such other officers as shall to them appear necessary for conducting the business of the institution, which officers so elected shall continue in office one year or until others are elected, and all officers so elected shall be under oath for the faithful performance of the duties of their offices respectively, and shall give security, if required, for the faithful performance of their office, in such sum or sums and such securities as may be directed by the board of managers.

4. And be it enacted, That the board of managers shall To make have power to make, ordain and establish, such by-laws and by-laws,&c. 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, directing and managing the affairs of the institution; and such by-laws shall be put up in some public place in the room where the business of the institution shall be managed, and shall not be altered so as to affect injuriously any one who may have been a depositor previous to the alteration.

ceive mon

5. And be it enacted, That the said institution may receive Institution as deposit, all sums of money which may be offered for the may repurpose of being invested in such amounts, and at such ey on detimes, and on such terms as the by-laws shall prescribe, posit, which shall be invested accordingly, and shall be repaid to the depositors at such times, 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 descristion 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.

rate of in

6. And be it enacted, That it shall be the duty of the Managers managers to regulate the rate of interest to be allowed to to regulate depositors, so that they shall receive a ratable proportion of terest. the profits, after deducting therefrom all necessary expenses, and a reasonable surplus or contingent fund; pro- Proviso. vided, that said rate 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.

7. And be it enacted, That no emolument whatever, either Managers directly or indirectly, shall be received by the managers, or not to reeither of them, for their services, except the president, sec- ument.

ceive emol

Money

what not to

in.

retary and treasurer, and the committee on examination of property offered as security for loans, who shall receive such compensation as may from time to time be established by the majority of the whole number of managers of said institution; nor shall the said institution issue any notes or bills, nor shall any officer of said institution be allowed directly or indirectly, to borrow any money from said institution, nor to use the same, except to pay necessary expenses; nor shall the institution take or hold any funds or mort gages, or other securities for the payment of money drawn or endorsed by or existing against any officer of the institution, as security for money loaned by it, unless the same shall be received in payment of debts due from other parties.

8. And be it enacted, That the said institution shall invest be invested no money in any public stocks or bonds, other than such as are created under the laws of the United States or of the several states, or by the several counties, cities or towns of this state, nor upon bond and mortgage, excepting on unincumbered real estate worth at least double the amount invested; provided, said institution may make temporary loans upon personal securities with pledge of collateral securities worth at least twenty per centum more than the amount loaned, but the amount thus loaned shall at no time exceed twenty per centum of the whole amount of assets and securities of said corporation.

Proviso.

Certificate

9. And be it enacted, That all certificates of evidence of 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.

when binding.

May pay minor if depositor.

Proviso.

Deposit|

10. And be it enacted, That it shall be lawful for the of said institution, at their discretion, to pay to managers any depositor being a minor, such a sum or sums, as may be due to such depositor, not exceeding one thousand dollars, in cases where no guardians shall have been appointed for such depositor, and 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 personally made by such minor and not by any other person for his or her benefit.

11. And be it enacted, That in case said corporation shall from mar- receive any deposit or deposits from any married female, or how to be from any single female, who may afterwards marry, it shall

ried female

received.

be lawful for the said corporation to hold the same, together with the interest or dividend which may accrue thereon, as the sole and separate property of such female, as though she were single, not subject to the control of nor liable for the debts of her husband, and to repay the same, with the interest and dividends, or any part thereof, upon her check, order, receipt, or demand, without the concurrence of her husband, and such payment shall exonerate and discharge the said corporation from any further liability by reason thereof.

tion to keep

12. And be it enacted, That a book shall be kept at the of- corporafice of the institution, in which any depositor shall be at certain liberty to appoint any person or persons to whom, in the books. case 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.

ed to re

ten cents.

13. And be it enacted, That said institution shall not be Not requir required to receive on deposit a less sum than ten cents, ceive less nor to allow interest on a deposit until it amounts to one sum than dollar, nor shall the institution be required to allow interest on the fractional part of a dollar, nor to allow interest on the fractional part of a month, and that no interest or dividend, on account of any surplus or contingent fund shall be allowed for moneys which have been drawn from deposit.

be regular

14. And be it enacted, That all deposits and payments shall Deposits to be regularly entered into the books of the institution, and ly entered. 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.

may refuse

15. And be it enacted, That the managers shall be at lib- Managers erty, at any time, to refuse deposits, and, on giving one deposits. month's notice, to return such as have been made, with interest thereon, calculated to the time of notification, and no longer.

tion to

nual report.

16. And be it enacted, That it shall be the duty of said cor- Corporaporation to make an annual report, under the oath or affir- make anmation of the treasurer, and a committee of three or more of their number, of the state of its funds, which report shall be published in one or more of the newspapers of the county, and of the town of Long Branch.

17. And be it enacted, That the office or place of business Location of

office.

deemed a

of said institution shall be in Long Branch, in such place as the managers, or a majority of them, shall determine; and the books of said institution shall be open to the inspection and examination of such persons as the legislature may from time to time appoint for that purpose.

When 18. And be it enacted, That upon paying the assessment public act required by law for the enrollment of this act, the same shall be deemed to be a public act, and 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 destroy the same; provided, the institution shall be sufficiently described, so as to ascertain the intention of the parties, and that the legislature may hereafter, at any time, amend, modify or repeal this act. 19. And be it enacted, That this act shall take effect immediately.

Proviso.

Approved March 21, 1874.

CHAPTER CCCXLI.

A further supplement to an act entitled "An act to incorporate the Somerville and Easton Railroad Company," passed February twenty-sixth, one thousand eight hundred and forty-seven.

Preamble. WHEREAS, the Central Railroad Company of New Jersey are the lessee in perpetuity of the railroad, branches and works of the Lehigh Coal and Navigation Company in the state of Pennsylvania, and in order to secure a paying business for their said railroad and works, it may be advisable and necessary that the said Central Railroad Company of New Jer sey should guarantee the payment of such bonds as may be issued, from time to time, by companies owning or working coal land adjacent to any of the said roads or works; therefore

1. Be it enacted by the Senate and General Assembly of the Empower State of New Jersey, That it shall and may be lawful for

ed to guar

ment of

"The Central Railroad Company of New Jersey," a majority antee payin interest of their stockholders consenting thereto, to guar-certain antee the payment of the bonds of any coal company or bond, &c. companies owning or working coal lands along the line of, or adjacent to any of the railroads, branches or works in the state of Pennsylvania, so held by lease by the said company, and in which lands the said company may or may not have an interest.

ital stock.

2. And be it enacted, That the said Central Railroad Com- May inpany of New Jersey, may, from time to time, with the assent crease capof a majority in interest of the stockholders of said company, increase their capital stock to any sum not exceeding ten millions of dollars, in adition to the present authorized amount of capital.

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

Approved March 21, 1874.

CHAPTER CCCXLII.

An act to incorporate the "Vineland Shoe Manufacturing

Company."

Names of corporators

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That John Bentley, Cornelius Y. Gardner, Charles O. Stetson, James Hewitt, Frank S. Demmon, Sarah Crossland, Mary May, John H. Cunningham, David Cunningham, Oliver Vernol, John H. Davis, Joseph Hutchings, Everett B. Osgood and their associates, successors and assigns, be and they are hereby constituted and declared to be a body corporate and politic in fact and in law, by the name of the Vineland Shoe Manufacturing Company, and name and; by that name, style and title, shall have all the rights, pow-powers. ers and privileges incident to a corporation, with power to have, use and adopt a common seal, and to alter and change the same at any time; to sue and be sued, to defend and be defended in all courts of law and equity; and they and their successors shall have full power and authority to con

Corporate !