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directors.

Number of may designate or appoint. The number of directors after that time shall not be less than three nor more than fifteen as may be provided by the by-laws to be adopted by said corporation. All Vacancies vacancies happening in such board shall be filled as may be provided in said by-laws. The officers of the corporation shall be such as the board of directors shall direct, and shall be annually elected by the board of directors.

in board.

Preferred stock.

each share of stock.

Issue of capital stock.

§ 4. Said corporation may issue a portion of its original or increased capital stock, not exceeding one-third part thereof, as preferred stock; such preferred stock to entitle the holder thereof to a cumulative preferential dividend out of the surplus earnings, not exceeding eight per centum per annum, but without any other preferential right. The amount of preferred stock to be issued from time to time, within the limits above fixed and the manner of issuing the same, may be determined and directed by the board One vote on of directors of said corporation. Each share of stock, whether preferred or common, shall entitle the holder thereof to one vote at all meetings of stockholders and at all elections of the com pany. The capital stock of said corporation may be issued or caused to be issued by its directors for money, material, labor, services or other property actually received for the use and lawful purposes of such corporation, at its fair value, subject to such restrictions as may be provided by the by-laws of said company. § 5. The said corporation is hereby empowered without other or further authority of law or ordinance to do any or all of the following: To locate, to construct, to maintain and to operate tubes, not to exceed three feet in diameter, between the central post-offices and the branch post-offices, and newspaper offices and postal stations in said cities of this state, by such route or routes as shall be determined by said corporation, and to transmit and to supply power along any or all of its route or routes and to make connections with and between said post-offices and buildings in which newspapers are published and other buildings, railways, ferries and postal stations within and between the cities of this state, and to convey and transport and to deliver the United Acquisition States mails, newspapers and parcels; and such corporation rights, etc. shall have the right and it is hereby empowered to enter upon and take possession of such real property or such right, title, interest or easement therein as may be necessary or convenient to accomplish the purposes for which this charter is given

General powers.

of property

or in the exercise of the powers herein conferred, which are hereby expressly declared to be a public purpose and their use by said corporation a public use. All such real property, or right, title, interest or easement therein, shall be purchased of the owner or owners at a price to be mutually agreed upon, or the said corporation shall have the right to acquire the same by condemnation proceedings, as provided by chapter twenty-three, title one, of the code of civil procedure of the state of New York, and acts amendatory thereof, or in addition thereto.

§ 6. The said corporation shall pay annually into the treasury Annual payments of the cities of New York and Brooklyn, on or before October first, into city treasury. in equal parts, share and share alike, a sum equal to three per centum of its gross earnings in said cities for the preceding calendar year, or a sum equal to one dollar for every hundred yards of tubes constructed and operated by it in said cities.

Construction of act

§ 7. Nothing in this act shall be construed to permit such corporation to do a passenger business or to operate a railway or to place or allow to be placed in said tubes or any of them any conductor for the transmission of electric currents except for use as a motive power to operate said tubes and when not in full operation to transmit and supply the resulting surplus motive power along such route or routes. No such electrical current shall be used for lighting or signaling purposes. Nothing in this act shall Opening of be construed to authorize said corporation to open the streets of lay tubes the city of New York for the purpose of laying pneumatic tubes except with the consent of the mayor or the commissioner of public works of the city of New York but such consent shall not be necessary for repairs or for connections not to exceed in the length of any connection a distance greater than the length of four city blocks of maximum size.

§ 8. This act shall take effect immediately.

36

streets to

Time and place of annual meetings.

directors.

Chap. 165.

AN ACT authorizing the board of directors of the Church Insur

ance Association to fix the time and place of the annual meetings of said association and to enlarge its board of directors to twenty-five members.

APPROVED by the Governor March 21, 1893. Passed, three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. The board of directors of the Church Insurance Association shall hereafter have power to fix the time and place of the annual meetings of said association for the election of directors, including the annual meeting of eighteen hundred and ninety-three.

Increase of § 2. The said association is hereby authorized to enlarge its board of directors to twenty-five in number, by the election of ten additional directors, at the next annual meeting, to be classified as to their terms of office equally among five classes as now provided by law.

§ 3. This act shall take effect immediately.

Change of name of association.

étc., not af

Chap. 166.

AN ACT to change the name of the Mutual Aid and Accident
Association, of Rochester, New York.

