« PreviousContinue »
THE ACT OF INCORPORATION
THE EAST RIVER
As Amended October 9th, 1899,
SAVINGS BANK LAW OF THE
STATE OF NEW YORK
As Amended to 1899.
THE NEW YORK
ASTOR, LENOX AND TILDEN FOUNDATIONS. 1900.
William H. Slocum, President.
Charles F. Goodhue, 1st Vice-President.
Hamilton R. Searles, 2d Vice-President.
Charles A. Whitney, Secretary.
Louis W. Slocum, Assistant Secretary.
William H. Slocum,
Charles F. Goodhue,
Nathaniel M. Terry,
Hamilton R. Searles,
John H. Waydell,
Amasa H. Scoville,
Henry T. Nichols,
J. Sinclair Armstrong,
Warren C. Barber,
J. Worrall Arthur,
Andrew J. Robinson,
Daniel W. Whitmore,
Charles A. O'Donohue,
Louis W. Slocum.
TO INCORPORATE THE EAST RIVER SAVINGS
PASSED APRIL 11, 1848.
Sessions Laws of 1848, Chapter 256.
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. John C. Beekman, Curtis Peck, Dow D. Williamson, Alexander C. Poillon, Moses Smith, John Harper, Daniel H. Brooks, James R. Wood, Richard L. Schieffelin, Benjamin Drake, Robert L. Case, John Leveridge, George M. Clearman, Elias G. Drake, Henry P. Havens, Thomas Williams, Jr., Daniel Holt, Edward J. Midgely, James A. Williamson, James Appleby, John W. Avery, Henry Dougherty, George B. Whitfield, Robert Bilsborrow, James V. Rich, Lawrence M. Luther, Gardner Sherman, and James R. Rapelye, and their successors, are constituted and created a body corporate and politic, by the name of "The East River Savings Institu
tion," and to be located on the easterly side of the City of New York, near the East River.
Sec. 2. The said corporation shall not take and hold real estate above the clear annual value of five thousand dollars, exclusive of the profits which may arise from the interest accruing on the stock, or from the sale of any stock in which the deposits made in said bank may be invested.
Sec. 3. The trustees of the said corporation shall not, directly or indirectly, receive any pay or emolument for their services.
Sec. 4. The officers of the said corporation shall consist of a president and two vice-presidents, who, together with twenty-five trustees, shall constitute a board of managers, five of whom, if the president or one of the vice-presidents be present, shall constitute a legal meeting of such board.
Sec. 5. The several persons named in the first section of this act shall be first managers of said corporation, and shall elect the president and two vice-presidents from their own body; and all vacancies by death, resignation, or otherwise, shall be filled by the board of managers at their first regular meeting after such vacancy shall occur, by ballot; and the person having the majority of the whole number present and voting,
shall be considered as duly elected, and not otherwise. If any trustee shall fail to attend the meetings of the board, or to perform the duties devolving on him as a member of the attending committee for the term of six successive months without excuse satisfactory to the board, he shall be considered as having resigned the office of trustee.
Sec. 6. The said corporation shall receive as deposits all sums of money that may be offered for that purpose, in such sums and on such terms as are allowed by this act, for the purpose of being invested in government securities or any public stock created under and by virtue of any law of the United States, or of this State, or of the stock or bonds of the corporation of the City of New York; and also to loan any money to the Public School Society of New York on satisfactory real security worth thirty per cent. more than the amount loaned thereon; or upon bonds secured by mortgages on unincumbered real estate, situate in either of the cities of New York or Brooklyn, worth at least double the amount loaned thereon; and also to make temporary deposits, not exceeding forty thousand dollars in any of the incorporated banks or associations under the general banking law in the City of New York, and to receive interest at such rates