The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-01-27
AFFA RS IN ALBANY.
Important Concerning Banks and Joint
Stock Companies.
BILL TO ESTABLISH CANCELLATION COURT,
PROGRESS OF THE TEMPERANCE BILL.
Our Albany Correspondence,
NEW YORK LEGISLATURE.


ALBANY. Jan. 70, 1855.
RrxoSsrRASCgs, rrc. #
Mr. BIsuoP presented remonstrance against the Law
restrainng Banks Of discount from acting as Savings
Banks.
Mr. Brooks presented petition OF the Mutual and
Merchants Insurance Companies, OF New York, for
amendments TO their charters. Al.
REPORTS.
Mr. MrSRoE fayoraby 10 incorporate trustees Of the
fund for the relief Of the widows aud orphans OF
cd clcrgymen Of the Protestant Episcopal Church.
Mr. BRADFORD, favorably, TO appoint commissioners to
examine into the treatment condition and number OF
the insane in almshouses, poor houses, pententaes
&c, in the State =
pRonnrso DscouSrIsG or SURPLUS CAPITAL
Mr. HuTcIIss introduced bin TO prevent banks and
banking associations from discountng on their surpu
funds, which contains the following provisonA:--
Sec: II shall not be lawful Tor any bank or banking
association to discount either directly indirectly
Sec. q Each and every bank and banking association
within this State shall divide among their stockholders
amounting to over ten per cent ON their capital.
Mr. FmrD introduced the following bil-
Sec L. 1t shall not be lawful for any person or cor
poraton to purchase or In any manner soeive any
bank biz issued by any bank Of this State, (unless
cordng to Law, and within the tim. prescribed by law
at greater rate OF discount than quarter OF one
per cent.
Sec. p II shall not be lawful for any corporation or
person to sell or in any dispose OF any bank
bill mentioned in the first section of this act TO the
person behalf OF said bank, at loss rate OF dis.
count than quarter Of per cent; but nothing In
this section contained shall prohibit any person or
such BILL at its fen face, at the place where the said
bill Is made payable In the prescribed by
law,
Fec. g. Every person or corporation who shall vio
late any OF the provisions OF this act shall forfeit for
each and every offence, the sum of SIS 600 10 b. re-
covered with costs Of suit In the name and for tho
use OF any person who shall for tho same, aud
prosecute such suit to Judgment in any court having
cognizance thereof
Gee. T. The act TO take effect on the first Of March
next.
MroRTAST TO JOINT STOCK COMPANIES
Mr.. HuTciSs introduced the following BILL to provide
for the isuDg of certificates Of stock by joint stock
Section I. II shall be unlawful for the officers, drec
tors or any connected with JOINT stock company
to Issue certificates Of stock 10 any but actual sub
scribers therefor 20 any greater amount than for
moneys actually paid in and the busne,. OF
said company or to issue bonds for the purpose Of pay
ing dividends on stock
Sec q All certificates Of stock and all bonds Issued
by any Joint stock company shall be- counter gned by
and registered with the clerk Of the county which said
company shall have its principal Office
pany, through Ia secretary, 70 furnh 10 the county
clerk Of the county wherein shall be located II, prinei
pal Office suitable books for registering its certificates
Of stocks an d bonds.
Sec 4. The compensation TO be allowed to the county
clark for The petformAne. Of this extra duty shall ba
pIed by The supervisors OF said county and pad ty
them from the funds OF the county.
sfc. The issuing OF certificates Of stock bonds
misdemeanor and punishable BY fine of not tha
$1,000, nor less than $780, for each every such o.
fence or by imprisonment not less than Sx months nor
more than three years In tine State prison.
Sec. O. The act 10 take effect immediately.
AUTHORIZING BRoOKLrs PURCHASE LASDs.
Mr.. HUTCHINSON introduced bill authorizing the city
OF Brooklyn 10 purchase certain real estate from the un
ted states government II empowers the Common Coun
c OF the city 70 purchase the real estate belonging 10
the general government lying east % Vanderbilt avenue
at pr,ce and on conditions 10 be raGoi by the or
~ OF All th- members of the Common CoancI at ono OF
ifs regular meetings Upon such notification the Coun.
cl ,bp have power 70 issue city bonds 10 an no,
exceeding $500 COO at not over air per cent payable
they may deem cIp.dent, provided that tho period be
not over twenty years from the date Of parchae and
that none Of the bonds be disposed Of under their pre-
sent value. The annual sum necessary for the payment
OF nstalmcnts Of principal and interest shall he levied
by tax by the Board of Supervisors Of Kings county
The faith and property Of the city shall be involaby
pledged for pay msbt OF the amount principal and ints
rest and portion of the money received for tho boads
or Of the taxes levied sha be used for any other pur
pose than those set forth In the act.