15. And be it enacted, That this act shall take effect immediately. Approved March 17, 1870. Trustees may CHAPTER CCCXCII. An Act to aid the Trustees of School District Number Thirty-six, in the county of Essex. 1. BE IT ENACTED by the Senate and General Assembly of issue bonds, the State of New Jersey, That for the purpose of more readily borrowing money, to be employed in purchasing land, and in erecting a school house, "The Trustees of School District Number Thirty-six, in the county of Essex," may issue their corporate bonds, to an amount not exceeding in the aggregate the sum of thirty thousand dollars; said bonds to bear interest not exceeding seven per centum per annum, and to be made payable at a period not exceeding twenty-five years from the date of their issue. Bonds may be secured by school pro perty. Payment of interest. 2. And be it enacted, That the said "The Trustees of mortgage on School District Number Thirty-six, in the county of Essex," are hereby fully authorized to make and execute a mortgage upon any school property of said district, for the securing of the payment of the bonds herein authorized; and may also assume and agree to pay any taxes which may be assessed upon such security in the hands of the holder of the same. 3. And be it enacted, That the said, the trustees of school district number thirty-six, in the county of Essex, shall provide for the payment of the interest and the redemption of the principal of said bonds in manner following: they shall, in each year, prepare a certificate in writing and form similar to that prescribed by the "Act to establish a system of public instruction," which certificate shall contain a statement of the amount which will fall due within a term of one year from the making of such certificate, for interest on said bonds, and shall direct the assessor of the township to assess such amount of interest, together with one thousand dollars to create a sinking fund; and it is hereby made the duty of such assessor to make such assessment upon the taxable property in said district, in the same manner now required by the "Act to establish a system of public instruction;" and all moneys to be raised by virtue of such assessment are hereby inviolably pledged to the payment of the interest and the ultimate discharge of the principal of said bonds. 4. And be it enacted, That it shall be the duty of the said Investment of trustees and their successors, to see that the moneys so to be money. raised for a sinking fund, shall be promptly and safely invested from time to time, as the same shall be collected. 5. And be it enacted. That the said trustees shall use How approand employ the money realized from the sale of the bonds priated. herein authorized, in purchasing land for school purposes and in erecting a building thereon and furnishing the same, and for no other purpose whatsoever. ers to nego 6. And be it enacted, That John M. Randall, George D. CommissionWoodruff and George Booth, be designated as the persons to tiate bonds. whom the trustees shall execute and deliver the mortgage and bonds authorized in the foregoing sections; and the three persons above named shall be commissioners to take charge of and negotiate said bonds in behalf of the district; provi. Proviso, ded, said bonds shall not be negotiated at less than their par value, and the school building shall be erected by contract, 7. And be it enacted, That this act shall take effect immediately. Approved March 17, 1870. Names of corporators. Corporate name. Election of managers Place of business. CHAPTER CCCXCIII. An Act to incorporate the Bayonne City Savings Bank. 1 BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That Henry Meigs, Jacob R. Schuyler, Ephraim D. Brown, Samuel T. Brown, Solon Humphreys, Hiram Van Buskirk, Rufus Story, Francis I. Smith, John C. Smith, James W. Trask, and their successors, shall be and are hereby constituted a body corporate and politic by the name of "The Bayonne City Savings Bank." 2. And be it enacted, That the business of the said corporation shall be conducted by seven managers, five of whom shall constitute a quorum; and the seat of any manager who shall have neglected to attend for four 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 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 office or place of business of the said institution shall be in the city of Bayonne, 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. laws. 4. And be it enacted, That the board of managers shall May make byhave 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 Proviso, 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 re May receive ceive on deposis, 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 manaagers shall from time to time prescribe; 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. invest de posits. deposits. 6. And be it enacted, That the said corporation may in Investment of vest 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 the states of New Jersey, New York, Pennsylvania, Ohio, or in the stocks or bonds of either of the cities or counties of the states of New Jersey and New York, 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 Proviso. 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. 7. And be it enacted, That it shall be the duty of the Rate of inboard of managers to regulate the rate of interest to be terest. 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 Proviso. Minors may give acquit posit. Proviso. Deposits made by females and a reasonable surplus or contingent fund; provided, that the 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 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. 8. And be it enacted, That it shall be lawful for the said. tance for de- 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 personally by such minor, and not by any other person for his or her benefit. 9. And be it enacted, That in case the said corporation not to be con- shall receive any deposit or deposits from any married female, or from any single female who may afterwards marry, 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 payments shall exonerate and discharge the said corporation from any further liability by reason thereof. trolled by husband. Depositor may appoint per 10. And be it enacted, That a book shall be kept at the son to receive Office of the institution, in which any depositor shall be at moneys. liberty to appoint any person or persons to whom in the event 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. Annual report 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 |