The Republican journal. [volume] (Belfast, Me.) 1829-current, 1877-02-22
Chapter 1913.

De II epuCISQ Du me Senate and House
tioeS an Legislature assembled, follows:
SECTION l. Loan and Building Associations may ie-
organized in the provided by chapter
of the public laws of eighteen hundred and seventy-sA
Tor the organization Of savings banks, and
Citations and upon filing of any certificate of authorize
ton OF loan and building association with the secretary
OF state as provided by that chapter the persons therein
named their associates successors and assigns, shall,
thereupon and thereby be duly and lawfully constituted
body corporate and polite, and shall have the power
make and use common seal to hold manage and CONVEX
real and personal property to and be sued pros
cute and defend suits in law in equity have per
petuai each by its corporate name
and ordan bylaws for its government not repugnant
the constitution and laws of this state.
SEC. q The certificate of authorization issued b., the
bank examiner shall provide the method of calling the
first meeting of the association Each association shall
pay the bank examiner the sum OF five dollars for sS
services in advance.
SEC s. The capital stock of each association Shall COZ
sst of not man thirty-ive hundred shares to
issued in successive series shareholders may
Each shareholder shall each every share of stock
held by him, pay the sum Of dollar such day or
days in each and every month and to such officer
bylaws shall require until the value Of the whole fund
tie series to which such shares may belong shall be
cen divide each share that series the sum of two
hundred dollars Every share shall be subject to lien
for the payment of any unpaid instanents and Other
charges incurred thereon under the provisions this
and the bylaws and the by laws may provide the meth
of enforcing such lien. New shares may issued in tie
pl .ce of shares Withdrawn, forfeited or redeemed
SEC l. Each shareholder, for each and every share
stock held IN any association shall be emitted
loan not exceeding two hundred dollars, such to
disposed Of by the directors stated monthly meetings
to the shareholder who shall bid the highest premium
the preference priority of the loan Whenever share
holder shall be entitled by such preference loan he
shall give such security for the aud
interest as the directors may deem sufficient and in add
ton thereto be shall assign the SHARE Of
stock for every Of hundred dollars or Fraction,
thereof borrowed by him which so assigned shall
be held collateral security the repayment of such
loan. In such shareholder negecs offer securts
approved by the directors within such time the bylaws
provide he shall be charged with months on
the oan together with expenses incurred and the nortv
may be loaned to the highest bidder th
next meeting In of of insta nents or
interest by borrowing Shareholders for the space
months, payment of principal and interest," without de
Quoting premium paid may be enforced proceeding on
the securities according to law. Loans may be repaid
any time before due and if before the expiration eight
years from the commence ment of the which
belongs, there shall be deducted from the
OF the premium paid for each and every of said eight
years then lnexpred.
SEC. Any shareholder, who has not received loan
from the association, wishing withdraw from the same
may do by giving thirty days notice of his intention so
to do when he shall be paid the amount he has paid into
the association and such proportion of the profits the
shareholders may vote less the of any fines
charges provided, at time shall than half
funds in the treasury be applicable to the demands Of
Withdrawing members without the consent of the directors
Upon the death of shareholder his gal representatives
shall be entitled to receive the full paid in with
six per cent interest the same first deducng all fines
and charges that may be due thereon such represent
atYes may assume and pay future nsalmens under the
rights and liabilities of deceased. The money re-
ceved for the shares of deceased shareholder the
shares themselves as the SHAH descend to the
persons and be distributed in the that
money received from policy of life insurance the life
of a deceased person now does by law.
SEC 6. When no applications made to borrow the
money in the treasury, at any monthly meeting Of the
directors they may invest such money they deem
for the best Interests Of the association.
SEC :. Minors may hold shares ny trustees, AM at
least two shares OF each shareholder shall be c>mp' from
at .achHert and execution.
tApproved Feb. ), 1910