34:17-12. Annual report

269 words·~1 min read·/nj/title-34/chapter-17/34-17-12

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

The board of directors of every society incorporated under this chapter shall annually make a statement in writing of the condition of such society, setting forth:

a. The amount of capital stock and the number and par value of shares issued;

b. The number of stockholders and the number of shares held by each; and

c. The amount and character of the property of the society and of its debts and liabilities.

Such statement shall be signed and sworn to by a majority of directors, including the treasurer, and filed in the office of the clerk of the county where the principal office of the society is located, and immediately thereafter a copy of such statement shall be forwarded to the commissioner of labor. If the commissioner of labor shall have reason to doubt the correctness of the statement, or upon the written request of five members of the society, he shall cause an examination of the books and affairs of the society to be made and shall render a correct statement to the members thereof.

Every member or creditor thereof shall be entitled to receive from the secretary of the society a copy of the annual statement, and every director or other officer refusing to comply with the requirements of this section, or making and signing a false annual statement of the condition of the society, shall forfeit for each offense the sum of one hundred dollars, to be recovered in an action at law in any court of competent jurisdiction in this state by any member or creditor of the society who shall sue for the same.