ten dollars for any or each reservoir or hydrant furnished as aforesaid and said campany shall furnish water upon the terms so prescribed for the period of three years, at the expiration of which time a new commission may be applied for by either the common council or the company, and thereafter once in three years, a like application may be made.

§ 17. Any person who shall maliciously or wilfully destroy or Penalty. injure any of the works or property of said company or who shall maliciously or wilfully commit any act which shall injuriously affect or tend thus to affect the water of said company shall be guilty of a misdemeanor.

§ 18. The corporation hereby created shall possess the powers General and be subject to the provisions of title three, chapter eighteen of Powers. the first part of the Revised Statutes.

§ 19. Nothing in this act shall be deemed or taken to effect or Saving impair or interfere with the rights, privileges and obligations of clause. the city of Syracuse derived or imposed by or under the act of the legislature entitled "An act to supply the village of Syracuse with wholesome water," passed March 27, 1821, or any act subsequently passed amending or alteriug said last mentioned act.

20. All the stockholders of the company hereby created, Liability of shall be severally and individually liable to the creditors of said stockholders. 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 whole amount of the capital stock shall be paid in and a certificate thereof shall be made and recorded as prescribed in the following section.

recorded.

§ 21. The president and a majority of the directors, within Certificate to thirty days after the payment of the last instalment of the capital be made and stock, shall make a certificate of the amount of the capital fixed and paid in, which certificate shall be signed and sworned to by the president and a majority of the directors, and shall within thirty days be recorded in the clerks office of Onondaga county.

§ 22. The stockholders of said company shall be jointly and Liabilities severally liable for all debts that may be due and owing to all for debt. their laborers and servants, for services performed for said company.

of debt.

§ 23. The indebtedness of said company shall not at any time Restriction exceed an amount equal to fifty per cent of its capital stock, and as to amount if the indebtedness of said company shall at any time exceed such amount, the directors of said company assenting thereto shall be personally and individually liable for such excess to the creditors of said company.

executors,

§ 24. No person holding stock in said company as executor, Provision administrator, guardian or trustee, and no person holding such relative to stock as collateral security, shall be personally subject to any lia- &c. bility as a stockholder of said company, but the person pledging said stock shall be considered as holding the same, and shall be liable as a stockholder accordingly; and the estates and funds in the hands of such executor, administrator, guardian or trustee,

Time limited

for debt.

shall be liable in like manner and to the same extent as the testator or intestate, or the ward or person interested in such fund, would have been if he had been living and competent to act and held the stock on his own name. Every such executor, administrator, guardian or trustee, shall represent the shares of stock owned by him as administrator, guardian or trustee, at all meetings of the company, and may vote as a stockholder; and every person pledging his stock as aforesaid, may in like manner represent the same and vote accordingly.

§ 25. No stockholder shall be personally liable for the payas to liability ment of any debt contracted by said company, which is not to be paid within one year from the time the debt is contracted, nor unless a suit for the collection of said debt shall be brought against said company within one year after the debt shall have become due, and no suit shall be brought against any stockholder who shall cease to be a stockholder in said company, for any debt so contracted, unless the same shall be commenced within two years from the time he shall have ceased to be a stockholder in such company, nor shall any suit be brought against any stockholder until an execution against the company shall be returned unsatisfied in whole or in part.

Time limited to furnish

water.

Charges for supplying

water.

Report to be made to common council.

§ 26. In case said company shall not go on and furnish a sufficient supply of good and wholesome water for the use of the said city and the people thereof, within two years from the passage of this act, and continue to furnish a sufficient supply, the common council of said city may give six months written notice to said company to furnish the same, or that application will be made to the supreme court for the appointment of five commissioners as provided in the tenth section of this act, and in case said company shall continue to neglect to furnish said supply until the expiration of said notice, then the property of said company shall be appraised in the manner provided in said tenth section, and upon the payment by said common council to said company, of the sum so determined, then the said common council shall become the owners of said property so appraised, and paid for, and be possessed of all the powers given by this act to the said company.

§ 27. The average amount that said company shall be authorised to charge per annum for the use of said water, shall not exceed the sum of ten dollars for a private family, twenty dollars for a boarding house, and forty dollars for a tavern, where said water shall not be carried higher than twenty feet above the Syracuse level of the Erie canal.

§ 28. Said company shall annually on the first Monday of January, in each year, report to the common council of the city of Syracuse, in writing, a full statement of the affairs of said company, and the condition of said water works, and of the income and expenditures of said company, and in such detailed form as may be prescribed by the said common council, which reports shall be verified by the oaths of the president and secretary of said company.

may after 30 years, pur

water works.

§ 29. The common council of the city of Syracuse shall have The city the right at any time after the expiration of twenty years, to resume all the property, rights, powers and privileges of the said chase the Syracuse city water works company, on paying to said company the amount of capital stock actually paid in and expended in said works, with fifteen per cent. annually thereon, deducting therefrom the actual profits annually received by said company, and on such resumption, any payment by said common council, all the said property, rights and privileges, and powers of said company, shall vest absolutely in the common council of the city of Syracuse, and the said company shall by an instrument in writing duly executed by the president and secretary of said company, convey to said common council all the said property of said company in said water works.

§ 30. This act shall take effect immediately.

Chap. 225.

AN ACT to settle the claim of the canal fund upon the general fund according to the provisions of the constitution.

Passed April 5, 1849, "three-fifths being present."

