Sunday dispatch. [volume] (New York [N.Y.]) 1845-1854, 1852-03-14
AN ACT

TOR THE INCORPORATION BUILDING, MUTUAL LOAN
AcoUMULATINe FUND SOCIETIES.
Passed April 10, 1851.
The people of the New York. represented in Se
nate and Assembly, do enact as follows
sS oT an an tSs p
pose Of accumuatng fund for the purehase Of real es
tate the erection of buildings the making ther i'm
provements lands or to pay of thereon
to aid its members in acquiring real estate making
improvements thereon and removing there
from and for the further purpose of accommodating a
fund returned to its members who do obtain ad
citation shall amount TO certain per share to be
specified in the articles of association.
Such shall severally subscribe articles Of
a ociaon in which shall be forth the of the
corporation the time of its regular meetings. and how
special meetings may be called and what shall constitute
to transact business at meetings; the quaca
sions Of members, and how s9nstSted wha5 VIVA o1sers
chosen and their duties. and how removed suspended
from office; the entrance fee of members and
shares the monthly weekly dues share. the
dempton fee shares which advances shall be made
and fees 10 be pad on the transfer shares the fines
and penalties nonpsyment Of dues fees, other
violations of the articles Of association the of
redemption of shares made by advances thereon, the
moreaged security be taken such and how
the may be redeemed ehaneed the of the
transfer withdrawal Of shares the manner of invest
ing funds required advances the qua
6catons of at the meetings. and the mode of yo
ting; the ultimate amount to be paid to the owners of
unredeemed shares the manner of altering amending
the articles of association and such other provisions as
of the business thereof provided that the
shall not in respect contrayene the constitution
true copy of such articles signed by the officers
association. together with statement showing
when the association was organized and the place Of the
transaction Of its business and the names of the officers
and the time of the making Of such statement
which shall be Verned py oatn OF anrmaton before any
officer authorized to take adavits to be used in
justice shall be filed in the Office of the clerk Of the
county in which such association shall transact its bust
ness thereupon the who have subscribed the
sons as shall members Of such association and
their shall be body corporate by the
the powers and privileges and be subject to the provs
title third of chapter eighteen of the first part of
I Cd Qo
sstent with provisions of this act and they shall by
their corporate name be capable in law OF pqrehas nE
which be necessary to enable said company to
carry their operation name in such certificate,
4 shall be lawful for the trustees to call in and
Of by them subscribed s such times and in such
payments or instaments the articles Of association
shall prescribe under the penalty Of OrfeinR the shares
thereon if payment shall not be made by the stockhold-
within sixty days afera personal demand or notice re
quirng such payment shall have been published for six
weeks in the newspaper nearest to the place
where the business of the company shall be carried on as
g. All corporations formed under this act shall have
power to borrow money temporal purposes not ncon-
Listent with the objects Of their organization but no
lean for such purposes shall have longer duration than
two shall such Indebtedness exceed at any
time one fourth OF the aggregate amount oil the shares
ard parts Of shares and income thereof actually paid
S6 Parents and guardians may take and hold shares
in such association in behalf and for the use oil tnel'
minor children providing the cost such shares
children wards, by gifts from other persona the,
their male parents married women may take and hole
shares in such associations providing the cost Of sucf
be betrayed from the personal earnings Of then
children Voluntarily this purpose. from
property bfquesthed given to them by persons othe
! than their husbands
~. Every such corpor alton shall terminate, excep
for the purpose Of settling its affairs, whenever all tn
shares hereof shall be rede med by on
whenever the Of unredeemed hs1es shall be PAL
the ultimate value thereof provided in the rteles
association and not sooner but no dividend o. prlnelpa
OF Of profits shall be made until such term natior no
until all debts of the association shall have been paid
deemed shares shall claim to he exempt from making th
monthly payments provided in the articles
upon the ground Of losses or othsrwse tn
association has continued longer than was originally al