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month immediately prior to the institution of the special proceeding The petitioner may at any time before the appeal is actually heard apply to such court or justice to increase the security given by the appellant. Wherever in this section an undertaking is required to be given by the appellant in lieu thereof 374 may at his election pay into court a sum of money equal to the amount of such undertaking. Where such appeal has been taken, prior to the enactment of this section as amended, from a final order awaiting delivery of possession to the petitioner on the ground that the tenant holds over after the expiration of his term, a stay may be granted provided such appeal be pending and the circumstances warrant the granting thereof.

82. This act shall take effect immediately.

COMMITTEE'S EXPLANATION

STAYING WARRANTS ON APPEAL “It was found that the period for which a stay might be granted in a nonpayment or hold-over proceeding was not long enough to enable the case to be heard on appeal. There was no power to extend this stay. This bill permits a justice of the Supreme Court or a justice of the Appellate Term to grant a stay until the appeal can be heard. The bill applies to pending appeals.”

CHAPTER 946, LAWS OF 1920 38

Section 1. Chapter three hundred and sixty-nine of the laws of nineteen hundred and fourteen, entitled, "An act in relation to banking corporations, and individuals, partnerships, unincorporated associations and corporations under the supervision of the banking department, constituting chapter two of the consolidated laws,” is hereby amended by inserting at the end of article three a new section to be section one hundred and forty-nine, to read as follows:

378 So in original. 38 Effective Sept. 27, 1920.

8 149. Bonds legal investment for public funds. Bonds of the land bank of the state of New York shall be a legal and valid investment for the sinking and trust funds of the state of New York or of any municipal corporation or political subdivision thereof.

§ 2. This act shall take effect immediately.

COMMITTEE'S EXPLANATION

“In 1914 the State authorized the organization of the land bank of the State of New York. It is a semi-public co-operative institution, the stock is held by co-operative savings and loan associations doing business under the provisions of the New York Banking Law and it is intended to be a central institution for all the savings and loan associations of the State with power to assist them in procuring money to loan upon real estate, both urban and rural, on reasonable terms. The building and loan associations which become members of the land bank may deposit their bonds and mortgages. This collateral is held by the State Comptroller and the land bank issues its bonds secured by such collateral in an amount not to exceed seventy-five per centum of the par value of said collateral. The proceeds of the sale of the bonds are turned over to the savings and loan association applying for the money.

“The State Superintendent of Banks, in an official report, said of these bonds: 'It is difficult to conceive of a private institution of this character in which the possibility of loss could be more carefully minimized.' Land bank bonds are legal investments for savings banks, executors, trustees and individuals. They are exempt from the State income tax but subject to the federal income tax. After the passage of the Federal Income Tax Law it became impossible for the State land bank to sell its 442 per cent. taxable bonds, so that the bank has practically ceased to function New York State has 254 savings and loan associations with $110,000,000 of assets and 210,000 members. Practically all of the assets are invested in small first mortgages on homes. The loans afford a safe security and the associations are of vast benefit in promoting home ownership.

“This act makes these bonds a legal investment for sinking and trust funds of the State of New York of any municipal corporation or political subdivision thereof."

CHAPTER 949, LAWS OF 1920, AS AMENDED BY CHAP

TER 444, LAWS OF 1921 39

Section 1. Section four-b of chapter sixty-two of the laws of nineteen hundred and nine, entitled "An act in relation to taxation, constituting chapter sixty of the consolidated laws," as added by chapter nine hundred and forty-nine of the laws of nineteen hundred and twenty, is hereby amended to read as follows:

§ 4-5. Exemption of new buildings from local taxation. The legislative body of a county, or the legislative body of a city with the approval of the board of estimate and apportionment, if there be one in such city, or the governing board of a town, village or school district may determine that until January first, nineteen hundred and thirty-two, new buildings therein, planned for dwelling purposes exclusively, except hotels, shall be exempt from taxation for local purposes other than for assessments for local improvements during construction and so long as used or intended to be used exclusively for dwelling purposes, or if a building of four stories or more in height, used exclusively for dwelling purposes above the ground floor, provided construction was completed since April first, nineteen hundred and twenty, or, if not so completed, that construction be commenced before April first, nineteen hundred and twenty-two, and completion for occupancy be effected within two years after such commencement, or if now in course of construction (within two years after this section takes effect] before September twenty-seventh, nineteen hundred and twenty-two. The

59 Effective April 30, 1921. The portions not italicized were newly added to the law by Chapter 949 of the Laws of 1920. It will therefore be unnecessary to reprint that law.

