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 OF THE CITY OF NEW-YORK, 
 
 W ITH '(UE 
 
 ■ Ncto- llork : 
 
 (JEO. U. RISLL, STATIONER AND PRINTER. 
 
 15S NASSAU-STKKKT. 
 
 1 8 5 4. 
 
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A N ^ O T 
 
 TO INCORPORATE THE 
 
 frtittg Swings' Institute 
 
 OF THE CITY OF NEW-YORK. 
 
 Passed July 1st, 1851. 
 
 GEO. H. BELL, STATIONER, AND PRINTER. 
 153 NASSAU-STREET. 
 
 1 1 8 5 4. 
 
\Puhgt} 
 
-A. INT ACT 
 
 TO INCOFPORA.TS T'JB 
 
 irvim urnr INSTITUTION 
 
 PASSED JULY 1, 1851. 
 
 77*5 People of the State of New York, represented 
 in Senate and Assembly, do enact as follows : — 
 
 Sec. 1 Caleb S. Woodhull, J. Phillips Phoenix, 
 Edgar H. Laing, Henry R. Ctfnklin, William Radford, 
 Abram Wakeinan, Alexander H. Schultz, Yanderbilt 
 L. Buxton. David B. Moses, William S. G-regory, John 
 x\nderson, Reuben R. Wood, Henry E Hart, E. Tilden 
 Blodgett. Mason Thomson. Thomas Carnley, William 
 M. Pullis, Alexander McKenzie, Warren Chapman, 
 Henry J. Allen, Charles Jenkins, George H. Bell, David 
 Morrison, Edmund Griffin, William Flagg, Abraham 
 Frazee. Horatio N. Ferris, Richard F. Carman and John 
 Romer, and their successors, shall be, and they are here- 
 by constituted a body corporate and politic, by the name 
 
21c 9 
 
 of the Irving Savings' Institution, to be located in the 
 City of New-York, and by that name shall have perpet- 
 ual succession, ami may sue and' be sued in any Court 
 whatsoever. 
 
 Sec. 2. The real estate which it shall be lawful for 
 the said corporation to purchase, hold and convey shall be : 
 
 1. Such as may be requisite for its immediate accom- 
 modation for the convenient transaction of its business. 
 
 2. Such as shall have been mortgaged to it in good 
 faith for money loaned in pursuance of the provisions 
 of this act. 
 
 3. Such as shall have been purchased at sales upon 
 judgments, or decrees obtained or rendeied for money 
 so loaned ; and the said corporation shall not purchase, 
 hold or convey real estate in any other case, or for any 
 other purpose, and all such real estate as is described in 
 the second and third subdivisions of this section shall 
 be sold by the said corporation within five years after 
 the same shall be vested in it by purchase or otherwise ; 
 and the said corporation shall not, directly or indirectly, 
 deal or trade in buying or selling any goods, wares or 
 merchandise whatever, except in the cases where it is 
 authorized to do so by the terms of this act, and except 
 such personal property as may be requisite for its imme- 
 diate accommodation for the convenient transaction of 
 its business. ' 
 
 Sec. 3. The trustees of said corporation shall not, 
 as such, directly or indirectly, receive any pay or emol- 
 ument for their services. 
 
 Sec. 4. The business of the said corporation shalL 
 
5 
 
 be managed and directed by the said Bo.ird of. Trustees, 
 who shall elect from their number a President, two 
 Vice-Presidents, and such other officers as they may see 
 fit ; eight of the said trustees, of whom the President, 
 or one of the Vice-Presidents shall be one, shall form a 
 quorum for the transaction of business, and the affir- 
 mative vote of at least seven members of the board, 
 shall be requisite to make any order for. or to give au- 
 thority to make any investment of any moneys, or to 
 sell or transfer any slock or securities belonging to the 
 corporation, or the appointment of any officer receiving 
 a salary therefrom. 
 
