Chap. 421.

AN ACT to authorize towns, cities and villages to pay their bonds, issued for railroad purposes, by exchanging therefor their railroad stock or bonds, and to exchange their stock of any railroad corporation for the bonds of such corporation.

PASSED May 22, 1875; three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows:

SECTION 1. It shall be lawful for any town, city or village to exchange the bonds and stock of any railroad corporation for and in payment of the bonds of any such town, city or village, heretofore issued in aid of any such railroad corporation, and it shall be lawful for any town, city or village to exchange the stock of any railroad corporation for the bonds of such corporation; and such exchange may be made by the officers of such town, city or village having the lawful charge and custody of such railroad stock and bonds, but the same shall not be thus exchanged for less than the par value thereof; and when any such exchange shall be made, report thereof shall be made, by the officers making the same, to the then next meeting of the board of auditors of their town, the common council of their city, or the board of trustees of their village; and the town, city or village bonds obtained by such exchange, shall thereupon be canceled. § 2. This act shall take effect immediately.

Chap. 483.

AN ACT to amend chapter eight hundred and twenty-five of the Laws of eighteen hundred and seventy-three, entitled "An act to authorize the laying of rails and to run cars thereon for the transportation of passengers in certain streets and avenues in the upper part of the city of New York."

PASSED June 5, 1875.

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

SECTION 1. Section four of chapter eight hundred and twenty-five of the Laws of eighteen hundred and seventy-three, entitled "An act

to authorize the laying of rails and to run cars thereon for the transportation of passengers in certain streets and avenues in the upper part of the city of New York," is hereby amended so as to read as follows:

§ 4. The first nine persons or grantees named in the foregoing first section of this act shall, as soon as practicable, after its passage, by a notice in writing, signed by them, convene a meeting of the persons or grantees named in said first section, or their assigns, for the purpose of organizing at a time and place in the city of New York to be designated in said notice of organization. A copy of said notice shall be served upon each of the other grantees, or their assigns, either in person or by depositing the same in the post-office, directed to him at the post-office nearest his last known place of residence or business, at least twenty days before the day specified for such meeting. Twothirds of the persons named, or their assigns, at said meeting shall be competent to organize, and shall possess all the powers necessary to carry out the purposes of this act.

§2. This act shall take effect immediately.

Chap. 585.

AN ACT to provide for the sale of stock and bonds of bankrupt railroad companies by municipal corporations holding the same, and for the disposition of the proceeds of such stock or bonds.

PASSED June 12, 1875; three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows:

SECTION 1. Any municipal corporation within this State holding and owning any stock or mortgage bonds of any railroad company in this State which shall have been adjudicated bankrupt, or the property of which shall be in the possession of a receiver appointed under the laws of this State, or the railroad or other property of which shall have been sold, or shall have been deemed to be sold, by virtue of any decree of foreclosure of any mortgage executed by such railroad company, is hereby authorized to sell and dispose of such stock or mortgage bonds in the manner hereinafter provided.

§ 2. The commissioner or commissioners of any municipal corporation within this State which shall have issued its bonds in aid of the

construction of the railroad of any railroad company in this State within the provisions of section one of this act appointed to issue such bonds of any municipal corporation under any law of this State, or the successor or successors in office of any such commissioner or commissioners, on the application of the mayor and common council of any city, or of the board of trustees of any incorporated village, or of the supervisor of any town within this State, the bonds of which shall have been issued in aid of the construction of any such railroad, as aforesaid, shall forthwith publish a notice of the sale at public auction of the stock or mortgage bonds of any such railroad company held and owned by such municipal corporation as aforesaid, at such public place within the limits of such municipal corporation as such commissioner or commissioners may specify in such notice. The said notice shall specify the amount of such stock or bonds so held by said municipal corporation and the number of shares of such stock, and the amount of such bonds, respectively, and the name of the railroad company by which the same were issued, and shall be published in two newspapers published in the county wherein such railroad may be situated, or if it extends through or into more than one county, then in two newspapers published in each county wherein such railroad may be situated, at least once in each week after the first publication of such notice, until the day of sale, which shall be not less. than ten nor more than twenty days after the first publication of the said notice.

