P. L. 246. 20 May 1889 § 15. credited thereon, shall be repaid to such depositors respectively, or to their legal representatives, after demand in such manner and at such times, and after such previous notices and under such regulations, as the board of trustees shall prescribe; which regulations shall be printed in the pass-books or other evidences of deposit furnished by the corporation, and shall be evidence between the corporation and depositors holding the same of the terms upon which deposits therein acknowledged are made; and every such corporation shall have the right to limit the aggregate amount which any one person or persons or societies may deposit, to such sum as they may deem it expedient to receive, and may in their discretion refuse to receive a deposit, and may also at any time return all or any part of any deposit, nor shall the aggregate amount of such deposits to the credit of any one individual or corporation at any time exceed five thousand dollars exclusive of accrued interest. Ibid. § 16. Deposit in name of minor or married woman. Ibid. Deposit in trust. Ibid. § 17. Authorized investments for trust funds. Ibid. § 18. Temporary investment of current receipts. Ibid. Duty of auditor general and ex 215. Whenever any deposit shall be made by or in the name of any person who is a minor, or a female, being or thereafter becoming a married woman, the same shall be held for the exclusive right and benefit of such depositor, free from the control or lien of all persons whatsoever except creditors; and it shall be paid, together with the dividends or interest thereon, to the person in whose name the deposit shall be made, and the receipt or quittance of such minor or female shall be a valid and sufficient release and discharge for such deposits or any part thereof to the corporation. 216. Whenever any deposit shall be made by any person in trust for another, and no other or further notice of the existence and terms of a legal and valid trust shall be given in writing to the bank, in the event of the death of the trustee the same, or any part thereof, together with the dividends or interest thereon, may be paid to the person for whom such deposit was made. 217. It shall be lawful for the trustees of any savings-bank to invest money deposited therein only as follows: First. In the stocks or bonds of interest bearing notes or the obligations of the United States, or those for which the faith of the United States is pledged to provide for the payment of the interest and the principal. Second. In the stocks or bonds of the commonwealth of Pennsylvania bearing interest. Third. In the stocks or bonds of any state in the Union that has not within ten years previous to making such investments, by such corporation, defaulted in the payment of any part of either principal or interest of any debt authorized by any legislature of such state to be contracted. Fourth. In the stocks or bonds of any city, county, town or village of any state of the United States, issued pursuant to the authority of any law of the state, or in any interest bearing obligation issued by the city or county in which such bank shall be situated. Fifth. In bonds and mortgages on unincumbered, improved real estate, situate in this state. 218. It shall further be lawful for any such corporation to deposit temporarily in banks or trust companies, as provided in the last preceding section of this act, the excess of current daily receipts over the payments, until such time as the same can be judiciously invested in the securities named. 219. Whenever it shall appear to the auditor-general or to any of the examiners duly authorized to visit and inspect these savings funds, that the trustees of any such corporation are violating the spirit or intent of the provisions of this act, by aminers as to in- keeping permanently uninvested all or an undue proportion of the money received by them, it shall be his or their duty to report the facts to the attorney-general, who shall proceed against such corporation as provided by law. vestments. Ibid. § 19. Loans on notes and bills of exchange forbidden. Ibid. Loans on real estate. Ibid. § 20. Buildings on lands to be insured. 220. It shall not be lawful for the trustees of any savings bank or institution incorporated under this act, to loan the money deposited with them, or any part thereof, upon notes, bills of exchange or drafts, or to discount any such notes, bills of exchange or drafts. 221. And in all cases of loans upon real estate, a sufficient bond secured by a mortgage thereon shall be required of the borrower, and all the expenses of searches, examinations, certificates of title or appraisal of value and of drawing, perfecting and recording papers shall be paid by such borrower. 