to his own proper name, and the word "bank" is added thereto on such circulating notes; and in case such individual shall have partners in the business of banking at the time of commencing the same, such fact shall be shown by the words, "and company," to be added to his own proper name, upon every note issued to him or them from the banking department. CHAP. XX. bequeath ness of $7. Section nine of chapter two hundred and forty-two of Selling or the laws of eighteen hundred and fifty-four, shall not be so ing busiconstrued as to prohibit an individual banker from selling banking. his business of banking, upon the securities deposited by him, with all the privileges thereof, to any person who, previous to the passage of said act of eighteen hundred and fifty-four, was the partner in good faith, of such banker, in the business of banking aforesaid; neither shall it be so construed as to prohibit an individual banker from bequeathing his business of banking, upon the securities deposited by him, to any person or persons; nor shall it be so construed as to prohibit the business from being continued after his death by his legatee or heir at law. 19 N. Y., 40. $ 8. The superintendent of the banking department is hereby directed to pay into the treasury of the state, the sum of three hundred and sixty dollars and thirteen cents, now standing to the credit of the City Trust and Banking Company, the North American Bank, and the Farmers' Bank of Orange County; and the further sum of five hundred and seventy dollars and seventy-six cents, now standing to the credit of the Manufacturers' Bank of Ulster, and the Farmers' Bank of Malone, to be applied to the current expenses of the bank department. Monera to treasury. be paid into city bank of $9. The superintendent of the banking department is Assets of hereby authorised to compromise, sell or dispose of, at public Buffalo. or private sale, as he may deem most for the interest of the bank fund, all or any portion of the assets of the City Bank of Buffalo, belonging to the bank fund, and pay the amount realized therefrom to the treasurer on account of the bank fund. of terms. $10. The terms "banking association," and "individual Application banker," as used in this act, shall be deemed to apply only to such banking associations and individual bankers as are or may be organized under the act of April eighteen, eighteen hundred and thirty-eight, and the several amendments thereto. § 11. All acts or parts of acts, so far as the same are inconsistent with the provisions of this act, are hereby repealed. PART I CHAP. 370. AN ACT to provide for the final closing of incorporated banks, continuing the business of banking until the expiration of their charters. [For this act see Laws of 1859, ch. 236.] PASSED April 13, 1857. Redemption of notes. Notices of election. CHAP. 804. AN ACT to amend the laws relative to Banking, and to prevent the improper retention of the notes of country banks. PASSED April 30, 1857. The People of the State of New York, represented in Senate and Assembly, do enact as follows: S1. It shall be optional with every incorporated bank, banking association or individual banker, doing the business of banking under any statute of this state, and receiving after this act takes effect, on deposit, in the course of its or his business, or otherwise, the circulating notes issued by any other incorporated bank, banking association or individual banker engaged in the business of banking under any such statute, to present such notes for redemption and payment in the manner and upon the terms now provided by law, either to the lawful redeeming agents or at the counters of the incorporated banks, banking associations or individual bankers issuing them; but every such incorporated bank, banking association and individual banker shall elect to present, and shall present such notes and all of them, it or he, may have on hand at the time of such presentation, either to the lawful agents, or at the counters of the banks, banking associations or individual bankers issuing them, for redemption and payment, in the manner provided by law, as often at least as once in each successive week, when more than the sum of ten thousand dollars are held by said incorporated banks, banking association or individual banker. $2. If either of such banks, banking associations or bankers holding such circulating notes, shall elect to present the same for redemption and payment at the counters of the banks, banking associations or bankers issuing them, it, or he, shall cause a written or printed notice of such election, attested by the signature of the president or cashier of the bank, banking association or banker, so holding them, under the seal of such bank, banking association, or banker, that it or he will thereafter seal and present such notes and all of them, that it or he shall have on hand at the time of such sealing, at the counter of the bank, banking association or banker issuing them, for redemption and payment, as often at least as once in each successive week, when more than the sum of ten thousand dollars are held by said incorporated banks, banking association or individual banker, to be redeemed and paid in the manner required by law; and when such notice shall have been given, such notes so received by such banks, banking associations and bankers aforesaid giving such notice, shall thereafter be presented at such counters, and not elsewhere, for redemption and payment, unless a further notice of ten days shall be given in the manner above provided, that such notes will thereafter be presented for redemption and payment to the lawful redeeming agent aforesaid, within the times and upon the terms prescribed by law; but nothing herein contained shall be construed to prohibit banks, banking associations and individual bankers from redeeming, presenting, holding, pledging or exchanging each others circulating notes in the manner, within the times and upon such terms as they may agree upon, or may heretofore have agreed upon, and as shall be conformable to pre-existing laws. CHAP. XX. violation. $3. Every incorporated bank, banking association and in- Penalty for dividual banker who shall knowingly and wilfully neglect or refuse to comply with the provisions of this act, shall forfeit and pay the sum of one thousand dollars, to be sued for and recovered in the name of the people of the state of New York, in any court having competent jurisdiction. CHAP. 132. AN ACT to restrain Banks, Banking Institutions and Individual Bankers from assuming the title of Savings Banks or receiving deposits as such. PASSED April 9th, 