May make bylaws. Proviso. May receive posits. of the said institution, shall be in the city of Bergen, 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. 4. And be it enacted, That the board of managers shall have 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. 5. And be it enacted, That the said corporation may reand invest de- ceive 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. deposits. Investment of 6. And be it enacted, That the said corporation may invest the money left with them on deposit in no other public stocks, than such as are created under the laws of the United States, or of the states of New Jersey, New York, Pennsylvania, Ohio, or in the stocks or bonds of either of the cities or counties of the state of New Jersey, nor in bonds and mortgages, except on unincumbered real estate worth at least double the amount of the sum invested; provided, said corporation may make temporary loans upon personal securities, 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 thirty per centum of the whole amount of the assets and securities of the said corporation. Rate of interest. 7. 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 or contingent fund; provided, that the Proviso rate of interest 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 also, that the said corporation shall not be Proviso. 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. give acquit posit. 8. And be it enacted, That it shall be lawful for the said Minors may corporation at their discretion to pay any depositor being a tance for deminor, 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 acquitance 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 personally by such minor, and not by any other person for his or her benefit. not to be con husband. 9. And be it enacted, That in case the said corporation Deposits made shall receive any deposit or deposits from any married fe- by females male, or from any single female who may afterwards marry, trolled by it shall 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. appoint per 10. And be it enacted, That a book shall be kept at the Depositor may office of the institution, in which any depositor shall be at son to receive liberty to appoint any person or persons to whom in the moneys, event of his or her death, the money shall be paid, if not otherwise disposed of by will, and all payments made to the Annual report 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 to legislature. 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 one or more newspapers published in Hudson county. No officer shall borrow money. Proviso. and hold real estate. 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; and that no officer or manager shall be allowed, whether directly or indirectly, to hire or borrow any money from said corporation, or to become in any way security for any hirer or borrower of any such money, or to use the funds or other property of such corporation for his own purposes in any way whatever; ard that said corporation shall not take or hold any bond, mortgage or other security, for the payment of money drawn or endorsed by, or existing against any of its officers or managers as security for any money loaned by said corporation, unless the same shall have been received in payment of debts due from other parties. 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 benefi cial 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. May purchase 14. And be it enacted, That it shall be lawful for said corporation to purchase, hold and convey real estate: first, such as shall be requisite for its accommodation in the convenient transaction of its business; second, such as shall have been mortgaged to it in good faith for money loaned, in pursuance of the provisions of this act: third, such as shall have been purchased at sales upon judgments or decrees obtained. or rendered for money so loaned, and the said corporation shall not purchase, hold or convey real estate in any other case or for any other purpose, and the said corporation shall not directly or indirectly deal or trade in, buying or selling any goods, wares or commodities whatever, except in cases where it is authorized to do so by the terms of this act, and except such personal property as may be requisite for its proper accommodation in the transaction of its business. 15. And be it enacted, That this act shall continue in force Limitation. twenty years, and shall take effect immediately. Approved March 17, 1870. CHAPTER CCCCLXXIX. An Act to change the corporate name of the First Presbyterian 1. BE IT ENACTED by the Senate and General Assembly of Corporate the State of New Jersey, That the corporate name of " The name. First Presbyterian Church at Craneville," is hereby changed to The First Presbyterian Church of Cranford. 2. And be it enacted, That this act shall take effect immediately. Approved March 17, 1870. Preamble. Declared to be a public road. CHAPTER CCCCLXXX. An Act to repeal an act entitled "An Act to incorporate the WHEREAS, the said turnpike has been for some time past virtually abandoned by the said turnpike company in neglecting to make any repairs upon the same, thereby rendering it not only difficult but dangerous to travel upon; and whereas, the stock of said turnpike having become nearly worthless, it is the wish of the stockholders that the charter be repealed, and the said turnpike declared to be a public road; therefore, 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the act to incorporate the Newark and Mount Pleasant Turnpike Company, approved February twenty-seventh, anno domini one thousand eight hundred and six, be and the same is hereby repealed, and that the said turnpike shall be deemed and taken to be a lawful public road, and shall be kept in repair in the same manner, and by the same means, and shall be subject to the same penalties as other public roads are in the several townships through which the same may pass. 2. And be it enacted, That this shall be deemed and taken to be a public act, and shall take effect immediately. Approved March 17, 1870. |