Boats to run in the said city, a just account of all such fees and perquisites, and pay over the same to the chamberlain, for the use of said city. 4. This act shall take effect immediately. AN ACT in relation to the navigation of the East river by steamboats. Passed April 12, 1848. The People of the State of New-York, represented in Senate and Assembly, do enact as follows: § 1. All the steamboats passing up and down the East river, centre of between the Battery at the southern extremity of the city of the river. New-York, and Blackwell's Island, shall be navigated as near as possible in the centre of the river except in going into or out of the usual berth or landing place of such steamboat, and shall not be propelled at a greater rate of speed than ten miles an hour. Penalty. May hold. certain land. §2. The master, pilot or engineer of any steamboat violating either of the provisions of the foregoing section, shall be deemed guilty of a misdemeanor; and in addition thereto, the master, pilot and engineer of such steamboat shall respectively be liable to the penalty prescribed in section nine, title ten, chapter twenty of the first part of the Revised Statutes, to be sued for and applied as therein directed. CHAP. 322. AN ACT to enable Mary Grogan to hold and convey certain real estate. Passed April 12, 1848. The People of the State of New-York, represented in Senate and Assembly, do enact as follows: § 1. Mary Grogan, a resident of the town of Schodack, and convey Rensselaer county, an alien, but who has taken the incipient steps to become naturalized, is hereby authorised to hold, convey, demise, devise or otherwise dispose of the real estate situate in the said town of Schodack, and conveyed by William Harris and wife to James F. Golding, on the twenty-ninth day of April eighteen hundred and forty, and by said Golding to said Mary Grogan on the fourteenth day of March eighteen hundred and forty-four, in the same manner as if the said Golding and the said Mary Grogan were citizens of the United States at the time the said conveyances were executed. Proviso as to just ebta. 2. Provided that said real estate shall be subject to the just debts of said James F. Golding in the hands of said Mary Grogan, in the same manner and to the same extent it would be in said Golding, if he continued to hold the said real estate. §3. This act shall take effect immediately. CHAP. 323. AN ACT to amend the charter of the Fallsburgh and Liberty Passed April 12, 1848. The People of the State of New-York, represented in Senate and Assembly, do enact as follows: § 1. The fourth section of the act entitled "An act to incorporate the Fallsburgh and Liberty turnpike road company," passed May 10, 1845, is hereby amended so as to read as follows: when to organise. §4. Whenever the sum of two thousand dollars shall be company subscribed, the said company may organize and commence operations, and when any five miles or more of said road shall be completed, it shall be lawful for the said company to erect a toll-gate or toll-gates thereon, at such places as a majority of the board of directors shall designate, in the proportion of one full toll-gate to every ten miles of said road; or a half toll-gate for every five miles of said road; but such gates shall not be nearer than five miles to each other if half toll-gates, nor nearer than ten miles of each other if full tollgates. § 2. This act shall take effect immediately. CHAP. 324. ( AN ACT to incorporate the institution for the savings of Merchants' Clerks. Passed April 12, 1848. The People of the State of New-York, represented in Senate and Assembly, do enact as follows: §1. Moses H. Grinnell, James G. King, James De Peyster Corporat'n Ogden, Prosper M. Wetmore, Matthew Maury, Townsend created Harris, Thomas W. Groser, Isaac H. Bailey, W. A. Kissam, John J. Palmer, William H. Macy and such other persons as may be hereafter associated with them, in conformity with this act, and their successors, are hereby constituted and created a body corporate and politic by the name of the "Institution for the savings of merchants' clerks," to be located in the city of New-York. §2. The officers of the said corporation shall consist of a Officers. president, two vice presidents and a treasurer, who together Election of or trustees. with twenty trustees shall constitute a board of managers, five of whom, if one of the officers be present, shall constitute a legal meeting of such board. §3. The first managers or trustees of the said corporation managers shall be elected and constituted as follows: nine of the said first managers shall be elected by the chamber of commerce of the state of New-York, from its own body, and the said chamber of commerce shall fill any and all vacancies that may hereafter occur in the said nine managers; and the president, first vice president and treasurer of the said chamber of commerce, and the president, vice president and treasurer of the Mercantile Library Association of the city of NewYork, shall always be ex officio managers of the said corporation. The chamber of commerce, aforesaid, shall at its next meeting after the passage of this act elect nine of the first managers of the said corporation, who, together with the before mentioned six ex officio managers, shall meet together and elect the remaining nine first managers of the said corporation; and the said board of managers or trustees so constituted, shall fill any vacancies that may hereafter occur in the said nine managers last mentioned. Managers sified. § 4. After the first managers of the said corporation shall to be clas- all have been elected in conformity with the next preceding section of this act, those nine managers first elected by the chamber of commerce, shall divide themselves into three classes of three each, each class to be determined by lot, one of which, consisting of three managers or trustees, shall retire annually from the board of managers; and the nine managers first elected in conformity with the last clause of the next preceding section of this act, shall also divide themselves into three classes, in the same manner, one of which classes shall retire from the said board annually; and all vacancies thus occasioned shall be filled in the manner precribed in the next preceding