222. Whenever buildings are included in the valuation of any real estate upon which a loan be made by any such corporation, they shall be insured by the given as security mortgagor in such company or companies as the trustees shall direct, and the policy of insurance shall be duly assigned, or the loss made payable as its interest may appear, to such corporation, and it shall be lawful for such corporation to renew such policy of insurance from year to year or for a longer or shorter time in case the mortgagor shall neglect to do so, and may charge the amount paid to the mortgagor. And all the necessary charges and expenses paid by such corporation for such renewal or renewals shall be paid by such mortgagor to such corporation, and shall be a lien upon the property so mortgaged, recoverable with interest from the time of payment as part of the money secured to be paid by such mortgage. Expenses of in surance. 223. It shall be unlawful for any corporation incorporated under this act, 20 May 1889 § 21. directly or indirectly, to deal or trade in real estate or in any goods, wares, P. L. 246. merchandise or commodities whatever, except as authorized by this act and Not to deal or except such personal property as may be necessary in the transaction of its trade in personal business. property. 224. It shall be the duties of the trustees of every such corporation to regulate Ibid. § 22. the rate of interest or dividends, not to exceed five per centum per annum upon Interest on dethe deposits therewith, in such manner that the depositor shall receive, as nearly posits. as may be, all the profits of such corporation after deducting necessary expense and reserving such amount as the trustees may deem expedient as a surplus fund for the security of depositors, which, to the amount of fifteen per centum per annum of their deposits, the trustees of any such corporation are hereby authorized gradually to accumulate and hold to meet any contingency or loss in its business, from the depreciation of its securities or otherwise: Provided, however, That the trustees of any such corporation may classify its depositors according to the character, amount and duration of their dealings with the corporation, and regulate the interest or dividends allowed in such manner that each depositor shall receive the same ratable proportion, with interest or dividends, as all others of its class. It shall be unlawful for the trustees of any savings-bank to declare or allow interest on any deposit for a longer period than the same has been deposited, and no dividends or interest shall be declared, credited or paid, except by the authority of a vote of the board of trustees, duly entered upon their minutes, whereon shall be recorded the yeas and nays upon each vote, and whenever any interest or dividends shall be declared and credited in excess of the interest or profits earned and appearing to the credit of the corporation, the trustees so voting for such dividends shall be jointly and severally liable to the corporation for the amount of such excess, so declared and credited. And it shall be the duty of the trustees of any such corporation, whose surplus amounts to fifteen per centum of its deposits, at least once in three years to divide, equitably, the accumulation beyond such authorized surplus, as an extra dividend to Extra dividends. depositors in excess of the regular dividends hereinbefore provided. A notice posted conspicuously in the bank of a change in the rate of interest shall be equivalent to a personal notice. Ibid. § 23. Annual report to auditor-general. 225. Every corporation incorporated under this act shall, before the thirty-first day of December of each year, report to the auditor-general of the state in writing, in such form as he shall prescribe; which report shall state the amount loaned upon bonds and mortgages, with a list of such bonds and mortgages and the location of the mortgaged premises, that have not previously been reported, and also a list of such previously reported as have since been paid wholly or in part, or have been foreclosed, and the amount of such payments respectively, the cost, par value and estimated market value of all stock investments, designating each particular kind of stock, the amount loaned upon the pledge of securities, with a statement of securities held as collateral for such amounts, the amount invested in real estate, giving the cost of the same, the amount of cash on hand and on deposit in banks or trust companies, with the names of such banks or trust companies and the amount deposited in each, and such other information as the auditor-general may require. Such report shall also state all the liabilities of such savings corporation on the day of the date of such statement, the amount due to depositors, which shall include any dividend to be credited to them for the twelve months ending on that day, and any other debts or claims against such corporation, which are or may be a charge upon its assets. Such report shall also state the amount deposited during the year previous and the amount withdrawn during the same period, the whole amount of interest or profit received or earned, the amount of dividends credited to depositors, together with the amount of such annual credit of interest and the amount of interest that may have been credited at other than annual periods, the number of accounts opened or reopened, the number closed during the year and the number of open accounts at the end of the year. Such reports shall be verified by the oath of the president or cashier of said institution, and any wilful false swearing in regard to such reports or in regard to any reports made to the auditor-general pursuant to the provisions of this act, shall be deemed perjury and be subject to the prosecutions and punishments prescribed by law for that offence. 