The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1880-02-02
UNITED BUILDING ASSOCIATIONS.

and prosperity Of Cincinnati.
UNITED BUILDING ASSOCIATIONS
Hssting Of Delegates at Turner Hall Yes
tsrday.
The representatives of Cincinnati Build.
ing Associations met at Turner Hall yes
terday to take action with reference to SO.
curing favorable legislation for Building
Associations in view of the late decision Of
the Supreme Court in the Oberlin case,
and from the fact that bills have already
been framed looking to the taxation OF
Building Associations
The Committee on Law, through Warren
Higley, was called upon to make report,
which he did, as foil ws: al
To the United Organisation of Building and Loan
Associations OF Hamilton County, Ohio:
Your Committee on Law report as fol-
lows:
In their opinion the plans and workings
of a majority of the Building Associations
in Hamilton County and, 80 far as they
have been able to learn. in the State. are
not strictly in conformity with the provi-
sions of the statutes now in force, which
relates to the division of the earnings
among the members This provision is as
lows:
Sec 1886. So much of the earnings as
NAV be necessary, not exceeding ten per
cent per annum, may be set apart to defrav
the current expenses Of the Association and
for the purchase OF such real estate as may
be necessary for the convenient transaction
of their business. and the residue of such
earnings shall be transferred to the credit
of the shareholders to be paid ratably to
them when the shares are fully paid"
Under this section 1t is evident that
Building Associations have no right tn d.
vide the earnings among the members until
the full face OF the shares has been paid in.
and that consequently members who
might be compelled to withdraw before
their shares were fully paid. should re-
ceive no portion OF the earnings which
their money helped to accumulate
This we deem to be neither Just nor
equitable, and we are Of the opinion that
the strict observance of this law would
tend to do away with building associations
| in this State.
Your committee, therefore, after a care
full examination OF the law and after much
deliberation, have concluded to recon-
mend that this section "a, 1851 of the Revised
Statutes be amended as in the proposed
bill following.
That this amendment be submitted to
the Legislature, and that such means may
be taken and such efforts put forth by this
organisation rs to secure its passage.
bill to amend SEQ 1885, Chapter 16,
Title z OF the Revised Statutes of the
State OF o 10, page $40, relating to
Building Associations
Be 1t enacted BY the General Assembly
OF tue State Of Ohio That Section g. s35 OF
the Revised Statutes of the State of Ohio
be 30 amended as to reai as follows:
Sec. 3,S35. 80 much Of the earnings as
may be necessary, not exceeding 10 Ler
cent per annum, may be set apart, to de-
tray the current expenses If tie Associa.
tions and Tor the purchase of such real es
tate as may be necessary for tie convenient
transaction OF their business, and out ol
the earnings may be paid to members with.
drawing from the Association IN interest
upon the dues paid in, not to exceed the
rate OF eight per cont per annum
and the residue OF such earning,
shall be transferred to the credit of the
shareholders to be paid rataby to them
when the amount OF dues paid in and the
earning thus credited shall equal the face
| VI viz s""S WARREN HIGLEY,
| g. G. WILSON,
---- ...-. MAX BuRaHErx,
| ,....,...... , Committee.
Mr.. Buehwaltey moved that the report o.
the Law Committee. and all other matter.
If legislation, bs referred to the CommA te.
consisting OF the attorneys who represen
the Building Associatinns-membexs o.
this organization--and report at the mex
meeting. Adopted. .l..- ---
Mr. Rohner offered the following resolu
ton:
Resolved. That the report be recon-
mitted 10 the COmmittee, with instruction.
to report d, the next meeting. embodvin.
therein clause that will provide an ex
ception in law as N Building Associa
tions requiring any portion OF dues paid IL
before the election Of officers, and that in
the meantime the United Building Asso
Citations Of Hamilton County requests the
Senators and Representatives in the LeKis
lature, from this County, tn oppose an,
bill that relates to the management o.
Building Associations within this State
and especially Hamilton County"
The resolution was adopted. s~ss.A.