sold on sealed proposals and the notice of sale shall be published at least once in a newspaper published or circulating in the town of Poughkeepsie not less than five days prior to and not including the date of sale. Said bonds shall be general obligations of the town of Poughkeepsie. Provided, however, that the town board Additional may construct additional sidewalks within said district upon presentation of proper petitions in accordance with the provisions of the town law. sidewalks. board to sidewalks; assess § 3. The town board shall construct the sidewalks for which Town petitions have been received as provided by the town law and shall construct assess seventy-five per centum of the total cost of such improvements upon the abutting property and twenty-five per centum ment of upon all property within the district as a whole. The town board in completing the improvements and in levying the assessments shall be governed by the provisions of article eleven-a of chapter sixty-two of the consolidated laws known as the town law. costs. § 4. It is hereby determined that the territory within the Territory boundaries described in section one of this act including the prop- benefited. erty on both sides of boundary streets and avenues is the territory especially benefited by the construction of sidewalks within said territory. actions. § 5. This act shall take effect immediately, but shall not affect Pending any action or proceeding pending in any court at the time it takes effect. L CHAPTER 43 AN ACT to amend the highway law, in relation to the acquisition of lands for right of way and other purposes Became a law February 23, 1927, with the approval of the Governor. Passed, three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows: cb. 30, Section 1. Section one hundred and forty-eight of chapter thirty L. 1909, of the laws of nineteen hundred and nine, entitled "An act relating $148 to highways, constituting chapter twenty-five of the consolidated amended. laws," as last amended by the laws of nineteen hundred and twentyfive, chapter three hundred and thirty-six,' is hereby amended to read as follows: § 148. Acquisition of lands for right of way and other purposes. If a state or county highway, proposed to be constructed or improved as provided in this article, or which shall have been heretofore constructed, or which it is proposed to repair or reconstruct as provided in article seven of this chapter, or in which it is proposed to change the course of a dangerous section thereof, shall deviate from the line of a highway already existing, the board of supervisors of the county where such highway is located, shall provide the requisite right of way prior to the advertisement for proposals. The execution by the property owner of an option to pur1 Previously amended by L. 1917, ch. 261; L. 1918, ch. 326; L. 1924, ch. 460. L. 1914, ch. 369, $ 38 amended. chase, or of a release or agreement giving the state the right to enter and occupy property for highway purposes shall be deemed to be a sufficient acquisition of right of way under this chapter, and upon the certification of the board of supervisors that the county has secured such options, releases or agreements from the reputed owners of all parcels of right of way called for by the pians, the commissioner may proceed to advertise for proposals for the improvement. The board of supervisors shall also secure all necessary rights of way for drains or ditches required to properly drain the highway either during construction or after completion thereof and may also acquire lands for the purpose of obtaining gravel, stone or other material, when required for the construction, reconstruction, improvement or maintenance of highways, or for spoil banks together with a right of way to such spoil banks and to any bed, pit, quarry or other place where such gravel, stone or other material may be located. The board of supervisors may also acquire lands at any corner formed by the intersection of said highways, for the purpose of removing obstructions therefrom which shut off the view to intersecting highways; thereby to afford visibility or sight distance of such highways near, at and across any corner of lands at highway intersections. § 2. This act shall take effect immediately. CHAPTER 44 AN ACT to amend the banking law, in relation to restrictions on loans and reserves of banks and trust companies and reserve depositaries Became a law February 23, 1927, with the approval of the Governor. Passed, three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows: Section 1. Section thirty-eight of 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 to read as follows: § 38. Designation of reserve depositaries. The superintendent shall, in his discretion, upon the nomination of any bank, trust company or private or individual banker, designate a depositary or depositaries for the reserves on deposit of such corporation or banker provided for by this chapter. Except as otherwise provided in this section, such depositary shall be a bank, trust company or national banking association located in this state. But no bank, trust company or national banking association shall hereafter be designated as a depositary of any such reserves unless it shall have a combined capital and surplus of at least 2 Remainder of section new. 1. One million dollars, if located in a borough of a city which borough has a population of one million five hundred thousand1 or over; 2. Seven hundred and fifty thousand dollars, if located in a borough of a city which borough has a population of one million or over and less than one million five hundred thousand' or in a city which has a population of four hundred thousand or over; 3. Five hundred thousand dollars, if located elsewhere in the state. No such corporation, if located in a borough having a population of one million five hundred thousand1 or over, shall be designated as a reserve depositary for any bank, trust company or private or individual banker having a combined capital and surplus greater than its own, unless the combined. capital and surplus of such depositary exceeds two million dollars. Such depositary may also be a banking corporation with a capital and surplus of two million dollars or more, located in the cities of Chicago, Illinois, Boston, Massachusetts, or Philadelphia, Pennsylvania, provided any such banking corporation shall make such reports as the superintendent may prescribe, and submit to such examinations as he may deem necessary. subd. (b) § 2. Subdivision (b) of subdivision one of section one hundred § 108, and eight of such chapter is hereby amended to read as follows: subd. 1, (b) If such bank is located in a borough having a population amended. of one million five hundred thousand2 or over, the total liability to such bank, of any state other than the state of New York, or of any foreign nation, or of a municipal or railroad corporation, or of a corporation