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of the people of the State of New York, acquired by escheat in and to all that certain piece or parcel of land, situate in the second ward of the city of Oswego, in the county of Oswego, and State of New York, known and distinguished as the northeast quarter of lot number one hundred and forty-eight, in block number eighty-five, in the former village of East Oswego; said quarter being thirty-three feet in front on Fifth street by one hundred feet in depth, and which was conveyed to Agnes D. Clement by George O. Kilmer, by deed, dated August twentieth, eighteen hundred and sixty-four, and recorded in Oswego county clerk's office, August twentieth, eighteen hundred and sixty-four, in book number one hundred and one of deeds, page two hundred and sixty-eight, is hereby released to the said Agnes D. Clement, her heirs and assigns, forever. And the said Agnes D. Clement is hereby authorized and empowered to sell, convey and devise the same, in the same manner and with the like effect as if she was a citizen of the United States of America.

$2. Nothing herein contained shall be construed to impair, release or discharge any right, claim or interest of any purchaser, or of any creditor by mortgage, judgment or otherwise, or of any heir-at-law or devisee of the said Agnes D. Clement in the said real estate.

§3. This act shall take effect immediately.

Chap. 118.

AN ACT to amend an act entitled "An act to incorporate the Merchants' Exchange and News Room of New York," passed March thirtieth, eighteen hundred and sixty-five.

Passed March 23, 1867.

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

SECTION 1. The first section of an act entitled "An act to incorporate the Merchants' Exchange and News Room, of New York," passed March thirtieth,

Corporate

name.

Objects of corporation.

Capital stock, &c.

Number

and duty of directors.

eighteen hundred and sixty-five, is hereby amended to read as follows: George Stoker, George Croome, and George B. Hicks, and their associates, who shall become stockholders with them, and their successors, are hereby constituted a body corporate, under the name of "The New York Merchants' Exchange and News Association," for the purpose of opening and maintaining a public exchange for the benefit of such merchants and traders as shall become stockholders in, or subscribers to said merchants' exchange and news association, and also for the purpose of organizing, establishing and maintaining a central depot in the city of New York, and other cities, for the reception of foreign, domestic and commercial news, newspapers and periodicals, and also for the purpose of collecting and distributing and disposing of such news to the stockholders and subscribers to said merchants' exchange.

S2. The second section of the aforesaid act, is hereby amended so as to read as follows: The capital stock of said association shall be one hundred thousand dollars, divided into five thousand shares of twenty dollars each; and the same may be, from time to time, increased or diminished by a vote of twothirds of the stockholders in interest, at a meeting of the stockholders called for that purpose, upon not less than ten days' notice, to be published once a day, in a daily newspaper published in the city of New York, and upon twenty days' notice when the same is served by mail to such stockholder, provided, however, that such capital stock shall not be increased beyond five hundred thousand dollars.

$3. The number of directors or trustees of said association, shall be at least three, and shall not exceed nine, and the said directors or trustees shall have the power, and it shall be their duty, to pass by-laws providing for regular annual meeting of stockholders for the election of officers, and shall provide a method for filling vacancies in the board of directors; and the said George Stoker, George Croome, and George B. Hicks, are hereby constituted the first board of directors of said association; and the time for the organization of the said association is

hereby extended to the first day of July, eighteen hundred and sixty-seven.

S4. This act shall take effect immediately.

Chap. 119.

AN ACT to incorporate the "Safe Deposit Company" of the city of Utica.

Passed March 23, 1867.

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

tors.

SECTION 1. James K. Hitchcock, William H. Com- Corpora stock, James Dutton, Samuel S. Lowery, William Blaikie, Charles C. Kingsley, Luke W. Rodgers, Eli Avery, Henry Hopson, Richard M. Davis, Abel B. Buel, Charles H. Hopkins, John M. Rice, George W. Chadwick, Newell Morey, Thomas Buchanan, Jr., their associates and successors, shall be and are hereby constituted a body corporate and politic by the name and style of "The Safe Deposit Company Corporate of Utica," and by that name to have perpetual succession and capacity to sue and be sued in any court whatsoever.

name.

$ 2. There shall be a board of directors of the said Directors, corporation, consisting of sixteen members, and the officers, o persons expressly named in the first section of this act, shall constitute the first board of the said corporation, and shall hold their offices for one year from the organization of the said corporation, and until others shall be elected in their places. And the said corporation shall be deemed to be organized by the election by the first board of directors thereof, of a president and vice-president from their own number, and a secretary.

$3. The board of directors shall have power to By-laws. make all such by-laws, rules and regulations, not inconsistent with the constitution or the laws of this State, as may be deemed necessary, for the government of its officers and the conduct of its affairs, and appoint and employ such agents and servants as the exigencies of its affairs may require.

Annual election.

S4. 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 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 director or inspector, as the case may be. The board of directors shall have power to fill all vacancies, however they may happen in their body, and among inspectors, which shall occur between any two annual elections.

Qualifications of di

Vacancies.

Objects of corporation.

Real estate which com

pany may hold.

Sale of real

estate not

business of

S5. The business and general object of the said corporation, shall be to take and receive on deposit as bailee for safe keeping and storage, plate, jewelry, securities, furniture and other goods, and other valuables and personal property, upon such terms, and for such compensation as may be agreed on by the said corporation and the bailors respectively, of any such property as aforesaid.

$6. The said corporation shall have capacity to acquire and hold real estate, as follows:

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

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

3. Such as shall have been conveyed to it in satisfaction of debts, previously contracted in the course of its dealings.

4. Such as shall have been purchased at sales upon necessary to judgments, decrees, or mortgages obtained or made for such debts. And all such real estate as may be acquired by said corporation, and which shall not be necessary or convenient for the conducting and carrying on of its business, shall be sold and con

company: within what time to be made, &c.

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 county 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.

stock.

Notice of

subscrip

tion.

$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, and to keep the same open until the whole of said 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 stock, &c. 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.

subscrip

$8. The directors shall, 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.

demand.

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

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