit of the people of this state. CHAP. 87. AN ACT relative to purchasers at receivers' sales. PASSED April 24, 1845. The People of the State of New York, represented in Sénate and Assembly, do enact as follows: $1. Any purchaser from the receiver of a banking corporamay prose- tion of any chose in action belonging to the assets of such corporation, may prosecute the same in his own name in all cases where by law the same could be prosecuted in the name of such receiver. Subject to Provision CHAP. 160. AN ACT concerning the election of directors of banking associations. PASSED April 29, 1847. The People of the State of New York, represented in Senate and Assembly, do enact as follows: $1. Every banking association which has been or shall hereafter be formed or organized, under the provisions of the act entitled "An act to authorize the business of banking," passed April 18, 1838, or of any act amending the same, shall be subject to the provisions of article two, title two, chapter eighteen, part one of the Revised Statutes. CHAP. 419. AN ACT to amend an act entitled an act to abolish the office of Bank Commissioner, and for other purposes, passed April 15, 1843. PASSED December 7, 1847; three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows : [Sections 1 and 2 amend sections 3 and 4 of Laws of 1843, chap. 218.] 3. Whenever in the opinion of the comptroller, there shall In cases of be good cause to suspect that any bank, banking association incorrect CHAP. XX. or individual banker has made an incorrect or imperfect quar- quarterly terly return, or is in an unsound or unsafe condition to do returns." banking business, it shall be his duty to have the books, papers and affairs of such bank, banking association or individual banker examined by some competent person to be designated by him, who shall examine fully into its books, papers and affairs forthwith, and report to the comptroller on oath, the result of such examination, a copy of which report shall be forthwith published in the manner prescribed in the first and second sections of this act in respect to the publication of quarterly returns. The reasonable costs and expenses of every such examination shall be defrayed in the manner prescribed in the second section of this act for paying the expenses of publishing quarterly returns. and associ ation. $4. All individual bankers and all banking associations, Bankers which are now or shall be hereafter engaged in the business ations subof banking under the provisions of the act entitled "an act to ject to taxauthorize the business of banking," shall be subject to taxation on the full amount of actual capital paid in or secured to be paid in, as such capital, by them severally, at the actual market value of such securities to be estimated by the comptroller without any reduction for the debts of such individual banker or banking association. But in no case shall the capital of any such banking association or individual banker, be estimated at a less sum than the amount of circulating notes delivered to such banking association or individual banker and not returned to the comptroller, and in case the capital of such banking association has been reduced by the surrender of any securities to the stockholders thereof, and the certificates of stock held on account of such securities being surrendered to such banking association and canceled, such banking association shall not be subject to taxation upon such part of its capital. [Section 5 repealed by chap. 452, Laws of 1847.] CHAP. 340. AN ACT amendatory of the act, entitled "An act authorizing the business of banking," passed April 18, 1838, and the acts amending the same. PASSED April 12, 1848. The People of the State of New York, represented in Senate and Assembly, do enact as follows: associa vidual 51. All banking associations, or individual bankers, organ- Banking ized under the provisions of the act passed April 18th, 1838, tions entitled "An act authorizing the business of banking," and wind the several acts subsequently passed amendatory thereof, or bankers to which shall hereafter be organized, shall be banks of discount discount and deposit as well as of circulation, and the usual business sit. be banks of and depo PART L Securities to be deposited with comptroller. Amount in of banking of said associations, or individual banker, shall be transacted at the place where such banking association, or individual banker, shall be located, agreeable to the location specified in the certificate directed to be made by the second clause of the sixteenth section of the act passed April 18th, 1838, herein before mentioned and not elsewhere, and every report directed to be made by any law of this state from such association or individual banker, shall be verified by the oath of the president and cashier of such association, or such individual banker, that the business of said association, or banker, has been transacted at such location. But nothing in this section shall be deemed to repeal or modify the provisions of the act passed 4th May, 1840, entitled "An act for the redemption of bank notes," as the same is applicable to all the banks, banking associations, or individual bankers of the state. $2. The securities which banking associations, or individual bankers, hereafter to be organized under the provisions of the above recited act, passed April 18th, 1838, and the amendments thereto, shall deposit with the comptroller as security for the redemption of circulating notes issued to them by the said comptroller, shall be New York state stocks, in all cases to be or to be made to be equal to a stock producing six per cent per annum and it shall not be lawful for the comptroller to take such stocks at a rate above its par value or above its current market value: Or the securities shall not be less than one half in such stocks and one half in bonds and mortgages upon improved, productive, unincumbered lands in this state, exclusive of any buildings thereon, said mortgages bearing an interest of not less than seven per cent per annum and