페이지 이미지
PDF
ePub

Business Corporations Law (L. 1890, ch. 567), § 11. time of such dissent, and deliver one copy to such new corporation, and another to such stockholder if demanded; the charges and expenses of the appraisers shall be paid by the new corporation. When the new corporation shall have paid the amount of such appraisal, as directed by the court, such stockholder shall cease to have any interest in such stock and in the corporate property of such corporation, and such stock may be held or disposed of by such new corporation. Where any consolidation has been heretofore or shall be hereafter effected pursuant to the laws of this state, and the holders of ninety per centum of the capital stock of each of such corporations have voted in favor of such agreement to consolidate, if any stockholder not voting in favor of such consolidation shall fail to exchange his stock for stock of such new corporation within sixty days after this act shall go into effect, or, in case of a consolidation hereafter effected, within sixty days after he shall have become entitled to make such exchange, such new corporation may, at any time thereafter, upon at least eight days' notice to such stockholder, to be given personally, within the state, if possible, and if not, then in such manner as the court shall direct, apply to the court, as hereinbefore provided, for the appointment of three persons to appraise the value of such stock at the time of the expiration of such sixty days. Upon the completion of the appraisal in the manner herein before provided for, and the payment by such new corporation of the amount of such appraisal, as directed by the court, such stockholder shall cease to have any interest in such stock, and in the corporate property of such corporation, and such stock may be held or disposed of by such new corporation. (Amended by L. 1902, ch. 438, in effect Sept. 1, 1902.)

§ 11. Transfer of property of old corporations to consolidated corporations.- Upon the consummation of such act of consolidation, all the rights, privileges, franchises and interests of each of the corporations, parties to the same, and all the property, real, personal and mixed, and all the debts due on whatever account to either of them, as well as all stock subscriptions and other things in action belonging to either of them, shall be taken and deemed to be transferred to and vested in such new corporation, without further act or deed; and all claims, demands, property and every other interest shall be as effectually the property of the new corporation as they were of the former corporations, parties to such agreement and act; and the title to all real estate, taken by deed or otherwise, The Canal Law (L. 1894, ch. 338), $ 25.

under the laws of this state, vested in either of such corporations, parties to such agreement and act, shall not be deemed to revert or be in any way impaired by reason of this act, or anything done by virtne thereof, but shall be vested in the new corporation by virtue of such act of consolidation; and all the rights, privileges, franchises and property of the corporations, parties to any consolidation heretofore made under this act, shall vest as fully in the new corporation thereby created as they were vested in the corporations, partics to such consolidations. (Amended by L. 1902, ch. 457, in effect April 10, 1902.)

The amendment is a substitute for the former section on the same subject, and is similar to section 72 of the Railroad Law.

[merged small][merged small][merged small][merged small][merged small][ocr errors]

(1) The Canal Law. (L. 1894, ch. 338.) $ 23, sub. 13. General powers and duties of superintendent.(C. & G. Gen. Laws, p. 158.)

Ice in canal basin.-- Ice in a state canal basin, constructed upon and entirely surrounded by state land, belongs to the state. Under subdivision 13 of section 23 of the Canal Law the superintendent of public works may permit persons in the vicinity of the canal to cut and haul away ice for domestic use. Where such permission is granted to a corporation, upon a designated portion of a state canal basin, the right of the corporation to cut the ice thereon is exclusive, as against an adjoining owner of land or a first appropria tor of the ice. Where an adjoining owner interferes with such right he may be temporarily restrained. Green Island Ice Co. v. Norton, 42 Misc. 238, 86 N. Y. Supp. 613.

$ 25. Powers with reference to railroad near the canals.The superintendent of public works shall have a general supervisory power over so much of any railroad as passes over any canal or feeder belonging to the state, or approaches within ten rods thereof, so far as may be necessary to preserve the free and perfect

The Canal Law (L. 1894, ch. 338), $ 25. use of such canals or feeders, or for making any repairs, improvements or alterations thereupon. No railroad corporation shall construct its railroad over or at any place within ten rods of any canal or feeder belonging to the state, unless it submits to the superintendent of public works a map, plan and profile of such canal or feeder and of the route designated for its railroad, exhibiting distinctly and accurately the relation of each to the other at all the places within the limits of ten rods thereof, and obtain the written permission of the superintendent of public works and of the canal board for the construction of such railroad, with such conditions, directions and instructions as in his judgment the free and perfect use of any such canal or feeder may require. Whenever any street railway shall cross over any bridge spanning a canal, or canal feeder, the company owning, maintaining and operating the same shall be deemed liable for and shall pay all damages that may occur or arise, either to the state or to individuals, by reason of its laying and maintaining its tracks or rails over, upon and across any such bridge, or by reason of the operation of its cars over the same; and any such company shall upon demand of the superintendent of public works, make any repairs to such structure to insure the continued safety thereof as shall have been rendered necessary by reason of such use of said structure by said company. Any company so maintaining or operating a street railroad over, upon and across any such bridge shall indemnify the state against any and all loss, damages or claims for damage, for injuries to person or property of passengers which shall be incurred by or made against such state by reason of the operation of such railway over any such bridge, and the superintendent of public works may, in his discretion, require any company so maintaining or operating a street railway to furnish a bond, with sureties to be approved by him, to indemnify the state from all such loss, damage or claims. All such permits heretofore or hereafter granted shall be revocable whenever the free and perfect use of any such canal or feeder may so require, or if such railway company shall fail to make any such repairs when required by the superintendent of public works and the railroad company using or occupying any bridge over the same shall, within a reasonable time after the service upon it of written notice of such revocation, or to make such repairs by the superintendent of public works, remove at its own cost and expense its railroad from such bridge and from the limits of ten rods of said canal or feeder. (Amended by L. 1902, ch. 340, in effect April 2, 1902.)

