New York, L. 1856, Chap. 64.

17

SEC. 5. It shall also be lawful for the said railroad company to agree with the said commissioners in behalf of any town subscribing and purchasing the stock of the said company under this act, to pay the annual interest accruing on the bonds issued by said town for the term of five years, or until the railroad shall be completed and in operation. The amount of such interest to be repaid by the said commissioners to the company within five years next after the said road shall have been opened and put in operation, in equal annual installments, to be levied and raised in the same manner provided by this act for paying the annual interest accruing ou said bonds, or by a sale of the stock as herein provided, in case the dividends or income from the stock held by such town shall be insufficient for the purpose.

SEC. 6. The said commissioners appointed under and by virtue of this act may at any time after acquiring such capital stock, exchange the same in whole or in part for the bonds issued under the authority of this act, and in such case they shall cancel the bonds so received by them, or they may dispose of such stock in their discretion to any purchaser or purchasers for cash, but shall not sell or dispose of such stock at less than par, except at public sale, of which twenty days' notice shall be given in two newspapers published in the county wherein such town is located; and in case of sale of said stock, either at public or private sale, the proceeds thereof shall be applied by said commissioners to the purchase or redemption of the bonds authorized to be issued by this act, and to no other purpose whatever.

SEC. 7. After the expiration of twenty-five years from the passage of this act, it shall be and is hereby made the duty of said board of supervisors, and they are hereby authorized, unless the payment of said bonds are otherwise provided for, 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, the sum due on the said bonds so issued in pursuance of this act, together with the interest on said principal sum, or so much thereof as may remain unpaid by reason of the deficiency of the dividends and sale arising from the said stock. The amount so to be raised by the said board of supervisors for the payment of the principal or interest shall be determined by the report of said commissioners to the said board of supervisors, as hereinbefore authorized by this act.

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New York, L. 1856, Chap. 64.

SEC. 8. The said commissioners shall also provide, within five years from the time of issuing said bonds, for the annual payment of at least five per cent of the same, so as to insure the final liquidation of said bonds within twenty-five years after their date; and for that purpose they shall receive and apply annually the surplus dividends on the stock held by said town over the amount necessary to pay the annual interest on said bonds; and if the amount of such surplus dividends is not sufficient for the annual payment of said five per cent, and the said commissioners shall not have received sufficient from the sale of stock, as herein provided, to pay the same, then the deficiency shall be reported by the said commissioners to the board of supervisors, to be levied and raised annually in the manner herein provided for paying the interest on said bonds.

SEC. 9. Before the said commissioners, or either of them, shall enter upon the discharge of their duties under this act, they shall, jointly and severally, with two or more sureties, execute to the supervisor of said town a bond in the penal sum equal to the amount to be issued by said town, under and by virtue of this act, conditioned for the faithful discharge of their duties as commissioners under this act, and for the just and honest application by them of all moneys, stocks or bonds issued by them or coming into their hands, according to the true intent and meaning of this act. The sufficiency of said sureties shall be determined by the county judge of the county wherein such town is situated, to be indorsed on said bond. The said bonds shall immediately thereafter be deposited with the supervisor of said town, to be collected by him or his successor in office for the use and benefit of said town, in case the said commissioners, or either of them, are guilty of such a breach of duty or malfeasance in office as to render said bonds collectible.

SEC. 10. In case a vacancy shall happen by reason of death, removal from said town, resignation, refusal to

serve,

or otherwise,

of

of either

said commissioners provided for in this act, the vacancy shall be filled by the county judge, in the same manner as provided in the first sectiou of this act for the appointment of commissioners. Each and every person thus appointed shall, before he enters upon the discharge of his duties, execute and deliver to said supervisor a bond, in like amount, with like conditions and sureties as hereinbefore provided; and all

New York, L. 1856, Chap. 64.

19

provisions of this act shall apply to the successors of the commissioners provided for in this act, whose powers, duties and liabilities shall be the same as those of the commissioners provided for in this act.

SEC. 11. Each of the said commissioners shall receive the sum of two dollars for each day actually engaged in the discharge of his duties under this act, and his necessary disbursements to be audited and paid by the said town.

SEC. 12. This act shall be so construed as to apply to any number or all of the towns in the counties of Schenectady, Schoharie, Otsego, Delaware, Chenango and Broome, that shall deem it expedient to comply with the provisions herein contained, each town to act separately in the premises, and to have the full benefit of this act without cooperation with any other town.

SEC. 13. This act shall take effect immediately.

NEW YORK, LAWS OF 1857, CHAP. 398.

AN ACT TO EXTEND THE TIME FOR THE COMPLETION OF THE ALBANY AND SUSQUEHANNA RAILROAD, AND TO COMPLY WITH THE CONDITIONS OF THE ACT AUTHORIZING THE CITY OF ALBANY TO MAKE A LOAN TO SAID COMPANY.

Passed April 14, 1857; three-fifths being present.

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

SECTION 1. The Albany and Susquehanna Railroad Company shall have four 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 second, eighteen hundred and fifty, and the time is also extended, in like manner, for said company to comply with the conditions specified in an act entitled "An act to authorize the city of Albany to make a loan to the Albany and Susquehanna Railroad Company," and upon compliance with such conditions on the part of the company within such extended time, the authorities of said city are hereby authorized and required to execute, issue and deliver bonds to the company, as therein contemplated, to the extent and in the manner specified in the terms of said act.

NEW YORK, LAWS OF 1857, CHAP. 401.

AN ACT TO AMEND " AN ACT TO AUTHORIZE ANY TOWN IN THE COUNTIES OF SCHENECTADY, SCHOHARIE, OTSEGO, DELAWARE, CHENANGO OR BROOME TO SUBSCRIBE TO THE CAPITAL STOCK OF THE ALBANY AND SUSQUEHANNA RAILROAD COMPANY," PASSED MARCH THIRTYFIRST, EIGHTEEN HUNDRED AND FIFTY-SIX.

Passed April 14, 1857; three-fifths being present.

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

SECTION 1. The first section of the said act is hereby amended and shall read as follows:

SEC. 1. On the application in writing of twelve or more freeholders, residents of any town in either of the counties of Schenectady, Schoharie, Otsego, 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; the number of said commissioners thereafter to be designated and elected in the several towns, at the annual town meetings, in the same manner as commissioners of highways now are.

SEC. 2. The second section of said act is hereby amended and shall read as follows:

SEC. 2. It shall be lawful for said commissioner or commissioners to borrow, on the faith and credit of such town, provided the consent in writing of a majority of the tax-payers, their heirs or legal representatives, representing a majority of the taxable property in said town, appearing upon the last assessment roll, shall first be obtained, proof of which shall be by affidavit, 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 twentyfive years, and in such form as the said commissioner or commis