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Lands and tenements which it fhall

be lawful for

the faid corporation to hold.

shall not exceed three times the sum of the capital stock subscribed and actually paid into the said bank; and in case of such excess the directors under whose administra tion it shall happen, shall be liable for the same in their separate and private capacities, but this shall not be construed to exempt the said corporation, or any estate, real or per sonal, which they may hold as a body corporate, from being also liable for and chargeable with such excess; but such of the directors who have been absent when the said excess was contracted, or who may have dissented from the resolution or act whereby the same was so contracted, shall not be so liable.

IX. And be it further enacted, That the lands, tenements and hereditaments which it shall be lawful for the said corporation to hold, shall be only such as shall be requisite for its immediate accommodation in relation to the convenient transacting of its business, or such as shall have been bona fide mortgaged to it by way of security, or conveyed to it in satisfaction of debts previously contracted in the course of its dealings, or purchased at sales upon judgments which shall have been obtained for such debts; Reftriction of And further, The said corporation shall not directly or intion as to deal directly, deal or trade in buying or selling any goods, ing or trading. wares, merchandizes or commodities whatsoever, or in buying or selling any stock created under any act of the United States or any particular state, unless in selling the same when truly pledged by way of security for debts due to the said corporation.

faid corpora

Bills obligatory and of credit under the feal of

X. And be it further enacted, That the bills obligatory and of credit, under the seal of the said corporation, which shall be made to any person or persons, shall be assignable tion made af by indorsement thereupon under the hand or hands of

faid corpora

fignable by indorsement.

And bills or notes iffued

by order of

the faid corporation and

not under feal

Directors to demand of

the ftockhold

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such person or persons, his, her or their assignee or assignees, and so as absolutely to transfer and vest the property thereof in each and every assignee or assignees respectively, and to enable such assignee or assignees to bring and maintain an action thereupon in his, her or their own name or names; and bills or notes which may be issued by order of the said corporation promising the payment to any person or persons, his, her or their order, or to bearer, though not under the seal of the said corporation, shall be binding and obligatory upon the same in like manner and with like force and effect as upon any private person or persons if issued by him, her or them, in his, her or their private or natural capacity or capacities, and shall be assignable and negotiable in like manner as if they were so issued by such private person or persons.

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XI. And be it further enacted, That it shall be lawful for the directors for the time being to call and demand ers the tums from the stockholders respectively all such sums of money by them subscribed or to be subscribed at such

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times and in such proportions as they shall see fit, under pain of forfeiture of their shares and of all previous payments thereon to the said company; always however giving sixty days previous notice of such call and demand in one of the newspapers to be published as aforesaid. XII. And be it further enacted, That this present act of Incorporation incorporation shall in no wise be forfeited by any non-user whatsoever at any time before the first day of September next, and that it shall on that day be lawful for the stockholders above mentioned to assemble for the purpose of carrying the same into effect, any want of notice in the manner above prescribed to the contrary in any wise notwithstanding.

XIII. And be it further enacted, That each stockholder at elections, and on all other questions, shall be entitled to the number of votes proportioned to the number of shares which he or she shall have held in his or her own name, for at least three months preceding such time, according to the following ratio, that is to say; One vote for every share not exceeding eight, ten votes for twenty shares, twenty votes for thirty shares, and one vote for every ten shares aboves thirty, but no person, co-partnership or body politic shall be entitled to more than fifty votes; and no stockholder, unless actually resident within the United States, shall vote at elections or on any other occasions by proxy.

not to be forfeited by nonuter before theft of Sept.

next.

Apportionment of votes holder.

to each stock

make half yearly dividends.

Cashier and bond for the clerks to give faithful pertheir duties.

XIV. And be it further enacted, That it shall be the du- Directors to ty of the directors to make half-yearly dividends of so much of the profits of the said bank as to them, or a majority of them shall seem advisable; and that every cashier and clerk before he enter upon the duties of his office shall give bond, with two or more sureties, to be approved of by the directors for the time being, or a major ity of them, in a sum not less than ten thousand dollars for such cashier, and two thousand dollars for each clerk, conditioned for the faithful discharge of their several du-. ties.

formance of

XV. And be it further enacted, That the said corporation Amount of shall not demand any greater interest on any loan or discount than at the rate of six per centum per annum.

intereft not to. exceed 6 per cent per annum.

This act de

lic act.

XVI. And be it further enacted, That this act be and is hereby declared to be a public act, and that the same be, clared a pub. for the time herein before limited, construed in all courts and places benignly and favourably for every beneficial purpose therein mentioned.

Certain ferries to be leafed for a

Places where the ferryboats fhall land.

Ferries.

[See the general act on this subject, Vol. 1, p. 163. E.]
EIGHTH SESSION. CHAP. XLVI.
An ACT establishing and regulating Ferries across the East-
River, between the Counties of Queens and Westchester.
Passed 31st March, 1785.

