serve city by or by virtue of the authority of the re- Section 4. "Immediate demand liabilities" shall include all deposits payable on demand, and all items in the nature of claims payable on demand; and "time deposits" shall include all other deposits not payable by the contract of deposit on demand. "Immediate demand liabilities," time deposits, defined. when reserve fund is less than required. amount legally Section 5. If the reserve fund of any such corporation shall be less than the amount required by this act, such corporation shall not increase its liability, or make purchases of any character otherwise than by dealing in bills of exchange, payable at sight; nor shall it make any dividend of profits until the full amount of the reserve fund required herein has been restored. The Commissioner of Banking shall notify Notice to corpoany such corporation, whose reserve fund shall be ration. below the amount herein required, to make good such reserve fund, and if such corporation shall fail, for thirty days after the receipt of such notification, to make good such reserve fund, such corporation may he proceeded against by the said Commissioner of Banking, for this cause, in the same manner as is provided in section nine of the act of eleventh February, eighteen hundred and ninety-five, entitled "An act creating a Banking Department, et cetera." Section 6. This act shall take effect immediately. except that such reserve fund, above required, shall be created as follows: Three-fifths thereof within Creation of fund. thirty days after this act shall have become a law, an additional fifth thereof on the first day of September. nineteen hundred and seven, and the final fifth thereof on the first day of January, nineteen hundred and eight; and thereafter the entire amount of such reserve fund must be, at all times, maintained and kept on hand as herein before required. APPROVED The 8th day of May, A. D. 1907. EDWIN S. STUART. Trust companies. Distribution of assets. Order. Proviso. Repeal. No. 151. A SUPPLEMENT To an act of Assembly of the Commonwealth of Pennsylvania, entitled "An act to provide for the incorporation and regula tion of certain corporations," approved the twenty-ninth day of April, Anno Domini one thousand eight hundred and sev enty-four, as the same has been supplemented by acts of Assembly of said Commonwealth, approved on the following dates; namely, sixteenth day of February, Anno Domini one thousand eight hundred and seventy-four; twenty-fourth day of May, Anno Domini one thousand eight hundred and eightyone; twenty-ninth day of May, Anno Domini one thousand eight hundred and eighty-five; eleventh day of June, Anno Domini one thousand eight hundred and eighty-five; twentyfifth day of June, Anno Domini one thousand eight hundred and eighty-five; ninth day of May Anno Domini one thousand eight hundred and eighty-nine; twenty-ninth day of May, Anno Domini one thousand eight hundred and ninety-five; twenty-sixth day of June, Anno Domini one thousand eight hundred and ninety-five; twenty-seventh day of June, Anno Domini one thousand eight hundred and ninety-five; second day of May, Anno Domini one thousand nine hundred and one; fourth day of June, Anno Domini one thousand nine hundred and one; twenty-first day of April, Anno Domiti one thousand nine hundred and three, and seventeenth day of April, Anno Domini one thousand nine hundred and five, inter alia providing for the establishment and regulation of trust companies. Section 1. Be it enacted, &c., That in case of any dis tribution of the money, funds, property, or other as sets whatsoever, of any trust company, by legal process or otherwise, distribution shall be made and preferred in the following order; namely: First. To pay all deposits in the trust company. Second. To the payment and discharge of all the remaining liabilities of such trust company or corpora tion. Third. The residue, if any, shall be distributed to the shareholders of the trust company or corporation. according to their respective legal rights. Provided, however, That all trust money and property shall be kept separate, as provided by said act as supplemented, as aforesaid, and distributed to the ben eficiaries accordingly. Section 2. All acts or parts of acts inconsistent with this act be and the same are hereby repealed. APPROVED The 8th day of May, A. D. 1907. EDWIN S. STUART. No. 152. A JOINT RESOLUTION Providing for the creation of a Commission to cooperate with the authorities of the States of New Jersey, New York, and Delaware in regard to the propagation, protection, and catching of sturgeon, shad, bass, perch, and other fish in the Delaware River; the adoption of concurrent laws relevant thereto by such States; and to cooperate with the authorities of the State of Maryland in regard to fish and fishing in the Susquehanna River, and the adoption of concurrent laws relevant thereto by such States; and to inquire in relation to the pollution of the waters of said rivers, and recommend legislation regulating and controlling the same; and making an appropriation for those purposes. Whereas, By a joint resolution, approved March one, Anno Domini one thousand nine hundred and five, entitled "A joint resolution for the creation of a Commission for the purpose of cooperating with the author ities of the State of New Jersey in regard to the propagation of sturgeon, shad, bass, perch, and other fish, and the adoption of concurrent laws relevant thereto by both States," a Commission, composed of two members of the Senate, three members of the House, and the Commissioner of Fisheries, was appointed; and Whereas, Since the appointment of the Commission, whereas. a concurrent bill was agreed upon by the States of Pennsylvania and New Jersey, and passed by the Legislature of Pennsylvania at the session of nineteen hundred and five, which bill was disapproved by the Governor on the ground of supposed defects; and