CHAP. XX. dent to sur banker must be so presented for redemption within six years from the date of such notice, and all notes which shall not be thus presented for redemption and payment within the time specified in such notice, shall cease to be a charge upon the funds in the hands of the superintendent for that purpose. 3. At the expiration of such notice, it shall be lawful for Superintenthe superintendent to surrender, and such bank, banking as- render, &c. sociation, banker, receiver, assignees or trustees, or their legal representatives, shall be entitled to receive from him all the money remaining in his hands after such redemption, except so much thereof as may be necessary to pay the reasonable expenses chargeable against the said accounts, including the payment for the publication of the above mentioned notices. 4. All circulating notes of such bank, banking associa- Circulating tion or banker, which shall not have been presented for payment within the period required by such notice, shall, upon the expiration of such period, cease to be a lien or charge upon the property and effects of such bank, banking association or banker, .in the hands of such receivers, assignees, trustees or otherwise; and all liability of such receivers, assignees, trustees, banks, banking associations or bankers, for or on account of any circulating notes, which shall not have been presented within the time aforesaid, shall also cease. notes. 5. Said trustees, receiver, assignees, bank, banking associa- Surplus to tion or banker, may, after the full payment of all the circu- be divided. lating notes issued by them respectively, which shall have been presented within the time required by such notice, and of all other lawful claims and demands against such bank, banking association or banker, divide the remaining property and effects of said bank, banking association or banker among the stockholders thereof, their or his personal representatives or assigns, according to their respective shares or interest therein. be paid into S2. The superintendent of the banking department is here- Balance to by directed to pay into the treasury of the state all balances treasury. of money remaining in his hands unclaimed for six years from the date of such deposit, to be applied to the current expenses of the bank department. notice, how $ 3. Any legal notice that shall be served upon the superin- Legal tendent of the banking department, in relation to any mort- served. gage of which he is the assignee, shall specify the name of the mortgagor and the description of the premises, as shown by the mortgage covering them, and the name of the party by whom it was assigned to him; and unless such notice shall contain the provisions herein before mentioned, a non-compliance with the terms of such notice on the part of the superintendent shall not invalidate or lessen the security conveyed by such mortgage, or in any manner affect his lien upon the mortgaged premises conveyed under it. S4. It shall be the duty of every public officer into whose Duty of hauds shall come any counterfeit bank note plate, or other lic officer. every pub PART I Association capital stock. device for counterfeiting bank notes, or any counterfeit or spurious bank notes, immediately after using them when necessary in evidence against the parties implicated, to surrender the same to the superintendent of the banking department to be destroyed under his supervision, and it shall be the duty of the superintendent to destroy all such plates, devices or notes thus surrendered to him, in the same manner as he is now authorized to do in the case of banks whose charters have expired or have become insolvent, and to report the same to the legislature in his annual report. CHAP. 277. AN ACT to provide for the reduction of the capital stock of banking associations. PASSED April 13, 1859. The People of the State of New York, represented in Senate and Assembly, do enact as follows: 1. It shall be lawful for a banking association, now or may reduce hereafter to be organized, under the general banking laws of this state, to reduce its capital stock to an amount which shall be equal to the value of the property and effects of such banking association, above and beyond all its debts and liabilities, and thenceforth the capital stock of such association shall be such reduced amount, and the par value of the shares thereof shall be reduced in the same proportion; but in no case shall such capital stock be reduced below one hundred thousand dollars, the amount now required by law for a banking association. 45 B., 647. Notice to dent to ex assets. $2. Whenever a banking association shall propose to reduce superinten its capital stock, according to the provisions of the first section of this act, due notice thereof shall be given to the superintendent of the banking department, signed by a majority of its board of directors, and accompanied by the written assent to such reduction, of at least two-thirds in amount of Superinten- the shareholders of such association. It shall be the duty amine of the said superintendent, upon the receipt and filing of such notice, and within a reasonable time thereafter, to make or cause to be made an examination of its books, property, effects and liabilities; upon which examination the officers thereof may be examined on oath as to the debts, liabilities, Determine property and effects thereof. From the result of such examicapital nation the said superintendent shall determine the value, in his judgment, of such property and effects, above and beyond the debts and liabilities aforesaid, and certify the same in writing, and the amount so determined and certified, shall be thereafter the capital stock of such banking association, and the par value of the shares thereof shall be proportionably reduced. amount of stock. CHAP. XX banker. §3. The expense of the examination herein provided for, Expense to by the superintendent of the banking department, or caused be paid by to be made by him, shall be paid by the banking association for whose benefit the application shall be made. to be re 54. The determination and certificate in writing, to be Certificate made by the said superintendent, of the amount to which the corded. capital stock of any banking association has been reduced under this act, shall be recorded in the office of the clerk of the county in which such banking association shall be located, and a certified copy thereof filed in the bank department of the state of New York, and the same shall be published by the said superintendent once a week for six weeks successively, Notice to b in the state 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. published. not to be $5. Nothing in this act contained shall in any way change Securities or lessen the liability of the stockholders of any banking asso- impaired. ciation 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. 