四星 Business and objects. may be elected to fill the same. The supreme court may at any time, for due cause, remove any trustee on proper notice to such trustee, and affording him an opportunity to be heard in his defense. 6. The general business and object of the corporation hereby created shall be to receive on deposit such sums of money as may be from time to time offered Investment therefor and investing the same in the securities or stocks of deposits. or bonds of this State, or of the United States, or in with inter est. stocks or bonds of any city, incorporated village or county in the State, authorized to be issued by the Legislature of this State, or loaning the same on the securities of bond and mortgage on improved real estate, located within the county of Dutchess or any of the adjoining counties in this State, worth at least double the amount of the loan, exclusive of buildings, to be secured thereby, or in such other manner as is authorized by this act, or by law for the use, interest and advantage of said depositors Limitation and their legal representatives; and the said corporation of deposits. shall receive on deposit all sums of money, not less than one dollar, nor exceeding five thousand dollars, from any one individual, which may be offered for the purpose of being invested as aforesaid, which shall, as soon as Repayment practicable, be invested accordingly, and shall be repaid to such depositors when required, at such times, with such interest and under such regulations as the board of trustees shall from time to time prescribe; which regulations shall be put up in some public and conspicuous place in the rooms where the business of said corporation shall be transacted, and shall be printed in the bank book of all depositors, and the regulations so adopted shall not be altered so as to affect any deposit Officers not previously made. No president,, vice-president, trustee, officer or servant of said corporation shall, directly or indirectly, borrow the funds of said corporation, or its deposits, or in any manner. use the same or any parts thereof, except to pay necessary expenses, under the direcRate of in- tion of the said board of trustees. It shall be the duty of the trustees of the said corporation to regulate the rate of interest to be allowed to depositors, so that they shall receive, as nearly as may be, a ratable proportion of all the profits of said corporation, after deducting Regulations. to borrow funds. terest. fund. necessary expenses, and accumulating the surplus fund Surplus authorized by section three of chapter three hundred and forty-seven of the laws of eighteen huudred and. thirty-nine. In all cases of loans on real estate, a suffi- Loans upon cient bond or other satisfactory personal security shall real estate. be required of the borrower, and the expense of searches, examinations and certificates of title, and drawing, perfecting, and recording the papers, shall, if required by the trustees, be paid by the borrower; and it shall be Invest. the duty of the trustees of said corporation to invest, as soon as practicable, in the securities provided for by law, all sums received by them beyond an available Available fund, not exceeding one-third of the total amount of the kept. deposits, which they may keep to meet the current payments of said corporation, and which may by them be kept on deposit, on interest or otherwise, as the trus tees may direct. ments. fund to be § 7. The board of trustees of said corporation, by a two- By-laws. third vote of all of said members, shall have power, from time to time, to make, constitute, ordain and establish such by-laws, rules and regulations as they shall judge proper for the election of their officers, for prescribing their respective functions and the mode of discharging the same; for the regulation of the times of meeting of the officers and trustees, and generally for transacting, managing and directing the affairs of the corporation, providing such by-laws, rules and regulations are not repugnant to this act, to the constitution or laws of this State, or of the United States. ate officers § 8. The subordinate officers and agents of said cor- Subordinporation shall respectively give such security for their and agents. fidelity and good conduct as the board of trustees may from time to time require; and said board, by a vote of two-thirds of said trustees, shall fix the salaries of such officers and agents. 9. The books of said corporation shall, at all times during the hours of business, be open for inspection and examination of the Superintendent of the Bank Department of this State, and such other persons as the Legislature shall designate or appoint. Books to be petfor in spection. minors and § 10. Whenever any deposit shall be made by any Deposits by minor, the trustees of said corporation may, at their dis married women. Misnomer not to vitiate. General provisions cretion, pay to such depositor such sums as may be due to him or her, although no guardian shall have been appointed for such minor, or the guardian of such minor shall not have authorized the drawing of the same, and the check, receipt or acquittance of such minor shall be as valid as if the same was executed by a guardian of such minor, or the said minor was of full age, if such deposit was made personally by such minor; and whenever any