associates and successors, shall be and are hereby constituted a body corporate and politic, by the name and Corporate style of the Brooklyn City Safe Deposit Company, and by that name to have perpetual succession and capacity to sue and be sued in any court whatsoever. name. Board of directors. Officers. By-laws, etc. Directors for hold ing annual election. be pub lished. § 2. There shall be a board of directors of the said corporation, consisting of eleven members, and the persons expressly named in the first section of this act shall constitute the first board of the said corporation, and shall hold their offices for one year from the organization of the said corporation, and until others shall be elected in their places; and the said corporation shall be deemed to be organized by the election by the first board of directors thereof, of a president and vice-president from their own number, and a secretary. 3. The board of directors shall have power to make all such by-laws, rules and regulations not inconsistent with the Constitution or laws of this State, as may be deemed necessary for the government of its officers, and the conduct of its affairs, and appoint and employ such agents and servants as the exigency of its affairs may require. 4. The first board of directors shall, as soon as may to fix time be after their organization, determine and fix the day and mouth in each year thereafter for holding the annual election, at which shall be chosen eleven directors and three inspectors of election of said corporation, and Notice to said first board shall publish a notice in a newspaper printed in the city of Brooklyn, of the time and place of such first annual election, for at least two weeks (once in each week) previous thereto. Such directors and inspectors must be stockholders in said corporation and shall hold office for one year, and until the election of their successors. Any director or inspector ceasing to be a stockholder shall cease to be a director or inspector, as the case may be. The board of directors cies, how shall have power to fill all vacancies, however they may happen, in the board or among the inspectors. Vacan filed. Business and objects. 5. The business and general object of said corporation shall be to take and receive on deposit as bailee, for safe-keeping and storage, plate, jewelry, securities, furniture and other goods, and other valuables, and per sonal property, upon such terms, and for such compensation as may be agreed on by the said corporation and the bailors respectively of any such property as aforesaid. § 6. The said corporation shall have power to acquire and hold real estate as follows: 1. Such as may be necesssary for its accommodation in the transaction of its business. 2. Such as shall have been mortgaged to it by way of security for loans previously contracted, or for. moneys due. 3. Such as shall have been conveyed to it in satisfaction of debts previously contracted in the course of its dealings. estate not neces 4. Such as shall have been purchased at sales upon, judgments, decrees, or mortgages obtained or made for such debts; and all such real estate as may be acquired Real by said corporation and which shall not be necessary or, acquired convenient for the conducting and carrying on of its sary to business, shall be sold and conveyed by said corporation tran within five years from the accruing of the title thereto business to the said corporation unless the said corporation shall sold. procure the certificate of the county judge of Kings county that in the opinion of such judge such real estate could not be sold at a forced sale without material loss to the said corporation. to be rators to subscrip stock and notice 7. The capital stock of the corporation shall be one Capital hundred thousand dollars, divided into one thousand stock. shares of one hundred dollars each, and the persons Corpoabove named as corporators shall be commissioners open whose duty it shall be, within a reasonable time after books of the passage of this act, on such day and in such place tion to in the city of Brooklyn as they, or a majority of them, give shall appoint, and after two weeks' notice by publica- thereof. tion in a daily newspaper in said city, to open books for the purpose of receiving subscriptions, and to keep the same open until the whole of said stock is taken up; and the said corporation shall not commence business until one-quarter of said capital shall have been subscribed and paid in. The said capital stock may be Capital increased at any time, or from time to time, to not ex- be inceeding five hundred thousand dollars, and the board of creased. stock may Payment of sub to stock. directors, for the time being, may, in their discretion, open books of subscription for such original stock, and for such additional stock, or cause the same to be taken and distributed in such manner as may be just and proper. 