ficate to be cate. in such institution when authorized according to the provisions of this act. Such certi- 84. Such certificate shall be executed in duplicate, and be duly executed acknowledged before an officer of this State authorized to take the in dupli- acknowledgment of conveyances of real estate for record, and shall, within sixty days after such acknowledgment, be filed, one copy When and the office of the county clerk of the county wherein such savings bank is proposed to be located, and one copy in the office of the Superintendent of the Banking Department of this State. where to be filled. Notice of intention ize to be published. $5. A notice of intention to organize such savings bank shall be to organ-published at least once a week for four weeks previous to filing the certificate of association, as provided in the last preceding section, in at least one newspaper of the largest circulation published in the city, village or town where such savings bank is proposed to be located; or, if there be no newspaper published in such village or What shall town, then in some newspaper published in such county; if none be speci fled in such notice. Copy of notice to be sent to each sav ings bank in the county. Indorse- in said county, then in an adjoining county, which notice shall specify the names of the proposed corporators, the name of the proposed savings bank and the location of the same, as set forth in the certificate of association; and if there is any savings bank or banks, organized and doing business in such county, a copy of such notice shall also be sent to each such savings bank so organized and doing business, at least fifteen days before the filing of such certificate of association, as provided for in the last preceding section. $6. Upon the receipt of any such certificate of association at the office of the Superintendent of the Banking Department, if the saine is in due form and duly executed according to the provisions of sections three and four of this acf, and is accompanied by evidence satisfactory to the Superintendent of the proper publication and certificate service, in good faith, of the notice required in the last preceding tion by the section, he shall forthwith indorse the same over his official signasuperintendent. ture"filed for examination," with the date of such indorsement. § 7. If such certificate shall not be in form and substance as required by section three of this act, or shall not be duly and properly acknowledged, as required by section four of this act, or shall not be accompanied by evidence, satisfactory to the Superintendent, certificate. of the publication and service in good faith, according to the intent and purpose of this act, of the notice required by section five of this act, the Superintendent shall refuse to file such certificate, until the same shall be amended in conformity to the provisions of this When the superintendent shall refuse to file such Duty of superin act. § 8. It shall be the duty of the Superintendent of the Banking tendent in Department and he shall have power, in regard to any certificate of regard to association, so filed by him as herein before provided, to ascertain from the best sources of information at his command: the certiflcate of association. Informa tion to be ascer tained by 1. Whether greater convenience of access to a savings bank will be afforded to any considerable number of depositors by opening a savings bank at the place designated in such certificate. 2. Whether the density of the population, in the neighborhood designated for such savings bank, and in the surrounding country, the super- affords a reasonable promise of adequate support to the enterprise. 3. Whether the responsibility, character and general fitness for intendent. the discharge of the duties appertaining to such a trust, of the persons named in such certificate, are such as to command the confidence of the community in which such saving bank is proposed to be located. tificate of be issued. § 9. If the Superintendent shall be satisfied from his knowledge, or from information gained, concerning the several points named in the last preceding section, that the organization of a savings bank, as proposed in such certificate, will be a public benefit, he shall, When cerwithin sixty days after the same has been filed by him for exam- authorizaination, issue, under his hand and official seal, a certificate of author- tion shall ization to the persons named in such certificate, or to them or to a portion of them, together with such other persons, as a majority of those named in such certificate of association shall, in writing, approve; which certificate, so issued by him, shall authorize the persons named therein to open an office for the deposit of savings, as designated in the certificate of association, subject to the provisions of this act: provided, however, that no person shall be named Proviso in such certificate of authorization, who shall not have duly made persons to and acknowledged the declaration prescribed in subdivision four of in certiflsection three of this act. § 10. The Superintendent shall transmit such certificate of author- Certificate ization to the county clerk of the county in which the savings bank of authorso authorized is to be located, who shall file the same and attach it be filed by to the certificate of association previously filed by him, relating to clerk. the organization of such savings bank; and the Superintendent shall Duplicate also file a duplicate copy of such certificate in his own office. respecting be named cate of au thorization ization to County to be filled in the bank ment. issue such 11. If the Superintendent shall not be satisfied that the estab- departlishment of a savings bank, as proposed in any certificate of associ- Notice to ation filed by him, is expedient and desirable, he shall, within sixty count days after the filing of such certificate by him, give notice to the refusal to county clerk of the county in which such savings bank is proposed certificate. to be located, that he refuses to issue a certificate of authorization for such savings bank, which notice shall forthwith be filed by Duty of the county clerk with the certificate of association of such savings clerk. bank. 12. Upon the filing of any certificate of authorization of a Persons savings bank as hereinbefore provided, the persons named