costs and ex

Statement of or any part of it is in operation, the president of the said penses to be company shall file under oath or affirmation, a statement made and filed of the amount of the costs of the said railroad including

State tax.

Proviso.

Limitation

equipments, appendages and all expenses in the office of the secretary of state, and annually thereafter on the first Monday in January in each year, he shall under oath or affirmation make a statement to the secretary of state, of the cost, equipments, appendages and expenses of said road; and after the said railroad or any part thereof shall be in operation the said corporation shall pay to the treasurer of this state a tax of one-half of one per centum on the cost, equipments and appendages of said road, to be paid annually thereafter on the first Monday in January of each year, and such other taxes as may be assessed from time to time by a general law applicable to all railroads over which the legislature shall have power for that purpose, at the time of the passage of such law or laws, and until the said railroad, or any part thereof shall be in operation, the said corporation shall be regularly assessed, and pay tax for the value of its real estate, including improvements thereon, and personal property as now taxed in the city or cities, township or townships wherein it lies, at the same time and rate and in the same manner, for the same purposes and by the same person or persons as other taxes are assessed in said city or cities, township or townships; provided, that no other tax or impost shall be levied or assessed upon said company.

11. And be it enacted, That the act to which this is a supplement, and all other supplements thereto, heretofore passed, and now in existence unrepealed, shall continue in operation. and effect for the full term of twenty years from the first day of March, anno domini, eighteen hundred and seventyone, and that this act shall take effect immediately, and shall continue in operation and effect for the same period of time, and that all acts and parts of acts heretofore passed relating to said "The Cape Island Turnpike Company," inconsistent with the provisions of this act be and the same are hereby repealed.

Approved March 17, 1870.

CHAPTER CCCCLXXIV.

An Act to incorporate the Hackettstown Savings Bank.

1. BE IT ENACTED by the Senate and General Assembly of Names of corthe State of New Jersey, That Caleb H. Valentine, William porators. L. Johnson, John Tims, Jacob Welsh, George Haszen, William Holt, Thomas McCauley, J. R. Bryan, Archibald Price, Isaac W. Crane, Joshua H. Curtis, Eli W. Osmun, John White, Robert Q. Bowers, Abram R. Day, John B. Fisher, Robert S Price, Robert Rusling, David Shields, William Dellicker, George W. Johnson, Stephen C. Larison, Peter Churchfield, William McCracken, Silas M. McClellan, Aaron Robertson, Henry R. Tunison, William W. Marsh, L. C. Bowlby, Isaac Dill and John S. Labar, and their successors, shall be and are hereby constituted a body corporate and politic by the name of "The Hackettstown Savings Bank," Corporate to be located in Hackettstown, Warren county.

name.

2. And be it enacted, That the business of the said corpo- Election of ration shall be conducted by nine managers, five of whom managers shall constitute a quorum; and the seat of any manager who shall have neglected to attend for six successive meetings may be vacated by the board, and when the seat of any member of the board of managers shall from any cause become vacant, the other members may fill such vacancies by the vote of the majority of the board, such vacancies to be filled at the first regular meeting of the board held after such vacancy having occurred; the first managers shall be elected from the persons named in the first section of this act, by a majority of the votes, the said incorporators having the right to vote by proxy; the board of managers shall meet at least once in every three months to attend to the business of the corporation, and there shall be an annual meeting of the board held on the first Monday in May for the purpose of choosing one of their number president, and appointing a cashier and such officers or agents as may appear to them necessary for conducting the business of the bank, which officers so chosen and appointed shall continue in office for one year, and until others are chosen and appointed in their place, and

May make bylaws.

Proviso.

Deposits.

Investment of deposits.

Proviso.

interest.

they shall be under oath, and if necessary required to give security for the faithful and honest performance of the duties of their respective offices.

