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thereto, if such corporation has a common seal, and, if not, then by their individual seals, and signed and certified by said commissioners, who are hereby authorized and empowered to fix such common seal thereto, and to sign and certify such bonds. Such bonds shall become due and payable at the expiration of thirty years from their date, and shall bear interest at the rate of seven per cent per annum, payable semi-annually, and shall not exceed in amount twenty per cent of the entire taxable property within the bounds of said municipal corporation, as shown by said tax list, nor shall they exceed in amount the amount set forth in such petition. The said bonds shall also bear interest warrants, corresponding in number and amounts with the several payments of interest to become due thereon, but the commissioners may agree with any holders to register any such bonds, in which case the interest warrants on the registered bonds shall be surrendered, and the interest shall be payable only on the production of the registered bond, which shall then be transferable only on the commissioner's records.

The savings banks of this State are authorized to invest in said bonds not to exceed ten per cent of their deposits. All taxes, except school and road taxes collected for the next thirty years, or so much thereof as may be necessary, in any town, village or city, on the assessed valuation of any railroad in said town, village or city, for which said town, village or city has issued or shall issue bonds to aid in the construction of said railroad, shall be paid over to the treasurer of the county in which said town, city or village lies. It shall be the duty of said treasurer, with the money which has heretofore been or shall hereafter be paid to him on said bonds, including the interest thereon, to purchase the bonds of said town, issued by said town, to aid in the construction of any railroad or railroads, when the same can be purchased at or below par; the bonds so purchased to be im *mediately canceled by said treasurer and the county judge, and deposited with the board of supervisors.

In case said bonds so issued cannot be purchased, at or below the par value thereof, then it shall be the duty of said treasurer, and he is hereby directed to invest said money so paid to him as above mentioned, with the accumulated interest thereon, in the bonds of this State, or of any city, county, town or village thereof, issued pursuant to the laws of this State, or in bonds of the United States. The bonds so purchased, with the accumulated interest thereon, shall be held by said county treasurer as a sinking fund for the redemption and payment of the bonds issued or to be issued by said town, village or city in aid of the construction of said railroad or railroads. In case any

county treasurer shall unreasonably refuse or neglect to comply with the provisions of this act, any tax payer in any town, village or city, theretofore having issued bonds in aid of the construction of any rail. road or railroads, is hereby authorized to apply to the county judge, on petition, for an order compelling said treasurer to execute the provisions of this act. And it shall be the duty of said county judge, upon a proper case being made, to issue an order directing said county treasurer to execute the provisions of this act.

All provisions of law now in force relating to the enforcement of the decrees or orders of the Supreme Court are hereby declared to apply to and devolve upon said county judge in the enforcement of said order. The county treasurers of the several counties of this state, in which one or more towns are situated which have issued bonds for railroad purposes, shall execute a bond, with two sufficient sureties, to be approved by the county judge of the counties respectively, to the people of the State of New York, in such penal sum as may be prescribed by the board of supervisors of the respective counties, conditioned for the faithful performance of the duties devolving upon him, in pursuance of the provisions of this act.

§ 2. This act shall take effect immediately.

Chap. 438. AN AOT to authorize the owners and holders of certain

bonds payable to bearer to render the same payable only to order.

PASSED April 27, 1870 The People of the State of New York, represented in Senate and Assembly, do enact as follows: SECTION 1. It shall be lawful for the owners or holders of any

bond issued by any village, town, city or county in this State, pursuant to law, and made payable to the bearer thereof, to render such bonds non-negotiable, except by the owner's indorsement, by indorsing upon the same, and subscribing a statement, that said bond is the property of such owner, and thereupon the principal sum of money mentioned in said bond shall only be payable to said owner, or his legal representatives or assigns.

§ 2. This act shall take effect immediately.

LAWS OF 1871.

Chap. 84. AN ACT to authorize the owners and holders of certain railroad

mortgage bonds made payable to bearer, to render the same payable to order only.

PASSED March 9, 1871. 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 person or persons, owning and holding any railroad mortgage bonds, or other corporate bonds (for which a registry is not by law provided), heretofore issued, or which may be hereafter issued, and made payable in this State, and which are made payable to bearer, to render the same non-negotiable by the owner and holder indorsing upon the same, and subscribing a statement that said bond is the property of such owner. And thereupon, the principal sum of money mentioned in said bond shall only be payable to such owner or his legal representatives or assigns.

§ 2. The bonds described and referred to in the first section of this act may be transferred by an indorsement in blank, giving name and residence of assignor, or they may be transferred by an indorsement payable to bearer or to the order of the purchaser (naming him), subscribed by the assignor, giving name and place of residence.

§ 3. This act shall take effect immediately.

