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allow such interest thereon as may be agreed on, not exceeding, in either case, the legal rate.

5. To accept and execute all such trusts of every description, as may be committed to them by any person or persons whatsoever, or may be transferred to them by order of the court of chancery or by a surrogate.

fants' estates.

3. In all cases where an application shall be made to the May be appointed guarcourt of chancery, or to a surrogate having jurisdiction for the dian of in appointment of a guardian of any infant, the annual income of whose estate shall exceed the sum of one hundred dollars, the court of chancery or surrogate shall have power to appoint the said company as guardian of the estate of such infant.

$ 4. On any sum of money not less than one hundred dol- Interest. lars, which shall be collected or received by the said company, in its capacity of guardian or receiver, an interest shall be allowed by the said company, of not less than the rate of four per cent annually; which interest shall continue until the moneys so received shall be duly expended or distributed.

come how

S5. Where the annual income of an infant of whose es- Surplus intate the said company shall be a guardian, shall exceed the disposed of. sum allowed, or which may be sufficient for the education and support of such infant, such surplus income shall be accumulated by the said company, for the benefit of such infant, by adding interest on the whole as a new principal; and the interest so to be allowed and added on such accumulation, shall in no case be less than four per cent.

required to

$6. No bond or other collateral security shall be required Company not from the said company, when appointed guardian or receiver; give bond. but ail investments of moneys received by the said company in either of such characters, shall be at the sole risk of the said corporation; and for all losses of such moneys, the capital stock, property, and effects of the said corporation, shall be absolutely liable; and in case of the dissolution of the said company by the legislature, the chancellor, or otherwise, the debts due from the company as guardian, shall have a preference.


$7. The capital of the said corporation shall be a million Capitał of dollars, which shall be divided into shares of one hundred dollars each. The whole of the said capital shall be invested in bonds and mortgages on unincumbered real estate within the state of New-York; and at least one half thereof shall be constantly so invested on real property without the limits of the city and county of New-York. The real property mortgaged to secure any investment of capital, shall, in every case, be double in value of the sum charged thereon.

$8. All the corporate powers of the said company shall Thirty tras be exercised by a board of trustees and such officers and appointed.

tees to be

Tenure of their office.

Vacancies how to be supplied.

First trustees

Subscription to stock.

agents as they shall appoint. The board of trustees shall consist of thirty persons, all of whom must be citizens of this state and stockholders. They shall elect a president annually, from their own body, and shall have power to declare, by a by-law, what number of trustees less than a majority of the whole, shall be a quorum for the transaction of business.

$9. The trustees shall severally hold their offices during good behavior; but the chancellor shall have like power to remove a trustee, upon the application of a person interested, as he now possesses to remove a trustee under the provisions of the Revised Statutes.

$10. Every vacancy happening in the board of trustees, by death, resignation, or otherwise, shall be supplied by the choice of the remaining trustees; and in all cases, the votes of two-thirds of all the trustees for the time being, shall be requisite to a choice. No person shall be eligible, who shall not have been openly nominated at a meeting of the trustees, at least one month before the day on which the election is held; and the name of every person so nominated, shall be published for three successive weeks previous to the day of election, in one or more of the public newspapers in the city of New-York, and in the state paper.

$11. The following persons shall constitute the first board of trustees: William Bard, Stephen Van Rensselaer, Isaac Bronson, James Kent, Gulian C. Verplanck, Abraham Bloodgood, Edward R. Jones, John Jacob Astor, Saul Alley, John Duer, Robert Lenox, Walter Bowne, Nathaniel Prime, Philip Hone, Peter Augustus Jay, John Mason, Peter Lorillard, Thomas W. Ludlow, William B. Lawrence, Jonathan Goodhue, Samuel Thompson, William James, Peter Remsen, Isaiah Townsend, Benjamin Knower, Stephen Whitney, Benjamin F. Butler, Thomas J. Oakley, Edward C. Delavan, and Garrit Storm. Their power and authority as trustees, shall commence on the day on which this act shall commence and take effect as a law.

$ 12. The board of trustees, within six months after this act shall be in force, shall appoint a committee of not less than three nor more than five, of their own number, whose duty it shall be, at the time and place fixed by them for that purpose, to open books for receiving subscriptions to the capital stock. The books shall be opened at the hour of ten in the morning, and shall be kept open, from time to time, by adjournment, till the whole stock shall be subscribed. Public notice shall be given, for at least thirty days, in two papers in the city of New-York, and in the state paper, of the time and place of opening the books for receiving subscriptions to the capital stock of the said corporation.