62. AN ACT to authorize the incorporated banks of the state to take and hold any stock of the United States or of the state of New York. PASSED March 27, 1862. The People of the State of New York, represented in Senate and Assembly, do enact as follows: $1. That it shall and may be lawful for any bank incorporated by any act of the legislature of the state of New York, or any banking association, or individual bankers to take and to become the owner of any stock of the United States or of the state of New York. 52. That so much of the several acts incorporating such banks or authorizing the business of banking and the acts amendatory thereof as is inconsistent with the foregoing section be and the same is hereby repealed. PART L Authority. Proceed solidate. CHAP. 422. AN ACT to provide for the consolidation of banking asso ciations. PASSED April 22, 1862; three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows: S 1. Any two or more banking associations, organized under the general banking laws of this state, and located in the same city, village or town, are hereby authorized to consolidate the same into a single association, to be located in the same place in the manner following: $2. The directors of the said associations may enter into an ings to con- agreement under their respective corporate seals, for the union or consolidation of the said associations, prescribing the terms and conditions thereof, the mode of carrying the same into effect, the name and duration of the new association, the number of directors, the names of the persons to constitute the first board of directors, the time and place of holding the first election of directors, the manner of converting the shares of each of said associations into the shares of the new association, with such other details and provisions as they may deem expedient, not inconsistent with the provisions of the act to authorize the business of banking, and the acts amendatory thereof. Notice of the intention to consolidate said associations shall be given personally or by mail to each stockholder of each of said associations, at least ten days previous to entering into said agreement. Consent of stockhold erd. $3. The written consent of stockholders, owning at least two-thirds in amount of the capital stock of each of said associations, shall be requisite to the validity of said agreement. Upon the presentation to the superintendent of the banking department, of the said agreement duly proved or acknowledged, together with satisfactory proof, by affidavit or otherwise, of the assent thereto of stockholders owning two-thirds in amount of the capital stock of each of said associations so proposing to consolidate, and of the service of notice upon each stockholder as aforesaid, the said superintendent shall, within a reasonable time thereafter, make or cause to be made an examination of the books, property, effects and liabilities of such associations; upon which examination the officers thereof may be examined on oath as to the debts, liabilities. Superinten property and effects of said associations respectively. From dent to the result of such examination the said superintendent shall determine the value, in his judgment, of such property and effects above and beyond the debts and liabilities aforesaid, and certify the same in writing, and the amount so determined and certified shall be thereafter the capital stock of such consolidated banking association. determine value. $4. The expense of the examination herein provided for by the superintendent of the banking department, or caused to be made by him, shall be paid by the banking associations for whose benefit the application shall be made. CHAP. XX. Expense, *Certificate in writing corded. Filed in § 5. The determination and certificate in writing to be made by the said superintendent of the amount at which the capital to be restock of any banking association has been fixed under this act, shall be recorded in the office of the clerk of the county in which such banking association shall be located; and a cer- de tified copy thereof filed in the bank department of the State partment. of New York; and the same shall be published by the said superintendent once a week for six weeks successively, in the state paper, and at least one newspaper in the county where such association shall be located, at the expense of the said banking association. dated asso § 6. Upon the recording of the said agreement and certifi- Consolicate, the said consolidated associations shall be and become a ciation. single banking association, in accordance with the said agreement and certificate, with the same franchise, rights, powers and privileges, and subject to the same duties, conditions and limitations, as the several constituent associations; and such consolidated association shall be vested with all the estate, property, credits and effects of the constituent associations, without deed or other transfer, and shall be liable for all their contracts, debts, obligations and liabilities; and the separate existence and operation of such constituent associations shall thereupon cease and determine. clause as to suits. $ 7. No action or other proceeding pending before any court Saving or tribunal, in which either of the constituent associations may pending be a party, shall be deemed to have abated or been discontinued by reason of their consolidation; but the same may be prosecuted to final judgment and execution in the same manner as if this act had not been passed, or the said new association, by order of the court in which such proceedings may be pending, may be substituted as a party in place of either of the original associations, in any stage of such proceedings. 58. Nothing in this act contained shall in any way change Liability or lessen the liability of the stockholders, of any banking associations consolidating their capital stock under its provisions, to the bill holders or other creditors therefor; 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 consolidation shall take place; or by which the rights, remedies or security of the then existing creditors shall be weakened or impaired. not changed any stock $9. If any stockholder in either of the associations availing Dissent of itself of the provisions of this act, who shall not have assented holder. to such consolidation, shall, within twenty days after the agreement and certificate hereinbefore mentioned shall be recorded in the clerk's office of the county in which such associations are located, object in writing to said consolidation, |