Matter in italics is new; matter in brackets ( ) is old law to be omitted.

Pursuant to the authority of this law, the Board of Aldermen of the City of New York passed an ordinance which will be found printed in Appendix D.

provisions of this section shall not be construed to preclude such legislative bodies from granting exemptions which do not exceed the exemption authorized by this section. Any such limited exemption heretofore granted by any such legislative body, intending or purporting to act under the authority conferred by this section, is hereby legalized, validated and confirmed.

§ 2. This act shall take effect immediately.

COMMITTEE'S EXPLANATION OF CHAPTER 949

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“This act provides that the local legislative body of a county, city, town, village or school district may determine that new buildings, except hotels, therein shall be exempt from local taxation until January 1, 1932.

“In cities where there is a board of estimate and apportionment it must have the approval of such board.

“The buildings must be planned for dwelling purposes exclusively and are exempt only while so used or intended to be so used. Buildings of four or more stories in height may have stores on the ground floor and still have the exemption.

"Construction must have been completed since April 1, 1920, or if not so completed must be commenced before April 1, 1922, and completed within two years after commencement. If now under construction the building must be completed within two years after this law takes effect.

"It is to be noted that the exemption expires January 1, 1932, so that the sooner a building is completed the greater the exemption will be."

CHAPTER 950, LAWS OF 1920 40 Section 1. Title two of chapter seventeen of the code of civil procedure is hereby amended by adding thereto a new section, to be section twenty-two hundred and sixty-five-a, to read as follows:

40 In effect Sept. 27, 1920. The Code of Civil Procedure having been repealed, effective Oct. 1, 1921, this provision will be found in section 1447 of the Civil Practice Act, effective Oct. 1, 1921, printed in Appendix C.

$ 2265-a. Whenever the court in which the proceedings are brought has jurisdiction to vacate a final order rendered upon the default of the tenant, the court or a judge or justice thereof, may, pending a motion to vacate a final order rendered upon the default of the tenant, stay the execution of the warrant which was issued upon such default and shall, upon the vacation of such final order, vacate and set aside such warrant.

§ 2. This act shall take effect immediately.

COMMITTEE'S EXPLANATION

POWER OF THE COURT TO VACATE A DISPOSSESS WARRANT “It was found that a very anomalous situation had existed in our statutes for a long time. If a tenant had by chance failed to answer a precept and the final order was rendered against him by default and the warrant issued, there was no power in the court to vacate its warrant. This was so no matter how meritorious the excuse for the default might be. The only remedy was a troublesome application to the Supreme Court for an injunction. This bill remedies that defect and gives the court issuing the warrant power to vacate the warrant."

CHAPTER 952, LAWS OF 1920 41 Section 1. Section twenty-two hundred and thirty-eight of the code of civil procedure is hereby amended to read as follows:

§ 2238. Precept. The judge or justice, to whom a petition is presented, as prescribed in either of the foregoing sections of this title, must thereupon issue a precept, directed to the person or persons designated in the petition, as being in possession of the property, and requiring him or them forthwith to remove from the

41 In effect Sept. 27, 1920. The provisions of the Code of Civil Procedure having been repealed, the repeal effective Oct. 1, 1921, this provision will be found in the Civil Practice Act effective Oct. 1, 1921. The first part up to * is section 1418 of that Act, the latter part is section 1419 of that Act. These sections are printed in Appendix C.

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