§3. On the day and at the place of-sale specified in the notice aforesaid, the said commissioner or commissioners shall sell at public auction, to the highest bidder for cash, all the stock or mortgage bonds of any such railroad company so held and owned by such municipal corporation as aforesaid, in such parcel or parcels as in their discretion shall be most advantageous to the said municipal corporation, and shall deliver the same to the purchaser or purchasers thereof, and shall execute to such purchaser or purchasers any transfer or assignment of such stock or bonds necessary to transfer the same, and thereupon the purchaser or purchasers of such stock or bonds shall be vested with all the right, title, and interest of the said municipal corporation, and of the said commissioner or commissioners in and to the stock or bonds so sold as aforesaid.

4. All moneys received by said commissioner or commissioners for any stock or mortgage bonds sold pursuant to the provisions of this act shall be immediately paid over to the treasurer or other officer of such municipal corporation having charge of its funds, in case of

a town to the supervisor thereof for the use of such municipal corporation, and, after paying the expenses of such sale, shall be applied by such municipal corporation to the payment and extinguishment of its bonds issued in aid of said railroad company, and to no other purpose whatever; provided, that in case the municipal bonds so issued shall have been all paid before such sale, or in case the moneys realized from such sale shall be more than sufficient to pay off the municipal bonds issued as aforesaid in aid of such railroad corporation then outstanding, the proceeds of such railroad stock or bonds, or any such balance thereof, shall be applied by such municipal corporation to the payment of such other debt thereof, or to defray such other lawful charge thereupon as the common council of any such city, or the board of trustees of any such incorporated village, or the qualified voters of any such town, in town meeting, may direct.

§ 5. All acts and parts of acts, so far as they are inconsistent herewith, are hereby repealed.

§ 6. This act shall take effect immediately.

Chap. 586.

AN ACT to define the powers and privileges of railroad corporations, and to repeal sections three and four of chapter two hundred and seventy-eight of the Laws of eighteen hundred and sixty-eight, entitled "An act in relation to the Erie, New York Central, Hudson River and Harlem Railway Companies."

PASSED June 12, 1875.

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

SECTION 1. When the time for holding the annual election for the directors of any railroad company is now fixed by any law, charter or by-law for a time, within three months before the thirtieth day of September in any year, the directors of such company may by resolution, to be published at least thirty days before the time now established for such election, postpone such election to a time not more than two months after the thirtieth day of September then next ensuing, and thereafter the annual election of such company shall be held in each year on the day so designated, and the term of office of the directors of such company, in office when such change is made, shall

be extended to the day thus fixed for the next election of directors, and the election of their successors.

§ 2. Any railroad company organized under the laws of this State may purchase, hold and convey lands, or any interests in lands, in any other State through which any part of its railroad is operated, or may purchase, hold and transfer stock in any company organized in another State, owning lands as aforesaid, for the purpose of securing for such railroad in this State, a permanent supply of fuel for its use.

§ 3. Sections three and four of chapter two hundred and seventyeight of the Laws of eighteen hundred and sixty-eight, entitled "An act in relation to the Erie, New York Central, Hudson River and Harlem Railway Companies," passed April twenty-first, eighteen hundred and sixty-eight, are hereby repealed.

§4. This act shall take effect immediately.

Chap. 598.

AN ACT in relation to railroad corporations.

PASSED June 18, 1875.

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

SECTION 1. Any existing railroad company heretofore organized or incorporated under the laws of this State, except such as may have been organized for the purpose of constructing or operating a railroad in the city of New York, which may have been unable from any cause to construct its railroad within the time specified by its charter or articles of association, shall hereby have the time for the completion of the railroad it was authorized to construct extended for a further term of two years beyond the time heretofore limited, and failure to construct its railroad heretofore, shall not cause a forfeiture of its corporate powers; but nothing herein contained shall have the effect to revive any corporation whose corporate power has been forfeited from any cause.