Proviso.

May receive

and invest deposits.

Proviso.

deposits.

alter and repeal such by-laws and regulations as they shall judge proper, for the election or appointment of said officers or agents, and for prescribing their duties, and, in general, for regulating and directing the management of the business and property of the corporation; provided, that such by-laws or regulations shall not be repugnant to the constitution and laws of this state or of the United States of America, and that the same shall not be at any time altered in such way as to affect injuriously any deposit of money made previously

thereto.

6. And be it enacted, That the corporation may receive, on deposit, any and all sums of money which may be offered therefor, in such amounts, and at such times, and upon such terms as the by-laws shall prescribe; which moneys shall be invested in the manner hereinafter directed, and be repaid to the depositors, or their legal representatives, at such times, and with such interest, and under such regulations as the board of managers may from time to time order and direct; and the said corporation may accept and execute all such trusts of every kind as may be committed to them by any person or persons whatsoever, by will or otherwise, or be transferred to them by the order of any court; provided, that said corporation shall not be required to receive on deposit, at any time, any less sum of money than five cents.

Investment of 7. And be it enacted, That the corporation may invest the moneys so left with them on deposit as aforesaid, in no other public stocks or bonds than such as are or shall be created and issued under the laws of the United States of America, or of the several states of said union, or by the cities of New York and Brooklyn, in the state of New York, or by any town, township, city or county of the state of New Jersey, they being thereunto duly authorized by the laws of said states respectively; nor upon bond and mortgage, except such mortgage shall be on unincumbered real estate worth at least double the amount so invested, nor upon personal secu. rities, unless the same be of a temporary character, and be accompanied by pledges of collateral securities worth at least twenty per centum more than the amount loaned in each case; provided however, that the whole amount so to be loaned upon personal security shall not at any one time exceed one-half part of the aggregate amount of the assets of the said corporation.

Proviso.

8. And be it enacted, That it shall be the duty of the board

6

interest.

of managers to determine the rate of interest allowed to de- Regulation of
positors, in such manner that they shall receive a just pro-
portion of the profits to be realized upon the business of the
corporation, after deducting therefrom all necessary expenses,
and laying aside a reasonable surplus or contingent fund;
provided, that the said rate of interest may, in the discretion Provise,
of the managers, be so regulated as that the interest allowed
to any depositor having more than five hundred dollars on
deposit shall be at least one per centum less than the rate
allowed to other depositors; and provided also, that the cor- Proviso.
poration shall not be required to allow interest upon any
deposit until it amounts to the sum of five dollars, nor
upon the fractional parts of five dollars, nor upon
the fractional parts of a month; and that no interest or
dividend on account of any surplus or contingent fund, shall
be allowed for or upon any moneys which may have been pre-
viously withdrawn from deposit.

9. And be it enacted, That it shall be lawful for the said Minors may
give acquit-
corporation, in their discretion, to pay any depositor, being tance for de-
a minor, any such sum of money, not exceeding one
posits.
thousand
dollars, as may be due to such depositor, in any case where
such deposit shall have been made personally by such minor,
and not by any other person for his or her benefit; and that
the receipt or acquittance of such minor therefor shall be as
valid and effectual in law, and shall as fully exonerate and
discharge said corporation as though the same had been given
or executed by his or her legal guardian.

10. And be it enacted, That, in case the said corporation Deposits by shall receive any deposit from any married female, or from females not to any single female who may afterwards marry, it shall be by husband. lawful for the said corporation to hold said deposit, together with any interest or dividends that may accrue thereon, as the separate property of such female, and as though she were feme sole and unmarried, and that the same shall not be in any way subject to the control, nor liable for the debts, of her husband, and that said corporation may lawfully pay the same, or any part thereof unto the said female, upon her separate check, order, receipt or demand, without the knowledge or consent of her said husband, and that such payment shall fully exonerate and discharge said corporation from any and all further liability by reason or on account thereof. 11. And be it enacted, That a book shall be kept at the office of the said corporation, in which any depositor shall be

Depositor

may appoint

at liberty to appoint any person or persons to whom, in the person to re- event of his or her death, the amount of such deposit, toceive moneys. gether with the interest or dividends thereon, shall be paid, if not otherwise disposed of by will; and all payments made to such person or persons, so appointed, shall be a full discharge to said corporation; but should no such appointment be made, then such deposit, with the interest or dividends thereon, shall be paid to the legal representatives of the deceased.

ment.