The Canal Law (L. 1894, ch. 338), SS 54, 101, 169. Construction of railroad tracks on canal lands.-- Although the Constitution prevents the sale or lease of the Erie canal, yet the provision of the above section conferring upon the superintendent supervisory power over the canal lands and of any railroad within ten rods of the canal, “ to preserve the free and perfect use of the canal,” implies that a license or privilege may be accorded to a railroad company to construct its tracks and operate its cars upon the canal lands under the direction of the state authorities. McCarty v. N. Y. C. & H. R. R. R. Co., 73 App. Div. 34, 76 N. Y. Supp. 321.

$ 54. Advances to division engineers.- If a division engineer has filed his official undertaking, he may draw on the comptroller for advances to meet the expenses of the engineer department upon his division. If such draft be countersigned by the state engineer, and a receipt for the amount thereof be filed with the comptroller, the comptroller shall pay the same by warrant on the treasurer in favor of such division engineer. But the advances unaccounted for to a division engineer shall, at no time, exceed twenty thousand dollars and no money shall be drawn from the treasury to meet the expenses of the engineer department of the canals, other than those pertaining to the office of the state engineer in any other manner. (Amended by L. 1904, ch. 14, in effect Feb. 25, 1904.)

$ 101. Proceedings for non-payment of rent of surplus waters of Black Rock Harbor. (Repealed by L. 1902, ch. 238, in effect March 26, 1902.)

§ 169. Speed and meeting of boats and preference in passing. (C. & G. Gen. Laws, p. 496.)

Effect of navigation law.- It would seem that where canal boats are being towed by steam tug boats upon the Erie canal that the provisions of section 11 of the Navigation Law. would apply, and that the provisions of section 169 of the Canal Law are modified by the provisions of such section. Wagner v. Buffalo and Rochester Transit Co., 59 App. Div. 419; 69 N. Y. Supp. 113.

(2) Construction of Barge Canal. L. 1903, ch. 147. An act making provision for issuing bonds to the amount of not to exceed one hundred and one million dollars for the improvement of the Erie canal, the Oswego canal and the Champlain canal, and providing for a submission of the same to the people to be voted upon at the general election to be held in the year nineteen hundred and three.

Barge canal (L. 1903, ch. 147), SS 1, 2. The People of the State of New York, represented in Senate and Assembly, do enact as follows:

§ 1. Issue of bonds.— There shall be issued in the manner and at the times hereinafter recited, bonds of the state in amount not to exceed one hundred and one million dollars, which bonds shall be sold by the state, and the proceeds thereof paid into the state treasury and so much thereof as shall be necessary expended for the purpose of improving the Erie canal, the Oswego canal and the Champlain canal, and the procurement of the lands required in connection therewith. The said bonds when issued shall be exempt from taxation.

$ 2. Sale of bonds; annual tax.— The comptroller is hereby directed under the supervision of the commissioners of the canal fund, to cause to be prepared the bonds of this state, to an amount not to exceed one hundred and one million dollars, the said bonds to bear interest at the rate of not to exceed three per centum per annum, which interest shall be payable semi-annually in the city of New York. Said bonds shall be issued for a term of not more than eighteen years from their respective dates of issue, and shall not be sold for less than par. The comptroller is hereby charged with the duty of selling said bonds to the highest bidder after advertising for a period of twenty consecutive days, Sundays excepted, in at least two daily newspapers printed in the city of New York and one in the city of Albany. Said advertisements shall contain a provision to the effect that the comptroller in his discretion may reject any or all bids made in pursuance of said advertisements, and in the event of such rejection, the comptroller is authorized to readvertise for bids in the manner above described as many times as in his judgment may be necessary to effect a satisfactory sale. The said bonds shall not all be sold at one time; not more than ten million dollars in amount thereof shall be sold during the two years next ensuing after this act takes effect and thereafter they shall be sold in lots not exceeding ten million dollars at a time as the same may be required for the purpose of making partial or final payments on work contracted for in accordance with the provisions of this act, and for other payments lawfully to be made under the provisions hereof. There is hereby imposed for each year after this act goes into effect until all the bonds issued under the authority of this act shall be due, an annual tax of twelve onethousandths of a mill upon each dollar of valuation of the real and

« 이전계속 »