Vacancies.

President.

Banking

mence.

been duly elected, shall proceed by ballot, and by plurality of votes, to determine which of the said persons so having an equal number of votes shall be director or directors, or inspector or inspectors, so as to complete the whole number.

S 20. If any director shall remove out of the state, or cease to be a stockholder to the amount of ten shares, his office shall be vacant; and whenever any vacancy shall happen among the directors, such vacancy shall be filled for the remainder of the year in which it shall happen, by such person possessing the qualifications as to ownership of stock, and citizenship above required for a director of this corporation, as the remainder of the directors for the time being, or a majority of them, shall appoint.

$21. The directors elected, as soon as may be after their election, shall proceed in like manner, to elect one of their number by ballot to be their president.

$22. The said corporation shall not commence the buwhen to com- siness of banking, until the whole of the capital stock shall have been paid to the said corporation, in specie or current bank bills; and an affidavit shall have been made by the president and cashier of the said corporation, and filed with the comptroller, setting forth that the said payment has been made, and that no loan has, to the knowledge of such officers, been made, to enable any stockholder to pay the amount of his shares or any part thereof, under any implied or express agreement that such loan was to be repaid by a discount of any note or other security by such corporation; and any person guilty of any false swearing in any such oath, shall be subject to the pains and penalties of perjury.

Calls on $ 23. The directors shall have power to require the stockholders stockholders respectively, to make payment of all sums of money by them subscribed, at such times and in such proportions as such directors shall see fit, under the pain of the forfeiture of the shares upon which such payments are required, and all previous payment thereon, to the said corporation.

Notice there

of.

Bills, &c. as signable.

$ 24. The directors shall give notice of every such call, by notice to be published at least once a week for four weeks successively, in one or more of the newspapers printed in the city of New-York and in the state paper; which notice so published, shall be a sufficient call on each stockholder, to authorize in case of his default to comply therewith, the forfeiture above provided.

$ 25. The obligations, contracts, bills, notes and other evidences of debt, made or issued by the said corporation,

shall be obligatory on the said corporation, and be assignable and negotiable in like manner as if made or issued by a private person; and every evidence of debt assigned by the said corporation by endorsement thereon, shall enable the assignee thereof to maintain an action thereupon in his own name; but every note, bill or evidence of debt, purporting to be a bank note, to be issued by the said corporation, shall be deemed and taken to be payable at the banking-house of the said corporation.

$26. It shall be the duty of the directors of the said cor- Dividends. poration, to make dividends half yearly or otherwise, of so much of the surplus profits arising from the business of the said corporation, as they or a majority of them shall deem advisable.

$27. No transfer of any stock in the said corporation Transfers. shall be valid until such transfer shall have been registered in a book to be kept for that purpose by the directors of such corporation, which book shall, at all reasonable times during the usual hours of transacting business, be open to the examination of any person having in his possession, any note, bill, or other evidence of debt, issued by such corporation, the payment of which shall have been refused; and of any stockholder of the said corportion.

$28. In case any officer of such corporation, having Penalty. charge of such books, shall refuse to permit the same to be examined as aforesaid, he shall, for every such offence, forfeit the sum of two hundred and fifty dollars, to be recovered by the person to whom such refusal shall have been made.

neglect or

$29. If at any time the corporation hereby created In case of shall neglect or refuse, for ten days after demand at their too banking-house, during the regular hours of business, to deem notes. redeem in specie any evidence of debt issued by the said corporation, the said company shall discontinue and close all its operations and business, except the securing and collecting of debts due or becoming due to the said corporation, until it shall resume payment as aforesaid, unless it shall be permitted to proceed in its ordinary banking operations, under the section next following.

$30. The said corporation may, after the payment of Application its debts shall have been refused, apply to the chancellor to chancellor. by petition, accompanied by a full disclosure of the state and affairs of the said corporation, for leave to proceed in its business; and if the chancellor, after due examination, shall find that the proceedings of the said corporation have been fair and without fraud, and that such corporation is in a condition to resume its operations, he may, by an or

Damages.

Restriction.

General powers.

Act of April 2, 1829.

Loans.

Amount of circulation.

Right to repeal.

der to be entered in the minutes of the court of chancery, permit the said corporation so to do.

$31. The said corporation shall be liable to pay to the holders of every evidence of debt made by it, the payment of which shall have been demanded and refused, damages for non-payment thereof, in lieu of interest, at and after the rate of ten per cent per annum, from the time of such refusal until the payment of such evidence of debt and the damages thereon.

$32. It shall not be lawful for the said corporation to redeem the bills, notes, or other evidences of debt of any monied institution without the jurisdiction of this state, and which shall be made payable at the said "Commercial Bank in the city of New-York;" and it shall not be lawful for the said corporation to give public notice that it will redeem the bills, notes or other evidences of debt of any monied institution beyond the jurisdiction of this

state.

