form as the trustees may direct, except that the same shall not be loaned upon any other securities than those authorized by this act for investment. §7. The board of trustees of said corporation shall By-laws. have power, from time to time, to make, constitute, ordain and establish such by-laws, rules and regulations as they shall judge proper for the election of their officers, for prescribing their respective functions, and the mode of discharging the same; for the regulation of the times of meeting of the officers and trustees, and generally for the transacting, managing and directing the affairs of the corporation, provided such by-laws, rules and regulations are not repugnant to this act, to the laws or Constitution of this State or the United States. nate offi cers and § 8. The board of trustees may appoint such subordi- Subordi nate officers and agents of the said corporation as they shall deem necessary, who shall respectively give such agents. security for their fidelity and good conduct as the board of trustees may from time to time require, and said Salaries. board shall from time to time fix the salaries of such officers and agents. port to 9. The said corporation shall, in every year here- Annual reafter, make a report to the Superintendent of the Banking bank deDepartment of this State, as required by law, of all its partment. transactions in the capacity of a savings institution. be open for § 10. The books of said savings institution shall at all Books to times during their business hours be open for inspection inspection. and examination to the Superintendent of the Banking Department of the State and such other persons as the Legislature or the Superintendent shall designate or appoint as his or their agent for purpose; whenever any agent shall be appointed to make any such examination, he shall be paid for his services by such savings institution such sum as the Superintendent shall certify to be reasonable and just. married minors. § 11. In all actions in any court in this State against Deposits by the said corporation by a husband to recover for money women and deposited by his wife in her own name, or as her own money, the wife may be examined and testify as a witness in like manner as if she were an unmarried woman. Whenever any deposit shall be made by any minor, the Misnomer not to vitiate. Supreme Court may examine invest. ments. trustees of said corporation may, at their discretion, pay to such depositor such sums as may be due him or her, although no guardian may have been appointed for such minor, or the guardian of such minor shall not have authorized the same; and the check, receipt or acquittance of such minor shall be as valid as if the guardian had executed the same for such minor, or the said minor was of full age, if such deposit was made personally by said minor; and when any deposit shall be made by any female, being or thereafter becoming a married woman, the said corporation shall pay to such last mentioned depositor such sum as shall be due her, and her check, receipt or acquittance shall be a sufficient discharge to said corporation. § 12. The misnomer of said corporation in any instrument shall not vitiate or impair the same if it be sufficiently described to ascertain the intention of the parties. § 13. The Supreme Court may at any time on the application of any trustee or depositor in said savings institution, and on a reasonable cause shown therefor to the satisfaction of said court, appoint one or more persons to examine into the investments of said savings institution and its affairs and business generally. The books, papers and business of said savings institution shall be open and subject to the examination of such person or persons, and the trustees, officers and clerks thereof, or any other person, may be examined on oath by such person or persons, and the same court may confer such further powers upon such person or persons so appointed as they may consider necessary for the more thorough and perfect examination of the affairs and Report of business of said corporation. The said person or persons so appointed shall report the result of their investigations to the said court, which, if satisfied thereby that any officer, trustee or servant of said corporation has been guilty of any fraud or misconduct, may remove such person or persons, and make such further orders, and take such further measures for securing the funds and property of said corporation as the said court shall deem expedient. investiga tion. General provisions §14. The corporation hereby created shall be subject applicable. to the provisions of the eighteenth chapter of the first part of the Revised Statutes and all other general laws affecting savings institutions, so far as the same are applicable; and this act may be repealed or altered or amended at any time hereafter. 15. This act shall take effect immediately. Chap. 598. AN ACT to authorize the Canal Appraisers to hear claims of owners of property on the Black river for damages caused by the escape of the water of North Lake reservoir, in April, eighteen hundred and sixty-nine. Passed May 5, 1869; three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows: SECTION 1. The board of Canal Appraisers is hereby authorized and empowered to hear all claims for damages sustained in consequence of the break in the dam or embankment of the North Lake reservoir, so called, in Herkimer county, on or about the twenty-first day of April, eighteen hundred and sixty-nine, by any person or corporation owning or occupying any land or property between said reservoir and the mouth of the Black river. The said Appraisers shall first inquire and ascertain whether the break in said reservoir and escape of water therefrom, and the consequent damage, were caused by any fault or neglect on the part of the State, or any of its authorized officers or agents, under circumstances which would create a legal liability if proved against an individual or corporation. The said board shall next hear the claims for damages to property on or near said Black river, or its branches, between said reservoir and the junction of Black river with Moose river, in Lewis county, and after hearing such claims shall hear claims for damages to property below said junction. And in case the said Appraisers shall find that such break and escape of water, and consequent damage, were caused by the fault or neglect of the State, or its officers or agents, under the circumstances above mentioned, they shall appraise and award the damages sustained by the respec tive claimants, on or before the thirty-first day of De cember, eighteen hundred and sixty-nine, the facts found by them and their appraisal. But no person or corpo ration shall be entitled to a hearing before said Appraisers unless such claimant shall, within three months after the passage of this act, file in the office of said Appraisers a verified statement of such claim, showing the nature and amount thereof, and the nature and location of the property for which damages are claimed. And said Appraisers shall not appraise or award any damages under this act which shall not be clearly proven to have resulted from said break in said reservoir and the escape of water therefrom. § 2. This act shall take effect immediately. Chap. 599. AN ACT in relation to the Court of Oyer and Terminer in and for the city and county of New York. Passed May 5, 1869; three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows: SECTION 1. The clerk and deputy clerk of the Court of Oyer and Terminer in and for the city and county of New York, shall each be paid the sum of two thousand dollars per annum for services as such clerk and deputy, from and after the first day of January, one thousand eight hundred and sixty-nine. 2. This act shall take effect immediately. · Chap. 600. AN ACT to amend an act entitled "An act to Passed May 5, 1869; three-fifths being present. SECTION 1. Section one of chapter five hundred and § 1. Section nineteen of an act entitled "An act to provide for the construction of a railroad from the city of Poughkeepsie to the Connecticut or Massachusetts line, and to authorize towns to subscribe to the capital stock thereof," is hereby amended so as to read as follows: sioners, borrow Percentage atior.. 19. It shall be lawful for said commissioner or com- Commismissioners to borrow on the faith or credit of such town when auor city any sum of money not exceeding in amount five thorized to per cent of the assessed valuation of the real and per- money. sonal property of any city or town, as shown by the upon valulast assessment roll of such town or city, at a rate of interest not exceeding seven per cent, for a term not ex- Rate of inceeding thirty years, and to execute bonds therefor under terest. their hands and seals. The bonds so to be executed may be in such sums and payable at such times and places, not exceeding thirty years, and in such form as the said commissioner or commissioners and their successors may deem expedient; providing, however, that Bonds not the powers and authority conferred by this section shall to issue, only be exercised upon the condition that the consent of sent of tax a majority of the tax payers representing a majority of obtained. until con payers is t 1 - |