to an amount not exceeding two-fifths of the value of said lands. $ 3. No mortgage hereafter to be deposited as security as mortgages. aforesaid, shall be for a greater amount than five thousand dollars each. When, &c., to apply. S4. The provisions of the first section of this act shall apply to the banking associations and individual bankers now organized as aforesaid, on and after the first day of June, eighteen hundred and forty-eight. CHAP. 344. AN ACT to regulate the issues of the safety fund banks, and for other purposes. PASSED April 12, 1848. The People of the State of New York, represented in Senate and Assembly, do enact as follows: Amounts to § 1. The several safety fund banks in this state incorporated by special act, having capital up to and including two be issued. hundred thousand dollars, shall continue to issue and have in circulation notes or bills duly registered as required by law, to the amount now allowed by the act of the sixteenth of May, 1837, regulating the issues of safety fund banks, and those banks having capitals over two hundred thousand dollars, shall be allowed to issue and have in circulation notes or bills to the amount of their respective capitals, and no other or greater amount. But in all cases where a bank has a branch located at another place, that portion of the whole capital actually employed at each place of business, shall be taken and deemed the capital thereof under the provisions of this section. CHAP. XX. ler to fur to each § 2. It shall be the duty of the comptroller at all times to Comptrol cause to be printed from the plates in his custody, and deliver nish notes to each of said banks, such notes and of such denominations bank. allowed by law, as the bank owning such plates may require, not exceeding, together with outstanding old circulation and with the notes previously received, the amount of circulation allowed to such banks by the first section of this act; and said notes, before being delivered to said banks, shall be countersigned and registered in the manner specified in the second section of the "Act to abolish the office of bank commissioner, and for other purposes," passed April 18, 1843; and the expenses of preparing, countersigning and registering said notes, shall be paid to the comptroller by the banks receiving the same, in proportion to the number of notes received. $3. All acts and parts of acts heretofore passed, so far as Repeal. the same are inconsistent with the provisions of this act, are hereby repealed. relative to S4. It shall be the duty of the comptroller to require in Provision addition to the contributions now made to the safety fund of safety fund. all banks asking for and receiving any bills or notes under and by the provisions of this act beyond what they are authorised to issue by the act of eighteen hundred and thirty-seven, ample security for the redemption of the same in specie, in accordance with article eight, section six of the constitution of this state. CHAP. 97. AN ACT to authorise the comptroller to issue registered notes in lieu of unregistered ones in certain cases. PASSED March 12, 1849. The People of the State of New York, represented in Senate and Assembly, do enact as follows: notes when $1. Whenever any safety fund bank shall apply to the Registered comptroller for circulating notes, in lieu of those reported to to be the comptroller as unregistered notes in circulation by such issued. ᏢᎪᎡᎢ 1, bank, on the first day of July, one thousand eight hundred and forty-three, and the comptroller shall be satisfied from the facts stated by the president and cashier of such bank, on oath, that such unregistered notes so reported as in circulation on the day aforesaid, have probably been lost or destroyed, he may issue to such bank, notes in lieu thereof to an equal amount of those so lost or destroyed, the same as though such unregistered circulating notes had been returned to the comptroller's office. Stocks to be deposited. Liability of stockholders for debts con tracted af 1850. § 2. It shall be the duty of the comptroller to require of all banks asking for and receiving circulating notes under the provisions of the first section of this act, to deposit in his office stocks of this state to be, or to be made to be, equal to a stock producing six per cent per annum, equal to the amount of the notes issued. CHAP. 226. AN ACT to enforce the responsibility of stockholders in certain banking corporations and associations, as prescribed by the constitution, and to provide for the prompt payments of demands against such corporations and associations. PASSED April 5, 1849. The People of the State of New York, represented in Senate and Assembly, do enact as follows: 51. Whenever default shall be made in the payment of any debt or liability, contracted after the first day of January, one thousand eight hundred and fifty, by any corporation or joint ter January, stock association for banking purposes, issuing bank notes or any kind of paper credits to circulate as money, after the first day of January, one thousand eight hundred and fifty, the stockholders of such corporation or association shall be individually responsible, equally and ratably, such responsibility to be enforced as hereafter provided, and in no other manner, for the amount of such debt or liability, with interest, to the extent of their respective shares of stock in any such corporation or association, as hereinafter provided. The term stockholder apply. 22 N. Y., 12; 18 N. Y., 207; 29 B., 369; 25 B., 416. 2. The term "stockholder," as used in this act, shall to whom to apply not only to such persons as appear by the books of the corporation or association to be such, but also to every equitable owner of stock, although the same may appear on such books in the name of another person; and also to every person who shall have advanced the installments or purchase money of any stock in the name of any person under twentyone years of age, and while such person remains a minor, to the extent of such advance; and also to every guardian or |