subject to the jurisdiction of a public service commission of this state, may equal but not exceed twenty-five per centum of the capital and surplus of such bank; and the total liabilities to such bank of any individual, partnership, unincorporated association, or of any other corporation or body politic, may equal but not exceed twenty-five per centum of the capital and surplus of such bank, provided such liabilities. are upon drafts or bills of exchange drawn in good faith against actually existing values, or upon commercial or business paper actually owned by the person negotiating the same to such bank, and are endorsed by such person without limitation, or provided. such liabilities in excess of ten per centum of such capital and surplus, and not in excess of an additional fifteen per centum of such capital and surplus, are secured by collateral having an ascertained market value of at least fifteen per centum more than the amount of the liabilities so secured. subd. 4, Restric § 3. Subdivision (b) of subdivision four of section one hundred $108, and eight of such chapter is hereby amended to read as follows: subd. (b) (b) The bank has its principal place of business in a borough amended. of any city in the state which borough has a population of one tions on million five hundred thousand or more, and the total direct loans on and indirect loans by the bank upon real estate security 1 Formerly "two million two hundred thousand." * Formerly two millions." real estate ROPERTY NEW YORK SOCIETY LIBRAT subds. 1, 2 amended. exceed, or by the making of such loan, will exceed fifteen per centum of the total assets of the bank; § 112, § 4. Subdivisions one and two of section one hundred and twelve of such chapter, as last amended by chapter thirty-five of the laws of nineteen hundred and nineteen,3 are hereby amended to read as follows: Reserves, § 190, subd. 1, subd. amended. 1. Eighteen per centum of such deposits if such bank has an office in a borough having a population of one million five hundred thousand or over; and at least twelve per centum of such deposits shall be maintained as reserves on hand, except as otherwise provided in this section. 2. Fifteen per centum of such deposits, if such bank is located in a borough having a population of one million or over and less than one million five hundred thousand, and has not an office in a borough specified in subdivision one of this section; and at least ten per centum of such deposits shall be maintained as reserves on hand. § 5. Subdivision (b) of subdivision one of section one hundred (b) and ninety of such chapter, is hereby amended to read as follows: (b) If such trust company is located in a borough having a Companies, population of one million five hundred thousand or over, restrictions the total liability to such trust company, of any state other Trust on loans. § 197, subds. 1, 2 amended. Trust companies; reserves. than the state of New York, or of any foreign nation, or of a municipal or railroad corporation, or of a corporation subject to the jurisdiction of a public service commission of this state, may equal but not exceed twenty-five per centum of the capital and surplus of such trust company; and the total liabilities to such trust company of any individual, partnership, unincorporated association, or of any other corporation or body politic, may equal but not exceed twenty-five per centum of the capital and surplus of such trust company, provided such liabilities are upon drafts or bills of exchange drawn in good faith against actually existing values, or upon commercial or business paper actually owned by the person negotiating the same to such trust company, and are endorsed by such person without limitation, or provided such liabilities in excess of ten per centum of such capital and surplus, and not in excess of an additional fifteen per centum of such capital and surplus, are secured by collateral having an ascertained market value of at least fifteen per centum more than the amount of the liabilities so secured. § 6. Subdivisions one and two of section one hundred and ninetyseven of such chapter, as last amended by chapter thirty-five of the laws of nineteen hundred and nineteen,3 is hereby amended to read as follows: 1. Fifteen per centum of such deposits, if such trust company has an office in a borough having a population of one million five hundred thousand or over; and at least ten per centum of such deposits shall be maintained as reserves on hand; 8 Previously amended by L. 1917, ch. 579; L. 1918, ch. 92. 2. Thirteen per centum of such deposits, if such trust company is located in a borough having a population of one million or over and less than one million five hundred thousand,5 and has not an office in a borough specified in subdivision one of this section; and at least eight per centum of such deposits shall be maintained as reserves on hand. § 7. This act shall take effect immediately. CHAPTER 45 AN ACT to amend the civil practice act, relative to the preference of causes upon the calendar Became a law February 23, 1927, with the approval of the Governor. Passed, three-fifths being present. The People of the State of New York, represented in Senate and Assembly,' do enact as follows: 1 amended. Section 1. Subdivision two of section one hundred and thirty-s 138, eight of the civil practice act is hereby amended to read as follows: subd. 2 2. An action or special proceeding in which the city of New York or the city of Buffalo' is a party, where a notice similar to the notice prescribed in the last subdivision has been served by its attorney at the time of service of the notice of trial or argument. The provisions of the last subdivision, relating to moving the trial or argument, apply to a cause within this subdivision. § 2. This act shall take effect immediately. CHAPTER 46 AN ACT to amend the highway law, in relation to speed contests by motorcycles on public highways. Became a law February 23, 1927, with the approval of the Governor. Passed, three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows: § 307 Section 1. Section three hundred and seven of chapter thirty L. 1909, of the laws of nineteen hundred and nine, entitled "An act relat- ch. 30, ing to highways, constituting chapter twenty-five of the con- amended. solidated laws, as added by chapter seventy-two of the laws of nineteen hundred and sixteen and last amended by chapter seven hundred and thirty-one of the laws of nineteen hundred and twenty-six, is hereby amended to read as follows: § 307. Local ordinances prohibited. Except as herein otherwise provided, local authorities shall have no power to pass, enforce or maintain any ordinance, rule or regulation requiring from any owner to whom this article is applicable any tax, fee, license Formerly "two millions." 1 Section 138, subd. 2 is further amended by L. 1927, ch. 594, post. 1 Previously amended by L. 1921, ch. 580; L. 1924, ch. 360, |