The Sunday morning news. [volume] (Jersey City [N.J.]) 1886-1891, 1890-08-10
CHAPTFR CCIT


An Act relative to banking, saving trust,
guarantee, safe deposit, indemnity,
mortgage, Investment, loan and build
ing corporations.
1 Be it enacted by the Senate and Gen
eral Assembly Of the State of New Jersey.
That every banking, savings, trust, guar
antee, safe deposit. indemnity. mortgage.
investment, loan and building corporation
or association organized under the laws
of other states or foreign governments,
on application for authority to transact
business In this state, shall file in the de-
partnent OF state a duly authenticated
copy Of its charter or certificate OF organ
lzatlon or incorporation, and report Of
IT'S condition at the close of business on
the thirty-flrst day of December last pre-
ceding. in such form as may be prescribe
ed by the board of bank commissioners
constituted by San act concerning saw
tngs banks" approved April twenty-one-
one thousand eight hundred and SEVENTY
six, which shall be verified by the afIi !,
dayits Of the president or vice president,
and the treasurer or cashier or secretary
of such corporation, and it shall be the
duty of the secretary OF state to furnish
blank forms for the report required, and
the said board shall call for like reports
ut sHch other times as may seem to them
expedient.
2. And be it enacted, That If it shall
appear Bf 1llt IttbtI ttiDEt3liQ bUHt SUCH
corporation IS possessed of an actually
paid In, well invested aud unimpuired
capital stock of at least one hundred
thousand dollars, 1t may be admitted to
transact business in this state upon GER
tificate of authority to be issued by the
secretary Of state, under the direction of
the said board, which certificate shall
only be issued when such corporation
shall have complied with the further re-
quirements of this act.
:. And be it enacted, That the bank
commissioners, before directing the issue
OF the certificate of authority as afore-
said, shall require every such corporation
to deposit with the secretary OF state such
securities as they may prescribe. amount
ing to at least thirty thousand dollars
which securities shall be held by the sec
Rotary of state in trust, for the benefit
of the creditors of such corporation
within this state, and the bank commis-
sioners shall have authority to order a
change of such securities or any part
thereof at any time, and no change or
transfer Of the same shall be made with
out their assent; such deposit shall be
maintained intact in the full sum of thir.
~ thousand dollars at all times, but the
corporation shall be at liberty to receive
the dividends or interest on the securities
deposited; provided. that IL any such cor
poration shall have and keep a deposit of
at least one hundred thousand dollars
with any department or officer OF the
state where organized, it may be admit
Ted to the state without making the de-
post herein required.
4. And be it enacted, That every such
corporation shall file like report in Jan
uary, annually, and If such corporation
shall fail TO file such annual report prior
10 the fifteenth day of February, or to
furnish such additional reports or infor-
nation as may be called for by the bank
commissioners. within five days after
notice TO do so, il shall be liable in q pen
atty Of Two hundred and atty dollars and
costs OF action, to be sued for and collect
ed in the name and for the benefit of the
state
s. And be it enacted, That every such
corporation snail pay for fling a certified
copy of its charter or certificate Of organ
cation or Incorporation, for fling orig
lnal and annual reports. twenty dollars;
for certificate Of authority, annually, two
hundred and fifty dollars. for certificate
o. each agency. five dollars, and shall de-
fray ali expenses incurred In making any
examination Of its affairs as herein pro-
vided for; and the bank commissioners
may maintain an action, in the name Of
the state, against such corporation, for
the recovery of such expenses, in any
court OF competent jurisdiction
8. And be ii enacted, That il any such
corporation or association itself, or by
agents, attorneys, solicitors. surveyors,
canynssers, collectors or other represen-
tatiyes OF whatever designation, Or any
agent, attorney, solicitor, surveyor, can
WISER, collector or other representative e,
or apy individual or firm. whether on
solicit, negotiate or ia anywise transac t
any business III this state, except IN the
enforcement Of contracts BY legal process,