The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1892-07-27
CHAPTER elk.

concerning %firemeu's relief a,socia-
%tions," approved March tweuty-ffth,
one tnousant eight hundred aud eighty
five.
L. Be it enacted by the Senate and GEN
eral Assembly of the Stats of New Jer-
sey, That it shall not be lawful from aud
after the passage OF this act for any of tre
aremen's relief associations, whether
chartered or incorporated under a gen.
eral or special act of the lie xisls ture of
this state. any provision contaiue | in the
charter, amendments or supplements
thereto of such iremen's relief associa-
ton to the contrary Notwithstanding, to
invest the MONEYS OF said association in
any manner, except as follows. to wit:
/. 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:
LII. In the bonds of any stata of the
United States of America that has not,
within zen years previous to making such
inv, Stment by any 81 CHI relief association.
defaulted in this payment of any part OF
either principal OF interest OF any debt
authorized by Il legislature OF such
stale to be contracted;
~. Iu The stocks or bonds of anv city.
town. township, county, borough or
village of this state, or any other state of
the United States of Americq, which
have been or may be issued pursuant to
the authority OF any law Of such state,
and in any interest beaii ~ obligations
issued by the city, town, township,
borough. county or village of any such
Stale aforesaid, has not. within ten years
previous to making UGH investment by
any such relief association, detaulted in
h payment of auy part OF either princi-
pal or interest Of amy debt authorized by
the law of any ucn state to be by it cou-
tracted: and provided further, that the
total Indebtedness of any such city, own
township. borough, county or village is
limited by law to ten per centum of it's
assessed valuation.
". In bonds secured by mortgages.
which shall be q first lien on real estate
situate in this staJe. 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 invested, and in case the
loan is on unin,proved or unproductive
real estate, the amount loaned thereon
shall not be more than thirty per centum
of its actual value; and no Investment in
n bond and mortgage shall be made by
any tremeu's relief association, except
upon a favorable report of q committee
OF at least three of thu members of the
board of representatives of such tirmen's
relief association, q majority of which
committee shall certify TO the value of
the premises mortgaged or to be NOR
gagged, according TO their best judgments;
such report shall be filed and preserved
among the records of the association;
vi. In such real estate only rs has been
or may be hereafter purchased by such
ASSOCIATION at S lies upon the foreclo ,urs
of mortgages owned by such association.
or upOu ju lgments or DEGREES obtained or
rendered for debls duo to iG. or in settle
ments effected to Secure such debts; and
all such real estate shall be sold by such
corporation, within five years after the
passage of this act, where 1t is now held,
and within the same period after such
real estate shall be hereafter so purchased,
unless u2on application to the executive
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 it enacted, That where any
of the funds of any such relief association
are now loaned upon personal notes or
other Than those specified in
the first section of this act, 1t shall be I'M
lawful to continue the same invested
therein, except until the matur.t y of the
obligation now so held by the association.
3. And be 1t enacted, That II violation
OF any of the provisions of this act, by
n CT either of the members of the
boards of officers or representatives, or
oiher officers of any sucn fre,nen's relief
association, shall be a misiemeanor, and
upon conviction thereof. my person or
persons SO offending shall each be pun
ished by a fine of not less than two hun
drea and fifty dollars, or Imprisonment
for a term not exceeding two years, at
the discretion of the court.
4. And be it enacted, That all ac.s or
parts of acts1nconsistent herewith he and
they are hereby repealed. and that this
act shall be- a public act and shall take
effect i'm mediately.
Approved March 26, 1892.