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Powers of trustees.
by-laws or regulations of the institution, shall constitute a legal meeting thereof.
IV. And be it further enacted, That Stephen Van Rensselaer shall be president, William James first vice-president, Joseph Alexander second vice-president, and John Townsend third vice-president; and that Charles R. Webster, Jesse Buel, Thomas Kussell, Volkert P. Douw, John W. Yates, William Durant, Douw Fonda, Simeon De Witt, Peter Boyd, John Spencer, John L. Winne, William M'Harg, Matthew Gill, Harmanus Bleecker, and Silvanus P. Jermain, shall be the first managers of said institution : And in case of a vacancy by death, resignation or otherwise, among the said officers and trustees, such vacancy shall be filled by ballot by the board of managers, at their first regular meeting thereafter; and the person having the majority of the whole number present and voting, shall be considered as duly elected, and not otherwise; and the said board shall from time to time appoint a fit person as an accountant of the institution, removable at pleasure, who shall give such reasonable security for his fidelity and good conduct, as the board of managers may from time to time require, and they may if necessary appoint a clerk to assist him.
V. And be it further enacted, That the board of trustees shall have power to appoint a clerk or clerks, and such other officers and servants as they may deem necessary for conducting the affairs of the institution, and to remove them at their pleasure, and to appoint others in their places, and to fix the salaries of such clerks or other officers so appointed.
VI. And be it further enacted, That it shall be lawful for said corporation, at their discretion, to pay to any depositor, being a minor, such sums as may be due to such depositor, not exceeding two hundred and fifty dollars, notwithstanding that no guardian shall have been appointed for such depositor, and that the receipt or acquittance of such minor shall be as valid as if the same were executed by a guardian of such minor duly appointed: Provided, such deposit shall have been personally made by such depositor, and not by any other person for his or her benefit. VII. And be it further enacted, That it shall be the duty of this corporation to make an annual report to the legislature, and to the common council of the city of Albany, of the state of their funds. VIII. And be it further enacted, That the books of the said corporation shall at all times be open to the comptroller of this state, and to such other person or persons as the legislature may from time to time designate, for inspection and examination.
IX. And be it further enacted, That this act is hereby declared to be a public act, and that the same shall be construed, in all courts and places, favorably and benignly for every beneficial purpose therein mentioned; and that no misnomer of said corporation in any deed, gift, grant or demise, or other instrument of contract or conveyance, shall vitiate or defeat the same: Provided, the corporation shall be sufficiently described to ascertain the intention of the parties: And provided also, That the legislature may at any time hereafter amend or repeal this act and dissolve the said corporation, or vary or modify its powers, as to them shall seem fit and proper.
AN ACT authorising the Mayor, Aldermen and Commonalty of the city of New-York to create a public stock,
Passed March 24, 1820.
400,000 dolls. to be created.
BE it enacted by the People of the State of New-York, re- A stock of presented in Senate and Assembly, That it shall be lawful for the mayor, aldermen and commonalty of the city of New-York, to create a public fund or stock, not exceeding four hundred thousand dollars, in addition to the sum authorised to be created in and by the act, entitled "an act to regulate the finances of the city of New-York," passed June 8, 1812, which said stock shall be denominated "the New-York city stock," and shall bear an interest not exceeding six per cent. per annum, which shall be paid quarter yearly: And further, That all the provisions of the said act, which are not herein otherwise provided for, shall have the same force and effect, to all intents and purposes, relative to the stock hereby authorised to be created, which they would have had provided the said act had been incorporated with, and made part of this act: Provided always, Proviso. That nothing herein contained shall be so construed as to deprive the holders of stock, created by said act, of any lien which they are entitled to by said act, upon the revenues of the said mayor, aldermen and commonalty.
AN ACT to repeal the act, entitled "an act for the preservation of the Fishery in Salmon River," passed April 15th, 1814.
Passed March 24, 1820.
WHEREAS it is represented by certain persons, inhabitants Preamble, of the county of Oswego, interested in the salmon fishery, in the Salmon river, that the act passed April 15th, 1814, for the preservation of the fishery in said river, in its effects is found by experience, to be detrimental and injurious to said fishery: Therefore, BE it enacted by the People of the State of New-York, re- Act repealed. presented in Senate and Assembly, That the act entitled, an act for the preservation of the fishery in the Salmon river," passed April 15th, 1814, be, and the same is hereby repealed.
AN ACT to empower the President, Directors and Company, of the City Bank of New-York to reduce their Capital Stock. Passed March 24, 1820.
WHEREAS the president, directors and company of the city bank of New-York, have, under their common seal, represented that the capital stock of the said bank is too great to be at present beneficially employed, either to them or the public, and have prayed that they may be authorised to reduce the same: Therefore, Stock may be I. BE it enacted by the People of the State of New-York, 1,250,000 dls. represented in Senate and Assembly, That it shall and may be lawful for the president and directors of the said corporation, to reduce the capital stock of the said corporation, from two millions of dollars, to one million two hundred and fifty thousand dollars, at such time or times, and in such manner, and subject to such regulations as the president and directors of the said corporation may prescribe and adopt; and when, and as soon as the said capital shall be so reduced to one million and two hundred and fifty thousand dollars, it shall be the duty of the said corporation to give notice thereof, under their corporate seal, to the comptroller of this comptroller. state, whereupon, and from thenceforward, the capital stock of the said corporation shall be and consist of one million two hundred and fifty thousand dollars.
Notice to be given to
Debts incurred, to be limited.
