CHAPTER LXIII.

An Act relative to fire escapes.

1. That all buildings now or hereafter erected in which twenty or more persons live or congregate or are employed, temporarily or otherwise, above the first or ground floor thereof, shall have one or more, as the proper authority shall direct, external wrought iron fire escapes, of such dimensions and character and subject to such regulation and construction as the said proper authority shall designate.

2. That in all incorporated municipalities the board of aldermen, city council or borough commissioners shall provide for the enforcement of the provisions of this act by ordinance.

3. That in all sections outside of incorporated municipali'es township committees shall have power to enforce the provisions of this act. 4. That this act shall take effect immediately.

Approved March 24, 1890.

CHAPTER CXVII

An Act to authorize common councils of cities to appropriate moneys to establish or aid public libraries and free reading rooms.

1. That it shall be lawful for the common council of any city of this State to appropriate, from any moneys not otherwise appropriated, such sum of money, not exceeding one thousand dollars, as may in their judgment be deemed necessary to establish or aid public libraries and free reading rooms.

2. That this act shall take effect immediately.

Approved April 2d, 1890.

CHAPTER CCLI.

An Act relative to banking, savings, trust, guarantee, safe deposit, indemnity, mortgage, investment, loan and building corporations.

1. That every banking, savings, trust, guarantee, safe deposit, indemnity, mortgage, investment, loan and building corporation or association organized under the laws of other states or foreign governments, on application for authority to transact business in this State, shall file in the department of State a duly authenticated copy of its charter or certificate of organization or incorporation, and a report of its condition at the close of business on the thirty-first day of December last preceding, in such form as may be prescribed by the board of bank commissioners, constituted by "An act concerning savings banks," approved April twenty-first, one thousand eight hundred and seventy-six, which shall be verified

by the affidavits of the president or vice-president and the treasurer or cashier or secretary of such corporation, and it shall be the duty of the Secretary of State to furnish blank forms for the report required, and the said board shall call for like reports at such other times as may seem to them expedient.

2. That if it shall appear by the report aforesaid that such corporation is possessed of an actually paid in, well invested and unimpaired capital stock of at least one hundred thousand dollars, it may be admitted to transact business in this State upon a certificate of authority to be issued by the Secretary of State, under the direction of the said board, which certificate shall only be issued when such corporation shall have complied with the further requirements of this act. 3. That the bank commissioners, before directing the issue of the certificate of authority as aforesaid, shall require every such corporation to deposit with the secretary of state such securities as they may prescribe, amounting to at least thirty thousand dollars, which securities shall be held by the secretary of state in trust, for the benefit of the creditors of such corporation within this State, and the bank commissioners shall have authority to order a change of such securities or any part thereof at any time, and no change or transfer of the same shall be made without their assent; such deposit shall be maintained intact in the full sum of thirty thousand dollars at all times, but the corporation shall be at liberty to receive the dividends or interest on the securities deposited; provided, that if any such corporation shall have and keep a deposit of at least one hundred thousand dollars with any department or officer of the State where organized, it may be admitted to the State without making the deposit herein required.

4. That every such corporation shall file a like report in January, annually, and if such corporation shall fail to file such annual report prior to the fifteenth day of February, or to furnish such additional reports or information as may be called for by the bank commissioners, within five days after notice to do so, it shall be liable in a penalty of two hɛndred and fifty dollars and costs of action, to be sued for and collected in the name and for the benefit of the State.

5. That every such corporation shall pay for filing a certified copy of its carter or certificate of organization or incorporation, twenty dollars; for filing original and annual reports, twenty dollars; for certificate of authority, annually, two hundred and fifty dollars; for certificate for each agency, five dollars, and shall defray all expenses incurred in making any examination of its affairs as herein provided for; and the bank commissioners may maintain an action, in the name of the State, against such corporation, for the recovery of such expenses, in any court of competent jurisdiction.

6. That if any such corporation or association itself, or by agents, attorneys, solicitors, surveyors, canvassers, collectors or other representatives of whatever designation, or any agent, attorney, solicitor, surveyor, canvasser, collector or other representative, or any individual or firm, whether on behalf of such corporation cr not, shall solicit, negotiate or in any wise transact any business in this State, except in the enforcement of contracts by legal process, without having complied with the requirements of this act, they shall be liable in a penalty of two hundred and fifty dollars and all costs of suit, to be sued for and collected on complaint, in the name and for the benefit of the State, by the bank commissioners; the first process against any corporation or person complained of may

be by capias ad respondendum, and the person or persons against whom judg. ment may be obtained shall be committed to any county jail until such penalty and costs are paid, and the necessary expenses incurred by the bank commissioners in carrying out the provisions of this act, when not otherwise provided for, shall be paid by them out of the fees and taxes collected as herein provided for.

