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savings to a uniformity of powers, rights and liabilities, and to provide for the organization of savings banks, for their supervision, and for the administration of their affairs,” is hereby amended so as to

read as follows: Duty of § 44. Whenever it shall appear to the said superintendent, from any superin

examination made by him, or from the report of any examination made when sav- to him, or from the report made by any such corporation pursuant to violate law the requirements of section thirty-six, thirty-seven and thirty-eight of Busioned this act, that any such corporation has committed any violation of its an unsafe charter or of law, or is conducting its business and affairs in an un

safe or unauthorized manner, he shall, by an order under his hand and seal, direct the discontinuance of such illegal and unsafe or unauthorized practices, and strict conformity with the requirements of the law, and with safety and security in its transaction ; and whenever any such corporation shall refuse or neglect to make any such report as is herein before required, or to comply with any such order as aforesaid, or whenever it shall appear to the superintendent that it is unsafe or inexpedient for any such corporation to continue to transact business, or that any trustee or officer of a savings bank has abused his trust, or been guilty of misconduct or malversation in his official position injurious to the bank, or to its depositors, he shall com

municate the facts to the attorney-general, who shall thereupon instiProceed- tute such proceedings as the nature of the case may require. The ings by proceedings instituted by the attorney-general may be for the removal attorneygeneral. of one or more of the trustees, or for the transfer of the corporate

powers to other persons, or the consolidation and merger of the corporation with any other savings corporation that may be willing to accept the trust, or for such other or further relief or correction as the particular facts communicated to him shall seem to require. And the court before which such proceedings shall be instituted shall have power to grant such orders, and in its discretion from time to time to modify or revoke the same, and to grant such relief and render such judgment as the facts, or evidence in the case, and the situation of the parties, and the interests involved shall seem to require ; and whenever in such proceedings an order shall be granted, upon notice, or without notice, restraining such corporation and its officers from paying out or disposing of any moneys or property of or held by such corporation, the superintendent may, and if directed by the court. shall, take temporary possession of all the assets, property and rights

of, or held by such corporation, and hold such possession until the Receiver. further order of the court. If a receiver be appointed, he shall, sub

ject to the direction of the court, proceed with diligence to convert the assets of the bank into money and to make distribution thereof. And every receiver of a savings bank shall, whenever required by the court upon the application of the attorney-general, render an account of his proceedings, and shall render a full account of all his proceedings and make final distribution within eighteen months from the time of his appointment, unless the court upon application by the receiver and notice to the attorney-general shall give additional time for that purpose. The court may make such orders for the payment of small deposits by receivers, or such other provisions in respect to

such deposits, to facilitate the distribution of the assets, as may be Oficial re- just. Every official report made by the superintendent to the attorneyport evi- general, and every official report duly verified of any examination .

made under the provisions of this act," shall be presumptive evidence in all preliminary legal proceedings on motion to appoint a receiver.

Power of court thereon.

and state

а

§ 2. It shall be the duty of the receiver of any savings bank or in- Accounts stitution to keep an account of all moneys received by him; and on ments of the first days of January, April, July and October of each year to receiver. make and file a written statement in the office of the county clerk of the county in which such savings bank is located, verified by his oath of its correctness and truth, showing the amount of money received by him, his agents and attorneys; the amount he has by law a right to retain, the items for which he has retained it, and the distributive share due each person interested therein ; and for a failure to comply with such requirement, it shall be sufficient cause for his removal.

$ 3. This act shall take effect immediately. Ante, pp. 121, 641.

Savings banks.

CHIAP. 124. AN ACT to regulate proceedings in the closing and dissolution of savings banks.

Passed May 30, 1879. The People of the State of New York, represented in Senate and Assembly, do enact as follows :

SECTION 1. Whenever the trustees of any solvent savings bank shall Busiсess deem it necessary or expedient to close the business of such corpora- blosed. tion, they may, by the affirmative vote of not less than two-thirds of the whole number of trustees at a meeting to be called for that purpose, of which all the trustees shall have notice, declare by a resolution their determination to close such business, to pay the moneys due depositors and creditors, and to surrender the corporate franchise. The vote upon such resolution shall be taken by ayes and noes, and the resolution and the vote thereon shall be recorded in the minutes of said board of trustees. A copy of the record of such proceedings, certified by the president and secretary of such corporation, shall be filed in the bank department. The trustees shall thereupon give notice to all the depositors and creditors of the adoption of such resolution, by publication thereof in a newspaper or newspapers most likely to give the same proper publicity, and by printed or written notice, personally served upon or mailed to every depositor and creditor of such savings bank, at their last known residence, postage prepaid.

