Gloucester County Democrat. (Woodbury, N.J.) 1878-1932, 1884-05-29

scrbcds and the amount actually paid IN cash
on account OF the same;
v. The terms Of the admission Of members:
VI. Mode Of applicati n Of profits;
VII. The mode ii altering and amending
the certificate Of association and the bylaws d
the sociey.
3. And be it enacted, That the said certif
cate of association shall be signed by the per
sons originally associating themselves together,
and shall be proved or acknowledged by al
least seven of them, before an officer qualified
to take acknowled sments Of deeds of real
estate, and after being approved by the chief d
the bureau Of statistics Of labor and industries
shall be recorded in the office Of the clerk O
the county where the principal office or place
Of business OF such society sha be established
and copy OF such certificate shall be fled II
the Office Of the chief OF the bureau Of statistics
of flabor and industries.
4. And be it enacted, That tie business q
cry such society shall be managed ard con
Quoted by board of not less than FIVE direc
tors, who shall respective be members of saiS
society and shall be annually elected at su |
time and place as shall be provided in the by
laws Of the society, and one of such directors
shall be chosen president, and one Of them
shall be chosen treasurer, and such directors
end officers shall hold Their respective Offices
until their successors are duly qualified; and
that such society shall also have q secretary and
such other officers, agents and factors az may
be necessary to carry on its business, and shall
choose them in the manner prescribed to the
bylaws thereof
5. And be it enacted, That the first meet
ing of such society shall be called by a notice
signed by majority of the persons named in
the certificate of assocati n, and designating
the time, place and purpose of the meeting,
and shall be personally served on all the er-
sons gning said certificate, or by advertise
ment in a newspaper published in the county
where such society shall have been ineorpo-
rated, if such personal service cannot be made;
and at such meeting 50 called, or at any az
journed NEE ing thereof, a majority Of the per-
sons so signing shall constitute quorum for
the transaction Of business, and shall have
power to elect the directors and other officers
prov ded for in section fourth az Of this act,
who shall serve until their success duly
qualify, and to adopt bylaws, rules and regu-
htons for the government Of such society.
6. And be it enacted, That the bylaws Of
such society shall provide;
]. For an annual meeting of the members
thereof, and sucn other regular and special
meetings as may be deemed desirable, tho
NUMBER of members necessary to constitute
quorum for the transaction OF business and the
right Of voting at the same;
III. For the election of directors and other
officers, agents and factors and their respective
powers and duties;
Ill. For the limitation Of the amount of
such real and personal estate as the purposes
Of the society shall require;
w. Whether the shares. or any number OF
them, shall be transferable, and in case it be
determined that the same shall be transferable,
provision for their transfer and registration,
and the consent oi the board OF directors to the
same; and in case it be determined that the
shares shall not be transferable, provision for
paying to members tie balance due to them on
withdrawal, or Of paying nominees IN cases
hereinafter mentioned;
". How many members may Withdraw
rom the society;
VI Whether and BY what authority any
part of the capital may be invested in or on Sc
eurity of another society through which its
products are disposed Of or its supplies secured;
VII. Whether and to what extent credit in
its business transactions may be given or
taken;
VII. In what sum and with what sureties
the treasurer and other fduciary officers or
agents shall give bonds for the faithful per-
io1nance of the respective duties;
TX. For the audit Of accounts;
X. For the distribution Of the net profits;
XL For the Gust dy, use and device cf the
seal, which shall bear the Incorporated name oi
The society.
7. And be it enacted, That every society in
eorporated under this act shall paint or atfix,
and shall keep painted or affixed, its name on
lie outside OF every Office or place in which
the business of the association is carried on. IN
a conspicuous position in letters easily legible.
s. And be it enacted, That every society IN
eorporated under this act shall have REGISTERED
office to which all communications and notices
may be addressed, and notices in writing Of the
location Of such office, and ofany change there
H. shall be filed with the chief of the bureau OF
statistics of lab r and industries, and in the
office of the Gle k Of the county where the
office Of such society is located,
9. And be it enacted, That the capital stock
Of such society shall be divided into shares the
par value OF which shall not be more than fifty
1907 dollars, and 10 share shall be issued for
less than its par value; and that no certificate Of
shares shall be- Issued to any member until the
shares are fully paid up.
10. And be it enacted, That no member Of
such society shall be entitled to more than one
voteupon any subject. which vote must be
sast in person, and that the board Of directors
shall nave power, unless otherwise provided in
the bylaws Of the society to fix and regulate
the number of shares to be held by any one
member
II. And be it enacted, That any society in
eorporated under this act may hold in its cor
norate name any amount Of interest in any
other society through which its products are
disposed Of its supplies secured; provided,
that such interest so held shall not exceed one
third in value of the paid up capital Of the
society holding said interest
u. And be it enacted, That the board OF
directors of every society Incorporated under
tins act shall annually make a statement IN
writing Of tile condition Of such society, setting
forth the amount If capital stock, the number
of shares issued and the par value thereof, the
number of stockholders and number Of shares
4 Ii - II. -r,rf
property Of the society and Of its debts and
liabilities; and fnat statement shall be signed
and sworn to by majority Of directors, includ-
ing the treasurer and filed in the office of the
clerk of the county where the principal office
of such society is located, and that Immediately
thereafter copy Of such statement shall be
rwarded to the chief Of the bureau Of statistics
OF labor and industries, who, If he shall have
reason TO doubt the correctness of such state
ment or upon the written request Of five MEM
bers OF such society, shall cause an exaTnina-
ton ofthe books and affairs OF such society 10
be made and render a correct statement 10 the
members thereof; and every member or credi-
tnr thereof shall be entitled to receive from The
secretary copy of such annual statement;
and every director or other officer refusing TO
comply with the requirements q this section,
or making and signing false annual statement
OF the condition ct the society, shall forfeit TO,
each offence the sum Of one hundred dollars e
be recovered in an action Of debt in amy court
Of competent jurisdiction in this state by any
member or creditor of the society who shall
sue for the same.
49, And b. 1t enacted, That any member or
other person having an interest in the fund Of
any such society, may inspect the books thereof
at i'll reasonable hours, Mt the Office thereof.
a. And be it enacted, That there shall be
such distribution OF the profits Of such society,
among the worl1men, purchasers and members,
as shall be prescribed IN the certificate Of asso-
ciation, at such times Is therein prescribed, rs
oItea ut least rs once in twelve months; pro
vided, that no such distribution shall be made
until sum, equal to five per centum Of
the net profits, shall have been appropriated
for contingent or sinking fund, and that such
~ appropriation shall continue to be made until
there shall be Accumulated sum equal to
thirty per eentum Of the capitaI stock Of such
society
Is. And bc it enacted. Tint any member q