226. If any such bank shall fail to furnish to the auditor-general any report or statement required by this act at the time so required, it shall forfeit the sum of one hundred dollars per day for every day such report or statement shall be so ure to make delayed or withheld, and the auditor-general may settle an account to recover such report. penalty in the manner now provided by law. Ibid. Penalty for fail Examiners to be appointed. 227. It shall be the duty of the auditor-general and of the court of common Ibid. § 24. pleas of the county in which any savings-institution incorporated under this act may be carrying on business, once in two years, each to appoint an examiner to visit and examine every savings-institution incorporated under this act within the limits of the county, and such examiners shall have power to administer an Powers. oath to any person whose testimony may be required on such examination, and P. L. 246. 20 May 1889 § 24. to compel the appearance and attendance of any such person by subpoena or attachment, issuing out of said court, and all books and papers which it may be deemed necessary to examine by such examiners shall be produced, and their production may be compelled in like manner; the expense of such examination shall be paid by the corporation examined; the rate of compensation to said examiners shall be fixed by the auditor-general and the court making the appointment. Expenses. Ibid. Violation of charter. Ibid. § 25. Trustees to ex 228. And whenever it shall appear, on the report of any examination made by such visitors, either to the court or to the auditor-general, that any corporation has committed any violation of its charter, or is conducting its business and affairs in an unsafe and unauthorized manner, the said auditor-general, by an order under his hand and seal, shall direct the discontinuance of such illegal and unsafe or unauthorized practices, and whenever such corporation shall refuse or neglect to comply with his directions in the premises, he shall communicate the fact to the attorney-general, who shall thereupon institute such proceedings as the nature of the case requires. The proceedings instituted by the attorney-general may be by quo warranto, in the county where the institution is situated, for the removal of one or more of the trustees, or for the withdrawal of corporate powers, or of consolidation and merger of the corporation with any other savings corporation that may be willing to accept the trust, or of such other or further relief or correction as the particular facts communicated to him shall seem to require. And the court, before such proceeding shall be instituted, shall have power to grant such orders, and, in its discretion, from time to time to modify or revoke the same, and grant such relief and render such judgment as the facts or evidence in the case and the situation of the parties and the interest involved seem to require. And the court, on being satisfied that it is necessary so to do, may appoint a receiver to take possession and to hold all the assets of such corporation until the further order of the court. 229. It shall be the duty of the trustees of every corporation incorporated under this act to make a thorough examination, at least once in every year, of the amine books, &c., books, vouchers, assets and affairs generally, and the statements furnished to the auditor-general, and to see that accurate balances of the depositor's ledger have been made, and to see if any discrepancies exist between the amount due the depositor, as shown by such balances, and the amount due the depositor as shown by the general ledger. once a year. Ibid. § 26. Changing the number of trustees. Ibid. § 27. Compensation to trustees. Ibid. § 28. 230. It shall be lawful for the board of trustees of any such savings corporation, by a resolution of its board, a copy of which shall also be filed to the auditor-general, to reduce the number of trustees named in the original charter of said corporation to a number not less than the minimum named in this act; such reduction to be effected gradually by the occurrence of vacancies by death, resignation or forfeiture, until the number is reduced to thirteen, or to such greater number as shall be designated in the aforesaid resolution; or the number of trustees may be increased to any number designated in the resolution for that purpose, where reasons therefor are shown to the satisfaction of the auditorgeneral and his consent in writing obtained thereto. 