paper, and at least one newspaper in the county where such association shall be located, at the expense of the banking association applying for such reduction of its capital stock. Securities S 5. Nothing in this act contained shall in any way change or lessen the liability of the stockholders of any impaired. banking association reducing its capital stock under its provisions, to the bill holders or other creditors thereof, or any indebtedness or engagement now existing or that may so exist, either absolutely or contingently, against such association, prior to or at the time when such reduction shall take place, or by which the rights, remedies or security of the then existing creditors shall be weakened or impaired. Chap. 278. AN ACT in relation to the New York Institution for the Blind. Passed April 13, 1859. The People of the State of New York, represented in Senate and Assembly, do enact as follows: SECTION 1. It shall be lawful for the New York Institution for the Blind to sell and convey all or any part of their real estate, situate in the city of New York, between Thirty-third and Thirty-fourth streets and the Eighth and Ninth avenue, whenever in the opinion of the board of managers thereof it shall be expedient to do so. May sell or convey their real estate. how applied $2. The said New York Institution for the Blind shall, Proceeds, immediately after the sale as aforesaid, apply the proceeds thereof as follows: One hundred thousand dollars thereof shall be put out at interest, upon bond and mortgage upon unincumbered real estate, worth not less than double the amount loaned thereon, exclusive of buildings, for the benefit of said institution, and eight thousand dollars shall be equally applied to the immediate relief of such of the adult blind of said institution, in number not over thirty, now connected with the same as in the judgment of the managers thereof would be the most proper persons to be the recipients thereof, and who shall, Act amended. Chap. 279. AN ACT to amend an act passed February 17th, 1857, entitled "An act to enable Peter Cooper to found a scientific institution in the city of New York," and also to amend the act passed March 21st, 1857, entitled "An act to amend the act entitled 'An act to enable Peter Cooper to found a scientific institution in the city of New York,'" passed February 17th, 1857. Passed April 13, 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 passed February seventeenth, eighteen hundred and fifty-seven, entitled "An act to enable Peter Cooper to found a scientific institution in the city of New York," and also the act passed March twenty-first, eighteen hundred and fifty-seven, entitled "An act to amend the act entitled 'An act to enable Peter Cooper to found a scientific institution in the city of New York,"" passed February 17th, 1857, are hereby amended so that the same shall read as follows: land may be 2. Peter Cooper, of the city of New York, is hereby Block of authorized to convey to the body corporate hereinafter conveyed. created, that certain block of land situate in the said city, and bounded northerly by Astor place, easterly by the Third avenue, southerly by Seventh street, and westerly by the Fourth avenue, with the edifice thereon erected, and all and singular the tenements, hereditaments and appurtenances thereunto belonging, or in any wise appertaining, for the purpose of founding and establishing a public institution in said city for the advancement of science, art, philosophy and letters, for procuring and maintaining scientific and historical collections, collections of chemical and philosophical apparatus, mechanical and artistic models, books, drawing, pictures and statues, and for cultivating other means of instruction to, for and upon the uses, intents and purposes, and upon the trusts, and subject to the conditions and restrictions contained in a deed which shall correspond in form to the following, that is to say: indenture. This indenture, made and entered into the day of Form of in the year one thousand eight hundred and fiftynine, by and between Peter Cooper, of the city, county and state of New York, and Sarah, his wife, parties hereto of the first part, and "The Cooper Union for the Advancement of Science and Art," a corporation created by and existing under the laws of the state of New York, party hereto of the second part, witnesseth that the parties hereto of the first part, for and in consideration of the sum of one dollar, lawful money of the United States, to them in hand paid by the said party hereto of the second part, at or before the ensealing and delivery of these presents, the receipt whereof is hereby acknowledged, and of other good considerations them thereunto moving, have granted, bargained, sold, aliened, remised, released, and forever conveyed and confirmed, and by these presents do grant, bargain, sell, alien, remise, release, convey and confirm unto the said party of the second part, and to its successors forever, all and singular, the block of ground situate, lying, and being in the city, county and state aforesaid, and bounded northerly