and appor not to be de layed be year. § 23. Neither the dividends herein directed to be made, nor Dividends the apportionment of the debts of such corporation or association tionments among the stockholders thereof, shall be delayed or suspended by reason of the pendency of any litigation or controversy, for the yond one recovery of any demand by or against such corporation or association, unless the same shall be expressly directed by a justice of the supreme court, residing in the district where the business of such corporation or association was conducted; and such delay shall in no case exceed one year, and if at the time of declaring any dividend, there shall be any prosecution pending in which any demand against such corporation or association may be established, the receiver may retain in his hands the proportion which would belong to such demand and the necessary costs and expenses of the suit or proceeding, to be applied according to the event of such prosecution, or to be distributed in some future dividend to creditors or among the stockholders. debts § 24. If after paying and discharging the debts and liabilities After paying of such corporation or association as herein provided, and defray-maining 25ing all the expenses of the proceedings, there shall remain or sets how discome to the hands of the receiver, any other assets or effects of posed of. such corporation or association the same shall be converted into cash as hereinbefore directed, and shall be paid to the stockholders upon whom any such debts or liabilities were apportioned in just and equal proportion to the sums contributed and paid by them. suant to cer § 25. No appeal from any determination or order of a justice Appeal not to suspend of the supreme court, made pursuant to the fifth, sixth, seventh, or delay exeighth and ninth sections of this act, shall suspend or delay the ecution purexecution of such order or the effect of such determination, un-tain sections. less shall be filed with the notice of the appeal to the clerk of the court, a certificate of a justice of the supreme court, to the effect that there is probable error in such order or determination, nor unless security be given satisfactory to such justice for the payment of the demand upon which the proceedings in those sections may be founded, whenever judgment shall be rendered therefor, with interest at the rate of ten per cent and costs. tion ten. § 26. No appeal from any order or determination made pursu- Under secant to the tenth section of this act, shall suspend or delay the execution of such order or the effect of such determination, unless there be filed, together with the notice of appeal to the clerk of the court, a certificate in all respects corresponding with that required in the last preceding section, nor unless security be given satisfactory to the justice granting such certificate to indemnify the stockholders upon whose application such order or determination was made, against all damages, costs, expenses and losses by reason of any debt or liability of such corporation or association created after the first day of January, one thousand eight hundred and fifty. ence to re § 27. No appeal can be made from any order of any justice of No referthe supreme court under this act referring any matter to a re- feree. feree. 23 be taken by Appeal may § 28. An appeal from the determination of a justice of the receiver, &c. supreme court confirming the apportionment of the debts and liabilities of a corporation or association among the stockholders thereof, as provided by this act, may be taken by the receiver of such corporation or association, or by any one or more of the stockholders affected by such apportionment, in the same manner and with the like security as provided by law in the case of appeals from a special term of the supreme court to a general term, or from the judgment of such general term, to the court of appeals in the same manner and with the like security and effect as appeals to the same court from any other like judgment, except that it shall not be necessary for a receiver so applying* to give any security for costs or otherwise. New apportionment made. § 29. If any such determination or judgment shall be rewhen to be Versed or modified so that a new apportionment of such debts and liabilities shall become necessary, the court in which such reversal or modification shall be made, shall direct a new apportionment, and the matter shall be remitted to the proper justice of the supreme court for that purpose; and the same proceedings shall be had thereon to complete such new apportionment as are herein provided in relation to the original apportionment. Securities where to be filed. Right of cre neglect to § 30. Every security taken under the provisions of this act shall be filed with such clerk of the supreme court, as the justice taking the same shall direct; and the same may be enforced by suit in the name and for the benefit of any person for whose benefit or indemnity the same was taken. § 31. Any creditor of any such corporation or association who dirors who shall have neglected to present his demand to the receiver before persent their the first or subsequent dividend, and who shall present the same before the second or any other subsequent dividend, shall receive the sum he would have been entitled to on any former dividend, before any distribution be made to other creditors. demands. Certain issues of have pre ference. § 32. Every issue of fact or of law joined in any suit against on of fact any corporation or association, described in the first section of ed in suit to this act, upon any debt or liability contracted after the first day of January, one thousand eight hundred and fifty, or against any receiver of such corporation or association, or by any such receiver under the provisions of this act, shall have preference at the court at which it shall be noticed for trial, or argument to all other causes; and every case made, special verdict rendered, bill of exceptions and demurrer to evidence taken on such trial, and every issue of law joined on the pleadings in any such suit and every appeal from any order or determination, judgment or decree made or rendered under the provisions of this act, and every special motion relating to any proceedings had under this act, shall have a preference in the hearing and argument thereof in any