(g) Any security which under the laws of this state is a legal investment for savings banks or trust funds, and any securities which are underwritten or sold by any corporation under the supervision of the superintendent of banks of the state of New York. (h) Any security, other than common stock, outstanding for a period of not less than five years, upon which no default exists in the payment of principal or interest and upon which no such default has occurred for a continuous immediately preceding period of five years, or in the case of preferred stock upon which dividends specified in the certificates of such stock have been paid for a continuous immediately preceding period of five years. (i) Negotiable promissory notes, drafts, and commercial paper provided that such issue of notes, drafts and commercial paper mature in not more than twelve months from date of issue and shall be issued within three months after the date of sale. (j) Any bond and mortgage sold or offered for sale in an undivided whole. (k) Securities which on January first, nineteen hundred and twenty-five, have been fully listed upon any exchange, located in the state of New York, which on said date was organized and in operation, and so long thereafter as the same shall remain so listed and any securities senior thereto. Securities which shall become fully listed upon any such exchange subsequent to said January first, nineteen hundred and twenty-five, shall not be exempted as herein provided unless and until such exchange shall cause to be duly published pursuant hereto in the state paper as defined herein, under the caption or head described in section three hun. dred and fifty-nine-d of this chapter, a notice which shall contain the name of the corporation, association, common law trust or similar organization issuing the security or securities so listed, the business or post office address thereof, the state or country where incorporated or organized, the date of such listing and a brief description and the amount of the security so listed. After such publication of said notice as aforesaid, securities so listed subsequent to January first, nineteen hundred and twenty-five, and any securities senior thereto, shall thereupon be exempted hereunder so long as the same shall remain so listed. (1) Securities sold or offered for sale at any judicial, executor's, administrator's, guardian's, or conservator's sale, or any sale by a receiver or trustee in insolvency or bankruptcy, or at a public sale by auction held at an advertised time and place. (m) Sales by or for the account of a pledgee or mortgagee selling or offering for sale or delivery, in the ordinary course of business, to liquidate a bona fide debt, a security pledged in good faith as security for such debt. § 7. Section three hundred and fifty-seven of such chapter, as 357 added by chapter six hundred and forty-nine of the laws of nine- bered teen hundred and twenty-one, is hereby renumbered section three 3598, hundred and fifty-nine-g and amended to read as follows: renum and amended. § 359-g. Violations and penalties. (1) Any person, partnership, corporation, company, trust or association having been served with an order issued pursuant to the provisions of section three hundred and fifty-four staying or enjoining any practices or transactions, or with any order or with a final judgment in an action brought by the attorney-general, as in this article provided, staying or enjoining any practices or transactions, and any person, partnership, corporation, company, trust or association having knowledge of the issuance of any such order or judgment who, while such order or judgment is in effect, shall disobey the same, shall be deemed in contempt of court and shall be guilty of a misdemeanor and in addition for every violation or attempted violation of such order or such judgment shall be liable to a civil penalty of one thousand dollars, recoverable in an action brought by and in the name of the people of the state of New York. Such penalty shall be cumulative and more than one penalty shall be recoverable in the same action in any court of competent jurisdiction. An appeal from an order or judgment entered under the provisions of this article shall not operate as a stay of proceedings to enforce such order or judgment, or suspend the injunction thereby granted unless a justice of the supreme court, assigned to the appellate division to which such appeal is taken, shall, upon notice to the attorney-general, make an order granting such stay or suspending such injunction upon such terms as he deems proper. (2) Any person, partnership, corporation, company, trust or association violating any of the provisions of this article shall be guilty of a misdemeanor punishable by a fine of not more than five thousand dollars, or imprisonment for not more than two years or both. § 8. This act shall take effect immediately. а $ 1170 amended. CHAPTER 240 judgments in divorce actions. three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows: