Imágenes de páginas
PDF
EPUB

2. And be it enacted, That nothing in the act under which the said company is incorporated shall be construed to impair any provision of this act.

3. And be it enacted, That this act shall take effect immediately.

Approved March 21, 1863.

CHAPTER CCXVI.

AN ACT to incorporate the Fifth Ward Savings Bank of Jer

sey City.

porators.

1. BE IT ENACTED by the Senate and General Assembly of Namas of corthe State of New Jersey, That Homer Ransdell, Henry M. Traphagen, John Van Vorst, Henry F. Cox, Jonathan V. Thurston, Patrick Reilly, Isaac B. Culver, John H. Smyth, Francis Robinson, Barzilla W. Ryder, Jacob R. Hardenbergh, Harvey M. Soule, Job Falkenbergh, John R. Halladay, Henry A. Blake, Peter Hall, Ephraim Pray, Herbert R. Clark, Cornelius V. Traphagen, James S. Noyes and Patrick Brady, and their successors, shall and are hereby constituted a body corporate and politic by the name of "The Fifth Ward Savings Bank," and by that name shall be capable of purchasing, taking, holding and enjoying, to them and their successors, any real estate, in fee simple or otherwise, disposing of the said real and personal estate, or any part thereof, at their will and pleasure; provided always, that the Proviso. clear annual value of such real estate and personal estate, exclusive of the profits that may arise from the interest accruing upon the investments or upon the sale of any investments in which the deposits may be made shall not exceed the sum of ten thousand dollars.

gers.

2. And be it enacted, That the said institution shall be First manaconducted by twenty-one managers, five of whom, at least, shall be residents of the city of Jersey City; seven of the managers shall be a quorum to transact business, and the seat of any manager who shall have neglected to attend four successive meetings may be vacated by the board; the persons named in the first section of this act shall be the first managers of the institution; the managers shall meet an

[ocr errors]

laws.

nually on the first Monday of April, and choose one of their number as president; they shall have power to appoint a secretary, treasurer, and such other officers as to them shall appear necessary for conducting the business of the institution, which officers so chosen and appointed shall continue in office one year and until others are chosen; and all officers so chosen shall be under oath for the faithful performance of the duties of their office respectively, and shall give security, if required, for the faithful execution of the duties of their office, in such sum or sums and with such sureties as may be directed by the board of managers.

May make by- 3. And be it enacted, That the board of managers shall, from time to time, have power to make, ordain and establish such by-laws and regulations as they shall judge proper for the election of their officers, for prescribing their respective duties, for regulating the times and places of meeting of the officers and managers, and for the transacting, managing and directing the affairs of the institution; provided, that such by-laws and regulations shall not be repugnant to the constitution and laws of this state or of the United States.

Proviso.

Deposits received.

Managers to regulate rate of interest.

roviso.

No fees to managers.

4. And be it enacted, That the said institution may receive as deposits all sums of money which may be offered, for the purpose of being invested, in such amounts and at such times, and on such terms as the by-laws shall prescribe, and the said institution may accept and execute all such trusts, of every description, as may be committed to them by any person or persons whatsoever, by will or otherwise, or transferred to them by order of any court.

5. And be it enacted, That it shall be the duty of the managers to regulate the rate of interest to be allowed to the depositors, so that they shall receive a ratable proportion, as near as may be, of the profits, after deducting therefrom all necessary expenses, and a reasonable surplus or contingent fund; provided, that said rates of interest may, at the discretion of the managers, be so regulated as that the interest allowed to depositors having one thousand dollars or more deposited shall be at least at the rate of one per cent. per annum less than the interest dividend allowed to other depositors, and that no interest shall be allowed for money which shall have been withdrawn from deposit.

6. And be it enacted, That no emolument whatever shall directly or indirectly be received by the president or managers for their services, nor shall the said institution issue any notes or bills, nor shall any manager, officer or agent of the institution be allowed, directly or indirectly, to borrow any

money from the said institution, or to use the same except to pay necessary expenses, nor shall the said institution take or hold any bonds, mortgages, or other securities, for the payment of money drawn or endorsed by or existing against any manager, officer or agent of the institution.

ments may be

7. And be it enacted, That the said institution shall invest When investno money in any public stock other than such as are created made. under the laws of the United States, or of the states of New Jersey, New York, Massachusetts, or in the stocks of the city of Newark and Jersey City, in this state, or in the cities of New York and Brooklyn, in the state of New York, authorized by the laws of said states respectively, nor on bond and mortgage, except on unincumbered real estate worth double the amount of the sum invested, nor in the stock or loans of any incorporated company whatever.

