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Annual election,

Objects of corporation.

S 4. The first board of directors shall, as soon as may be after their organization, determine and fix the day and month in each year thereafter for the holding of the annual election, at which shall be chosen thirteen directors and three inspectors of election of said corporation; and said first board shall publish a notice in a newspaper printed in the city of Utica, of the time and place of such first annual

election, for at least two weeks, once in each week Qualifica- previous thereto. Such directors and inspectors must rectors, &c. be stockholders in said corporation, and shall be

chosen for one year, and shall hold office until others are elected in their stead. Any director or inspector

ceasing to be a stockholder, shall cease to be a direcVacancies. tor or inspector, as the case may be. The board of

directors shall have power to fill all vacancies, how ever they may happen in their body, and among inspectors, which shall occur between any two annual elections.

$ 5. The business and general object of the said corporation, shall be to take and receive on deposi as bailee for safe keeping and storage, plate, jewelry securities, furniture and other goods, and othe valuables and personal property, upon such terms and for such compensation as may be agreed on by the said corporation and the bailors respectively, o

any such property as aforesaid. Real estate $ 6. The said corporation shall have capacity t pany may acquire and hold real estate, as follows::.

1. Such as may be necessary for its accommodatio in the transaction of its business.

2. Such as shall have been mortgaged to it b way of security for loans previously contracted, < for moneys due.

3. Such as shall have been conveyed to it in sati faction of debts, previously contracted in the cour:

of its dealings. Sale of real 4. Such as shall have been purchased at sales upc necessary to judgments, decrees, or mortgages obtained or mai company for such debts. And all such real estate as may 1

acquired by said corporation, and which shall not! necessary or convenient for the conducting a carrying on of its business, shall be sold and co

on as may pon such tern

any such corporation

which company may hold.

estate not

within what time to be made, &c.

unles of the copinion of forced

stock.

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veyed by said corporation within five years from the accruing of the title thereto to the said corporation, unless the said corporation shall procure the certificate of the coanty judge of the county of Oneida, that in the opinion of such judge, such real estate could not be sold at a forced sale, without material loss to the said corporation.

S 7. The capital stock of the corporation shall be Capital one hundred thousand dollars, divided into two thousand shares, of fifty dollars each, and the persons above named as corporators, shall be commissioners, whose duty it shall be, within a reasonable time after the passage of this act, on such day and in such place in the city of Utica, as they or a majority of them shall appoint, and after two weeks' notice by publication in two daily newspapers in said county, to open books for the purpose of receiving subscriptions, Notice of and to keep the same open until the whole of said tion. stock is taken up, and the said corporation shall not commence business until one-quarter of said capital shall have been subscribed and paid in. The said capital stock may be increased at any time, or from Increase of time to time, to not exceeding five hundred thousand dollars, and the board of directors for the time being may, in their discretion, open books of subscription for such original stock and for such additional stock, or cause the same to be taken and distributed in such manner as may be just and proper.

$ 8. The directors sball, from time to time, require Payment of the stockholders, respectively, to pay the amount of tions. their subscriptions, at such times and in such proportions as the directors shall think proper, under the penalty for non-compliance with such requisition of forfeiture to the company of said shares, and all previous payments thereon.

stock, &c.

39. Public notice of any such requisition shall be Notice of published once a week, at least for four weeks succesgively, in one or more of the newspapers published in the city of Utica, which shall be a sufficient : demand on each stockbolder, in case of his non-compliance therewith, to work the forfeiture in the preceding section mentioned.

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Investment of capital.

From what profits divi

déclared.

S 10. It shall be the duty of the board of director to invest the capital of the said corporation, and to keep the same invested in good securities, and i shall be lawful for the same to make such invest ments of its capital and of the funds accumulated by its business or any part thereof, in bonds and mort gages on unincumbered real estate, worth at leas fifty per cent more than the sum loaned thereon, an also in the public securities or stocks of the Unite States, or any State thereof, or in the stocks or bond of any city, town or county, authorized to be issue

by the legislature of this State. From what S 11. The said corporation shall at no time make dends to be declare or pay to the stockholders thereof any divi

dend, except from its clear net profits, after deductin all losses and expenses from its gross income up t the time of declaring such dividends.

$ 12. The stockholders of the said corporation sha be severally liable for all debts and liabilities of th said corporation, to an amount equal to the amour of the stock held and owned by them respectively which liability shall be in addition to their liability t pay in full the stock subscribed for or purchased b them.

$ 13. The said corporation shall possess the gener: powers, and be subject to the restrictions and liabil ties prescribed in the third title of the eighteent chapter of the first part of the Revised Statutes.

$ 14. This act shall take effect immediately.

Personal liability.

Chap. 120.
AN ACT to amend an act entitled “ An act t

provide for the supply of the city of Brookly
with water," passed April sixteenth, eightee
hundred and fifty-nine.

Passed March 23, 1867; three-fifths being present. The People of the State of New York, represented 1 Senate and Assembly, do enact as follows :

SECTION 1. The permanent board of water con missioners shall, on or before the first day of Augu

in each year, make a correct abstract from the annual registers in their office of all arrears of water rates, and default due up to the first day of May in each year remaining unpaid, and which water rates shall have been due at least three years prior to the time of making up said amounts. They shall then proceed to sell the lands and premises upon which the same are imposed, by advertisement, in the same mander and with the like effect as the collector of taxes is authorized and required to sell lands in the said city for up paid taxes. The lands so sold shall be sabject to the same charges and interest on amount of sales until redemption, as lands sold for unpaid tares in said city are subjected to. Certificates of such sale and conveyances shall be executed by the president of said board of commissioners, and shall have the same effect as certificates and conveyances of lands for unpaid taxes, and shall be recorded and discharged of record in the office of said commissioners, and the said board shall have the same powers in relation to certificates, conveyances and redemptions of the lands so to be sold for unpaid water rates, as the said collector has or may have in relation to certificates, conveyances and redemptions of lands sold for unpaid taxes. And persons interested in said lands so to be sold for water rates, shall be entitled to redeem said lands from such sales, on the same conditions as persons are or shall be entitled to redeem lands sold for unpaid taxes in said city, provided, that the president of the said board of commissioners alone shall be required to sign any certificate, conveyance, discharge or redemption. 32. This act shall take effect immediately.

Chap 121. AN ACT authorizing the assessment of highway

labor upon the Jeffersonville and Monticello turnpike road.

Passed March 23, 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 highway commissioners for the towns of Callicoon, Liberty, Bethel and Thompson, in the county of Sullivan, in dividing their respective towns into road districts, shall set off into one road district so much of the Jeffersonville and Monticello turnpike road as lies within their towns respectively. They shall assign to such road district all inhabitants of said towns liable to work on highways as live upon the line of the said turnpike road, and shall assess for highway labor in said district the lands of non-residents along the line of said turnpike road.

$ 2. No overseer of highways for the districts thus created shall be elected. The proceedings for the assessment of said inhabitants and said lands for highway labor shall be in the same manner and form as are now provided by law. The list provided for by section twenty-five, article second, title one, chapter sixteen, part four of the Revised Statutes, shall be delivered by the said overseers of highways respectively, to the president or any one of the directors or officers of the said turnpike road company, who, upon receiving the same, shall possess all the powers and be subject to all the liabilities of an overseer of highways as provided by law. And all the provisions of article third, title first, chapter sixteen, part four of the Revised Statutes, shall apply to him, and to his proceedings for the performance of the highway labor in the said districts, and to the enforcement thereof.

$ 3. This act shall take effect immediately.

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