Not to exercise any power under act which bond

and such board of sinking fund commissioners respectively shall have the power to make such rules and regulations respecting the care and management of the said fund as such board of sinking fund commissioners respectively shall deem proper and expedient, but in no other way shall any part of such fund at any time be used in any manner inconsistent with the provisions of this act; and the said board of sinking fund commissioners respectively shall keep accurate accounts of the said fund, in distinct and separate books of account, and shall annually make a full and detailed report of the condition and state of such fund to the city board of their respective cities having the control of the finances thereof.

4. And be it enacted, That no city board shall exercise ed indebtedness any power under this act while the bonded indebtedness exceeds certain of such city exceeds fifteen per centum of its ratables liable to municipal taxation in such city.

sum.

Another to be

raised by tax on water account not to exceed

5. And be it enacted, That no such city board shall require the board having the control of the finances of any certain sum per city, to raise by direct tax any sum for interest or deficiency on water account, exceeding eighty thousand dollars per annum.

annum.

Repealer.

6. And be it enacted, That all acts and parts of acts, public, general, special, local or private, inconsistent herewith, be and the same are hereby repealed, and this act shall be deemed, taken and construed to be a general public act, and shall take effect immediately.

Approved March 6, 1884.

CHAPTER XXXVII.

Supplement to an act entitled, "An act for the organization of National Guard of the State of New Jersey," approved March ninth, one thousand eight hundred and sixty-nine, and the various amendments thereto.

appoint six

de- camp.

1. BE IT ENACTED, by the Senate and General Assembly of Governor may the State of New Jersey, That the governor and command- additional aideser-in-chief may appoint six additional aides-de-camp, with the rank of colonel, upon his staff, whose term of service shall expire with that of the governor and commander-in-chief appointing them.

2. And be it enacted, That this act shall take effect immediately.

Approved March 6, 1884.

CHAPTER XXXVIII.

An act to provide for the formation and regulation of cooperative societies of workingmen.

Society author

1. BE IT ENACTED by the Senate and General Assembly Formation of of the State of New Jersey, That it shall be lawful for any ized. number of persons, not less than seven, residents in this state, to associate themselves into a society for the purpose of carrying on any lawful mechanical, mining, manufacturing or trading business, or for the purpose of trading and dealing in goods, wares and merchandise or chattels, or for the purpose of buying, selling, settling, owning, leasing and improving real estate and erecting buildings thereon, within this state, upon making and

What certificate

filing a certificate of association, in writing, in manner hereinafter mentioned, and as such shall be deemed to be a corporation, and to possess all the powers incident thereto.

2. And be it enacted, That such certificate of association shall set forth. shall set forth :

of association

How certificate executed.

filed.

1. The name assumed to designate such society and to be used in its business and dealings, which name shall have the word "co-operative" as as a distinguishing part thereof, but shall in no respect be similar to that of any other society organized under this act ;

II. The place or places in this state, where the business of such society is to be conducted and the location of the principal office of the same;

III. The objects for which the society shall be formed; IV. The total amount of capital stock of such society, the number of shares into which the same is divided, the par value of each share, the manner in which the instalments on the shares shall be paid, the number of shares subscribed, and the amount actually paid in cash on account of the same;

V. The terms of admission of the members;
VI. Mode of application of profits;

VII. The mode of altering and amending the certificate of association and the by-laws of the society.

3. And be it enacted, That the said certificate of association shall be signed by the persons originally associating themselves together, and shall be proved or acknowledged by at least seven of them, before an officer qualified to take acknowledgments of deeds of real estate, and after being approved by the chief of the bureau of statistics When recorded of labor and industries, shall be recorded in the office of the clerk of the county where the principal office or place of business of such society shall be, established, and a copy of such certificate shall be filed in the office of the chief of the bureau of statistics of labor and industries. 4. And be it enacted, That the business of every such society shall be managed and conducted by a board of not less than five directors, who shall respectively be members of said society and shall be annually elected at such time and place as shall be provided in the by-laws of the society, and one of such directors shall be chosen

Business to be managed by board of directors, &c.

president and one of them shall be chosen treasurer, and
such directors and officers shall hold their respective
offices until their successors are duly qualified; and that
such society shall also have a secretary and such other officers.
officers, agents and factors as may be necessary to carry
on its business, and shall choose them in the manner pre-
scribed in the by-laws thereof.

be called by

5. And be it enacted, That the first meeting of such First meeting to society shall be called by a notice signed by a majority of notice, &c. the persons named in the certificate of association, and designating the time, place and purpose of the meeting, and shall be personally served on all the persons signing said certificate, or by advertisement in a newspaper published in the county where such society shall have been incorporated, if such personal service cannot be made; and at such meeting so called, or at any adjourned meeting thereof, a majority of the persons so signing shall constitute a quorum for the transaction of business, and shall have power to elect the directors and other officers. provided for in section fourth (4) of this act, who shall serve until their successors duly qualify, and to adopt bylaws, rules and regulations for the government of such society.

6. And be it enacted, That the by-laws of such society what by-laws shall provide:

I. For an annual meeting of the members thereof, and such other regular and special meetings as may be deemed desirable, the number of members necessary to constitute a quorum for the transaction of business, and the right of voting at the same;

II. For the election of directors and other officers, agents and factors, and their respective powers and duties;

III. For the limitation of the amount of such real and personal estate as the purposes of the society shall require ;

IV. Whether the shares, or any number of them, shall be transferable, and in case it be determined that the same shall be transferable, provision for their transfer and registration, and the consent of the board of directors to the same; and in case it be determined that the shares shall not be transferable, provision for paying to

shall provide

Name of society to be

of business.

members the balance due to them on withdrawal, or of paying nominees in cases hereinafter mentioned;

V. How members may withdraw from the society;

VI. Whether and by what authority any part of the capital may be invested in or on security of another society through which its products are disposed of or its supplies secured;

VII. Whether and to what extent credit in its business transactions may be given or taken;

VIII. In what sum and with what sureties the treasurer and other fiduciary officers or agents shall give bonds for the faithful performance of their respective duties ; IX. For the audit of accounts;

X. For the distribution of the net profits;

XI. For the custody, use and device of the seal, which shall bear the corporate name of the society.

7. And be it enacted, That every society incorporated outside of place under this act shall paint or affix, and shall keep painted or affixed, its name on the outside of every office or place in which the business of the association is carried on, in a conspicuous position in letters easily legible.

To have a registered office,

Capital stock to be divided into shares.

No member

entitled to more than one vote.

May hold interest in any other society.

8. And be it enacted, That every society incorporated under this act shall have a registered office to which all communications and notices may be addressed, and notices in writing of the location of such office, and of any change therein shall be filed with the chief of the bureau of statistics of labor and industries, and in the office of the clerk of the county where the office of such society is located.

9. And be it enacted, That the capital stock of such society shall be divided into shares the par value of which shall not be more than fifty (50) dollars, and no share shall be issued for less than its par value; and that no certificate of shares shall be issued to any member until the shares are fully paid up.

10. And be enacted, That no member of such society shall be entitled to more than one vote upon any subject, which vote must be cast in person; and that the board of directors shall have power, unless otherwise provided in the by-laws of the society, to fix and regulate the number of shares to be held by any one member.

11. And be it enacted, That any society incorporated under this act may hold in its corporate name any