Ethel Bronson of Rutland, John Durkee of Champion, Thomas Brayton of Wilna, Sylvius Hoard of Antwerp, Musgrove Evans of Le Ray, John Paddock of Brownville and Eliphalet Edmonds of Adams, until the whole of the stock of said corporation is subscribed for, and five per cent. on the amount of the same paid into the hands of the commissioners. bank to be the 1stMon III. And be it further enacted, That the commissioners above named, or a majority of them, shall meet at the house of Isaac Lee, Site of the in the village of Watertown, and fix on the site for the banking-house, fixed. and make an equitable distribution of the stock of said corporation among the subscribers for the same, and receive from the subscribers five per cent. on the amount of their subscription, on the first Monday of June next: And provided further, that it shall be the duty of Proviso. the above named commissioners, or a majority of them, at that time, or as soon thereafter as may be, three weeks notice of which shall be given in the newspapers printed in the county of Jefferson, to receive the votes of the stockholders, to whom they shall have apportioned the stock, for thirteen directors; and the persons having Directors to the greatest number of votes, shall be the directors for the first year; be elected. each stockholder having one vote, either in person or by proxy, for each share that he or she may own in said stock: And further, that it shall be the duty of the said commissioners, as soon as may be after the directors are chosen for the first year, to pay over to them all the money that they may have received, on subscriptions for the stock of said corporation, reserving three dollars per day as a compensation for their services: And further, that on the first Monday in June, in each succeeding year, an election for thirteen directors, Annualelecto manage the stock, property and affairs of said corporation, shall tion to be on take place in the manner herein after mentioned, who shall be stock- day in June. holders and citizens of this state, and shall hold their offices for one year, and until others shall be chosen in their places: The election for directors shall be held in the county of Jefferson, in each year, at such time and place as a majority of the directors shall appoint; and public notice shall be given, not less than thirty days previous to the time of holding said subsequent election, by an advertisement, to be inserted in one or more of the public newspapers printed within the county of Jefferson: The said election shall be made by the stockholders in the said corporation, either in person or by proxy, and all elections for directors shall be by ballot; each stockholder shall be entitled to one vote on each share of the capital stock of said bank, which he or she shall have held in his or her name at least thirty days previous to such election; and the thirteen persons who shall have the greatest number of votes, as aforesaid, shall be directors; and if it should happen at any election, that two or more persons elected as aforesaid, shall have an equal number of votes, then the directors in office at the time of such election, or a major part of them, shall proceed to ballot, and by plurality of votes determine, which of the said persons, so having an equal number of votes, shall be director or directors, so as to complete the whole number so to be elected; and the directors, as soon as may be thereafter, shall proceed, by ballot, to elect one of their number to be their president; and if any director, living in the county of Jefferson, shall remove out of the same, his office shall be considered as Election vacant; and all vacancies in the direction shall be filled, for the remainder of the year in which they shall happen, by such person or persons as the remainder of the directors, or a majority of them, shall appoint. IV. And be it further enacted, That in case it should at any may be held time happen, that an election of directors should not be made on the on any day. day prescribed by this act, the corporation for that cause shall not deemed to be dissolved, but that it shall and may be lawful, on any other day, to hold and make an election of directors, according to the by-laws and regulations of the said corporation. By-laws. V. And be it further enacted, That the directors for the time being, or a majority of them, shall have full power to make and prescribe such by-laws, orders, rules and regulations, as to them shall appear needful, touching the management and disposition of the stock, property, estate and effects of the said corporation, and the time and manner of the discounts and deposits made in and by the same, the duties and conduct of the officers, clerks and servants employed therein; the election of directors, and all such matters as appertain to the business of a bank; and shall also have power to appoint so many officers, clerks and servants, for carrying on all and singular the said business, and with such salaries and allowances, as to them shall seem meet: Provided, that such by-laws, orders, rules and regulations, be not repugnant to the constitution and laws of this state, or of the United States. VI. And be it further enacted, That no transfer of stock shall be Transfers. valid or effectual, until such transfer shall be registered in a book or books, to be kept for that purpose by the directors, and unless the person making the same shall previously discharge all debts, due by him or her to the said corporation, which exceed in amount the residuary stock of such person. Debts. Bills,. VII. And