Section 1. Section eleven hundred and seventy of the civil practice act is hereby amended to read as follows: § 1170. Custody and maintenance of children, and support of plaintiff in action for divorce or separation. Where an action for divorce or separation is brought by either husband or wife, the court, except as otherwise expressly prescribed by statute, must give, either in the final judgment, or by one or more orders, made from time to time before final judgment, such directions as justice requires, between the parties, for the custody, care, education, and maintenance of any of the children of the marriage, and where the action is brought by the wife, for the support of the § 2. This act shall take effect September first, nineteen hun. In effect dred and twenty-five. Sept. 1, 1925. ATN amended. CHAPTER 241 security in proceedings for the sale of the real property of infant or in competent. three-fifths being present. Section 1. Section thirteen hundred and ninety-five of the civil $ 1395 $ 1395. Referee to inquire into the application. Upon the presentation of the petition, and the filing of the bond or undertaking where the filing of such a bond or undertaking shall be necessary, the court must make an order appointing a suitable person a referee to inquire into the merits of the application. The referee must examine into the truth of the allegations of the petition, hear the allegations and proofs of all persons interested in the property, or otherwise interested in the application, and report his opinion thereupon, together with the testimony, with all convenient speed. If at any time during the pendency of the proceeding, for after the completion thereof, and the delivery of the deed, mortgage, lease or 3 release, it shall appear 1 Words or for the support of the plaintiff ” new. 2 Words or before ” omitted. Words" or after the completion thereof, and the delivery of,” new. 8 Words “ is delivered” omitted. 3 66 to the court that the security given in such proceeding by the committee or special guardian of the incompetent or infant is not sufficient in amount or in other particulars does not comply with the requirements of this act or of the rules of civil practice, the court may by order require the filing of other or additional security without prejudice to any of the proceedings theretofore had. Such additional or other security shall be given and filed within ten days after the entry of such order and thereupon it shall have the same force and effect as if it had been filed before the entry of the order appointing a referee. § 2. This act shall take effect September first, nineteen hundred and twenty-five. ID effect Sept. 1, 1925. $ 980a added. CHAPTER 242 the proceeds of infant's personal injury action. three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows: Section 1. Article sixty-one of the civil practice act is hereby amended by adding at the end thereof a new section, to be section nine hundred and cighty-a, to read as follows: § 980-a. Disposition of proceeds of infant's cause of action for personal injuries. When the proceeds of a cause of action of an infant for personal injuries, after deducting the payment of attorneys' fees and expenses allowed by the court, do not exceed one hundred and fifty dollars, the court may order such proceeds paid to his father, or to his mother, or to some competent person with whom the infant resides, or who has some interest in his welfare, for the use and benefit of such infant. § 2. This act shall take effect immediately. CHAPTER 243 of unoccupied lands and timber thereon. three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows: Section 1. Section three hundred and thirty-five of the civil practice act is hereby amended to read as follows: § 335. Proof of ownership of unoccupied lands and timber thereon. In all actions to recover the possession of, or otherwise to determine the title to, or, for trespass upon or injury to unoccupied lands, timber, trees or underwood thereon, except an action in which any county or any state or county officer, board or commis- § 2. This act shall take effect September first, nineteen hundred in effect and twenty-five. Sept. 1, 1925. CHAPTER 244 AN ACT to amend the civil practice act, in relation to the fees of the clerk of the county of Richmond. three-fifths being present. şi fifteen hundred and fifty-seven' and fifteen hundred and fifty- 1567a, captions seven-a? of the civil practice act are hereby amended to read, and opening respectively, as follows: paragraphs § 1557. Fees of county clerks in counties of Bronx, Queens and amended. Westchester. Except where a greater fee is allowed by another statute for the same service, the county clerk* of the counties of Bronx, Queens and Westchester are entitled for the services specified in this section to the following fees, to be paid in advance : f 1557-a. Fees of the clerks of the counties of New York, Rich- § 2. This act shall take effect immediately. is omitted. 66 |
