AMENDMENTS

MADE BY THE LEGISLATURE

OF 1866.

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

[Increase of Capital Stock.]-SECTION 1. Any company formed under the said act entitled "An act to authorize the formation of corporations for manufacturing, mining, mechanical or chemical purposes," passed February seventeenth, eighteen hundred and forty-eight, may increase the number of shares of which its capital stock consists; provided the capital stock of such company shall not thereby be increased or diminished.

§ 2. Such increase shall be made by a vote of the stockholders in favor thereof, representing two-thirds of the capital stock, at any meeting of the stockholders called in the manner prescribed in the act hereby amended, and by executing and acknowledging an amended certificate specifying the number of shares of which the said capital stock of said company shall thereafter consist, and the par value of each share, and in other respects conforming to the original certificate, which amended certificate shall be signed by the president and two-thirds of the directors of the company, and shall be filed in the office of the Secretary of State, and in the Clerk's office of the County where the original certificate was filed.

§ 3. Each stockholder shall be entitled to a certificate for such a number of shares of said capital stock after the whole number has been increased as aforesaid, as shall at their par value be equal to the par value of the shares theretofore held by him in such company, on surrendering the certificates for said shares so held by him to be cancelled; provided that such increase shall not so divide the shares as to give the fractional part of a share to any stockholder.-(Laws of 1866, ch. 73.)

[Operation of the act extended.]-Any three or more persons may organize and form themselves into a corporation in the manner provided by the foregoing act, for the purpose of accumulating, storing, conducting, furnishing and supplying water for mining purposes, and may acquire, take, hold, lease and convey lands and water power suitable for those purposes.

Every corporation so formed and the stockholders thereof shall be subject to all the provisions, duties and obligations contained in the above mentioned act, and shall be entitled to all the benefits and privileges thereby conferred, except that such corporations shall not be confined in their operations to the county in which their certificate shall be filed.

It shall and may be lawful for any corporation heretofore incorporated for mining purposes under the act mentioned in the first section, to conduct the business for which the formation of corporations is authorized by said first section, provided the intention so to do shall be specified among the objects for which such corporation is formed in its certificate of incorporation.— (Laws of 1866, ch. 371.)

[Title of Act Amended.]-The first section of the foregoing act, is amended by inserting after the words "any kind of manufacturing, mining, mechanical, or chemical business,” the words, "or the business o building and keeping a hotel, or for building and maintaining museums, or for curative purposes."

The title of said act is hereby amended by inserting after the words "or chemical," the words “or other.”—(Laws of 1866. ch. 799.)

The title of said act is further amended so as to read as follows: "An act to authorize the formation of corporations for manufacturing, mining, mechanical, chemical, agricultural, horticultural, medical or curative, mercantile or commercial purposes."

[Formation of Company.]—At any time hereafter, any three or more persons may form a corporation for the purpose of carrying on any kind of manufacturing, mining, mechanical, chemical, agricultural, horticultural, medical, or curative business, may make, sign, and acknowledge, before some officer competent to take acknowledgment of deeds, and file the same in the office of the clerk of the county in which the business of the company shall be carried on, and a duplicate in the office of the Secretary of State, a certificate in writing in which shall be stated the corporate name of said company and the objects for which it shall be formed, the amount of its capital stock, the number of shares of which said stock shall consist, the term of its existence not exceeding fifty years, the number of its trustees, and the names of those who shall manage the concerns of the company for the first year, and the names of the town or city and county in which the operations of said company shall be carried on.

It shall be lawful for any manufacturing company heretofore or hereafter organized under the provisions of this act or the act hereby amendel, to hold stock in the capital of any corporation engaged in the business of mining, manufacturing, or transporting such materials as are required in the prosecution of the business of such company, so long as they shall furnish or transport such materials for the use of such company, and for two years thereafter and no longer; and the trustees of such company shall have the same power with respect to the purchase of such stock and issuing stock therefor as are now given by law with respect to the purchase of mines, manufactories, and other property necessary to the business of manufacturing companies. But the capital stock of such company shall not be increased without the consent of the owners of two-thirds of the stock, to be obtained as provided by sections twenty-one and twenty-two of the act hereby amended.

When any such manufacturing company shall be a stockholder in any other corporation, its president or other officers shall be eligible to the office of trustee of such corporation, the same as if they were individually stockholders therein.—(Laws of 1866, ch. 838).