court where the same may be pending. * So in the original. Chap. 227. AN ACT re-appropriating money to the Genesee Valley Cana The People of the State of New-York, represented in Senate and Assembly, do enact as follows: § 1. The sum of one hundred and twenty-eight thousand dol- Approprialars, appropriated by the act chapter two hundred and sixty-three, tion. Laws of one thousand eight hundred and forty-seven, for the construction of the Genesee Valley canal, or so much thereof as shall be unexpended on the twelfth day of May next, is hereby re-appropriated to the construction of the said canal. Chap. 228. AN ACT in relation to claims upon the Canal Fund, and expenses not provided for. Passed April 5, 1849, "three-fifths being present." The People of the State of New York, represented in Senate and Assembly, do enect as follows: § 1. If the legislature, the canal board, commissioners of the Money may canal fund, or canal commissioners, shall at any time, by virtue of be borrowed constitutional and legal authority vested in them, authorise or require the payment of any sum of money out of the canal fund, for any purpose connected with the canal expenditures, to which the revenues of the canals are not applicable under the restrictions of the constitution, the commissioners of the canal fund shall be authorised, under the tenth section of the seventh article of the constitution, to borrow such sum of money, payable in such time, not exceeding eighteen years, and bearing such rate of interest, not exceeding seven per cent. per annum, as they may Interest. deem most beneficial to the interests of the state; and the comptroller shall be authorised to issue stock therefor, in the manner provided by law for the issue of stock in other cases. Chap. 229. AN ACT in relation to the Genesec Valley Canal. 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: § 1. The sum of one hundred and forty thousand dollars is Appropriahereby appropriated from the surplus revenues of the canals, tion. Provision in vailable funds. under the third section of article seven of the constitution, to be applied to the construction of the Genesee Valley canal, as follows: between the navigable canal at Mount Morris, and the Genesee feeder, at or near Caneadea, one hundred and twenty thousand dollars, and to the Ischua reservoir, twenty thousand dollars. § 2. This act shall take effect immediately. Chap. 230. AN ACT to amend the act entitled "An act in relation to the funds appropriated for the Canals," passed April 10, 1848. 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: § 1. The act entitled "An act in relation to the funds appropriated for the canals," passed April 10, 1848, is hereby amended so that the same shall read as follows: § 1. If any of the stocks or unavailable funds that have been case of una- appropriated towards the completion or improvement of any of the canals, shall be unavailable to meet the contracts now made, or that may hereafter be made upon the faith of such appropriations, it shall be lawful for the commissioners of the canal fund to borrow upon the credit of such stocks and unavailable funds, at a rate of interest not exceeding seven per centum per annum, an amount not exceeding the nominal amount thereof, to be re-paid from the avails of such stocks or unavailable funds, and pledging the faith of the state to make good any deficiency remaining thereon; and the comptroller is hereby authorised to issue stock therefor, in the same manner as is provided by law for the issue of stock in other cases. East line altered and settled, § 2. This act shall take effect immediately. Chap. 231. AN ACT to alter and settle the east line of the town af North Passed April 5, 1849. The People of the State of New-York, represented in Senate and Assembly, do enact as follows: § 1. The east line of the town of North Hudson shall be altered and settled in the following manner, to wit: commencing on the north line of said town, at the north east corner of lot num ber eighty, thence south on said line to the south east corner of lot number nine of the North River head tract; thence east to the northeast corner of lot number four hundred and twenty, Paradox tract; thence south to the southeast corner of said lot; thence west to the northwest corner of lot four hundred and twelve; thence south to the southeast corner of lot number three hundred and seventy-seven; thence easterly to the northeast corner of lot number three hundred and fifty-eight; thence southerly to the south line of said town to the line between said town and the town of Schroon, at the southwest corner of lot number two hundred and sixty-seven. § 2. This act shall take effect immediately. Chap. 232. AN ACT in relation to debts due for damages on the canals prior to June 1, 1846. 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: be borrowed § 1. The commissioners of the canal fund are hereby author- Money may ised to borrow on the credit of the sinking fund provided in the on the credit first section of article seven of the constitution, payable in such of the sinking fund. time, not exceeding eighteen years, and bearing such rate of interest, not exceeding seven per cent. per annum, as they may deem most beneficial to the interests of the state, such sum not exceeding two hundred thousand dollars, as may be sufficient to supply any deficiencies in the said sinking fund, to pay the awards of the canal appraisers and the canal board, and the allowances by the canal commissioners and the commissioners of the canal fund, made in pursuance of law, for damages or other claims accruing prior to June 1, 1846, from which time the canal revenues are specifically appropriated by the constitution, and the comptroller shall be authorised to issue stock therefor in the manner provided by law for the issue of stock in other cases, and said stock shall be a charge upon the sinking fund in the same manner as if such debts had been ascertained and adjudicated, and the stock issued prior to June 1, 1846. tion for § 2. The sum of one hundred thousand dollars to be borrowed Appropriaunder authority of this act, is hereby appropriated for the pay-awards. ment of such awards and allowances mentioned in the first section, as have been or shall be made before the meeting of the legislature in the year one thousand eight hundred and fifty. §3. This act shall take effect immediately. |