1893 - State Library Information Center

PART VII.Building and Loan AssociationLaws of New Jersey.AN ACT TO ENCOURAG-E THE ESTABLISHMENT OF MU-TUAL BUILDING AND LOAN ASSOCIATIONS* ANDSUPPLEMENTS THERETO.1. That any number of persons, not less than five, may associateand form an incorporated company for the purpose ofassisting each other, and all who may afterwards become associatedwith them, in acquiring real estate, making improvementsthereon, and removing incumbrances therefrom, by the paymentof periodical installments; and for the further purpose ofaccumulating a fund to be returned to its members who do notobtain advances, for purposes above mentioned, when the fundsof such association shall amount to a certain sum per share, tobe specified in the articles of association.2. Any such persons who shall sign a certificate setting forththat they have formed such an association under the provisionsof thiB act, and the name adopted for such association, and thecity, borough or township where it is to be located and its businesstransacted, and who shall cause the same to be delivered tothe clerk of the county which embraces the place of its location,thereupon, together with all who may afterwards become members,their successors and assigns, shall be a body corporate andpolitic in law, with all the powers mentioned in the first section•of the act entitled " an act concerning corporations."3. The said clerk shall immediately file said certificate andrecord the same in a book to be kept for that purpose, for whichhe shall be entitled to receive the sum of twenty-five cents.* Approved April 9th, 1875 (Revision, page 92).(483)