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4. D. 1811. 1. Be it enacted by the people of the state of New. Stockhold- York, represented in Senate and Assembly, That the
in.stockholders of the said bank, and all such persons as til the first shall hereafter be stockholders of the same, shall be, Monday in March 1831 and are hereby ordained, constituted and declared to
be, until the first Monday, of March, which shall be in the year of our Lord one thousand eight hundred and thirty-one, a body corporate and politic, in fact and in
name, by the name of “ the President, Directors and Their style and powers. Company of the Union Bank in the city of New York,"
and 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, and in all manner of ac. tions, suits, complaints, matters and causes whatsoeyer, and that they and their successors may have a common seal, and may change and alter the same at their pleasure; and that they and their successors, by the same name and style, shall be in law capable of purchasing, holding and conveying any éstate, real or
personal, for the use of the said corporation: Provided Lands to be nevertheless, and it is hereby further enacted, That the held under lands, tenements and hereditaments which it shall be
lawful for the said corporation to hold, shall be only such as shall be requisite for its immediate accommo, dation in relation to the convenient transaction of its business, or such as shall have been bona fide mortgaged to it by way of security, or conveyed to it in sat. isfaction of debts previously contracted in the course of its dealings, or purchased at sales upon judgments
which shall have been obtained for such debts. And Restricted provided further, That it shall not be lawful for the from deal., said corporation, directly or indirectly, to deal or trade ing in goods sa or stock an. in buying or selling any goods, wares or merchandise der certain exceptions. whatsoever, or in buying or selling any stock created
under any act of the United States or any particular state, unless in selling the same when truly pledged by way of security for debts due to the said corpora.
II. And be it further enacted, That the capital stock A. D. 1811, of the said corporation shall not exceed eighteen buna dred thousand dollars, and thata share in the said stock Capital shall be fifty dollars, and that the stockholders of the stock. Jersey Bank shall be stockholders of the corporation : hereby created, of the like number of shares that they may hold in the Jersey Bank at the time of the passing of this act.
III. And be it further enacted, That the stock, prop. Affairs of erty, affairs and concerns of the said corporation shall cor be managed and conducted by eleven directors, being aged by 11
directors stockholders and citizens of this state, which directors shall hold their offices one year from the second Mon. day of March in every year; and the said directors shall be elected on the first Monday in March in eve. ry year, at such time of the day and at such place within the city of New York, as a majority of the directors for the time being shall appoint ; and public notice Notice to be shall be given by the said directors, not less than thir-given of e.
lection. ty days previous to the time of holding said election, by an advertisement to be inserted in at least two of the public news-papers printed in the city of New. York ; and the said election shall be made by such of the stockholders of said corporation as shall attend for that purpose, either in person or by proxy, and all e. lections for directors shall be by ballot, and the eleven persons who shall have the greatest number of votes shall be directors; and if it shall happen at any election, that two or more persons shall have an equal number of votes, then the said directors in office at the time of such election, or a majority of them, shall proceed to ballot, and by a 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 number of directors for the ensuing year, who shall take their seats at the board on the second Monday in the same month of March, and as soon as may be thereafter shall proceed to elect by ballot one President. of their number to be their president; and if any di. how clec rector shall remove out of the state, or cease to be a stockholder, his office shall be considered as vacant;
A.D. 1811. and whenever any vacancy, or vacancies shall happen
among the directors, by death, resignation or otherwise, such vacancy or vacancies shall be filled for the remainder of the year in which they shall happen, by such person or persons as the remainder of the directors for the time being, or a majority of them, shall ap
point, and until the second Monday in March, which A. Jackson,
will be in the year one thousand eight hundred and and others' twelve, Amasa Jackson, John B. Murray, Allen Shepdirectors until the herd, James Thompson, Sylvester Robinson, James year 1811. Heard, Andrew Foster, Joseph Strong, Cornelius Du
bois, Elias Kane and David Dunham, shall be the directors of the said corporation, of whom Amasa Jack
son shall be president. Corporati. IV. And be it further enacted, That in case it should
not dis- at any time happen that an election of directors should solved by a neglecting not be made on any day when pursuant to this act it to elect their old ought to have been made, the said corporation shall cers on the not for that cause be deemed to be dissolved, but it • day prescribed by shall and may be lawful to hold such election on such
other day and in such other manner as shall be prescribed by the by-laws and ordinances of the said cor.
