ler to pub firmation § 4. It shall be the duty of the comptroller of the city of New York Comptrolto give public notice, by advertisement, for at least ten days, in the lish notice City Record, printed and published in said city, immediately after the of conconfirmation of any assessment for a local improvement or street open- of assessing in said city, that the same has been confirmed, specifying the title ment, etc. of such assessment, and the date of its confirmation by the board of revision and correction of assessments in proceedings for local improvements, and by the supreme court in proceedings for street openings, and also the date of entry in the record of titles of assessments kept in the bureau for the collection of assessments and of arrears of taxes and assessments, and of Croton water rents, notifying all persons, owners of property affected by any such assessment, that, unless the amount assessed for benefit on any person or property shall be paid within sixty days after the date of said entry of any such assessment, interest shall thereafter be collected thereon as provided in the following section of this act; and all provisions of law or ordinance requiring any other or different notice of assessments and interest thereon are hereby repealed. § 5. If any such assessment shall remain unpaid for the period of Interest to sixty days after the date of entry thereof in the said record of titles of if not paid assessments, it shall be the duty of the officer, authorized to collect and within receive the amount of such assessment, to charge, collect, and receive interest thereon, at the rate of seven per centum per annum, to be calculated from the date of such entry to the date of payment. 6. This act shall take effect immediately. CHAP. 34. AN ACT to amend chapter two hundred and thirty-seven of The People of the State of New York, represented in Senate and SECTION 1. Section one of chapter two hundred and thirty-seven of the laws of eighteen hundred and eighty, entitled "An act to amend chapter seven hundred and eighty of the laws of eighteen hundred and sixty-eight, entitled 'An act in relation to a system of sewerage in and for the city of Syracuse,'" is hereby amended so as to read as follows: § 1. Section five of chapter seven hundred and eighty of the laws of eighteen hundred and sixty-eight, entitled "An act in relation to a system of sewerage in and for the city of Syracuse, as amended by section three of chapter two hundred and thirty-four of the laws of eighteen hundred and seventy-one," is hereby further amended so as to read as follows: be charged sixty days. be made to 85. After such system of sewerage shall be established, and such Sewers to maps shall be filed as aforesaid, all sewers constructed in said city, by conform or under the authority of the city, shall conform in all things to such to system system except it be made to appear to the mayor and common council age except of sewer common council order. Sewers may be con mayor and that said system is incorrect, in which case the said mayor and common council may, in their discretion, make the necessary changes in otherwise said system for the purpose of making the proper connections, and may also, in their discretion, increase the size or change the grade of any sewer; and such changes shall be carried out under the advice and direction of the city engineer and surveyor. And whenever such system provides for the construction or extension of any sewer beyond the corporate limits of such city, said common council shall have corporate power and are hereby authorized to construct or extend the same beyond such corporate limits, first obtaining the consent and approval of the lawful authorities of any village or town through which the same is proposed to be extended or constructed, and in addition thereto, also the consent of the owners of any private property in such town or village through which said sewer may run. § 2. This act shall take effect immediately. structed beyond limits. Board of may bor and issue bouds therefor. Rate of interest, etc. CHAP. 35. AN ACT to authorize the village school district of the town of Malone to borrow money for the rebuilding, furnishing, and heating a central school-house in said district, and to issue coupon bonds to secure the payment of the same. PASSED March 16, 1881; three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows: SECTION 1. The board of education of the village school district of education the town of Malone, in the county of Franklin, is hereby authorized row $15,000 and empowered to borrow upon the credit of the district the sum of fifteen thousand dollars, to be expended by said board of education in the rebuilding, furnishing and heating of a central school-house in said district, in the place and on the site of the one destroyed by fire December twenty-four, eighteen hundred and eighty; and to secure the payment of the said sum and interest thereon, the said board of education is authorized to issue coupon bonds, signed by the president and clerk of said board of education, or by such other members thereof as said board may designate. The said bonds shall be issued. in such amounts and of such denominations as the said board of