The Lambertville record. [volume] (Lambertville, N.J.) 1872-1968, 1892-07-13
CHAPTER elk.

Supplement to an act entitled IAN act con-
corning firemen's relief associations" APP
/ proved March twenty fifth, one Thousand
| eight hundred and eighty five.
| /. Be it enacted by the Senate and General
| Assembly of the State of New Jersey, That
! it shall not be lawful from and after the pas
sage of this act for any of the firemen's re-
| lief associations whether chartered or incor-
| porated under general or special act of the
| legislature of this state, any provision con-
/ tanned in the charter, amendments or supple
ments thereto of such f1remen's relief associ
alton to the contrary Notwithstanding, to in
vest 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 pay
ment of the principal and interest thereof;
| III. 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 association defauIted in
the payment of any part of either principal
or interest of any debt authorized by any
| legislature of such state to 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 interest
| bearing obligations issued by the city town,
| township, borough, county or village in
which such relief association shall be situ-
ated; 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 inter
est of any debt authorized by the law of any
such state to be by 1t contracted; and 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 lien on real estate situate in
/ nf Inad n hn
amount loaned thereon; but not to exceed
eighty per centrum of the whole moneys of
said association shall be SO loaned or invest
| ed, and in case the loan is on unimproved or
unproductive real estate the amount loaned
| thereon shall not be more than thirty per
centum of its actual value; and no invest
ment in any bond and mortgage shall be
made by any fremens relief association,
| except upon favorable report of a commit
tee of at least three of the members of the
| board of representatives of such firemen's
| relief association, majority of which COM
mittee shall certify to the value of the prem
ises mortgaged 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 associa-
tion at sales upon the foreclosure of mort
cages owned by such association, or upon
Judgments or decree obtained or rendered
for debts due to it, or In settlements effected
to secure such debts; and all such real estate
shall be sold by such corporation within five
years dltef tne pdSSdge OF InlS act, where IL
is now held and within the same period after
such real estate shall be hereafter so pur-
chased, unless upon application TO the execu
tive committee of the New Jersey state fire
mems association further time shall be given
by said committee in which to sell said lands
or any of them.
2. And be il enacted, That where any of the
funds of any such relief association, are now
loaned upon personal notes or securities
other than those specified in the first section
of this act, 1t shall be unlawful to continue
the same invested therein, except until the
maturity of the obligation now SO held by
the association.
8. And be 1t enacted, That violation OF
any of the provisions of this act. by any OF
either of the members of the boards of off,
GERS or representativ s, or other officers OF
any such firemens relief association shall be
a misdemeanor, and upon conviction thereof
any person or persons so offending shall each
be punished by fine of not less than two
hundred and fifty dollars nor more than one
thousand dollars, or imprisonment for a
term not exceeding two years at the discre.
ton of the court.
4. And be it enacted That all acts and parts
of acts inconsistent herewith be and they are
hereby repealed and that this act shall be a
public act and shall take effect Immediately.
Approved March 26 1892.