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action or other proceeding now pending before any court or tribunal, in which either of said railroad companies is a party, shall be deemed to have abated or been discontinued by the agreement and act of consolidation as aforesaid, but the same may be conducted in the name of the existing corporations to final judgment, or such new corporation may be, by order of the court, on motion, substituted as a party. Suits may be brought and maintained against such new corporation in the courts of this state, for all causes of action, in the same manner as against other railroad corporations therein.

§ 6. The real estate of such new corporation, situate within this state, shall be assessed and taxed in the several towns and cities where the same shall be situated in like manner as the real estate of other railroad corporations is, or may be taxed and assessed, and such proportion of the capital stock and personal property of such new corporation shall in like manner be assessed and taxed in this state, as the number of miles of its railroad situate in this state bears to the number of miles of its railroad situate in the other state or states.

§ 7. Nothing in this act contained shall be so construed as to allow such consolidated company to charge a higher rate of fare per passenger per mile upon any part or portion of such consolidated line than is now allowed by law to be charged by each existing company respectively, nor shall this act apply to street railroads; and nothing in this act contained shall be so construed as to affect or impair in any way the validity of any contract now existing between the Buffalo and State Line Railroad Company and the New York and Erie Railroad Company.

§ 8. All the provisions of 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 of the several acts amendatory thereof or in addition thereto, shall be applicable to the new corporation so to be formed as aforesaid so far as the same are now applicable to the railroad companies of this state which may be consolidated with any other company or companies by virtue of this

act.

§ 9. No companies or corporations of this state, whose railroads run on parallel or competing lines, shall be authorized by this act tc merge or consolidate.

10. This act shall take effect immediately.

Chap. 151.

AN AOT to regulate proceedings against corporations by injunction and otherwise.

PASSED April 7, 1870.

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

SECTION 1. An injunction to suspend the general and ordinary business of a corporation or a joint-stock association, or to suspend from office any director, trustee or manager of a corporation or jointstock association, or to restrain or prohibit any director, trustee or manager of a corporation or joint-stock association from the performance of his duties as such, shall not be granted, except by the court, and upon a notice of at least eight days of the application therefor to the proper officers of the corporation, or the director, trustee or manager to be enjoined or restrained; and an injunction granted for any of the said purposes, except by the court and upon the notice in this section prescribed, shall be void.

§ 2. No officer or director of a corporation shall be suspended or removed from office, otherwise than by the judgment of the supreme court in a civil action, in the cases prescribed by the Revised Statutes, and all actions and proceedings against a corporation, when the relief sought or which can be granted therein, shall be the dissolution of such corporation, or the removal or suspension of any officer or director thereof, shall be brought by the attorney-general in the name of the people of the State.

3. A receiver of the property of a corporation can be appointed only by the supreme court in a civil action, and in one of the following cases, upon at least eight days' notice of the application therefor, to the proper officers of such corporation:

1. In a civil action brought by a judgment creditor of the corporation, or his representatives, after execution has been issued upon such judgment and returned unsatisfied in whole or in part.

2. In a civil action brought by a creditor of the corporation for the foreclosure of a mortgage, upon the property over which the receiver is appointed, and when the mortgage debt, or interest thereon, has remained unpaid at least thirty days after it became due, and was duly demanded from the proper officers of the corporation, and when either the income of such property is specifically mortgaged, or the property itself is probably insufficient to pay the amount of the mortgage debt. 3. In a civil action brought by the attorney-general for a dissolu

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tion of the corporation when it appears to the court that such dissolution ought to be adjudged.

4. In a civil action brought by the attorney-general or by the stocknolders to preserve the assets of a corporation, having no officer empowered to hold the same.

5. In the cases specifically mentioned in title four, chapter eight, part three of the Revised Statutes.

§ 4. Any director or other officer of a corporation or joint-stock association, upon whom shall be served any notice of an application for an injunction restraining or affecting the business of such corporation or joint-stock association, or for a receiver of its property and effects, or any part thereof, who shall conceal from or omit to disclose to the other directors, trustees, managers and officers thereof the fact of such service, and the time and place at which such application is to be made, shall be deemed guilty of a misdemeanor, and, upon conviction thereof, shall be punished by fine or imprisonment, or both such fine and imprisonment, and shall be liable, in a civil action, to the corporation or joint-stock association for all damages which shall be sustained by it by reason of such proceedings.

