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LAWS

OF THE

STA E OF. NEW-YORK,

PASSED AT THE

!

EIGHTIETH SESSION

OF THE

L E GISL A TURE,

BEGUN JANUARY SIXTH, AND ENDED APRIL EIGHTEENTH, 1857, IN THE

CITY OF ALBANY.

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L 368
AUG 2 1929

CERTIFICATE.

}

State of New-York,
SECRETARY'S OFFICE.

ALBANY, July 1, 1857. Pursuant to the directions of the act entitled "An act relative to the publication of the Laws,” passed April 12, 1843, I hereby certify that the following volume of the Laws of this State, was printed under my direction.

J. T. HEADLEY, Secretary of State. In this volume, “every act which received the assent of three-fifths of all the Members elected to either House of the Legislature,” pursuant to Section 14, of Article 7, of the Constitution of this State, is designated under its title by the words “ Three-fifths being present." [See Laws of 1847, Vol. 1, Chap. 253.]

And every “ act which received the assent of two-thirds of all the Members elected to each branch of the Legislature,” pursuant to Section 9, of Article 1, of the Constitution, is designated under its title by the words “By a two-third vote.” [See Laws of 1842, Chap. 308.]

stock

ment roll, and shall form a part of the moneys to be col-
lected by the collector.

§ 3. The capital stock of every company liable to taxa-
Capital tion, except such part of it as shall have been excepted

in the assessment roll, or as shall have been exempted
by law, together with its surplus profits or reserved funds,
exceeding ten per cent of its capital, after deducting the
assessed valtie af. Its real estate, and all shares of stock in
other corporations actually owned by such company, which
are taxable upon their capital stock under the laws of
this state, shall be assessed at its actual value, and taxed
in the same manner as the other personal and real estate

of the county.

Deposits in

§ 4. The deposits in any bank for savings which are

banks, &c. due to depositors, and the accumulations in any life insur-

ance company organised under the laws of this state, so

far as the said accumulations are held for the exclusive

benefit of the assured, shall not be liable to taxation, other

than the real estate and stocks which may be owned by

such bank or company, and which are now liable to taxa-

tion under the laws of the state.

§ 5. The twenty-first section of the said title is hereby

amended to read as follows:

Companies The comptroller shall furnish the attorney general with
refusing to the names of all the companies and banks refusing or heg-

lecting to pay the taxes imposed on them, with the amount
due from them respectively, and the attorney general
shall thereupon file a petition in the supreme court against
every such company or bank, for the discovery and seques-

tration of its property.

Sequestra- 6. The supreme court, on the filing of such petition,
tion of pro-

perty.

or on the coming in of the answer thereto, may order such

part of the property of such company or bank to be se-

questrated, as shall be deemed necessary for the purpose

of satisfying the taxes in arrear, with the costs of prose-

cution; and the court may also, at its discretion, enjoin

such company or bank, and the officers thereof, from any

further proceedings under their charter or act of incorpo-

ration, and may order and direct such other proceedings

as shall be deemed necessary to compel the payment of

such taxes and costs.

97. This act shall take effect immediately.

and banks

pay.

Passed April 15, 1857, three-fifths being present.

The People of the State of New-York, represented in

Senate and Assembly, do enact as follows:

SECTION 1. Henry A. Brewster, Aristarcus Champion, Corpora-

Henry R. Selden, Aaron Errickson, Samuel D. Porter,

Elias Pond, Adolphus Morse, Samuel P. Ely, Edwin

Seranton, Edward M. Smith, Joshua Conkey, Ebenezer

Griffin, John M. French, and such other persons as they

shall associate with themselves, as hereinafter provided,

are hereby constituted a body corporate and politic, by

the name of the industrial school of Rochester, for the
purpose of establishing and maintaining a public school
for poor and destitute children in the city of Rochester.

82. The affairs of said corporation shall be managed

and conducted by a board of directors, comprising all the

members of said corporation, and seven directors shall be

a quorum for the transaction of business.

3. The board of directors shall have power to appoint Board of

from their number a president, vice-president, treasurer,

directors.

secretary, executive committee, and such other officers as

they may from time to time deem necessary, and to fix

their terms of office and prescribe their duties.

$ 4. The persons named in the first section of this act

are hereby declared to be the first board of directors, or

a quorum of their number convened as a board, shall

have the power to augment their number by electing other

persons to the office of director, and to fill all vacancies

in said office which may occur by death, resignation or

otherwise; but the whole number of directors shall not

at any time exceed thirty-five.

$5. The corporation hereby created may receive, take Property.

and hold as well by purchase, devise or bequest as other-
wise, any real estate or personal property for the uses and
purposes contemplated by this act, whether the same be
devised, bequeathed or conveyed directly to said corpora-

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