3. And be it enacted, That the board of managers shall have the power from time to time to make, ordain and establish such by-laws, rules and regulations as they shall judge proper for the receiving of deposits, and paying out of the same by drafts, orders or otherwise, as the depositors may direct, and for the transacting, managing and directing all the affairs of the corporation; provided, that such by-laws and regulations shall not be repugnant to the constitution and laws of this state or of the United States, and shall not at any time be altered so as to affect any deposit of money previously made.

4. And be it enacted, That the said corporation may receive on deposit, 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 depositors, or their order, 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 institution may accept and execute all such trusts of every description as may be committed to them by any person or persons whatever, by will or otherwise, or transferred to them by order of any court.

5. And be it enacted, That the said corporation may invest the money left with them on deposit in no other public stocks or bonds other than such as are created and issued by the United States and by the several states of the Union, or by the several counties, cities and towns in this state, under the laws thereof, nor upon bond and mortgage, except on encumbered real estate, worth at least double the amount invested; provided, said corporation may make temporary loans upon personal securities, or with pledges of collateral securities worth at least thirty per centum more than the amount loaned; but the amount thus loaned on personal security shall not at any time exceed fifty per centum of the whole amount of the assets and securities of the said corporation.

Regulation of 6. And be it enacted, That it shall be the duty of the board of managers to regulate the rate of interest to be allowed to the depositors, so that they shall receive a just proportion of

the profits of the business of the said corporation, after deducting therefrom all necessary expenses and a reasonable surplus cr contingent fund; provided, that the rate of interest Proviso may at the discretion of the managers be so regulated as that the interest allowed any depositor having more than one thousand dollars deposited shall be at least one per centum less than the rate allowed to other depositors; and provided Proviso. also, that the said corporation shall not be required to allow interest upon any deposit of a less amount than five dollars, nor upon the fractional parts of one dollar, nor upon the fractional parts of a month; and that no interest or dividends. on account of any surplus or contingent fund shall be allowed for moneys which have been withdrawn from deposit.

minors.

7. And be it enacted, That it shall be lawful for the said Deposits by corporation at their discretion to pay any depositor being a minor, such sum not exceeding five hundred dollars as may be due to such depositor, in cases where no guardian shall have been appointed in his or her behalf, and that the receipt or acquittance of such minor shall be as valid as though the same were executed by his or her guardian duly appointed; provided, such deposit shall have been made per- Proviso. sonally by such minor, and not by any other person for his or her benefit.

not to be con

husband.

8. And be it enacted, That in case the said corporation Deposits made shall receive any deposit or deposits from any married female, by females or from any single female who may afterwards marry, it shall trolled by be lawful for the said corporation to hold the same, together with the interest or dividends which may accrue thereon, as the sole and separate property of such female as though she were single, not subject to the control nor liable for the debts of her husband, and to repay the same and the interest and dividends, or any part thereof, upon her check, order or receipt or demand, without the concurrence of her husband; and such payment shall exonerate and discharge the said corporation from any further liability by reason thereof.

estate

9. And be it enacted, That the said corporation may pur- May hold real chase and hold, in fee simple or otherwise, any real estate or personal property, and the said corporation may sell, lease or otherwise dispose of the said real estate or personal property, or any part thereof, at their will and pleasure.

deposits in

10. And be it enacted, That a book shall be kept at the Disposition of office of the institution, in which any depositor shall be at case of death. liberty to appoint any person or persons to whom in the event.

Annual statement.

No compensation to managers.

Act. how construed.

Proviso

of his, or her death, the money 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 of the claims against said institution.

11. 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 or cashier, 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 the Hackettstown Gazette or some paper published in Hackettstown.

12. And be it enacted, That no emolument whatever shall directly or indirectly be received by the managers or either of them for their services, except the cashier or treasurer, and the committee on the examination of property offered as security for loans, who shall receive such compensation as from time to time may be established by a majority of the whole number of the managers of said corporation.

13. 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 included, 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, modify or repeal this act.

14. And be it enacted, That this act shall continue in force until repealed, and shall take effect immediately. Approved March 17, 1870.