Annual state- 12. And be it enacted, That it shall be the duty of said corporation to make an annual report of its affairs, and of the nature and character of its investments, to the legislature of this state; which report shall be verified by the oaths or affirmations of the president or vice president, and of the treasurer, and at least three other members of the board of managers.

Act to be fa

strued.

13. And be it enacted, That this act shall be construed in vorably con- all courts favorably and benignly for every beneficial purpose therein included, and that no misnomer of said corporation. in any deed, grant, devise, or other instrument of writing, shall vitiate or defeat the same; provided, the said corporation shall be so described as to show the intention of the parties to said instrument.

Proviso

Limitation.

14. And be it enacted, That this act is hereby declared to be a public act, and that the legislature may, at any time hereafter, amend, modify, or repeal the same; and, also, that it shall take effect immediately, and continue in force twenty years unless sooner repealed by the legislature. Approved March 17, 1870.

CHAPTER DXXIV.

An Act to amend an act entitled "An Act to incorporate the Woodbridge Tramway Company," passed March thirtieth, eighteen hundred and sixty-nine.

1. BE IT ENACTED by the Senate and General Assembly of Amendments the State of New Jersey, That the act entitled an act to incorporate"The Woodbridge Tramway Company," passed March thirtieth, eighteen hundred and sixty-nine, shall be and hereby is amended as follows, to wit:

In section three of said act, strike out the words "of two" and insert in their stead the words "of seven."

In the same section (three) strike out the words "installments or" and insert in their stead the words "installments and."

In section six of said act, strike out all that part which follows the word "Middlesex," and which begins with the words "and whenever" and ends with the words "same month."

In section seven of said act strike out the words "said one or," and insert in their stead the words "at least one of said."

In section eleven of said act, insert between the words "pass" and "provided," the words "and are to be passed." In section fifteen of said act, after the word "within " strike out the word "twelve," and insert in its stead the word "three."

In section seventeen of said act, after the word "constructed," strike out the words "upon any lands," and insert in their stead the words, "into or through any mines.

In the same section (seventeen) after the word "such," strike out the word "lands," and insert in its stead the word "mines."

In section eighteen of said act, strike out the figure "eighteen," and insert in its stead the figure "nineteen." In section one of said act, after the word "Middlesex," add the following "east of the Raritan river."

In section seven of said act, in line three, after the last

Amendments

syllable of word "Middlesex," add the following: "east of the Raritan river."

In section eleven of said act, line three strike out the words "upon the same grade or."

In section eleven, strike out all after the word "thereon," in line five to end of section.

In section twelve, line two, after the word "Middlesex,” insert the following: "east of the Raritan river."

In section sixteen, lines two and three, strike out the words "property and passengers," and insert in place thereof the words "clay and other minerals."

2. And be it enacted, That the following shall be added to said act, and shall be known therein as section eighteen, to wit: "18. And be it enacted, That in payment of shares of, and of subscriptions to, the capital stock of said company, the said company shall have the right to receive from individuals, firms and corporations, all kinds of real property, as well as mortgages on real property situated within said county of Middlesex, as well as all kinds of personal property, obligations to pay, and certificates of indebtedness, and to hold, use and dispose of the same as said company may deem best."

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

Approved March 17, 1870.

Compensation

CHAPTER DXXVI.

A Further Supplement to the act entitled "An Act to facilitate judicial proceedings in the county of Essex," approved March fifteenth, eighteen hundred and fifty-nine.

1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That the salary of the additional judge provided for by the act to which this is a supplement, shall be, from and after the passage of this act, thirty-five hundred dollars per annum.