Expenses by the state. CHAP. 389. AN ACT to provide for the payment by the state of the expenses of the trials of convicts for crimes committed during the time of their imprisonment in either of the state prisons of this state. PASSED July 1, 1882; three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows: SECTION 1. Whenever any convict or convicts in either of the state to be paid prisons of this state or in the New York State Reformatory at Elmira, shall be indicted and tried for any offense committed by such convict or convicts during the time of their imprisonment in any state prison in this state or Reformatory, the expenses of such trial, and in case of conviction of murder in the first degree, the expenses of executing the judgment or sentence of the court shall be paid by the state. District attorney to make statement and for 2. It shall be the duty of the district attorney of any county in which such convict or convicts shall be indicted and tried to make out detailed a detailed statement under oath of all the necessary expenses incurred by any such trial, including the expenses of procuring witnesses to atward same tend before the grand jury and at the trial of the indictment, and also the amount which shall or may be paid for petit jurors for and during the time occupied by such trial, and forward the same to the comptroller of the state of New York. to the comp troller, Comptrol- § 3. It shall be the duty of the comptroller and attorney-general to examine such statement and to correct the same by striking therefrom general to any and all items which are not intended to be paid by the provisions ler and attorney audit same. of this act, and after correcting said statement as aforesaid, to draw his CHAP. 390. AN ACT to amend chapter one hundred and eighty eight of the laws of eighteen hundred and seventy-eight, entitled "An act for the incorporation of District Number One of the Independent Order of Benai Berith, and to authorize other corporations, incorporated societies, or other associations to give and transfer property to, or wholly to consolidate with, the corporation hereby created. PASSED July 1, 1882; three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows: SECTION 1. Chapter one hundred and eighty-eight of the laws of eighteen hundred and seventy-eight, entitled "An act for the incorporation of District Number One of the Independent Order of Benai Berith, and to authorize other corporations, incorporated societies, or other associations to give and transfer property to or wholly to consolidate with, the corporation hereby created," is hereby amended by adding thereto at the end of the fifth section thereof of the following: § 6. The real and personal property of said corporation used ex- Property clusively for charitable purposes shall be, and it is hereby made and exempt declared, exempt from all taxation except for state purposes. § 7. This act shall take effect immediately. CHAP. 391. AN ACT to amend chapter eight hundred and sixty-eight of the laws of eighteen hundred and seventy-two, entitled "An act to incorporate the United States Loan and Security Company. PASSED July 1. 1882.. The People of the State of New York, represented in Senate and Assembly, do enact as follows: SECTION 1. Sections one and three of chapter eight hundred and sixty-eight of the laws of eighteen hundred and seventy-two, being the act to incorporate the United States Loan and Security Company, passed June first, eighteen hundred and seventy-two, as amended by chapter four hundred and eighty-six of the laws of eighteen hundred and seventy-four, are further amended so as to read as follows: from taxation. tors. § 1. William H. Fogg, John E. Ward, Charles E. Hill, Spencer C. Corpora'Blake, John Middleton, their associates, successors and assigns, are hereby constituted a body corporate, to be hereafter known by and under the name of the "American Loan and Trust Company," to be Name. located in the city of New York, in the state of New York. § 2. Section three of said act is hereby amended so as to read as follows: § 3. The company shall have power to receive money on deposits, Powers. not exceeding ten times the amount of its paid-up capital or securities for money on deposit; to purchase, invest in, guarantee and sell stocks, bills of exchange, bonds and mortgages, and other securities; to act as trustee, and accept and execute any trust not inconsistent with the laws of this state; to guarantee the payment of debts; to make loans of money on real or personal securities; to charge commission on personal property held on deposit, and when moneys, or securities for moneys, are borrowed or received on deposit or for investment, the bonds or obligations of the company may be given therefor, but nothing herein contained shall be construed as giving the right to issue bills to circulate as money. §3. This act shall take effect immediately. *So in original. Corporators. Name. Capital stock. Investment of. Trustees power of. No loans CHAP. 392. AN ACT to incorporate the German-American Loan and Trust PASSED July 1, 1882. The People of the State of New York, represented in Senate and Assembly, do enact as follows: SECTION 1. Herman Funke, Emil Greeff, I. Sherwood Coffin, Wilson W. Underhill, George W. King, Charles de Neufoille, George W. Van Siclen, Samuel H. Seaman, August de Neufoille, Hugo Funke, Charles E. Sprague, William H. Cromwell, Charles A. Hoyt, Andrew G. Coffin, John A. Dermody, Isaac Sherwood and Benjamin D. Hicks, and their associates, and all other persons who shall become stockholders in the company hereby incorporated, are hereby constituted and created a body corporate, by the name of the German-American Loan and Trust Company, of the city of New York for the objects and purposes hereinafter mentioned. § 2. The capital stock of said company shall be five hundred thousand dollars, and the same may be increased from time to time, if the majority in interest of the stockholders of said company shall so determine, to a sum not exceeding two millions of dollars. Such capital shall be divided into shares of one hundred dollars each, and shall be deemed personal property, and shall be transferable in such manner as shall be prescribed by the by-laws of said company. Said company may organize and commence business within one year from the passage of this act, and whenever one hundred thousand dollars of its capital stock shall have been paid in cash; and the whole of such capital stock. shall be paid in within two years from the passage of this act. § 3. The capital stock shall be invested in bonds and mortgages on unincumbered real estate in the state of New York, worth at least double the amount loaned thereon, or in the stocks of this state, or of the United States, or in the bonds of incorporated cities or villages of this state, duly authorized to be issued. § 4. The trustees shall have a discretionary power of investing the moneys received by them in trust in public stocks of the United States, or of any individual state, or in the bonds or stocks of any incorporated city or village in this state, authorized by the legislature, or in such real or personal securities as they may deem proper; but the said company shall not hold stock in any private incorporated company beyond twenty-five thousand dollars. $5. No loan shall be made. directly or indirectly, to any trustee or to officers. officer. Management of affairs. § 6. The affairs of said company shall be managed by a board of trustees, of such number, not less than