tors or managers shall not be made on the day designated by the by-laws, said society for that cause shall not be dissolved, but it shall and may be lawful on any other day to hold an election for trustees, directors or managers, in such manner as may be directed by the by-laws of such society. § 5. The provisions of this act shall not extend or apply to any association or individuals who shall in the certificate filed with the secretary of state, or with the county clerk, use or specify a name or style the same as that of any previously existing incorporated society in this state; nor shall they authorize the formation of any corporation which can be incorporated under the act entitled, An act to provide for the incorporation of religious societies, passed April 5, 1813, and the several acts amending the same; or the formation of any secret societies. § 6. Any corporation formed under this act, shall be capable of taking, holding or receiving any property, real or personal, by virtue of any devise or bequest contained in any last will or testament of any person whatsoever, the clear annual income of which devise or bequest shall not exceed the sum of ten thousand dollars; provided, no person leaving a wife or child or parent shall devise or bequeath to such institution or corporation more thau one fourth of his or her estate, after the payment of his or her debts, and such devise or bequest shall be valid to the extent of such one fourth, and no such devise or bequest shall be valid, in any will which shall not have been made and executed at least two months before the death of the testator. § The trustees of any company or corporation organized under the provisions of this act, shall be jointly and severally liable for all debts due from said company or corporation contracted while they are trustees, provided said debts are payable within one year from the time they shall have been contracted, and provided a suit for the collection of the same shall be brought within one year after the debts shall become due and payable. § 8. All institutions formed under this act, together with their books and vouchers, shall be subject to the visitation and inspection of the justices of the supreme court, or by any person or persons who shall be appointed by the supreme court for that purpose, and it shall be the duty of the trustees, or a majority of them, in the month of December in each year, to make and file in the county clerk's office where the original certificate is filed, a certificate under their hands, stating the names of the trustees and officers of such association or corporation, with an inventory of the property, effects and liabilities thereof, with an affidavit of the truth of such certificate and inventory, and also an affidavit that such association or corporation has not been engaged directly or indirectly, in any other business than such as is set forth in the original cerficate on file. § 9. Every corporation formed under this act shall possess the powers and be subject to the provisions and restrictions contained in the third title of the eighteenth chapter of the first part of the Revised Statutes. § 10. The Legislature may at any time, amend, annul or repeal any incorporation formed or created under this act. State of New York, Secretary's Office. I have compared the preceding with an original law on file in this office, and do certify that the same is a correct transcript therefrom, and of the whole of said origARCHIBALD CAMPBELL, Dep. Sec. of State. inal. Albany, April 13, 1848. |