No. 620. An Act To incorporate the Dime Savings Institution, of Pittsburg. SECTION 1. Be it enacted by the Senate and House of Represen tatives of the Commonwealth of Pennsylvania in General Assembly met, and it is hereby enacted by the authority of the same, That Josiah King, James Park, junior, F. Sellers, Alex. Brad- Corporators. ley, C. Zug, Thos. S. Blair, C. H. Wolff, W. H. Smith, Henry Lloyd, A. S. Bell, B. F. Jones, S. H. Hartman, F. Rahm, H. F. Rudd, C. W. Ricketson, John M. Tiernan, T. D. Mesler, A. Reinneman, Robert D. Cochran, Wheeler H. Phelps, W. Ihmsen, Jos. Dilworth, J. F. Jennings, Joshua Rhodes, D. M. Long, S. S. Fouler, Robert J. Anderson, George B. Jones, W. A. Read, J. W. Baxter, C. B. Herron, James W. Woodwell, Jacob Stuckrath, A. Slack, R. C. Schmertz, William Smith, D. E. M'Kinley, and their successors, be and they are hereby made and created, a corporation and body politic, by the name and style of the Dime Savings Institution, of Pittsburg, and, Name. by that name, shall have perpetual succession, and, by law, be capable to hold and dispose of property, to sue and be sued, Privileges. plead and be impleaded, answer and defend, in courts of law and equity, or any other place, whatsoever; and to make, have and use, a common seal, and the same to alter and renew, Seal. at pleasure; and, generally, to do every act and thing necessary to carry into effect the provisions of this enactment, and promote the object and design of this act of incorporation, to be located in the city of Pittsburg, and county of Allegheny: Provided, That a misnomer of the said corporation, in any in- Misnomer. strument, shall not vitiate the same, if the intent of the parties can be clearly ascertained. Deposits, how SECTION 2. That the business of said corporation shall be to receive, on deposit, from time to time, such sums of money, not to be invested. less than ten cents, as may be offered by mariners, tradesmen, clerks, mechanics, laborers, servants, minors and others, and to invest the same in the stocks of this commonwealth, or of the United States, or in stocks, or bonds, of any city, authorized to be issued, by any act of the legislature of this commonwealth, or in other stocks, and in bonds and mortgages; and, also, may buy promissory notes, not having more than six (6) months to May buy prorun, with such endorsement, or endorsements, as may be ap- missory notes. proved of by the board: Provided however, That no rate of Rate of interest interest, or discount, exceeding ten per cent., shall be charged, to be charged, in any such purchase of stocks, bonds, et cetera, authorized by in purchase of the provisions of this enactment; the said corporation shall re- stocks, &e. ceive all sums of money that may be offered, as aforesaid, and shall invest the same, in the manner aforesaid, as soon as prac ticable; they shall allow, to the depositors, interest upon the Interest to dedeposits, to be regulated by the trustees, as hereinafter pro- positors. Payment of de- vided, and they shall pay the amounts deposited, with the posits. interest thereon, or any part thereof, not less than ten cents, to the depositors, at the place of business of the said corporation, at any time, during business hours, on demand: Provided however, That not more than twenty-five dollars shall be required to be paid, to any one depositor, upon any one day, Notice required unless a written notice, of the sum intended to be demanded, shall have been given, at least ten judicial days before the time amount exceeds when such payment is desired to be made, unless by special agreement, made at the time of depositing. where the $26. What real estate may be held. Trustees. Vacancies. SECTION 3. That the real estate, which it shall be lawful for the said corporation to hold, shall be only such as is requisite for the accommodation, and convenient transaction of their business, and such as they may find necessary to purchase, either at judicial sales, or otherwise, to secure debts due to them. SECTION 4. That the persons, named in the first section of this act, shall be the first trustees of the said corporation; and all vacancies, by death, resignation, or otherwise, shall be filled by the board, by ballot, without unnecessary delay, and at least six affirmative votes shall be required to elect; that the said trustees shall select, from among themselves, as soon as practicable, after the passage of this act, and annually, thereafter, on the third Tuesday in January, a president, twelve vice presidents, and such other officer, and officers, as they may deem advisable; that six of the said trustees