Chap. 25-[Vol. 2, p. 1254]-An act to authorize the dissolution of certain incorporated academies.

APPROVED by the Governor February 25, 1889. Passed, three-fifths being present.

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

Meeting to consider application for dissolution, when to be called. SECTION 1. The trustees of any academy incorporated under the laws of this State and having a capital stock, may, and upon the written application of any person or persons owning or lawfully holding one-third of the said capital stock, must call a general meeting of the stockholders of the said academy, as hereinafter provided for the purpose of determining whether or not such incorporated academy shall surrender its charter and be dissolved and its property distributed among the stockholders thereof.

Notice thereof, how published. § 2. The notice for such general meeting must state the object thereof and be subscribed by the chairman or other acting presiding officer and the secretary or acting secretary of the said corporation or board of trustees; it shall be published once a week for three successive weeks prior to such meeting in a daily or weekly newspaper published in the place where the said academy is located; or if there be no such paper, then in a daily or weekly paper published within the county, if there be one, or, if not, in an adjoining county to that in which such academy is located.

Vote requisite for surrender of charter and dissolution; action, how attested and filed with regents; effect thereof. § 3. Whenever, at a meeting of stockholders called as herein before provided, any person or persons holding or qualified to vote upon a majority of the capital stock of such incorporated academy shall vote to surrender the charter thereof and to dissolve the corporation, the trustees of such academy, or a majority of them, must make and sign a certificate of such action, cause the same to be properly attested by the officers of the corporation, and file the same, together with a copy of the published notice for the meeting at which such action was taken, and due proof of publication thereof, in the office of the Secretary of the Board of Regents of the University of the State of New York; and thereupon, if the said proceedings shall have been regularly conducted as above prescribed, the charter of said corporation shall be deemed to be surrendered and the said corporation dissolved.

Powers of trustees of academies upon dissolution. § 4. Upon the dissolution of such incorporated academy, as herein provided, the trustees thereof shall forthwith become and be trustees of the creditors and stockholders of the corporation dissolved. They shall have full power to settle the affairs of the said corporation; to collect and pay the outstanding debts; to sue for and recover debts and property thereof by the name of the trustees of such corporation; to sell and dispose of the property thereof, at public or private sale, and to divide among the stockholders the moneys or other property that shall remain after the payment of debts and necessary expenses.

Notice to creditors to present claims, how published; proviso. § 5. The said trustees may, after the dissolution of the said corporation, insert in a newspaper published in the place where the said academy is located, or if there be none such, then in a newspaper published within the county, if there be one, or if not, in an adjoining county, a notice once in each week for three successive months, requiring all persons having claims against the

said corporation dissolved to present the same, with proof thereof to the said trustees, at the place designated in such notice, on or before a day therein named, which shall be not less than three months from the first publication thereof. In case any action shall be brought upon any such claim which shall not have been presented to the said trustees within three months from the first publication of such notice, the said trustees shall not be chargeable for any assets, moneys, or proceeds of the said corporation dissolved, which they may have paid in satisfaction of other claims against the said corporation, or in making distribution to the stockholders thereof, before the commencement of such action.

Surrender of stock scrip, upon distribution to shareholders; proof as to loss of scrip. § 6. Upon the distribution by the said trustees of assets or property, or the proceeds thereof, of the dissolved corporation among its stockholders the said trustees may require the certificates of ownership of capital stock, if such have been issued, standing in the name of any stockholder claiming a distributive share, or under whom such share is claimed, to be surrendered for cancellation by such stockholder or person claiming the said share; in the event of the non-production of any such certificate, the said trustees may require satisfactory proof of the loss thereof, or of any other cause for such non-production, together with such security as they may prescribe, before payment of the distributive share to which the person or persons claiming upon such share of stock may appear to be entitled.

