The Jersey City news., 1899-03-08
B. AND |. IN FRMs.
State League Has Sent Cir
culars Asking 0rganiza-
tions to Oppose Su-
pervising Bill.

|
| The passage last Wednesday of Assem-
! bly, bill No. 110. known as the Bell bill
which provides for State supervision O
building and loan association, has aroused
the ire of the State League of Associa-
| tions, and it has sent out circulars te
the local associations throughout New
| Jersey for the purpose Of organizing anc
concentrating opposition to the enactment
| of the measure. The appeal to the locals
Edoes not request opposition, but it points
| out that at the State League convention
last month in Trenton the proposition foi
State supervision was Overwhelmingly
voted down.
| According to the digest prepared by the
league for the information of the loca
associations Bells bill provides as fol-
| lows
Section THAT each association shall
file copy of its constitution, by-iaWs anc
certificate of Incorporation with the De
partment of Banking and Insurance: An
nually on or before January 81, each as
socia tion shall file with said department
a detailed report of Its affairs for the cal
endar year ending December 81. Commits
sioner may call for additional repor.
Whenever he desires. A penalty OF $2t
is provided for failure to make reports.
Section 1-DefineS what loan nome
stead and savings association is.
Section 3-That every association shall
be examined by the department at least
every two years, or oftener IL the COM
missioner desires.
Section 4-Gives commissioner power to
apply to Chancellor to restrain asso-
citation from transacting business Tor
cause; to appoint a receiver; or to re-
move any officer for cause.
Section commissioner shall pub
lish annual report of associations condi-
ton.
Section 6-Power to employ assistants
Section THAT each commissioner shall
pay 81 on filing its annual report; each
association shall defray necessary ex-
penses of examination, provided how
ever. that no association shall be com
PEELED to pay any more than $40 in any
one year toward the expenses; and, When
ever any such examination Shall be made
by the commissioner or his deputy, in per-
son, no charge shall be made except for
necessary travelling and incidental ex-
penses."
Section S-No repeater.
Section e-Act Shall take effect imme-
diately.
The resolution passed by the BUILDING
and Loan Association League OF New
Jersey February H. was this
Resolved, That it is the sense of this
meeting, representing the local building
and loan associations of the State, that
existing laws are ample and sufficient for
the protection of said building and loan
interests and that any further legislation
on the subject at the present time is potn
unwarranted and unnecessary.
The Leagues circular states that as the
bill is to come up in the Senate this week
it is necessary, if the associations are
opposed to the bill, that they should inn
mediately communicate with the repre-
sentative of their county in that body
Meetings of the local building and loan
associations of Essex county were held
in Newark several weeks ago., and it was
decided by majority vote that the Leg
islature should be asked to pass a bill
providing for State supervision of the as
socations, as the only means of putting
fraudulent concerns out of business