8. The directors shall, from time to time, require scriptions the stockholders respectively to pay the amount of their subscriptions at such times and in such proportions as the directors shall think proper, under the penalty, for non-compliance with such requisition of forfeiture to the company of said shares and all previous payments thereon. Notice to be published. Capital, how invested. Dividends only to be § 9. Notice of any such requisition shall be published once a week at least, for four weeks successively, in one or more of the newspapers published in the city of Brooklyn, and a personal notice shall be mailed to each stockholder at his post-office address, which notice so given shall be a sufficient demand on each stockholder, in case of non-compliance therewith, to work the forfeiture in the preceding section mentioned. § 10. It shall be the duty of the board of directors to invest the capital of said corporation, and to keep the same invested in good securities; and it shall be lawful for the same to make such investments of its capital, and of the funds accumulated by its business, or any part thereof, in bonds and mortgages on unincumbered real estate, worth at least double the sum loaned thereon; and also in the public securities and stocks of the United States, or of the State of New York, or in the stocks or bonds of any city, town or county authorized to be issued by the Legislature of this State. § 11. The said corporation shall at no time make, depaid from clare, or pay to the stockholders thereof any dividend except its clear net profit, after deducting all losses and expenses from its gross income up to the time of declaring such dividends. clear net profit. Liability of stockholders. 12. The stockholders of the said corporation shall be severally liable for all debts and liabilities of the said corporation, to an amount equal to the amount of the stock held and owned by them respectively, which liability shall be in addition to their liabilities to pay in full the stock subscribed for or purchased by them. 13. The said corporation shall possess the general General powers and be subject to the restrictions and liabilities powers. prescribed in the third title of the eighteen chapter of the first part of the Revised Statutes. §14. This act shall take effect immediately. Chap. 444. AN ACT to amend an act entitled "An act to make provisions for the local government of the city of New York," passed April nineteenth, eighteen hundred and seventy-one, and to make further provision therefor, for the year eighteen hundred and seventy-two. Passed April 30, 1872; three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows: SECTION 1. Section one of chapter five hundred and eighty-three of the Laws of eighteen hundred and seventy-one entitled "An act to make provision for the local government of the city and county of New York," is hereby amended so as to read as follows: Tax in exceed two per 1871 not to cent. on valuation. § 1. The board of supervisors of the county of New York, are hereby authorized and required to raise by tax upon the estates, real and personal subject to taxation in the city and county of New York, in the year eighteen hun- assessed dred and seventy-one, the amount directed to be raised by the board mentioned in the third section of this act, which amount shall not exceed in the aggregate a sum equal to two per cent. upon the valuation of such estate fixed for the year eighteen hundred and seventy-one by the commissioners of taxes and assessments for the city and county of New York, in addition to the excess, if any, of the quota of the State tax for said county over the amount charged on said county for State taxes in the year eighteen hundred and seventy. Bnt the aggregate amount raised, including the State Aggregate taxes, shall not exceed the sum of twenty-five millions of dollars. And in the year eighteen hundred and seventy-two, the said board of supervisors are authorized amount. Tax in exceed 1872 not to two and threequarters per cent. on assess tion. and required to raise in the same manner the amount directed to be raised by the board mentioned in the third section of this act, or by such other authority as ed valua shall be vested by law with the power to direct the amount to be raised in said city and county, which amount shall not exceed in the aggregate a sum equal to two and three-quarters per cent. upon the valuation of such estates fixed for the year of eighteen hundred and seventy-one, by the commissioners of taxes and assessments for the said city and county, in addition to the excess, if any, of the quota of the State tax for said county, in addition to the excess, if any, over the amount charged on said county for State taxes in the year eighAggregate teen hundred and seventy, notwithstanding the aggregate amount so raised, including the State taxes, shall exceed the sum of twenty-five millions dollars. amount. Tax, how paid out and ap 2. Out of the sum hereby authorized to be raised shall be paid the amounts apportioned or raised to proportioned. vide for the apportionments made or to be made under and pursuant to chapters nine and twenty-nine of the Laws of eighteen hundred and seventy-two, and the remainder of said sum and the proceeds of the general fund of said city, for the year eighteen hundred and seventy-two, shall be apportioned and set apart, subject to the provisions of said chapters nine and twenty-nine, as provided and directed by chapter five hundred and eighty-three of the Laws of eighteen hundred and seventy-two. The apportionment for eighteen hundred and seventy-two directed to be made by section three of said chapter five hundred and eighty-three of the Laws of eighteen hundred and seventy-one, may be made at any time within twenty days after the first day of May, eighteen hundred and seventy-two, by the votes of a majority of the members of the board created by said section. Appor-¡ tionment for 1872, when to be made. To what purposes comptroller may apply moneys now in city treasury. §3. It shall be lawful for the comptroller of said city to apply any moneys now in the treasury of said city or county, or that may hereafter be therein, derived from taxes or revenues outstanding and due to the city or county general funds, on the first day of January, eighteen hundred and seventy-two, or that may be re-imbursed to the treasury from any account to which they |