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happen, by a special election for that purpose, to be held in the same manner as is herein before directed respecting annual elections, at such time and place in the city of New-York, as the remainder of the directors for the time being, or the major part of them, shall appoint; and the first directors shall be Isaac Roosevelt, William Max well, Thomas Randall, Daniel M'Cormick, Nicholas Low, William Constable, Joshua Waddington, Samuel Franklin, Comfort Sands, Robert Bowne, Gulian Verplanck, John Murray and William Edgar, and shall hold their offices respectively until the second Tuesday of May

next.

not to be dif

IV. And be it further enacted by the authority aforesaid, Election not That in case it should at any time happen that an elecheld on the day appointed tion of directors should not be made on any day, when corporation pursuant to this act it ought to have been made, the said folved. corporation shall not for that cause be deemed to be dissolved, but that it shall and may be lawful of any other day, to hold and make an election of directors, in such manner as shall have been regulated by the laws and ordinances of the said corporation.

proxy.

V: And be it further enacted by the authority aforesaid, Stockholders That each stockholder shall be entitled to a number of may vote in proportion to the number of votes proportioned to the number of shares which he or shares they she shall have held in his or her own name at least three may hold and months prior to the time of voting, according to the fol- may vote by lowing ratios, that is to say: At the rate of one vote for each share not exceeding four, five votes for six shares, six votes for eight shares, seven votes for ten shares, and one vote for every five shares abové ten; stockholders actually resident within the United States and none other may vote in elections by proxy.

VI. And be it further enacted by the authority aforesaid, To make a That it shall be the duty of the directors to make half dividend half yearly of the yearly dividends of so much of the profits of the said bank, profits. as to them, or a majority of them, shall appear advisable ; and that once in every three years, and oftener if thereunto required by a majority of the votes of the stockholders, to be given agreeably to the ratios herein before established, they shall lay before the stockholders at a general meeting, for their information, an exact and particular statement of the debts which shall have remained unpaid, after the expiration of the original credit, for a period of treble the term of that credit, and of the surplus of profits, if any, after deducting losses and dividends.

laws and ap

VII. And be it further enacted by the authority aforesaid, To make bye That the directors for the time being, or a major part of point their them, shall have power to make and prescribe such bye own officers laws, rules and regulations, as to them shall appear needful and proper, touching the management and disposition of the stock, property, estate and effects of the said corpoU u

VOL. II.

This ftate

may fubfcribe

any number

ration, and touching the duties and conduct of the officers, clerks and servants employed therein, and touching the election of directors, and all such other matters as appertain to the business of a bank; and shall also have power to appoint so many officers, clerks and servants, for carrying on the said business, and with such salaries and allowances, as to them shall seem meet; Provided, That such bye laws, rules and regulations, be not repugnant to the constitution and laws of the United States or of this state.

VIII. And be it further enacted by the authority aforesaid, That this state shall have a right to subscribe any number of thares not of shares to the said bank, not exceeding in the whole the exceeding 100 number of one hundred, at any time when they shall by law authorize any person or persons for that purpose, and the state shall have a right to increase the number of shares and stock, which the said corporation may hold, to the amount of the sum to be subscribed, if the number of shares herein before limited shall be subscribed before such subscription shall take place, on the part of the state.

Bank not to

owe more than three times the amount of

IX. And be it further enacted by the authority aforesaid, That the total amount of the debts which the said corporation shall at any time owe, whether by bond, bill, note or their capital. other contract, over and above the monies then actually deposited in the bank, shall not exceed three times the sum of the capital stock subscribed and actually paid into the bank; and in case of such excess, the directors, under whose administration it shall happen, shall be liable for the same, in their natural and private capacities; but this shall not be construed to exempt the said corporation, or any estate real or personal, which they may hold as a body corporate, from being also liable for and chargeable with the said excess; but such of the said directors who may have been absent when the said excess was contracted, or who may have dissented from the resolution or act whereby the same was so contracted, may respectively exonerate themselves from being so liable, by giving immediate notice of the fact, and of their absence or dissent to the mayor or recorder of the city of New-York, and to the stockholders, at a general meeting which they shall have power to call for that purpose; And further, It shall not notes payable be lawful for the said corporation to emit any notes, or credit of this contract debts which shall be payable in the bills of credit,

To emit no

in bills of

ftate.

real property

emitted by the laws of this state.

What kind of X. And be it further enacted by the authority aforesaid, lawful for the That the lands, tenements and hereditaments, which it bank to ufe & shall be lawful for the said corporation to hold, shall be only for what ufe. such as shall be requisite for its immediate accommoda

tion, in relation to the convenient transacting of its business, or such as shall have been bona fide mortgaged to it by way of security, or conveyed to it in satisfaction of debts previously contracted in the course of its dealings, or purchased at sales upon judgments which shall have

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kind of mer

been obtained for such debts; And further, The said cor- Bank not to poration shall not directly or indirectly, deal or trade in trade in any buying or selling any goods, wares, merchandize or com- chandize, or modities whatsoever, or in buying or selling any stock, buy any stock. created under any act of the congress of the United States, or of any particular state, unless in selling the same when truly pledged to it by way of security for debts due to the said corporation.

valid until

XI. And be it further enacted by the authority aforesaid, No transfer That no transfer of the stock of the said corporation shall of bank ftock. be valid or effectual in law, until such transfer shall be en- registered. tered or registered in a book or books to be kept for that purpose by the directors.

of credit af

fignable by

indorsement.