1858. The People of the State of New York, represented in Senate and Assembly, do enact as follows: $1. It shall not be lawful for any bank, banking association or individual banker, authorized to issue circulating notes, by the laws of this state, established in any city or village where a chartered savings bank is located and transacting business, to advertise or put forth a sign as a savings bank, or in any way to solicit or receive deposits as a savings bank, and any bank, banking association or individual banker, which shall offend against these provisions shall forfeit and pay for every such offence the sum of one hundred dollars for every day such offence shall be continued, to be sued for and recovered in the name of the people of this state, by the district attorneys of the several counties in any court having cogni PART I. Certain sections amended. Notice of intention zance thereof, for the use of the poor, chargeable to said county in which such offence shall be committed. CHAP. 236. AN ACT in relation to the Bank Department. PASSED April 11, 1859. The People of the State of New York, represented in Senate and Assembly, do enact as follows: S1. Sections eight and nine of chapter three hundred and nineteen, being an act to amend the act entitled "An act to authorize the business of banking," passed May twenty-sixth, eighteen hundred and forty-one, and chapter sixty-eight, being an act to amend the act entitled "An act to authorize the business of banking," passed May twenty-sixth, eighteen hundred and forty-one, which act was passed on the 29th of March, eighteen hundred and fifty-one, and chapter three hundred and seventy, entitled "An act to provide for the final closing of incorporated banks, continuing the business of banking until the expiration of their charters," passed April thirteenth, eighteen hundred and fifty-seven, are hereby amended so as to read as follows: 1. Whenever any banking association, individual banker, receiver of a banking association, assignee or assignees of an bank, &c. individual banker, shall have given notice to the superinten to close Upon re posit, &c. dent of their intention to close the business of banking, or the trustees or legal representatives of any incorporated bank whose charter has expired, or the receiver of any incorporated bank, which shall have been declared insolvent, shall have redeemed at least ninety per cent of their circulating notes, outstanding at the date of such notice, expiration of charter or declaration of insolvency, they shall be entitled to deposit with the superintendent, and he is hereby authorized to receive, a deposit of money equal to the, amount of the outstanding circulation at the time of such deposit, to be placed by him in some bank in the city of Albany, in good credit, upon the receipt of which it shall be lawful for the superintendent to give up all other securities theretofore deposited with him for the redemption of circulating notes issued thereon. 2. Upon the receipt of such deposit the superintendent ceipt of de shall immediately give notice in the state paper, and at least one newspaper in the county where such bank, banking association or banker shall have been located or doing business, which notice shall be published at least once a week for six months successively, that the notes of such bank, banking association or banker will be redeemed by him, at the bank where such deposit is made, at par; and that all the outstanding circulating notes of such bank, banking association or banker must be so presented for redemption within six years from the date of such notice, and all notes which shall not be thus presented for redemption and payment within the time specified in such notice, shall cease to be a charge upon the funds in the hands of the superintendent for that purpose. CHAP. XX. notes. 3. At the expiration of such notice, it shall be lawful for Superinten the superintendent to surrender, and such bank, banking as- render, &c. sociation, banker, receiver, assignees or trustees, or their legal representatives, shall be entitled to receive from him all the money remaining in his hands after such redemption, except so much thereof as may be necessary to pay the reasonable expenses chargeable against the said accounts, including the payment for the publication of the above mentioned notices. 4. All circulating notes of such bank, banking associa- Circulating tion or banker, which shall not have been presented for payment within the period required by such notice, shall, upon the expiration of such period, cease to be a lien or charge upon the property and effects of such bank, banking association or banker, in the hands of such receivers, assignees, trustees or otherwise; and all liability of such receivers, assignees, trustees, banks, banking associations or bankers, for or on account of any circulating notes, which shall not have been presented within the time aforesaid, shall also cease. 5. Said trustees, receiver, assignees, bank, banking associa- Surplus to tion or banker, may, after the full payment of all the circulating notes issued by them respectively, which shall have been presented within the time required by such notice, and of all other lawful claims and demands against such bank, banking association or banker, divide the remaining property and effects of said bank, banking association or banker among the stockholders thereof, their or his personal representatives or assigns, according to their respective shares or interest therein. be divided. be paid into $2. The superintendent of the banking department is here- Balance to by directed to pay into the treasury of the state all balances treasury. of money remaining in his hands unclaimed for six years from the date of such deposit, to be applied to the current expenses of the bank department. notice, how $3. Any legal notice that shall be served upon the superin- Legal tendent of the banking department, in relation to any mort- served. gage of which he is the assignee, shall specify the name of the mortgagor and the description of the premises, as shown by the mortgage covering them, and the name of the party by whom it was assigned to him; and unless such notice shall contain the provisions hereinbefore mentioned, a non-compliance with the terms of such notice on the part of the superintendent shall not invalidate or lessen the security conveyed by such mortgage, or in any manner affect his lien upon the mortgaged premises conveyed under it. S4. It shall be the duty of every public officer into whose Duty of hands shall come any counterfeit bank note plate, or other lic officer. every pub |