§ 2. When the trustees of any such savings bank shall have paid „nclaimed the sums due respectively to all the depositors and creditors whom deposits. they can discover, and who claim their deposits, or the moneys due them, it shall be the duty of such trustees to make a transcript or statement from the books of the said savings bank of the names of all the depositors and creditors who do not claim or have not received the balances to their credit or due them, and of the sums due them respectively, and to file such transcript in the bank department, and to pay over and transfer all such unclaimed and unpaid deposits, credits and moneys to the superintendent of the bank department. The trustees shall thereupon report their proceedings duly verified to the supreme court, and upon such report and the petition of the trustees, and upon notice to the attorney-general and the superintendent of the bank department, and such other notice as the court may deem necessary, the court shall adjudge the franchises surrendered and the existence of the corporation terminated.

Receivers to

over unclaimed

Verifica tion of estate

$ 3. Whenever the receiver of any insolvent savings bank shall have statement paid the full per centum of the amount due to depositors and creditand pay ors which the avails of the assets enable him to pay to the depositors and

creditors he can discover, and who claim their proportion or share of deposits.

such assets, he must, before he can be discharged from his trust, make a transcript or statement from the books of said bank of the names of all the depositors and creditors who have not claimed or received the balances to their credit or due them, and of the sums due them respectively, and file such transcript in the bank department, and also pay over and transfer all such unclaimed deposits and moneys to the superintendent of the bank department. And all receivers of savings

. banks who have been discharged from their trusts, and who hold any such balances, shall forth with make and file with said superintendent such transcript or statement, and transfer and pay over to him such balances.

§ 4. The superintendent of the bank department shall require the

officers and receivers who make the transcripts or statements herein ments.

provided for, and it shall be their duty to verify the completeness and Duty of accuracy of the same in a satisfactory manner. The said superintend

ent shall receive the said moneys and shall give a receipt therefor, and

shall forth with deposit the same in some solvent savings bank or sav. deposits. ings banks in this State to the credit of the superintendent of the

bank department, in his name of office in trust for the depositors and
creditors of the closed savings bank from which they were received.
And the said superintendent shall report to the legislature, annually,
in his report relative to savings banks, the names of such closed sar-
ings þanks and the sum of unclaimed and unpaid deposits to the
credit of each of them respectively. The superintendent may pay
over to the persons respectively entitled thereto the money so held" by
him, with any accumulation of interest thereon, upon being furnished
with satisfactory evidence of their right to the same ; and in cases of
doubt, or of conflicting claimants. he may require an order of the
supreme court authorizing and directing the payment thereof.

$5. This act shall take effect immediately.
See Code Civ. Proc., SS 2419-2431.

superintendent as to unclaimed

CHAP 428.

Banks.
AN ACT to regulate the character of the investment of banks

of deposit.

PASSED May 30, 1879. The People of the State of New York, represented in Senate and

Assembly, do enact as follows : Invest

SECTION 1. It shall be lawful for any bank or banking association, ments by. incorporated under the laws of this State, or individual banker, to

take and become the owner of any stocks, or bonds, or interest bearing obligations of the United States, or of the State of New York, or of any city, county, town or village of this State, the interest on which is not in arrears, and to discount and negotiate bills, notes and other evidences of debt.

§ 2. All acts or parts of acts inconsistent with this act are hereby repealed.

§ 3. This act shall take effect immediately.
Ante, vol. 4, p. 191.

CHAP 487.

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AN ACT to amend section twenty-six of chapter three hun. Savings

dred and seventy-one of the laws of eighteen hundred banks. and seventy-five, entitled "An act to conform the charters of all savings banks or institutions for savings to a uniformity of powers, rights and liabilities, and to provide for the organization of savings banks, for their supervision and for the administration of their affairs."

