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Appeal may be

taken.

Money

dam and the bulk-head to the mill-race without any expense to the said parties.

§ 2. An appeal may be taken from the decision of the appraisers by either party, to the canal board, as in cases provided by statute, and such further evidence or testimony may be taken by the canal board as they may deem proper to hear in the premises.

§ 3. The commissioners of the canal fund shall pay the when paid above named persons, or their assigns, all such sums of money awarded by the appraisers, or by the canal board in case of an appeal, out of any moneys appropriated, or to be appropriated, for the payment of canal damages.

Subscription to stock.

Interest.

Liability.

tees.

4. This act shall take effect immediately.

CHAP. 254.

AN ACT to amend an act entitled "An act to incorporate the Astor Mutual Insurance Company of the city of NewYork," passed April 18th, 1843.

Passed April 11, 1848. The People of the State of New-York, represented in Senate and Assembly, do enact as follows:

§1. The trustees of the Astor Mutual Insurance Company of the city of New-York, are hereby authorised, in addition to the applications for insurance required by the seventh section of the act incorporating said company, passed April 18, 1843, to open books for and receive subscriptions to the capital stock of said company, to such an amount as said trustees may determine, not less than one hundred thousand dollars, nor more than three hundred thousand dollars.

§2. The stockholders of the capital stock as aforesaid, shall be entitled to such interest, not exceeding seven per cent per annum, and such proportionate share of the profits, as the trustees may determine, or which may be prescribed by the by-laws of said company.

§3. The stockholders as aforesaid, shall be severally individually liable to the creditors of said company to an amount equal to the amount of stock held by them respectively, for all debts and contracts made by said company, until the amount of one hundred thousand dollars shall have been paid in and a certificate thereof shall have been made, signed and sworn to by the president and a majority of the trustees of said company, and the same recorded in the office of the clerk of the county of New York.

First trus- § 4. Robert L. Taylor, Robert Lowden, George Douglass, Robert Center, Charles H. Marshall, William Whitlock, jr., Hanson K. Corning, George S. Robbins and George Miln, and such persons as they shall associate with themselves,

shall be the first trustees, instead of the persons named in the first section of the act incorporating said Astor Mutual Insurance Company, passed April 18, 1843.

§ 5. The period named in the act aforesaid, within which Time exthe trustees are required to organize the said Astor Mutual tended. Insurance Company, is hereby extended two years from the passage of this act.

6. This act shall take effect immediately.

CHAP. 255.

AN ACT further to amend "An act for the collection of taxes in the city of Albany," passed May 14, 1815. Passed April 11, 1848, "three-fifths being present." The People of the State of New-York, represented in Senate and Assembly, do enact as follows:

land im

to be rejec

§ 1. Whenever any accounts of arrears of taxes on the Taxes on lands of non-residents shall be transmitted by the county perfectly treasurer to the comptroller, as provided by the third section described, of the act entitled "An act to amend article second of the ted by act for the collection of taxes in the city of Albany," pass- comptroller ed November 16, 1847, he shall examine said accounts, and reject all taxes that shall be found to be charged on lands imperfectly described, and credit the county treasurer in a book to be kept for that purpose with the amount of taxes, which shall be admitted by him.

tax receiv't

§2. The annual salary of the receiver of taxes shall be Salary of eight hundred dollars from the fifteenth day of December eighteen hundred and forty-seven, to be paid to him as provided by the second section of article first of the act hereby amended.

CHAP. 256.

AN ACT to incorporate the East River Savings Institution.
Passed April 11, 1848.

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

1

created.

§ 1. John C. Beekman, Curtis Peck, Dow D. Williamson, Corporati'a Alexander C. Poillon, Moses Smith, John Harper, Daniel H. Brooks, James R. Wood, Richard L. Schieffelin, Benjamin Drake, Robert L. Case, John Leveridge, George M. Clearman, Elias G. Drake, Henry P. Havens, Thomas Williams, Jr., Daniel Holt, Edward J. Midgely, James A. Williamson, James Appleby, John W. Avery, Henry Dougherty,

Real estate

Restriction

Officers.

Firstmana

gers.

Deposits

George B. Whitfield, Robert Bilsborrow, James V. Rich, Lawrence M. Luther, Gardner Sherman, and James R. Rapelye, and their successors, are constituted and created a body corporate and politic, by the name of "The East River Savings Institution," and to be located on the easterly side of the city of New-York, near the East River.

§2. The said corporation shall not take and hold real estate above the clear annual value of five thousand dollars, exclusive of the profits which may arise from the interest accruing on the stock, or from the sale of any stock in which the deposits made in said bank may be invested.

§3. The trustees of the said corporation shall not, directly or indirectly, receive any pay or emolument for their

services.

§ 4. The officers of the said corporation shall consist of a president and two vice presidents, who together with twentyfive trustees, shall constitute a board of managers, five of whom, if the president or one of the vice presidents be present, shall constitute a legal meeting of such board.