education may determine, and shall bear interest at a rate not exceeding five per centum per annum. One-fifteenth part of said bonds in. amount shall be made payable June one, eighteen hundred and eightyseven, and one-fifteenth part thereof on the first day of June of each of the fourteen years succeeding and following June one, eighteen hundred and eighty-seven, with interest payable annually June one of each year reserving, however, to said district, after the said first. day of June, eighteen hundred and eighty-seven, the option of paying such of said bonds as may be outstanding at that date, as they may mature as herein before provided, or of anticipating the payment thereof at an earlier day. And the clerk of the said board of education shall enter in a book to be used by him for such purpose, the number, date and denomination of each of the said bonds, and the name of the person or persons, corporation or corporations, to whom or which issued. When payable. Clerk to enter number, etc., of bonds. § 2. In case said money shall be borrowed, the said board of educa- Tax to be levied to tion, pursuant to authority already conferred upon said board at the evita pay bonds. special meeting of said district, duly called and held at King's hall, in the village of Malone, in said district, on the third day of February, eighteen hundred and eighty-one, is hereby authorized and required annually during each of the years following June one, eighteen hundred and eighty-one, until all of said bonds and the interest thereon shall be paid, to cause to be levied and collected from the taxable property and inhabitants of the said village school district, over and above expenses of collecting, at the same time and in the same manner in which other taxes of said district for other school purposes shall be raised and collected, such sum as will pay the several bonds and interest to become due on such loan on the first day of June then next, and which said several sums, when collected, shall be paid to the treasurer of said board of education, to be used in paying said bonds and interest as they become due. § 3. This act shall take effect immediately. CHAP. 36. AN ACT to incorporate the Mexican Southern Railroad Company. PASSED March 17, 1881; three-fifths being present. The People of the State of New York, represented in Senate and SECTION 1. Ulysses S. Grant, Edwin D. Morgan, Matias Romero, Corporat And for the purpose of constructing, maintaining and operating such telegraph line or lines, as may be proper and convenient to be used for the purposes of said corporation in connection with its. business in the Republic of Mexico, and also all convenient docks, elevators, bridges, buildings, machinery, fixtures and appurtenances, within the territory aforesaid. And also for the purpose of contracting with others, having the right and franchise so to do, to carry on any of the incidental works aforesaid. And also for the purpose of constructing or purchasing and navigating such steam and sailing vessels as may be proper and convenient objects. Corporate powers subject laws. to be used for the purposes of said corporation, in connection with its business in the Republic of Mexico. And also for the purpose of acquiring and holding, by lease or contract, any and all branch or connecting railway lines, and any other of the buildings, docks and other properties above described. Said corporation may, moreover, when authorized by vote of the holders of three-fifths of its outstanding capital stock, sell, lease or otherwise dispose of any portion of its property, upon such terms as the board of directors may have approved and first submitted to the said stockholders. All powers hereby granted, which are to be exercised in the Republic exercised of Mexico, are to be exercised only subject to and in accordance with in Mexico the laws of that country and of the several states thereof, and in acto Mexican cordance with the terms of any grant or franchise derived from the government thereof, or of any of the states thereof, which may become vested in the said corporation; full power to acquire, by purchase or otherwise, and to accept and exercise any franchise or franchises from the government of the Republic of Mexico, and from any one or more of the several states thereof, and to comply with the terms thereof, being hereby granted. Capital stock. Shares. Payment for prop erty may stock. he made in First § 2. The capital stock of said corporation shall be fixed by the directors at a sum not less than ten millions of dollars, with liberty to increase the same from time to time, at any time, to such sum as may be deemed necessary by the board of directors of said corporation for the purposes of its business. Provided, such increase be submitted to and approved by three-fifths in interest of the stockholders of the said corporation. The said capital stock shall be divided into shares of one hundred dollars each, and shall be deemed personal property, transferable in such manner as the by-laws of said corporation shall direct. At the time of subscribing to such stock every subscriber shall pay to the directors ten per centum on the amount subscribed by him, in money, and no subscription shall be received or