The Norfolk post. [volume] (Norfolk, Va.) 1865-1866, 1865-07-14


during the time they shall remain therein and receive III
SEC o. And be it further enacted, That the directors
shall make annual report of the condition oil the as
lum to the War Department which shall be commune
Gated to Congress the first Monday of every January
after the passage Of this act and it shall be the duty OF
the said directors examine and audit the accounts Of
the Of this asylum quarterly and to visit and
inspect them at least six times year
SEC 10. And be Il further enacted, That all inmates
of the asylum shall be- and they are hereby, made sub
ject to the rules and articles Of and will be gov
erned thereby In the II they in the
army or navy Of the United States. %
at any time hereafter alter, amend repeal this act
Approved, March 8, 1865.
An ACT to incorporate the Freedmans Savings and Trust
Company. r 1-rf.f
Be IL enacted By the Senate and House Of Representatives.
of the United States Of america IN Congress assembled
That Peter Cooper William c. Bryant A. A. Low, s.
B. Chttendep, Charles H. Marshal, William A. Booth,
Gerrit Smith, William A. Hall, William Allen John
JAY Abraham Baldwin, 8. Barnes Hiram Barney, Seth
B. Hunt, Samuel Holmes Charles Collins, r. R. Graves
Walter s. Griffith, A. II. Wallis, D. s. Gregory W. Al
word George Whprle, A. HATCH Walter T. Hatch, f. A.
Lambert; W. a. Lambert Roe Lockwood, r, n Manning,
New York John NJ. Forbes, VIM. Clahn, s. G. Howe.
George L. Searns, Edward Atkinson, A. A. Lawrence,
Harris and Thomas Davis, of Rhode Island Stephen
Colwe J. Wheaton Smith, Francis Z. Cope, Thomas
Webster b. g. Hunt and Henry Samuel, Of Pennsylvania;
Edward Harwood, Adam Poe, Levi Coffin, J. NJ. Waldon
Ohio and their are constituted body
porate in the city of Washington, in the District of
Columbia, by the name of"The Freedmens Savings and
Trust Company and by that name may sue andbs sued
in any Court Of the United States.
Sac. And be 1t further enacted, That the persons
named in the first section of this act shall be the first
trustees of the corporation and all vacancies by death
resignation otherwise in the office of trustee shall be
filled by the board by ballot, without any unnecessary
delay and at least ten votes shall be necessary for the
election Of any trustee, The trustees shall hold regular
meeting at least in each month"; to receive reports
of their officers the affairs of the corporation and to
transact such business as may be necesary and any
trustee emitting to attend tie regular meetings of the
board for six months in succession, may thereupon be
considered having vacated his place. and SUE cessor
may be elected to fill the same. t.- '.-
Sec. g. And be further enacted That the business of
the corporation shall be managed and directed by the
board of trustees who shall elect from their number
president and two vicepresdents and may appoint such
otheroicers they fit nine of the trustees of whom
the president or one of the vcepresdent shall be one
shall form quorum for the transaction of business at
any regular adjourned meeting the board of trustees
and the affirmative vote of at least members of the
board shall be requisite in making any order for or
authorizing the investment of any moneys the sale
corporation or the appointment of any officer receiving
any salary therefrom. So.
SEC A. And be Il further enacted That the board of trs
tees Of the corporation shall have power from time to
time TO make and establish such claws and regulations
as they shall judge proper with regard to the elections of
officers and their respective functions and generally for
the management of the affairs of the corporation pro-
vded such bylaws and regulations not repugnant to
this act or to the constitution laws Of the United
States. 9E H
SEC 6. And be it further enacted That the genera,
business and object of the corporation hereby created
shall be to receive on deposit such of money as may
be from time to time offered therefor by or on behalf Of
persons heretofore held in slavery in the United States
their descendants and nvestag the same in the stocks
6ords treasury notes. OF other securities of the United
States
Sec. 9. And belt further enacted That it shall be the
duty Of the trustees of the corporation to invest MS
practicable In the securities named in the next pre-
ceding section all sums received by them beyond an
available fund.- not exceeding onethird of the total
amount of deposits with the corporation at the discretion
Of the trustees which available funds may be kept by the
trustees to meet current payments of the corporation
and may by them be left deposit interest or other
wise, or in such available form as the trustees may
direct.
