The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-04-12
Our Albany Correspondence.
Affairs in the Legislature

AGairs in the Legislature.
The House have resolved to adjourn sine die to-
morrow, the pay of members ceasng after that
day the Senate have not yet agreed to the resolu-
ton.
The Senate have actually re-appointed the Com
missioners on Practice and Peadings, whom,
three or four days since, they expelled from Office
The House have concurred in the bill.
The Legislature have passed law, appointing
John C. Spencer COMMISSIONER of the Code
in place of Anthony l.. Robertson, dismissed. I
can state, on the best authority, that Mr.. Spencer
is opposed to the re-appontment OF the Commas
sioners on Practice and Pleadings.
The Code of Procedure, with the amendments,
has passed both houses The following act be-
came law to-day
An act amendatory of the act entitled An act to
authorize the business Of banking passed April 18th,
1885, and the acts amending the same.
The People Sc, do enact rs follows:-
Sec l. The stocks which banking associations or in
dividual bankers, hereafter to be organised
ness of banking" passed April 18th, 1888, and the
amendments thereto, shall hereafter deposit with tho
Comptroller, shall be New York State stocks, in all
to be, to be made to be, equal to stock pro-
ducng six per cent per Mt least onshalf the
amount deposited shall be in the stocks of the
ceedng in stocks of the United States in all
to be- to be made to be- equal to stock pro-
shall not be- lawful for the Comptroller to take such
stocks at rate above their par value above their
current market value.
Sec q The shareholders or a majority Of them in
amount who shall be Of any incorporated bank,
continuing the business Of banking until the expira
tion Of their charter and who shall have associated
themselves for the purpose OF banking under the
visions Of the act to authorize the business OF banking
passed April Is, 1885, and the amendments thereto,
rhal be entitled to receive from the Comptroller, who
il hereby authorised to issue to the association so
formed circulating notes. in amounts OF not less than
$4,000 upon the deposit Of securities Of the kind
quired by the provisions Of the above mentioned act
| and the amendments thereto to an amount equal to
the circulating notes issued. But such banking
associations formed shall not have deposited with
the Comptroller during the three years next following
the date Of their articles OF association amount
equal to that required by law Of banking assoca
ons security for circulating notes previous to COM
mencng the business Of banking the comptroller is
hereby empowered to retain the interest accrung upon
securities deposited, until such association has COM
piled with tho provisions Of the act above recited In
relation to the amount of security to DO deposited in
| tho office OF the Comptroller.
Sec s. II the shareholders, the majority Of them
In amount, Of incorporated bank, within year
of the expiration of its charter, shall file with tho pre-
sident thereof notice in writing that they intend to
avail themselves Of the provisions Of the second section
of this act to associate for the purpose OF banking 1t
shall be lawful for the directors Of said bank to
chase and hold such stock and other securities the
Comptroller 49, be authorized to receive for cir
cuatng notes under tho provisions Of the act to
thorEe the busidess Of banking passed April 49, 1888
and the various acts amending the same, to such an
amount they shall deem for the interest Of the share
| hold crs thereof.
Sec l. An association thus formed to take the place
Of incorporated bank whose charter has expired oil
such Incorporated bank have assented to its organEa
ton under the act to authorize the business Of banking
take and hold in addition to such real estate Is
scbed by the oath section Of the act to authorize the
business Of banking such other real estate at the
time of the transfer Of the property Of the incorporated
bank having been received by it in payment of debts
under judgments DEGREES in chancery in favor OF
said incorporated bank, according to law.