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sioners to

for stock

holder.

and as extended by the first section of this act, and said money shall be applied and used in the construction of such railroad, its buildings and necessary appurtenances, and for no other purposes. The commissioners respec- Commistively, in the corporate name of each of their said town, subscribe may subscribe for and purchase stock of such company authorized. to the amount they may severally have borrowed as aforesaid; and by virtue of said subscription or pur- Town to chase of stock, and upon receiving certificates, or the rights of a transfer of certificates for the amount of said stock so stocksubscribed for, or purchased by them, the said towns shall acquire all the rights and privileges and be liable to the same responsibilities as other stockholders of said company. And it shall be lawful for the commissioners Commisprovided for in this act, or either of them, with the consent of the others or a majority of said commissioners, meetings of to participate in and to act in all the regular and legally holders. authorized meetings of the stockholders; and either of them may act as director of such company, if he shall be duly elected as such.

sioners to

act at

port to

amount to

to be ap

paying

§ 5. The said commissioners respectively authorized Annual reby this act shall report to the board of supervisors of supertheir respective counties, within three days after the visors as to commencement of their regular annual session in each be raised. year, the amount required to pay principal or the interest, if any, on the said bonds authorized to be issued under and by virtue of this act, due or to become due and payable during the next ensuing year. The divi- Dividends dends arising from the stock so subscribed for or pur- plied to chased by said town in pursuance of this act, or so much wards thereof as may be necessary, shall be received by said interest. commissioners, and by them applied to the payment of the interest which shall, from time to time, accrue upon the bonds authorized by this act; and, in case such divi- Tax to dends shall not be found sufficient in any one or more ciency. years to pay the principal and interest accruing on said bonds, due and to become due as aforesaid, it shall be and is hereby made the duty of the said board of supervisors, and they are hereby authorized and required to cause to be assessed, and levied and collected of the real and personal property of said towns, at the same time and in the same manner as other taxes are assessed,

meet defi

Commis

sioners

with com

pany, for

payment of interest.

Repay.

ment.

levied and collected, such sum or sums of money as shall have been reported to said board of supervisors by the said commissioners authorized by this act, to be necessary to make good such deficiency in the payment of the said principal and interest on the said bonds, and the same when collected shall be paid to said commissioners respectively, and by them applied to the payment of the principal and interest on said bonds or so much thereof as shall remain unpaid after the application of said dividends to that purpose.

6. It shall be lawful for such railroad company to may agree agree with the said commissioners respectively, in behalf of their said town, to pay the annual interest accruing on the bonds issued by said towns for the term of three years, or until such railroad shall be completed and in operation; the amount of such interest to be repaid by the said commissioners to such company within three years after said road shall have been opened and put in operation, in equal annual installments, to be levied and raised in the same manner provided by this act for paying the annual interest accruing on said bonds, or by the sale of the stock as herein provided, in case the dividends or income from the stock held by such towns or either of them, shall be insufficient for the purpose.

Commissioners may exchange stock for bonds, or sell bonds.

Notice of sale.

Bonds not

to be sold

at less than par, with

out consent of taxpayers.

§ 7. The said commissioners appointed under and by virtue of this act may, at any time after acquiring such capital stock, exchange the same in whole or in part for the bonds issued under the authority of this act, and in such case they shall cancel the bonds so received by them, or they may dispose of such stock in their discretion to any purchaser or purchasers for cash, but shall not sell or dispose of such stock at less than par, except at public sale, of which twenty days' notice shall be given in two newspapers published in their respective counties. But no such sale shall be made except by consent obtained to the extent and in the manner provided in the third section of this act; and in case of sale of said stock, either at public or private sale, the proceeds thereof shall be applied by said commissioners respectively to the purchase or redemption of the bonds authorized to be issued by this act, and for no other purpose whatever.

Board of

supervisors

for final payment of

bonds and

interest.

§ 8. After the expiration of twenty-five years from the passage of this act, it shall be and is hereby made the to provide duty of the said board of supervisors, and they are hereby authorized, unless the payment of said bonds is otherwise provided for, to cause to be assessed, and levied and collected, on the real and personal estate of each of said towns, at the time and in the same manner as other taxes are assessed, levied and collected, the sum due on said bonds so issued in pursuance of this act, together with the interest on said principal sum, or so much thereof as may remain unpaid by reason of the deficiency of the dividends and sale arising from the said stock. The amount so to be raised by the said board of supervisors, for the payment of the principal or interest, shall be determined by the report of the said commissioners respectively to the said board of supervisors as hereinbefore authorized by this act.

