New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-01-16
FOR STATE SUPERVISED
DRAFT OF A BILL PROPOSED BY R,,, .
ING AND LOAN MEN

The Committee Of Ten appointed bv
tlves OF the building and los associatIor. '.'ents.
ark to draft a new bill for State superv,.'.H New.
associations has completed the draf, =, VI The
which will be submitted to a meeting q, ~. .ne BILL
Citations on January a. Copies Of the nrn.a "e asso-
have been sent TO the associations The hn, AZ
follows: ~
supplement to an net entitled IA 49,.
courage the establishment OF mutual io sct 70 e.
stead and building associations (reyIsi s Tone
First-Bc It enacted by the Senate and q.
Assembly Of the State Of New-Jersey IT, General
mutual loan. homestead and building o,s.y.sy
organized under the laws Of this STATE 'oso,cisloa
business therein shall make annually. and Going
sixty days after the close OF It's association hl
a full statement Of it's affairs and ananc,aaa year
ton TO the chief Of the Bureau OF s,s,i.ss ondi-
Labor and Industries, or oftener II reon,,sy1s o.
said chief. In such form and by such ofacsrs "a b
verified under oath OF afr nation By the "s y
making the same and shall include the recent.
disbursements, the assets and liabilities ana . aa
other details as the said chief may de,s1rssacs
every such association. II request be made by .;
chief shall. within fifteen days after such reo aa
is made furnish IT % copy. certified by its ser.
tary. OF It's constitution and bylaws and an rr
and regua tons rcdting 10 the admission and ps,s
drawal Of members. making Of loans. division y,
profits. payment or expenses. and carrying an "
It's business. Any such association failing to ~ eor
ply with any OF the provisions OF this ac, S IN
forfeit for each failure the OF 80 10 be rsco
cred by said chief In his official name in any coy..
OF competent Jurisdiction and all sucn Forfeiture
AL
applied 10 the expenses incurred herein. anu
Secondhand be II enacted That in case OF fan
ure TO comply with anv OF the provisions Of hi
act or on request Of the Board Of Directors ~ az.
mutual loan. homestead and building assoca,Ios
or on request OF % per cent IN number Of the sha,
holders Of any such iation. the chief M ~.
Bureau OF Statistics OF Labor and Industries shah
forthwith examine. or cause 70 be examined rhs
books. accounts securities and affairs OF such a.
ISOLATION but all actual expenses incurred IN sch
examination shall be paid by The association -
examined. TO be recovered by the said chief >,
provided for in the next preceding section. Tss
said chief when deemed advisable because OF IN
satisfactory reports made. or for other suitable
reason. may AT anv time examine. or cause 10 "
examined. the condition OF any Of said association
Third-Be It enacted That every mutual l0ss
homestead and building association hereafter ncor,
porated shall file with said chief within thirty DAY,
after its Incorporation. copy OF It's certificate .!
incornoraton. and the names and addresses Of IL
president, secretary and treasurer.
Fourth-Be it enacted, That the expenses q any
hereafter Incorporated shall be paid only from tn
earnings Of such association. and not from the IN
stalments or dues paid for stock by stockholders
Bureau OF Statistics OF Labor and Industries 4
hereby authorized. In concurrence with the Gov
ernor and Controller 70 emnloy such assistance and
charge the duties by. this act nnosed. not exceed
Inc the sum Of - thousand dollars
Sxth--Re It enacted That Il shall be The duty o
said chief Of the Bureau Of Statistics ~ Labor ant
Industries 10 publish annually concise report o.
the standing and condition Of all the said assoca
tons doing business I'm this State. and 10 furnss
each Of said associations with one or more cop!e
scventh--Be n enacted. That an act entitled "A
act relating 70 mutual loan homestead ana build
ing associations" approved June Is. lsO. be AM
the same is r,by repealed.
Elghth--Be II enacted. That a acts and parts d
acts inconsistent with the provisions OF this act
and the same are hereby repealed.
Ninth-And he Il enacted That this act shall taxi
effect Immediately.