THE LAWS OF THE STATE OF NEW YORK RELATING TO BUILDING ASSOCIATIONS: BEING THE STATUTES GOVERNING THE CORPORATIONS ASSOCIATIONS, WITH ANNOTATIONS APPLICABLE TO THESE CORPORATIONS GENERALLY. BY WILLIS S. PAINE, LL.D., NEW YORK: L. K. STROUSE & CO., LAW PUBLISHERS, 95 NASSAU STREET. 1889. Entered according to Act of Congress, in the year Eighteen Hundred and Eighty-nine, BY WILLIS S. PAINE, In the Office of the Librarian of Congress, at Washington. INTRODUCTION. It A building association is an organization of interests in which each member acts for himself and for others. is an organization not charitable or philanthropic, but of self-reliance, and when conducted under proper restrictions may become one of the most practical applications of co-operation. In these days of colossal trusts when wealthy members of the community can make gigantic financial alliances and form exclusive unions and close corporations, it is interesting to note the simple and intelligent method by which the less fortunate, the artisans and wage earners, have found that from the elements of frugality and thrift may come productive capital, and are becoming their own bankers. In the combination of interests they have discovered the wonderful resources of combined savings, whereby an opportunity arises to establish a home. It is not surprising, therefore, that these associations have won great popularity in a brief period. This popularity may be beneficial to all, even to those who are attached to other methods of financial betterment. In them the workman who holds a share becomes a lender of money, which, when properly invested, may earn a large income for him when compared with his modest capital, and may ultimately enable him to become a freeholder. They are valuable agencies, therefore, when carefully conducted and may be well adapted to aid in preserving the social equilibrium so vitally necessary in a republic. Men cannot honestly deny the benefits of capital when properly employed, while they are themselves reaping the rewards |