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Managers,

&c.

conducted by five managers, elected by ballot from among how elected, the number of the above named incorporators, who shall hold for one year and until their successors are elected, which election shall be held in the city of Elizabeth, on the second Monday of March, in the present year, and annually thereafter, at such hour and place as may be designated by advertisement, and at which election a majority of the votes cast by the incorporators present and voting shall determine the choice for managers; of the managers so elected three shall be a quorum to transact business, and at least three shall be residents of the city of Elizabeth, 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 Tuesday in March, Officers. 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 be under oath for the faithful performance of the duties of their offices respectively, and shall give securi ty, if required, for the faithful execution of the duties of their office, in such sum or sums and such securities as may be directed by the board of managers; such of the above named incorporators as may not be chosen as managers shall be regarded as advisory members of the board of managers, without pecuniary responsibility for any act done by the board, and without the power to vote at any meeting of the board.

General pow

ers.

Proviso.

May receive

3. And be it enacted, That the board of managers shall, from 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 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 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 reand invest de- 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 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 the order of any court.

interest.

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

agers.

6. And be it enacted, That no emolument whatever shall No compensadirectly or indirectly be received by the managers, or either tion to manof them for their services, except the president, secretary 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 a majority of the whole number of the managers of said corporation; nor shall the said institution issue any notes or bills, nor shall any officer of the institution be allowed directly or in- No officer directly 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 manager 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.

shall borrow

money.

shall be in

7. And be it enacted, That the said institution shall in. How money vest no money in any public stock other than such as are vested. created under the laws of the United States, or of the states of New Jersey, New York, Pennsylvania, Ohio, or in the stocks or bonds of either of the cities or counties of the state of New Jersey, nor in bonds and mortgages, except on unencumbered productive real estate worth at least double the

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deposit.

amount of the sum invested, nor in stocks or bonds of any incorporated company whatever.

Certificates of 8. And be it enacted, That all certificates of evidence of 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.

Minors may

tance for de⚫ posit.

Proviso.

9. And be it enacted. That it shall be lawful for the give acquit said institution at their discretion to pay to any depositor, being a minor, such sum as may be due to such depositer, 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 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 money deposited by single women be subject in case of marriage, to the use or control, nor liable for debts of the future husband.

Depositor may

son to receive moneys.

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

Limitation.

All deposits to be entered.

11. And be it enacted, That the said institution shall not be required to receive on deposit a less sum than ten cents, nor to allow interest on a deposit until it amounts to one dollar, nor to allow any interest on the fractional part of one dollar, nor shall the institution be required to allow interest on the fractional part of a month.

12 And be it enacted, That all deposits and payments 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.

Annual report 13. And be it enacted, That it shall be the duty of the said to legislature. 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 of the newspapers published in the city of Elizabeth.

how filled

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

abeth.

15. And be it enacted, That the office or place of business office in Elizof the said institution shall be in the city of Elizabeth, 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 hereby is Act construed declared to be a public act, and the same shall be construed favorably. 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 defeat the same; pro- Proviso. vided, the institutien shall be sufficiently described so as to ascertain the intention of the parties; and provided also, that Proviso. the legislature may, at any time hereafter, amend, modify or repeal this act.

17. And be it enacted, That this act shall continue in force until repealed, and shall take effect immediately. Approved February 23, 1870.

CHAPTER CXX.

An Act to incorporate the Pemberton Land and Improvement
Company.

1 BE IT ENACTED by the Senate and General Assembly of Names of corthe State of New Jersey, That Barclay Haines, John L. N. porators. Stratton and Job H. Gaskill, or the survivor or survivors of them, and all such persons as may be hereafter. associated with them, be and they are hereby created a body politic

Corporate name, and powers.

Amount of capital stock.

Subscription books.

Election of directors.

Stock transferable.

and corporate in fact and in law, by the name of the "Pemberton Land and Improvement Company," to be located in Ocean and Burlington counties, and by that name shall be capable in law of acquiring, purchasing, leasing, holding and enjoying any lands, tenements and hereditaments, and of constructing any buildings and to improve the said lands, tenements, buildings and hereditaments, or any part thereof, and to sell, grant, mortgage and convey, and to lease to any person or corporation, and for such purpose or purposes as a majority of the directors from time to time shall see fit, and to sue and be sued, plead and be impleaded, and to make and use a common seal.

2. And be it enacted, That the capital stock of said company shall be one hundred thousand dollars, with power to increase the same to a sum not exceeding in the aggregate five hundred thousand dollars, and shall be divided into shares of one hundred dollars each, and such company may purchase lands and all other property necessary for the business of the company, and issue stock in payment therefor, and the stock so issued shall be declared full stock, and not liable to any further calls, and as soon as ten thousand dollars shall have been subscribed, it shall be lawful for said corporation to commence business.

3. And be it enacted, That the subscription books of said. stock shall be open at such time and place as a majority of the persons named in the first section of this act shall desig

nate.

4. And be it enacted, That the stock, property and concerns of said company shall be managed and conducted by not less than five nor more than eleven directors, who shall be stockholders, one-third of whom shall be residents of the state of New Jersey, one of whom shall be president, who shall hold their offices for one year, and until others are elected, and that the said directors shall be chosen every year, at such time and place, and upon such notice as shall be provided by the by-laws of said company; whenever vacancies in said board of directors occur, in any manner, such vacancy may be filled by the remaining directors, or a majority of them, at any meeting of the board of directors.

5. And be it enacted, That the stock of said corporation. shall be deemed personal estate, and transferable in such manner as shall be prescribed by the board of directors.

6. And be it enacted, That if it should happen, at any

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