shall form a quorum, and that the affirmative vote of at least six shall be reSale or transfer quisite to authorize the sale, or transfer, of securities, or the of securities, Election of officers. Quorum. &c. Prohibition. Meetings of trustees. By-laws. Trustees to report to the legislature. appointment of any officer receiving compensation; that the president, vice president, or any trustee, or any officer, or servant, of said corporation, shall not, directly or indirectly, borrow the funds of the said corporation, nor any part thereof, nor use the same, or any part thereof, in any other manner than that herein before provided, except for the necessary expenses, under the direction of the board of trustees; that the trustees shall meet at least once a month, and that any trustee, omitting to attend the said regular meetings, for six successive months, may, by a vote of the board, be declared to have vacated his office; that the said trustees shall have power to enact by-laws, not contrary to the constitution of the United States, the constitution of this state, or to the provisions of this act, and to alter the same, from time to time, as they may deem expedient. SECTION 5. That the board of trustees shall, also, in the month of January, report, to the legislature of this state, the amount of funds on hand, the interest, and dividends, which have aecrued thereon, and also the unclaimed deposits on which, at least, the sum of five dollars shall then be due, and which shall have been deposited by persons who have not, within the two years next preceding such report, made a deposit, or received a dividend, or payment, from said corporation, and shall publish the same, in one, or more, of the newspapers published in the city of Pittsburg; it shall be the duty of the trustees of the Rate of interest said corporation, to regulate the rate of interest to be allowed to depositors. to the depositors, so that they shall receive, as nearly as may To be published. be, a ratable proportion of all the profits of said corporation, after deducting all necessary expenses; whenever it shall appear that there is an excess of twenty-five thousand dollars in the possession of said corporation, after the payment of the Investment of usual interest to the depositors, that sum shall be invested for excess. the security of the depositors in said corporation; and, thereafter, at each annual examination of the affairs of said corpo ration, any surplus, over and above said sum, shall, in addition Division of surto the usual interest, be divided ratably amongst the depositors, plus among dein such manner as the board of trustees shall direct. positors. of examina tions, &c. SECTION 6. That the officers, and agents, of the said corpo- Officers and ration, shall give such security for their fidelity and good conduct, agents to give as the board of trustees may require; that, in all cases of loans security. upon real estate, the expenses of searches, examinations and Loans upon real certificates, and recording papers, shall be paid by the borrower; estate, expenses that the books of the said corporation shall, at all times, during business hours, be open for the inspection and examination of such person, or persons, as the legislature shall designate, or appoint, as agents, for that purpose; that the said corporation shall be subject to the supervision, and control, of the court of common pleas of the county of Allegheny, and the supreme Subject to sucourt of Pennsylvania, according to the provisions of the con- pervision of stitution of this commonwealth, and of the several acts of as- courts. sembly conferring equity jurisdiction upon the said courts. Books to be open for inspec tion. SECTION 7. That the trustees of said corporation shall have Trustees may full liberty, at any time, on account of illegal or improper con- refuse deposits. duct, on the part of a depositor, or for any other reason, to refuse deposits from the same, and also, forthwith, to pay off, and close the account, of such depositor. SECTION 8. That the said institution shall have authority to Authorized to loan money, at such rates of interest, not exceeding ten per loan money. centum, per annum, as shall enable it, after paying the expenses of the institution, and a dividend on its deposits, of six per centum, per annum, to accumulate a contingent fund, of ten Contingent per cent., on the deposits on hands: Provided, That the report, fund. required to be made by its charter, shall be made under oath, Report to be and shall include a statement of the amount of its contingent made under fund. oath. JOHN ROWE, Speaker