name.

corpora

tion.

real and

personal

estate authorized.

constituted a body politic and corporate, in fact and in Corporate name, by the name and style of the "Fire Department of the village of Lowville," and by that name they and their successors shall have perpetual succession, and shall Powers of have a common seal, and shall be persons in law capable of suing and being sued in all the courts of this State, by and in the name of the chief engineer of said fire Value of department, and also that they and their successors, by their corporate name, shall be, in law, capable of purchasing, holding and conveying real or personal estate for the use of said corporation; provided the amount of such real and personal estate so held shall not exceed in value the sum of ten thousand dollars. Said fire and hook and ladder companies shall not exceed sixty members respectively, and said hose companies shall not exceed thirty members respectively, and said companies in said department shall have power to enact bylaws for their government not inconsistent with the laws of this State and the ordinances and laws of said village.

Members

of fire companies.

Election of chief and

assistant engineers

and treas

urer.

Official bond of treasurer.

Board of directors.

Business quorum.

By-laws.

§ 2. At the annual election of chief engineer and assistant chief there shall also be elected by ballot a treasurer for said department, who shall hold his office for one year, and who shall, within ten days after his election, execute to the chief engineer of said department and his successors in office his official bond, with one or more sureties, in such sum as the board of directors may direct. And said treasurer shall invest and disburse the moneys belonging to said department as directed by the board of directors thereof.

§3. The chief engineer, assistant chief engineer, and the two representative to the department from each company, shall constitute a board of directors for said department, of which the chief engineer shall be president, and, in his absence, the assistant chief shall preside. A majority of said board shall constitute a quorum, and said directors shall have full power to make and prescribe such laws and regulations, not inconsistent with the laws of this State, as they may deem necessary for the proper management of the affairs of said department, and the disposition of the funds or property belonging

thereto.

of exemp

4. A certificate signed by the chief engineer and Certificates foreman of the company to which any member of this tion. department has belonged (or may hereafter belong), declaring the term and time the said member has served as fireman in this corporation, or that the term of service of said member, as provided in this act, has been fully completed, shall be sufficient to entitle him to all the privileges and exemptions secured to firemen by the laws of this State; and five consecutive years shall cou- Term of stitute such term of service.

§ 5. This act shall take effect immediately.

Chap. 597.

AN ACT to incorporate the Clinton county Savings Bank.

Passed May 5, 1869.

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

service of firemen.

tors.

SECTION 1. Smith M. Weed, Allen M. Moore, Bar Corporanard McKeever, Moss Kent Platt, George M. Beckwith, William Reed, Andrew Williams, Damine La Force, Ebenezer S. Winslow, William S. Ketchum, William P. Mooers, John H. Sanborn, Peter S. Palmer, Richard Cottrill and John Percy, and their successors, shall be and they are hereby constituted a body corporate and politic, by the name of the "Clinton County Savings CorporateBank," and by that name shall have perpetual succession, and may sue and be sued in all courts of this State, and shall be located at the village of Plattsburgh, in Business: the county of Clinton and State of New York.

name.

location.

which corporation

§ 2. The real estate it shall be lawful for the said Real estate corporation to purchase, hold and convey shall be : 1. Such as may be requisite for its immediate accom- may hold. modation in the convenient transaction of its business; 2. Such as shall have been mortgaged to it in good faith for money loaned, in pursuance of the provisions

of this act;

3. Such as shall have been purchased at sales upon judgments or decrees obtained or rendered for money

so loaned, or to secure any debt owing to such corporation; and the said corporation shall not purchase, hold or convey real estate in any other case, or for any other purpose; and all such real estate as is described in the second and third subdivisions of this section shall be sold by the said corporation within ten years after the same shall be vested in it by purchase or otherwise; and engage in the said corporation shall not, directly or indirectly, deal or trade in, buy or sell any goods, wares or merchandise whatever, except in cases where it is authorized to do so by the terms of this act, and except such personal property as may be requisite and desirable for the convenient transaction of its business.

Corporation not to

trade.

Trustees to

receive no pay.

Board of rustees.

Business quorum.

First trus.

tees.

bow filled.

Regular meeuugs.

§3. The trustees of said corporation shall not, as such, directly or indirectly, receive any pay or emolument for their services.

§ 4. The business of said corporation shall be managed and directed by a board of trustees, consisting of not less than nine nor more than fifteen, who shall elect from their number a president and two vice-presidents. A majority of the said trustees, of whom the president or one of the vice-presidents shall be one, shall form a quorum for the transaction of business; and the affirmative vote of at least a majority members of the board shall be requisite in making any order for or authorizing the investment of any money, or the sale or transfer of any stock or securities belonging to the corporation; two-thirds of all trustees shall be required for the appointment of any officer receiving any salary therefrom.

