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thousand dollars, with two sufficient sureties, freeholders of this state, to be conditioned and approved in the same manner as the bond of the commissioner; he shall also take an oath of office in the same manner as the commissioner, which bond and oath shall be filed in the department of state.

Powers relative to banking and insurance, etc.

5. This department shall be vested with all the powers and charged with all the duties and subject to all the obligations and penalties now vested in, conferred and imposed upon the secretary of state, acting as commissioner of insurance, or upon the board of bank commissioners or any other officer or board charged with the execution of the laws relative to subjects recited in the first section of this act, as also building and loan corporations or associations organized under the laws of other states transacting or to be admitted to transact business in this state.*

Seal of office. Certificate to be accepted in evidence.

6. The said commissioner, with the approval of the governor, shall devise a seal of office, a description and impression of which, with a certificate of approval by the governor, shall be filed in the department of state; every certificate, assignment, conveyance or other official paper executed by the said commissioner under authority of law and sealed with the said seal of his office, shall be received as evidence and may be recorded in proper recording offices in the same manner and with like effect as a deed regularly acknowledged or proved before an officer authorized by law to take proof or acknowledgment of deeds;

* By a supplement to this act, approved March 24, 1899 (Chapter 166, Laws of 1899), domestic building and loan associations were placed under the supervision of the department.

And all copies of papers in the office of said commissioner certified by him and authenticated by said seal, shall be accepted as evidence in all cases equally and in like manner as the original; an impression of said seal directly on paper shall be as valid as if made on wax or wafer.

Custody of documents, etc.

7. All books, blanks, papers and documents, securities, stocks, bonds and mortgages now in the custody of the secretary of state, acting as commissioner of insurance, or in the office of any other state official or board connected with the matters embraced in this act, shall, on demand, be delivered and transferred to the commissioner of banking and insurance, when appointed, and thereafter remain in his charge and custody.

Office in the state house.

8. There shall be assigned to said commissioner by the governor suitable offices in the state house for conducting the business of said department, and the superintendent of the state house and grounds shall from time to time furnish the necessary furniture, fuel, lights, and properly care for said offices, the expense thereof to be defrayed in the same manner as like expenses of other departments of the state government.


9. All acts and parts of acts inconsistent with the provisions of this act shall be and are hereby repealed, and this act shall take effect immediately.


The Banking Law.

LAWS OF 1899, CHAPTER 173.


1. Formation and general provisions.

Seven or more persons, of full age, may become a banking corporation on the terms and conditions and subject to the liabilities prescribed by this act; the name of every corporation formed under this act shall contain the word "bank" or "banking," but shall not be that of any other existing corporation of this state; provided, however, that if such bank shall be incorporated for the purpose of succeeding any other bank, such new bank may assume the name of the bank which it is intended to succeed; the capital stock of any such bank shall not be less than fifty thousand dollars, and shall be divided into shares of one hundred dollars each, all of which shall be paid in in cash before any bank shall be authorized to transact any business other than such as relates to its formation and organization, and such payment shall be certified to the commissioner of banking and insurance under oath by the president and cashier of the bank; no corporation organized under this act shall create more than one class of stock; hereafter no corporation other than a national bank, a trust company or a savings bank, shall be organized for the purpose of carrying on a banking business in the state of New Jersey, except under this act, and no corporation, other than a savings bank, hereafter organized under any other act shall use the word bank or "banking" as a part of its name.


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2. Certificate of incorporation.

The incorporators and subscribers to the capital stock shall, under their hands and seals, subscribe a certificate of incorporation, which shall specifically state:

I. The name of the bank;

II.—The place where the business is to be carried


III.—The purposes and objects for which the bank is incorporated;

IV. The amount of capital stock, all of which shall be subscribed in the certificate of incorporation;

V. The names and residences of the incorporators, and the number of shares subscribed by each of them;

VI.-The period, if any, limited for the duration of the bank;

VII. The certificate of incorporation may also contain any provisions, not inconsistent with this act, which the incorporators may choose to insert for the regulation of the business, for the conduct of the affairs of the bank, or for defining, limiting, and regulating the powers of the directors; provided, however, that no director shall be elected for a longer period than one year.

3. Authentication, record and filing of certificate. Copy evidence.

The certificate of incorporation shall be proved or acknowledged as required for deeds of real estate, and recorded in a book to be kept for that purpose in the office of the clerk of the county where the

place of business of the bank is to be established, and after being so recorded, shall be filed in the department of banking and insurance; provided, however, that before the certificate of incorporation shall be recorded or filed as aforesaid it shall be submitted to the commissioner of banking and insurance, who, if he shall approve the form thereof, and if it shall appear to him that the establishment of such a bank will be of public service, shall endorse thereupon or annex thereto his approval and such certificate shall not be recorded or filed without his approval endorsed thereupon or annexed thereto; said certificate or a copy thereof, duly certified by the commissioner of banking and insurance, shall be evidence in all courts and places.

4. Corporate existence to begin on filing certificate.

Upon making the certificate of incorporation and causing the same to be recorded and filed as aforesaid, the subscribers to the said certificate, their successors and assigns shall, from the date of such filing, be and constitute a body corporate by the name set forth in the certificate, subject to the provisions of this act, and subject to dissolution as in this act or otherwise by law provided; provided, however, that if any bank shall fail to obtain the certificate of authority, as hereinafter provided, from the commissioner of banking and insurance, within one year from the date of the filing of the said certificate of incorporation, such bank shall ipso facto be dissolved, and its certificate of incorporation shall be null and void.

5. The commissioner of banking and insurance to issue certificates of authority.

Whenever the certificate of incorporation has been recorded and filed, and the payment of capital stock certified to the commissioner of banking and insur

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