A

II. ND be it further enacted by the authority aforesaid, That it shall and may be lawful for the justice or term of years. justices of the peace, resident in the several townships of Oyster-bay in Queens county, and New-Rochelle in Westchester county, and the overseers of the poor of the said respective townships, or a majority of them, to lease for any term not less than four, nor exceeding seven years, the right and privilege of setting up, keeping and maintaining a ferry from their respective townships, across the East-river to such landing places in the said two counties as are herein after mentioned; that is to say, That the ferry-boat from the township of Oyster-bay, shall and may land at such dock or landing place in the township of Rye in Westchester county as the ferry in the said township of Rye shall and may by law be kept; and that the ferryboat from the said township of Rye, shall and may land at such dock or landing-place in the said township of Oyster bay, as the ferry in the said township of Oyster-bay, shall by virtue of this act be kept; that the ferry-boat which shall be kept by the before mentioned Richard Sands, his heirs, executors or administrators, shall and may land at such dock or landing-place in the township of New-Rochelle as the ferry in the said township of New-Rochelle, shall by virtue of this act be kept and that the ferry-boat from the said township of New-Rochelle, shall and may land at such dock or landing-place at Cow-neck aforesaid, as the said Richard Sands, his heirs, executors or adininistrators, shall erect and keep, as is herein after mentioned; and that it shall and may be lawful for the justice or justices of the peace, resident in the several townships of Oysterbay and New-Rochelle, and the overseers of the poor of the said respective townships, or a majority of them, to lease for any term not less than four, nor exceeding seven years, to such person or persons, and at such yearly rent as they shall deem proper, the right and privilege of setting up, keeping and maintaining a fery across the East-river, to and from the respective townships before mentioned; and the rent to be reserved as aforesaid, shall be applied towards the maintenance and support of the poor of the respective townships aforesaid.

Sands' Point

III. And be it further enacted by the authority aforesaid, Dock to be That the said Richard Sands, his heirs, executors and erected near administrators shall, if he or they shall set up a ferry by at Cow-necks virtue of this act, erect a convenient dock or landing-place on such part of the lands of the said Richard Sands, near Sands' point at Cow-neck aforesaid, as shall be most suitable for the purpose; and shall by writing under hand and seal, covenant and agree with the overseers of the poor of the township of North-Hempstead in Queen's county, for the time being, that he the said Richard Sands, his heirs, executors and administrators,, shall and will keep and maintain a good and sufficient ferry, and will not take or receive nor suffer to be taken or received, any greater price or rate of ferriage than are herein after allowed to be received or taken; and shall also pay to the overseers of the poor of the township of North-Hempstead, for the time being, for the use of the poor of the said township, such annual rent as shall previously be agreed on, by and between the said overseers of the poor, for the time being, and the said Richard Sands; and that the justice or justices of the peace resident in the several townships of Oyster-bay and New-Rochelle, and the overseers of the poor Juftices in of the said respective townships, for the time being or a covenant majority of them, in the leases to be by them respectively keeping fermade, shall covenant and jagree with the person or per- ries to mainsons to whom they shall respectively lease the right and ferries, and privilege of setting up and keeping a ferry as aforesaid, that such person or persons shall during the term of his or their said lease, keep, support and maintain a sufficient ferry-boat, ready at all reasonable times and seasons, to carry and transport the persons and articles following, at the rates following: [Rates of ferriage altered-See the next act.]

their leafes to

tain fufficient

at certain

rates.

rates for fer

er to forfeit

IV, And be it further enacted by the authority aforesaid, If any greater That if the above mentioned Richard Sands, his heirs, riages are tak executors or administrators, or any ferryman, or person en, the offendemployed by him or them, or any other person or persons 20 fhillings. whatsoever, to whom the right and privilege of setting up and keeping a ferry shall be granted in pursuance of this act, or the ferryman or person employed by them respectively, shall take, exact or receive, any greater or higher rates for transporting persons, goods and chattels, or other things whatsoever, than are herein before limited and established, he or they, or any of them so offending, shall

forfeit and pay for every such offence the sum of twenty shillings, to be recovered in any court within this state having cognizance thereof, by any person who shall suc for the same; Provided always, That nothing herein before contained, shall be construed to exclude any person or persons living or inhabiting on the shores of the said East-river within the counties of Queens and Westches

No perfons to

be excluded by this act

from ferrying

in their own boats.

Unauthorized

ing a ferry to forfeit two pounds.

ter, from the right of carrying and transporting themselves and their goods and chattels respectively in their own boats, without paying any rate of ferriage.

V. And be it further enacted by the authority aforesaid, perfons keep. That if any person or persons shall set up, keep or maintain a ferry, or shall carry or transport any person, goods or chattels for hire or pay across the East-river, between the said counties of Queens and Westchester, other than such person or persons as shall be authorized to set up and keep a ferry in pursuance of this act, and other than such person or persons as shall keep and maintain a ferry across the aforesaid river by virtue of any patent or charterright heretofore granted for the purpose, and not since annulled or vacated, such person or persons shall for every such offence forfeit and pay the sum of two pounds, to be recovered in any court within this state having cognizance thereof, by any person who shall sue for the same.

After the expiration of the term

granted to the

faid Richard Sands faid ferry to be

VI. And be it further enacted by the authority aforesaid, That at the expiration of the term hereby granted to the said Richard Sands, his heirs executors and administrators, for setting up and keeping a ferry in the manner leafed again, aforesaid, or if the said Richar Sands, his heirs, executors or administrators, shall sooner decline, neglect or refuse to keep and maintain such ferry, it shall then be lawful for the justice or justices of the peace resident in the aforesaid township of North-Hempstead and the overseers of the poor of the said township, or a majority of them, to lease the right and privilege of setting up and keeping a ferry from the said township of North-Hempstead to the township of New-Rochelle in like manner and under the same rules and regulations as are herein before prescribed for the townships of Oyster-bay and New-Rochelle; Provided always, That nothing in this act contained shall be deemed or construed to extend to or affect any ferry or ferries now kept to the westward of the township of Flushing in Queens county, or to the westward of Frog's Neck in Westchester county; any thing herein before contained notwithstanding.

Certain fer

ries not to be affected by this act.

Rates of fer-
riage between
Cow neck
and New.
Rochelle.

NINETEENTH SESSION, CHAP. XXXVII.
An ACT establishing the Rates of Ferriage across the East-
River, between the Counties of Queens and Westchester.
Passed the 26th day of March, 1796.
E it enacted by the People of the State of New-York,

may be lawful for the persons who now are or hereafter
may be authorized to keep the ferries established between
Cow-neck in Queens county, and New-Rochelle in West-

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