PART I Contracts valid without pay ment of price. Rev. Stat. repealed. tion, or any instrument purporting to be a certificate or other evidence of ownership or transfer of such share or shares, or purporting to be such bond or evidence of debt, without being thereunto first authorized and empowered by such incorporated company, joint stock company or corporation, and every such officer and agent who shall reissue, sell, pledge or dispose of or cause to be reissued, sold, pledged or disposed of, any surrendered or canceled certificate or other evidence of the ownership or transfer of any such share or shares, or of any right or interest therein, with the intent of defrauding any such corporation or any person or persons, shall be deemed guilty of a felony, and shall be punished by a fine not exceeding three thousand dollars, and imprisonment in the state prison not less than three nor more than seven years. CHAP. 134. AN ACT to legalize the sale of stocks on time. The People of the State of New York, represented in Senate and Assembly, do enact as follows: S1. No contract, written or verbal, hereafter made, for the purchase, sale, transfer or delivery of any certificate, or other evidence of debt, due by or from the United States, or any separate state, or of any share or interest in the stock of any bank, or of any company incorporated under any law of the United States, or of any individual state, shall be void or voidable for any want of consideration, or because of the non-payment of any consideration, or because the vender, at the time of making such contract, is not the owner or possessor of the certificate or certificates, or other evidence of such debt, share or interest. § 2. Sections six, seven and eight, of chapter twenty, title nineteen, article two of the Revised Statutes, entitled "Of brokerage, stock-jobbing and pawn brokers," are hereby repealed. 28 B., 27. CHAP. 243. AN ACT concerning Bank Notes. PASSED April 17, 1830. The People of the State of New York, represented in Senate and Assembly, do enact as follows: 1. Every note, bill, or other evidence of debt, purporting to be a bank note, issued or to be issued by any incorporated banking institution of this state, shall, after the passage of this act, be deemed and taken to be payable at the bankinghouse of such incorporated banking institution, any law or usage to the contrary hereof notwithstanding. 18 J. R., 341. CHAP. XX. CHAP. 315. AN ACT to prevent the mutilation of bank bills. The People of the State of New York, represented in Senate and Assembly, do enact as follows: $1. Every person who shall mutilate, cut, deface, disfigure, or perforate with holes, or shall unite or cement together, or to any other thing, any bank bill, draft, note, or other evidence of debt, issued by any incorporated bank in this state, or shall cause or procure the same to be done, with intent to render such bank bill, draft, note, or evidence of debt unfit to be re-issued by said bank, shall, upon conviction, forfeit fifty dollars to the corporation who shall be injured thereby. CHAP. 262. AN ACT relative to unclaimed bank dividends and de posites. PASSED May 9, 1835. The People of the State of New York, represented in Senate and Assembly, do enact as follows: Banks to publish $1. Each of the banks in this state, on or before the first day of September next, and annually thereafter, shall cause statement. to be published for six successive weeks in one public newspaper printed in the county in which such bank may be located, and in the state paper, a true and accurate statement, verified by the oath of the cashier or presiding officer, of all the deposites made in said bank, and of all the dividends declared upon its stock, which at the date of such statement shall have remained unclaimed by any person authorized to receive them for two years then next preceding. 17 W., 514. made. $2. Such statement shall set forth the time such deposite How to be was made, its amount, the name and the residence, if known, of the person making it, the name of the person in whose favor the dividend may have been declared, the time it was declared, its amount, and upon what number of shares of the stock of said bank. banks. $3. Each of the savings banks shall, within the same time By savings above stated, and annually thereafter, cause to be published in the same manner and for the same period of time, a like PART L How to be made. Expense. Report to legislature. Part repealed. Restriction as to for rations. statement verified by the oath of the president or other presiding officer, of the names of all persons who have made deposites in such bank, and have not, within two years next preceding the date of said statement, either drawn out any part of the money so deposited, or of the interest accruing upon it. S4. Such statement shall contain the name of the depositor and his residence and occupation, if known, the time the deposite was made and its amount together with the sum due for interest. $5. In all cases the expenses of advertising shall be deducted from the sums unclaimed, in proportion to the amount of each respectively. $6. It shall be the duty of the presiding officer of each of the said banks, and savings banks, to report the same statement as above required to be published, at each session of the legislature, within ten days after its commencement. CHAP. 20. AN ACT to repeal in part the Revised Statutes, relating to unauthorized banking, and the circulation of certain notes or evidence of debt issued by banks. PASSED February 4, 1837. The People of the State of New York, represented in Senate and Assembly, do enact as follows: 1. So much of title twenty, chapter twenty, part first of the Revised Statutes, relating to unauthorized banking, and the circulation of certain notes or evidences of debt issued by banks, as prohibits a person or association of persons not incorporated, from keeping offices for the purpose of receiving deposites, or discounting notes or bills, is hereby repealed. 