 Sec. 5. The persons named in the first section of 
 this act, shall be the first trustees of said corporation, 
 and all vacancies by death, resignation or otherwise, in 
 the office of trustee, shall be filled by the board by bal- 
 lot, without unnecessary delay, and at least six votes 
 shall be necessary for the election of any trustee. The 
 said trustees shall hold a regular meeting at least once 
 in each month, to receive the reports of their officers as 
 to the business and affairs of the corporation, and to 
 transact such business as may be necessary, and any 
 trustee omitting to attend the regular meetings of the 
 board for six successive months, may thereupon, at the 
 election of the said board be considered as having va- 
 cated his place, and a successor may be elected to fill the 
 same. The Supreme Court may at any time, for due 
 cause, remove any trustee, on proper notice to such trus- 
 tee, and affording him an opportunity to be heard in 
 his defence.^ 
 
 Sec. 6. The general business and object of the cor- 
 
6 
 
 poration hereby created, shall be to receive on deposit 
 such sums of money as may be from time to time offered 
 therefor, and to invest the same in the securities or 
 stocks of this state, or of the United States, or in the 
 stocks or bonds of any City, authorized to be issued by 
 the Legislature of this State, or in such other manner as 
 is authorized by this act, for the use, interest and advan- 
 tage of the said depositors and their legal representatives ; 
 and the said corporation shall receive as deposits all 
 sums of money which may be offered, for the purpose 
 of being invested as aforesaid, but not to exceed the 
 sum of five thousand dollars from any individual, which 
 shall as soon as practicable, be invested accordingly, 
 and shall be repaid to such depositor when required, at 
 such times, and with such interest, and under such reg- 
 ulations, as the Board of Trustees shall from time to, 
 time, prescribe ; which regulations shall be put up in 
 some public and conspicuous place, in the room where 
 the business of said corporation shall be transacted, but 
 shall not be altered so as to affect any deposit previous- 
 ly made. No President, Vice-President, trustee, officer 
 or servant of said corporation, shall not directly or in- 
 directly borrow the funds of said corporation, or its 
 deposits, or in any manner use tqe same or any part 
 thereof, except to pay necessary current expenses, under 
 the direction of said board of trustees. All certificates 
 or other evidences of deposit made by the proper offi- 
 cer of such corporation, shall be as binding on said cor- 
 poration as if they were made under their common seal. 
 It shall be the duty of the trustees of the said corpo- 
 ration to regulate the rate of interest to be allowed to 
 the depositors, so that they shall receive as nearly as 
 
may be a ratable proportion of all tjie profits of the 
 said corporation, after deducting all necessary expenses. 
 No money deposited in the said Institution shall be 
 invested, except in the securities of stocks mentioned in 
 this section, in opposition to the vote of any two trus- 
 tees ; but by the consent and approbation of all the 
 trustees present at a regular meeting, amounts to be 
 approved of by them, not exceeding ten thousand dol- 
 lars to any one individual, may be loaned on unincum- 
 bered productive real estate, worth at least double the 
 amount, to be secured thereby. In all cases of loans 
 upon real estate, a sufficient bond or other satisfactory 
 personal shall be required of the borrower, and alj the 
 expenses of searches, examinations and certificates of 
 title, and of drawing, perfecting and recording papers, 
 shall be paid by such borrower ; and it shall be the 
 duty of the trustees of said corporation to invest, as 
 soon as practicable, in public stocks or public securities, 
 or in bonds and mortgages, as provided for in this act, 
 all sums received by them beyond an available fund of not 
 exceeding one hundred thousand dollars, or mot exceed- 
 ing one-third of the total amount of deposits with said 
 institution, at the discretion of the said trustees, which 
 they may keep to meet the current payments of said 
 corporation, and which may by them be kept on depo- 
 sit, on interest or otherwise, in such available form as 
 the trustees may direct. Temporary deposits may be 
 made in any of the incorporated banks, or in any of 
 the associations which are now or may hereafter be 
 formed under the general banking law in the City of 
 New- York, and interest may be received thereon at 
 such rates, not exceeding that allowed by law, as may 
 be agreed upon. 
 