XII. And be it further enacted by the authority aforesaid, Bank bills ob.. That the bills obligatory and of credit, under the seal of ligatory and the said corporation, which shall be made to any person or persons, shall be assignable by indorsement thereupon, under the hand or hands of such person or persons, and of his, her or their assignee or assignees, and so as absolutely to transfer and vest the property thereof in each and every assignee or assignees successively, and to enable such assignee or assignees to bring and maintain an action thereupon in his, her or their own name or names; and bills or notes, which may be issued by order of the said corporation, signed by the president, and countersigned by the principal cashier or treasurer, promising the payment of money to any person or persons, his, her or their order, or to bearer, though not under the seal of the said corporation, shall be binding and obligatory upon the same, in like manner, and with the like force and effect, as upon any private person or persons, if issued by him, her or them, in his, her or their private or natural capacity or capacities, and shall be assignable and negotiable in like manner as if they were so issued by such private person or persons..

to be forfeit

non-ufer be

XIII. And be it further enacted by the authority aforesaid, Act of incorThat this present act of incorporation shall in no wise be poration Hot forfeited by any non-user whatever, at any time before the ed for any second Tuesday in May next, and that it shall on that day fore a certain be lawful for the stockholders above mentioned, to assem- day. ble for the purposes of carrying into effect the same; any want of notice in the manner above prescribed to the contrary in any wise notwithstanding.

XIV. And be it further enacted by the authority aforesaid, That this act be and is hereby declared to be a public act, and that the same be, for the time herein before limited, construed in all courts and places, benignly and favourably, for every beneficial purpose therein intended.

Preamble,

Treasurer to fubfcribe 100

ftate.

FIFTEENTH SESSION. CHAP. I.

An ACT to authorize the Treasurer to subscribe to the Bank of New-York.

W

Passed 12th January, 1792. HEREAS by the act, entitled An act to incorporate the stockholders of the bank of New-York, it is enacted, that this state shall have a right to subscribe any number of shares to the said bank, not exceeding in the whole the number of one hundred, at any time when they shall by law authorize any person or persons for that purpose; and the state shall have a right to increase the number of shares and stock, which the said corporation may hold, to the amount of the sum to be subscribed, if the number of shares therein limited shall be subscribed before such subscription shall take place on the part of the state; And whereas, The number of shares limited to the said corporation have been already subscribed, and it is conceived proper that this state should subscribe one hundred shares to the said bank; Therefore,

I. Be it enacted by the People of the State of New-York, fhares for the represented in Senate and Assembly, and it is hereby enacted by the authority of the same, That it shall and may be lawful to and for the treasurer of this state, and he is hereby authorized and directed to subscribe, as soon as conveniently may be, for and in behalf of this state, one hundred shares to the said bank, and to pay for the same out of any monies in the treasury not otherwise appropriated.

The number

of shares in

creased.

II. And be it further enacted by the authority aforesaid, faid bank in- That the shares in the said bank shall be and hereby are increased from one thousand eight hundred, being the number limited by the said act, to one thousand nine hundred shares, and that the stock of the said bank shall be and hereby is increased fifty thousand dollars, being the sum to be paid for the said one hundred shares, to be subscribed by the treasurer for this state as aforesaid.

TWENTIETH SESSION. CHAP. XXIII, An ACT to render the Funds of this State more productive of Revenue,

Treasurer to I. transfer all

the 6 per cent

BE

Passed 17th February, 1797. E it enacted by the People of the State of New-York, represented in Senate and Assembly, That it shall be and deferred lawful for the treasurer of this state to sell and transfer to the president, and directors and company of the bank of New-York, and that it shall be lawful for the said corporation to buy all the stock of the United States bearing a present interest of six per cent, usually denominated six

ftock.

ized to fell

their credit

per cent stock, and all the stock to bear an interest of six per cent after the year one thousand eight hundred, usually denominated deferred stock, and held by him as trustee for this state, on the following terms, that is to say: That the price of the said stocks shall be the nominal value thereof, that the purchase money shall be payable on the second Tuesday of May, which will be in the year one thousand eight hundred and nine; that the purchase money for the six per cent stock shall bear a present interest at the rate of six per cent per annum, payable half yearly; and the purchase money for the deferred stock shall bear a like interest after the year one thousand eight hundred; that the said corporation may sell the said stocks Bank author again in like manner as their other estate or property; faid stock and that on the purchase of the said stocks the total amount of may extend the debts which the said corporation may at any time owe upon it. may exceed the amount to which they are at present restricted, in the proportion which the aggregate sum of the nominal value of the said stocks, added to a million of dollars, shall exceed the said sum of one million of dollars; that as often as payments shall be made by the United States on account of the principal of the six per cent stock, the said corporation may from time to time buy stocks of the United States, to the nominal amount of the said payments, any thing in the act incorporating the stockholders of the said bank to the contrary thereof notwithstanding; and that whenever during the period aforesaid the legislature shall deem the occasion to require it, the 'said corporation shall make loans to the state, to bear a like interest, and otherwise on such terms as shall be reasonable, and to such amount as the exigencies and circumstances of the said bank shall on each respective occasion, in the judgment of the directors thereof for the time being, permit.

II. And be it further enacted, and it is hereby provided, That no obligation or covenant concerning the premises shall be passed or executed, between the treasurer and the said corporation, until the same shall have been approved by the person administering the government of this state for the time being, or by the attorney-general thereof, together with one or more of such counsel learned in the law, as the person administering the government of this state shall for that purpose appoint.

Covenants the bank to be approved by the gov ernor, &c.

made with

with a true

bank.

IV. And be it further enacted, That it shall be the duty Governor to of the director by this act appointed on the part of this be furnished state, to furnish to the person administering the govern- ftate of the ment of this state, as often as he may require, a statement of the amount of the capital stock of the said corporation, and of the debts due to the same, of the monies deposited therein, of the notes in circulation, and of the cash on hand, any bye law, ordinance or regulation of the said corporation to the contrary thereof notwithstanding.

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