$13. Each subscriber shall, at the time of subscription, First instalpay to the committee receiving the same, the sum of ten dol-ment. lars on each share by him subscribed; and after the shares shall have been distributed and allotted, each stockholder shall the whole amount remaining due on the shares so held by him, within twelve months thereafter, at such time and place as the trustees shall appoint, of which at least three weeks' public notice shall be given. The shares of every stockholder omitting to make such payment, shall be forfeited, together with all previous payments made thereon; and the books shall be again opened, as directed in the last section, for subscription, and so from time to time, till all the shares are subscribed and paid for.

hold $5000

$ 14. Every trustee named in this act, shall be a stock-Trustees to holder to the amount of five thousand dollars, at least ; and worth of any trustee, not becoming a stockholder to the amount of five stock. thousand dollars, within six days after the books are opened for subscription, shall cease to be a trustee; and the seat of every trustee thereafter ceasing to be a stockholder, shall be immediately declared vacant.

be made to

$ 15. No loan shall be made, directly or indirectly, to any Loans not to trustee; but every trustee may secure the shares of stock trustees. possessed by him, by his own bond and mortgage on unincumbered real estate.


S 16. The certificates of stock and of moneys received in Stock and trust, issued by the said corporation, shall be assignable on assignable. the books of the company, according to such regulations as the board of trustees shall establish; but no alteration or change shall be made in the regulations so established, unless by an order of the chancellor, made on a petition of a majority of the trustees.

and profits,

$ 17. The trustees shall have a discretionary power of in- Premiums vesting the premiums and profits received by the company, how to be and the moneys received by them in trust, in public stocks of invested. the United States, or of any individual state, or in the stock of any incorporated city, or of the bank of the United States, or in such real or personal securities as they may deem proBut the said company shall not hold stock in any private incorporated company, beyond twenty-five thousand dollars.


statement [to


$ 18. The board of trustees shall exhibit annually to the Amual chancellor, on such day as he shall appoint, a full statement of ende to their affairs, in such form and verified in such manner as the the chancelchancellor shall direct. The chancellor, should he deem it proper, may refer such statement to one of the masters of his court, with directions to make a full and thorough investigation into the affairs and management of the company, and to

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may recom

tions, &c.

report his opinion in relation to the ability and integrity with which its affairs are conducted; the prudence and safety of its investments; the security afforded to those by whom its engagements are held; and the advantage derived by the public from its operations. The expenses of every investigation so made, shall be defrayed by the company.

S.19. Upon the exhibition of any such annual statement, mend altera- or upon the coming in of a master's report thereon, the chancellor may recommend to the trustees such alterations and amendments in the regulations and by-laws of the company, as he shall deem to be required by the public good and a just regard to the security of the creditors. If any recommendation, so made by him, shall be neglected, or without just cause disregarded, by the trustees, the chancellor shall make a full communication of the facts to the legislature, at their first session thereafter.

Copy to be

sent to

$ 20. A copy of every statement so made, and of every comptroller. report of a master thereon, shall be transmitted to the comptroller, by the president of the company, within thirty days after it shall have been made or received.

Provision concerning

of funds.

$21. The fourth section of the third title of chapter remittances eighteen of the first part of the Revised Statutes, shall not be construed to prohibit the said company from engaging in any of the operations therein mentioned, so far as the same may be necessary or proper for the purpose of obtaining or making remittances of its funds, from or to any of its officers, agents, or creditors, or stockholders, except that the said company shall not, in any case or for any purpose, issue its own bills, notes, or other evidences of debt, upon loan or for circulation


Sections of

R. S. not ap

plicable to

this company.

Power to repeal.

to contracts

and trusts.

as money.

$22. For all losses of money which the capital stock shall not be sufficient to satisfy, the trustees shall be responsible, in the same manner, and to the same extent, that trustees are now responsible in law or equity.

$23. The sections of the Revised Statutes from the fourteenth to the twenty-fifth, both inclusive, of the first article of the second title of chapter eighteenth of the first part of the Revised Statutes, shall not be applicable to the corporation hereby created.

S24. The legislature shall have power, at any time hereafter, to repeal, alter, or modify this act, or any of its provisions.

Restriction as $25. This act shall not be construed to confer on the said company any right or power to make any contract, or to accept or execute any trust whatever, which it would not be lawful for any individual, under the general rules of law which are or shall be in force, to make, accept, and execute.

CHAP. 76.

AN ACT to repeal Sections Fifty-four and Fifty-five of the Third Article of the Second Title of the First Chap ter of the Third Part of the Revised Statutes.

Passed March 11, 1830.

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

S1. Sections fifty-four and fifty-five of the third article of the second title of the first chapter of the third part of the Revised Statutes, are hereby repealed.

S 2. When the bill or petition is presented to a vice-chancellor, the same, and all subsequent pleadings and proceedings, while the cause remains before such vice-chancellor, shall be filed with the clerk of the court residing in the circuit of such vice-chancellor; or if presented to the vice-chancellor of the third circuit, shall be filed with the register; and if presented to the vice-chancellor of the first circuit, shall be filed with the assistant register.

CHAP. 77.

AN ACT to increase the Number of the Guard at the Mount-Pleasant State-Prison.

Passed March 11, 1830.

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

$1. The guard of the state-prison at Mount-Pleasant, is hereby increased to twenty-four, including the sergeant thereof. $2. This act shall be in force from the passage thereof.

CHAP. 78.

AN ACT relative to the Liberties of the Jail in the City and County of New-York.

Passed March 13, 1830.

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

S 1. From and after the passing of this act, all that part of the city and county of New-York lying south of the northerly

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