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twenty-two of the laws of eighteen hundred and fifty-one and the acts aipendatory thereof, or under chapter tive hundred and fifty-six of the laws of eighteen hundred and eighty-seven, or under articles five and six of chapter six hundred and eighty-nine of the laws of eighteen hundred and ninety-two, shall, annually, on or before the thirtieth day of January, make a full report in writing of the affairs and condition of such corporation on the thirty-first day of December of the next preceding year to the superintendent of banks, in such form and by such officers of the corporation as the said superintendent may designate. Every payment made to an officer or agent of the association, by authority of the association, or by virtue of any provision of its by-laws or articles of association, shall, for the purposes of this section, be deemed a payment to the association and accounted for by it. Such report shall be verified by the oath of the officers making the same, and shall include the receipts of such association from all sources, including membership or share fees, and all other compensation paid to officers or agents by members or persons expecting to become members. Such report shall also include all expenditures made by such association, and for what purpose expended. Every association shall make any further reports which said superintendent of banks shall require, and in such form and as to such matters relating to the condition and conducting of the business of the association, as such superintendent shall designate. Any willful and false swearing in making and verifying any such report shall be deemed perjury.

$ 189. Same.—If any such association shall fail to furnish to the superintendent of banks any report required by this act at the time so required, it shall forfeit the sum of ten dollars per day for every day such report shall be delayed or withheld ; and the superintendent of banks may maintain an action in bis name of office to recover such penalty and the same shall be paid into the treasury of the state and applied to the expense of the said department, or report the facts to the attorney-general, who may bring an action for recovery in the name of the people of the state of New York; provided, however, that the superintendent may, for good cause shown, extend the time within which such report is to be filed not exceeding twenty days. He shall also annually publish a full report of the condition of all associations formed under the provisions of this act, or under the provisions of any act repcaled by this act.

$ 190. Visitation.-All associations organized under the provisions of this act or under the acts specified in section one hundred and eighty-eight of this article shall at all times be subject to visitation and examination by the superintendent of banks, his deputies or duly authorized agents; and he shall examine each of said associations at least once in each year. It shall also be the duty of -aid superintendent by himself, his deputies or duly authorized agents to make examination of the affairs of any of said associatious wienever in the judgment or discretion of said superintendent the annual or any other report made to said department as required in this act shall in any manner indicate or reveal that its business is being conducted in a manner not authorized by its articles of association or by-laws or by the laws of the state of New York under which it is organized or in an irregular or unsafe manner, and when any association shall fail wholly to make the reports required by the provisions of this act, all expenses incurred in making such examination or investigation herein authorized shall be paid from the funds provided by section twenty-five of this act, except the anvual examination herein provided for and also excepting examinations made by reason of the business being conducted in a manner not authorized by articles of association or in violation of law or in an irregular or unsafe inanner as hereinbefore provided; but no charge shall be made therefor when the examination is made by said superintendent personally or by one of the salaried employes of his department, except for traveling or other necessary expenses, but when made by some person duly appointed by said superintendent other than a salaried officer of his department, the amount charged shall not exceed the sum of ten dollars per day for the time actually expended in making the examination and reports of saine and in getting to and from place of examination and the actual necessary expenses incurred.

$ 191. Statement of financial condition. Each association shall at least annually publish and deliver to each shareholder on application a complete and detailed statement of the financial situation and the business conducted since the issuing of its last prior statement.

$ 192. Laws repealed.—Chapter one hundred and twenty-two of the laws of eighteen hundred and fifty-one, chapter five hundred and sixty-four of the laws of eighteen hundred and seventy-five, chapter ninety-six of the laws of eighteen hundred and seventyeight, and chapter five hundred and fifty-six of the laws of eighteen

hundred and eighty-seven, and article six of chapter six hundred and eighty-nine of the laws of cighteen hundred and ninety-two are hereby repealed, except as to associations now organized under either of said acts, but such associations shall be subject to the provisions of sections one hundred and eighty.eight, one hundred and eighty. ninc, one hundred and ninety and one hundred and ninety-four of this article.

