or cashier, and a committee appointed for that purpose by the managers of three or more of their number, cf the state of its funds, and such statement shall be published in one or more newspapers published in Hudson county.

No

tion to man

12. And be it enacted, That no emolument whatever shall compensadirectly or indirectly be received by the managers, or either agers. 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 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; and 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 Public act. 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 Proviso. to ascertain the intention of the parties; and provided also, that the legislature may at any time hereafter amend, modify or repeal this act.

estate

14. And be it enacted, That it shall be lawful for said cor- May hold real poration 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 twenty years, and shall take effect immediately. Approved March 17, 1870.

May borrow

money to

build school house.

May issue bonds.

CHAPTER CCCXCIV.

An Act to authorize the Trustees of Dover School District Number One, in the township of Randolph, in the county of Morris, to borrow money by issuing bonds, to build a School House.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the trustees of Dover School District, Number One, of Randolph township, Morris county, New Jersey, be and they are hereby authorized to borrow any sum of money not exceeding thirty thousand dollars in all, that they may find necessary for the purpose of purchasing a lot and erecting a school house thereon, within said school district and furnishing the same.

2. And be it enacted, That for the purpose of securing the repayment of said loan with interest, the said trustees may issue bonds in their corporate name and capacity to the lenders of said moneys, in amounts not less than one hundred dollars each, with interest at the rate of seven per centum payable annually; of which said bonds, two thousand dollars in amount shall be made payable in one year from the date of their issue, and the same amount annually thereafter, until the whole amount issued shall be redeemed with the interest thereon, which bonds shall be registered in a book to be provided and kept by said trustees for that purpose, and shall be assignable at law, and shall be a first lien in the nature of a mortgage, upon the lot of land and house there

on, to be purchased and built with the proceeds thereof, and such lien may be enforced by any court of competent jurisdiction in the same manner as ordinary mortgage liens now are, or hereafter may be enforced; provided, that the lien of Proviso. such bonds may be postponed to the lien of a mortgage for consideration money on the purchase of said lot of land, and it shall be lawful for said trustees to provide by contract in said bonds to pay the whole or any part of the tax to be levied and assessed on the same, in the hands of the holders.

taxation to

interest.

3. And be it enacted, That in order to provide for the payment Money shall of the said loan as the same matures, with the interest which be raised by shall from time to time accrue thereon, it shall be the duty of pay loan and the assessor of Randolph township, annually to levy and as sess upon the inhabitants of the said district, and their estates according to the present boundaries of said district, and in the same manner as other school taxes are now levied and assessed, such sums of money as will be sufficient to meet the annual payment of two thousand dollars, with the payments of interest on the whole loan remaining unpaid, which shall accrue for the current year, and five per centum added thereto for losses and contingencies; which assessment shall be collected by the officer now or hereafter authorized by law to collect township taxes, and shall be separately accounted for by him, and paid over to the holders of said bonds. on orders to be made and signed by the clerk or other proper officer of the said school district; and if any surplus shall remain in any year after meeting the payments due for that year, the same shall remain and be applied towards the amount accruing for the next year, and if any deficiency shall occur, the same shall be added to the assessment for the ensuing year.

charge of the

give bond.

4. And be it enacted, That the funds raised by the nego. Clerk to have tiation of said bonds shall be received by the clerk of said money and school district, and shall be accounted for by him to the district, and be used for the purposes mentioned in the first section of this act, and such clerk shall before he receives any portion of said loan, give good and sufficient security to the said district by its corporate name, to be approved of by the trustees, for his faithful conduct in the execution of his of fice, and for rendering a just and true account of all moneys received and paid out by him, and for the payment to his successor in office of any balance found in his hands, and

Act not to have effect

until approv

thirds vote.

ballot.

said successor shall also in his turn give like security with like condition.

5. And be it enacted, That this act shall not take effect unless it be first approved by two-thirds of such legal voters ed by a two- of said school district, who may attend and vote at any meeting of said voters held after ten days notice thereof, given by the district clerk of said district by at least five printed notices, put up in five of the most public places within said district, setting forth the time, place and objects of said meeting, Vote to be by which vote shall be taken by ballot, to be writen or printed, or partly written and partly printed, with the words “For Approval," or "Against Approval;" and the judges of the last preceding township election, at which the voters of said school district were allowed to vote, shall be the judges of the election at said school meeting, and shall declare the result; and in case of the absence or failure to serve of any or all of said judges, the said trustees may designate one or more, or all as the case may require, of their number to act as judges of election in the place of such judges of election as may not attend; and the said district clerk shall be clerk of said meeting and shall keep a list of all voters who shall vote at said meeting. and the said meeting, and the poll shall be kept open two hours at least, and the ballots shall be numbered and strung and the result certified in the same manner as near as may be, as elections for members of assembly now are; and the said poll list and ballots shall be preserved and filed in the county clerk's office; and if the election shall result in an approval of this act, the said judges of election and district clerk, shall make, sign and verify by oath or affirmation before a competent officer, a certificate of such result, which shall be filed and recorded by the county clerk in the book of religious corporations, and the record thereof, or a duly certified copy, shall be plenary evidence of such result, and the clerk of said district shall annex to such certificate, to be filed and recorded therewith, an affidavit of the posting of the notices of such meeting.

6. And be it enacted, That this act shall be deemed and taken as a public act, and shall take effect immediately. Approved March 17, 1870.

CHAPTER CCCXCV.

An Act to repeal the third section of an act entitled "A Further Supplement to An Act regulating Fisheries in Mullica river.'"

1. BE IT ENACTED by the Senate and General Assembly of Repealer. the State of New Jersey, That the third section of an act entitled "A Further Supplement to 'An Act regulating fisheries in Mullica river,"" be and the same is hereby repealed. 2. And be it enacted, That this act shall take effect immediately.

Approved March 17, 1870.

CHAPTER CCCXCVI,

An Act to confirm the title of land sold by the executors of Joseph T. Moore, deceased, to Sarah Denton.

WHEREAS, Joseph T. Moore, late of the township of Wood- Preamble. bridge, in the county of Middlesex, deceased, by his last will and testament, dated June eleventh, eighteen hundred and fifty-three, and duly admitted to probate in the office of the surrogate of the said county of Middlesex, on the ninth day of June, eighteen hundred and fifty-seven, and recorded in said surrogate's office, in book F of wills, at page three hundred, did appoint Smith Coddington and Edward Y. Rogers the executors of his last will and testament; and whereas, it appears by the minutes of the orphans' court of the said county that the said executors did report the estate of the said Joseph T. Moore insolvent, and pray the sale of certain lands of which their said tes tator died seized, for the purpose of paying and discharg