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


without having complied with the re
qairements OF this actsthey shall be liable
III Il penalty of two hundred and Htty
dollars and all costs Oh suit, to be sued
for aud collected on complaint, in the
name and FOR the benefit OF the state. by
the bank commissioners; the first process
against any corporation or lerson com
plnlned OF may be BY capits ad respou.
dendum, and the person or persons
against whom Judgment may be obtained
shall be committed 10 auy county jail
until such penalty aud costs are paid. and
the necessary expenses incurred by the
bank commissioners III CARRYING out The
provisions ui this act wnen nob other
wise PROVIDED for, shill he paid by them
out Of the fees aud taxes collected as
herain provided for.
Z. And lie it enacted, That the bank
commissioners shah have authority then-
selves. or hy such persOa or persons as
they may designate, To examine The alTailS
of any such corporation Whenever they
may deem IL expedient, and IL shall lie
the duty OF the officers and employees of
every such corporation to exhibit its
books, securities, records and accounts
for such examination. and TO otherwise
facilitate the same 50 far as il NAV be in
their p0yer'to do, and the bank comMi s.
sloners, or any examiner appointed by
them, shall have power to examine. under
OtIu VI lLilillAD4l, Liz Okl&1tA1 1uA SAAA-
pioyes OF any such corporation relatiye TO
its business affairs, aud for tha5 purpose
any such examiner shall have power to
administer oaths and aiiirmations.
s. And be il enacted. That whenever it
shall appear, AS the resul5 OF examiha-
ton or otherwise, that the affairs OF any
such corporation are III an uHsounu
condition because Of Illegal or un-
safe Investments, or that its liabilities
exceed its assets, or that it is transact
ing business without authority, or in vio-
lasion OF law, or for any other reason
which may seem TO them satisfactory. the
bank commissioners shall have power to
cancel the authority of any such corpora
ton Of another state to transact business
in this state, and as to such corporations
of this state it shall be the duty OF the
attorney general, on notice by the bank
commissioners, to apply forthwith by Pc
tition or bill OF complaint or information,
to the chancellor for an injunction re-
straining such corporation from the tran
saction OF further business, CT the trans
fer Of any portion OF its assets in any
manner whatsoever, and for such other re-
lief and assistance as may be appropriate
TO Che case, and the chancellor, being sat
isiied Of the sufiieiency OF such applica-
ton, or that the interests of the people so
require. may order an injunction. aud |
make other appropriate orders in sum |
mary way. and thereafter proceed in said |
cause according to law and the practice |
OF the court of chancerY.
Q. And be it enacted, That no such cor.
excepting building loan associa- |
lions shall hereafter be established
under any law OF this state without a GER
Eificate of authority by the bank commits
sioners, which shall not be issued In any
ease except after due inquiry and In
from which the commissioners
shall be satisfied that the establishment
II such a corporation will ba of public
service; aud no such corporation, except
Is aforesaid, shall be organized or author
zed to commence business until il has
,apital stoak of at least fifty thousand
lollars, actually paid in cash. or securi-
les to be approved by the bank commits
i0ners nor until they ara satisfied that |
uch corporation has complied with all |
he requirements of law; provided, that !
ayings banks may be organized without
apital stock; the charge for filing all re-
lorfs by such corporations OF this state
hall De twenty dollars.
10. And be it enacted, That IN all suits
T actions brought in any court of this
tate against any such corporation not
rganized under 5ho laws of this state,
recess served uDon the secretary OF state
hall be good and valid to all intents and
urposes, and on service Of such process
j duplicate ii shall be the duty of the
secretary OF state to notify such corpora
on Immediately
IL And be 1t enacted, That the board
bank commissioners shall make annual
sport to the legislature, which shall em-
race a statement of proceedings taken
nder this ACT and a summary OF the an
nal report made by each corporation.
r. Aud he it enacted, That all acts and
arts of acts inconsistent with this act.
9 and the same are hereby repealed, aud
laL this act shall take effect Immediate !
7.
4 r,nrorad T,na IN fc0A