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clerk of said town, which bonds shall be in denominations of five hundred dollars each, and shall bear interest at a rate not exceeding four per centum per annum; said interest to be payable annually on March first, and the sum of five hundred dollars of said principal to become due and payable on the first day of March in each year, commencing March first, nineteen hundred, and said bonds to be disposed of at not less than par to the highest bidder.
§ 4. The said town board is authorized and directed from time Tax for, to time to place upon the abstract of said town in addition to all and interother sums authorized by law, the amount of any such bond or bonds that shall become due in the then succeeding fiscal year, with any and all interests that shall become due within the same time and the amount payable by such town on account of such bonds, and the interests shall be levied by the board of supervisors of Jefferson county at its annual session upon such town in the same manner as other town charges.
§ 5. The town board of said town is hereby authorized and di. Leasing vf rected to lease said town hall, when completed, for lawful purposes and the net rents received therefrom shall be paid over to the supervisor and applied by him in payment of such bonds and interest.
$ 6. The said town board and commissioners shall organize by Chairman the election of a chairman and treasurer, and upon said treasurer urer. filing a bond in the town clerk's office of said town, duly ap. proved by a majority of said commissioners and town board for the faithful discharge of his duties as such treasurer, the proceeds of such bonds shall be paid over to said treasurer.
§ 7. The said town board and commissioners are hereby au. Plans and thorized and directed to adopt plans and specifications for such tions. town hall, and shall cause said town hall to be erected, equipped, furnished and completed by contract or day's labor upon the site acquired as hereinbefore provided. If said town board and Contrato commissioners shall decide to construct and furnish said town hall by contract they shall advertise for bids therefor and let the same to the lowest responsible bidder. If no satisfactory bids are obtained said town board and commissioners are authorized to reject all bids and advertise anew. They shall require every contractor to furnish adequate security to be approved by them for the faithful performance of his contract.
Payment over of moneys.
Applica tion of Walance.
§ 8. All moneys used in acquiring such site and in erecting, furnishing and completing said town hall shall be paid over by said treasurer, upon the written order of the chairman upon said treasurer, after the saine shall have been approved by a majority of said town board and commissioners. Any balance of said funds remaining after the completion and furnishing of said town hall shall be paid over by said treasurer to the supervisor of said
town, and shall be by them applied to the payment of said bonds Report of and interest as they shall become due. Upon the completion of
said town hall and the furnishing thereof, said town board and commissioners shall make and file in the office of the town clerk of the said town a full report of their proceedings, together with an itemized account of all moneys received and expended by them, together with the bills and vouchers thereof, thereupon the terms of office of said commissioners shall expire and thereafter such town hall shall be under the charge and supervision of the town board of said town of Henderson.
§ 9. This act shall take effect immediately.
proceed. engs, etc.
| Chap. 292. AN ACT to amend section eleven of the membership corporation
law, entitled "An act relative to membership corporations.” Became a law April 10, 1899, with the approval of the Governor. Passed,
a majority being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. That section eleven of the corporation law, entitled Anot * An act relative to membership corporations,” be and the said section eleven is hereby amended so as to read as follows:
§ 11. The directors of every membership corporation, except a $ corporation for the prevention of cruelty to children or animals,
and a corporation for promoting or maintaining the principles of a political party, created under or by a general or special law, shall present at its annual meeting a report, verified by the presi. dent and treasurer, or by a majority of the directors, showing the whole amount of real and personal property owned by it, where located, and where and how invested, the amount and nature of the property acquired during the year immediately preceding
Annual report of directors,
the date of the report and the manner of the acquisition; the amount applied, appropriated or expended during the year im mediately preceding such date, and the purposes, objects or per. sons to or for which such applications, appropriations or ex. penditures have been made; and the names and places of residence of the persons who have been admitted to membership in the corporation during such year, which report shall be filed with the records of the corporation and an abstract thereof entered in the minutes of the proceedings of the annual meeting. The directors of every membership corporation, except a society Llability of for the prevention of cruelty to children or animals, a corporation for the promotion of agriculture and which holds annual agricultural fairs, and a corporation formed for promoting or maintaining the principles of a political party, shall be jointly and severally liable for any debt of the corporation contracted while they are directors, payable within one year or less from the date it was contracted, if an action for the collection thereof be brought against the corporation within one year after the debt becomes due, and an execution issued therein to the county where its office is, or where a certificate of its incorporation is filed, be returned wholly or partly unsatisfied; and if the action against the directors to recover the amount unsatisfied be commenced within one year after the return of such execution; provided, however, that no director of a corporation formed for promoting or maintaining the principles of a political party shall be liable for any such debt unless the contracting of the same shall have been specifically authorized by the board of directors at a meeting thereof, and assented to thereat by the directora sought to be charged therewith.