9. The said commissioners shall also provide, within five years from the time of issuing said bonds, for the annual payment of at least five per cent of the same, so as to insure the final liquidation of said bonds within twenty-five years after their date; and for that purpose they shall receive and apply annually the surplus dividends on the stock held by said towns over the amount necessary to pay the annual interest on said bonds; and if the amount of such surplus dividends is not sufficient for the annual payment of said five per cent, and the said commissioners shall not have received sufficient from the sale of stock as herein provided to pay the same, then the deficiency shall be reported by the said commissioners to the board of supervisors, to be levied and raised annually in the manner herein provided for paying the interest on said bonds.

§ 10. Before the said commissioners, or either of them, shall enter upon the discharge of their duties under this act, they shall, jointly and severally, with two or more sureties, execute to the supervisors of their respective towns a bond in the penal sum equal to the amount to be issued by said towns under and by virtue of this act, conditioned for the faithful discharge of their duties as commissioners under this act, and for the just and honest application by them of all moneys, stocks or bonds issued

Annual when to be provided

payments;

for.

Official commis

bonds of

sioners.

How approved 'and deposited.

Vacancies

in commis

filled.

by them or coming into their hands according to the true intent and meaning of this act. The sufficiency of said sureties shall be determined by the supervisors of the said towns respectively, or by the county judge of the county in which such town is situated, to be indorsed on said bonds. The said bonds shall immediately thereafter be deposited with the supervisor of each of said towns, to be collected by him or his successor in office for the use and benefit of said town, in case the said commissioners, or either of them, are guilty of such a breach of duty or malfeasance in office as to render said bonds collectible.

§ 11. In case a vacancy shall happen by reason of Ron; how death, removal from said town, resignation or refusal to serve, or otherwise, of either of said commissioners provided for in this act, the vacancy shall be filled by the remaining commissioners of the town in which the vacancy so exists, by appointment in writing, to be deposited with the supervisor of said town. Each and every person thus appointed shall, before he enters upon the discharge of his duties, execute and deliver to said supervisor a bond in like amount, with like conditions and securities as hereinbefore provided; and all provisions of this act shall apply to the successors of the commissioners provided for in this act, whose powers and duties and liabilities shall be the same as those of the commissioners first appointed under this act.

Compensation.

Business quorum.

Appointment of

12. Each of the said commissioners shall receive the sum of three dollars per day for each day actually engaged in the discharge of his duties under this act, and his necessary disbursements to be audited and paid by the said town the same as other town expenses.

§ 13. The commissioners in each of said towns shall constitute a board to act for their said towns respectively, and a majority of the said commissioners in each of said boards shall constitute a quorum, to do any business authorized by this act.

§ 14. On the expiration of the term of office of either successors. of the commissioners provided for in this act, or of their successors, his place shall be filled in the manner proQualifica vided in the second section of this act; and the commissioners so appointed, as well as those to be appointed

tions.

under the eleventh section of this act, shall be residents and freeholders of the town for which they are to act as such commissioners.

when to be

General

and special acts, to ap

ply to ex

tension
authorized.

§ 15. The time within which the Cooperstown and Railroad; Susquehanna Valley Railroad Company shall finish and completed. put in operation its road as authorized by the first section of this act, is hereby extended five years. § 16. The several provisions of law contained in the act entitled "An act to authorize the formation of railroad corporations, and to regulate the same," passed April second, eighteen hundred and fifty, and the several acts amendatory thereof and supplementary thereto, and likewise chapter seven hundred and eightyseven of the laws of eighteen hundred and sixty-six, passed April twenty-four of that year, shall apply to the said Cooperstown and Susquehanna Valley Railroad Company, as authorized to be extended by the first section of this act.

§ 17. This act shall take effect immediately.

Chap. 520.

AN ACT to provide for the construction of a drain or sewer in Central avenue, Johnson avenue and Knickerbocker avenue, and other streets in the city of Brooklyn.

Passed May 3, 1869; three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows:

tion of
main sewer
in 18th and
21st wards.

SECTION 1. The board of sewer commissioners of the Construccity of Brooklyn are hereby directed immediately after the passage of this act to cause the necessary measures to be taken for the construction of a main drain or sewer in the eighteenth and twenty-first wards of said city, to commence in Rochester avenue at or near Atlantic avenue, and running thence along said Rochester avenue from Atlantic avenue to Sumpter street, thence along Sumpter street to Patchen avenue, thence along said Patchen avenue to Chauncey street, thence along Chauncey street to Ralph avenue, thence along Ralph avenue to Bain

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