Notice of distribution, to absent and unknown shareholders; deposits with county treasurer-in certain cases. § 7. In case the said trustees upon such distribution by them of assets or property, or the proceeds thereof, of the dissolved corporation among its stockholders, shall be unable to find any of the said stockholders or the persons lawfully owning or entitled to any portion. of the said capital stock, they shall give notice in the manner herein-above provided for calling the general meeting of stockholders, of such distribu tion, to the persons in whose name such stock shall stand upon the books of the said corporation, requiring them to appear at a time and place designated, to receive the portion of such assets or property to which they may be entitled; in case of the failure of any such persons to so appear, it shall be lawful for the said trustees to pay over and deliver to the county treasurer of the county wherein such academy was located, or to any trust company or other corporation located within such county and authorized to receive moneys on deposit under order or judgment of a court of record, the propor tion of the assets, property or proceeds aforesaid which such non-appearing stock bears to the whole stock; the said trustees shall also deliver therewith a list of the persons entitled to receive the same, together with the separate amounts to which they shall be severally entitled.

Liability of trustees, when to cease. § 8. Upon the payment and discharge of the debts and obligations of the corporation dissolved, as herein before provided, and the distribution of its assets, property and proceeds among the stockholders thereof, and due provision made, as hereinabove prescribed, for the interests of non-appearing stockholders and such as cannot be found, the said trustees shall become and be relieved and discharged from further duty, liability and responsibility by reason of their relation to the said corporation, or towards the stockholders thereof.

Duties and liabilities of county treasurers, etc., as to certain deposits. § 9. Any county treasurer, trust company or other corporation to whom assets, property or proceeds shall be delivered as herein provided, shall hold the same in trust for the persons designated and entitled to receive it; and upon receiv

ing satisfactory proof of the right and title thereto, or upon the order of any court of record competent to adjudicate thereupon, shall pay over and deliver to any person or persons entitled to receive the same the portion of such proceeds, property or assets to which he or they shall be entitled. § 10. This act shall take effect immediately.

Chap. 33-[Vol. 3, p. 1924]-An act to amend chapter five hunderd and one of the laws of one thousand eight hundred and eighty-seven, entitled "An act for the incorporation of the Young Men's Christian Associations."

APPROVED by the Governor February 28, 1889. Passed, three-fifths being present.

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

SECTION 1. Section six of chapter five hundred and one of the laws of one thousand eight hundred and eighty-seven, entitled "An act for the incorporation of the Young Men's Christian Associations," is hereby amended so as to read as follows:

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Corporations to be subject to Chapter 58, Laws of 1861; Transfers of property to, by order of supreme court. § 6. All associations organized under this act shall be subject to, included in, and entitled to all the benefits of chapter fifty-eight of the laws of one thousand eight hundred and sixty-one, entitled "An act to authorize the leasing or sale and conveyance of the real estate of benevolent, charitable, scientific, missionary societies and orphan asylums.' And it is hereby further provided that where there shall have existed a corporation or association owning or holding property, real or personal, which they shall desire to convey and transfer to a corporation organized under this act, that it shall be lawful for the supreme court of this State, on an application made in the judicial district where such corporation or association shall be located, upon the application of three-fourths of the trustees or other managing officers, with the approval and acceptance of three-fourths of the trustees of such new corporation, to make an order authorizing such transfer and conveyance, specifying by whom the same shall be executed, and such transfer or conveyance, when so made, shall vest in the grantees thereof full and absolute title and property subject only to such liens or incumbrances as existed thereon immediately prior to such transfer or con

Chap. 36-[Vol. 4, p. 2758]—An act to provide for the procurement of proper electrical apparatus, machinery and appliances by the Superintendent of State Prisons for the execution of convicted criminass.

APPROVED by the Governor March 1, 1889. Passed, three-fifths being present.

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

Superintendent of State Prisons to provide certain apparatus. SECTION 1. The Superintendent of State Prisons shall immediately on the passage of this act,

cause an electrical apparatus suitable and sufficient for the infliction of the punishment of death as provided by section five hundred and five of the Code of Criminal Procedure to be constructed and placed in each of the State Prisons of this State; together with the necessary machinery and appliances for the execution of convicted criminals as provided by said Code.