7. That the bank commissioners shall have authority themselves, or by such person or persons as they may designate, to examine the affairs of any such cor poration whenever they may deem it expedient, and it shall be the duty of the officers and employes of every such corporation to exhibit its books, securities, records and accounts for such examination, and to otherwise facilitate the same so far as may be in their power to do, and the bank commissioners, or any examiner appointed by them, shall have power to examine, under oath or affirmation, the officers and employes of any such corporation relative to its business affairs, and for that purpose any such examiner shall have power to administer oaths and affirmations.

8. That whenever it shall appear, as the result of examination or otherwise, that the affairs of any such corporation are in an unsound condition because of illegal or unsafe investments, or that is liabilities exceed its assets, or that it is transacting business without authority, or in violation of law, or for any other reason which may seem to them satisfactory, the bank commissioners shall have power to cancel the authority of any such corporation of another state to transact business in this State, and as to such corporations of this State it shall be the duty of the attorney-general, on notice by the bank commissioners, to apply forthwith, by petition or bill of complaint or information, to the chancellor for an injunction restraining such corporation from the transaction of further business, or the transfer of any portion of its assets in any manner whatsoever, and for such other relief and assistance as may be appropriate to the case, and the chancellor, being satisfied of the sufficiency of such application, or that the interests of the people so require, may order an injunction, and make other appropriate orders in a summary way, and thereafter proceed in said cause according to law and the practice of the court of chancery.

9. That no such corporation, excepting building loan associations, shall hereafter be established under any law of this State without a certificate of authority by the bank commissioners, which shall not be issued in any case except atter due inquiry and information, from which the commissioners shall be satisfied that the establishment of such a corporation will be of public service; and no such corporation, except as aforesaid, shall be organized or authorized to commence business until it has a capital stock of at least fifty thousand dollars, actually paid in cash, or securities to be approved by the bank commissioners. nor until they are satisfied that such corporation has complied with all the requirements of law; provided, that savings banks may be organized without capital stock; the charge for filing all reports by such corporations of this State shall be twenty dollars.

10. That in all sufts or ac.ions brought in any court of this State against any such corporation, not organized under the laws of this State, process served upon the Secretary of State shall be good and valid to all intents and purposes, and on

service of such process in duplicate it shall be the duty of the Secretary of State to notify such corporation immediately.

11. That the board of bank commissioners shall make annual report to the legislature, which shall embrace a statement of proceedings taken under this act and a summary of the annual report made by each corporation.

12. That all acts and parts of acts inconsistent with this act, be and the same are hereby repealed, and that this act shall take effect immediately. Approved June 10, 1890.

CHAPTER CCXLVI.

A Supplement to an Act entitled "An act to encourage the establishment of mutual loan, homestead and building associations" [Revision], approved April ninth, one thousand eight hundred and seventy-five.

1. That it shall be lawful for any association incorporated under the provisions of the act to which this is a supplement, or otherwise lawfully existing in this State, to change the name set forth in its original certificate of incorporation, by a two-thirds vote of the board of directors of such association; provided, that a certificate under the hands of the president and the secretary of such association setting forth such proposed new name, and that the same was adopted by a twothirds vote of the board of directors of such association at a meeting regularly held on a date specified in said certificate, shall be delivered to the clerk of the county where such association is or shall be located, to be by him filed and recorded.

2. That the name so certified to have been adopted shall, from the time of filing such certificate of change, be the true and proper corporate title of such association instead of the name set forth in the original certificate of incorporation; and all deeds, mortgages, contracts, actions, judgments, transactions, and proceedings whatsoever heretofore or hereafter made, received, entered into, carried on or done by said association before the adoption or certification as aforesaid of such change of name, but wherein the said association shall have been called by the name so subsequently adopted, are hereby declared to be as good, valid, and effectual in law as though said association were called therein by the name set forth in its original certificate of incorporation. 3. That this act shall take effect immediately.

Approved June 9, 1890.

CHAPTER CCLXI.

An Act relating to mutual loan, homestead and building associations. 1. That every mutual loan, homestead and building association organized under the laws of this State, or doing business therein, shall furnish through its secretary or other appropriate agent to the chief of the bureau of statistics of

labor and industries an annual statement of its business and condition according to the form required and on blanks furnished by said chief, which said statement shall be duly attested, under oath or affirmation, by the treasurer and an auditing committee of the stockholders or board of directors of said association, and the said board of directors are authorized to appropriate from the current income of said association a sufficent renumeration to the secretary thereof for preparing the statement aforesaid,

2. That on any failure to make such statement, the said chief, or his authorized agent, with the approval of the governor, may make an investigation, of the books, securities and accounts of any deiinguent association which books, securities and accounts shall at all times be open to the inspection of thesaid chief or his duly authorized agent as aforesaid.

3. That it shall be the duty of sald chief of the bureau of statistics of labor and industries to publish annually a concise report on the standing and condition of all the said associations doing business in this State, and to furnish each of said associations with one or more copies of such reports.

4. That this Act shall take effect immediately, and that all acts or parts of acts inconsistent therewith are hereby repealed.

Approved June 13, 2890.