The Mount Holly news. [volume] (Mount Holly, Burlington Co., N.J.) 1891-1942, 1895-08-06
ESTABLISHED 1879.

joint stock association, shall engage IN the
business OF banking within this SUITE unless
one or more OF the persons so engaged shall
be residents in ana Inhabitants OF. this state /,
ana that for every violation OF the provis
ions OF this section, tho person or persons so
offending shall be deemed guilty OF a INSIDE
meanor. and upon conviction thereof shall be
liable TO a fine of not more than one thou
sand dollars, ana that in all reports that
sh I'll be made by such individual, association
OF individuals, partnership or joint stock as
ISOLATION, the full names and places of resi-
dence, each of the persons so interested shall
be fully SCI out.
8. And be it enacted That IN case IL shall
appear by any report made by any such in
dtvidual, association of individuals, partner
ship or joint stock association, or upon any
examination made OF the affairs thereof by
the commissioner OF banking ana insurance,
OF by any one under his direction, that the
SAID individual, association OF individuals,
partnership or joint stock association, is in
cations as they sevefa1ly mature, or is I'M
able to pay his or their deposiJOrs the moneys
neiu oy Nun OF lnem on deposit whenever
called upon so, To do or shall suspend his or
their ordinary business for want OF funds TO
carry on the same. the said commissioner OF
banking and insurance, or any creditor OF
The aaid individual. association of individuals
partnership or joint stock ASSOCIATION, may
apply by petition or bill of complaint to the
chancellor, setting forth the facts and cir
circumstances of the case tor writ OF injunc-
tion and the appointment of a receiver or
receivers of the property and asses OF such
individual, association OF individuals, part.
nership or joint stock association, and the
chancellor, upon being satisfied OF the suffi-
cheney OF the said application and OF the
truth of the allegations contained IN the said
petition or bill of complaint, by affidavit or
otherwise, and upon giving when so ordered
such reasonable notice to be served or pub
lished as the chancellor may direct, the chan
celior may proceed in summary way to hear
which may be offered by or on behalf OF the
parties, and II upon snch lRQuirV into f7les
indssr q app asssrs7
said individual. association of individuals,
partnership or joint stock association, has be-
come 1nSolVenJ or shall not be about TO
sumo his or their said business in a short
time thereafter with safety to the public
and advantage to the creditors It shall and
may be lawful for the chancellor to issue
an injunction to restrain such individual
association OF individuals, partnership or
joint stock association from further CARRYING
on his or their said business of banking, and
from collecting or receiving any debts or
from paying out, selling, assigning or trans
ferring any of the assets, moneys, funds.
lands, tenements or effects belonging to him
or them until the court shall otherwise order
6. And be 1t enacted, That 1t shall and may
he lawful for the court of chancery, IL the cir
eumstances of the case and the ends of Justice
req utre 1t at the time, of ordering the said in
junction, or at any other time afterwards dur.
ing the continuance OF the sald injunction, To
appoint receiver or receivers of the proper
" and assets OF the said individual, associa-
ton OF individuals, partnership or joint stock
association, who shall have all the powers now
conferred by law upon receivers OF insOlvent
banking corporations, and with full power
ana authority TO demand, sue tor, receive and
take into his or their possession all the prop
erty and assets of the said individual, associ-
alton OF individuals, partnership or Joint
stock association, neither the same was en-.
barked in the said business of banking or not;
and that such further proceeding shall be had
under said petition or bill OF complaint as
might be had in case the said proceedings was
against an insolvent banking corporation.
Z. And be it enacted, Tha in such cases the
court of chancery shall be and hereby is III
vested with full power and authority to settle
ana adjust all claims OF very nature made or
the said receiver or receivers and to make dis
tribution of the assets among the creditors of
the said individual, association OF indtyiduals,
partnership or joint stock association, and
that in making such distribution preferred
creditors shall be paid In the same manner as
II the proceedings were against an insolVent
banking corporation, and that All the laws
now or hereafter in force in relation to insol-
vent banking corporations shall apply to the
can be made to apply.
8. And be it enacted. That no individual,
association of individuals, partnership or
joint stock association shall engage in the bus
mess of banking in this state unless author
lied thereunto by the commissioner of bank
Ing and insurance by his certificate to that
effect, and that such eetnncate shall not be
made or issued by the said commissioner I'M
I'll after the said individual, association of in
dividuals, partnership or Joint stock associ-
alton, shall have made TO him the report or re-
ports required by this act and not until after
the said commissioner OF banking and insur-
ance shall have made an examination of The
assets and properly of such individual, assO-
citation OF individuals partnership or joint
stock association and determined that he or
they are then solvent and able to pay HIS or
their debts at maturity, and that no such un-
authorized individual. association Of lndivid-
uals, partnership or joint stock association
shall make use of any office sign at the place
where said banking business is transacted
having thereon any artificial 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 tndivfd-
ual, association OF individuals partnership or
stock OF IL
late any letter heads, bill heads, blank notes.
blank receipts, certificates, circulars or any
written or printed or partly written and part
any artificial or corporate name or any other
word or words indicating that such business
is the business of bank.
g. And be 1t enacted, That this act shall
take effect Immediately.
Approved March Is. 1895.