15 N. Y., 60; 4 N. Y., 479; 18 B., 458; 8 B., 227. S2. This act shall not be so construed as to authorize or eign corpo- permit any corporation created by the laws of any other state or country, to keep any office for the purpose of receiving deposites, or discounting notes or bills, or issuing any evidence of debt to be loaned or put in circulation as money within this state. As to banks and officers this state. $3. No incorporated bank in this state, nor any officer or of banks in director thereof, shall open or keep an office of deposite or discount under this act, or be interested or concerned, directly or indirectly, in any such association: the bank officer or director shall forfeit the sum of one thousand dollars for each violation of any of the provisions of this section. [In 1841 the Legislature directed a compilation of the Laws concerning Banking then in force. That compilation is contained in the following pages to and including ch. 202 of the laws of 1840. Acting upon the rule which has governed the editor throughout this work, he has inserted the compilation as he found it in Session Laws of 1841, page 337, and has taken no liberties with legislative action. He has contented himself with an occasional reference to subsequent statutes, affecting those contained in the Legislative compilation. The departure in this instance, from the chronological order observed in other parts of this work, is thus accounted for.] A Chapter containing the act to create a fund for the benefit of the creditors of certain moneyed corporations and for other purposes, passed April 2, 1829, as amended by subsequent enactments showing the provisions of law at present in operation affecting the institutions now doing business under the said acts. Prepared and published pursuant to section 8 of chap. 292 of the Laws of 1841. CHAP. 94. AN ACT to create a fund for the benefit of the creditors of certain moneyed corporation, and for other purposes. PASSED April 2, 1829. The People of the State of New York, represented in Senate and Assembly, do enact as follows: CHAP. XX. Bank char $ 1. Every moneyed corporation having banking powers, ters subject hereafter to be created in this state, or whose charter shall be to this act. renewed or extended, shall be subject to the provisions of this act. created. S2. For the purpose of creating and continuing the fund Fund to be herein established, every such corporation shall, on or before the first day of January in every year, pay to the Treasurer of this state, a sum equal to one-half of one per cent on the capital stock of such corporation paid in, after excepting therefrom such part of said capital stock as is held by the state, and at that rate for the time such corporation shall have been in operation, if less than one year. 21 B., 642. of stock $ 3. At the time of making any such payment the corpora- Statement tion making the same, shall cause to be delivered to the Trea- paid in. surer of this state, a statement, signed by the president and cashier of the corporation, and verified by their oath, duly inade before some officer authorized to administer oaths, specifying the actual amount of the capital stock of such corporation paid in, and designating in such statement, the amount of said capital stock, as shall be owned by the state. $4. The said annual payments shall continue to be made Bank fund. until every such moneyed incorporation shall have paid into the treasury three per cent upon its capital stock, which shall be and remain a perpetual fund, to be denominated the PART I. Comptroller and treasurer "bank fund," and to be inviolably appropriated and applied to the payment of such portion of the debts, exclusive of the capital stock, of any of the said corporations which shall become insolvent, as shall remain unpaid, after applying the property and effects of such insolvent corporation, as hereafter provided. 17 N. Y., 502; 21 B., 630. S 5. The Comptroller and Treasurer of this state, shall keep proper accounts of the said bank fund, separate and distinct to keep ac from the funds of this state; and the Comptroller shall from time to time report to the legislature the condition thereof. counts. Payments reduction of fund. 21 B., 642. $6. The said fund shall be the property of the corporations by which the same shall be paid, in proportion to the amount which each of such corporations shall have contributed thereto; but the Comptroller shall have power, and it shall be his duty, from time to time, to invest the same, and all moneys belonging thereto, in the manner provided by law in respect to the common school fund. And whenever it shall become necessary for the purpose of meeting any charges on the said fund, to sell any stocks in which such fund or any part thereof may have been invested, the Comptroller shall have power to make such sale. 21 B., 642. $7. The income arising from said fund, after deducting thereout the salaries of the bank commissioners hereinafter mentioned, shall annually be paid by the Comptroller to the several corporations by which the said fund shall be created, in proportion to the amount which each of the said corporations shall have contributed thereto; but no corporation shall be entitled to any part of the said income, after it shall become insolvent, or shall be dissolved, or its charter shall expire. 21 B., 642. S8. Whenever the fund created by this act shall be reduced in cases of by the payment of the debts of an insolvent corporation, to be made as hereinafter provided, below the sum as provided in the fourth section of this act, every moneyed corporation then existing, which shall be subject to this act, and every such corporation thereafter to be created, shall, on or before the first day of January in every year thereafter, pay to the Treasurer of this state, such sum to be designated by the Comptroller, not exceeding a sum equal to one-half of one per cent on its capital stock, as herein before provided; which last mentioned annual payments shall continue to be made by every corporation subject to the operation of this act, until the aforesaid fund shall be reimbursed, and made to amount to the sum as provided in the fourth section; after which, such annual payments shall be suspended, until it shall become necessary again to resort to the said fund, by reason of |