section of this act. The priority or seniority of the several classes of the first managers shall also be determined by lot, and the senior classes shall be the first to retire, and subsequently the several classes shall retire in regular order of seniority. Any vacancies which may occur in the said board of managers, by death or resignation, shall be filled as prescribed in the next preceding section of this act, and in all cases where such an election is made, the party elected to fill such vacancy, shall be elected for the remainder of the unexpired term of service of the manager or trustee who shall have died or resigned. Of what pursuit. Officers. § 5. All and every one of the managers or trustees of the said corporation, shall be persons who are, or have been, prior to their election, connected with mercantile pursuits. § 6. The said board of managers or trustees, constituted in conformity with the next preceding sections of this act shall elect the president, two vice-presidents and treasurer of the said corporation, from their own body. §7. The trustees or managers of said corporation shall Restriction not, directly or indirectly, receive any pay or emolument for their services. §8. The said corporation shall receive as deposits, all sums Deposits. of money that may be offered for that purpose, by clerks and other persons, in such sums and on such terms as may be allowed under the rules to be adopted by the board of trustees. how to be § 9. The said corporation is hereby authorised to invest Moneys the moneys so deposited, in government securities, or any invested. public stock created under and by virtue of any law of the United States, or of this state, or of the corporation of the city of New-York, and to loan money on bond and mortgage, secured by improved real estate of double the value of the amount loaned; and in case three fourths of the board of trustees shall determine in favor thereof, the said moneys may be invested in the public stocks of other states of the union; and the said corporation may also make temporary deposits in any of the incorporated banks in the city of New-York, and receive interest at such rates, not exceeding that allowed by law, as may be agreed upon; and such deposits shall be repaid to each depositor, when required, at such times, and with such interest, and under such regulations as the board of managers shall from time to time prescribe: which regulations shall be put up in some public, and conspicuous place in the room where the business of the said corporation shall be transacted, and any regulations made, shall not be altered so as to affect any one who may have been a depositor previous to such alteration. § 10. No part of the money so deposited shall be invested Restriction except in the manner prescribed in the next preceding section of this act, and no president, vice-president, trustee or other officer of said corporation, shall, directly or indirectly, borrow or use the funds of the corporation, except to pay the necessary current expenses; and all certificates or evidences of deposit made by the proper officers, shall be as effectual to bind the corporation, as if they were under the common seal thereof. § 11. It shall be the duty of the board of managers of said Rate of bank, to regulate the rate of interest to be allowed to the de- interest. positors from the profits of the said institution, after deducting all necessary expenses herein authorised to be incurred. give secu 12. The board of managers of said corporation, shall re- Officers to quire from the subordinate officers and agents, security for rity. their fidelity and good conduct; and said board shall fix the salaries of such officers and agents. 13. The books of said corporation shall at all times dur- Books to ber ing the hours of business be open for inspection and exaini- open. Saving clause. minors. nation, to the comptroller of this state, and such other persons as the legislature or the comptroller shall designate or appoint. 14. A misnomer of the said corporation in any deed, gift, grant, or other instrument, contract or conveyance, shall not vitiate the same if the corporation be sufficently described therein to ascertain the intention of the parties. Deposits by § 15. When any deposit shall be made by any person being a minor, the said corporation may at their discretion, pay to such depositor such sums as may be due to such minor, although no guardian shall have been appointed for such depositor; and the receipt or acquittance of such minor shall be as valid as if the same were executed by a guardian of such minor duly appointed. Real estate § 16. The said corporation may hold so much real estate as may be necessary for its own purposes in the transaction of business, not exceeding the clear annual value of ten thousand dollars, and may also have the right to purchase real estate under foreclosure of any mortgage which the said corporation may hold by virtue of the ninth section of this act, provided no purchaser can at the time be found, who will pay for the property so foreclosed, the sum of the lien which the said corporation may have upon it; and the said corporation may hold the real estate so purchased, until a purchaser shall be found who will pay for the same its fair market value, provided it be a sufficient sum to indemnify the said corporation, for the amount of money loaned upon the said real estate, together with the interest and expenses due thereon. General powers. Free § 17. The provisions contained in title three, of chapter eighteen, of the first part of the Revised Statutes, shall be deemed and taken as a part of this act, except where the same are herein altered, modified, or changed. CHAP. 325. AN ACT to authorise Adriance Van Brunt and others to build a draw bridge over the Gowanus creek. Passed April 12, 1848. The People of the State of New-York, represented in Senate and Assembly, do enact as follows: §1. Adriance Van Brunt, John Q. Aymar and Arthur W. bridge. Benson, or a majority of them, of the city of Brooklyn, county of Kings, are hereby authorised by private subscription to build, erect, finish and keep in repair a free bridge over the Gowanus creek on the line of the Ninth-street; said bridge to be constructed with a draw thirty feet in width. |