8 
 
 Sec. 7. The Board of Trustees of said corporation 
 shall have power, from time to time, to make, constitute, 
 ordaiu And establish such by-laws, rules and regulations, 
 as they shall judge proper for the election of their offi- 
 cers, for prescribing their respective functions, and the 
 mode of discharging the same, for the regulation of the 
 times of meeting of the officers and trustees, and gener- 
 ally for transacting, managing and directing the affairs 
 of the corporation, provided such by-laws, rules and 
 regulations are not repugnant to this act. to the consti- 
 tution or laws of this State, or of the United States. 
 
 Sec. 8. The Board of -Trustees, may appoint such 
 subordinate officers of, and agents of the said corpora- 
 tion, as they shall deem necessary, who shall, respective- 
 ly, give such security for their fidelity and good conduct 
 as the Boai^l of Trustees may. from time to time re- 
 quire ; and said board shall, from time to time, fix the 
 salaries of such officers and agents. The accountant of 
 said bank for the time being is hereby authorized to ad- 
 minister oaths in all such cases where it may be necessa- 
 ry to carry into effect the true intent and object for 
 which the institution was incorporated, and where such 
 oaths shall be directed to be administered by By-Laws 
 of the corporation. 
 
 Sec. 9. The said corporation shall, in the month of 
 January, in every year hereafter, make a report to the 
 Legislature of this state and to the Common Council of 
 the City of New York, of their funds and investments. 
 
 Sec. 10. The books of the said corporation shall at 
 all times during their business hours, be open for inspec- 
 
9 
 
 tion and examination to the comptroller of this State, 
 and such other persons as the Legislature or the comp- 
 troller shall designate or'appoint as their agent for that 
 purpose ; whenever any agent shall be appointed to make 
 any such examination, he shall be paid for his services 
 by such corporation, such sum as the comptroller shall 
 certify to be reasonable and just. 
 
 Sec. 11. Whenever any deposit shall be made by 
 any minor, the trustees of the said corporation may r at 
 their discretion, pay to such depositor such sums as may 
 be due to him or her, although no guardian shall have 
 been appointed for such minor, or the guardian of such 
 minor shall not have authorized the drawing of the 
 same, and the check, receipt or acquittance of such mi- 
 nor shall be as valid as if the same was executed by a 
 guardian of such minor, or the said minor was of full 
 age, if such deposit was made personally by said minor : 
 and when any deposit shall|be made by any female, being, 
 or hereafter becoming] a married woman, the said 
 corporation may in their discretion pay to such last 
 mentioned depositor, such sums as shall be due to such 
 female, and the receipt or acquittance of such female 
 shall be a sufficient discharge to said corporation. 
 
 Sec. 12. The Board: of Trustees shall also, in the 
 month of January in each year, report to the Legisla- 
 ture, and to the Common Council of the city of New 
 York, the aggregate amount of deposits on hand, with 
 the interest which has accrued thereon, and also the un- 
 claimed deposits on which at least the sum of ten dol- 
 lars shall then be due, and which shall have been deposi- 
 ted by persons who have not, within the two years next 
 
10 
 
 preceding said report, made a deposit or received a divi- 
 dend or payment from said corporation, and shall pub- 
 lish the same in one of the newspapers published in the 
 city of New York. The misnomer of said corporation 
 in any instrument shall not vitiate or impair the same, 
 if it be sufficiently described to ascertain the intention 
 of the parties. 
 
 Sec. 13. The Supreme Court may. at any time, on 
 the application of any trustee or depositor in said insti- 
 tution, and on reasonable cause shown therefor to the 
 satisfaction of the said Court, appoint one 'or more per- 
 sons to examine into the investments thereof, and its af- 
 fairs and business generally ; the books, papers and busi- 
 ness of said corporation shall be open, and subject to the 
 examination of such person or persons, and the trustees, 
 officers and clerks thereof, or any other person, may be 
 examined on oath by such person or persons, and the 
 same Court may confer such further powers on the per- 
 son or persons so appointed, as they may consider neces- 
 sary for the more thorough and perfect examination of 
 the affairs and business of said corporation. The said 
 person or persons so appointed shall report the result of 
 their investigation to the said Court, who, if satisfied 
 thereby that any officer, trustee or servant of said cor- 
 poration, has been guilty of any fraud or misconduct, 
 may remove such person or persons, and make such fur- 
 ther order, and take such further measures for securing 
 the funds and property of said corporation as the said 
 Court shall deem expedient. 
 