11. And be it further enacted, That the total amount of the debts, which the said corporation shall at any time, after the said reduction of the said capital stock, owe, whether by bond, bill, note or other contract, shall not exceed three times the amount of the said capital stock, which may be so reduced as aforesaid, and in case of such excess, the directors, under whose administration it shall happen, shall be liable for the same, in their separate and private capacities; but this shall not be construed to exempt the said corporation, or any estate, real or personal, which they may in a body corporate, from also being liable for such excess, but such directors as shall have been absent when the said excess was contracted, or who may have dissented from the resolution or act whereby the same was so contracted, shall not be liable.
Certain act repealed.
AN ACT to repeal an act for the preservation of fish in certain natural ponds of water, in South-Salem, in Westchester county.
Passed March 24, 1820.
BE it enacted by the People of the State of New-York, represented in Senate and Assembly, That the act, entitled "an act for the preservation of the fish in certain natural ponds of water in South-Salem, in Westchester county," passed February 27th, 1818, be, and the same is hereby repealed,
AN ACT declaring certain parts of the Ithaca and Geneva
Passed March 24, 1820.
WHEREAS the president and directors of the Ithaca and Gene- Preamble. va turnpike company have, by their memorial to the legislature represented, that they are duly authorised by the stockholders of said company, to surrender up to the public, and abandon certain parts of their turnpike road; and the said president and directors have, in the exercise of such authority, resolved to abandon certain parts of their said turnpike road, described in their said memorial, on condition the same be declared a public highway : Therefore,
BE it enacted by the People of the State of New-York, re- Part of road presented in Senate and Assembly, That all that part of the Ithaca and Geneva turnpike road, situate between the south end of said road, in the village of Ithaca, and the foot of the West hill, comprising a distance of about one mile, and all that part of said road situate between a point, fifteen miles northwesterly from the foot of the hill before mentioned, and the north end of the said road, in the village of Geneva, is hereby declared to be a public highway: And it shall be the duty of the commissioners of high-missioners of Duty comways, in the several towns through which the said highway passes, highways. to district and cause the same to be worked and repaired in the same manner as other highways are districted, worked and repaired: Provided however, That nothing in this act contained shall be construed to defeat, destroy or impair any of the rights and privileges of the said turnpike company in and to the fifteen miles of said turnpike road by them retained: Provided however, and this act is up- Further preon the express condition, that the consent of a majority of the coinmissioners of highways, of the several towns through which such part of the said road as is proposed to be abandoned, passes, shall first be obtained in writing to such abandonment, and filed with the clerks of the respective towns.
AN ACT to incorporate a Female Seminary in the Village of
Passed March 24, 1820.
WHEREAS David Porter, Moses I. Cantine and others, have associated themselves for the laudable purpose of establishing a female seminary in the village of Catskill, for the diffusion of female education: Therefore,
I. BE it enacted by the People of the State of New-York, Corporation represented in Senate and Assembly, That David Porter, Moses created. I. Cantine, and all such other persons as now are, or shall hereafter become members of the said society, shall be, and hereby are ordained, constituted and declared to be a body corporate and politic, in fact and in name, by the name of the "Catskill Female neral powers.
Style and ge
Seminary," and by that name they and their successors forever hereafter, shall and may have succession, and by that name shall and may be persons in law capable to sue and be sued, plead and be impleaded, answer and to be answered unto, defend and be defended in all courts and places whatsoever, in all manner of actions, complaints, matters and causes whatsoever; and they and their successors may have a common seal, and may change and alter the same at their pleasure; and that they and their successors by their name, shall be forever capable in law to purchase, take, receive, hold and enjoy any estate, real and personal, whatsoever, to the use of them and their successors: Provided always, That the yearly income of the real and personal estate and hereditaments held by the said corporation, do not, or shall not at any time exceed the sum of ten thousand dollars; and that they and their successors shall have full power and authority to lease such real estate and hereditaments, on such terms as they shall deem most beneficial; and also, to dispose of all such personal estate, at their will and pleasure, as shall appear to them most advantageous for promoting the purposes of the said institution.
II. And be it further enacted, That there shall be for ever hereafter, eleven trustees of the said corporation, who shall conduct and manage all the affairs thereof; and the first trustees shall be David Porter, Moses 1. Cantine, Thomas O. H. Croswell, Benjamin W. Dwight, Nathan Elliot, Orrin Day, Isaac N. Wyckoff, Thomas B. Cooke, Samuel Stanton, Joseph Prentiss, and John Adams, who shall hold their offices until the first Tuesday of May, in the year eighteen hundred and twenty-one ; and the trustees of the said corporation for the time being, shall have power to establish a school in the said village of Catskill, for the purposes aforesaid, whenever they or a majority of them shall judge it expedient.
III. And be it further enacted, That on the first Tuesday of May, eighteen hundred and twenty-one, and every year thereafter, on the first Tuesday of May, there shall be a general meeting of the members of said corporation, at some convenient place in the village of Catskill, to be fixed on by the by-laws of the said corporation, and by a majority of them as shall so meet, they shall by ballot elect eleven of their members to be trustees of the said corporation for the year next ensuing; and the said trustees shall have power to choose outof their own number a president, a treasurer, other officers. and a secretary, who shall immediately enter on their said offices, and hold the same from the time of their election for and during the space of one year, and until others shall be elected in their stead; and in case of any of the persons so elected to be trustees of the said corporation shall die or resign before the time of their appointed service expires, or shall refuse or neglect to act in, or execute the said office, then and in every such case, the remaining trustees of the said corporation shall within thirty days thereafter, by ballot elect other or others of the members of said corporation, instead of him or them so dieing, resigning, refusing or neglecting to act; and that such person or persons as shall have the greatest number of votes at every such election, shall hold their said offices from the time of such election until the first Tuesday of May then next ensuing, and until another or others shall be chosen in