$ 193. Reincorporation of existing associations. Any association now existing and heretofore incorporate under the provisions of chapter one hundred and twenty-two of the laws of eighteen hundred and fifty-one, and of the acts amendatory thereof, or chapter five hundred and fifty-six of the laws of eighteeu hundred a!id eiglity-seven, and articles five and six of chapter six hundred and eighty-nine of the laws of eighteen hundred and ninety-two, may become entitled to the benefits of this act and reincorporate under the provisions in the following manner: First. Upon a majority vote of all the directors so requesting the president and secretary of the association shall call a special meeting of the shareholders to consider and determine the question whether the association shall reincorporate under the provisions of this act. Such notice shall specify the object of such meeting and be mailed postage prepaid, not less than thirty days prior to the date fixed for the meeting, to every shareholder at his last post-office address known to the association. Second. At such meeting a majority vote of those in attendance shall decide all questions considered at the meeting, the vote being by member or by shares, according to the rule already existing in the association. The meeting may be adjourned from time to time if deemed advisable. Third. If the shareholders decide not to reincorporate, another meeting for such purpose shall not be called until one year has passed. Fourth. If the shareholders decide to reincorporate, they shall proceed to adopt by-laws for the association when reincorporated, the voting thereon to be the same as provided in the foregoing subdivision two, and such by-laws shall be in conformity with the provisions of this act. F'ifth. The shareholders having decided to reincorporate, and having adopted by-laws, shall next designate the fifteen or more persons who may make and file the certiticate, and have the certificate recorded as provided in the third section of this act. Sixth. Upon the said fifteen or more persons complying with the provisions of said section three, and filing said by-laws with the superintendent of banks, the association shall become fully incorporated under this act. All obligations in favor of the old association at the time of such change shall belong to the new association and be enforceable by it and in its name as fully and completely as the old association inight have enforced them if no change had been made, and all demands, claims and rights of action against the old corporation may be enforced against the new corporation as fully and completely as though no change had been made.

§ 194. Assessment.—Superintendent of banks is hereby empowered to levy an assessment upon each association incorporated hiereunder or under chapter one hundred and twenty-two of the laws of eighteen hundred and fifty-one and acts amendatory thereof, or chapter tive hundre I and fifty-six of the laws of eighteen bundred and eighty seven and articles tive and six of chapter six hundred and eighty-nine of the laws of eighteen hundred and ninety-two, for the purpose of defraying the necessary expenses of his deparıment in the supervision of said associations, examination and publication of reports as follows, viz.. Said assessment shall be levied upon said associations in proportion to their assets as shown by the last preceding annual report, and said associations shall pay the same within ten days after notice is given by said superiniendent; and in no event shall any portion of said expense be borne by the state.

$ 195. Reference.- Wherever reference is made in any of the statutes of the state of New York to article five or six and to articles five and six of chapter six hundred and eighty-nine of the laws of eighteen hundred and ninety-two the said reference shall be constrned to mean and refer to this article five cubstituted in place of said articles five and six.

$ 2. All acts and parts of acts inconsistent herewith are hereby repealed.

$ 195a. Investments of deposits and income.-A co-operative savings and loan association, or a building and loan association, incorporated under and doing business pursuant to the laws of this state, may invest its deposits and the income derived therefrom in the same securities in which savings banks are, by section one hun. dred and sixteen of this chapter, authorized to invest their deposits and the income derived therefrom. Added, ch. 348 of 1898.

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ARTICLE VI.
INCORPORATION OF BUILDING AND LOT ASSOOLATIONS
Section 196. Incorporation.

1968. Powers.
1966. Borrowing money
196c. Dividends.
1960. Mouthly payments.
1960. Liability of stockholders and directors.
1961. Exemption of shares from sale and execution
196g. Reports.

196h. Supervision and examination. *8 196. Incorporation.-Five or more persons may become a corporation for the purpose of accumulating a fund for the purchase of real property, to pay off incumbrances thereon, to aid its members in acquiring a building lot or lots, and making improvements thereon in a manner and form specified in the certificate of incorporation, or for all or any of such purposes, by making, acknowledg. ing and filing a certificate of incorporation setting forth :

1. The name of the corporation.
2. The location of its principal business office.

3. When its regular meetings shall be held and how special meet ings may be called

4 What shall be a quorum to transact business at its meetings 5. How members shall be admitted, and their qualifications.

6. What officers, directors or attorneys of the corporation there shall be and how and when chosen.

7. The duties of such officers, directors or attorneys, and how removed or suspended from office.

8. The names of the persons who shall be such officers and directors for its first year and until others are chosen or appointed in their places

9. The amount of each share and how ascertained.
10. The monthly or weekly dues per share
11. The fees to be paid on the transfer of shares

12. The penalty for nonpayment of dues or fees, or other violation of the provisions of the certificate

13. The qualification of voters at its meetings and the mode of voting.

14 The manner of dividing land and selecting or alloting the lots

* This art. was added by ch. 193 of 1898.

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