Commisstoners of to invest surplus. object, than authorized by such notice from the auditor; but nothing in this act shall prevent the canal commissioner or engineer in charge from certifying the amount due the contractor for work done and materials furnished, or for any award made by the canal appraisers for land taken, or for damages done previous to the passage of this act. $5. In case it shall be necessary, in order to meet the canal fund appropriations made or to be made, of the moneys to be collected upon such tax as aforesaid, for the purposes aforesaid, it shall be lawful for the commissioners of the canal fund, and it shall be their duty to invest, from time to time, any surplus of the moneys of the canal debt sinking fund, under section one of article seven of the constitution, not less in all than the sum of five hundred thousand dollars, in the tax to be levied during the fiscal year, commencing on the first day of October, eighteen hundred and fifty-nine, under the first section of this act, and the money thus invested shall be applied to meet the appropriations made of the moneys to arise from such tax; and so much of the moneys as may be necessary, shall, when paid into the treasury, be applied and pledged, in the first instance, to reimburse the said sinking fund for the amount invested in such tax, and for interest on the same, at the rate of five per centum per annum, from the time of the investment to the day of payment. Present line of old canal be main tained. $6. The canal commissioners are authorized, in their and locks to discretion, for the purpose of securing the navigation of the Erie canal across the Cayuga marshes, to maintain the present locks and the present old line of canal; but no money shall be expended therefor without consent of the canal board. S7. This act shall take effect immediately Chap. 150. AN ACT to amend an act entitled "An act to in- The People of the State of New York, represented in amended. SECTION 1. The sixth section of an act entitled "An Act of 1852 act to incorporate the Newburgh Savings Bank," passed April thirteenth, eighteen hundred and fifty-two, is hereby amended so as to read as follows: General and object business of corpora tion. 6. The general business and object of the corporation hereby created, shall be to receive on deposit such sums as may be from time to time offered therefor, by tradesmen, clerks, mechanics, laborers, minors, servants, and others, and investing the same in the securities or stocks of this state, the state of Ohio, the state of Pennsylvania, or of the United States, or in the stocks or bonds of any city or village authorized to be issued by the legislature of this state, or in such other manner as is authorized by this act, for the use, interest and advantage of the said depositors and their legal representatives; and the said corporation shall receive as deposits, from persons of the descriptions above mentioned, all sums of money which may be offered for the purpose of being invested as aforesaid, but not to exceed the sum of two thousand dollars from any individual, which shall, as soon as practicable, be invested accordingly, and shall be repaid to such depositor when required, at such times, and 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 room where the business of said corporation shall be transacted, but shall not be altered so as to affect any deposit previously made. No president, vice-presi- Money not dent, trustee, officer or servant of said corporation shall, officers. 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, under the direction of said board of trustees. All certificates or Trustees to regulate rates of interest. be invested. No money to be invest consent of a trusteca. other evidences of deposit made by the proper officer of such corporation, shall be as binding on said 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 the depositors, so that they shall receive, as nearly as may be, a ratable proportion of all the profits of the said corporaSurplus to tion, after deducting all the necessary expenses. Whenever it shall appear that there is an excess of twenty-five thousand dollars in the possession of said corporation, after the payment of the usual interest to the depositors, that sum shall be invested for the security of the depositors in said corporation, and thereafter, at each annual examination of the affairs of said corporation, any surplus over and above said sum shall, in addition to the usual interest, be divided ratably amongst the depositors in such manner as the board of managers shall direct. No ed without money deposited with the said corporation shall be inmajority of vested except in the securities or stocks mentioned in this section, without the consent and approbation of a majority of all the trustees at a regular meeting; and all investments in bonds and mortgages shall be made only by and with the consent and approbation of a majority of all the trustees present at a regular meeting; and such bonds. and mortgages shall be only upon improved, productive, unincumbered real estate, situate within this state, worth at least double the amount to be secured thereby, and no loan shall be made on bond and mortgage to any one individual for a greater sum than five thousand dollars. In all cases of loans upon real estate, a sufficient bond or other satisfactory personal security shall be required of be required. the borrowers, and all the 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, in public stocks or public securities, or in bonds and mortgages, as provided for in this act, all sums received by them beyond an available fund of not exceeding one-third of the whole amount so received, 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. Bond or personal Becurity to Chap. 151. AN ACT to repeal parts of an act entitled "An act to amend an act entitled 'An act to incorporate the city of Poughkeepsie,' passed March twentyeighth, eighteen hundred and fifty-four, and the amendment thereto April twelfth, eighteen hundred and fifty-five, to authorize the Common Council of said city to borrow and assess two thousand five hundred dollars, for debts incurred by them for highway and bridge purposes," passed April second, eighteen hundred and fifty-eight. Passed April 6, 1859; three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows: SECTION 1. Sections fourteen, fifteen and sixteen of the $$ 14, 15, 16 act entitled" An act to amend an act entitled 'An act to repealed. incorporate the city of Poughkeepie,' passed March twentyeighth, eighteen hundred and fifty-four, and the amendment thereto passed April twelfth, eighteen hundred and fifty-five, to authorize the common council of said city to borrow and assess two thousand five hundred dollars for debts incurred by them for highway and bridge purposes," passed April second, eighteen hundred and fifty-eight, are hereby repealed, and the second section of said last men- 2 amend tioned act, is hereby amended by inserting therein the ed. words "commissioner of schools" next after the word "recorder." SECTION 2. This act shall take effect immediately. $1, chapter 285, Laws ed. Chap. 152. AN ACT to amend an act entitled "An act to incorporate the village of Medina, Orleans county." Passed April 6, 1859; three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows: SECTION 1. Section one of an act to amend “ An act to 1855 amend incorporate the village of Medina, in the county of Orleans," passed May ninth, eighteen hundred and thirtyseven, being chapter two hundred and eighty-five of the Session Laws of eighteen hundred and fifty-five, is hereby amended so as to read as follows: Amend. ment. All that tract of country in the towns of Ridgeway and Shelby, in the county of Orleans, contained within the following boundaries, that is to say: Commencing at a point thirty chains east from the center of the four right angles made by Shelby and Centre streets (crossing each other in said village); thence north forty chains; thence west eighty chains; thence south ninety chains; thence east eighty chains; thence north fifty chains, to the place of beginning; shall henceforth be known by the name of the village of Medina; and the territory, together with the inhabitants residing therein, shall be a body corporate, by the name of the trustees of the village of Medina, and are hereby declared to be vested with and in possession of all the estates, real and personal, rights, privileges and immunities which, at the time of the passage of this act, appertain and belong to the said village of Medina. S2. This act shall take effect immediately. |