Whereas, By compact between the States of New Jersey and Pennsylvania, made in seventeen hundred and eighty-four, it is necessary to have concurrent legislation in regard to fish and fishing in the waters of the Delaware River; and Whereas, The States of New York, Delaware, and Maryland expressed a desire to cooperate, and have appointed Commissions to frame concurrent or similar legislation; and Whereas, At said session of nineteen hundred and five, owing to the failure of the Senate resolution, extending the power, scope, and life of the Commission, for the purpose of cooperating with said States, to pass the House, on account of lack of time, the two thousand five hundred dollars appropriated for the purpose of said Commission, with extended powers, did not become available: The Commission, Therefore be it resolved, By the Senate and House of Representatives of the Commonwealth of Pennsyl vania in General Assembly met, That a Commission shall be created, consisting of two members of the how composed. Senate, to be appointed by the President pro tempore of the Senate; three members of the House, to be 13 Laws Duties. Appropriation. appointed by the Speaker, the present President pro tempore of the Senate, and the present Speaker of the House of Representatives, the Commissioner of Fisheries, and one person to be appointed by the Governor, who shall meet with the authorities or Commissions of the States of New York, New Jersey, Delaware, and Maryland, at such times and places as may be desirable, with a view to carry out the objects and purposes as hereinbefore set forth. That for the purpose of said Commission, the sum of five thousand dollars, or so much thereof as may be necessary, is hereby specifically appropriated, out of which any expenses of the Commission which was appointed under joint resolution, approved March one, Anno Domini one thousand nine hundred and five, shall be paid; and the aforesaid two thousand five hundred dollars shall revert to the State Treasury, as though never appropriated. Said amount to be paid on the warrant of the Auditor General, drawn in favor of the Chairman of said committee. The money hereby appropriated, by the provisions of this joint resolution, shall become available immediately. APPROVED-The 8th day of May, A. D. 1907. EDWIN S. STUART. Preamble. The Pennsylvania No. 153. AN ACT Providing that the assent of the State of Pennsylvania be given to an act of Congress, entitled "An act to provide for an annual increased appropriation for agricultural experiment stations, and regulating the expenditure thereof," approved March sixteenth, Anno Domini one thousand nine hundred and six, and designating The Pennsylvania State College as the institution, under the provisions of the act of Congress of February nineteenth, one thousand eight hundred and sixty-seven, to receive all appropriations made or to be made by Congress in accordance with the provisions of the act of Congress approved March sixteenth, one thousand nine hundred and six. Whereas, An act of Congress, approved March sixteenth, one thousand nine hundred and six, providing for the more complete endowment and maintenance of agricultural experiment stations, in connection with the colleges established in the several States under the provisions of the act approved July second, one thousand eight hundred and sixty-two, commonly known as the "Land Grant Act," requires the States receiving the benefit of said act to signify their assent to the same; and Whereas, The Pennsylvania State College, by an act approved February nineteenth, one thousand eight hundred and sixty-seven, was designated to receive the benefits of said act of Congress, or any supplement or supplements thereto, and is now maintaining an agricultural experiment station in the manner and in accordance with the conditions prescribed by said act periment station. of Congress, approved March sixteenth, one thousand nine hundred and six: Section 1. Be it enacted, &c., That the assent of the Commonwealth of Pennsylvania is hereby given to said act of Congress, approved March sixteenth, one thousand nine hundred and six, with all its provisions and conditions; and The Pennsylvania State College is hereby designated as a proper institution, under the provisions of the act of February nineteenth, one thousand eight hundred and sixty-seven, to receive all appropriations made or to be made by Congress, in accordance with the provisions of the act approved March sixteenth, one thousand nine hundred and six, for the purpose of carrying into effect said act, or any supplement or supplements thereto. Agricultural ex Acceptance of act of Congress of March 16, 1906. Section 2. That all acts or parts inconsistent herewith be and the same are hereby repealed; and the Sec- Repeal, etc. retary of the Commonwealth is hereby directed to forward a certified copy of this act to the Secretary of the Treasury of the United States. APPROVED The 8th day of May, A. D. 1907. EDWIN S. STUART. No. 154. AN ACT To repeal an act enpowering the courts of common pleas of this Commonwealth to authorize school directors to borrow money, approved April twenty-first, Anno Domini one thousand eight hundred and seventy-one, and validating bonds issued in non-compliance with said act Section 1. Be it enacted, &c., That the act, approved April twenty-first, Anno Domini one thousand eight hundred and seventy-one, entitled "An act to empower the courts of common pleas of the Commonwealth to authorize school directors to borrow money," be and the same is hereby repealed. School directors. Act of April 21. peal. 1871. cited for re Repeal. validated. Section 2. No bonds heretofore issued by the di- Bonds not inrectors or controllers of any school district in this Commonwealth shall be deemed or held to be invalidated by reason of non-compliance with the provisions. of said act. APPROVED The 10th day of May, A. D. 1907. EDWIN S. STUART, |