Appropriation, and how payable. § 2. For the purpose of defraying the expenses of the foregoing apparatus, machinery and appliances, the sum of ten thousand dollars, or so much thereof as may be necessary, is hereby appropriated. Said sum shall be paid to said Superintendent by the State Treasurer, on the warrant of the Comptroller, out of any moneys in the treasury not otherwise appropriated, on vouchers to be approved by the Comptroller. § 3. This act shall take effect immediately.

Chap. 38-[Vol. 3, p. 1807]-An act to regulate the payment of fares upon railroads.

BECAME a law without the approval of the Governor, in accordance with the provisions of article four, section nine of the Constitution, March 2, 1889. Passed, three-fifths being present.

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

Excess charge, from certain passengers paying fare in cars; railroad company to issue rebate ticket for excess; proviso. SECTION 1. It shall be lawful for any company owning or operating a steam railroad in this State, to demand and collect an excess charge of ten cents over the regular or established rate of fare, from any passenger who pays fare in the car in which he or she may have taken passage, except where such passage is wholly within the limits of any incorporated city in this State, provided, however, that it shall be the duty of such company to give to any passenger paying such excess, a receipt or other evidence of such payment, and which shall legibly state that it entitles the holder thereof to have such excess charge refunded, upon the delivery of the same at any ticket office of said company, upon the line of their railroad, and said company shall refund the same upon demand; and provided further that this act shall not apply to any passenger taking passage from a station or stopping place when tickets cannot be purchased during half an hour previous to the schedule time for the departure of said train, on which such passenger takes passage.

§ 2. This act shall take effect immediately.

Chap. 42-[Vol. 4, p. 2429]-An act to enable the foreign born children and descendants of any woman born in the United States, and notwithstanding her marriage with an alien and residence in a foreign country, to take, hold, have, possess, enjoy, convey and devise real estate situated in this State, provided the title to such real estate shall be or shall have been derived from or through such woman, or from or through some ancestor of such woman, which ancestor shall be or shall have been a citizen of the United States.

APPROVED by the Governor March 2, 1889. Passed, three-fifths being present.

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

SECTION 1. That the foreign born children and descendants of any woman

born in the United States, and notwithstanding her marriage with an alien and her residence in a foreign country, shall be entitled to take, hold, have, possess, enjoy, convey and devise real estate situated in this State, in the same manner, and to the same extent, and with the same effect, as if such foreign born children and descendants were citizens of the United States; nor shall the title to any such real estate which has descended or which shall descend, or which has been or shall be devised or conveyed, to such woman or to such foreign born children or descendants, be impaired or affected by reason of her marriage with an alien, or the alienage of such children or their descendants; provided that the title to such real estate shall be or shall have been derived from or through such woman, or from or through some ancestor of such woman, which ancestor shall be or shall have been a citizen of the United States.

§ 2. This act shall take effect immediately.

Chap. 50.-[Vol. 1, p. 616]-An act to amend chapter four hundred and sixty-four of the laws of one thousand eight hundred and eighty-eight, entitled "An act to amend chapter two hundred and forty-five of the laws of eighteen hundred and eighty-seven, entitled "An act in relation to the trust funds of this State.

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APPROVED by the Governor March 4, 1889. Passed, 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 chapter four hundred and sixty-four of the laws of one thousand eight hundred and eighty-eight, is hereby amended so as to read as follows:

Investment of public funds by Comptroller; may exchange or dispose of securities; transfer of securities. § 1. In addition to the investments now authorized by law of the principal of the common school fund, the literature fund and the United States deposit fund, the Comptroller may hereafter invest the principal of the said funds in the public securities of the villages, towns, cities, union free school districts and counties of this State; and when he shall deem it for the best interest of such funds, or either of them, he may dispose of any of the public securities held therein, in the making of investments authorized by law, and he may exchange the securities of any one of said funds for those held in any other of said funds; and he may also hereafter with the approval of the Commissioners of the Canal Fund, and upon such terms as shall be approved by them, transfer to the canal debt sinking fund, in exchange for securities held in said fund, any securities held for either of said other funds.

§ 2. This act shall take effect immediately.