New Jersey § 18a:42-3

§ 18a:42-3.

In order to encourage the habit of saving among the pupils in schools, the principal

or superintendent of any public school, or any person designated for that purpose

by the board of education or other school authority under which the school shall be,

may collect once a week, or from time to time, small amounts of savings from the pupils

of the school, to be deposited by the principal, superintendent, or designated person

promptly upon collection in any financial institution having its principal office

in New Jersey, whose accounts or deposits are insured or guaranteed by any corporation

created or organized under the laws of the United States, which corporation is an

instrumentality of the United States or of any successor corporation having for its

purpose the insurance of deposits or accounts. These moneys shall be placed to the credit of the respective pupils for whom the money

has been collected, or if the amount collected at any one time is deemed insufficient

for the opening of individual accounts, in the name of the principal, superintendent,

or designated person, in trust, and to be by him eventually transferred to the credit

of the respective pupils to whom the same belongs. In the meantime, the principal, superintendent, or designated person shall furnish

to the financial institution a list giving the names, signatures, addresses, ages,

places of birth, parents' names, and such other data concerning the respective pupils

as the financial institution may require. The words “system of school savings” or “school savings” may be used in circulars,

reports, and other printed or written matter used in connection with this section.