The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1880-02-07
Building Associations.

The members of the United Building
Associations of this county held meeting
last night
Mr.. Warren Higley, Chairman of the
Committee on Law. read the report upon
the changes proposed in the bill submitted
last Sunday. It is given below:
Sec. 3, 3,833-To be amended as follows: A
corporation organized for the purpose OF
raising money to be loaned or advanced to
its members and depositors for use in buy
ing lots and lands, or in building or repair
ing houses or other general purposes, may
levy, assess and collect from its members
such sums of money by rates of stated dues,
fines, interest, on loans advanced and pre-
miums paid by members or depos-
itors for the right Of precedence in taking
loans or adVancements, as the corporation
by its constitution, bylaws and regulations
may provide, and it may acquire hold, en-
cumber and convey all such real estate and
personal property as may be legitimately
pledged to it on such loans or advance
ments, or may otherwise be transferred to
it in the due course of its business, and
may become the absolute owner of such es-
tate at judicial sale or otherwise, where it
may be deemed necessary by the
Board of Directors thereof to
purchase the same to avoid any
loss thereon; but the dues fines, interest,
and premiums so paid by its members or
depositors although in addition to the
legal rate of interest on loans, or advance
ments, made by it, shall not be construed
to make the loans oradvancements so made
usurious. No person shall hold more than
twenty shares in his or her own name and
right, and each member shall have but one
vote. All persons, including minors and
married women, may become members and
upon payment to such minor or married
woman their receipt shall be a good and
valid release OF all claims against said
association. Upon the filing of the arti-
cies of incorporation with the Secretary of
State, upon the payment of the first INSTALL
ment of dues or the initiation fees, and
upon not less than five days notice being
given in some newspaper of general circu-
lation in the county where such corpora
ton shall propose to carry on business, the
members shall meet at such time and place
as may be designated in said notice for the
purpose of choosing such officers as It's oon-
stitution and bylaws may provide. who
shall continue in office until the
time fixed for the annual election,
and until their successors are chosen
and qualified. The President
Treasurer, Secretary, and such other Off
GERS as its constitution and bylaws may
provide shall give bonds to the satisfaction
of the Board OF Directors for the faithful
performance of their duties. The Secre-
tary of said corporation shall list and re-
turn for taxation to the Auditor of the
county the taxable property of said Asso-
citation, owned by it on the day preceding
the second Monday in April, said property
to be estimated by deducting from the cash
value of its assets, including its debts, in
cluding the dues and earnings due the de-
posit members, but the capital stock of
said corporation shall not be subject to tax
alton. ..
Sec. 1886. So much Of the earnings as
NAV be necessary, not exceeding ten per
cent. of the gross earnings per annum may
be set apart to defray the, current expenses
of the associations, and sum, to be de-
termined by the Board Of Directors Of not
less than twenty per cent. of the net earn
ings, shall be reserved as credit to the as
sociations for the payment of contingent
losses, when the residue OF such reserved
fund shall be paid ratably to such share
holder or shareholders; and the residue OF
such earnings shall be paid ratably to the
shareholders as the associations may de-
termine, and provided farther that any de.
posting or borrowing member may with
draw from said corporation and be paid OF
credited the dues paid in, and eighty pei
cent. of the net earnings.
The Committee on Legislation, consisting
of Messrs. Warren Higley,. Frank Bruner,
Henry Strueve, M. l.. Buchwalter, A. j.
Cosgrave and G. c. Wilson, was instructed
to take the necessary steps to bring the
proposed amendments before the Legisla
ture. ..,..... =
Adjourned to meet next Friday evening