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Banking when to commence.


By laws.

Calls on

son as the remainder of the directors for the time being, or a majority of them, shall appoint.

S 18. The directors elected, as soon as may be after their election, shall proceed in like manner, to elect one of their number, by plurality, by ballot, to be their president.

$19. The said corporation shall not commence the business of banking, until the whole of the capital stock of the corporation 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 said corporation, and filed with the comptroller, setting forth that the said payment has been made, and no loan has, to the knowledge of such officers, been made, to enable any stockholder to pay up 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 wilful false swearing in any such oath, shall subject the person guilty thereof, to the pains and penalties of perjury. $ 20. The directors of the said corporation shall have power, from time to time to appoint so many officers, clerks, and servants, for carrying on the business of the corporation, and with such compensation, as to them shall seem meet.

$21. The directors for the time being, shall also have power to make and prescribe such by-laws, rules, and regulations, as shall be needful, touching,

1. The government of the said corporation, and the management and disposition of its stock, business, property, estate, and effects:

2. The tirne, manner and terms, at and upon which discounts and deposits shall be made and received in and by the same: 3. The duties and conduct of the officers, clerks, and servants, employed by the said corporation; And,

4. All such matters as may appertain to the concerns of the institution.

$22. The directors for the time being, shall have power to stockholders. require the stockholders respectively to make payment of all sums of money by them subscribed, at such time and in such proportions as such directors shall see fit, under pain of the forfeiture of their shares upon which such payments are required, and all previous payments thereon, to the said corporation.

Notice thereof.

$ 23. The directors shall give notice of every such call, by notice to be published at least once a week, for eight weeks successively, in one or more of the newspapers printed in the village of Cooperstown; which notice, so to be published, shall be a sufficient call on each stockholder, to authorise, in case of his default to comply therewith, the forfeiture above provided.

$ 24. The obligations, contracts, bills, notes, and other Bills, &c. evidences of debt, made or issued by the said corporation, assignable. 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 issued under the seal of such corporation, and assigned by endorsement thereon, shall enable the assignee thereof to maintain an action thereupon in his own name.

$25. It shall be the duty of the directors of the said cor- Dividende. 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.

$ 25. 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 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.

S 27. 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.

fusal to re


$28. If at any time, the president, directors and company In case of of the said corporation, shall neglect or refuse, for ten days to reafter demand at their banking house during the regular hours deem notes, of business, to redeem in specie any evidence of debt issued by the said corporation, the said president, directors and company shall discontinue and close, until they shall resume payments as aforesaid, all their operations and business, except the securing and collecting of debts due, or to become due, to the said corporation, unless they shall be permitted to proceed in their ordinary banking operations under the section next following.

$29. The said corporation may, after the payment of its debts shall have been refused, apply to the chancellor, by petition, accompanied by a full disclosure of the state and affairs of the corporation, for leave to proceed in its business; and if such 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 order to be entered in the minutes of the court of chancery, permit the said corporation so to do.

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$30. 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 evidences of debt and the damages thereon.

S 31. It shall not be lawful for said corporation to redeem as to bills of 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 Otsego County Bank; and it shall not be lawful for 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.

General powers.

Subject to act of April 2, 1829.


$ 32. 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 operation of the provisions contained in that chapter, except so far as the same are modified by the act recited in the following section.

$33. 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 2, 1829.

$ 34. It shall not be lawful for the said corporation to take a hypothcation of its own stock, as security for any loan or discount made by such corporation.

CHAP. 132.

AN ACT to authorise a Sale of the School Lot in the
Village of Oswego.

Passed April 9, 1830.

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

$1. The president and trustees of the village of Oswego, are hereby authorised to sell village lot number one hundred and thirty-nine in the village of West-Oswego; and with the avails thereof, to procure a more suitable site for a school-house in said village of West-Oswego; and the overplus, if any there shall be after procuring such site, they are authorised to expend in the erection of a school-house on the same.

CHAP. 133.

AN ACT to amend the Act entitled "An Act providing for the Appointment of Inspectors of Unslaked Lime in the County of Greene," passed March 17th, 1823.

Passed April 9, 1830.

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

S1. That whenever any unslaked lime shall be inspected in pursuance of the act hereby amended, such lime shall not be subject to a re-inspection in any county within this state.

СНАР. 134.

AN ACT for the Relief of Robert Ferguson.

Passed April 9, 1830.

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

$1. All the estate and interest of the people of this state in and to any lands and real estate situate in the city and county of New-York, heretofore conveyed to William Ferguson and Robert Ferguson, the undivided moiety whereof has been heretofore conveyed by the said William Ferguson to the said Robert Ferguson, is hereby released to and vested in the said Robert Ferguson, in the same manner and to the same extent as they would have taken the same, if the said William Ferguson and Robert Ferguson had been native citizens of this state.

CHAP. 135.

AN ACT relative to the Fort Miller Dam, and the Assessment and Payment of Damages.

Passed April 9, 1830.

The People of the State of New-York, represented in

Senate and Assembly, do enact as follows:

S 1. It shall be the duty of the canal commissioners, as soon Timbers to as conveniently may be after the passing of this act, to cause be replaced. the timbers to be replaced upon the dam erected across the Hudson river at Fort Miller.

Duty of canal

$ 2. The canal appraisers shall, at some convenient time in appraisers. the month of July next, estimate all the damages arising to the several owners or occupants of lands affected by the erection and continuance of the Fort Miller dam, in the manner provided by the laws of this state; but the lands on which said damages are sustained, shall continue to be the property of the several owners, in the same manner as if this act had not been passed.


Time limited

to make payment.

Damages when and how to be paid.

Shares may be increased.

S3. Allowances heretofore made to persons claiming damages under this act, shall be deducted by the appraisers from the amount of damages in each case, to be appraised in pursuance of the second section of this act.

S4. If within thirty days after such appraisal as aforesaid, or in case of appeal, if within thirty days after the final determination thereof, the persons interested in the continuance of said dam, shall pay into the treasury of this state a sum of money, which, after deducting therefrom the sum of fifteen hundred dollars, the estimated amount of benefit to the state, shall equal the amount of said damages, that in such case said dam shall remain; otherwise it shall be the duty of the canal commissioners to remove the same.

$ 5. If the provisions of the next preceding section shall be complied with, it shall then be the duty of the canal commissioners to pay to the several persons entitled thereto, their respective damages as assessed under the second section of this act, deducting therefrom all allowances heretofore made them respectively on account of the same, as provided in the third section of this act; but if the same shall not be complied with, then the canal commissioners shall pay such sums only as the appraisers shall assess for damages theretofore sustained by the erection and continuance of said dam, deducting therefrom all allowances already made in each case respectively.

CHAP. 136.

AN ACT to amend the Act, entitled "An Act to incorporate the Cairo Bridge Company," passed April ninth, one thousand eight hundred and five, and the several Acts amending the same.

Passed April 10, 1830.

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

S1. The president, directors and company of the Cairo bridge company shall be allowed to add two thousand shares to the present number of shares of stock of the said company.

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