The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1895-05-27

engaged in Carrying on the business of
banking Within this state, and every
uais, partnership or joint stock associa-
ton which shall hereinafter engage in
the business Of banking within this state,
shall be subject to the ,same control,
supervision, insection and examination
to which. Incorporated banks are by law
new subaset; proyids ; howeSeTTi a 1h3hhl
orize any such individual, association OF
individuals, partnership or Joint STOCK
bills. currency or other circulating me-
dunn of exchange.
8. And be it enacted, hat every such
individual. association of individuals,
now engaged in the business of bank
ing, or who hereafter may become en-,
gagged in the business Of banking shat
make to the department of banking and
insurance the same reports as near as
may be as are now or Shall hereafter be
required by law of incorporated banks,
by the affidavit of such individual, ana
in all cases in which more than, the IN
by at least two of the individuals, WHO
are concerned in the conduct of the SAID
business. and that such reports shall Pc
anne manner as is required in the case
of reports of incorporated banks.
4. And be 1t enacted. That no individual,
association of individuals, partnership or
joint stock association, shall engage IN
the business of banking within this state
unless one or more of the. persons 50 en-
gagged shall be residents in and inhabit-
violation of the provisions OF this section;
the person or persons SO offending snail
p pp ne Conviction thereof shall be liable to
a fine of not more than one thousand
dollars, and that in all reports that shall
or Joint stock association, the full names
and places of residence of each of the
persons o interested shall be fully set
out.
5. And be it enacted, That in case it
shall appear by n report made by any
such individual, ASSOCIATION OF lndlviq-
uals, partnership or Joint stock assocl a.
the affairs thereof by the commissions
of banking and Insurance, or by any one
under his direction, that the AID IN
diyidual, association of individuals, part
nership CIR joint stock association, is in
solvent, or is unable to pay his or their
obligations as they seyeraily mature, or
the moneys held by him or them on de-
post whenever called upon to do SO, or
shall suspend his or their ordinary bust
ness for want of funds to carry, on the
same, the aid commissioner of banking
and insurance, or any creditor of the said
individual, association CT individuals,
may apply by petition or bill of com
plant to the chancellor, setting forth the
facts and circumstances OF the case for
a writ of injunction and the appointment
and assets of sue Individual, associa-
ton of individuals, partnership or joint
stock association, and the chancellor,
upon being satisfied OF the .sufficiency Of
the said application and of the truth of
the allegations contained In the said petl-
ton or bill of complaint, by affidavit CT
otherwise, and upon giving when so or
ordered such reasonable notice to be
served or published as the chancellor
may direct, the chancellor may proceed
in a summary. way to hear the a~ffidavits
and proofs and allegations which may be
offered by or on behalf CT the parties,
and if, upon such inquiry into the matter
to appear to the chancellor that the said
individual, association of individuals.
srq a~oIlnIEoosse Yools luLo( 10 d~IqsJsu9tBd
resume his or their said business in a
short time thereafter with safety to the
public and advantage to the creditors, It
cellor to issue an injunction to restrain
such individual, association of individ-
ua.s, partnership or joint stock a%ssocia-
ton from further carrying on his or their
iecting or receiving any debts, or from
paying out. selling, assigning or trans
ferring any of the assets, moneys,
the coarts shall otherwise order uhss
6. And be it enacted, That it shall and
II the circumstances of the case and the
enqs OF justice require 1t at the time, of
ordering the said injunction, or at any
other time afterwards during the con-
t~inuance of the said injunction, to appoint
a receiver or recsiYers Of the, property
ton Of individuals. partnership or joint
stock association, who shall have ali
the powers now conferred by law upon
atlons. and with full power and authority
to demand, sue for, receive and take into
his or their possession all the property
and asets of the individual, association
of individuals. partnership or JOINT stock
association whether the same was EN-
parked in the said business of banking or
shall be had under said petition or bill
of Complaint as might be had in case the
aid proceedings was against an insol-
vent banking corporation.
Z. And be it enacted, That in such cases
the court of chancery shall be and here
by is invested with full power and au-
thority to settle and adjust all claims of
every nature made or to be made against
the estate in the hands of said receiver
or receivers and to make distribution of
the, assets among the creditors of the
partnership or joint stock association,
and that In making such distribution
same manner as if the process dings were
against an insolvent banking corporation,
and that all the laws now or hereafter in
1orce IN relation to lnSolvent anking cor
poratsons shall apply to the said proceed
ings in all cases where the anne can be
made to apply.
3. ana be 1t enacted, h M individual,
association of individuals, partnership or
joint stock association shall engage in
the business of banking in this state un-
less authorized thereunto by the commits
Sioner of banking and insurance by his
certificate to hat effect, and that such
certificate shall not be made or issued
by the said commissioner until after the
said individual, association of individuals,
partnership or joint stock association,
shall have made to him the report or re-
ports required by this act, and not until
after the said commissioner of
and insurance shall have made an ex-
.aminationo of the assets and property of
such individual. association of indivi-
duals. partnership or joint stock associa-
then solvent n able to pay ris or their
debts at matdrity, and that no such un-
authorized Individual, association of in
~dividuals, partnership or joint stock as
ISOLATION shall make use of any office sign
at the place where said banking business
is transacted having thereon any arti-
fetal or corporate name or other word or
words indicating that such, place or Office
is the place or Office of a bank; nor shall
such Unauthorized Individual, association
of individuals, partnership or joint stock
association make use of or circulate any
blank receipts, certificates, circulars or
any written or printed or partly written
and partly printed paper whatever, hay-
Ing thereon any artificial or corporate
name or any other word or words in
~dicating that such business is the bust
ness of a bank.
9. And be 1t enacted, That this act shall
take effect Immediately.
Approved March %, 1895.
CHAPTER CCCLxIx.
A ~ Ca,--1A-,a - -. 80 1-+s41x sfA-