CHAPTER CXCVII.

An act to incorporate the Industrial Savings Bank of Passaic.

corporators

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That Edo Kip, Willam S. Anderson, Names of William Burgess, John C. Marsellus, George W. Demarest, Peter Ried, Benjamin B. Aycrigg, J. Morgan Howe, Richard A. Terhune, Ira A. Kip, James Waterhouse, Hennry F. Bissel, John F. Barkley and their successors, shall be and are hereby constituted a body corporate and politic, by the name of "The Industrial Savings Bank," with power to purchase, Corporate take, hold, enjoy and sell, lease or otherwise dispose of any powers. real or personal estate, which shall be necessary for the purposes herein mentioned.

name and

conducted.

2. And be it enacted, That the said institution shall be con- Institution ducted by thirteen managers, elected by ballot from the by whom number of the above named incorporators, of whom seven shall be a quorum to transact business; and the seat of any manager, who shall have neglected to attend for four suc cessive meetings, may be vacated by the board; the managers shall meet annually, at such times as their by-laws may designate, and choose one of their number 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 incorporation; which officers, so chosen and appointed, shall continue in office one year and until others are chosen, unless sooner removed by the board of managers; and all officers so chosen shall be under oath, and shall give security such as the board of managers may require for the faithful performance of the duties of their respective offices; and the managers shall have power to fill up by ballot any vacancy which may occur in their body or its offices, by a vote of a majority of the managers present, after five days' notice thereof shall have been given to the managers by publication in one of the newspapers published in the said city of Passaic, or by notice deposited in

May make by-laws,&c.

Proviso.

May receive deposits.

the post-office, directed to each manager, or left at his residence.

3. And be it enacted, That the board of managers shall have power to make, ordain, establish and alter 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 directing the affairs of the corporation; provided, that such by-laws and regulations shall not be repugnant to the constitution and laws of the state or of the United States.

4. And be it enacted, That the said corporation 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, which shall be invested accordingly, and shall be repaid to the depositor at such times, and with such interest, and under such regulations as the board of managers shall from time to time prescribe; and the said corporation 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 by the order of any court; and 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 Proviso. surplus or contingent fund; provided, that the same rates of interest may be so regulated that the interest allowed to depositors may be less on large sums than that allowed on small sums, and that the managers shall not be required to allow any interest or dividend on account of said surplus fund, for money which shall have been withdrawn from deposit.

Corpora

issue notes or bills.

5. And be it enacted, That the said corporation shall not tion not to issue any notes or bills, nor shall any manager, officer or agent of the said corporation be allowed directly or indirectly, to borrow any money from the said corporation; and all compensation to be allowed to the managers or officers shall be fixed by the board of managers.

May invest money in certain bonds.

6. And be it enacted, That the said corporation may invest money in the stocks and bonds created under the laws of the United States, and in stocks and bonds issued by the states of New Jersey, New York, Pennsylvania and Ohio, and the several counties, cities, towns and townships of this state,

and in real estate double in value of the amount loaned, above any encumbrances thereon, and may make loans on personal securities or obligations, with pledges of collateral securities worth at least twenty-five per centum more than the amount loaned, and may also have power and authority to receive for safe keeping, upon such terms and conditions, and for such consideration as they from time to time determine, specie or bullion, gold or silver plate, treasury notes, bonds, mortgages and coupons, paper money, bills receivable, title deeds and all personal securities and property of every kind whatever.

into cer

tracts.

7. And be it enacted, That it shall and may be lawful for May enter the said corporation to enter into a contract or agreement tain conwith any borrower or borrowers of its loanable funds, whereby the said borrower or borrowers shall pay any part, or all of national, state, county, city, township or other taxes, which may be assessed upon the money so loaned or to be loaned, and the securities for the payment thereof; and all such contracts and agreements are hereby made and declared to be valid and effectual in law, and no such security shall be held, deemed or taken in any court of this state to be usurious or invalidated by reason of any such contracts or agreements, anything in any existing law of this state to the contrary notwithstanding.

cates under

8. And be it enacted, That all certificates or evidences of All certindeposit, under the hand of the proper officer of the corpora- hand of tion, shall be as binding as if the same were under their proper ofcommon seal.

cers to be binding.

