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ness.

ch. 12,

of bonds.

Muncipal AN ACT in relation to the bonded indebtedness of villages,

cities, towns and counties.

PASSED March 25, 1878; three-fifths being present. The People of the State of New York, represented in Senate and

Assembly, do enact as follows : Bonds may

SECTION 1. The present bonded indebtedness of any village, city, be paid. Amended town or county, may be paid up or retired by the issuance of bonds of 1878, ch.317, the same amount by the constituted and statutory authorities having and 1880, charge and power by law over the interests of the bond payers, provided, post, p.

however, and only when such existing bonds can be retired or paid by the substitution of or money realized by such issuance of new bonds in the place and stead of existing bonds bearing a lower rate of interest

than the bonds so authorized to be retired or paid. Novation

8 2. In case any holders of any such existing bonds shall be willing Amended to surrender bonds of any village, city, town or county, and accept in post, p. bosch, 317, their place and stead other bonds at a lower rate of interest, exchang

ing said existing bonds for such new bonds at the par value of each, then the constituted and statutory authorities of any such village, city, town or county, prescribed in the first section of this act, may, in their discretion, make such exchange by the retiring of such existing bonds and the substitution and issuance therefor of such new bonds, and may extend the date of the payment of such substituted bond for a period not exceeding twenty years beyond the time when the principal of such existing bond so surrendered would have become payable.

§ 3. Whenever any bonds of any village, city, town or county shall Amended become due and payable, or in anticipation thereof, the constituted by ch. 317, and statutory authorities having the power by law over the interests post, p.673. of the bond payers may, in their discretion, cause to be issued in proper

form new bonds having not more than thirty years to run, provided, however, such new bonds shall be sold at public auction after due notice, as now required by law in the case of the sale of mortgaged real estate under a decree of foreclosure in the supreine court, and the terms of such sale of said bonds, shall be that to the person bidding the highest sum, not less than par, and offering to accept the lowest rate of interest for the whole or any part of said bonds, the said bonds in whole or part shall be issued, and further provided, that in no case

shall new bonds be sold except at a lower rate of interest than that Date of

borne by the bonds then due and payable; such new bonds shall bear bonds.

date and draw interest from the date of the payment of the bonds then

due. Applica- 8 4. The moneys arising from the sale of new bonds as provided in tion of

the foregoing section, shall be applied to the payment and satisfaction moneys.

of the bonds then becoming due and payable. Payments. § 5. The principal of all bonds authorized to be issued pursuant to

the provisions of this act may be made payable in installments yearly, or in periods of years not extending beyond the limit herein made, as

shall be determined by the authorities hereby empowered to issue of indebt. them, but nothing in this act contained shall be so construed as to edness not permit any village, city, town or county in this state to increase its ized. present bonded indebtedness.

New

Sale of.

author

$ 6. The city and county of New York, the city of Brooklyn and Exempthe county of Niagara shall be exempt from the provisions of this act.

$ 7. This act shall take effect immediately. Sec, 6 amended by chap. 204, L, 1880, post, p.948.

CHAP. 7,

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AN AOT to amend subdivision four of section one of chap. Board of

ter two hundred and fifty-seven of the laws of eighteen supervishundred and seventy-six, entitled An act to confer on boards of supervisors further powers of local legislation and administration and to regulate the compensation of supervisors.*

PASSED March 25, 1878"; three-fifths being present. SECTION 1. Subdivison four of section one of chapter two hun. Amending dred and fifty-seven of the laws of eighteen hundred seventy-six, enti- Lavas 1976, tled “ An act to confer on boards of supervisors further powers of ante, p.294. local legislation and administration, and to regulate the compensation of supervisors,*" is hereby amended so as to read as follows:

4. To apportion as such board may deem equitable the expense of To apporthe construction of any public bridge (except on the Hudson river tiones: below Waterford, and on the East river, or over the waters forming the bridges boundaries of the State) over a stream or other water forming the towns and boundary line of counties between the towns at such point. Where counties. the board of supervisors shall deem that the construction of such tridge is a general benefit to the county, they shall determine what aroportion of the expense thereof shall be borne by the respective courties or by the respective towns of such counties, and to authorize any town on the vote of the majority of the electors voting at any annual town meeting or regular called special town meeting, to appropriate such a sum to be raised as other bridge moneys are raised, to aid in the construction and maintenance of any bridge outside the boundaries of the town or county, but forming a continuation of high ways

eading from such town or county, and deemed necessary for the pubic convenience.

