Deposits.

interest.

States of America; and such by-laws and regulations shall be put up in some public and conspicuous place in the room where the business of said institution shall be conducted, and shall not be altered so as to affect injuriously any one who may have been a depositor previous to the alteration.

4. And be it enacted, That the said institution may receive as deposits in such amounts, and on such terms, and at such times, as the by-laws may prescribe, all sums of money which may be offered for the purpose of being invested, which shall be invested accordingly, and shall be repaid to the depositors 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.

Regulation of 5. And be it enacted, That 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 surplus or contingent fund; provided, that said rates of interest may at the discretion of the managers, be so regulated as that the interest allowed to depositors having over one thousand dollars deposited shall be at least at the rate of one per centum per annum less than the interest allowed to other depositors.

Proviso.

No officer

shall borrow money.

Investment of deposits.

6. And be it enacted, That no emolument whatever shall directly or indirectly be received by the president or managers for their services, nor shall any officer or agent of the institution be allowed directly or indirectly to borrow any money from said institution or to use the same except to pay necessary expenses, nor shall the institution take or hold any bonds, mortgages or other securities for the payment of money, drawn or endorsed by, or existing against any officer or agent of the institution, as security for money loaned by it, unless the same shall have been received in payment of debts due from other parties.

7. And be it enacted, That said corporation may invest the money left with them on deposit in no other way than in public stocks or bonds created and issued by the United States of America, or by the several states of the Union, or by the several counties and cities in this state under the laws

thereof, or upon bond and mortgage upon real estate, with good title, and worth at least double the amount invested over and above all encumbrances; provided, said corpora- Proviso. tion may make temporary loans upon personal securities, with pledges of collateral securities worth at least twenty per centum more than the amount loaned; but the amount thus loaned on personal security shall not at any time exceed twenty per centum of the whole amount of the assets and securities of the said corporation, and said corporation may legally reserve the interest on such loans, in advance.

deposit.

8. And be it enacted, That all certificates of evidence of Certificates of deposit made under the hand of the proper officer or officers of the institution, shall be as binding as if the same were made under their common seal.

minors.

9. And be it enacted, That it shall be lawful for the in- Deposits by stitution at their discretion to pay to any depositor being a minor, such sum as may be due to such depositor, not exceeding one thousand dollars, in cases where no guardian shall have been appointed for such depositor, and that the receipt and acquittance of such minor sha!! be as valid as if the same were executed by a guardian of such minor duly appointed; provided, such deposit shall have been made personally by said minor, and not by any other person for his or her benefit, and in such case payment to the minor shall be good if no notice of the appointment of a guardian shall have been given to the institution; married women may deposit money in their own names, and receive their interest and dividends thereon, and receive and withdraw the same, and such deposits shall not be subject to the control of the husband nor liable for his debts, nor shall money deposited by single women be subject in case of marriage to the use or control, nor liable for the debts of the future husband.

Disposition of

case of death.

10. And be it enacted, That a book shall be kept at the office of the institution in which any depositor shall be at deposits in liberty to appoint a 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 said institution.

allowed on

less than five

11. And be it enacted, That the said institution shall not Interest not be required to receive on deposit a less sum than ten cents, nor to allow interest on a deposit until it amounts to five dollars, nor to allow interest on the fractional parts of five

dollars.

Deposits may be refused.

All deposits to

dollars, nor shall the institution be required to allow interest on the fractional parts of a month.

12. And be it enacted, That the managers shall be at liberty at any time to refuse deposits, and, on giving one month's notice, to return such as have been made, with interest thereon to date of payment.

13. And be it enacted, That all deposits and payments be entered. shall be regularly entered in the books of the institution, and every person depositing money 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.

Office, where located.

May contract for state and

14. And be it enacted, That the office or place of business of said institution shall be at Bricksburg, in the county of Ocean, 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.

