managers.

value of such real and personal estate, exclusive of the profits that may arise from any investments in which the deposits may be made, shall not exceed one hundred thousand dollars. 2. And be it enacted, That the said institution shall be Election of conducted by five managers, elected by ballot from among the number of the above named incorporators, three of whom shall be a quorum to transact business, and at least three shall be residents of the city of Trenton; and the seat of any manager who shall have neglected to attend for four consecutive meetings may be vacated by the board; the managers shall meet annually on the second Monday in April, and choose one of their number as president; they shall have power to appoint a secretary, treasurer and such other officers as to them shall appear necessary for conducting the business of the institution, which officers so chosen and appointed shall continue in office one year or until others are chosen; and all officers so chosen shall be under oath for the faithful performance of the duties of their offices, respectively, and shall give security, if required, for the faithfu! execution of the duties of their office, in such sum or sums and such securities as may be directed by the board of managers.

laws.

3. And be it enacted, That the board of managers shall, May make byfrom time to time, have power to make, ordain and establish such by-laws and regulations as they shall judge proper for the election of their officers, for prescribing their respective duties, for regulating the times and places of meetings of the officers and managers, and for the transacting, managing and directing the affairs of the institution; provided, that such Proviso by-laws and regulations shall not be repugnant to the constitution and laws of this state and of the United 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 the 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 such alteration.

and invest de

4. And be it enacted, That the said institution may re- May receive ceive as deposits, all sums of money which may be offered posits. 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 depositor at such times, and with such interest, and under such regulations as the board of managers shall, from time

Rate of interest.

Proviso.

No compensation to managers.

deposits.

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 the order of any court.

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.

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

Investment of 7. And be it enacted, That the said corporation may invest the money left with them on deposit in no other public stocks or bonds than such as are created and issued by the United States and by the several states, and by the several counties and cities in this state, under the laws thereof, nor upon bond and mortgage, except on unencumbered real estate, worth at least double the amount invested; provided, said corporation 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.

Proviso.

H

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

give acquit

9. And be it enacted, That it shall be lawful for the said Minors may institution, at their discretion, to pay to any depositor being fance for dea minor, such sum as may be due to such depositor, not ex posit. ceeding one thousand dollars, in cases where no guardian shall have been appointed for such depositor, and that the receipt and acquittance of such minor shall 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 such minor, and not by any other person for his or her benefit; 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 moneys deposited by single women be subject in case of marriage, to the use or control, nor liable for the debts of the future husband.

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 a person or persons, to whom, in the event moneys. 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 insti

tution.

11. And be it enacted, That the institution shall not be re- Limitation. quired to allow interest on a deposit until it amounts to one dollar, nor to allow interest on the fractional part of one dollar, nor shall the institution be required to allow interest on the fractional parts of a month.

have dupli

12. And be it enacted, That all deposits and payments Depositors to shall be regularly entered in the books of the institution, and cate account. 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.

13. And be it enacted, That it shall be the duty of the Annual report to legislature. 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 of three or more of their number, of the state of its funds, and

filled.

such statement shall be published in one or more newspapers published in the city of Trenton.

Vacancies how 14. And be it enacted, That the managers shall have power to fill up by ballot, at a regular meeting, after notice. of one month, any vacancy which may occur in their own body or officers, by a vote of a majority of the managers present.

Books shall

be open to inspection.

Act, how construed.

Proviso.

Proviso.

15. And be it enacted, That the office or place of business. of the said institution shall be in the city of Trenton, 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.

16. 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 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 or modify this act.

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

Approved March 17, 1870.

Salary of aldermen.

CHAPTER CCCCXLVII.

A Supplement to an act entitled "An Act for the further revising and amending the act to incorporate the City of Paterson," approved March twenty-fifth, eighteen hundred and sixty-nine.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the salary of each alderman

shall not exceed four hundred dollars per annum, and that no member of the board of aldermen shall, during the period for which he was elected, be competent to hold any other office, the salary or emoluments of which are paid from the city treasury; and if any person shall hold any such office. at the time of his accepting the office of alderman, the said office shall thereby immediately become vacant; and if any member of the board of aldermen shall, after his election, accept of any such office, either by election or appointment, his office of alderman shall thereby immediately become vacant, and may be filled according to law; provided, that this Proviso. shall not apply to any appointment heretofore made under the one hundred and seventieth section of the act to which this is a supplement.

record of

2. And be it enacted, That it shall be the duty of the city Clerk to keep clerk of the city of Paterson to record in a proper book to bonds. be provided by the mayor and aldermen of the city for that purpose all official bonds given to the said "The Mayor and Aldermen of the City of Paterson," and in case of the loss or destruction of any of the said bonds the record so made, or a duly certified copy thereof shall be received as evidence in all the courts of this state.

3. And be it enacted, That section one hundred and seven- Repealer. ty-five, of the act to which this is a supplement, be and the

same is hereby repealed.

to collector of

4. And be it enacted, That the collector of revenue of Compensation said city hereafter appointed shall receive such annual com- revenue. pensation in lieu of that now fixed by the act to which this is a supplement, as the board of aldermen before his appointment shall by resolution fix and determine; provided, Proviso. such compensation shall not exceed one per centum of all moneys collected by him for the city in said year, and that said collector of revenue shall receive no further compensation for services for or on account of the sale of any property, real or personal, for the non payment of taxes or assessments, and shall make no charge therefor, except for actual legal disbursements, which the purchaser shall be required to pay as heretofore.

taxed.

5. And be it enacted, That all city bonds to be issued Bonds to be under any law hereafter to be passed, shall be subject to taxation in the hands of the holders thereof.

6. And be it enacted, That the said board of aldermen Commissioner shall hereafter make no appointment under the one hundred of sewerage.