 Sec. 14. The corporation hereby created shall be 
 
1 1 
 
 subject to the provisions of the eighteenth chapter of 
 the first part of the Revised Statutes, as far as the same 
 are applicable ; and this act may be repealed, altered, or 
 amended at any time hereafter. 
 
 Sec. 15. This act shall take effect immediately. 
 
 State of New York, Secretary's Office. 
 
 I certify that I have compared the foregoing with an 
 original law on file in this office, and that the same is a 
 correct transcript therefrom, and of the whole of said 
 original. 
 
 Given uoder my hand and seal of office, 
 0^jt^K a t the city of Albany, this second day of 
 avWfi July, ore thousand eight hundred and fifty- 
 one. 
 
 A. G. Johnson, 
 
 Dep. Sec. of State, 
 
 \ 
 
OP 
 
 IRVING SAVINGS' INSTITUTION. 
 
 Article I.— This Institution shall be denominated " The 
 Irving Savings' Institution," and ?hall be under the manage- 
 ment of a President and two Vice-Presidents, to be elected an- 
 nually, together with twenty-six Trustees. 
 
 Article II.— No President, Vice-President, or Trustee, as 
 such, shall receive directly or indirectly, any pay or emolument 
 for his services, or be responsible for any loss whatever. 
 
 Article III.— Deposits of one dollar, or any number of dol- 
 lars, may be received, with the consent and approbation of the 
 attending Committee. 
 
 Article IV. — The Trustees shall, on the second Tuesday of 
 January and July, in every year, declare the interest to be paid 
 depositors, and announce the regulations of the Institution, which 
 shall be placed conspicuously in the bank ; but no interest shall 
 be paid on fractional parts of a dollar. 
 
 Article V. — No interest shall be paid on any sum withdrawn 
 previous to the first day of January or July, for the period which 
 may have elapsed since the last dividend. 
 
 Article VI. — All moneys deposited in the Bank, except such 
 sums as may be deemed necessary to reserve for immediate pur- 
 poses, shall be invested or deposited in the manner prescribed by 
 the Act incorporating this Institution, or in such manner as may 
 hereafter be provided by law. 
 
 Article VII. — All interest shall be added to the principal of 
 the depositor, and shall be entitled to interest, as much as an 
 original deposit. 
 
 Article VIII. — Drafts may be made personally, or by the or- 
 der, in writing, of the depositor, (if the institution have the sig- 
 nature of the party on their Signature Book,) or by letters of At- 
 torney, duly authenticated ; but no person shall have the right to 
 demand any part of his principal or interest without producing 
 the original book, that such payments may be entered therein, 
 and three days notice must be given to the Secretary when the 
 money is to be withdrawn ; and no less sum than five dollars of 
 the capital of any depositor shall be withdrawn, unless the who'e 
 sum deposited be less than that amount All moneys received 
 shall be in specie, or in bills taken in deposit by the Banks of 
 the City of New- York ; and all payments shall be made in the 
 same manner. 
 
 Article IX. — All deposits shall be entered in the book of this 
 
13 
 
 corporation, ana a duplicate shall be given to each depositor, in 
 which the sum paid by him, or her, shall be entered, and which 
 shall be his or her voucher, and the .evidence of his or her prop- 
 erty in the said Institution. 
 
 Article X. — The Trustees invest the Attending Committee 
 with power to close the account, or to refuse to receive the de- 
 posits of any individual whenever they may deem it expedient. 
 
 Article XI. — On making the first deposit, the depositor shall 
 be required to subscribe, and thereby signify his assent to the 
 regulations aud By-Laws of the Institution. 
 
