First

trustees.

how filled.

Regular meetings.

absence

to create

Removal for cause.

Business and objects

and invest

be required for the appointment of any officer receiving any salary therefrom.

5. The persons named in the first section of this act shall be the first trustees of said corporation; and Vacancies, all vacancies by death or otherwise shall be filled by the board by ballot, without unnecessary delay, and a majority of said trustees shall be necessary for the elec tion of any trustee. 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 transact such business as may Continued be necessary; and any trustee omitting to attend the therefrom, regular meetings for four successive months may therevacancy. upon, at the option of said board, be considered as having vacated his place, and a successor may be elected to fill the same. The Supreme Court may at any time, for due cause, remove any trustee, on proper notice to such trustee, and affording him an opportunity to be heard. § 6. The general business and objects of the corporaTo receive tion hereby created shall be to receive on deposit such deposits. sums of money as may from time to time be offered therefor, to invest such moneys as may be deposited with them, loan the same upon the security of stocks of this State or of the United States, or in the public debt, stocks or bonds of any city, incorporated village 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 deof deposit positors, or their legal representatives; and the said corporation shall receive on deposit all sums of money which may be offered for the purpose of being invested as aforesaid, but not to exceed the sum of ten thousand dollars from any individual, which money shall, as soon as practicable, be invested accordingly, and shall be repaid to such depositor at such times, and with such interest, and under such regulations as the board of trustees shall 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, and shall be binding upon

Limitation

Repay ment thereof.

Regula. tions.

not to bor

deposit,

ing.

tion of

fund.

such depositors, but shall not be altered so as to affect
any deposits previously made. No president, vice- Officers,
president, trustee, officer or servant of said corporation row or use
shall, directly or indirectly, borrow the funds of said funds.
corporation, or its deposits, or in any manner use the
same or any part thereof, except to pay necessary cur-
rent expenses, under the direction of said board of trus-
tees. All certificates and other evidences of deposits, certifi
made by the proper officers of said corporation, shall be cates of
as binding upon said corporation as if made under its how bind-
common seal. It shall be lawful for the said trustees Rate of in-
of the said corporation to classify the depositors, and to terest.
regulate 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 Accumula-
deducting all necessary expenses and paying the usual surplus
interest 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 of
loss in its business; and thereafter, at each annual Division of
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 as
the board of trustees may direct. No money deposited Loans upon
in the savings institution shall be invested except in the real estate.
securities and stocks mentioned in this section, or on
bond and mortgages of unincumbered real estate worth
at least double the amount of the loan to be secured
thereby. In all cases of loans upon the public stocks Loans upon
or securities of the United States or of the State of New stocks or
York, or of the city and county of New York, under the how made.
provisions of the *first section of this act, the same may
be made upon a margin of fifteen 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,
and in no case shall a loan be made to exceed fifteen
• So in the original.

surplus.

public

thousand dollars to any one individual. 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 paper, 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 bonds and mortgages, as Available provided in this act, all sums received by them beyond an available fund of not exceeding one-fifth of the payments. deposits, which the said trustees may, in their discre

fund for current

deposits.

tion, keep to meet the current payments of said corpotion, and which may be by them kept on deposit on Temporary interest or otherwise, as the trustees may direct. Temporary deposits may be made in any of the incorporated banks, or in any of the associations which are now or may hereafter be formed under the general banking law or national bank in the city of New York or Brooklyn, Limitation not to exceed twenty-five thousand dollars, or ten per cent of the deposits, in any one bank.

thereof.

By-laws.

Subordinate officers and agents.

Salaries.

Report to
Bank de

§ 7. The board of trustees of said corporation shall 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 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 of the United States.

§ 8. The board of trustees may appoint such subordinate officers and agents of the said corporation as they shall deem necessary, who shall respectively give such security for their fidelity and good conduct as the board of trustees may from time to time fix, and shall also fix the salaries of such officers and agents.

9. The said corporation shall in every year herepartment, after make a report to the Superintendent of the Bank

ing Department of this State of all its transactions as required by law.

10. The books of said savings institution shall at all times during their business hours be open for inspection and examination to the Superintendent of the Banking Department of the State, and such other persons as the Superintendent or the Legislature shall designate or appoint as their agent for the 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.

Books to be

open for in

spection.

married

§ 11. In all actions in any court in this State against Deposits by the said corporation, by the husband, to recover for women money deposited by his wife in her own name or as her and minors own money, the wife and husband may be examined and testify as witnesses. Whenever any deposit shall be made by any minor, the 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 hereafter 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 of said corporation.

not to viti

ate.

§ 12. The misnomer of said corporation, in any instru- Misnomer ment, shall not vitiate or impair the same if it be suf ficiently described to ascertain the intention of the parties.

Court may

13. The Supreme Court may at any time, on the Supreme application of any trustee or depositor in said savings Camine institution, and on a reasonable cause shown therefor to deposits. 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 per

investiga.

tion.

General provisions

sons 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.

§ 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.

Assessment, to pay for

§ 15. This act shall take effect immediately.

Chap. 864.

AN ACT authorizing the managing board of the Gowanda Agricultural, Horticultural and Mechanical Society to assess and levy a tax upon the capital stock sufficient to pay for the real estate purchased and used by said society for exhibition grounds, and the expenses of levying and collecting the same.

Passed May 11, 1869. The People of the State of New York, represented in Senate and Assembly, do enact as follows:

SECTION 1. The president, vice-president, treasurer, secretary and directors constituting the managing board real estate, of the affairs of the Gowanda Agricultural, Horticultural

&c.