Gloucester County Democrat. (Woodbury, N.J.) 1878-1932, 1881-04-21
cHApTER CxxxTx.

An act to encourage the organization and regu-
late cooperative associations of workmen.
l. Be it enacted by the Senate and General
Assembly of the State of New Jersey. That
seven or more persons, of lawful age, resident
within this state, who shall hereafter associate
themselves together by articles of association
IN wrlelng for the purpose of carrying ON any
lawful mechanical, mining manufacturing or
trading business, or for the purpose of trading
and dealing in goods, wares, merchandise or
chattels, or for the purpose of buying, selling
holding, leasing or improving lands or tene-
nlents within this state, may become corpora
tion under a name indicating their corporate
character assumed in their articles of assooi-
alton not previously adopted by any other cor
poratiop, upon their compliance with the pro-
visions of this act.
e. And be it enacted, That the articles of
association shall designate and set forth:
First. The object, name and place of Office of
the association;
Second. The amount of its capital stock and
the number Of shares into which the same is
divided and the amount actually paid in cash
ON account of said stock;
Third. The terms Of adrns.io ion Of mer RS;
Fourth. The mode of election of its directors
and other officers and their respective powers
and remuneration;
Fifth. Mode of holding meetings and right Of
voting and of making and altering its articles Of
the association;
-
them, shall be transferable, and in case it be
determined that the shares OF any number
thereof shall be transferable provision for the
transfer and registration Of shares, and for the
consent of the board of directors to transfer;
and in case it be determined that the shares
shall not be transferable, provision for pay
ing to members the balance due to them on
Withdrawing from association;
Seventh Whether and how members may
withdraw from the association, and provision
for the claims of executors, administrators or
assigns Of members, and for paying nominees
in the case herein mentioned.
Eighth. Whether, and by what authority, any
part of capital may be invested in, or on the
security Of another association it is important
that each cooperative store should become a
member OF, and hold pecuniary interest in
the wholesale store which VIII probably be in New
York. provided, that no such investment be au-
thoriscd in any association not incorporated
under tins act:
Ninth. Provision for the audit Of accounts
Tenth Mode of application of profits;
Eleventh. Provision for the custody, use and
device of the seal of the association, which
shaH, in all cases, bear the incorporated name
thereon.
And be it enacted That the said articles
Of association shall be signed by the persons
originally associating themselves together, and
ehaH be Acknowledged BY at least seven Of them,
before a commissioner cr. other officer qualified
to take eacknow1edg dgnent of deeds, and when
SO signed and acknowledged the same, together
with copy thereof, shall be forwarded TO the
chief of the bureau of statistics Of labor and
industries, who shall examine the same, and il
fh& same shall be found to be in accordance
With the provisions Of this act he shall inderse
o,leertify his approval thereon, and shall return
Same % the persons 50 associating them
El:<| A 4f. 81 r. "a l 81 l