8. And be it enacted, That all certificates or evidence of Certificates. deposits made under the hand of the proper officer of the institution, shall be as binding as if the same were made under their common seal.

garding mi

nora.

9. And be it enacted, That it shall be lawful for the said Regulation reinstitution, at their discretion, to pay to any depositor, being a minor, such sums as may be due to such depositor, not exceeding five hundred dollars, in cases where no guardian shall have been appointed for such depositor, and that the receipt and acquittance of such minor shall be as valid as if the same were executed by a guardian of such minor duly appointed; provided, such deposits shall have been made personally by Proviso. such minor, and not by any other person for his or her benefit; married women may deposit money in their own names, and receive the interest or dividend thereon, and receive and withdraw the same, and such deposits shall not be subject to the control of the husband or liable for his debts, nor shall money deposited by single women be subject, in case of marriage, to the use or control, nor liable for the debts of the future husband.

kept.

10. And be it enacted, That a book shall be kept at the Books to be office of the institution, in which any depositor shall be at liberty to appoint a person or persons, to whom, in the event of his or her death, the money due shall be paid, if not otherwise disposed of by will, and all payments made to the person or persons so appointed, shall be a full discharge to said institution.

11. And be it enacted, That the institution shall not be Restrictions. required to receive on a deposit a less sum than ten cents,

Vacancies, how filled.

Deposits regu. lated.

Annual statement to be made.

Place of business.

Public act.

Proviso.

nor to allow interest on a deposit until it amounts to five dollars, nor to allow interest on the fractional part of five dollars, nor shall the institution be required to allow interest on the fractional parts of a month.

12. And be it enacted, That the managers shall have power to fill up, by ballot, after notice of one month, any vacancy which may occur in their own body or its officers, by a vote of a majority of the managers present.

13. And be it enacted, That all deposits and payments shall be regularly entered in the books of the institution, and every person depositing money shall be furnished with a duplicate of his or her account, in which every deposit or payment shall be regularly entered as soon as made.

14. And be it enacted, That it shall be the duty of the said institution to make an annual report to the legislature of this state, under the oath or affirmation of the treasurer and a committee appointed for that purpose by the managers, of three or more of their number, of the state of its funds, and such statement shall be published in one or more of the newspapers published in the city of Jersey City.

15. And be it enacted, That the office or place of business of said institution shall be in the fifth ward of Jersey City, and the books of the institution shall be open at all times to the inspection and examination of such person or persons as the legislature may from time to time appoint for that purpose.

16. And be it enacted, That this act shall be and hereby is declared to be a public act, and the same shall be construed in all courts favorably and benignly for every beneficial purpose therein intended, and that no misnomer of the said institution, in any deed, grant, devise, or other instrument of contract or conveyance, shall vitiate or defeat the same; provided, the institution shall be sufficiently described, so as to ascertain the intention of the parties; and provided also, that the legislature may at any time hereafter amend or modify this act.

17. And be it enacted, That this act shall take effect immediately.

Approved March 21, 1863.

CHAPTER CCXVII.

AN ACT to authorize the Belvidere Delaware Railroad Company to extend their railroad to the Warren railroad, upon the route and in the place of the Belvidere and Water Gap

railroad.

road.

1. BE IT ENACTED by the Senate and General Assembly of May extend the State of New Jersey, That it shall be lawful for the Belvidere Delaware Railroad Company to extend their railroad from its present termination in the town of Belvidere to some point on the Warren railroad, between the Manunkachunk tunnel and Delaware station, upon the route on which the Belvidere and Water Gap Railroad Company were authorized to construct a railroad; provided, that the consent of the said Belvidere and Water Gap Railroad Company shall be first obtained.

2. And be it enacted, That for the purpose of enabling the Powers and Belvidere Delaware Railroad Company to secure the right of privileges. way and to construct and use the extension of their railroad hereby authorized, they are hereby invested with all the powers and privileges, and subjected to all the restrictions and liabilities which were by law conferred and imposed on the said company, for the purpose of enabling them to construct and use their original railroad, so far as the same are applicable and not repealed.

3. And be it enacted, That the Belvidere Delaware Rail- May purchase road Company are hereby authorized to purchase from the right of way. Belvidere and Water Gap Railroad Company all the property

and right of way which they may have acquired on and near the said route.

4. And be it enacted, That this act shall take effect immediately.

Approved March 21, 1863.

« AnteriorContinuar »