therein, named in and their successors, shall thereupon and thereby be duly and law- cate of fully constituted a body corporate and politic, and shall be vested tion conwith all the powers and charged with all the liabilities conferred stituted a and imposed by this act. authoriza body cor porate. § 13. Before any savings bank, so incorporated, shall be authorized Duty of to receive deposits, such corporation shall transmit to the Superin- such cortendent of the Banking Department the name, residence and post- before de office address of each of the officers of such savings bank, and the posits. Face where its business is to be carried on, designating the same by street and number when practicable. to com 14. Any savings bank, so incorporated, that shall not organ- Such corize and commence business within one year after the certificate of poration authorization of the same has been filed, as hereinbefore provided, shall forfeit its rights and privileges as a corporation under this act; within one but the Superintendent of the BankingDepartment may, for satisfac- year. mence business Teri to commence the super Order tory cause to him shown, extend the term within which such organmay be ex ization may be effected and such business commenced, but not tended by for a longer period than one year; and the order, so extending such intendent term, shall be under his hand and seal, and shall be transmitted to one year. the county clerk of the county in which such savings bank is to be extending located, who shall file the same, together with the certificate of association and the certificate of authorization of such savings bank. § 15. The persons named in the certificate of authorization, issued pursuant to the provisions of this act, shall be the first trustees of trustees of such corporation, and shall have the entire management and conporation. trol of all the affairs of the corporation, subject to the provisions of this act. term to be filled by county clerk. The first such cor Trustees to elect president and two vice-presi dents and 16. The business of every such corporation shall be managed and directed by a board of trustees, of not less than thirteen, who shall elect from their number a president and two vice-presidents, and shall elect or appoint from their number, or otherwise, such other officers as they may see fit; and all vacancies in such board Vacancies by death, resignation or otherwise, shall be filled by the board of trustees as soon as practicable, at a regular meeting after such vacanbe filled by cies shall occur. other officers. in the board to trustees. Trustees power to laws. § 17. The board of trustees of any such corporation shall have shall have power, from time to time, to make such by-laws, rules and regumake by lations as they may think proper, for the election of officers, for prescribing their respective powers and duties, and the manner of discharging the same; for the appointment and duties of committees, and generally for transacting, managing and directing the affairs of the corporation; provided such by-laws, rules and regulations are rot repugnant to nor inconsistent with the provisions of this act, to the Constitution and laws of this State, or of the United States; and a copy of the same shall be transmitted to the Superintendent of the Bank Department, who shall also be notified of any amendment or change therein. Copy of by laws to be transmit ted to the bank department. Regular meeting to be held as often as once in each month. Quorum to § 18. Regular meetings of the board of trustees shall be held as often as once in each month, for the purpose of receiving the reports of its officers and committees, and for the transaction of other business. A quorum at any regular, special or adjourned meeting, shall consist of not less than seven trustees, of whom the president consist of shall be one, except where he is prevented from attending any meetthan seven ing by sickness, or other unavoidable detention, when he may be represented, in forming a quorum, by the first vice-president, who, in case of his absence for like cause, may be represented by the second vice-president; but less than a quorum shall have power to adjourn from time to time, or until the next regular meeting. not less trustees. President or one of the vice presidents shall be one of the quorum. office of trustee shall become vacant. § 19. Whenever a trustee of any savings bank shall hereafter When the become a trustee, officer, clerk or employee in any other savings bank, or upon his borrowing, directly or indirectly, any of the funds of the savings bank of which he is trustee, or becoming a surety or grantor for any money borrowed of or loan made by such savings bank, or upon his failure to attend the regular meetings of the board, or to perform any of the duties devolved upon him as such trustee, for six successive months, without having been previously excused So in the original. Should be guarantor. by the board for such failure, the office of such trustee shall thereupon immediately become vacant; but the trustee vacating his office by failure to attend meetings or to discharge his duties, may, in the discretion of the board, be eligible to a re-election. may re § 20. The trustees of any such corporation shall have power to re- Trustees quire from the officers, clerks and agents of the corporation such quire sesecurity for their fidelity and the faithful performance of their duties, curity of as they shall deem necessary, and to fix the salaries of such officers and agents, subject to the provisions of this act. $ 21. No trustee of any such corporation shall have any interest whatever, direct or indirect, in the gains or profits thereof, nor as such, directly or indirectly, receive any pay or emolument for his services, except as hereinafter provided; and no trustee or officer of any such corporation shall, directly or indirectly, for himself, or as the agent or partner of others, borrow any of its funds or deposits, or in any manner use the same, except to make such current and necessary payments as are authorized by the board of trustees; nor shall any trustee or officer of such corporation hereafter become an indorser or surety, or become in any manner an obligor for moneys loaned by or borrowed of such corporation. officers, clerks and agents and fix their salaries. Trustees interested ceive pay not to be in profits