231. It shall be lawful for the trustees of such corporation, acting as officers of the same, whose duties require and receive a regular and faithful attendance at the institution, to receive such compensation as in the opinion of a majority of the board of trustees shall be just and reasonable, but such majority shall be exclusive of any trustee to whom such compensation shall be voted; but it shall not be lawful to pay trustees as such for their attendance at the meetings of the board. 232. No person shall be elected a trustee of any savings-bank who is not a Trustees must be resident of this state, and removal from the state by any trustee hereafter elected shall vacate his office. residents of the state. Ibid. § 29. Change of name. Ibid. § 30. How solvent bank may discontinue or close business. 233. The names of any institutions incorporated under this act may be changed by complying with all the rules and regulations in force in the state in regard to changing names of corporations. 234. Whenever the trustees of any solvent savings-bank shall deem it necessary and expedient to close the business of such corporation, they may, by the affirmative vote of not less than two-thirds of the whole number of trustees, at a meeting to be called for that purpose, of which all the trustees shall have notice, declare by resolution its determination to close such business and pay the money to the depositors and creditors, and surrender the corporate franchise. The vote upon such resolution shall be taken by ayes and noes, and the resolution and the votes thereon shall be recorded in the minutes of the board of trustees, and a copy of the record of such proceedings, certified by the president and secretary of the corporation, shall be filed with the auditor-general. The trustees shall therefore give notice to all the depositors and creditors of the adoption of such resolution, by publication thereof in the newspaper or newspapers most likely to give the same proper publicity, and by printed or written notices, personally served upon or mailed to, every depositor and creditor of such savings-bank, at their last-known residence, postage prepaid. P. L. 246. claiming sums 235. When the trustees of any such savings-bank shall have paid the sums due 20 May 1889 § 30. respectively, to all the depositors and creditors whom they can discover, and who claim their deposits or the moneys due them, it shall be the duty of such trustees to Trustees to file make a transcript or statement from the books of said savings-bank, of the names statement of deof all the depositors and creditors who do not claim, or have not yet received, positors not the balances to their credit or due them, and of the sums due them respectively, due. and to file such transcript in the auditor-general's department, and to pay over and transfer all such unclaimed and unpaid deposits, credits and money, to the treasurer of the state. The trustees shall thereupon report their proceedings, Balances to be duly certified to, before the court of common pleas of the county in which the paid to state corporation is situated, and upon such report and the petition of the trustees, and upon notice to the attorney-general and the auditor-general and such other notice Dissolution by the as the court may deem necessary, the court shall adjudge the franchise surrendered court. and the existence of the corporation terminated. 236. The associations incorporated in pursuance of this act shall be taxed in the same manner as other corporations without capital stock. treasurer. Ibid. § 31. Taxation. BARRATRY. See CRIMES. BARREL COMPANIES. 1. Incorporation of barrel companies authorized. 10 Feb. 1865. P. L. 1. 1. It shall be lawful for any five or more persons who may be joint owners, tenants in common, joint tenants or lessees of timber lands, within this commonwealth, to form a company, under the provisions of the act to which this is a supplement, (m) Incorporation of and of the several supplements thereto, for the purpose of manufacturing barrels barrel companies. and other wooden vessels, by machinery and selling the same: Provided, That such object of the company be stated in their certificate of incorporation. 1. From and after the passage of this act, any fifteen or more persons, nine of 6 April 1893 § 1. whom shall be citizens and residents of this commonwealth, having associated P. L. 10. themselves as a secret fraternal beneficial society, order or association, may be Who may organize. incorporated under the provisions of this act, and when so incorporated the said corporation shall have the following powers: First. To have succession by its corporate name perpetually, subject to the power General powers. of the general assembly under the constitution of this commonwealth. (m) This act is a supplement to the act 21 April 1854, P. L. 437, for which, see tit. "Mining Companies." 