taken without such payment. Payment for any property acquired, work done, or materials furnished, may be made at its fair market value in the capital stock of said corporation, to be issued for that purpose, upon which stock, when so issued, no further assessment shall be made. Provided, that no contract for such payment shall be valid until the same shall be ratified by a vote of the holders of three-fifths of all outstanding stock, given in person or by proxy, at an annual meeting of said corporation, or a meeting called expressly for that purpose. The said corporation may commence operations whenever one million of dollars shall have been subscribed, and ten per centum paid thereon in money. The incorporators herein named, who, as hereinafter provided, shall directors. be the first directors of said corporation, may appoint three of their number as commissioners to receive subscriptions for said capital stock at such times and places, and under such rules and regulations as they shall prescribe. number, election of, etc. Directors, § 3. The powers of said corporation shall be exercised by a board of thirty directors, who shall be stockholders, and who shall hold their offices for one year, and until others are chosen in their places. The persons named in section first of this act shall be the directors for the first year, and until the election of their successors. The directors, except those named in section first of this act, shall be annually chosen by the stockholders of said corporation, at such time and place in the city of New York, and on such notice as shall be prescribed by the by-laws of said corporation. Meetings of the board of direction shall be held in the city of New Meetings. York, and a majority of the members of the board who are residents of the United States shall constitute a quorum for the transaction of business. At all meetings of the stockholders, each share of stock shall entitle the holder to one vote, to be given in person or by proxy. elect named not In case it should so happen that an election of directors shall not Failure to be made on the day appointed by the by-laws of said corporation, the directors said corporation shall not for that cause be deemed to be dissolved, but on day such election shall be held at any special meeting called by the direct- to dissolve ors of said corporation, or by three-fifths in interest of the stock- corporaholders thereof. Notice of the time and place of holding such special special meeting shall be given by publishing such notice for at least thirty meeting days in the state paper of this state, and in a daily newspaper published directors. in the city of New York. tion. to elect 4. The directors shall appoint one of their number to be president, Officers. and may appoint such other officers and agents for such times as they shall deem necessary; and they may make and establish such by-laws, not inconsistent with the laws of this state, or of the United States, or of the Republic of Mexico, and the several states thereof, as they think proper and expedient, touching the disposition and management of the property, estate and effects of the said corporation, the transfer of shares, the duty and conduct of their officers and servants, the clection and meeting of the directors, and all other matters whatsoever which appertain to the business of the said corporation. be Vacancies. When any vacancy shall happen in the board of directors, it may filled by the remaining members of the board; and the board may remove all officers appointed by them and appoint others in their places, and fill all vacancies which may arise. for stock. 5. The directors may require payment of subscriptions to the Payments stock, at such times and in such installments as they may deem proper, and may adopt regulations for the sale of stock upon which any installment shall remain unpaid; and may sue for and recover all such subscriptions. borrow § 6. The corporation may borrow, from time to time, such sums of Corporamoney as it may deem necessary for the purposes of its business tion may authorized by this act, and may from time to time, issue its bonds in money, evidence of such indebtedness. Said bonds may also confer upon the holders thereof the power to convert the principal sum of any of said bonds into capital stock of said corporation upon terms therein expressed. The board of directors may sell or dispose of said bonds on the best terms in their judgment obtainable therefor; and may, for temporary need, hypothecate the same. etc. property. Said corporation is hereby authorized to mortgage auy part of its May mortcorporate property, franchises and privileges, to secure the payment of gages such bonds. Provided, that the assent of said corporation to the making of any such bonds or mortgage shall be given and evidenced by the vote of three-fifths in interest of the stockholders thereof, cast in person, or by proxy, at a regular annual meeting, or a special meeting called expressly for that purpose. § 7. Each and every shareholder shall be individually liable to the Liability creditors of said corporation for all debts and liabilities of the said of stockcorporation, to the amount unpaid on the stock so held by him; and holders. |