Investment of capital.

From what profits divi

déclared.

S 10. It shall be the duty of the board of directors to invest the capital of the said corporation, and to keep the same invested in good securities, and it shall be lawful for the same to make such investments of its capital and of the funds accumulated by its business or any part thereof, in bonds and mortgages on unincumbered real estate, worth at least fifty per cent more than the sum loaned thereon, and also in the public securities or stocks of the United States, or any State thereof, or in the stocks or bonds of any city, town or county, authorized to be issued by the legislature of this State.

S11. The said corporation shall at no time make, dends to be declare or pay to the stockholders thereof any dividend, except from its clear net profits, after deducting all losses and expenses from its gross income up to the time of declaring such dividends.

Personal liability.

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

S 13. The said corporation shall possess the general powers, and be subject to the restrictions and liabilities prescribed in the third title of the eighteenth chapter of the first part of the Revised Statutes.

$14. This act shall take effect immediately.

Chap. 120.

AN ACT to amend an act entitled "An act to provide for the supply of the city of Brooklyn with water," passed April sixteenth, eighteen hundred and fifty-nine.

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 permanent board of water commissioners shall, on or before the first day of August

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 manner and with the like effect as the collector of taxes is authorized and required to sell lands in the said city for unpaid taxes. The lands so sold shall be subject to the same charges and interest on amount of sales until redemption, as lands sold for unpaid taxes 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.

$2. 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.

Chap. 122.

AN ACT to incorporate "The Samaritan Home for the aged of the city of New York."

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:

tors.

SECTION 1. Catharine McVickar, Eliza F. Bridg- Corpora ham, Anna P. Cary, Eliza R. Hone, Mary F. Smythe, Elizabeth W. Perkins, Celine B. Hosack, Emily B. Harry, Jessie F. Keyser, Matilda Oakley, Kate Bond, Susan Wendall, Anna P. Day, and such other persons as are now members of an association called the Samaritan Home for the aged of the city of New York, and such persons as shall hereafter become members of the corporation hereby created, are constituted a body corporate, by the name of "The Corporate Samaritan Home for the aged of the city of New name., York," the object of which is to provide a permanent home for aged indigent persons, which shall be open, in its government and its objects, to persons of all Protestant denominations.

$2. Said corporation shall have power to make and By-laws. adopt a constitution, by-laws, rules and regulations for its government, the collection of fees and dues, the number and election of its officers, and to define their duties, and for the safe keeping of its property, and, from time to time, alter, modify or change such constitution, by-laws and regulations. Until an election shall be held pursuant to such constitution, by-laws and regulations, the officers for the time. being of the association mentioned in the first section of this act shall be the officers of the corporation hereby created.

33. Said corporation may receive and take, by purchase, grant, devise or gift, any real estate necessary for the purposes of its incorporation, and for no other purpose, to an amount not to exceed the value of one hundred thousand dollars, subject to the limitations and restrictions by devise or bequest contained in section six of title seven, chapter eighteen,

Amount of corporation

estate

may hold.

part first of the Revised Statutes. The property of said corporation, both real and personal, not exceeding fifty thousand dollars in value, shall be exempted from taxation so long as it is actually used for the charitable purposes of the said corporation.

$ 4. Said corporation shall possess the general powers, and be subject to the restrictions and liabilities prescribed in the third title of the eighteenth chapter of the first part of the Revised Statutes. $5. This act shall take effect immediately.

Chap. 123.

AN ACT to enable the Trustees of the First Presbyterian Church to donate and convey their property to the New York City Mission and Tract Society.

Passed March 23, 1867.

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

SECTION 1. The trustees of the First Presbyterian Church, in the city of New York, are hereby authorized and empowered to donate, give, grant and convey, transfer, assign and set over unto the New York City Mission and Tract Society, all and singular the real and personal property of the said incorporation of the trustees of the First Street Presbyterian Church, in the city of New York, to have and to hold the same unto the said New York City Mission and Tract Society, its successors and assigns, to and for the religious and charitable uses and purposes of the said New York City Mission and Tract Society.

S2. Nothing in this act contained shall operate, or be held, taken or construed, to affect or impair any rights of sepulture heretofore or now existing, in the real property affected by this act.

S3. This act shall take effect immediately.