May pay

minors be

tors.

9. And be it enacted, That the said corporation may pay to any depositor, being a minor, such sums as may be due to money to such depositor, notwithstanding that no guardian may have ing deposi been appointed for such depositor, and the receipt or acquittance of such minor shall be as valid as if executed by a guardian duly appointed; provided, that the deposit due such proviso. minor shall have been made by such minor in person 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 deposit shall not be subject to the control of the husband, or liable for his debts; nor shall moneys deposited by a single woman be subject, in case of marriage, to the use or control nor liable for the debts of the future husband.

65

Certain

books to be

kept.

Not com

pelled to re

10. And be it enacted, That a book shall be kept at the of fice of the corporation, in which any depositor shall be at liberty to appoint a person or persons, to whom, in any 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 corporation.

11. And be it enacted, That the corporation shall not be ceive less required to receive on deposit a less sum than twenty-five than twen- cents, nor to allow interest on a fractional part of a dollar, nor for the fractional part of a month.

ty-five

cen tson deposit.

Deposits

larly en

12. And be it enacted, That all deposits and payments to be regu- shall be regularly entered in the books of the corporation and every person depositing 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.

tered.

Corporatio 1 to

make an

to comptroller.

13. And be it enacted, That it shall be the duty of the said corporation to make an annual report to the comptroller of nual report this state, under oath or affirmation of the treasurer and a committee appointed for that purpose by the managers, or three or more of their number, of the state of its funds, and such statement shall be published in the city of Passaic. Location of 14. And be it enacted, That the office or place of business of the said corporation shall be in the city of Passaic, and the books of the corporation 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.

office.

Declared to

act.

15. And be it enacted, That this act shall be and is hereby be a public 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 corporation in deed, grant, devise, or other instrument of contract or conveyance, shall vitiate or defeat the same; provided, the corporation shall be sufficiently described to scertain the intention of the parties; and provided also, that the legislature may, at any time hereafter, amend or modify this act, and that this act shall take effect immediately and continue in force until repealed.

Proviso.

Proviso.

Approved March 12, 1874.

CHAPTER CXCVIII.

An act to incorporate the Farmers Market Company, of
Camden.

corporators

name.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That John S. Read, Jonathan Burr, Names of William P. Tatem, Randal E. Morgan, and Edmund E. Read, and their associates, shall be and they hereby are created a body politic and corporate, by the name of "The Farmers Corporate Market Company of Camden," and by that name they shall have power to purchase and hold a suitable site or sites for, and erect thereon, one or market houses in the City of Camden, for the sale of country produce and other commodities there. in, and shall have power to erect stalls, stands, and other conveniences in said house or houses, for the sale of said produce and commodities, and to lease the same at pleasure, for such term or terms, and for such rent as may be agreed upon; and shall have all such other powers as are necessary or proper to carry into effect the object of this act; and shall have such other incidental corporate powers as are enumerated in the first section of the act concerning corporations.

2. And be it enacted, That the capital stock of said com- Capital pany shall be one hundred thousand dollars, and be divided stock into shares of one hundred dollars each, which shall be subscribed and paid at such times, in such manner, in such installments, and upon such notice, as the directors of the said company by their by-laws, or otherwise, may direct and appoint, and such shares shall be deemed personal property, transferable only on the books of the company, in such manner as the by-laws shall direct.

aged.

3. And be it enacted, That the affairs of said company shall Affairs by be managed by five directors to be chosen by the stockhold- whom maners of said company, annually, on the first Monday in May, in such manner as by the by-laws of said company may be directed, who shall serve for one year, and until others shall