Page images

SIXTH, The capital stock of the said Albany and Susquehanna Railroad Company shall be one million and four hundred thousand dollars, with the right to increase the said stock, pursuant to the provisions of the said act before referred to.

SEVENTH, The said capital stock of the said Albany and Susquehanna Railroad Company shall consist of fourteen thousand shares of one hundred dollars each.

EIGHTH, The names and places of residence of the directors of the said Albany and Susquehanna Railroad Company, who shall manage its affairs for the first year, until others are chosen in their places, are Edward C. Delevan, William V. Many, Robert H. Pruyn, Franklin Townsend, Charles Van Benthuysen and Erastus Corning, Jr., of the city of Albany, Joel P. Knott, of the town of Guilderland, Charles Courter, of Cobleskill, George W. Chase, of Maryland, Samuel B. Beach, of Oneonta, Arnold B. Watson, of Unadilla, Richard W. Juliand, of Bainbridge, and Gideon Hotchkiss, of Windsor.

In witness whereof the undersigned have hereunto set and subscribed their names and places of residence and the number of their shares of the capital stock of the Albany and Susquehanna Railroad Company, which they hereby agree to take in said company, pursuant to the provisions of the said act hereinbefore referred to.

Dated the 2d day of April, in the year one thousand eight hundred and fifty-one.

(llere follow 323 names, subscribing for 1,411 shares of stock.)

[merged small][ocr errors][merged small]

The undersigned George W. Chase, of Maryland, Otsego county, Joel B. Nott, of Albany county, and Robert H. Pruyn, of the city of Albany, three of the directors named in the foregoing articles of association for the construction, maintenance and operation of a railroad by the name of The Albany and Susquehanna Railroad Company, being severally duly sworn, depose and say that the amount of stock required by the second section of the act entitled

Au act to authorize the formation of railroad corporations, and to regulate the same," passed April 2, 1850, has been in good faith subscribed and ten per cent paid in cash thereon to the directors named in said articles of association, and that it is intended in good faith to construct, maintain and operate the said railroad mentioned in said articles of association.


Severally subscribed and sworn before
me this 19th of April, 1851.


Com'r of Deeds,

[merged small][ocr errors][merged small]

I certify that I have compared the foregoing copy of the articles of association of the Albany and Susquehanna Railroad Company, and aftidavit thereto appended, with the original articles of association of said company, and affidavit thereto filed in this office, and also recorded April 19, 1851, and that the same is a correct transcript therefrom, and of the whole of said original articles and affidavit.

Given under my hand and seal of office, at the city of Albany, this 14th day of March, one thousand eight hundred and fifty-four.


Dep. Sec'y of State.

NEW YORK, LAWS OF 1852, CHAP. 113.



Passed March 27, 1852, three-fifths being present.

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

SECTION 1. The president and trustees of the village of Binghamton shall have power, and they are hereby authorized to take stock for and in behalf of the corporation of said village, in the Albany and Susquehanna railroad, as hereinafter provided in this act, to an amount not exceeding fifty thousand dollars, wbich stock shall be represented while so held by commissioners, to be appointed under and by virtue of this act. Provided that said railroad company shall expend within the county of Broome in grading said road, an amount equal to said subscription before the subscription authorized by this act shall be payable.

SEC. 2. The said trustees shall have power to provide for the payment of said stock, by issuing corporation bonds in the sum of not less than one hundred dollars each, to the amount in the aggregate specified in section first of this act, and made payable in not exceeding twenty years from date, drawing an annual interest of not exceeding seven per cent; said interest shall be made payable at such time and place as inay be agreed upon between said commissioners and the holders thereof, and to be so expressed in said bonds; said bonds shall bear the corporation seal of said village, and be properly signed by the president and treasurer thereof, and duly approved by at least three of the commissioners hereinafter mentioned, and be issued at such times as said commissioners shall direct.