Sec 7. And be it further enacted That the corpora
ton may under such regulations the board trustees
shall from time time prescribe receive any deposit
hereby authorized to be received upon such trusts and
for such purposes not contrary to the laws of the United
States may be indicated in writing by the depos-
tor, such writing to be subscribed by the deposit
tor anu acknowledged or proved before any officer
in the civil or military service of the United States the
certificate Of which acknowledgment or proof shall be
indorsed on the wrtng and the wrtngso acknowledged
or proved shall accompany such deposit and be filed
among the papers of the corporation, and be carefully
preserved therein and may be read in evidence in any
court or before any judicial officer of the United States
without further proof and the certificate Of
ment or proof shall be prma cie evidence only of the
due execution of such writing
Sec. And further enacted That all sums received
on deposit shall be prepaid to such depositor when re-
quired at such time with such interest exceeding
seven per centrum per annu and under such regulations
as the board of trustees SHALL from time to time pre-
SCRIBE which regulations shall be posted up in some con-
spcuous place in the where the business of the
corporation shall be transacted but shall be altered
SO as to Affect any deposit previously made. II
SEC. And be ii further enacted That all trusts upon
which, and all purposes for which any deposit shall be
accompany such deposit shall be faithfully performed by
the corporation, unless the performing of the is
rendered impossible. 80
Sec. 10. And be fyther enacted, That when any de-
positor shall die the funds remaining deposit with the
corporation to his credit and all Accommodations thereof
shall belong and be paid to the personal
OF such deposor in he shall have left last will and
testament and in default of last will and testament or
OF any person qualifying under last will and testament
competent to act as executor the corporation shall be
entitled in respect TO the funds remaining on deposit
TO the credit Of any such deposition, to administration
thereon in preference TO all other persons and letters
shall be granted the corporation accord
ingy in the manner prescribed by law in respect to the
granting Of letters OF administration with the will an
nexed, and in cases of intestacy -
SEC H. And be IL further enacted That in case Of the
death Of any deposor whose deposit shall not be held
upon any trust created pursuant the provisions herein
before contained where it may prove impossible to ex
ecute such trust 1t all be the duty of the corporation
to make dgent efforts to ascertain and discover whether
such deceased depositor has left husband wife, or chill
dren surviving, and the corporation shall keep record
OF the efforts so made and of the results thereof and in
case no person lawfully entitled thereto shall be dscoy
ered or shall appear claim the funds remaining to the
credit OF such deposition before the expiration of two
years from the death of such depOsitor it shall lawful
for the corporation to hold and invest such funds as
separate rusund to be applied, with the accumulations
thereo5 TO the education and improvement of persons
heretofore held in slavery their descendants being
inhabitants of the United States in such manner and
through such agencies the board Of trustees shall deem
best calculated to effect that object Provided That If
any depositor be not heard from within five years from
me date VI his last deposit the trustees shall advertise
same IN some paper of general circulation in the state
where the principal Office Of the company ia Ca absbed
ina also ~ Me state oere the principal office of he COM
'any IS esa0ssd aud also In the state where the de-
,oseor was last heard from and il within two years
hulI z
VIE, or child of such depositor, to claim his lenosits
hey snail De used by the board of trustees as heren
'efore provided for In this section.
SEC IL And De further enacted That no president
trustee officer, servant of the corno
alton SHALL directly indirectly borrow the funds of The
corporation or its deposits, or in any manner use |
he same or any part thereof except pay necessary
expenses under the direction of the board OF
Ill certificates lori other evidences of deposit made nv
he proper officers shall be binding on the corporation
IS II they were made under their seal 1t shall
the duty OF the trustees to regulate the interest
Flowed to the depostors, that they shall receive as
leary as may be ratae proportion OF all the profits of
uch corporation after deductin all necessary expenses
Provided hotoerer That the trustees may allow to deposit
ors to the amount Of five hundred dollars upwards
me per cenum less than the allowed others
Torided also Whenever shall appear that after
he payment of the usual interest to deposors there
n the possession of the corporation Of profits
,vcr the liabilities amounting to ten per centum upon
he deposits such shall be invested for the security
u the depositors in the corporaton and thereafter
ach annual examination of the affairs of the corporation
my surplus over and above such ten per centum shall
ddlon to the usual interest be divided ratab among the
lirect.
SRo ID. And be further enacted That whenever any
post snail be made by any minor the trustees of the
may at their discretion, pay to such deposit
VI such sums as may be du- to him. although no guard
an shall have been appointed for such minor or be 9nad