The Penn's Grove record., 1892-07-01
CHAPTER elk.

A Supplement to an act entitled IAN act concern
ing fremen's relief associations y approved March
twenty-ffth, one thousand eight hundred and
eighty-fve.
l.. BE it enacted by the Senate and General As
sembly of the State OF New Jersey. That 1t shall not
be lawful from and after the passage of this act for
any of the fremen's relief associations, whether
chartered or incorporated under a general or
special act of the legislature OF this state, any pro-
vision contained 10 the charter, amendments or
supplements thereto of any fremens relief associa-
ton to the contrary Notwithstanding, to invest the
moneys of said association in any manner, except
as follows, to wit:
l.. In the stocks or bonds or interest bearing notes
or obligations of the United States, or those for
which the faith of the United States is distinctly
pledged, to provide for the payment of the principal
and interest thereof;
II. In the interest bearing bonds of this state;
III. In the bonds Of any state of the United States
of America that has not, within ten years previous
to making such investment by any such relief asso-
citation. Detailed in the payment of any part Of
either principal or interest OF any debt authorized
by any legislature of such state to be contracted
". In the stocks or bonds OF any city, town,
township, county, borough or village Of this state,
or of any other state of the United States of America,
which have been or may be issued pursuant to the
authority of any law of such state, and in any inter-
est bearing obligations issued by the city, town
township, borough, county or village in which such
relief association shall be situated; provided. that
any such city, town, township, borough, county or
village of any such state aforesaid, has not, within
ten years previous TO making such investment by
any such relief association, defaulted in the pay
ment Of any part of either principal or interest OF
any debt authorized by the law Of any such state to
be by il contracted aud provided further, that the
total Indebtedness Of any such city, town, township,
borough, county or village is limited by law to ten
per centum Of its assessed valuation.
V. In bonds secured by mortgages, which shall be
a first lieu on real estate situate in this state, and
worth at least double the amount loaned thereon
but not TO exceed eighty per centum Of the whole
moneys of said association shall be so loaned or in
vested, and in case the loan is on unimproyed or
unproductiye real estate, the amount loaned there
on shall not be more than thirty per centum Of IFS
actual value aud no Investment in any bond and
mortgage shall be made by any hremen's relief asso-
citation, except upon a favorable report OF a commit
tee of a, least three of the members of the board Of
representatives OF such ireInen's relief association, a
majority of which Committee shall certify TO the
value of the premises m~ortgaged or to be mortgaged,
according to their best judgment; such report shall
be filed and preserved among the records of the
association;
vi. In such real estate only as has been or may
be hereafter purchased by such association at sales
upon the foreclosure Of mortgages owned by such
association, or upon Judgments or DEGREES obtained
Or rendered for debts due to it, or in settlements
effected to secure such debts; and ali such real
estate shall be sold by such corporation within five
years after the passage of this act, where it is now
held, aud within the SAINT period after such real
estate shall be hereafter so purchased, unless upon
application to the executive committee Of the New
Jersey state iremes's association further time shall
be given by said committee in which 10 sell said
lands or any OF them.
?. Aud be it enacted, That where any of the
funds of any such relief association, are now loaned
upon personal notes OF securities other that thOs
specified in the first section ofthis act, it shall be
unlawful to continue the same invested therein, ex-
eept until the maturity Of the obligation now so
held by the association.
g. Aud be ii enacted, That a violation OF any of