of the House of Representatives. LOUIS W. HALL, Speaker of the Senate. APPROVED The eleventh day of April, Anno Domini one thousand eight hundred and sixty-two. A. G. CURTIN. Preamble. Certain trust vacated, Discharge of trustee. No. 621. An Act To vacate a certain trust. WHEREAS, George N. Rogers, by his last will and testament, duly proven at Philadelphia, May eight, one thousand eight hundred and thirty-three, and recorded in book of wills, number ten, page six hundred and fifteen, &c., in the office of the register of wills for the city and county of Philadelphia, did, among other things, bequeath, for the benefit of his wife, in the words following, to wit: Item-I give, and bequeath, to my beloved wife, Hannah Ann Rogers, the sum of twenty-five thousand dollars, to be invested in public stocks, by my executors, excluding my said wife, hereinafter named; the interest accruing shall be paid to her, during her life, for her sole and separate use, and at her death, I authorize, and empower, her to dispose of the said principal sum of money, by her last will and testament, freely and absolutely, and in such manner as she may think proper; and then, by a further clause of his said will, disposed of the residue of his estate in like manner: And whereas, The further continuance of said trust has become unnecessary, in the opinion of all parties interested therein; and it is the desire of the cestui que trust, who has both the right to receive all the income, and also, by will, to dispose of all the principal as she may choose, that the said trust should be annulled and vacated; therefore, SECTION 1. Be it enacted by the Senate and House of Represen tatives of the Commonwealth of Pennsylvania in General Assembly met, and it is hereby enacted by the authority of the same That the said trust referred to, and recited in the preamble of this act, be henceforth annulled, avoided and vacated, and that Evans Rogers, the trustee now holding said trust, be and he is hereby authorized, and empowered, to pay over, and deliver, to Mrs. Hannah Ann Hanson, who was the widow of the said George N. Rogers, and who is the cestui que trust, before referred to, the entire principal of said trust estate, and all the investments of the same, free, and discharged, of, and from, the above recited trust, so that the said Hannah Ann may possess, and enjoy, the same, as if no trust had ever been created of the bequest to her. SECTION 2. That upon the settlement of his account of the said trust, and its confirmation by the court, and upon paying over, and delivering, to the said Hannah Ann, the cestui que trust of the estate, by him, the said Evans Rogers, so held in trust, and of the several investments, and securities, to the same pertaining, the said Evans Rogers, trustee, shall, upon his petition, be fully, and finally, discharged, by the court of common pleas, of the city and county of Philadelphia, of, and from, all further liability, and responsibility, whatsoever, in any manner arising out of the said trust, created by said will, or of his having held, or discharged, the office, and duty, of trustee under the same. JOHN ROWE, Speaker of the House of Representatives. LOUIS W. HALL, Speaker of the Senate. APPROVED The eleventh day of April, Anno Domini one thousand eight hundred and sixty-two. A. G. CURTIN. No. 622. A Further Supplement To an act incorporating the Coudersport and Allegheny River Railroad Company, approved the twelfth day of April, Anno Domini one thousand eight hundred and fifty-one. SECTION 1. Be it enacted by the Senate and House of Represen tatives of the Commonwealth of Pennsylvania in General Assembly met, and it is hereby enacted by the authority of the same, That the time for commencing the railroad, authorized by the Time for com act to which this is a supplement, be and the same is hereby mencing road extended five years, from the passage of this act. extended. SECTION 2. That the board of managers, of said company, Board of manashall consist of a president, and four directors, and in lieu of gers. the corporators named in the first section of the act to which ed. this is a supplement, and the supplement thereto, Pierce A. New commisStebbins, S. C. Hyde, I. M. Bodine, Seth A. Backus and Rob- sioners appointert G. White, be and they are hereby appointed commissioners, to open books, receive subscriptions, and organize a company, as provided by the act aforesaid. JOHN ROWE, Speaker of the House of Representatives. LOUIS W. HALL, Speaker of the Senate. APPROVED-The eleventh day of April, Anno Domini one thousand eight hundred and sixty-two. A. G. CURTIN. |