APPROVED by the Governor March 21, 1893. Passed, three-fifths being present.

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

Section 1. The name of the Mutual Aid and Accident Association of Rochester, New York, is hereby changed to Protective Life Association. And the charter of the said the Mutual Aid and Accident Association of Rochester, New York, is hereby amended by inserting therein the name Protective Life Association in place of the name the Mutual Aid and Accident Association of Rochester, New York, wherever the latter name shall occur, and as thus amended the said charter shall be the charter of the said Protective Life Association.

Contracts, § 2. Nothing herein contained shall in any way impair or affect any contract, liability, obligation or duty of the said the Mutual

fected.

Aid and Accident Association of Rochester, New York, made, entered into or incurred before the alteration of said charter, with or to any person or persons, corporation or corporations, with or to said company, or any proceedings instituted, or that shall be instituted to enforce any contract, obligation, liability or duty in favor of or against said corporation; but any and all such contracts, obligations, liabilities, duties and proceedings shall be and remain valid and binding in all respects, to the same extent, and to be liable to be enforced by and against said company by the name of Protective Life Association, in the same manner as if none of the alterations of said charter contained in this act had been made. §3. This act shall take effect immediately.

Chap. 167.

AN ACT supplementary to and amendatory of chapter three hundred and eight of the laws of eighteen hundred and eightyseven, entitled "An act to provide police regulations for certain territory in the town of Vienna, in the county of Oneida, as amended by chapter one hundred and ninety-four of the laws of eighteen hundred and eighty-eight and as amended by chapter four hundred and twenty-eight of the laws of eighteen hundred and ninety-two."

APPROVED by the Governor March 21, 1893. Passed, three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows:

amended.

Section 1. Section two of chapter three hundred and eight of Act the laws of eighteen hundred and eighty-seven, entitled "An act to provide police regulations for certain territory in the town of Vienna in the county of Oneida," is hereby amended so as to read as follows:

election of trustees.

§ 2. On the Tuesday succeeding the first Monday of August in Annual every year hereafter, the owners of real property within the area or territory herein particularly described, as appearing upon the assessment-roll of the town for the then current year and who are qualified to vote at meetings or city elections in the town or city in which they respectively reside, and all persons who actually reside within such area or territory and are qualified to vote at town meetings in such town, may hold a meeting for the election

Designa

tion of time and place

Meeting

how con

ducted.

of elec

Oath of office.

of three trustees, who shall have the powers conferred by this act. The trustees of such area or territory now in office, and annually of meeting. thereafter the trustees then in office, by a notice posted in three public places within such area or territory, at least ten days before said day of election in each succeeding year, shall designate the place within such area or territory for holding such meetings in such year. Such meeting shall keep a record of its proceedings, and of the votes cast, and the three persons having the highest number of votes, shall be the trustees for the succeeding year. Each such meeting shall elect a chairman and secretary and two inspectors of election. It shall be the duty of the chairman to preside at such meeting and in the first instance to pass upon the qualifications of the voters. The secretary shall keep a full record of the proceedings of such meeting and file the same with the Certificate county clerk of the county of Oneida. He shall also deliver to tion. the three persons receiving the highest number of votes, a certificate of that fact signed by himself and the said chairman and inspectors of election of such meeting. Such chairman, secretary and inspectors before entering upon the discharge of their duties shall take the constitutional oath of office, which shall first be administered by the chairman to the secretary and inspectors, and then by the secretary to the chairman. The polls of election for trustees shall be kept open at such meeting from ten o'clock in the forenoon until three o'clock in the afternoon. All the laws applicable to the election of town officers shall apply to such elections and to all the proceedings thereat so far as the same shall be applicable and consistent to the provisions of this act. At the upon name. first election held under the provisions of this act, the said electors may decide upon a name for said area or territory and if a majority of the electors voting at said election shall decide upon a name for said area or territory, the said area or territory shall thereafter be known and designated by such name. The trustees elected at each and every of said elections hereafter, shall hold their office for one year from the fifteenth day of September next after the date of their said election and until their successors shall have been elected and qualified. The trustees, before entering upon their duties, shall each take the oath of office, which shall be filed in the office of the county clerk of the county of Oneida, with the record of the proceedings of the meeting at which they were elected.

Polls.

Laws applicable.

Electors

may decide

Terms of trustees.

Oath of office.

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