§ 5. The provisions of this act shall extend and apply to all corporations and joint-stock associations, created or existing by the laws of this or of any other State or government doing business within this State, or having a business or fiscal agency, or an agency for the transfer of its stock therein, and to the directors, trustees, managers and other officers of such foreign corporations or joint-stock associations, and to all proceedings by the attorney-general, in the name of the people of this State, under the laws regulating proceedings against corporations, except that it shall not apply to corporations or associations having banking powers or power to make insurances, or to such as shall be organized under the general manufacturing laws of this State.

86. This act shall take effect immediately.

Chap. 173.

AN ACT to amend chapter nine hundred and seven of the laws of eighteen hundred and sixty-nine, being "An act. entitled an act to amend an act entitled 'An act to authorize the formation of railroad corporations and to regulate the same,' passed April two, eighteen hundred and fifty, so as to permit municipal corporations to aid in the construction of railroads," passed May eighteen, eighteen hundred and sixty-nine.

PASSED April 11, 1870; three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows:

SECTION 1. Section one of chapter nine hundred and seven of the laws of eighteen hundred and sixty-nine, entitled "An act to amend an act entitled 'An act to authorize the formation of railroad corporations and to regulate the same,' passed April two, eighteen hundred and fifty, so as to permit municipal corporations to aid in the construction of railroads," is hereby amended by striking out of said section the words "Seneca," "Yates" and "Ontario," wherever the same

occur.

§ 2. The provisions of said chapter nine hundred and seven, laws of eighteen hundred and sixty-nine, passed May eighteen, eighteen hundred and sixty-nine, are hereby made applicable to the counties of Seneca, Yates and Ontario, and to the several towns and incorporated villages within said counties of Seneca, Yates and Ontario. §3. This act shall take effect immediately.

Chap. 300.

AN ACT to provide for the payment of bonds of towns, villages and other municipal corporations.

PASSED April 20, 1870; three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows:

SECTION 1. In all cases where bonds of any town, village or other municipal corporation may have been or shall hereafter be issued according to law, and in all cases where the payment of the principal or interest of such bonds shall not have been otherwise paid or provided

for, the same shall be a charge upon the real and personal property of such town, village or municipal corporation, and shall be assessed, levied, collected and paid in like manner as other debts, obligations and charges against such town, village or municipal corporation, except that in villages the same shall be assessed, levied and collected by the trustees thereof in the following manner: The commissioners of said village, if any there be, who are or have been duly authorized by law to issue said bonds, or if there shall be no commissioners, then the said trustees, or a majority of them, shall, on or before the first day of January of each year, prepare and file with the clerk of the said village corporation a detailed statement of the amount of bonds which may have been issued by said village, or which may be a charge upon the same, with the amount of principal and interest which may have become due, or which shall become due during the succeeding year, and such amount of principal and interest which shall be already due, or which shall become due during such succeeding year, shall be by the trustees of said village assessed and levied upon the taxable property of said village, and collected with the other taxes which shall be collected from time to time for village purposes; and whenever, through inadvertence, neglect or other cause, any portion of the principal or interest due as aforesaid upon such bonds by such municipal corporation shall not have been paid, the same shall be assessed and collected at the first assessment and collection of taxes by such municipal corporation after such failure or omission to pay the same.

§2. Any commissioner, officer or officers whose duty it shall be to make reports as provided for in the first section of this act, or to make provision for the payment of the principal or interest of such bonds as aforesaid, and who shall fail or refuse to make such report, or to provide for such payment, shall be liable to a penalty not exceeding one thousand dollars, nor less than two hundred and fifty dollars, to be sued for and recovered by the holder of any of the aforesaid bonds or obligations.

§ 3. This act shall take effect immediately.

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