deposit shall have been made by any female, then being, or thereafter becoming, a married woman, the said corporation shall pay to such last mentioned depos itor, such sums as may be due to her, and her check, receipt or acquittance shall be a sufficient discharge to such corporation. § 11. The misnomer of said corporation in any instrument shall not vitiate or impair the same, if it be suffi ciently described to ascertain the intention of the parties. § 12. The corporation hereby created shall be subject applicable. to the provisions of the eighteenth chapter of the first part of the Revised Statutes, and also to all other general laws affecting savings institutions, so far as the same may be applicable. Change of by-laws authorized. § 13. This act shall take effect immediately. Chap. 300. AN ACT to authorize the directors of the" Brooklyn Club" to make by-laws and perform other acts. Passed April 23, 1869. The People of the State of New York, represented in Senate and Assembly, do enact as follows: SECTION 1. The board of directors elected on the second Monday of March, eighteen hundred and sixty-nine, at the annual meeting of the "Brooklyn Club," a corporation organized pursuant to the provisions of chapter three hundred and sixty-eight of the laws of eighteen hundred and sixty-five, and the respective boards to be hereafter elected, shall have power to make, and from time to time to change, the by-laws agents. thereof, to elect and appoint the officers and agents Officers and thereof, and to allow them or any of them a suitable compensation, at their option to make or omit the division Their com of the directors into classes as authorized by chapter pensation. seven hundred and ninety-nine of the laws of eighteen hundred and sixty-seven, and to prescribe the terms and Terms of conditions of membership of such society, and how such ship. membership and rights acquired under it may be terminated and ended. § 2. This act shall take effect immediately. Chap. 301. AN ACT, to amend an act entitled "An act to incorporate the Fulton and Montgomery County Farmers' Mutual Fire Insurance Association,' passed April thirteen, one thousand eight hundred and fifty-five. Passed April 23, 1869. The People of the State of New York, represented in Senate and Assembly do enact as follows: SECTION 1. The first subdivision of the first section of an act entitled "An act to incorporate the Fulton and Montgomery County Farmers' Mutual Fire Insurance Association," passed April thirteenth, one thousand eight hundred and fifty-five, is hereby amended so as to read as follows: 1. To insure farmers' dwellings, and the furniture and wearing apparel therein, farm outhouses, and hay, and grain, farming utensils and live stock therein, country churches and school houses, against loss or damage by fire, or by lightning unaccompanied or not followed by fire, in the counties of Fulton and Montgomery in accordance with the constitution and by-laws heretofore adopted by said association, which shall not be changed unless by the consent of three-fourths of the directors of the company, and then, not in such manner as to affect the principle upon which insurance may be effected under this act. § 2. This act shall take effect immediately. member May insure furniture, &c., from loss by fire ning buildings, live stock, or light. Corporate limits Chap. 302. AN ACT to extend the bounds of the village of Peekskill, and to amend an act entitled "An act to consolidate and amend the several acts relating to the village of Peekskill, to alter the bounds, and to enlarge the powers of the corporation of said village," passed March twentyfifth, eighteen hundred and fifty-nine. Passed April 23, 1869; three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows: SECTION 1. The corporate limits of the village of extended. Peekskill, in the county of Westchester, are hereby extended so as to embrace within the bounds of said village all the territory lying within one-half mile north, east and south of the present north, east and south bounds of said village, and said territory and the inhabitants residing therein shall hereafter belong to and be a part of the municipal corporation of the village of Peekskill, Village to constitute district. § 2. Section twenty-seven of the act entitled "An act to consolidate and amend the several acts relating to the village of Peekskill, to alter the bounds, and to enlarge the powers of the corporation of said village," passed. March twenty-fifth, eighteen hundred and fifty-nine, is hereby amended so as to read as follows: The said village shall constitute a highway district, a highway and the powers and duties of commissioners and overseers of highways are hereby devolved upon, and shall be exercised by the trustees of the village, except as Jurisdiction otherwise provided in this act, and the jurisdiction of highway the commissioners and overseers of highways of the town abrogated of Cortlandt, within the limits of said village, and over of town officers therein. Annual tax the taxable inhabitants, corporations, and banking associations, and property therein, and the taxes levied or to be levied on the same or any of them, or any part thereof, is hereby entirely abrogated. §3. Section thirty-one of said act is hereby amended so as to read as follows: The expenses of working, paving, repairing, grading, |