$ 2. This act shall take effect immediately.
laws of eighteen hundred and ninety-eight, entitled "An act to
banking department. Became a law April 10, 1899, with the approval of the Governor. Passed,
a majority being present. The People of the State of New York, represented in Senate
and Assembly, do enact as follows: Charter Section 1. Section three of chapter five hundred and ninetyAmended.
nine of the laws of eighteen hundred and ninety-eight entitled, “An act to incorporate the Security Assurance Company,” is here. by amended so as to read as follows:
§ 3. The capital stock of said corporation shall be five million dollars, divided into fifty thousand shares of one hundred dollars each, and may at any time be increased or diminished by the board of directors, with the consent in writing of stockholders holding a majority of the stock then issued and outstanding; but said capital stock shall not be diminished below five hundred thousand dollars. The shares shall be transferred in such manner as shall be prescribed by the by-laws of such corporation. Subscriptions to the capital stock of the corporation except as herein otherwise provided, shall be paid at such times and in such installments as the board of directors may, by resolution, require. If default shall be made in the payment of any installment as required by such resolution, the board may declare the stock and all previous payments thereon forfeited for the use of the corporation after the expiration of sixty days from the service upon the defaulting stockholder, personally or by mail, directed to him at his post. office address, of a written notice requiring him to make payment within sixty days from the service of the notice at a place speci. fied therein, and stating that in case of a failure to do so, his stock and all previous payments thereon will be forfeited for the use of the corporation.
§ 2. Section six of said chapter is hereby amended so as to read
as follows: Reports to $ 6. The said corporation shall semi-annually make a report to tendent of the superintendent of banks containing such particulars as the
Fubscrip tions to capital.
superintendent of banks may prescribe, and said report shall be made on or before the twentieth day of January and July in each year and shall contain a statement of its condition on the mornings of the first days of January and July preceding; and the su. preme court may, at any time, on application made or otherwise, authorize any person or persons, under such directions as the said court may prescribe, to examine the books and accounts of the said corporation and inquire into a report of its management and affairs.
§ 3. Section seven of said chapter is hereby amended so as to read as follows:
§ 7. The rights, powers and privileges herein granted to said po corporation shall not be controlled, limited or restricted by any existing statute or law of this state; but so far as such statute or statutes of law are or might otherwise be inconsistent with the provisions of this act or any of them, they are and shall be deemed to be altered and amended so far as they are or might be applicable to said corporation, so as to conform to the provisions of this act, which provisions shall be in lieu of all provisions in said statutes relating to the same subject matter. Except upon Applica. subjects or matters relating to which special provision is made in Frans this act, the said corporation shall be subject to and entitled to the benefits of all general laws of this state relating to corporations and applicable to such corporations; and the said corporation shall be subject to the same supervision, inspection and examination by the superintendent of banks, or some person or persons appointed by him, known as examiners, as is provided in section eight of the banking law, and shall be subject to the provisions of section seventeen and eighteen of the banking law so far as said provisions relate to trust companies. The amendment of any such general laws shall not be deemed to be intended to amend any of the express provisions of this act unless such intention is clearly expressed in the act or acts making such amendment of such general laws.
$ 4. This act shall take effect immediately,