§ 5. The several persons named in the first section of this act shall be first managers of said corporation, and shall elect the president and two vice presidents from their own body; and all vacancies by death, resignation or otherwise, shall be filled by the board of managers at their first regular meeting after such vacancy shall occur, by ballot; and the person having the majority of the whole number present and voting, shall be considered as duly elected, and not otherwise. If any trustee shall fail to attend the meetings of the board, or to perform the duties devolving on him as a member of the attending committee for the term of six successive months without excuse satisfactory to the board, he shall be considered as having resigned the office of trustee.

6. The said corporation shall receive as deposits, all sums of money that may be offered for that purpose, in such sums and on such terms as are allowed by this act, for the purpose of being invested in government securities or any public stock created under and by virtue of any law of the United States, or of this state, or of the stock or bonds of the corporation of the city of New-York; and also to loan any money to the public school society of New-York on satisfactory real security worth thirty per cent. more than the amount loaned thereon, or upon bonds secured by mortgages on unincumbered real estate, situate in either of the cities of New-York or Brooklyn, worth at least double the amount loaned thereon; and also to make temporary deposits, not exceeding forty thousand dollars, in any of the incorporated banks or associations under the general banking law in the city of New-York, and to receive interest at such rates not exceeding that allowed by law as may be agreed upon; and

such deposits shall be repaid to each depositor when required, and at such times and with such interests and under such regulations as the board of managers shall from time to time prescribe; which regulations shall be put up in some public and conspicuous place in the room where the business of said corporation shall be transacted, and shall not be altered so as to affect any deposits which shall have been made previous to such alteration, until after personal notice thereof.

§ 7. No person shall make any deposit, or have at the Restriction same time, directly or indirectly, any interest in any deposit made at different times in said institution to a larger amount than the sum of three thousand dollars, and no trustee or officer of said bank shall at any time make or have any interest in any of the deposits of said institution, or the profits arising therefrom.

deposited

§ 8. No part of the monies so deposited shall be invested, Moneys except in the securities and stocks mentioned in section six how invesof this act; and no president, vice president, trustee or other ted. officer of the said corporation shall, directly or indirectly, borrow or use the funds of the corporation except to pay the necessary current expenses; and all certificates or evidences of deposits made by the proper officer shall be as effectual to bind the corporation as if they were under the common seal thereof.

§ 9. It shall be the duty of the board of managers of said Interest. bank to regulate the rate of interest to be allowed to the depositors, so that they shall receive a ratable proportion of all the profits of the said institution after deducting all necessary expenses herein authorised to be incurred.

give secu

§ 10. The subordinate officers and agents of said corpora- Officers to tion shall respectively give such security for their fidelity rity. and good conduct, as the board of managers may from time to time require; and said board shall fix the salaries of such officers and agents.

§ 11. The said corporation shall make an annual report to Annual the legislature, and to the common council of the city of report New-York, of the state of their funds and investments.

open.

12. The books of said corporation shall at all times du- Books to be ring the hours of business be open for inspection and examination to the comptroller of this state, and such other persons as the legislature shall designate or appoint.

by minors.

13. When any deposit shall be made by any person, Deposits being a minor, the said corporation may at their discretion, pay to such depositor such sums as may be due to such minor, although no guardian shall have been appointed for such depositor, and the receipt or acquittance of such minor shall be as if the same were executed by a guardian of such minor duly appointed; and when any deposit shall be made by any female, being or thereafter becoming a married wo

Rate of in

terest.

General powers.

Surplus

fond.

Corporat'n created.

Capital stock.

man, the said corporation may in their discretion pay to such last named depositor such sums as may be due to such female, and the receipt or acquittance of such female shall be a sufficient discharge to said corporation.

§14. The said board of trustees, may from time to time regulate the rate of interest to be allowed to depositors, so that the interest to be allowed to depositors to the amount of five hundred dollars or upwards, shall be at least one per cent less than the interest allowed others.

15. The provisions contained in the eighteenth chapter of the first part of the Revised Statutes, shall be deemed and taken as a part of this act, except where the same are herein altered, modified or changed.

§ 16. The board of trustees of the said Savings Institution are hereby authorised to accumulate gradually and hold invested in like securities as authorised by the act incorporating said institution, a surplus fund not exceeding ten per cent on the amount of deposits in said institution respectively, to the end, that in case of a reduction in the market price of the securities or public stock held or to be held by the said institution, or any of them, below the par value thereof, any loss to the depositors by reason of such reduction, may be prevented or made good to them by means of said surplus fund.

§17. The legislature may at any time alter, modify or repeal this act.

CHAP. 257.

AN ACT to incorporate the New-York and Staten Island
Steam Ferry Company.

Passed April 11, 1848. The People of the State of New-York, represented in Senate and Assembly, do enact as follows:

§ 1. The persons who shall become stockholders pursuant to this act, are hereby constituted a body corporate by the name of the "New-York and Staten Island Steam Ferry Company," for the purpose and with the power of establishing and maintaining a ferry, and of running one or more steamboats between the city of New-York and the east shore of Staten Island, within the limits of the towns of Castleton and Southfield, or either of them.

§ 2. The capital stock of the said corporation shall be one hundred and fifty thousand dollars, with liberty to increase the same to two hundred thousand dollars, which shall be divided into shares of fifty dollars each; such shares shall be assignable and transferable upon the books of the said corporation, in the manner directed by the by-laws.

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