§ 5. The persons named in the first section of this act, or their successors, shall be the first trustees of said Vacancies, corporation; and all vacancies by death or otherwise, shall be filled by the board by ballot without unnecessary delay, and at least a majority of votes shall be necessary for the election of any trustees. The said trustees shall hold a regular meeting at least once in each month, to receive the reports of their officers as to the business and affairs of the corporation, and to transContinued act such business as may be necessary; and any trustee therefrom, omitting to attend the regular meetings for six succesvacancy. sive months may thereupon, at the option of said board,

absence

to create

for cause.

be considered as having vacated his place, and a successor may be elected to fill the same. The Supreme Court Removals may at any time, for due cause, remove any trustee on proper notice to such trustee and affording him an opportunity to be heard.

and invest

§ 6. The general business and object of the corpora- Business tion hereby created shall be to receive on deposit such sums of money as may from time to time be offered therefor; to invest such moneys as may be deposited To receive with them in trust or for safe keeping in, or loan the deposits. same upon, the security of stocks of this State or of the United States, or any stocks or securities for the redemption or payment of which the faith of this State shall be pledged, or in the public debt, stocks or bonds of any city or county in this State which shall have been authorized by the Legislature of this State to issue such stocks or bonds, or in such other manner as is authorized by this act, for the use, interest and advantage of the said depositors or of their legal representatives; and the said corporation shall receive on deposit all sums of money, not to exceed ten thousand dollars Limitation from any one person, which may be offered for safe of deposits. keeping or for the purpose of being invested as aforesaid, which money shall, as soon as practicable, be Re-payinvested accordingly, and shall be repaid to such positors, depositor at such times and with such interest and with interunder such regulations as the board of trustees shall Regula from time to time prescribe, which regulations shall be put up in some public and conspicuous place in the room where the business of said corporation shall be transacted, and shall be printed upon the pass books of the depositors, but shall not be altered so as to affect the deposits previously made. No president, vice-presi- Officers not dent, trustee, officer or servant of said corporation shall, directly or indirectly, borrow the funds of said corpora- funds. tion, or its deposits, or in any manner use the same or any part thereof, except to pay necessary current expenses, under the direction of said board of trustees. All certificates or other evidences of deposits, made by officers of said ccrporation shall be as bindproper ing upon said corporation as if made under its common seal. It shall be lawful for the said trustees of the said

the

ment to de

est.

tions.

to borrow

or use

Certificate,

of deposit,

how bind-"

ing.

terest.

Surplus

fund to be

ed.

corporation to classify the depositors and to regulate Rate of in and fix the rate of interest to be paid to each class of depositors, so that each depositor will receive a ratable proportion of interest with all others of the same class. The said corporation is hereby authorized, after deductaccumulat- ing all necessary expenses and paying the usual inter.ests to depositors, to accumulate gradually, and to hold invested in like manner as is authorized by this act, a surplus fund not exceeding twenty per cent on the amount of deposits therein to meet any contingency or Division of loss in its business. And thereafter, at each annual examination of the affairs of said corporation, any excess over and above such surplus, whenever the same shall amount to over twenty thousand dollars, shall be divided ratably among the depositors in such manner Loans upon as the board of trustees may direct. No money deposited in the savings institution shall be invested except in the securities and stocks mentioned in this section, or bonds and mortgages of unincumbered real estate, worth at least double the amount of the loan to Proviso as be secured thereby. In all cases of loans upon the pub

surplus.

real estate.

to loans

upon stocks.

Available fund for current

payments.

lic stocks or securities of the United States or of the State of New York, or of any city or county of this State, under the provisions of the first section of this act, the same may be made upon a margin of ten per cent upon the actual cash market value of the said stock or securities at the time of making such loan, and no loan shall be made or permitted to remain therein for a larger amount. In all cases of loans made upon real estate a sufficient bond or other satisfactory security shall be required of the borrower, and all the expenses of searches, examinations, certificates of title and of drawing, perfecting and recording papers, shall be paid by the borrower. And it shall be the duty of the trustees of such corporation to invest as soon as practicable in the public stocks or securities mentioned in this section, or in bonds and mortgages, as provided in this act, all sums received by them beyond an available fund, which the said trustees may, in their discretion, keep to meet the current payments of said corporation, and which may be by them kept on deposit, or on interest or otherwise, in such availabie