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Penalty.

In case of

fusal to re deem notes.

Applicaton to

have been refused, and of any stockholder of the said corporation.

$28. In case any officer of such corporation, having charge of such books, shall refuse to permit the same to be examined as aforesaid, he shall for every such offence, forfeit the sum of two hundred and fifty dollars, to be recovered by the person to whom such refusal shall have been made.

$29. If at any time the president, directors and company' of the said corporation, shall neglect or refuse, for ten days after demand, at their banking house, during the regular hours of business, to redeem in specie, any evidence of debt issued by the said corporation, the said president, directors and company shall discontinue and close until they shall resume payments as aforesaid, all their operations and business, except the securing and collecting of debts due or to become due to the said corporation, unless they shall be permitted to proceed in their ordinary banking operations under the section next following.

$30. The said corporation may, after the payment of its chancellor. debts shall have been refused, apply to the chancellor, by petition, accompanied by a full disclosure of the state and affairs of the corporation, for leave to proceed in its business; and if such chancellor, after due examination, shall find that the proceedings of said corporation have been fair, and without fraud, and that such corporation is in a condition to resume its operations, he may, by an order to be entered in the minutes of the court of chancery, permit the said corporation so to do.

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$31. The said corporation shall be liable to pay to the holdevery evidence of debt made by it, the payment of which shall have been demanded and refused, damages for nonpayment thereof, in lieu of interest, at and after the rate of ten per cent per annum, from the time of such refusal until the payment of such evidence of debt, and the damages thereon.

$32. It shall not be lawful for the said corporation to redeem the bills, notes or other evidences of debt, of any monied institution without the jurisdiction of the state, and which shall be made payable at the said bank of Rome; and it shall not be lawful for said corporation to give public notice that it will redeem the bills, notes or other evidences of debt of any monied institution beyond the jurisdiction of the state.

$33. The said corporation shall possess the general powers of a corporation, as defined in the eighteenth chapter of the first part of the Revised Statutes, and shall be subject to the provisions contained in that chapter, except so far as the same shall have been repealed before the passage of this act, or are modified by the act referred to in the next following section.

2, 1829.

$34. The said corporation shall also be subject to the pro- Subject to visions contained in the act entitled "An act to create a fund act of April for the benefit of the creditors of certain monied corporations, and for other purposes," passed April 2d, 1829, so far as the same shall be in force at the time of the passage of this act.

$ 35. It shall not be lawful for the said corporation to take Loans. a hypothecation of its own stock as security for making any loan or discount made by such corporation.

$36. The legislature may at any time modify, alter or re- Rights repeal this act, or any of its provisions.

CHAP. 151.

AN ACT authorising the Board of Supervisors of the County of St. Lawrence to raise Money to build Bridges in the Town of Brasher, in said County.

Passed April 16, 1832.

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

served.

S 1. The board of supervisors of the county of St. Law Tax rence, at their next annual meeting, are hereby authorised and required to raise by tax, to be levied upon the taxable property in the town of Brasher, in said county, in the same manner as other town charges are raised and levied, the sum of one thousand dollars, to be paid to the commissioners herinafter named, for the purpose of building two bridges across the St. Regis river; one at the place commonly called the Landing, and one near the mill of John Crapser, in the middle third of lot number seventeen; and to pay the commissioners of highways of said town a balance of two hundred dollars, due them for building a bridge at the village of Helena last season.

ers.

2. Jehiel Stevens, Horace Houghton and Peter Corbin Commission. are hereby appointed commissioners to superintend the building of the said bridges; and they are hereby vested with. power to contract for the materials and workmanship of the

same.

$3. The commissioners appointed by this act shall be en- Their pay. titled to receive one dollar per day, for each day actually and necessarily employed in the building of said bridges, to be paid as other contingent charges of said town; and shall be required to account to the supervisor and justices for all monies that may come into their hands by virtue of this act.

CHAP. 152.

AN ACT to amend an act, entitled “An Act to incorporate the Clinton Fire Insurance Company of the City of New-York," passed April 26, 1831.

Passed April 16, 1832.

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

S 1. The time for organizing and commencing operations, by the Clinton fire insurance company of the city of NewYork, is hereby extended for one year from the passage of this act.

CHAP. 153.