be it further enacted, That the total amount of debts, at any time and in any manner due by the said corporation, över and above the specie then actually deposited in the bank, shall not exceed three times the sum of the capital stock subscribed and actually paid into the said bank; and in case of any excess, the directors, under whose administration the same may have happened, excepting those who dissented therefrom, or who were not present when the same did happen, shall, in their individual and private capacities, be liable for such excess, and the estate of the said corporation shall likewise be liable therefor. VIII. And be it further enacted, That the bills, obligatory and of credit, under the seal of the said corporation, which shall be made to any person or persons, shall be assignable by indorsement thereon, under the hand or hands of such person or persons, his, her or their assignee or assignees, and so as absolutely to transfer and vest the property thereof in each and every assignee or assignees, respectively, and to enable such assignee or assignees to bring and maintain an action thereupon, in his, her or their own name or names; and bills or notes which may be issued by order of the said corpoгаtion, promising the payment of money to any person or persons, his, her or their order, or to bearer, though not under the seal of the said corporation, shall be binding and obligatory upon the same, in like manner and with the like form and effect, as upon any private person or persons, if issued by him, her or them, in his, her or their private capacity or capacities, and shall be assignable or negociable, iu like mamer as if they were so issued by such private person or persons. to be re IX. And be it further enacted, That if at any time after the passage of this act, the said president, directors and company, shall deemed in refuse, on demand being made at their banking-house during the specie. regular hours of business, to redeem, in specie or other lawful money of the United States, their said bill or bills, note or notes, or other evidences of debt issued by the said company, the said president, directors and company shall, on pain of forfeiture of their charter, wholly discontinue and cease their said banking operations, either by way of discount or otherwise, until such time as the said president, directors and company shall resume the redemption of their said bills, notes, or other evidences of debt, in specie or the lawful money of the United States; and in case the said president, directors and company shall, at any time hereafter, offend against either of the provisions of this act, it shall be the duty of the attorney general of this state, by information or otherwise, to prosecute said company for such offence, and on conviction thereof, their charter shall be deemed void. ers. X. And be it further enacted, That it shall be lawful for the directors for the time being, to call and demand of the stockholders Calls on the respectively, all such sums of money, by them subscribed, or to be stockholdsubscribed, at such time and in such proportions as they shall see fit, under pain of forfeiture of their shares, and all previous payments made thereon, to the said company; always, however, giving sixty days previous notice of such call and demand, in one or more of the newspapers published as aforesaid. XI. And be it further enacted, That it shall be the duty of the directors, to make half yearly dividends of so much of the surplus of Dividends. the said bank, as they, or a majority of them, shall deem advisable; and that the said corporation shall not demand any greater interest, on a loan or discouut, for a time not exceeding sixty days, than at the rate of six per centum per annum. XII. And be it further enacted, That this present act of incor- This act not poration shall in no wise be forfeited by any non user whatsoever, at to be forfeitany time before the first day of January next; and it shall on that ed by 'nonday be lawful for the stockholders above mentioned, to assemble for users. the purpose of carrying the same into effect; any want of notice, in the manner above prescribed, to the contrary in any wise notwithstroding. Declared a XIII. And be it further enacted, That this act shall be deemed a public act, and shall be benignly and favorably construed, for all public act. the purposes therein expressed and declared, in all courts and places whatsoever. XIV And be it further enacted, That it shall be the duty of the president and cashier of said bank, for the time being, to make a Account to retura, under oath, to the Legislature of this state, once in each be rendered year if required either by the Senate or Assembly, which return to the Le shall contain a full and true account of the funds and property of gislature. the said bank, the amount of its capital stock subscribed and paid, the amount of the debts due to and from the said bank, the amount of the bills and notes emitted by the said bank, in circulation, and the amount of specie in said bank at the time of making such return; and in case the said president and cashier shall refuse or neglect to make such return as aforesaid, within thirty days after the same shall have been required as aforesaid, the Legislature may at any time thereafter in their discretion dissolve the said corporation. CHAP. CCXXXII. AN ACT to incorporate the Nyack Turnpike Company. I. BE it enacted by the people of the State of New-York, repreT. Smith & sented in Senate and Assembly, That Teunis Smith, Robert othersincor- Hart, Abram Talman, Teunis D. Peu, Peter