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defined.

reserve

Notice to corpo

serve city by or by virtue of the authority of the re-
rised statutes of the United States and the amend-
ments thereto, which shall have been approved by
the Commissioner of Banking: Provided, however, Proviso.
That not more than one-third of said reserve fund shall
consist of bonds as aforesaid.

Section 4. "Immediate demand liabilities” shall in- "Immediate declude all deposits payable on demand, and all items time deposits, 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.

Section 5. If the reserve fund of any such corpora- When tion shall be less than the amount required by this fund is less than

amount legally act, such corporation shall not increase its liability, required. 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 any 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, Fighteen 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 band as hereinbefore required. APPROVED--- The 8th day of May, A. D. 1907.

EDWIN S. STUART.

No. 151.

A SUPPLEMENT

To an act of Assembly of the Commonwealth of Pennsylvania,

entitled "An act to provide for the incorporation and regulation of certain corporations,” approved the twenty-ninth day of April, Anno Domini one thousand eight hundred and serenty-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 eighiyone; 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 Domini one thousand nine hundred and three, and seventeenth day of April, Anno Domini one thousand nine hundred and tive; inter alia providing for the establishment and regulation of trust companies.

Trust companies.

Distribution of assets.

Order.

Section 1. Be it enacted, &c., That in case of any distribution of the money, funds, property, or other assets whatsoever, of any trust company, by legal process or otherwise, distribution shall be made and pre ferred 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 corporation.

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.

Proviso.

Repeal.

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.

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Whereas, By a joint resolution, approved March one, whereas. Anno Domini one thousand nine hundred and five, en- Creation of a titled “A joint resolution for the creation of a Com Commission to comission for the purpose of cooperating with the author- authorities of ities of the State of New Jersey in regard to the pro- Jersexi, Delaware, pagation of sturgeon, shad, bass, perch, and other regard to propa

gation of fish, fish, and the adoption of concurrent laws relevant etc. 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:

Therefore be it resolved, By the Senate and House of Representatives of the Commonwealth of Pennsyl vania in General Assembly met, That a Commission The 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.

Appropriaticn.

appointed by the Speaker, the present President pro tempore of the Senate, and the present Speaker of the House of Representatives, the Commissioner of Fish. eries, 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, ont 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 here. by appropriated, by the provisions of this joint resolution, shall become available immediately. APPROVED—The 8th day of May, A. D. 1907.

EDWIN S. STUART.

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.

Preamble.

Whereas, An act of Congress, approved March sis. teenth, 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 Pennsylvania
State College.

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 Acceptance of Commonwealth of Pennsylvania is hereby given to of March 16, 1906. 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.

Section 2. That all acts or parts inconsistent here. with 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 Sth 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

1871. cited for repeal.

Repeal.

Section 1. Be it enacted, &c., That the act, ap- School directors. proved April twenty-first, Anno Domini one thousand Act of April 21. 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.

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,

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