§ 2. This act shall take effect immediately.

of

* So in the original.

CHAP 85.

Laws 1867, ch. 971.

what to

Co-opera- AN ACT to amend chapter nine hundred and seventy-one of tive and industrial

the laws of eighteen hundred and sixty-seven, entitled unions.

“An act for the incorporation of co-operative and industrial unions, and to amend the title of said act.

PASSED March 29, 1878. The People of the State of New York, represented in Senaie and

Assembly, do enact as follows : Amending SECTION 1. Section two of chapter nine hundred and seventy-one

of the laws of eighteen hundred and sixty-seven, entitled “An act 7 Edm. 242. for the incorporation of co-operative and industrial unions,” is

hereby amended so as to read as follows: Charter, § 2. The charter so filed shall set forth the name of the company, contain. the town and county, the mode and manner in which the corporate

powers granted by this act, are to be exercised, the duration of the charter which shall not exceed twenty-five years, the number of trustees or directors, and the mode and manner of electing them for the first year, and of filling vacancies, the period for the commence

ment and termination of its fiscal year, and the amount of capital to Capital. be employed in the transaction of its business; but no company shall

be organized under this act with a capital of less than one thousand dollars, nor shall the declaration or charter of any company proposed to be formed be filed as required by the first section of this act except upon due and sufficient proof to be made to the secretary of state, upon the oath of at least two of the corporators, that the whole amount of said capital has been subscribed in good faith and at least

ten per cent thereof actually paid in, in cash. President § 2. Section five of said act is hereby amended so as to read as and direc- follows:

85. The business of the companies incorporated under this act shall be managed and conducted by a president, a board of not less than three directors and a treasurer, who shall be chosen annually by the stockholders, and shall hold their offices until others are chosen

and qualified in their stead, and by such other officers as they may Election prescribe by their by-laws. At elections of officers, and at all other

meetings each stockholder shall have one vote and no more. Companies organized under this act shall have the word “co-operative," as a part of their corporate or business name wherever used, either in advertising or transacting their business.

§ 3. Section six of said act is hereby amended so as to read as follows:

§ 6. The corporators or trustees or directors, as the case may be, of any company organized under this act, shall have power to make such by-laws, not inconsistent with the laws of this state, as may be deemed necessary for the government of its officers and the conducting of its affairs, and the same to alter and amend at pleasure; and they may also, by such by-laws, provide as to the manner of paying in the capital stock, and the manner of issuing certificates thereof, as to the manner of conducting the

elections in said company, as to the control of its affairs that each officer shall have, as to the number of shares each stockholder may hold, as to the manner of compelling the transfer or exchange of stock any one stockholder may acquire, in excess of such number of shares, as to the manner of distributing

tors.

Name.

N

By laws.

the profits, and in such proportion as may be thought proper, upon the labor and patronage in the business of said company; as to the amount and time for which debts may be contracted, and as to the time and manner in which the trustees or directors shall make reports, and render accounts, as to the condition of the company and its affairs. But every such company shall at the be- Dividends. ginning of each fiscal year, fix and determine the maximum per cent of dividend which may be apportioned upon the stock out of the profits which may accrue during the year.

$ 4. The title of said act is hereby amended so as to read “An act incorpo- Title of rating co-operative companies."

$ 5. All acts or parts of acts so far as they are in conflict herewith are hereby repealed.

act.

Treasurers

CHAP 94. AN ACT to amend chapter four hundred and thirty-six of the laws County

of eighteen hundred and seventy-seven, entitled "An act in rela- Act. tion to county treasurers."