by Astor place. easterly by Third avenue, southerly by Seventh street, and westerly by the Fourth avenue, together with the building thereon erected, and all and To what to be devoted. Manage ment under control of board of trustees. singular the tenements, hereditaments and appurtenances thereunto belonging, or in any wise appertaining, and the reversion and reversions, remainder and remainders, rents, issues and profits thereof, and also all the estate, right, title, interest, dower, and right of dower, property, possession, claim and demand whatsoever, as well in law as in equity, of the said parties of the first part, of, in or to the above described premises, and every part and parcel thereof, with the appurtenances, to have and to hold, all and singular, the above mentioned and described premises, together with the appurtenances unto the said party of the second part, and its successors; in trust, nevertheless, and subject to the following conditions and restrictions to, for and upon the following uses, intents and purposes, and to, for and upon such other uses, intents and purposes as are embraced in an act incorporating the party hereto of the second part, passed by the legislature of the state of New York the day of ―, in the year , and entitled "An act to amend the act passed February seventeenth, eighteen hundred and fifty-seven, entitled An act to enable Peter Cooper to found a scientific institution in the city of New York,' and also to amend the act passed March twenty-first, eighteen hundred and fifty-seven, entitled 'An act to amend the act entitled An act to enable Peter Cooper to found a scientific institution in the city of New York,' passed February seventeenth, eighteen hundred and fifty-seven,"" or as shall be permitted thereby, and by any acts amendatory thereof; provided only that such other uses, interests and purposes shall not contravene or in any way be inconsistent with or opposed to the following specially enumerated restrictions and conditions, uses, intents and purposes, to, for and upon which this conveyance is specially made, that is to say: FIRST. That the above mentioned and described premises, together with the appurtenances, and the rents, issues, income, and profits thereof, shall be forever devoted to the instruction and improvement of the inhabitants of the United States in practical science and art. SECOND. That the management and control of the above mentioned and described premises, together with the appurtenances, and of any other property or money at any time to belong to the party of the second part, trustees. and the receipt and expenditure of the rents, issues, income and profits thereof, shall be forever committed, subject to the conditions and restrictions herein contained, and to such other conditions and restrictions as are or shall be contained in the aforesaid act of incorporation of the party hereto of the second part, or in any acts amendatory thereof, to a board of trustees, which shall consist at the first of the following persons, to wit: Peter First Cooper, Edward Cooper, Abram S. Hewitt, Daniel F. Tieman, Wilson G. Hunt and John E. Parsons; that upon the death of that one of the aforesaid trustees who Vacancies. shall first die, the vacancy in the said board occasioned by his death, shall not be filled; but that forever after, except as herein especially provided, the said board of trustees herein above and in the said act of incorporation provided for, and to whom shall be committed the control and management of the above mentioned and described premises, with the appurtenances and other property or money, and the receipt and expenditure of the rents, issues, income and profits thereof, shall consist of five male persons; that the five survivors of the said six trustees above named shall constute the first board of trustees, consisting of five members; that every succeeding vacancy in said board of trustees shall be filled by the surviving or remaining trustees by ballot; that to elect any person a trustee shall require the vote of at least three trustees for such person; and that the oldest lineal male descendant of Peter Cooper shall be a trustee ex gratia, unless he be a trustee by virtue of original appointment herein made, or by election as herein provided. If such oldest Number of lineal male descendant of said Peter Cooper be a trustee trustees. by virtue of original appointment made herein, or by election as such trustee, as herein provided, the number of trustees constituting said board of trustees shall be five; but if such oldest lineal male descendant of Peter Cooper be not a trustee by virtue of such original appointment or subsequent election, then and in such case, and until another vacancy shall occur in the said board of trustees by the death or removal of a trustee other than such oldest lineal male descendant of Peter Cooper, the number of such trustees shall be six. hold office THIRD. The members of such board of trustees shall Trustees to hold their offices as such trustees for life; provided only for life. that for cause any such member may be removed by order |