6 April 1893 § 1. P. L. 10. Ibid. § 2. Charter and what it shall set forth. Ibid. § 3. Publication of notice. Ibid. § 4. Certificates of incorporation. Approval of charter. Engaging in business. Ibid. § 5. Annual report. Second. To maintain and defend judicial proceedings. Third. To make and use a common seal and alter the same at pleasure. Fourth. To be capable of taking, receiving, purchasing, holding and transferring real and personal property for the purpose of its incorporation and for no other purpose. Fifth. To elect, appoint and remove the officers and agents for the management of its business and carrying out its objects, and to allow them a suitable compensation. Sixth. To make a constitution and general laws for the management of its affairs, not inconsistent with the constitution and laws of this state, and to alter and amend the same when necessary. When so made, altered or amended, the said constitution and general laws shall be the law governing such society, order or association and its officers, subordinate lodges, councils or bodies and the members in their relations to such society, order or association in all their acts. Seventh. To provide in the constitution and general laws for the payment to its members of sick, disability or death claims in such amounts as may be authorized and directed by said constitution and general laws. And also to provide for the payment in not less than five years, to members whose beneficiary or distribution period may then expire, of such sum not exceeding the maximum amount named in the beneficiary certificates as the constitution and general laws in force at the expiration of said period may authorize and direct. Eighth. To collect from its members by admission fees, dues and assessments the funds necessary to carry on its operations and provide for the payment of its benefits, which assessments shall be made in manner and form as provided by its constitution and general laws. Ninth. To carry on its operations through supreme and subordinate bodies or lodges, and to issue beneficiary or relief certificates in accordance with its constitution and general laws. Tenth. To enter into any obligation necessary for the transaction of its affairs. 2. The charter of such intended corporation must be subscribed by five or more persons citizens of this commonwealth, and shall set forth: First. The name of the corporation. Second. The purpose for which it is formed. Third. The place where its principal office is to be located. Fourth. The names and residences of the subscribers. Fifth. The number and names of its officers with the term or terms of years for which they have been chosen, and also the names of not less than six directors, managers or members of an executive committee who, together with the president of the society, order or association, shall form a board of directors, managers or executive committee, with the term or terms of years for which each is to serve. 3. Notice of the intention to apply for any such charter shall be inserted in two newspapers of general circulation printed in the proper county for three weeks, setting forth briefly the character and object of the corporation to be formed and the intention to make application therefor. 4. The said certificates of incorporation shall be acknowleged by at least five of those who subscribed to them, before any officer authorized to take the acknowledgments of deeds in the commonwealth of Pennsylvania, to be their act and deed, and the same being duly certified under the hand and official seal of the said officer, shall be presented to a law judge of the county in which the principal office of the corporation is located, accompanied by proof of the publication of the notice of such application, who is hereby authorized to peruse and examine said instrument, and if the same shall be found to be in the proper form and within the purposes named in this act, he shall indorse thereon these facts, and shall order and decree thereon that the charter is approved, and that upon the recording of the said charter and order the subscribers thereto and their associates shall be a corporation for the purposes and upon the terms therein stated, and said order and charter shall be recorded in the office for the recording of deeds in and for the county aforesaid, and from thenceforth the persons named therein and subscribing the same, and their associates and successors, shall be a corporation by the name therein given. No such corporation, however, shall engage in business until at least twentyfive persons have subscribed in writing to be beneficiary members therein in the aggregate amount of at least five thousand dollars, and have each paid in one full assessment in cash amounting in the aggregate to at least one per centum of the amount in which they are beneficiary, nor until a certificate signed and sworn to by three of the highest officers of the corporation has been filed with the insurance commissioner stating that the requirements of this section have been complied with. 5. Every such fraternal society, order or association incorporated under or accepting the provisions of this act shall, on or before the first day of March of each year, make and file with the insurance commissioner a report of its affairs and operations during the year ending on the thirty-first day of December immediately preceding; such report shall be upon blank forms to be provided by the insurance commissioner, and shall be verified under oath by the duly authorized officers of |