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

Bonds to be

§ 1. The comptroller, shall on the first day of May next, issue to the treasurer for the use of the canal fund his bonds for the issued by the compsum of three hundred and eighty-five thousand dollars, bearing troller. interest at the rate of six per cent per annum, payable quarterly and redeemable on the first day of July one thousand eight hundred and sixty-six, to discharge the claim of the canal fund upon the general fund, set forth in the report of the commissioners of the canal fund, for the last fiscal year, being the amount of three hundred and thirty-three thousand, three hundred and thirty-three dollars, and thirty-three cents, stated in the said report to have been paid from the canal fund to the general fund from June first, to September thirtieth, one thousand eight hundred and forty-six, beyond the amount limited by the constitution, with interest on the same from September thirtieth, one thousand eight hundred and forty-six, at the rate of six per cent, to the said first day of May.

To be adver

urer.

§ 2. The treasurer whenever directed by the commissioners of, the canal fund shall advertise the said bonds for sale in the same tised for sale manner that advertisements are directed by law to be made for by the treasloans, and shall sell and transfer the same to the highest bidder or bidders, and the moneys received on such sale shall be applied to the completion of the Erie canal enlargement and the Genesee Valley and Black River canals in the same manner as the said sum of three hundred and thirty-three thousand, three hundred

Amounts in bonds.

Liability of stockholders for debts contracled

after Jaunary, 1850.

The term

to whom to

and thirty-three dollars and thirty-three cents, would have been. applicable under the requirements of the constitution if it had not been paid into the treasury for the use of the general fund.

§ 3. The bonds provided for by this act shall be in such sums not less than one hundred dollars as shall be desired by the treasurer, or any purchaser, and shall be transferred at the comptroller's office in the manner heretofore adopted for the transfer of comptroller's bonds.

Chap. 226.

AN ACT to enforce the responsibility of stockholders in certain banking corporations and associations, as prescribed by the constitution, and to provide for the prompt payments of demands against such corporations and associations.

Passed April 5, 1849. The People of the State of New-York, represented in Senate and Assembly, do enact as follows:

§ 1. Whenever default shall be made in the payment of any debt or liability, contracted after the first day of January, one thousand oight hundred and fifty, by any corporation or jointstock association for banking purposes, issuing bank notes or any kind of paper credits to circulate as money, after the first day of January, one thousand eight hundred and fifty, the stockholders of such corporation or association shall be individually responsible, equally and rateably, such responsibility to be enforced as hereaf ter provided, and in no other manner, for the amount of such debt or liability, with interest, to the extent of their respective shares of stock in any such corporation or association, as hereinafter provided.

§ 2. The term "stockholder," as used in this act, shall apply stockholder not only to such persons as appear by the books of the corporaapply. tion or association to ba such, but also to every equitable owner of stock, although the same may appear on such books in the name of another person; and also to every person who shall have advanc ed the instalments or purchase money of any stock in the name of any person under twenty-one years of age, and while such person remains a minor, to the extent of such advance; and also to every guardian or other trustee who shall voluntarily invest any trust funds in such stock; and no trust funds in the hands of such guardian or trustee shall be in any way liable under the provisions of this act, by reason of any such investment, nor shall the person for whose benefit any such investment may be made, be responsible in respect to such stock, until thirty days after the time when such persons, respectively, become competent and able to control and dispose of the same: but the guardian or other trustee

making such investment as aforesaid, shall continue responsible as a stockholder until such responsibility devolves upon the person beneficially interested therein; and in respect to stock held by a guardian or other trustee, under a transfer of the same by a third person, or under positive directions by a third person for such investment, the person making such transfer, or giving such directions, and his executors and administrators, shall, for the purposes of this act, be deemed a stockholder, and the estate of such person, if he be deceased, shall be responsible for the debts and liabilities chargeable on such stock according to the provisions of this act.

stockholders

tion,

§ 3. The persons who shall be stockholders of any corporation Liability of or association described in the first section of this act, at the time described ia of contracting any debt or liability by such corporation or associ- the first seoation, shall be responsible therefor, as declared in the said first section, but shall be exonerated from such responsibility in respect to any stock which shall have been transferred, previous to any default in the payment of such debt or liability, on the books of such corporation or association, to any resident of this state, of full age, in good faith and without any intent to evade such responsibility; and every assignee of any stock so transferred previous to such default, shall be responsible for debts and liabilities to the extent of such stock, in the same manner as if he had been the owner at the time of contracting such debt or liability, with the same exception in his favor, in respect to any stock transferred by him as herein provided; and the same rule of responsibility shall apply to each subsequent assignee.

stockholders

§ 4. A book shall be provided and kept by every corporation Names of or association described in the first section of this act, in which and their shall be entered the names and residences of the stockholders in residences to be entered in such corporation or association on the first day of January, one a book. thousand eight hundred and fifty, and the names and residences of the original stockholders of every corporation or association organized after the day last mentioned, so far as the same are known to the officers of the bank, the number of shares held by each stockholder, every registered transfer of stock upon the books of the bank, after the said last mentioned day, the names of the assignor and assignee, with their residences and the number of shares transferred. The said book shall be at all times during the usual hours of transacting business, open to public inspection. A neglect to provide and keep such book ready for examination Penalty for as herein provided, shall subject the corporation or association, whose duty it is to provide and keep the same, to a penalty of one hundred dollars for every day's neglect. And a refusal by any officer of such corporation or association to exhibit such book to any person demanding the inspection thereof, as herein provided, shall subject such officer to a penalty of fifty dollars. The said penalties may be sued for and recovered with costs by any person who will prosecute for the same; the one moiety thereof to be paid to such person, and the other moiety to be paid into

neglect.