The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1899-01-16

BUILDING AND LOAN BILL
Present Laws to Be Admend-
ed So AS to Compel
Early Reports.
HEAVY PENALTY FOR FAILURE
Stockholders to Be Able to
Secure an Examinations
of Company's Books.
HEAVY PENALTY FOR FAILURE

Especial to tThe Jersey City News
TRENTON, Jan. Is, 1S99.-A new bill
relative to building and loan associations
has been drafted by a special committee
having the matter in charge in Essex
county. The draft will be considered at
a general meeting of representatives of
building and loan associations 10 be held
in Newark on January 27. The proposed
bill is in the form of a supplement- to an
act, entitled AN act to the es-
adjustment of mutual loans, homestead
and building associations" approved
April 9, 1875. The bill reads as .follows:-
4. Be it enacted by the Senate and Cen
eral Assembly Of the State of New Jersey,
that every mutual loan, homestead ard
building association organized under the
laws of this State, or doing business
therein, shall make annually, and within
sixty days after the close of it's a~ssecia-
ton year, a full statement of its affairs
and financial condition to the Clerk of the
Bureau of Statistics and Labor and In
dustries, or oftener if required by said
chief, in such form and by such officers
as the said chief may designate; such re-
ports shall be verified under oath or affir-
nation by the officers making the same.
and shall include the receipts and dis
bursements, the assets and liabilities and
such other details as the said chief may
determine; every such association, # re-
quest be made by said chief, shall, within
fifteen days after such request is made,
furnish a true copy. certified by its seere-
tary, of its constitution and bylaws, and
all rules and regulations relating to the
admission and withdrawal of members,
making of loans, division of profits, pay
ment of expenses carrying on its
business.
Any sueh association failing to COM
ply with any of the provisions of this act
shall forfeit for such failure the sum of
$40, to be recovered by said chief in his
official name in any court of competent
Jurisdiction, and all such forfeitures shall
be paid into the treasury of the State,
and applied to the expenses incurred
herein.
'2. And be it enacted, that in case of
failure to comply with any of the provi-
sions of this act, or on equest of the
Board of Directors of any mutual loan,
homestead and building association, or
on eques of twenty percentum in num-
Der of the shareholders of any such as
ISOLATION, the chief of the Bureau of Sta
tistics of Labor and Industries shall
forthwith examine, or cause to be exam-
med. the books, accounts, securities n
affairs of such association, but all actual
expenses incurred in such examination
shall be paid by the association SO exam
ined, to be recovered by said chief, as
provided for in the next preceding sec
ton. The said chief, When deemed adj
visable, because of unsatisfactory reports
made, or for other suitable reason, may
at any time examine, or cause TO De 0A-
amined, the condition of any of said as
sociations.
g. Be it enacted, that every mutual
loan, homestead and building association
hereafter Incorporated shall file with said
chief, within thirty days after its in
corporation, a copy of it's certificate of in
corporation, and the names and addresses
of it's president, secretary and treasurer.
"A. Be it enacted, that the expenses of
any mutual loan, homestead and building
association hereafter incorporated be paid
only from the earnings of such associa-
ton, and not from the insta1lments or
dues paid for stock by stockholders.
IS. Be it enacted, that the said chief of
the Bureau of Statistics of Labor and In
dustries is hereby authorized in concur
renee with the Governor and Comptrol-
Ter. to employ such assistance and incur
such expense as shall be necessary to
discharge the duties by this act imposed,
nbt exceeding the sum of -- thousand
dollars.
IS. Be it enacted. that it shall be the
duty of said chief of the Bureau of Sta
tistics of Labor and Industries to publish
annually a concise report of the standing
and condition of all the said associations
doing business in this State, and to fur
nish each of said associations with one or
more copies of such reports.
=. Be it enacted, that an act entitled
An act relating to mutual loan, home
stead and building associations, approv-
ed June Is, 1890, be and the same is here
by repealed.
IS. Be it enacted, that all acts and
parts of acts inconsistent with the provi-
sions of this act, be and the same are
hereby repealed.
80. And be it enacted, that this act
shall take effect immediately"