Sec. 3. Thomas G. Waterman, Christopher Eldridge, Augustus Morgan, Vincent Whitney and Stephen Weed of Binghamton, are hereby nominated and appointed commissioners under this act, who shall be styled the "commissioners of the railroad fund of Binghamton;" they shall have the entire control and negotiation of said bonds of the corporation, to sell at not less than par, or exchange the same for an equal amount of stock of said road, or negotiate

New York, L. 1852, Chap. 113.




them for cash and invest the proceeds thereof in the stock of said road; they shall receive all interest and dividends on the stock of said road, and apply the same

towards the payment of said bonds, and the interest the same; they sball keep a suitable book to be furnished them by said trustees, in which shall be entered all corporation bonds coming into their hands, to whom sold, the amount realized, and make a regular report thereof whenever called upon by the trustees of said village. The commissioners shall receive no compensation for their services except for actual disbursements under this act.

SEC. 4. The said commissioners shall be personally liable and responsible to the said trustees, for all bonds and money coming into their hands, and for the faithful discharge of their duties under this act; and they shall be liable to be removed by the board of trustees of said village, at any time for mal-conduct, or for the violation of any of the provisions of this act.

SEC. 5. The commissioners herein appointed under and by virtue of this act, shall at their first meeting be classified by suitable prepared ballots to be drawn so that one shall go out of office at the end of each and every year from the time of approval of this act. At the expiration of their term of office, and once in every year thereafter, the said board of trustees of the village of Binghamton shall have power, and they are hereby required to elect by ballot one commissioner under and by virtue of this act, who shall hold his office, subject to removal, for the term of five years, and until his successor shall be elected, they shall be liable to account to the trustees for all bonds and moneys coming into their hands ; in case of vacancy at any time in said commission by death, removal, resignation or inability to act, the same shall be supplied or filled by the said board of trustees.

Sec. 6. In addition to the amount which said trustees are now authorized to raise in one year, they shall levy and collect an annual tax sufficient to pay the interest on all bonds which may

be issued under this act.

Sec. 7. The faith, property and effects of the said corporation are hereby pledged for the faithful payment of the interest of said corporation bonds, and the final redemption of the principal.

SEC. 8. The board of trustees of said village shall have no power to issue bonds or create any liability under this act, until it has been previously approved by two-thirds of all the electors who

New York, L. 1852, Chap. 113.






[ocr errors]

shall have paid a tax on personal or real estate in said village, whose names shall appear regularly in the last village assessment roll for the year next preceding the one in which the vote is taken.

SEC. 9. With sixty days after passage of this act, due notice shall be given by the said trustees for a special election in said village, to be holden in each ward by the trustees thereof, at a time when no other special election shall be held in said village, and conducted in the same manuer as the annual charter election in said village, excepting no vote shall be taken from an elector whose name does not appear on the assessment roll as before provided. The said trustees shall provide

box in each ward in which each elector, qualified to vote under this act, may deposit vote


which shall be written or printed the words “ For Railroad Stock,” or the words “ Against Railroad Stock.” The ballots on which shall be written or printed the words “ For Railroad Stock," shall be deemed as approving of this act, and those ou which are written or printed the words “ Against Railroad Stock," shall be deemed as not approving it. The said several boxes in each ward of said village, shall be kept open for the reception of votes from vine o'clock in the forenoon until five o'clock in the afternoon of the day on which said election shall be held. Each of said trustees after canvassing the said votes in each of said wards, shall immediately thereafter certify aud return to the clerk of the board of said trustees, the aggregate number of votes taken, designating how many for and how many against taking railroad stock.

Sec. 10. The president and trustees shall, within two days after the return of said trustees to the clerk thereof, meet and proceed to canvass the votes thus certified and returned, and shall make out ind file in the office of the clerk of Broome county, their certificate, setting forth tbat this act is approved or not approved, as the case may be. And if it shall appear from such certificate that this act has been approved, and the issue of stocks authorized, the president ind trustees of said village shall proceed to issue the said bonds as provided in this act.

Sec. 11. It is expressly provided that the said commissioners shall have no power or authority to negotiate, sell or transfer the said bonds issued under this act, or create any liability whatever, only on the express condition, that the said “ Albany and Susquehanna Railroad ” shall be actually located, and the construction

« PreviousContinue »