 Article XII. — The Trustees shall be at liberty to return the 
 amount of all or any part of the deposits of any depositor, when- 
 ever they mtiy think proper. 
 
 Article XIII. — All accounts to which no deposit, and on which 
 no draft shall be made for twenty years in succession, shall be 
 closed ; and neither such deposits, nor the interest which shall 
 have accrued thereon, shall draw any interest after the expira- 
 tion of twenty years from the time of the last deposit or draft. 
 
 Article XIV. — All notices in relation to the deposits or de- 
 positors, published by or under the direction of the Trustees, in 
 one or more of the daily public newspapers of the City of New- 
 York, six days successively, shall be deemed and taken as actual 
 notice to each depositor. 
 
 Articlb XV. — The monthly meeting of the Board of Trustees 
 shall be on the second Tuesday in each month, and regular 
 meetings shall be held on Tuesday of each week, to decide on 
 applications for loans on real estate. Seven ofc the members, 
 with the President or one of the Vice-Presidents, shall constitute 
 a quorum. Extra meetings may be called by the President ; or, 
 in his absence, by one of the Vice-Presidents. 
 
 Article XVI. — A monthly Attending Committee of eight 
 Trustees shall be appointed, whose duty shall be to attend at the 
 Institution during the month when necessary, and to have the 
 general superintendence and management of it during the recess 
 of the Board. They shall keep minutes of their proceedings, 
 and lay them before the Board of Trustees at each monthly meet- 
 ing; noting particularly the amount deposited and drawn out.. 
 
 Article XVII. — There shall be a Finance Committee of six 
 Trustees elected; three of whom shall serve until January, 1853, 
 and three until January, 1854, to be determined by lot; and at 
 every annual election, three Trustees shall be elected to serve on 
 said Committee, and shall hold their office for the term of two 
 years. In case of a vacancy in the Committee, the same shall 
 be filled by the Board of Trustees at its next monthly meeting. 
 The president shall be a member ex-officio. The Committee 
 shall attend to all applications for loans, and shall meet as occa- 
 sion may require, for the purpose of investing and loaning the 
 funds. All checks must be drawn by the Secretary and coucter- 
 
14 
 
 signed by the President, or 'in his absence, by one of the Vice- 
 Presidents, and made payable to the order of the person in whose 
 favor the same shall be drwan. 
 
 Article XVIII.— At the monthly meeting of the Board, in 
 January of each year, they shall make a particular statement 
 of their accounts, to exhibit to the Legislature of this State, and 
 to the Corporation of this City. 
 
 Article XIX. — This Institution shall be open for the trans- 
 action of business daily ; special hours for the reception of de- 
 posits from 11 A. M., to 1 P. M., and from 4 to 7 P. M. 
 
 Article XX. — The Trustees shall appoint a Secretary, and 
 Accountant, and such other persons as they may deem necessary 
 to be employed in the Institution. 
 
 Article XXI. — It shall be the duty of the Secretary to noti- 
 fy the Trustees and Committees of all meetings required to be 
 held, and to be present and keep the minutes of such meetings. 
 He shall collect the interest on loans, and all debts due the Insti- 
 tution ; he shall see that tha books of the Institution and ac- 
 counts are properly and correctly kept ; and he shall deposit 
 daily, to the credit of the Irving Savings' Institution, all mo- 
 neys received by or for account of the Institution, in such bank 
 or banks as the Trustees may direct, and submit the bank ac- 
 count and balance in bank to the attending Committee when- 
 ever required ; also submit in writing weekly, to the Chairman 
 of the Finance Committee, the state of the funds and balance 
 in bank. The books of the Secretary shall be open at all times 
 for the inspection of the President, or any member of the Board 
 of Trustees, and he shall submit to the President a report of 
 the proceedings of the monthly committees, together with a 
 statement of the affairs of the Institution, prior to each month- 
 ly meeting of the Board. He shall receive all applications and 
 submit them to the appropriate committees ; and shall general- 
 ly perform such other duties as the Board of Trustees shall, by 
 resolution require. 
 
