Tama County Republican. (Toledo, Tama County, Iowa) 1867-1872, 1872-05-02
CHAPTER "A.

AN ACT to enable Cooperative and
Mutual Loan Associations to raise
funds to be loand amoug the mem
bers for building homesteads, and
for other purposes, to become a
body corporate.
SECTION l. Be it enacted by the
General Assembly OF the State OF
Iowa, That any number Of persons,
not less than FIVE, may associate
themselves together and become
corporation as provided in and 10y
the general incorporation laws Of the
State of Iowa, for the purpose OF
raising moneys to be loaned among
the m ,nbers of such corporation,
and to other persons, for the use in
buying lots or houses, or III building
or repairing houses, or other pur-
poses.
SEC. 2. Such corpu, alton shall be
authorized aud empowered to levy,
assess, and collect from it's members
such sums of moneys, by rates OF
stated dues, fines, interest on loans
advanced, and premiums bid by
member for the right OF precedence
In taking loans, as the corporation,
by it's by laws, shall adopt; also to
acquire, hold, cucumber, and convey
all such real estate and personal
property as may be legitimately
pledged to it on such loans, or may
other Use be transferred to it in due
course of its business provided. that
the dues, fines ana premiums SO paid
by members in addition to the legal
rate of interest on loans taken by
them, shall not be construed to
make the loans SO taken usurious
and provided also, that no person
shall hold more than ten shares in
any such association.
SEC. 3. That when mutual loan
societies or other associations here
before organized under the laws of
this State, with objects similar to
those contemplated in the preceding
sections, and permitting not more
than ten shares OF their stock to be
owned by any one member, have
loaned, or shall hereafter loan their
capital or funds, or any part thereof,
to their members, and having taken
or shall take notes or obligations
therefor, secured by mortgages, or
otherwise, III accordance with the
terms Of their articles Of incorpora
ton aud bylaws, sach notes, obliga-
tons and securities shall not be con-
strued or held to be usurious by lea
son OF any dues, fines or premiums
for til. right Of preference IN taking
such loans paid in addition to the lie
gal rate OF interest. but the same
shall be valid and binding in all re-
spects tn. payment OF such dues,
fines or premiums in addition to a
rate OF interest not exceeding ten
no. ......,.., ,,n~ an".--- ~.--en., ar
az any less period, notwithstanding.
SEC 4 That SO much Of the earn
lngs OF sach corporations as may be
not exceeding ten per
cent, pc, annum, may be set apart
to detray the current expenses OF
said association, and tor the purchase
Of such real estate as may be neces-
sary tor tho convenient transaction
OF It's business, and the residue OF
said earnings shall be transferred to
the credit OF share holders, and when
raid shares are fully paid, then to be
paid ratably to the share holders.
Sec. 5. This act being deemed OF
importance, shall take ef-
ect and &c IN force from and after
Is publication in the Daily State
Register and Dali. state Leader
Approved, April 6 1872.
hereby certify that the foregoing
let VAS Published in the Daily Iowa
tate Register, April 10, and IN the
)aiiy State Leader, April, 1872.
ED " RIGHT,
Secretary of State.
CHAPTER 10
IN ACT 10 enlarge the Iowa instI