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FIFTEENTH SESSION. CHAP. I. .. An ACT to authorize the Treasurer to subscribe to the Bank
Passed 12th January, 1792. Preamb W H EREAS 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, Treasurer to I. Be it enacted by the People of the State of New York, subscribe 100 shares for th
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 appropri
The number II. And be it further enacted by the authority aforesaid, of shares in Taid bank in. That the shares in the said bank shall be and hereby are creased.
increased from one thousand eight hundred, being the number limited by the said act, to one thousand nine hun. dred 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,
Passed 17th February, 1797. Treasurer to I. D E it enacted by the People of the State of New York, transfer all
D represented in Senate and Assembly, That it shall be and deferred lawful for the treasurer of this state to sell and transfer te
the president, and directors and company of the bank of New-York, and that it shall be lawful for the said corpora, tion to buy all the stock of the United States bearing a present interest of six per cent, usually denominated six
the 6 per cent
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 nominali value thereof, that the purchasé 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
ized to fell again in like manner as their other estate or property; jaid on 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, Covenants That no obligation or covenant concerning the premises the bi
the bank to shall be passed or executed, between the treasurer and the be approved said corporation, until the same shall have been approved ernor, &c. 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.
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
with a true 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.
by the gov
. VI. And be it further enacted, That the acceptance of the aforesaid transfer by the said president, directors and company of the bank of New-York, shall be deemed and taken to be a full and complete acquiescence in and consent on their part to all and every the provisions contained in this act.
TWENTY-FOURTH SESSION. CHAP. CIV.
Passed 31st March, 1801. Part of the I. D E it enacted by the People of the State of New York, aet herein re. cited repealed D represented in Senate and Assembly, That that part
of the act, entitled An act to incorporate the stockholders of the bank of New-York, which declares “ that four of the directors who shall be chosen in any year shall be ineligible for one year after the term for which they shall be chosen,"
be repealed. Certain bills II. And be it further enacted, That it shall be lawful for be received in the treasurer of this state to receive from the cashier of payment by the said bank, at any time after the passing of this the treasurer from the cash- act, the bills of credit emitted in virtue of the act, entiier of the faid bank. tled An act to take out of circulation the bills of credit emit
ted by law, and to emit others as a substitute, passed the 8th of February, 1788, in part payment of the debt due from the said bank on the purchase of the stock of the United States, transferred in pursuance of the act, entitled An act to render the funds of this state more productive of revenue.
of credit to
• Bank of Albany.
FIFTEENTH SESSION. CHAP. LXI.
Passed 10th April, 1792. Preamble. T H EREAS Abraham Ten Broeck and others, asso
VV ciated in a company, under the title of “ The president, directors and company of the bank of Albany,” by their petition presented to the legislature, have prayed for
the privilege of being incorporated : Therefore, Stockholders I. Be it enacted by the People of the State of New York, incorporated and tyle of represented in Senate and Assembly, That all such persons
as now are or hereafter shall be stockholders of the said bank, shall be and hereby are ordained, constituted and
declared to be and continue until the second Tuesday in · May, which will be in the year of our Lord one thousand
the incorpo ration.
eight hundred and eleven, a body corporate and politic, in fact and in name, by the name of “ The president, directors and company of the bank of Albany," and that by that name they and their successors, until that day, shall and may have continual succession, and shall be persons in law capable of suing and being sued, pleading and being impleaded, answering and being answered unto, defending and being defended, in all courts and places whatsoever, in all manner of actions, suits, complaints, matters and causes whatsoever ; and that they and their successors Their powers.' may have a common seal, and may change and alter the same at their pleasure, and also that they and their successors by the same name of “ The president, directors and company of the bank of Albany," shall be in law capable of purchasing, holding and conveying any estate, real and personal, for the use of the said corporation. II. And be it further enacted, That a share of the stock Price of each
share and the of the said bank shall be four hundred Spanish milled dol- number limits lars, or the equivalent thereof in specie ; and the number ed. of shares, exclusive of any share that may be subscribed on the part of the state, shall not at any time exceed six hundred ; and subscriptions may be kept open, under the di- svib
Subscriptions rection of the president and directors of the said bank, un- how to be re
ceived, and til the said number of shares be filled ; and the whole the amount of amount of the stock, estate and property which the said the capital corporation shall hold, including the capital stock or shares above mentioned, shall never exceed in value two hundred and sixty thousand dollars. III. And be it further enacted, That the stock, property, Stockholders
to be annualand concerns of the said corporation, shall be managed ly chofen, and and conducted by thirteen directors, stockholders and citi- manner of
holding the zens of this state, who shall hold their offices for one year, election, nine of whom shall be residents of the city of Albany, and the said thirteen directors shall be elected on the second Tuesday of May in every year, at such time of the day, and at such place in the city of Albany, as a majority of the directors for the time being shall appoint, and public notice shall be given by the said directors, not less than sixty days previous to the time of holding the said election, and the said election shall be held and made by such of the stockholders of the said bank as shall attend for that purpose, in their proper persons, or by proxy ; and all elections for directors shall be by ballot, and the thirteen persons who shall have the greatest number of votes at any election shall be the directors (except as is herein after directed) and if it should happen at any election, that two or more persons have an equal number of votes, in such manner that a greater number of persons than thirteen shall by a plurality of votes appear to be chosen as directors, then the said stockholders, herein before authoriza ed to vote at such election, shall proceed to ballot a second
time and by plurality of votes determine which of the said persons so having an equal number of votes shall be
the director or directors, so as to complete the whole num“ Directors to ber of thirteen ; and the said directors, as soon as may be clect a prefi.after their election, shall proceed in like manner to elect their namber by ballot one of their number to be their president ; and who shall be. come iocligi. three of the directors which shall be chosen in any year, ble the year Succeeding
ar excepting the president, shall be ineligible to the office of the one for director for one year after the expiration of the time for which they were chofen. which they shall be chosen directors ; and in case a greater
number than nine of the directors, exclusive of the president who served for the last year, shall appear to be elected, then the election of all such person or persons above the said number, having a less number of votes than the said nine persons so elected as aforesaid, shall be considered as void, and such other of the stockholders as shall be eligible, and have the next greatest number of votes, shall be considered as elected in the room of such last described person or persons, and who are hereby declared ineligible as aforesaid ; and the president for the time being shall always be eligible to the office of director ; but stockholders not residing within the city of Albany aforesaid shall be ineligible to the office of president ; and if any of the said nine directors, to be resident in the city of Albany aforesaid, shall remove out of the said city, or any other of
the said directors shall remove out of this state, the office , Vacancies of of such director shall be considered as vacant ; and if any directors how
how vacancy or vacancies shall at any time happen among the to be filled.
directors, by death, resignation or removal, such vacancy or vacancies shall be filled for the remainder of the year in which they may 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 Albany as the remainder of the direc
tors, for the time being, or the major part of them shall Directors first appoint ; and the first directors shall be Philip Schuyler, aamed.
Abraham Ten Broeck, Stephen Van Rensselaer, Goldsbrow
IV. And be it further enacted, That in case it should at held on the day appoint any time happen, that an election of directors should not ed corpora Lion npr to be be made on any day, when pursuant to this act it ought to diffolved. have been made, the said corporation shall not for that
cause be deemed to be dissolved, but that it shall and may be lawful on 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. Votes how . V. And be it further enacted, That each stockholder at apportioned among the elections, and on all other questions, shall be entitled to
ders the number of votes proportioned to the number of shares