Act to Incorporate the East Cambridge Five Cents Savings Bank.

Be it enacted by the Senate and House of Representatives, in General Court assembled, and by the authority of the same, as follows:

SECT 1.
Frederic W. Holland, Joseph Whitney, George Stevens, William Parmenter, John S. Ladd, Caleb Hayden, Ephraim Buttrick, Lewis Hall, Lorenzo Marrett, Norman S. Cate, Charles B. Stevens, Samuel Slocumb, Anson Hooker, their associates and successors, are hereby made a corporation, by the name of the East Cambridge Five Cents Savings Bank, to be established in the city of Cambridge; with all the powers and privileges, and subject to all the duties, liabilities and restrictions, set forth in the thirty-sixth chapter of the Revised Statutes, and in all other laws of this Commonwealth, relating to institutions for savings.

SECT 2.
Said corporation shall receive on deposit, sums as small as five cents.

SECT 3.
Whenever any deposit shall be made by any minor, the trustees of said corporation may, 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 minor, 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.

SECT 4. This act shall take effect from and after its passage. (Approved by the Governor,
April 29, 1854)