PASSED March 30, 1878; three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows:

SECTION 1. Section ten of chapter four hundred and thirty-six of the laws Amending of eighteen hundred and seventy-seven, entitled “An act in relation to county ch. 136, treasurers,” is hereby amended so as to read as follows:

ante, p. 454. § 10. Nothing herein contained shall apply to the counties of Sullivan, Putnam, Greene, Monroe, Onondaga, Columbia and Seneca. $ 2. This act shall take effect immediately.

See chaps. 23 and 159, L. 1879, and chaps. 233 and 580, L. 1880, post.

tions.

CHAP 96. AN ACT to amend section three of chapter five hundred and sixty- Building

four of the laws of eighteen hundred and seventy-five, entitled “ An associaact to amend chapter one hundred and twenty-two of the laws of eighteen hundred and fifty-one, entitled 'An act for the incorporation of building, mutual loan and accumulating fund associations,passed June ninth, eighteen hundred and seventy-five.

PASSED April 1, 1878. The People of the State of New York, represented in Senate and Assembly, do enact as follows :

SECTION 1. Section three of chapter five hundred and sixty-four of the laws Amending of eighteen hundred and seventy-tive, entitled “An act to amend chapter one ch.564, hundred and twenty-two of the laws of eighteen hundred and fifty-one, enti- ante, p. 188. tled 'An act for the incorporation of building, mutual loan and accumulating fund associations,'”' passed June ninth, eighteen hundred and seventy-five, is hereby amended so as to read as follows:

$ 3. Whenever the stockholders of any corporation organized under the pro- Examinavisions of this act shall deem that a personal examination by said superintend- tioning ent of the affairs of said corporation is desirable or necessary, it shall be the corporaduty of said superintendent, on the request in writing, signed by not less tions. than five of the stockholders of said corporation, that such examination be made, either by himself or by some person duly appointed by him for that purpose, make a full and careful examination of the affairs of said corporation and make his report thereon as herein provided. The person making such examination shall have power to administer oaths and take all testimony by him deemed necessary and proper, and to compel the attendance of witnesses and

the production of books and papers, by like process and in the same manner as now provided by law to procure the attendance of witnesses and the production of books and papers in the courts of record in this state. The expense of such examination shall be borne by said corporation, but no charge shall be made therefor, when the examination is made by said superintendent personally or by one of the salaried employes of his department, except for necessary traveling and other expenses ; whenever said superintendent shall appoint any person other than a salaried officer in his department to make such examination, the amount charged therefor shall not exceed the sum of ten dollars per day for the time actually expended in making the same, and the actual and necessary expenses as herein before provided.

§ 2. This act shall take effect immediately.

CHAP 98.

rance companies.

corporations. See 4 Edm. 228,

Fire insu- AN ACT to authorize the merging of corporations organized

under the act entitled “An act to provide for the incorporation of fire insurance companies," passed June twentyfifth, eighteen hundred and fifty-three, and of the acts amending or extending the same.

Passed April 1, 1878. The People of the State of New York, represented in Senate and

Assembly, do enact as follows: Merger of

SECTION 1. Any two corporations heretofore, or that may hereafter be organized under the act entitled “An act to provide for the incorporation of fire insurance companies, passed June twenty-fifth, eighteen hundred and fifty-three, or of the acts amending or extending the same, are hereby authorized to merge one of such companies into the other of them in manner following: The directors of any two such corporations may enter into and make an agreement under their respective corporate seals, for the merger of one of said companies into the other of them, prescribing the terms and conditions thereof; the mode of carrying the same into effect; the amount of capital and number of shares of the stock into which the same is to be divided, which capital shall not be larger in amount than the aggregate amount of capital of the two companies, with such other particulars as they may deem necessary, not inconsistent with the provisions of the said last named act, and the acts amending and extending the same; and which agreement shall be subject to the approval of the superintend

ent of the insurance department. Ratifica- § 2. Such agreement of the directors shall not be deemed to be the directors agreement of the said corporations so proposing to merge one into the and stock- other, unless assented to by a majority of the number of directors of

each one of said corporations prescribed by the charters of said two corporations, until the assent of one-half of the stockholders owning two-thirds of the stock of each of said companies so proposing to become merged into one, be obtained. And when such agreement of the directors has been sanctioned and approved by one-half of the stockholders of each of said companies, owners of two-thirds of the stock

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