 Article XXII. — On the decease of any depositor, the amount 
 standing to the credit of the deceased shall be paid to his or her 
 legal representative. 
 
 Article XXIII.— The Board of Trustees shall, at the month- 
 ly meetings in May and November of each year, fix the rate of 
 interest to be allowed depositors, for the six months to com- 
 mence on the first days of January and July then next. 
 
 Article XXIV.— The Secretary, Accountant; and such other 
 persons as may be required for the transaction of the business of 
 the Institution, shall hold their respective offices during the 
 pleasure of the Board of Trustees, and receive such annual 
 compensation as they may direct. Before entering on the du- 
 ties of their office respectively, they shall take and subscribe the 
 following oath or affirmation : 
 
15 
 
 I do solemnly swear (or affirm) that I will, to the best of 
 my abilities, perform all such duties and services as shall be 
 given me in charge by virtue of my appointment to the office 
 of of the Irving Savings' Institution of the City of New- 
 York ; and that I will faithfully apply aud protect the funds and 
 property of the Institution, and account for the same, under the 
 control of the President or Board of Trustees. 
 
 Article XXV. — The Secretary. Accountant, and Clerks, shall 
 each execute a bond, with two good and sufficient sureties, to be 
 approved by the President, in the penal sum of five thousand 
 dollars, conditioned for the faithful performance of their trust. 
 
 Article XXVI. — The President shall have charge of the 
 Common Seal ; also of all Bonds, Mortgages, and other proper- 
 ty of the Institution. All satisfactions of Bonds and Mortgages 
 shall be signed by him, and countersigned by the Secretary. 
 
 Article XXVII. — It shall be the duty of the Accountant and 
 Clerki to attend daily at the Institution, and generally attend 
 to the interest of the same, under the direction of the officers. 
 
 Article XXVIII. — If any Trustee shall fail to attend the 
 meetings of the Board, or to perform the duties devolving on 
 him as a member of the Attending Committee, for the term of 
 six successive months, he shall be considered as having vaca- 
 ted his seat. 
 
 Article XXIX. — Under the direction of the Board of Trus- 
 tees, temporary deposits may be made in any of the incorpora- 
 ted Banks in the City of New- York, and interest shall be recei- 
 ved thereon, at such rates, not exceeding that allowed by law, 
 as may be agreed upon by the Finance Committee. 
 
 Article XXX.— The Accountant of the Bank shall, under 
 the direction of one or more of the then Attending Committee, 
 administer oaths in all cases where it may be necessary to car- 
 ry into effect the true intent and object for which the Institu- 
 tion was incorporated. 
 
 Article XXXI. — The annual election for President, Vice- 
 Presidents, and members of the Finance Committee, shall be 
 held on the second Tuesday of January, due notice of which 
 shall be given to each of the Trustees by the Secretary. 
 
 Article XXXII. — Any proposed alterations or amendments 
 to these By-Laws must be submitted to the Board of Trustees 
 at least one meeting before the same are passed upon. Nor shall 
 they be acted upon unless at a meeting when a majority of the 
 whole number of Trustees are present. 
 
 Books left to have the Interest written in, will be ready in ono 
 week. Interest cannot be drawn until it is written up. In 
 depositing, lay the bills straighten order, in that part of the 
 
1G 
 
 book where the writing is. AD letters addressed to the Bank 
 must be post-paid. 
 
 H^gf In case of he death of any depositor, the amount stand- 
 ing to their credit shall be paid to his or her legal representative. 
 
 g^f* Interest is credited to each amount immediately on be- 
 coming due, in January and July ; takes date as of the first of 
 those months, and is payable on or after the third Mondays there- 
 in ; and payments are made, (as matter of indulgence) on all 
 the ordinary days of business, (the Bank intending thereby not 
 to affect the 8th article of the By-Laws.) - ' 
 
iEx ICtbrtH 
 
 SEYMOUR DURST 
 
 When you leave, please leave this book 
 
 Because it has been said 
 " Ever thing comes t' him who waits 
 
 Except a loaned book."