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

the same shall be recorded in the Office for the
recording Of deeds in the county where such
association is established and incorporated, and
be subject to the provisions, and entitled to the
4. And be II enacted, That such association
may take, hold and convey such real and
personal estate as is necessary for the purpose
Of its organization and may sue and be sued in
its corporate name.
8. And be it enacted, That the business Of
such association shall be managed and con.
Quoted by board ofnot less than five directors,
one of whom shall be president, and one shall
be treasurer of the association, who shall be
chosen annually by the stockholders, and shall
hold their offices until their successors are duly
qualified; the association shall have such Other
officers, agents and factors as may be necessary
to carry on its business, and elect or appoint
them In such manner as shall be prescribed in
the articles Of association.
g. And be it enacted, That every association
incorporated under this act, shall paint or affix
and shall keep painted or affixed, its name on
the outside of every Office or place in which the
business of the association is carried on, in a
conspicuous position, in letters easily legible,
and if such association shall not paint or affix
and keep painted or affixed, its name in man
ner provided as aforesaid it shall be liable to a
penalty not exceeding twenty-five dollars, fol
not so painting or affixing its name, and fol
every day during which such name is not kept
so painted or affixed.
Z And be it enacted, That every association
incorporated under this act shall keep seal,
and shall have its name engraved in legible
characters on its seal, and shall have its name
mentioned in legible characters in all notices,
advertisements and other official publications
of such association and in all bills of exchange,
promissory notes, Endorsements, checks and
orders for money or goods, purporting to be
signed by or on behalf of such association and
of credit of the association, and if any officer Of
such association, or any person on its behalf,
uses any seal purporting to be the seal of the
association, whereon its name is not engraved
as aforesaid, or issues authorizes the issue OF
any notice, advertisement or other official publi-
cation of such association or signs or author
ICES to be signed on behalf Of such association,
any bill of exchange, promissory note, indorse.
ment, check, order for money or goods, OF
issues or authorizes to be issued, any bill OF
parcels, invoice, receipt or letter of credit OF
the association, whereon its name is not men
toned in manner aforesaid, he shall be liable
to penalty of two hundred dollars, and shall
further be personally liable to the holder of any
such bill OF exchange, promlssory note, check
or order, or for money or goods, for the amount
thereof, unless the same is duly paid by the
association.
8. And be it enacted. That every association
incorporated under this act shall have regis
tered Office, to which all communications and
notices may be addressed, and notices in writ
ing of the situation of such ofice, and if any
change therein, shall be filed with the chief Of
the bureau Of statistics Of labor and industries,
and shall be recorded in the Office for the re-
cording of deeds of the county where such of
fee is situate, and if any such association shall
carry on business without having such Office, it
shall incur penalty not exceeding twenty-five
dollars during every day in which business is
of the Office, and Of any change therein as afore-
said, shall be fled and recorded as aforesaid,
the association shall not be deemed TO have
complied with the provisions of this act.
8. And be it enacted, Tint the capital stock
of such association shall be limited TO anv sum
not exceeding one million dollars, and shall be
divided into shares the par value of which shall
not be more than fifty dollars, and no share
shall be issued for less than lis par value.
10. And be it enacted, That no member of
any such association shall be entitled to hold
or claim any interest therein exceeding the sum
of one thousand dollars. nor shall any member
upon any subject be entitled to more than one
vote
II. And be it enacted, That no shareholder
shall be individually liable for any debt of such
association, except as herein provided, and no
certificate of shares shall be issued to any mem
Der until the shares shall be fully paid in cash.
II. And be it enacted, That any association
incorporated under this act may hold in its
corporate nane any amount of interest in any
other association so incorporated; provided,
that such interest so held, shall not exceed one
third In value authorized Of the capital stock of
the association so holding the same
Is. And be it enacted, That the board Of
directors shall annually make a statement, in
writing, of the condition of the association,
setting forth the amount of the capital stock,
the number of shares issued, and the par value
thereof, the number of stockholders, together
with the greatest number of shares held bv any
one stockholder, the amount and character of
the property of the association, and Of its debts
and liabilities, and said statement shall be
signed and sworn to by majority of the direc-
tors, including the treasurer, and the same
shall be recorded in the Office for the recording
of deeds in the proper county, and immediate
ly thereafter a copy filed in the offico of the
chief OF the bureau OF statistics oflab0r and in
dustries the chief of the bureau Of statistics of
labor and industries shall, if he has reason to
doubt the correctness md truth of the state
ment, or upon written request of five stock
holders of such association either in person or
deputy, Immediately make an examination of
the books and affairs of such association and
render correct statement to its stockholders,
and every member or creditor of, or any de-
positor in any such association shall be entitled
to receive from the secretary or treasurer of
such association copy Of such annual state
ment, without making any payment for the
same; and every such association which shall
not make such statement and file the same as
aforesaid in the Office ofthe bureau fstatstcs of
labor and industries, and of the county as afore-
said, shall incur penalty of not less than fifty
dollars nor exceeding one hundred dollars for
each such offcnse; and every person who makes
or orders to be made any false statement
or any omission in any such return, with intent
to deceive the chief of the bureau of statistics
of labor and industries, shall incur penalty
not exceeding five hundred dollars for each re-
turn so dealt with.
IA. And be it enacted, That any member or
other person having an interest in the funds of
any association Incorporated under this act
may inspect the books and The names of men,
bers, at all reasonable hours, at the Office Of
tho association.
Is. And be it enacted. That there shall be
such distribution of the profits or earnings OF
such association, among the workmen, pur-
chasers and stockholders as shall be prescribed
in the articles of association, at such time as
therein prescribed, as often at least, as once in
twelve months; provided, that no distribution
shall be declared and paid until sum equal, at
least, to five per centum of the net profits, shall
be appropriated for a contingent or sinking
fund, until there shall have accumulated sum
equal to thirty per centgm in excess of such
capital stock.
16. And be it enacted, That a member Of
any such association may by writing, under his
hand delivered at the Office of the association.
appoint any person being the husband, wife,
father, mother, child, brother, sister nephew
OF niece of such member to whom his or her
shares in the association shall be transferred at
bis or her decease; provided that thesu credited
to the account of such member in the books of
the association does not exceed the sum OF two
hundred and fifty dollars, and may from time to
time revoke or vary any such nomination by
writing under his or her hand, and similarly
delivered, and the secretary of every such
association shall keep book wherein the
nanaes OF all persons so nominated shall be
transferable to tho nominee; although the
article of association declare it's shares to be
generally not transferable; provided, neverthe-
less, that the association may. in lieu of making
such transfer, elect to pay to any nominee the
full value Of the shares comprised in the nomi-
nation to him or her, and shall pay him or her
the full value of any such shares, which, il
transferred INFO hisor her name, would increase
his or her interest in the association to an
amount exceeding one thousand dollars
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