Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-10-24

action on the former treasurer's bond
which will, in time. substantially in
crease the value of said stock, apart
from such earning power as 1t Will
have.
To Approve Deposits.
THE determination of the exact
amount of the balance due each de-
positor on the books of Roseyille
Trust Company, of the amount with
which each depositor is to be credited
as a deposit upon the books OF the
new bank. and the amount of the pro
rata distribution of stock to each of
said depositors, will be approved as to
accuracy by the commissioner of
banking and insurance or his author
lied representative.
THE new bank expects TO receive
from certain of the directors of the
Roseville Trust Company cash pay
ments to be added to the assets of the
new bank. Directors making pay
ments accepted as satisfactory will be
released from liability on account of
any claim against them for negli-
gence. but they will receive no stock
or other return except the releases
referred to. Cash payments aggre-
eating s45. 900 have already been ten
dered by two directors. which, if ac-
from liability. Other directors are
expected to make offers of settlement.
Any director who fails to make such
payment to the new bank or the COM
missioner, as the commissioner OF
banking, the officers of the new bank
and the Court of Chancery, by ap-
proving the plan, decide to be a salts.
| factory settlement, will be sued, fol
| lowing the opening of the new bank
| either by the commissioner of bank
ing or by the new bank, as will be
later determined. Depositors will
therefore, see that there is no intent
to relieve the directors of the Rose
Vile Trust Company from RESPONSE
bility As a matter of business. it is
considered better to obtain in this
manner and at this time substantial
payments from these directors and
get the new bank opened for and
owned by the depositors than to con-
tinue the liquidation and attempt
through costly legal proceedings ex-
tending over a period of years to col
lect about 100000 from said directors
None of the former directors OIL
officers of the Roseville Trust Com
pany will be directors of the new
bank. The gentlemen who have con-
scented to act as directors have done
so with great reluctance and without
thought of any financial gain TO them
selves. A very heavy burden of work
will be placed upon them. At the
regular annual meeting of the new
bank, which will be held in less thar
three months, the depositors may
| then choose an entirely different
| board of directors if they so desire.
There is enclosed herewith a form
| of assignment of account. which
should be signed by each depositor il
| the same manner in which the de
positor has been accustomed to sign
| ing checks on his account in the Rose
vile Trust Company which assign
ment should be witnessed at the place
marked therefor. and when signed
and witnessed should be Forwarded
at once in the enclosed envelope Il
the Mutual Bank of Roseville at tt
| temporary office. No. 500 Orang'
street, Newark, n. J. 1t is essentia
! that all depositors should at once de
| liver their pass books to the repre-
sentative of the department of bank
| ing and insurance, in charge of tn,
Roseville Trust Company, so that al
may be examined. The Mutual Banl
| of Roseville reserves the right I,
withdraw this offer if less than all o
the deposltors having claims agains
| the Roseville Trust Company shall
assign their accounts to the banl
under the conditions herein set forth
| -'The offer herein contained will b,
made TO creditors of the Rosevill,
Trust Company who are not deposit
ors. such as holders Of drafts draw
on the Roseville Trust Company
etc.
1.-THE form of assignment to be exc