Delaware State journal and statesman., 1865-06-16
IpnnLIo-No. oil
TPU1IIo-No. Bl
An ACT to incorporate the Preedmana Savings and Trus
C0muanv


sembled That Peter Cooper, william 9. Brysni, A.
Low, >; B. Chittenden, Charles u. Maraha, WIN an
i ysy, Abraham baldwin A. S. Barnes, Hiram DsrneI
SETH b. Hunt, Samuel Holmes, Charles Collins y 7
qr.yea' Walter g. Grimth A. II. Wallis. D. g. gregory
=, w Alvord, George Mhpple, A. 8. Hateh Walter
Hatch, T. A. LAmbert, W @. Lambert. Roe Lockwood !
II Manning r.; w. Ropes, Albert Woodruff, aud lhe p
Dewey Of New York; John M Forhos WIN. Clahin, :. 9
Howe George L. stslrna, Edward Atkinson, A. A, Law
renee, and John N H. Williams. q Massachusetts, hd
ward Harris aud ThomAs Davis of Rhode lHland stsphe
uolwell, J, Wheaton Smith. Francis H. Cope, Ihoma
Webster B. =. Hunt, aud Henry samuel. o. pen1yi
vania Edward HArwood, Adam Poe, Levi Coffin, J.
Waldon, OF Ohio, and their SUCCESSORS constituted
body corporate in the city OF wAEhingon ia the Dtt
ttirt Of Colnmhia, by the name Of 'The Freedmani
Savings and Trust Company and by that nAmc may SUI
aud bs tued In any court oil the United States.
Sec. .. And be 1t further enacted That the person
nameI in The rst section Of ths aet sball be the nrs
trustees Of the corporation, aud ali vacancies by death
assgnson cr otherwise IN the office of trustee shall "
hsd by the boardby ballot, without unnecessary del
aud at eatte votes shall be necessary Tor the election
q any trustee lhe trustees shall hold regular mssins
~ least once IN each month"; to receive fepss q the
oueeIa On the aars Of the corpostion aud to transact
tueh business - may ho cessary and any Trustee omit
ng 70 attend the regular mtetings Of tho board lot al
months an Huereslon, may thereupon be considered a.
nsng m Eaealed bis place. and successor may be elected
Sec And be it further enacted That tho business Of
be corporation shall be m4nased and directed b. the
board trustees, who shall sest from their number
ptsusnt and wo vieeFresidtnsi and may appoint such
other ohcsra IS they may at nine Of the trustee
70 one shall form quorum for the Transaction OF bus-
ness AZ any regular adjourned meeting Of the board Of
trustees and the Affirmative vote of at least MEM
ners Of inc board ehal ba requisite Ahlng any order for
or authorEng the Investment OF any moneys the sale
or transfer Of any stock securities belonging to the
p9ton or The appointment Of any officer receiving any
salary thereirom.
Sec 4. And be 1t further enacted That the board Of
trustees Of the corporation shall have p0w0r from time to
time to make and establish such byaws aud regulations
snail Judge proper with regard to the elections Of
Tor the management the affairs Of the corporation pro-
Vued aunh bylaws and regulations not spugnant TO
hls act to the constitution or laws Of the United
Biktss.
Sec o. And be 1t further enacted That the general
business and object Of the corporation hereby created
snail be to receive deposit such Of money may
be- from time to time offered therefor by, beh af Of
persons heretofore held in slavery the United States
their descendants, and Investing the in the sloek
States.
Sec O. And be It further enacted That 1t shall bs the
as practicable in the securtes named in the next preee
sng ,eoton All sums received by them beyond an Avaa.
w und not exceeding one third Of the total amount OF
deposits with the corporation the discretion OF the
tees which available fands may De kept BY the trustees
Y meet current payments OF the corporation and may BY
them be left on deposit at interest otherwise or in 5ueh
aVsiiAele form as ne trustees may direct
Sec T. And be II further enacted That this corporation
may under such regulations the board Of trustees
shall from time to time prescribe, receive any deposit
hereby authorised TO be received upon such trast and
such PURPOSES not contrary to the Laws Of the United
states as may bs indicated in writing by the deposor
such WraE to bs subscribed by the deposItor and 40
knoWsdgsd proved before any ofier in the civil or
military sorVee 0f the United States the certh.ats of
which acknowledgement or proof shall be eudortd on the
wrihngi and the writing acknowledged or proved
shall accompany such deposit and be ed among The pa
of the corporation and be carefully preserved there
In al may be read in evidence any or before any
iud eial officer Of the United States without further
proof and the Certificate o acknowledgment proof
SNAIL De prlma Aes only of the due execution OF
such writing
Sec g. And be 1t further enacted That all sums received
on deposit shall be repaid to such depoor when required
at such time with such interest," not exceeding seven per
sentum per Annum and under such regulations the
board OF rustees shall, from time to time prescribe,
which regulations shall be posted up in some oonspeuous
place In the room where the business OF the corporation
shall be transacted but shall not be- altered 40 as 10 Affect
any deposit previously made,
Nee And be It further enacted That all trusts upon
which and AZ purposes for which any deposit shall be
made, and which shall be indicated in the writing TO &C.
company such deposit shall bs faithfully performed by
the eoporAton unleHs the performing OF the same s rem.
