The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1850-05-09
Land and Building Associations.

That when any number of persons of the
city and county of Philadelphia, the couutie:
of Berks and Schuylkill, are associated, OF
mean TO associate, for the purpose Of forming
Mutual Savings Funds, Land or Building As
sociatons, they shall make application TO
the court Of common pleas of the proper
county, in which said corporation or body
polite IL law is intended 10 be situated in the
same manner and at such timvs as are pre-
scribed by the 18th section of an act passed
tho 18th day of October, 1S40 entitled "An
act relative to orphans courts, and for other
purposes" and upon compliance with the
provision of said section of said acts, the
said court shall be and is hereby fully en-
powered 10 grant acts or charters of incor.
poralion TO said associations, and the 18th
ilih and 18th sections Of the aforesaid act OF
Assembly are here by extended 10 and made
a part ofihis act with regard 10 said associa-
,ons, corporations or bodies polite in law,
Provided, That no charter granted under and
by virtue ofthe provisions OF this act, shall be
for longer period than ten years.
SEC. 2. Tha, the members of the associa-
tious may adopt such constitution or articles
of association as 10 may seem most benefi-
cial, and that parents may sign such const.
lutions or articles of associations for and on
behalf OF their minor children, and such pa.
rents may hold the shares subscribed for, or
the certificates of stock or stocks or other in.
dicit of ownership of interest in such associa.
tions, corporations or bodies politic in law or
in the common fund or property, and act in
such associations, corporations or bodies pol
ilic in law, for those whom they represent.
but the investments and the benefits, profits
and increase thereof shall insure to the parties
represented.
SEC 3. That the number OF shares in acy
of the mutual savings fund associations
which may be incorporated under the provi
sions of this act, shall not exceed 500, nor
the value Of each share $500, nor any install
msnt or periodical paymen, OF money on any
one share the sum of Two dollars.
SEC. 4. That in investigating the fund or
funds of said mutual savings fund associa.
tions, corporations or bodies polite in law,
preference shall be given 10 the members
thereof, in such manner and under such con.
dilions and regulations as they may have a.
greed upon, or may mutually agree upon.
Sec. s. That if any officer, or any mem.
Der or person, cannecied in any capacity
with such associations, corporations or bod
les polite in law, shall embezzle or convert
10 his own use any money or properly bs-
longing TO said associations, corporations or
bodies polite in law, every such officer,
member or pc rson, & evrey other person or
persons aiding and abetting, or being in any
way accessory to such embezzlemen, or con.
verling, shal, upon conviction thereofin any
court Of competent jurisdiction within this
commonwealth, be adjudged guilty OF mis-.
demeanor, and shall be sentenced to pay
fine equal 10 double the amount of money,
and double the value of the properly embez-
zled or converted as aforesaid, and also to
undergo an imprisonment in the county pfi-
son, for term not exceeding Two years, at
the discretion Of the court before whom he or
they were tried.