nor to reas such." her not to borrow nor beety for maned by Trustee or the funds, come sur the corporation. money on 22. It shall be lawful for any savings bank to receive on deposit May reany sum or sums of money that may be offered for that purpose, by ceive any person or persons, or by any corporations or societies, and to deposit, invest the same, and declare, credit and pay dividends thereon, as same and hereinafter authorized and provided, and not otherwise. invest the pay dividends Deposits, to be re der regu tions shall in pass § 23. The sums so deposited, together with any dividends or thereon. interest credited thereto, shall be repaid to such depositors respect- dividends ively, or to their legal representatives, after demand, in such manner, or interest and at such times and after such previous notice, and under such paid unregulations as the board of trustees shall prescribe, which regulations to shall be put up in some conspicuous place in the room where the prescribed business of such corporation shall be transacted, and shall be printed trustees. in the pass-books or other evidence of deposit furnished by the cor- Regulaporation, and shall be evidence between the corporation and the be printed depositors holding the same, of the terms upon which the deposits books or therein acknowledged are made: Provided, that every such corpo- evidence, ration shall have the right to limit the aggregate amount, which any of deposit. one person or society may deposit, to such sum as they may deem concernit expedient to receive, and may, in their discretion, refuse to receive ing a deposit, and may also at any time return all or any part of any Not to deposit; nor shall the aggregate amount of such deposits to the credit exceed of any one individual or corporation at any time, exceed five thou- exclusive sand dollars exclusive of accrued interest, unless such deposit was Excepmade prior to the passage of this act, or pursuant to the order of a tion. court of record, or of a surrogate. other Proviso, deposits. $5,000 of interest made in or female, § 24. Whenever any deposit shall be made by or in the name of Deposits any person being a minor, or a female, being or thereafter becoming the name a married woman, the same shall be held for the exclusive right of a minor and benefit of such depositor, and free from the control or lien of married or all persons whatsoever except creditors, and shall be paid, together ried, to to with the dividends or interest thereon, to the person in whose name their the deposit shall have been made, and the receipt or acquittance benefit. unmar held for such minor or shall be a Receipt of of such minor or female shall be a valid and sufficient release and discharge for such deposit, or any part thereof to the corporation. female And whenever any deposit shall be made by any person in trust for sufficient another, and no other or further notice of the existence and terms of a legal and valid trust shall have been given in writing to the bank, in the event of the death of the trustee, the same or any part thereof, trustee is together with the dividends or interest thereon, may be paid to the person for whom the said deposit was made. discharge. Deposits in trust, when dead. Proceedings in court. testify. § 25. In all actions in any court of this State, against any savings bank by a husband to recover for moneys deposited by his wife Wife may in her own name, or as her own money, the wife may be examined and testify as a witness in like manner as if she were an unmarried woman. And in all actions against any savings bank to recover for moneys on deposit therewith, if there be any person or persons, whether husband or wife, or otherwise, claiming the same fund, who are not parties to the action, the court in which such action is pending may, on the petition of such savings bank, and upon eight days' notice to the plaintiff and such claimants, make an order amending the proceedings in said action, by making such claimants, parties defendant thereto; and the said court shall thereupon proceed to hear and determine the rights and interests of the several Deposits parties to said action in and to said funds. The said funds or deposits which are the subject of the said action may remain with such savings bank, upon the same interest as other deposits of like interest. amount, to the credit of the action until final judgment therein, and the same shall be paid by such savings bank in accordance with the order of the court, or the deposit in controversy may be paid into court to await the final determination of the action, and when so paid into court the corporation shall be stricken out as a party Question to such action and its liability for such deposit shall cease. discretion question of costs in the actions referred to in this section shall, in all cases, be in the discretion of the court, and may be charged upon the fund affected by such action; and the statutes limiting the time within which actions shall be commenced shall have no application to actions brought by depositors, their representatives or assigns, against savings banks for deposits made therein. subject of action, may remain on of costs in of court. Investments. In obligations of The § 26. It shall be lawful for the trustees of any savings bank to invest the moneys deposited therein, only as follows, to wit: 1. In the stocks or bonds or interest-bearing notes or obligations of the United States, or those for which the faith of the United Amended States is pledged to provide for the payment of the interest and principal. the U. S. 1879, ch. 437, post. Stocks or bonds of New York Stocks or 2. In the stocks or bonds of this State bearing interest. 3. In the stocks or bonds of any State in the Union that has State. not, within ten years previous to making such investment by such bonds of corporation, defaulted in the payment of any part of either principal or interest of any debt authorized by any Legislature of such State to be contracted. certain other States. Stocks or bonds of 4. In the stocks or bonds of any city, county, town or village of city, coun- this State issued pursuant to the authority of any law of this State, or ty town or in any interest-bearing obligations issued by the city in which such village in this State. bank shall be situated. Sec. 26 was further amended by L. 1880, chs. 134 and 287, post, pp. 925, 975. |