15. And be it enacted, That it shall and may be lawful for other taxes. the said institution and the borrowers and lenders of any money secured by mortgage on real estate to enter into a contract or agreement whereby the borrower shall pay any part or all of the national, state, county or city taxes which may be assessed upon the money so lent or to be loaned and the securities for the repayment thereof, and all such contracts and agreements are hereby declared to be valid and effectual in law; and no such mortgage or other security shall be held or deemed 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.

Annual statement.

Act, how construed.

16. 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 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 one or more newspapers published in the county of Ocean.

17. And be it enacted. That this act shall be and is hereby 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 institution in any deed, grant, devise or other instrument of conveyance or contract shall vitiate or defeat the same; pro

vided, the institution shall be sufficiently described so as to Proviso. ascertain the intention of the parties; and provided also, that the legislature may at any time hereafter amend or modify this act.

18. And be it enacted, That this act shall take effect immediately.

Approved March 17, 1870.

CHAPTER CCCCXLII.

An Act to incorporate the Woodland Water Company.

porators.

Corporate name and

powers.

1. BE IT ENACTED by the Senate and General Assembly of Names of corthe State of New Jersey, That Francis B. Chetwood, William O. Giles, Robert E. Chetwood, Benjamin L. Curtis and Benjamin O. Wade, and all other persons who may hereafter be associated with them in the manner hereinafter provided, and their successors are hereby constituted and declared to be a body politic and corporate, by the name of "The Woodland Water Company," and by that name shall have continued succession, sue and be sued, plead and be impleaded, answer and be answered unto, defend and be defended in all manner of suits and actions whatever, have a common seal and change the same at pleasure, purchase and hold such real and personal estate and water rights and privileges as may be useful for the object of this incorporation, or may be taken in payment of debts; that the stock of said company shall be deemed personal property, and consist of fifty thousand dol- Amount of lars, divided into shares of twenty five dollars each; and the capital stock. management of the concerns of said corporation shall be entrusted to five directors, being stockholders of said corporation, chosen every year at the annual meeting of the stock- Annual elecholders on the second Tuesday in May, at such time and tion of direcplace in the township of Woodland, in the county of Burlington, as said directors shall from time to time appoint, notice of which election shall be published in a newspaper

tors.

Failure to pay installments

feiture.

published in said county, for three successive weeks next before such election, at least once in each week, and all such elections shall be by ballot, by the stockholders in person or by proxy, under the inspection and direction of three stockholders, neither of them being a candidate at such election, appointed by the directors, each stockholder having a vote for each share of stock owned by him or her, and the five persons voted for at such election having the greater number of votes shall be directors of said corporation for the succeeding year, and until others are elected in their stead, that if any two or more persons shall have an equal number of votes so that five directors shall not be elected, the stockholders shall again proceed in like manner to elect so many as shall complete the number of five directors, out of which number the said directors may by plurality of their votes elect a president and other officers, and fill any vacancy in the office of any of the directors, and a majority of the directors for the time being shall be a quorum for transacting business.

2. And be it enacted, That the persons named in the foreworks a for- going section, and the directors of said corporation are hereby authorized to procure subscriptions for the stock of said corporation at any time after the passage of this act, and five dollars on each share of stock subscribed for shall be paid at the time of subscribing therefor, and the balance to be paid by installments at such time and in such sum as the above named persons or the directors of said corporation shall think proper and direct; and whenever twenty thousand dollars of the capital stock shall be subscribed for, the corporators above named shall call a meeting of the stockholders within sixty days thereafter, by giving fifteen days' notice of the time and place of such meeting, to each of the stockholders, for the purpose of electing directors and transacting other business; and when directors are elected, the moneys received on subscriptions for stock shall be paid over to them, first deducting the actual expenses incurred, and upon the election of directors they shall have sole power to manage the affairs of said corporation, and authorized to call for the payment of stock subscribed for, and in case of non payment, to forfeit the stock subscribed for, together with the installments paid thereupon.

Powers and

duties of the directors.

3. And be it enacted, That the directors shall be authorized to appoint such officers, agents and servants from time to time, with such compensation as they think proper, to