AN ACT relating to sundry Acts granting authority to Persons residing near the Highland Turnpike to perform Highway Labor thereon.

Passed April 16, 1832.

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

$1. So much of the several acts, passed April the fourteenth, one thousand eight hundred and fifteen; April the third, one thousand eight hundred and eighteen; and April the third, one thousand eight hundred and twenty-one, as .grant authority to persons residing on or near the Highland turnpike to elect to do the labor of their several highway assessments, or to perform such labor upon said turnpike, are hereby repealed.

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$ 2. This act shall take effect immediately after the passage thereof.

CHAP. 154.

AN ACT to amend the Act entitled "An Act to incorporate the Schoharie Mutual Insurance Company."

Passed April 16, 1832.

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

$1. The property and concerns of the said corporation Directors shall hereafter be managed and conducted by seventeen directors, to be chosen by ballot, by and from among the members. Marvin Hannahs, Thomas Lawyer, John P. Bellinger, Peter A. Hilton, Timothy Cook, John Youngs, John C. Wright, William Mann, Jabez W. Throop, Jacob Gebhard, Peter I. Borst, Freeman Stanton, William C. Bouck, Coleby Reed, Isaac W. Baird, Marvin Judd and John Stryker, shall be the directors of the said corporation, and shall continue in office for the period of one year, and until others may be chosen, and no longer; which directors shall, as soon as may be after the passage of this act, organize the said corporation, by choosing out of their body one person to be president.

$2. The said directors, and such others as may be chosen Indemmified. by the said corporation, shall always stand and be indemnified and saved harmless by the members of the said corporation, in proportion to the amounts of property that each and every member may have insured, at and after the rates of insurance of such property by the said corporation, in and for their giving out and signing policies of insurance, or directing their president so to do, and all other lawful acts, deeds and transactions done and performed in pursuance of this act, or the act hereby amended; and neither of the said directors, or those who may be hereafter chosen by the said corporation, shall be answerable for or chargeable with the defaults, neglects or misdeeds of others of them.

S3. The operations and business of the said corporation Operations. shall be carried on and conducted in the county of Schoharie, and not elsewhere.

S4. Any thing inconsistent with the provisions of this act Repeal. in the third and fourth sections of the act hereby amended, and the ninth and twelfth sections of the said act, are hereby repealed.

Name.

Corporation created.

Banking powers.

Real estate.

Restriction,

Stock.

CHAP. 155.

AN ACT to incorporate the President, Directors and Company of the Schenectady Bank.

Passed April 16, 1832.

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

$1. That there shall be established in the city of Schenectady a bank, to be called "The Schenectady Bank," whose operations of discount and deposit shall be carried on in the said city, and not elsewhere.

$ 2. All persons who shall become holders of the capital stock of the said bank, pursuant to this act, shall be, and they are hereby constituted a body corporate, by the name of "The President, Directors and Company of the Schenectady Bank," and such corporation shall continue until the first day of January, in the year one thousand eight hundred and sixty-two.

$3. The said corporation shall have power to carry on the business of banking by discounting bills, notes and other evidences of debt; by receiving deposits; by buying and selling gold and silver bullion, foreign coins and bills of exchange; by issuing bills, notes and other evidences of debt, and by exercising such other incidental powers as shall be necessary to carry on such business.

$ 4. The real estate which it shall be lawful for the said corporation to purchase, hold and convey, shall be,

1. Such as shall be requisite for its immediate accommodation in the convenient transaction of its business; or,

2. Such as shall have been mortgaged to it in good faith by way of security for loans previously contracted or for moneys due; or,

3. Such as shall have been conveyed to it in satisfaction of debts previously contracted in the course of its dealings; or,

4. Such as shall have been purchased at sales upon judgments, decrees, or mortgages obtained or made for such debts. The said corporation shall not purchase, hold or convey real estate in any other case, or for any other purpose.

$5. The said corporation shall not, directly or indirectly, deal or trade in buying or selling any goods, wares, merchandize or commodities whatsoever, or in buying or selling any stock created under any act of the United States or of any particular state, unless in selling the same when truly pledged by way of security for debts due to the said corporation.

$6. The capital stock of the said corporation shall be one hundred and fifty thousand dollars, to be divided into three

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