New-York tribune., 1873-05-20
ALBANY.
IMPORTANT AMENDMENTS TO THE BROOK
LYN BRIDGE BILL.

LYN BRIDGE BILL.
PROVIDING FOR TIE PURCHASE OF THE STOCK AND
THE OUsTING OF THB PRESENT MANAGRRs-FuII,
TEXT OF THE AMENDMENTS.
TBY TELEGRAPH THE TRIBuNE.I
ALBANY, May 19.-The BROOKLYN Bridge bill, which
passed the Senate and was referred 10 the mb-com-
mittee of the Assembly, was reported from that
Committee tonight and ordered to third
reading. 1t has been materially amended by
tho subcommittee at the suggestion of
Mr.. Jacobs, and it now provides that the
Bridge Company shall purchase the stock of the pri
vate stockholders at the sum paid in by them,
whereupon they shall all be retired from the direc-
tion of the Company. and the authorities of New
York and Brooklyn shall appoint FIVE Directors from
the former city and ten from the latter who,
together with the Commissioners of the Sinking
Funds OF the two cities shall have full control and
direction OF the bridge The amendments are as
follows:
SEC. g. The New-York Bridge Company may and with
the consent OF any owner or owners OF the stock here
gafter mentioned shall acquire and pay any
moneys Of tine treasury Of SAID company all or any Of
the shares OF the capital stock OF said company not
now held by the city of NewY0r or the City of Brook
yn, upon the payment of the owners thereof
Of the several payments made 90 the said company
upon such shares, together with interest thereon from
the date OF such payments All such payments shall be
made the transfer Of such stock said company
"a soon THEREAFTER as There may De sufficient funds in
the treasury OF said company.
SIC. %. whenever majority or The stock owned by
private stockholders shall be acquired by said Company
under the provisions Of the preceding section and tine
first Monday of June IN each year thereafter Mayor
of the city OF Brooklyn shall appoint suitable PERSONS
and the Mayor, Controller aud President OF the Board
OF Aldermen OF the CITY Of NewYOTk shall constitute the
Board OF Directors OF said New-YOrk Bridge
Company, and shall hold their offices one year, or
until their shall be appointed. The Board OF
Directors nrat appointed under he provisions this
section shall hold their Offices until the Monday of
June next succeeding their appointment untll their
shall be- appointed. appointments snail
be made In Wrlng, and nled respectively with tho
Clerks of the Common Councils of cities on
fore the first Monday June OF each year,
aforesaid. All vacancies occurring in SAID
Boards, from death, resignation, otherwise,
among tho Directors appointed 20 represent the
city, ana all vacancies occurring among the directors
appointed represent the City OF New-YOrk, shall be
filled by the Mayor Of said CITY, hcrrnDeOre pro-
yided and the Mayor Of the City OF NewYOrk shall
point nve suitable persons, Who shall with
tho Commissioner OF the Sinking Fund Of
the City OF Brooklyn. Upon the organization
OF the Board OF Directors, appointed by
shall be the duty of their predecessors IN
Office immediately 10 deliver 70 SAID Board all moneys
and property OF every description belonging 10 SAID
COMPANY together Witu All buOs, accounts, contracts.
maps, plans. drawings, estimates, and vouchers, their
possession relating iO SAID AeWIOrk Bridge Company,
" 10 the cuisines. thereof.
SIC. T. The Cities Of Ncw-York and BROOKLYN arc di-
rectc To complete and fuhH tho subscriptions hereto
made Dee said cities o Juc capital STOCK Oi said Com
plHy. and for such purpose the Mayor aud Controller
said cities respectively are directed % cause % ue
paid tO SAID Company All ustameuts OF such suDscr p
uOu the may be demanded by the Board Of Dl-
reCtOr5 Ol saId Company.