12 New York, L. 1852, Chap. 195. four o'clock in the afternoon, and the said inspectors shall immediately thereafter canvass the ballots deposited in said box, and certify and return to the clerk of the common council of said city the result of said canvass, designating how many ballots were received" For the railroad loan," and how many were "Against the railroad loan." The mayor and clerk of the common council of said city shall, within five days after said returns shall have been made as herein required, proceed to canvass the same, and shall make and return to the common council, to be recorded in their minutes of proceedings, a certificate setting forth the aggregate vote cast at said election, designating the number given "For the railroad loan,” and also the number given "Against the railroad loan,” and that this act and the loan therein authorized to be made by the mayor, aldermen and commonalty of said city to the Albany and Susquehanna Railroad Company, has been approved and confirmed or not approved and rejected, as the case may be, by a majority of all the electors who have voted at said election. The time designated for the aforesaid election shall be determined by the common council, and notice thereof published in the city papers at least four weeks before the said election shall be held. SEC. 10. This act shall take effect immediately. NEW YORK, LAWS OF 1853, CHAP. 42. AN ACT TO EXTEND THE TIME FOR A COMPLIANCE BY THE ALBANY AND SUSQUEHANNA RAILROAD COMPANY WITH THE FORTY-SEVENTH SECTION OF THE GENERAL RAILROAD ACT. Passed March 23, 1853. The People of the State of New York, represented in Senate and Assembly, do enact as follows: SECTION 1. The time within which the Albany and Susquehanna Railroad Company shall be required to perform any of the several acts specified in the forty-seventh section of the act entitled "An act to authorize the formation of railroad corporations, and to regulate the same," passed April second, eighteen hundred and fifty, is hereby extended one year from the time of the passage of this act. SEC. 2. This act shall take effect immediately. NEW YORK, LAWS OF 1855, CHAP. 419. AN ACT TO EXTEND THE TIME FOR THE COMPLETION OF THE ALBANY AND SUSQUEHANNA RAILROAD. Passed April 13, 1855; three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows: SECTION 1. The said Albany and Susquehanna Railroad Company shall have three years, in addition to the time they now have by law, for complying with the provisions of the forty-seventh section of "An act to authorize the formation of railroad corporations, and to regulate the same," passed April 2, 1850. NEW YORK, LAWS OF 1856, CHAP. 64. AN ACT TO AUTHORIZE ANY TOWN IN THE COUNTY OF SCHENECTADY, SCHOHARIE, OTSEGO, DELAWARE, CHENANGO OR BROOME, TO SUBSCRIBE TO THE CAPITAL STOCK OF THE ALBANY AND SUSQUEHANNA RAILROAD COMPANY. Passed March 31, 1856, three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows: SECTION 1. On the application, in writing, of twelve or more freeholders, residents of any town in either of the counties of Schenectady, Schoharie, Otsego, Delaware, Chenango or Broome, it shall be the duty of the county judge of the county wherein such town is situated, within ten days after receiving such application, to appoint, under his hand and seal, not more than three freeholders, residents of said town, to be commissioners for said town, to carry into effect the purposes of this act, who shall hold their offices respectively for the term of three years. SEC. 2. It shall be lawful for said commissioners to borrow on the faith and credit of such town, provided the consent, in writing, of two-thirds of the taxpayers representing two-thirds of the taxable property in said town, appearing upon the last assessment roll shall first be obtained, proof of which shall be by affidavit of one of said commissioners, filed in the town and county clerk's offices, any sum not exceeding one hundred thousand dollars, for a term not exceeding twenty-five years, at a rate of interest not exceeding seven per cent per annum, and to execute bonds therefor, under their hands and seals; the bonds so to be executed may be in such sums, and payable at such times and places, not exceeding twenty-five years, and in such form as the said commissioners and their successors may deem expedient. SEC. 3. The said commissioners authorized by this act, may, in their discretion, dispose of such bonds, or any part thereof, to such persons or corporations and upon such terms as they shall deem most advantageous to said town, but for not less than par; and the money that shall be raised by any loan or sale of bonds, shall be invested in the stock of the Albany and Susquehanna Railroad Company, and the said money shall be applied and used in the construction of such railroad as aforesaid, and in its buildings and 16 New York, L. 1856, Chap. 64. necessary appurtenances, and for no other purpose whatever; and for that purpose the commissioners, in the corporate name of said town, may subscribe for and purchase stock of said company to the amount of the said sum of one hundred thousand dollars; and by virtue of said subscription or purchase of said stock, and upon receiving certificates, or the transfer of certificates, for the amount of said stock so subscribed for or purchased by them, the said town shall acquire all the rights and privileges, and be liable to the same responsibilities as other stockholders of said company; and it shall be lawful for the commissioners provided for in this act, or either of them, with the consent of the others, to participate in, and to act in all the regular and legally authorized meetings of the stockholders, and either of them may act as director of said company, if he shall be duly elected as such. SEC. 4. The said commissioners, authorized by this act, shall report to the board of supervisors of the county wherein said town is located, within three days after the commencement of their regular annual session in each year, the amount required to pay principal, or the interest, if any, on the said bonds, authorized to be issued under and by virtue of this act. The dividends arising from the stock so subscribed for or purchased by said town in pursuance of this act, or so much thereof as may be necessary, shall be received by said commissioners, and by them applied to the payment of the interest which shall from time to time accrue upon the bonds authorized to be issued by this act; and in case such dividends shall not be found sufficient in any one or more years, to pay the interest accruing on said bonds, it shall be, and is hereby made the duty of the said board of supervisors, and they are hereby authorized and required to cause to be assessed, and levied, and collected, upon the real and personal estate of said town, at the same time, and in the same manner as other taxes are assessed, levied and collected, such sum or sums of money as shall have been reported to said board of supervisors, by the said commissioners authorized by this act to be necessary to make good such deficiency in the payment of the interest on the said bonds, and the same, when collected, shall be paid to the said commissioners, and by them applied to the payment of the interest on said bonds, or so much thereof as shall remain unpaid, after the application of the said dividends to that purpose. |