The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1876-04-27

Sec 4. The said officers shall hold stated meet
ings, at which the money in the treasury, if over
two hundred dollars $780, shall be offered for loan
in open meeting, and the stockholders who shall bid
of loan shall be entitled to receive loan of two
hundred dollars $4,000 or more for each share of
stock held by such stakeholder: provided, that a
stockhoIder may borrow such fractional part of two
hundred dollars 5000 the bylaws may provide:
and good and ample security shall be given by the
borrower to secure the repayment of the loan In
case the borrower shall neglect to offer security,
shall offer security that is not approved by the
board of directors by such time as the bylaws may
prescribe he or she shall be charged with one
months interest, together with any expenses in
Cured, and the money shall be reclaimed as the
next stated meeting. In case OF non-payment of in
sallments interest by borrowing stockholders for
the space of six months, payment of principal and
interest, without deducting the premium paid or
interest thereon, may be enforced by proceeding
their securities according to law.
Sec 5. borrower may repay loan at any time,
and in case of the repayment thereof before the
expiration of the eighth year after the organize
ton of the corporation there shall be refunded to
such borrower one-eighth of the premium paid for
every year of the said eight years then unexpired
and in of recovery of loans by process of law
when the amount collected by distributed to the
said corporation shall exceed the amount of loan
taken by the borrower with interest and charges,
the money shall be He-loaned at the next stated
meeting, and the recovered beyond the
amount required to paythe loan, with the interest
and charges, shall be returned to the borrower
from whom the money was collected, or his legal
corporation shall have issued its stock in series,
such re-loan shall be made only to the stockholders
of the same series; and provided, that If the pre-
MUM offered for the re-oan shall be greater than
that originally given by the defaulting borrower,
the amount on the original premium only shall be
paid over by the said corporation; and provided,
that such defaulting borrower may at any time
after said re-loaning, demand from said corpora
ton the amount required to be paid to stockhold
er withdrawing his stock, saving and excepting,
however, the said corporation the right to retain
so much of the whole thereof as may be requisite
to save it from loss, in the amount recovered
shall not suffice to pay the re-loan.
SEC. 6. No premiums, fines or interest on sucn
premiums that may accrue to the said corporation,
according to the provisions of this act shall be
deemed usurious, and the same may be collected as
debts as of like amounts are now collected by law
in this State.
SEC. Z. No corporation or association created
under this act shall cease or expire nom neglect on
the part of the corporation to elect officers at the
time mentioned in their charter bylaws, and all
officers elected by such corporation shall hold their
offices until their successors are duly elected.
SEC. s. Any savings fund, loan or building asso-
citation incorporated by under act is hereby au-
thorized and empowered to purchase at any sherifs
or other judicial sale at any other sale public or
private, any real estate upon which such associa-
lien or other incumbrance or ground rent or in
which said association may have an interest, and
the rear estate purchased, to SELL convey, lease
or mortgage at pleasure, to any person or persons
whatsoever.
SEC 9. All acts or parts of acts contravening the
provisions of this act are hereby repealed.
SEC. 10. This act shall take effect and be in force
from and after it's passage and publication.
Approved March 4 1876.