Smith, Jeremiah H. porated. Pierson, Edward Suffern, John E. Meyres and William Young, and their associates be, and they are hereby appointed a body politic and corporate, for the purpose of making a good and sufficient turnpike road, to begin at the cross road near Nyack landing, in Orange town, in the county of Rockland, between the houses of Teunis Smith and Peter Smith; running thence westerly along the old road, ustil in front of said Peter Smith's dwelling house, and from thence the most direct and convenient route to the Orange turnpike road, and to pass in front of the dwelling house of John Suffern, in the town of Heampstead in said county, be and they are hereby created a body corporate and politic, by the name of "the President and Di Style, &c. rectors of the Nyack Turopike road Company," and they are hereby ordained, constituted and declared to be a body corporate and politic, in fact and in name, and by that name, they and their successors shall and may be capable of suing and being sued, pleading and being impleaded, defending and of being defended in all courts and places whatsoever; and shall be capable in law of purchasing, holding and conveying any estate, real and personal, provided that such real estate be necessary only to fulfil the end and intent of the said corporation. Stock. II. And be it further enacted, That the stock of the said company hereby incorporated, shall consist of seven hundred shares of twenty-five dollars each, and that Jeremiah H. Pierson, John E. Meyres and Teunis Smith, be, and they are hereby appointed commissioners to receive subscriptious for the said stock, in the manner directed in and by the act, entitled "an act relative to turnpike-companies," passsed the 13th of March, 1807. III. And be it further enacted, That the said company hereby Rates of toll incorporated shall be entitled to exact and receive at each of the gates or turnpikes to be erected on said road, for any number of miles, not less than ten in length of the said road, the following sums of money or toll, and so in proportion for any greater or less distance, from all persons using or travelling the same for every waggon drawn by two horses, mules or oxen, twelve and an half cents, and three cents for every additional horse, mule or ox attached to such waggon, and for every cart or other carriage of draft, the same as a waggon; for every horse and rider, four cents; for every horse led or driven three cents; for every cart, drawn by oue horse or mule, six cents; for every chair, sulkey, chaise or other pleasure carriage with one horse, twelve and an half ceuts; for every chariot, coach, coachee or phaeton, or other four-wheeled pleasure carriage, twenty-five cents; for every sleigh or sled, drawn by two horses, mules or oxen, eight cents, and so in proportion for a greater or less number of horses, mules or oxen; for every score of horses or cattle, twenty cents, and so in proportion for a greater or less number; and for every score of sheep or hogs, eight cents: Provided, that all persons living adjacent to said road, aud having Proviso. lands lying on both sides of said gates, or either of them, and within one mile of said road, such person shell be exempt from paying the above toll in going to and returning from said lands through said gates, with teams, carriages or otherwise. IV. And be it further enacted, That the said company hereby Privileges incorporated shall have and enjoy all the rights, privileges and im- and restric munities which are given ahd granted in and by the aforesaid act, and tions. the act entitled "an act relative to turnpike companies," passed April 10th, 1813, and shall be subject to all the conditions, provisions, restrictions and regulations contained in the acts above referred to, with the exception, that it shall not be necessary for the said road to exceed three rods in width, nor the chord of the arch thereof to exceed twenty-two feet: And provided, that the said road shall in no part rise above degrees on a parallel with the horizon; that no toll gate shall be placed on the same within one half of a mile of its junction with the Orange turnpike, and that the appraisers be appointed to ascertain any damage, occasiond by the opening of said road, agreeably to the provisions contained in the "act relative to turnpike companies," passed the 13th of March 1807, shall be appointed by one of the judges of the county of Orange, and shall be selected from the freeholders of the last mentioned county. time allow. ed to finish V. And be it further enacted, That the time for completing the Further Bellvale and Monroe turnpike road shall be, and hereby is extended until the first day of November in the year of our Lord one thou the Bellvale sand eight hundred and twenty, any thing in the act relating to turn- and Monroe turnpike. pike road companies, to the contrary notwithstanding. CHAP. CCXXXIII. AN ACT to complete the road from Hopkinton to North-west Bay. Appropria I. BE it enacted by the people of the State of New-York, represented. in Senate and ssembly, That the sum of four thousand dollars, be, and the same is hereby appropriated to complete the road tion. from Hopkinton, in the county of St. Lawrence, to North-west Bay, on lake Champlain, in the county of Essex: And the commissioners of the land-office are hereby required to raise the said sum by the sale of so many of the lots in the tracts of unappropriated lands of this state, through which the said road passes, as shall be necessary; the said sale to be on such terms and conditions, as shall, in the opin |