nine, nor more than twentyfive, as shall from time to time be prescribed in the by-laws, who shall, except the first year, be elected annually by the stockholders, in such manner and at such time and place, and upon such public notice, not less than thirty days, by advertisement in two newspapers in the county of Queens and in two other newspapers in the city of New York as shall be prescribed in the by-laws. Provided, however, that every such election of trustees shall be by ballot, and that a plurality of votes shall elect; that three inspectors for the next succeeding election shall be elected at the same time and in the same manner as 1 in the case of trustees; and that every shareholder shall be entitled to one vote, either in person, or by proxy in writing, for trustees for every share of capital stock standing in his name on the books of the company. § 7. The persons named in the first section of this act, or such of First trusthem, respectively, as shall become holders of at least ten shares of the tees. said capital stock, shall be the trustees of the said company for the first year, and until others are elected in their place, and may add to their number not exceeding the limit of twenty-five aforesaid. The trustees shall have the power, from time to time, to make and establish such by-laws, rules and regulations as they shall deem expedient for the conduct and management of the business and affairs of said company, the issue and transfer of the capital stock for determining the time, place and manner of holding elections and meetings of the company and of the trustees, the filling of vacancies in the board of trustees, the number of trustees necessary to constitute a quorum, not less than one-half of the whole number, and all other matters that may appertain to the concerns of said company; and they may prescribe the duties and fix the compensation of all officers and agents of the company. They may require payment of subscriptions to the capital stock in such proportions and at such times as they shall deem expedient, under penalty of forfeiting all stock and previous payments thereon; and the said company may sue for and recover all such subscriptions. The said trustees shall elect one of their number president of the board, and appoint such other officers and agents as they may deem proper. sioners to § 8. Herman Funke, Andrew G. Coffin, Emil Greeff, Isaac Sher- Commiswood and Wilson W. Underhill shall be and they hereby are ap- open pointed commissioners to open books for subscriptions to the capital books. stock of said company at such time and place and in such manner as they, or a majority of them, may deem proper. 9. The corporation hereby created shall have the general powers General and privileges of a corporation, as declared in the third title of the powers, eighteenth chapter of the first part of the Revised Statutes, and, in addition thereto, shall have power: To act as the fiscal or transfer agent of any state, municipality or Special corporation, and in such capacity, to receive and disburse money, and powers. transfer, register and countersign certificates of stock, bonds and other evidences of indebtedness. To receive deposits of money, securities and other personal property from any person, and to loan money on real or personal security. To lease, purchase, hold and convey real estate, necessary in the transaction of its business, or acquired in satisfaction of debts due the corporation, under sales, judgments and mortgages; and to guarantee bonds and mortgages and titles to real estate. To act as trustee under any mortgage issued by any municipality or corporation, and to accept and execute any other municipal or corporate trust not inconsistent with the laws of this state. To accept from and execute trusts for married women, in respect to their separate property, whether real or personal, and to be their agent in the management of such property. To take and accept by grant, assignment, transfer, device or bequest, and hold any real or personal estate on trusts created in accordance with the laws of this state or of the United States. To act under the order or appointment of any court of record as guardian, receiver or trustee of the estate of any minor, the annual Rate of in terest. No hond income of which shall not be less than one hundred dollars, and as depository of any moneys paid into court for the benefit of such minor or others. To take, accept and execute any and all such legal trusts, duties and powers in regard to the holding, management and disposition of any estate or property, real or personal, and the rents and profits thereof, or the sale thereof, as may be granted or confided to it by the supreme court, or by any other court of record (or by any person, corporation, municipality or other authority) and the said corporation shall be accountable to all parties in interest for the faithful discharge of every such trust, duty or power which it may so accept. $10. On any sum of money not less than one hundred dollars which shall be collected or received by the said company, in its capacity of guardian, receiver or depository* of moneys in court, an interest shall be allowed by said company of not less than the rate of three per cent annually, which interest shall continue until the money so received shall be duly expended or distributed. § 11. When the annual income of an infant, of whose estate the said company shall be a guardian, shall exceed the sum allowed, or which may be sufficient for the education and support of such infaut, 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 in such accumulation shall in no case be less than three per cent. § 12. No bond or other collateral security shall be required from required. the said company when appointed guardian, receiver or depository,* except when directed by the court or other competent authority; but all 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 supreme court, or otherwise, the debts due from the company as guardian, receiver or depository* of moneys in court shall have a preference. Reports. Liability holders. 13. The said company shall report semi-annually its condition and operations to the superintendent of the banking department, and shall make such report whenever required by him, and the supreme court may at any time, on application made, or otherwise, authorize any person or persons under such directions as the said court may prescribe, to examine the books and accounts of the said company, and inquire into and report upon its management and affairs. § 14. Whenever default shall be made in the payment of any debt of stock or liability contracted by this corporation, the stockholders thereof shall be individually responsible, equally and ratably, for the amount of such debt or liability, with interest, to an extent equal to the amount of their respective shares of stock in said corporation; but no person holding stock therein as executor, administrator, guardian or trustee, and no person holding such stock as collateral security, shall be personally liable as a stockholder in said company, but the estate and funds in the hands of such executor, administrator, guardian or trustee shall be liable in like manner, and to the same extent, as the testator or intestate, or the ward or person interested in such trust fund would have been, if living and competent to act and hold the stock in his own name, and the person pledging such stock shall be deemed the stockholder and liable under this section. *So in original. |