Gloucester County Democrat. (Woodbury, N.J.) 1878-1932, 1881-05-12
CHAPTER CCXyIn.

A supplement to an act entitled . An act for the
bettersecurity of depositors in savings banks,
approved April fifth, one thousand eight hun
dred and seventy-eight.
l. Belt enacted by the Senate and General
Assembly of the State of New Jersey, That
the first sectien of the act of which this is
supplement previous to making such invest
ment by any such bank or institution defaulted,
be and the same is hereby amended SO as to
read as follows:
l. Be it enacted by the Senate and General
Assembly of the State of New Jersey, That
it shall not be lawful on and after the passage
OF this act for any savings bank, or other saw
ings institution, whether chartered or incorpor-
ated under general or special act of the logis-
lature of this state, and anv provision con
tanned In the charter, or any supplement there
to of such savings bank or savings institution
to the contrary, to invest the moneys deposited
with the same in any manner, except as follows,
to wit:
l. In the stocks or bonds or interest-bearing
notes or obligations Of the United States OF
those for which the faith Of the United States is
distinctly pledged to provide for the payment
OF the principal and interest thereof;
II. In the interest bearing bonds of this
state;
III. In the bonds of any state in the union
that has not, within ten years previous to making
such investment by any such bank or insitu-
ton, defaulted in the payment of any part Of
either principal or interest in any debt author
lied BY any Legislature of such state to be con
tracted;
" In the stocks or bonds of anv CITY. town.
county or village Of this state, issued pursuant
to the authority Of any law of this state, or of
the cities of New York, Brooklyn or Philadel-
phla, or in any interest-bearing obligations
(other than those commonly known as improve
ment certiicates) issued by the city, town OF
borough in which such bank or institution shall
be situated;
V. In bonds secured BY mortgages which
snail be first lien on real estate situate in this
state, and worth at least double the amount
loane thereon, bIt not to exceed eighty Der
centum Of the whole deposits shall be so loaned
orlnvested; but in case the loan is on unim-
proved or unproductive real estate, the amount
loaned thereon shall not be more than thirty
per cenLum of its actual value; and, no invest
ment in any bond and mortgage shall be made
by any savings bank, except upon the report OF
committee of at least three of the managers,
directors or trustees of any such bank or insti-
tuition, and majority of which committees shall
certify to the value of the premises mortgaged
or to be mortga yed according to their best iudg-
ment; such report shall be filed and preserved
among the records of the institutions;
vi. In real estate strictly in accordance with
the following provisions:
(d.) A plot whereon is erected OF NAV be
erected, building or buildings requisite for
the convenient transaction of its business and
from portions of which, not required for its own
u.s., a revenue may be derived; the cost of such
building or buildings and lot shall in no case
exceed fifty per centum Of the net surplus of
such corporation;
% Such as shall have been purchased by il
at sales upon foreclosure Of mortgages owned
by such corporation, or upon judgments or de-
crees obtalnea or render, 4 for debts due to it,
or in settlements effected to secure such debts;
and all such real estate mentioned in the last
preceding clause in this subdivision shall be
sold by such corporation within five years after
the same shall have been so purchased, unless,
upon application by such corporation to the
state board, having the supervision of savings
banks in this state, the same shall extend the
time within which such sale shall be made:
provided, that nothing in this act shall be CON
strued or held to alter, affect or repeal the pro-
visions Of the fourth section Of the act to which
this is a supplement-
2. And be it enacted, That this act shall take
affect immediately.
Approved March 25, 1881.