PASSED May 31, 1879. The People of the State of New York, represented in Senate and Assembly, do enact as follows :

SECTION 1. Subdivision one of section twenty-six of chapter three Amending hundred and seventy-one of the laws of eighteen hundred and seventy- Laws 1875. five, entitled “An act to conform the charters of all savings banks or institutions for savings to a uniformity of powers, rights and liabilities, and to provide for the organization of savings banks, for their supervision and for the administration of their affairs," is hereby amended so as to read as follows:

1. In the stocks or bonds or interest-bearing notes or obligations of the United States or those for which the faith of the United States is ments. pledged to provide for the payment of the interest and principal, including the bonds of the District of Columbia, commonly known as the three-sixty-five bonds.

§ 2. This act shall take effect immediately. Ante, p. 126, post, pp. 925, 975.

Invest

CHAP 44.

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AN ACT supplementary to and explanatory of the act passed Plank

April ninth, eighteen hundred and seventy-eight, entitled roads and
"An act to amend chapter one hundred and thirty-five of
the laws of eighteen hundred and seventy-six, entitled 'An
act to authorize plankroad and turnpike companies formed
under and by virtue of an act entitled An act to provide for
the incorporation of companies to construct plankroads, and
of companies to construct turnpike roads,' passed May
seven, eighteen hundred and forty-seven, to extend their
charter or corporate existence."

PASSED May 31, 1879.
The People of the State of New York, represented in Senate and
Assembly, do enact as follows :
SECTION 1. In any proceedings heretofore taken under the existing

Extending provisions of law, or which shall be hereafter so taken, to extend the charter charter or corporate existence of any plankroad or turnpike company, porate exthe filing and recording of a copy of the resolution by which the re- istence. quired consent of a majority of the supervisors of any county shall be given, verified either by the certificate of the clerk of the board of supervisors, or an affidavit of some members of the board of supervi

sors, shall be and be deemed a full compliance with the requisitions of law as to filing and recording such consent; and the statement of the president and treasurer, and the consent in writing of the stockholders, now required by law to be filed within one month before the expiration of the term of the corporate existence of such company, may both or either of them be made and given, and may also be filed at any time previous to said one month, but within one year as the time during which such extension or continuance of such charter or corporate existence may be made ; and where such original statement and consent of stockholders, or either of them, shall be filed in the office of the secretary of state, a certified copy thereof may be filed in the county clerk's offices, as required by law, and the filing of such copy shall be deemed and held a full compliance with the law in that espect.

$ 2. Any plankroad or turnpike company may, on the consent of the owners of sixty per centum of its stock, sell, transfer and convey the whole or any part of its rights, property and franchises to any other plankroad or turnpike company formed under any general law of this State: and any conveyance made pursuant to this section shall vest the rights, property and franchises thereby transferred in the company to which they are thereby conveyed, for the term of its corporate existence.

§ 3. This act shall take effect immediately.
Ante, pp. 287, 534; vol. 3, p. 549.

Sale of franchise.

CHAP 44

Banks.

Amend. ing.

AN ACT to amend chapter eighteen of part one of the

Revised Statutes, entitled “Of banking associations and bankers.”

PASSED May 31, 1879. The People of the State of New York, represented in Senate and Assembly, do enact as follows:

SECTION 1. Section one hundred and forty-seven of article four of title two of chapter eighteen of part one of the Revised Statutes, entitled " Of banking associations and bankers," is hereby amended so as to read as follows:

§ 147. Receivers of moneyea institutions shall be entitled to the same commissions and compensation for their services as are now allowed by law to executors and administrators, and no greater or other commission or compensation than is hereby allowed shall be received or retained by them; provided, however, such compensation shall in no case exceed ten thousand dollars per annum.

$ 2. This act shall take effect immediately. Ante, vol. 4, p. 144. There is no such article or section to chapter eighteen, title two of the Revised Statutes. The act attempted to be amended is section 2, ch. 3, Laws of 1842, and the error arose from the lax habit of calling a compilation of the Revised Statutes and other public laws the “Revised Statutes"- a title to which it has no legal or just claim.

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