Sec. 10 And be II further enacted That when any de-
pohtor shall die, the funds remaining deposit with the
corporation to his credit and all Accommodations thareof
sha belong and be paid the personal reprssentaVes
OF such depositor In case he shall have left last will
and testament and In defut of last viii and l. IA
men or Of any person qualifying under last will and
testament competent 10 set As executor the Corporation
shall be entitled respect to the fnnds 40 Temaning on
deposit to the credit OF any such depositsr to admnsrA
ton thereon inprtrence all other and ers Of
administration shall boganiod 10 the corporation accord
lng IN the MANNER prescribed by law In respect the
granting OF leters OF Acminlsraton with the will an
nexed, and Ia CASES Of ntsstacy
Sec H. And ba further enacted That In tha casa of
the death OF any depoaitor whose depos shall moi be
held upon any trust created purtuant to the provons
herenteoe oontaine1 whore it may prove impossible
to execute such trust 1t shall be the duty Of the corpora
ton to make diligent eers ascertain aud discover
OF ehluIen tuFiH hB ana tue corporation shall keep
record OF the orts 90 made aud Of the results thereof
sna IN case no person lawfully entitled thereto shall be
uAuoVefeu or sha appear or claim the funds
to tho credit OF such doposor before the expiration II
two years from the death Of such depositor shall be-
lawful for The corporation to hold invest such pds
ss separate ir9stfand TO b spilled with tho soeumH.
heretofore held In slavery, or their doscendants
being inhabitants OF the United States in such manner
and through such agencies tho board Of trustees shall
deem best calculated effect that object Protfdei Thst
y any uepo l'or 10 not heard rom within five years from
me datr q ha last deposit the trustees shall Advertlie
where the principal ofce Of the cor pany 10 esAblshed
ald also " tas ace gstrs ne PrinetPgl Qee Of e COM
Pny tsedabfhed, and also III the state where the de-
pgsior WAS last heard fFom aud If wilhu two years
thereafter such deposor shall not appear nor hus and
vile or ehild uf such dep0sor, rluim his deposits
they shall be used by the beard Of trustees ss herenb
fore provided for in this section.
see H. And be It further snseted That no president
Teepresden trustee officer, or servant Of tho corpors
tion shall direty ndiree " borrow the unds or the
any part thereof except 70 pay necessary expensss
under the direction Of the board trustees All csrta
officers shall be as biudns the corporation as Il hey
were made under their common seal Il shall he the duty
q the trustees to regulate the OF interest allowed to
the deposors that they shall receive ag nearly as m
bs rataba proportion Of all the ptons Of such corpora
ton after deduens all necessary expenses Provided
hogeee inst the trustees may allow to depositors to
the amount Of i've hundred dollars or upwards ono Der
centnm less than the amount allowed hers And lro
rdtd aloi Whenever II shall appear that afer the Iay
ment the usual interest depusitos thers Is In tie
possession Of the corporation Of profits over the
llAplhtes amounting 70 ten Per eehtum up the d6pOs
s such excess shall be invested for the security OF the
dsposors 10 the corporation and thereafter at each an
nuAl examina on OF the hiars Of the corporation any
surplus and above such per csnum shall Ia adj
dlon to the usual Interest," be divided rsteaby among
the deposofs In such manner the board Of trustees
shall direct
Sec 10 And be It further enacted, That whspeveranv
deposit shall be made by amy minor the trustees or the
corporation may at their discretion pay to such depos
tor such sums as may be dua TO him. although no guar
dian shall have bssn appointed for such minor Or hs
guardian Of such minor shall not have authorized the
Or nj
lance Of such muor shall be valid as il tbs same we're
executed by guardian Uf s1ah mluor Dr the minor wera
Of ful age, u such deposit personally by srh
minor, Aud whenever any deposits shall have hssn
same on their own receipts. NFE 'A'
Sec "a. And be It further enacted That tba t,ustass
shall not directly or Indirectly receive auy psvmsni or
em0lumsn 'es f services a. such, except the prssi.
Sec u. And hs It further enacted That the prssdant
and Vice predent The subordinate oicors and agents Of
tie corporation shall respectively give such Security for
ths hde and good eonduet "a the hoard Of trustees
may, fum time to time require the board shail az
the salires Of such officers and agents
c. u. And be u farther enacted, That the books Of
the corporation shall at al timea during the hours 81
business be open inspection and examination 10 aeh
persons as Congress sha designate or appoint.
AFPRovRp March 0, 1866.
lPURtIo RfsoLrTloS-No. IL
Joint RESOLUTION authorizing the Secretary Of the Navy
lo expend Portion OF the Contingent Fund for anlnr
ing the Navy Department building
Be 1t resolved by the Senate and House of Rspre.nt.
ves Of tho United States Of America In Congress asse
bled, That the Secretary OF the Navy be- aud be hseb
s authorised to eIpend much Of the cont fpd
heretofore approprla as may be necessary ior the en-
agrnent OF the Navy Department building to meet the
wants Of Tue Department. '
APPROVED, December ID, 1864.
lprBtIc RKsoIuftov-.No III