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par, except upon four weeks' notice, published in two newspapers published in the said city of Newburgh. 58. This act shall take effect immediately.

Chap. 89.

AN ACT to confirm the action of the Board of Supervisors of Herkimer county in directing the issuing of county bonds.

Passed March 16, 1867; three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows:

SECTION 1. The action of the board of supervisors of Herkimer county, at the annual session of eighteen hundred and sixty-six, directing the chairman of said board to issue the bonds of said county in the sum of thirty-one thousand and five hundred dollars, for the purpose stated in the resolution authorizing the issuing of said bonds, be and the same hereby is in all respects ratified and confirmed, and said bonds are hereby declared a charge upon said county.

S2. This act shall take effect immediately.

Chap. 90.

AN ACT to authorize the Commissioners of Highways of the town of Deerfield to raise money to build a bridge over the Mohawk river.

Passed March 16, 1867; three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows :

SECTION 1. The commissioners of highways of the town of Deerfield, in Oneida county, are authorized to borrow a sum of money not exceeding six thousand dollars, to be paid in three annual installments, with annual interest, on the first day of March in each year for three years thereafter; the money so bor

Amount

commis

sioners may

borrow.

Duty of supervisors of county.

Accounts of

commis-. sioners.

rowed to be expended in rebuilding the northerly half of the bridge across the Mohawk river at the foot of Genesee street, Utica, in said county.

S2. The board of supervisors of Oneida county, at their next annual meeting, and at their annual meeting for each of the two next succeeding years thereafter, are authorized and required, upon satisfactory evidence that the moneys mentioned in the first section of this act have been borrowed by the commissioners of highways of said town, to cause to be levied upon the taxable inhabitants and property of said town of Deerfield, as other taxes for town and county purposes are levied, such sum or sums in each of said years as shall be necessary to repay the moneys borrowed as aforesaid by said commissioners, with the legal interest thereon; which moneys, so levied and collected, shall, in the collector's warrants, be directed to be paid to the supervisor of said town of Deerfield, for the creditors of the town who shall have loaned the said moneys, or their assigns and legal representatives, and shall be paid by said supervisor to such creditors or their representatives.

S3. The said commissioners of highways of the said town of Deerfield shall have their accounts, in relation to the rebuilding of said bridge, audited by the board of town auditors of said town, and shall report their proceedings in the premises to the first annual town meeting held after the completion of said bridge; and Use of unex- if any portion of the money so borrowed shall remain unexpended at the completion of said bridge, such balance shall be used in repairing the roads and bridges in said town.

pendedmoney.,

Commissioners of Macadam road not released

from liabilities, &c.

S4. And it is further enacted that neither the passage of this act, nor the building of one-half of said bridge by the commissioners of highways of the town of Deerfield, nor the payment therefor by the said town, shall be construed to release the commissioners of the Deerfield Macadam road from any liability or obligation on their part to repair or rebuild the same, or from any claims against them of forfeiture of their franchises by reason of their failure to repair or rebuild the same; nor to authorize them to take tolls on said road until they pay the said

town the cost of building one-half of said bridge, with interest thereon; nor to prejudice the rights of the people of the State, or of the town of Deerfield, in any suit now pending or which may hereafter be brought against the said Macadam road commissioners for not repairing, rebuilding and maintaining one-half of said bridge.

$5. This act shall take effect immediately.

Chap. 91.

AN ACT to authorize Joint Stock Fire and Marine Insurance Companies to reduce their capital stock, and to amend the act to provide for the incorporation of Fire Insurance Companies.

Passed March 16, 1867.

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

on what

superin

tendent of

insurance

may allow

company to tal stock,

reduce capi

&c.

SECTION 1. Whenever it shall appear to the Super- When and intendent of the Insurance Department, from an conditions examination made by him in the manner prescribed by law, that the capital stock of any joint stock fire department or marine insurance company organized pursuant to law, is impaired to an amount exceeding twenty-five per cent. of such capital, and he shall be of the opinion that the interests of the public will not be prejudiced by permitting such company to continue business with a reduced capital, it shall be lawful for such company, with the permission of the said superintendent, to reduce its capital stock, and the par value of the shares thereof, to such amount as the said superintendent may, under his hand and official seal, certify to be proper, and as shall, in his opinion, be justified by the assets and property of such company: provided that, in fixing such reduced capital, no sum exceeding twenty-five thousand dollars shall be deducted from the assets and property on hand, which shall be retained as surplus assets, and provided that no part of such assets and property shall be distributed to the stockholders, and provided,

When reduction not

further, that the capital stock of any such company shall not be reduced to an amount less than the sum now required by law for the organization of a new company, under the general insurance laws, for the transaction of business at the place where such com pany is located, and of the kind which such company is authorized to transact.

$ 2. No reduction of the capital of any such comto be made. pany shall be made, except upon a resolution of its board of directors, approved by, at least, two-thirds of the directors, and certified under its corporate seal, signed by the president and, at least, two-thirds of the directors, and proved or acknowledged in the manner required by law for the proof or acknowledgment of conveyances, which certificate shall be filed in the office of the said Superintendent before any action shall be had by him thereon.

Filing of certificate

tendent.

S3. The Superintendent of the Insurance Departof superin- ment, in case he shall permit any such company to reduce its capital in the manner provided in this act, shall execute the certificate required by the first section, in duplicate, and deliver one of such certificates to the officers of such company, who shall forthwith file the same with the clerk of the county in which such company is located, and the other of such certificates shall be filed in the office of said Superintendent.

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$ 4. Such company, upon filing the certificate with the county clerk, as required by the third section of this act, shall, with such reduced capital, possess the same rights and be subject to the same liabilities that it possessed or was subject to at the time of the reduction of its capital, and the charter of such company shall be deemed to be amended in respect to the amount of capital and the par value of the shares so as to conform to such reduction.

$5. It shall be lawful for the said company to require the return of the original certificate of stock held by each stockholder, and in lieu thereof to issue new certificates for such number of shares as the said stockholder may be entitled to, in the proportion that the reduced capital may be found to bear to the original capital of the company.

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$6. It shall be lawful for any such company, after its capital shall be so reduced as aforesaid, to increase its capital stock, in the mode prescribed by the nineteenth section of chapter four hundred and sixty-six of the Laws of eighteen hundred and fifty-three.

$7. Section twelve of chapter four hundred and sixty-six of the Laws of eighteen hundred and fiftythree, as amended, is hereby amended by adding, at the end thereof, the following: "The word 'year,' wherever used in this section, shall be construed to mean the calendar year."

§ 8. This act shall take effect immediately.

Chap. 92.

AN ACT to authorize the city of Syracuse to raise money for the establishment of a High School.

Passed March 16, 1867; three-fifths being present.

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

SECTION 1. The board of education of the city of Syracuse are authorized and empowered to purchase grounds, and erect thereon buildings and fixtures, furnish the same, and supply necessary apparatus, as they may think proper, for the uses of the high school in said city now under their charge. To defray the expense thereof, the common council of said city is authorized and required to issue the bonds of the city, in such sums and at such times as Amount of the said board of education may direct, for the purposes aforesaid, to an amount not exceeding seventyfive thousand dollars, and, when properly executed, such bonds shall be negotiated through the tax receiver of said city, at rates not less than the par value thereof, and the proceeds remain in the city treasury, subject to the order of the said board of education, for the purposes aforesaid.

bonds.

bonds.

$2. Said bonds shall bear seven per cent interest, Payment of and the same, with the principal moneys, shall be made payable at such times, at such places and in

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