by one per

and mortgages, and the value of the building on said real estate shall not be included in the valuation thereof, except when the owner shall obtain and assign a policy or policies of fire insurance, from some solvent insurance company, in a sum equal to one-half the valuation put upon such building in making the loan, or in such other manner as is authorized by this act, for the use, interest and advantage of the said depositors or their legal representatives; and the said corporation shall receive Limitation on deposit all sums of money which may be offered for of deposits the purpose of safe keeping or being invested as afore- son. said, which moneys shall, as soon as practicable, be invested according to the provisions of this act, and shall be repaid when required, at such times and with such interest, and under such regulations as the board Regulaof trustees shall, from time to time, prescribe, which tions. regulations shall be put up in some public and conspicuous place in the room where the business of the said corporation shall be transacted, and shall be printed on the certificate or pass-book given to, and shall be binding on, the depositor, but shall not be altered so as to

to borrow

of deposit

affect any deposit previously made. No president, vice- Officers not president, trustee, officer or servant of said corporation funds. shall, directly or indirectly, borrow the funds of said corporation, or its deposits, or in any manner use the same, or any part thereof, except to pay necessary current expenses and salaries, under the direction of said board of trustees. All certificates or other evidence Certificates of deposit made by the proper officer of such corpora- binding. tion, shell be as binding on such corporation as if they were made under its common seal. It shall be the duty, Rate of inand it is hereby expressly provided, that the trustees of terest. said corporation shall so regulate the interest to be allowed to the depositor, so that all their depositors, entitled to interest under the regulations made in accordance with the provision aforementioned, may receive interest at one and the same rate per centum on the amount of their respective deposits, which interest in gross shall consist of all the profits of the said corpor ation after deducting all necessary expenses, and reserv- Surplus ing such sum or sums as a contingent or surplus fund, not exceeding in the aggregate ten per centum of their

fund.

Proceedings in

cases of

loans upon

Available fund to

gross amount of deposit, in order that in case of a reduction in the market price of the securities or public stocks, which may be held by the said corporation, the loss by reason of the said reduction may be made good to the depositor by means of the said surplus or contingent fund. In all cases of loan upon real estate, a sufficient bond or other satisfactory personal security shall real estate. be required of the borrower, and all the expenses of insurance, searches, examination and certificate of title, and of drawing, perfecting and recording papers, shall be paid by such borrower; and it shall be the duty of the trustees of said corporation to invest, as soon as practicable, in public stocks or public securities, or in bonds or mortgages, as provided for in this act, all sums received by them beyond an available fund not exceeding one-third of their total amount of deposits, which said trustees at their discretion may keep to meet the current payments of said corporation, and which may by them be kept on deposit, or interest or other wise, or which may be loaned temporarily on such adequate securities and in such available form as the trustees Temporary may direct and deem expedient. Temporary deposits may be made in any of the incorporate banks, or in any of the associations which are now or may hereafter be formed under the general banking law in the city of New York, or in any incorporate trust company, or in any national bank in said city, and interest may be received thereon at such rates, not exceeding that allowed by law, as may be agreed upon.

meet current payments.

deposits.

Description of road district.

§ 3. This act shall take effect immediately.

Chap. 214.

AN ACT to create a separate road district in the village of Van Hornesville, in the county of Herkimer.

Passed April 16, 1868; three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows:

SECTION 1. The village of Van Hornesville, in the county of Herkimer is hereby declared a separate road

district within the limits hereinafter stated, commencing at the county line of Otsego county, on the line of lands between John W. Brandow and Anderson Lathrop on the west, and to and including the house of John Mason on the east, to and including the house of Stephen Maxfield and Joseph Murther, to and including that portion of the road leading from Joseph H. Shumway's store and Peter Frost, to the line between said Frost and C. T. E. Van Horn, including that portion of the road running from the gravel road west, between the premises of A. Krill and V. C. Potter, to the east side of the bridge crossing said road. And all the village labor Village assessed upon the inhabitants of said village residing labor; how highway within said district, shall be assessed in the said district assessed. where they reside, in grading or repairing the streets or roads, and in constructing or repairing wooden, stone or gravel sidewalks in said district; and the said inhabitants residing as aforesaid, shall be exempted from working in any other road district in the town of Stark.