S 33. The said corporation shall possess the general powers of a corporation as defined in the eighteenth chapter of the first part of the Revised Statutes, and shall be subject to the provisions contained in that chapter, except so far as the same have been repealed before the passage of this act, or are modified by the act recited in the section next following, or by this act, in respect to the corporation created hereby.

S34. The said corporation shall also be subject to the provisions contained in the act entitled "An act to create a fund for the benefit of the creditors of certain monied corporations, and for other purposes," passed April 2d, 1829, and the act amending the same, so far as the same shall be in force at the time of passing this act.

$ 35. It shall not be lawful for the said corporation to take a hypothecation of its own stock as security for the making any loan or discount by such corporation.

$ 36. It shall not be lawful for said corporation to issue or to have outstanding or in circulation at any time, an amount of notes or bills loaned or put in circulation as money, exceeding once and an half its capital stock then paid in and actually possessed.

$37. The legislature may at any time modify, alter or repeal this act.

CHAP. 201.

AN ACT respecting the salt springs in the county of Onondaga, and regulating the manufacture of salt therein. Passed April 28, 1834.

The People of the State of New-York, represented in Senate and Assembly, do enact as follows:

es may bo

S 1. It shall be the duty of the canal commissioners Certain leas to annul the leases of surplus waters at Salina and Syra- anuulled. cuse, which contain provisions reserving the right to annul the same, whenever, in the opinion of the superintendent and inspector of the Onondaga salt springs, to be certified by them, such surplus water shall be necessary to drive the pumps and machinery heretofore or hereafter to be erected for pumping salt water at any place or places on the Salina level, and the contracts of the state in relation to the manufacture of salt and the better accommodation of the manufactures shall require such use of said surplus water; and the fifty-fourth section of the tenth title of the ninth chapter of the Revised Statutes, shall be deemed to authorize the superintendent of the salt springs to take so much of the surpius water of the Erie canal, upon the Salina level, as may be necessary to drive such pumps and machinery, at any place which the interest of the state, in his opinion, may require.

S2. To carry into effect the intention of the eighty- Investigation seventh section of the said tenth title of the said ninth chapter, whenever the superintendent or inspector shall suspect that the quality of salt made at any manufactory is not fairly accounted for, or that frauds have been practised to injure the quality of the salt, or to evade the payment of the duties thereon, it shall be the duty of any justice of the peace of the town of Salina, to whom the superintendent or inspector may apply, to issue process requiring every owner or occupant, or other person having carried on such manufactory, and any laborer who shall have been employed in and about the same, as boiler, packer or otherwise, forthwith to appear before, him to answer on oath such questions as may be material to test the correctness of such suspicion; but such examination shall not relate to any transactions more than sixty days previous thereto.

refusing to

S3. If any owner or occupant of a manufactory shall Penalty for refuse to submit to such examination, or shall not, in the answer. opinion of the said justice, answer fully to the questions lawfully put to him in relation to the matter so inquired into, the said superintendent and inspector may suspend

be dismissed.

the right of the said owner or occupant to carry on his said manufactory, for any time not exceeding three months at any one time.

Persons may $ 4. If any person who shall have been employed as boiler, packer or otherwise, in or about such manufactory, within sixty days previous to such examination, shall refuse to submit to such examination, or shall not, in the opinion of said justice, answer fully to the questions lawfully put to him in relation to the matters so inquired into, it shall be the duty of the owner or occupant, or person carrying on such manufactory, upon notice from the superintendent and inspector of such refusal, to dismiss the person so refusing, from all employment in or about such manufactory, for a period not exceeding three

Suspension

Penalty.

Ib.

Saving clause.

Process.

months.

§ 5. If any manufacturer of salt shall, after notice given by the superintendent and inspector, of the refusal of such laborer to be examined, or to answer fully as aforesaid, and before the expiration of the period of his dismissal, employ or retain any such laborer, so refusing or not answering fully as aforesaid, in or about his salt manufactory, as boiler, packer or otherwise, it shall be lawful for the said superintendent and inspector to suspend the right of the said manufacturer to carry on or work his salt manufactory for such period as they may deem proper, not exceeding three months at any one time.

S6. If any salt manufacturer, whose right to carry on his works shall be suspended, pursuant to the third and fifth sections of this act, shall set his works in operation before the period of such suspension has expired, the same penalty and forfeiture shall be incurred by such manufacturer as is provided by the eighty-eighth section of the above title.

$7. Any person being lawfully sworn, who shall upon such examination wilfully and corruptly swear false as to any matter material and pertinent upon the said examination, he shall be deemed guilty of perjury.

S8. The examination of any person taken pursuant to the above provisions, shall not be admissible as evidence against such person in any criminal or penal action, unless it be for a perjury committed on such examination.

S9. Whenever the superintendent shall suspect that any of the laws relating to the inspection of salt, or the payment of duties thereon, or otherwise, by which a penalty may have been incurred, for which it is his special duty to prosecute, has been violated, he may apply to any magistrate authorized to issue process in criminal ca