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$ 2. Any vacancy happening in the office of county treasurer of the county of Monroe, shall be filled by appointment by the board of supervisors, until the first Tuesday in October succeeding the next general election thereafter.

Chap. 27.
AN ACT to extend the charter of the fire depart-

ment of the city of Albany.
Passed March 4, 1859; three-fifths being present.
The People of the State of New York, represented in
Senate and Assembly, do enact as follows :

SECTION 1. The act entitled “ An act to amend and combine into one act the several acts relating to the fire department of the city of Albany," passed February eighth, eighteen hundred and forty-four, and all acts and parts of acts relating to the said corporation, which are now in force, are hereby continued in force until the first day of May, eighteen hundred and eighty, unless sooner altered, modified or repealed by the legislature.

Chap 28.
AN ACT to incorporate the Oswego City Savings
Bank in the city of Oswego.

Passed March 4, 1859.
The People of the State of New York, represented in
Senate and Assembly, do enact as follows :

SECTION 1. William H. Herrick, Stephen H. Lathrop, Bods oorpoWilliam H. Wheeler, Thomas Kingsford, Royal L. Mack, rate: William 0. Hubbard, Orville J. Harmon, John N. Collins,

Enoch B. Talcott, Joel Turrill, and Sylvester Doolittle, and their successors, shall be, and they are hereby constituted a body corporate and politic, by the name of the “Oswego City Savings Bank," to be located in the city of Oswego, and by that name they shall have perpetual succession, and may sue and be sued in any court what

ever.

Real estate.

S 2. The real estate which it shall be lawful for the said corporation to purchase, hold and convey, shall be:

1. Such as may be requisite for its immediate accommodation, for the convenient transaction of its business.

2. Such as shall be embraced in any mortgage that the said corporation may, in good faith, become the holder or owner of, in the due course of its business, in pursuance of the provisions of this act.

3. Such as shall have been purchased at sales upon judgment or decrees, obtained or rendered in favor of said corporation; and the said corporation shall not purchase, hold or convey real estate in any other case or for any other purpose. And all such real estate as is described in the second and third subdivisions of this section, shall be sold by the said corporation within five years after the same shall be vested in it by purchase or otherwise. And the said corporation shall not, directly or indirectly, deal or trade in buying or selling any goods, wares or commodities, whatever, except in cases where it is authorized to do so by the terms of this act, and except such personal property as may be requisite for its immediate accommodation, for the convenient transaction of its business.

S 3. The trustees of said corporation shall not, as such, directly or indirectly, receive any pay or emolument for their services.

$ 4. The business of said corporation shall be managed and directed by the said board of trustees, who shall elect from their number a president, two vice-presidents, and such other officers as they may see fit. ` A majority of the trustees at any time in office, if such majority is not less than five, of whom the president or one of the vicepresidents shall be one, shall form a quorum for the transaction of business, and the affirmative vote of at least five members of the board shall be requisite in making any order for, or authorizing the investment of any

Trustees.

tees.

business.

moneys, or the sale or transfer of any stock or securities belonging to the corporation, or for the appointment of any officer receiving any salary therefrom.

$ 5. The persons named in the first section of this act First trus. shall be the first trustees of said corporation, and all vacancies by death, resignation, or otherwise, in the office of trustees, shall be filled by the board, by ballot, without unnecessary delay, and at least five votes shall be necessary for the election of any trustee. The said trustees sball hold a regular meeting, at least once in three months, to receive the reports of their officers, as to the business and affairs of the corporation, and to transact such business as may be necessary. 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 objects of the corpora- General tion hereby created, shall be to receive on deposit such sums of money as may be, from time to time offered therefor, by farmers, merchants, mechanics, clerks, seamen, laborers, minors, servants and others, and investing the same in or loaning the same upon the securities or stocks or bonds, or other evidences of debt authorized by law of the state of New York, or of the United States, or of the county or city of Oswego; or bonds not exceeding five thousand dollars each, in amount, secured by mortgage on unincumbered, improved and productive real estate, located within the county of Oswego, worth at least double the amount secured thereby, exclusive of any buildings thereon, or in such other manDer as is authorized by this act, for the use, interest and advantage of said depositors and their legal representatives; and the said corporation shall receive as deposits, from persons of the description above mentioned, all sums of money not less than five cents nor exceeding in the aggregate one thousand dollars from any one individual, which may be offered for the purpose of being invested as aforesaid, which shall, as soon as 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

money

rooms where the business of said corporation shall be Officers not transacted. 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 part thereof, except to pay necessary expenses and outlays of said corporation, under the direction of the said board of trustees. All certificates or other evidences of deposit, made by the proper officer of such corporation, shall be as binding upon the corporation as if they were made under their common seal. 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 rateable proportion of all the profits of said

corporation, after deducting all necessary expenses. In Seourities, all cases of loans on real estate, a sufficient bond or other

satisfactory personal security shall be required of the borrower; and all expenses of searches, examinations and certificates of title, and of drawing, perfecting and recording papers, shall be paid by such borrower. And it shall be the duty of the trustees of said corporation to invest, as soon as practicable, as provided for in this act, all sums received by them beyond an available fund of not exceeding fifty thousand dollars, 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, in such available form as the trustees may direct; but this corporation is hereby prohibited from loaning the money deposited with them, or any part thereof, upon notes, bills of exchange, drafts or any other personal securities whatever, except as herein otherwise specially authorized.

$ 7. The board of trustees 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; provided 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.

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$ 8. The board of trustees may appoint such subordi- Subord!
nate officers and agents of the said corporation as they hate officers
may deem necessary; who shall give such security, respect-
ively, for their fidelity and good conduct, as the board of
trustees may, from time to time, require; and said board
shall fix the salaries of such officers and agents.

$ 9. The books of said corporation shall, at all times Booka
during its hours for business, be open for inspection and
examination to the superintendent of the banking depart-
ment of this state, and such other persons as the legisla-
ture or said superintendent shall designate for that purpose.

$ 10. Whenever any deposit shall be made by any
minor, the trustees of the said corporation may, at their Deposito de
discretion, pay to such depositor such sums as may be minors, &o.
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 or payment 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 if the said minor was of
full age, if such deposit was made personally by such
minor.

$ 11. The misnomer of said corporation in any in-
instrument shall not vitiate or impair the same, if it be
sufficiently described to ascertain the intention of the
parties.

S 12. The said trustees are hereby permitted to make
deposits of their individual funds in said corporation,
upon the same terms and with the same rights as other
depositors.

$ 13. The supreme court may at any time, on the ap- Supreme
plication of any trustee or depositor in said institution, appoint jer-
and on reasonable cause shown therefor to the satisfaction miue afinina
of said court, appoint one or more persons to examine
into the investments thereof, and its affairs and business
generally. The books, papers and business of said cor-
poration shall be open and be subject to the examination
of such person or persons; and the trustees, officers and
clerks thereof, or any other person may be examined on
oath by such person or persons; and the said court may
confer such further powers on the person or persons so
appointed as they may consider necessary for the more
thorough and perfect examination of the affairs and busi-

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