V. And be it further enacted, That a majority of Majority of the directors for the time being shall form a board or forma quo. quorum for transacting all the business of the said cor
poration, and shall have power to make and prescribe
such by-laws, rules and regulations, not repugnant to to make by the constitution or laws of the United States, or of
this state, as to them shall appear needful and proper, touching the management and disposition of the stock, property, estate and effects of the said corporation, the duties and conduct of the officers, clerks and servants employed therein, the election of directors, and all such other matters as appertain to the concerns of the institution, and shall also have power to appoint so many officers, clerks and servants, for carrying on
the said business, and with such salaries and allow.
sfer ances as to them shall seem meet. not valid un. VI. And be it further enacted, That no transfer of til register ed.
sler stock shall be valied or effectual, until such transfer
shall be entered or registered in a book or books, to A.D. 1811. be kept for that purpose by the directors.
VII. And be it further enacted, That the total apa mount of debts which the said corporation shall at any mount of, time owe, whether by bond, note, bill or other con." tract, over and above the specie actually deposited in the bank, shall not exceed three times the sum of the capital stock subscribed and actually paid into the said bank; and in case of such excess, the directors un. der whose administration it shall happen, shall be liable for the same in their private and separate capaci. ties, 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 also being liable for and chargeable with such excess, but such
I CACCID, Du suc responsible of the said directors who shall have been absent when who loanbcthe said excess was contracted, or who may have dis- sum limited sented from the resolution or act whereby the same was so contracted, shall not be so liable.
VIII. And be it further enacted, That the bills obli. gatory and of credit, under the seal of the said corpor... ation, which shall be made to any person whatever, tory and of shall be assignable by endorsement thereupon, under credible and the hand of such person or his assignee, and to enable binding on
the compar such assignee to bring and maintain an action there-ny. upon in his own name; and all bills or notes, which may be issued by order of the said corporation for the payment of money to any person whatever, or his order or to bearer, though not under the seal of the said corporation, shall be binding and obligatory upon the said corporation in like manner and with like force and effect, as upon any private person if made by him, and shall be assignable and negotiable in like manner as if made by such private person.
IX. And be it further enacted, That the said corporation shall not demand any greater interest for any on loans. loan or discount than at the rate of six per cent. per annum.
X. And be it further enacted, That unless the pres- charter to ident and directors of the Jersey bank shall, within three months after the passing of this act, surrender
to be takes
be surren dered.
A.D. 1811. and dissolve the charter they hold under the act of the
legislature of New Jersey, or unless the same shall be
take toll when nav
proving the navigation of the Black River, in the
York, represented in Senate and Assembly, That · Corporati, it shall and may be lawful for the president and direc
eated tors of the corporation created by the act hereby a. by former act may mended, as soon as the navigation of the said river
shall be perfected, to appoint a collector, who shall and gation is completed.
may demand and receive, of and from the person or person's having the charge of any boat or vessel, of more than five tons burthen, passing through the said navigation, a sum not exceeding twenty-five cents for every ton of the ascertained burthen, or fifty cents for the passing and repassing of such boat or vessel; and for every boat or vessel of less than five tons burthen, passing through the said navigation, a sum not exceeding fifty cents for every ton of the ascertained bur. then, or one hundred cents for the passing and repas. sing of such boat or vessel, as the p esident and direc
tors of the said corporation shall think proper: Pro. Proviso. 50. vided, That the amount of all the tolls accruing to the
corporation made and created by the act hereby a. mended, shall not exceed in any one year, fourteen per cent on the capital stock actually expended, to be as.
certained and determined by the judges for the time Navigation being, of the court of common pleas of the said counif not come ty of Jefferson, or a majority of them. years, this II. And be it further enacted, That if the corporation
made and created by the act hereby amended, shall not
act to be void.