commis

election of

2. The commissioners of said town shall have no Power of power over said road district excepting the public sioners of bridges in said district. And the legal voters of said highways. district shall convene in said district on the first Tues- Annual day after the annual town meeting in the said town, at directors a place therein designated by a public notice of the everdirectors, at ten o'clock, A. M., of each and every year. While so convened they shall have the power to elect three directors and one overseer, and the directors of the

and

previous year shall be inspectors, to preside over said elections; and the said directors shall have the Power of same powers over said district as the commissioners of highways have of said town.

directors.

first direc

tors and

overseer.

§3. Abram Krill, Wellington Tunnicliff and Joseph Names of H. Shumway, of the village of Van Hornesville, are hereby appointed directors, and Anderson Lathrop is hereby appointed overseer of the road district hereby created, until the time designated in the second section, when their successors shall be elected. Said overseer Powers shall have and exercise the same powers, be charged of overwith the same duties and be subject to the same liabil- seer. ities as other overseers of highways.

and duties

Directors

to assess

highway labor.

Construc

tion of sidewalks.

Highway

tax.

§ 4. The directors of said road district are hereby directed to convene and assess the labor in said district, within twenty days after the passage of this act, and thereafter within twenty days after the annual election of said officers. And the said labor so assessed shall be performed in said district each and every year after the passage of this act.

§ 5. Any person shall have the privilege of building said sidewalks in front of his premises, subject to the inspection and acceptance of the directors of said district; said labor and materials shall be appraised and allowed on present and future assessments. Any person commencing said sidewalks across his premises, shall build the whole length in one year from commencement. § 6. This act shall take effect immediately.

Chap. 215.

AN ACT to amend an act entitled "An act to amend the laws in relation to the village of Carthage," passed April sixth, eighteen hundred and sixty-six.

Passed April 16, 1868; three-fifths being present, The People of the State of New York, represented in Senate and Assembly, do enact as follows:

SECTION 1. Section twenty-four of chapter four hundred and twenty-five of the laws of eighteen hundred and sixty-six is hereby amended so as to read as follows:

The trustees shall annually, within three months after the annual meeting of the electors of said village, assess and levy on every resident male inhabitant above the age of twenty-one years (excepting ministers of the gospel and priests of every denomination, paupers, idiots and lunatics), a sum not exceeding one dollar, and on all the taxable property of said village a tax not exceeding the rate of two dollars on every one thousand dollars of the assessed value, which tax shall be assessed, levied and collected in the same manner as How to be any other tax in said village, and when collected and paid over to the treasurer, shall be paid out and expended

disbursed.

by the street commissioners under the direction of the trustees in improving the highways and streets, and in constructing and repairing sidewalds, crosswalks, drains and sewers in said village, and no other highway tax shall be paid by the inhabitants of said village.

§ 2. Section thirty-two of the same act is hereby amended so as to read as follows:

real tax.

collector.

If any tax on the real estate of any person mentioned Unpaid in the assessment roll delivered to the collector shall be unpaid at the time he is required by law to return his Return of warrant, he shall deliver to the trustees of said village an account of the taxes so remaining due, containing a description of the lots and pieces of land upon which any taxes were imposed, as the same were stated in his assessment roll, together with the amount of tax assessed on each; and upon making oath before any justice of the peace or judge of any court of record, that the taxes mentioned in any such account remain unpaid, and after diligent efforts he has been unable to collect the same, he shall be credited by said trustees with the amount thereof.

§ 3. This act shall take effect immediately.

Chap. 216.

AN ACT to anthorize the city of Troy to borrow money.

Passed April 16, 1868; three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows:

may bor

SECTION 1. The common council of the city of Troy Common is hereby authorized to borrow money on the credit of council said city, in a sufficient amount to pay outstanding debts row monagainst said city, not otherwise provided for by law, not debts. exceeding the sum of one hundred and fifty thousand dollars, for the purpose of paying such debts.

ey to pay

2. To secure the lender or lenders of the money Bonds to hereby authorized to be borrowed, and interest thereon, issue. the mayor, recorder, aldermen and commonalty of said city may make, execute and deliver to such lender