Chap. 283. AN ACT to amend an act entitled “An act to amend chapter nine

hundred and seven of the laws of eighteen hundred and sixtynine, entitled "An act to amend an act entitled an act to authorize the formation of railroad corporations, and to regulate the same; passed April second, 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 May eighteen, eighteen hundred and seventy.

PASSED April 4, 1871; three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows :

SECTION 1. Section four of chapter seven hundred and eighty-nine of the laws of eighteen hundred and seventy, is hereby amended so as to read as follows:

8 4. It shall be the duty of such commissioner, with all reasonable dispatch, to cause to be made and executed the bonds of such municipal corporation, attested by the seal of such corporation affixed thereto, if such corporation has a common seal, and if not, then by their individual seals, and signed and certified by said commissioners, who are hereby authorized and empowered to fix such common seal thereto, and to sign and certify such bonds. Such bonds shall become due and payable at the expiration of thirty years from their date, and shall bear interest at the rate of seven per cent per annum, payable semi-annually, and shall not exceed in amount twenty per cent of the entire taxable property within the bounds of said municipal corporation, as shown by said tax list, nor shall they exceed in amount the amount set forth in such petition. The said bonds shall also bear interest warrants, corresponding in number and amounts with the several payments of interest to become due thereon, but the commissioners may agree with any holders to register any such bonds, in which case the interest warrants on the registered bonds shall be surrendered, and the interest shall be payable only on the production of the registered bonds, which shall then be transferable only on the commissioners' records. The savings banks of this State are authorized to invest in said bonds not to exceed ten per cent of their deposits. All taxes, except school and road taxes, collected for the next thirty years, or so much thereof as may be necessary, in any town, village or city, on the assessed valuation of any railroad in said town, village or city, for which said town, village or city has issued or shall issue bonds to aid in the construction of said railroad, shall be paid over to the treasurer of the county in which said town, city or village lies. It shall be the duty of said treasurer, with the money arising from taxes levied and collected as aforesaid, which has heretofore been or shall hereafter be paid to him (including the interest thereon), to purchase the bonds of said town, issued by said town, to aid in the construction of any railroad or railroads, when the same can be purchased at or below par, the bonds so purchased to be immediately canceled by said treasurer and the county judge, and deposited with the board of supervisors. said bonds so issued cannot be purchased at or below the par value thereof, then it shall be the duty of said treasurer, and he is hereby directed, to invest said money so paid to him as above mentioned, with the accumulated interest thereon, in the bonds of this State, or of any city, county, town or village thereof, issued pursuant to the laws of this State, or in bonds of the United States.

The bonds so purchased, with the accumulated interest thereon, shall be held by said county treasurer as a sinking fund, for the redemption and payment of the bonds issued or to be issued by said town, village or city in aid of the construction of said railroad or railroads. In case any county

In case

treasurer shall unreasonably refuse or neglect to comply with the provisions of this act, any tax payer in any town, village or city theretofore having issued bonds in aid of the construction of any railroad or railroads, is hereby authorized to apply to the county judge, on petition, for an order compelling said treasurer to execute the provisions of this act. And it shall be the duty of said county judge, upon a proper case being made, to issue an order directing said county treasurer to execute the provisions of this act. All provisions of law now in force, relating to the enforcement of the decrees or orders of the Supreme Court, are hereby declared to apply to and devolve upon said county judge in the enforcement of said order. The county treasurers of the several counties of this State, in which one or more towns are situated, which have issued bonds for railroad purposes, shall execute a bond, with two sufficient sureties, to be approved by the county judge of the counties respectively, to the people of the State of New York, in such penal sum as may be prescribed by the board of supervisors of the respective counties, conditioned for the faithful performance of the duties devolving upon him in pursuance of the provisions of this act.

§ 2. This act shall take effect immediately.

Chap, 537. AN ACT requiring commissioners of towns, cities and villages,

appointed under the several acts to facilitate the construction of railroads in this State, to present bonds and coupons paid by them before the boards of auditors in towns, cities and villages, and providing for the cancellation and preservation of the same.

PASSED April 17, 1871 ; three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows:

SECTION 1. The commissioners appointed under and by virtue of the several acts to facilitate the construction of railroads in this State, and who have been duly authorized under said laws to issue bonds of any town, city or village therein, are hereby required to present before the boards of auditors of their respective towns, cities or villages, whose duty it is annually to examine and audit the receipts and disbursements of either town, city or village officers, at each annual meeting of said boards of town auditors, or the auditing board in any city or village, all such bonds and coupons thereof which have been paid by them respectively during the year then ending; also to render a written statement or report annually to said board, showing in items all their receipts and expenditures, with vouchers. It shall be the further duty of said commissioners to loan on proper security or collater

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