The Superior times. [volume] (Superior, Wis.) 1870-1912, 1882-07-22
Loan and Building Corp

Loan and Building Corp orationS.
Inasmuch as a Loan and Building
Association has been organized in Su-
perior, and the books duly opened for
stock subscriptions, we think it timely
that the law governing such corpora
ton be laid before our readers, that
all may fully understand its privileges
and limits, and we herewith give it as
taken from the REVISED statutes of
Wisconsin for 1873, laid down in
chapter 90, page 592. That such or
CARNATIONS are productive of good re-
suits, when properly and judiciously
handled, there is no denying, and we
see no good reason why our organiza-
ton should not prosper and prove
beneficial to all of the stockholders.
The law referred to is as follows:
CHAPTER XCIII.
OF MUTUAL LOAN AND BUILDING CORPORATIONS
SECTION 2009. Any five or more persons NAV
form a mutual savings fund, loan or building
corporation. in the manner prescribed in chaDteT
eighty-siX, but shall not exist for a longer term
than twenty years: and thcreupon such corpora
ton shall have all the powers and privileges and
be subject to all the liabilities conferred and pre-
scrlped ny TINS chapter, and such other powers
conferred on corporations by these statutes as are
necessary or proper to accomplish the purposes
prescribed BY It's articles Of organization.
SEC. 20l0. The capital stock of any such corD0-
ration shall not exceed five hundred thousand
dollars, and shall be divided into shares of two
ht on
heretofore or hereafter organized, shall have a
capital stock less than the sum of five hundred
thousand dollars, it may, III the manner prescrib-
ed III section one thousand seven hundred ana
sevcnty-!our, increase its capital stock to any
amount not exceeding the limit hereinbcfOre
fixed. But the resolution proposing such increase
must be offered at the regular meeting next pre-
ceding the meeting at which the same shall be
voted upon. Payments for such stock shall be
made IN lnStallments of not exceeding two dol
lars each, on each share, at such time and place
as the bylaws shall prescribe; and every share of
stock shall be subject to lien for the unpaid in
stdllmentS and other charges incurred thereon.
The bylaws shall prescribe the form and manner
OF enforcing such lien. The stock may be issued
in one or more success 2iye series, III such amount
as the board OF directors or the stockholders may
determine ana new shares of stock may be issued
in lieu of shares Withdrawn or forfeited ANY
stakeholder wishing 70 withdraw from the cOrpo-
ration may Go SO BY giving thirty days notice of
such intention, and shall then be entitled to re-
ceIve the amount paid III by him and such pro-
portion of the profits as the bylaws NAV Ir
scribe, less all fines and other charges due such
corporation; but no stockhOldcr whose stock is
held IN pledge for security shall be allowed to
withdraw; and at no time shall more than one
half OF the funds then in the treasury be applicl
bic to the demands of Withdrawing stockholders
without the consent of the board of directors.
Upon the death of a stakeholder. his legal repre-
sentative shall be entitled to receive the full
amount paid in by him, and legal interest there
on, first deducting all charges that may be due on
the stock but no ines shall be charged to a de
ceased members account after his deccase, unless
his legal representative shall have assumed the
future payments Oh the stock.
SEC. Poll. The bylaws of every such CORPORA
ton shall provide for the ratio and manner of
voting by It's members and fix the time of hold
ing periodic meetings, at which the money in
the treasury, If more than two hundred dollars.
shall be offered for lQGn IN open meeting, and the
stakeholder who shall bid the highest premium
for the loan shall be entitled loan of at least
TWO nundred dollars Tor each snare OF stock held
by him, but not exceeding the sum then in the
treasury and offered for loan, upon giving good
and ample security upon property Situatedin The
county where such corporation is located, for the
repayment of the loan; provided, that a. stock
holder may borrow such fractional part Of two
hundred dollars as the bylaws may prescribe.
In case the borrower shall neglect to offer sccu-
Tlty, or shall offer security that is not approved
by the board of directors within the time pre-
scribed by the bylaws, lie shall be charged with
one months interest, together with any expense
incurred, and the money shall be relOaued at the
next periodical meeting. In case Of the nonpay
mcnt of installments or interest by borrowing
stockholders, for the space of six months after
due, payment of the whole principal and inter
est. without deducting the premium paid, in
terest thereon may be enforced by proceedings
on their securities according to law.
SEC. 2012. A borrower may repay a loan at any
time, and in case Of TepaymeutthereOfb before the
expiration of the term for which the loan was
made, there shall be refunded to such borrower
such proportion Of the premium paid az the part
of the term uneXpired bears to the whole term of
the loan: and when loan Is collected by process
Of law, and the amount collected by the corpora
ton exceeds the amount OF the loan taken by the
borrower, with the interest and charges the
money shall be relOaned at the next periodical
meeting, and the excess recovered, beyond the
amount required TO pay the loan, with interest
and charges, shall be returned to the borrower
from whom the money was collected. or his legal
have issued its stock in series such reloan shall
be made only TO the stockholders of the same
series and It the premium received for the relOan
shall be greater than that originally given by the
detaulung borrower. no part Of such excess Of
premium shall be paid to him. Any defaulting
borrower may, at any time after the securities
given by him have been collected by such cOrpO-
ration. withdraw his stock upon the same terms
prescribed IN section two thousand and ten, but
the corporation may retain out of the moneys due
upon such withdrawal so much may be
quisite to save il from loss. in ease the amount
so collected shall not be sufficient to pay his loan
with interest and charges.
SEC 20l3 No premiums fines. interest on
| such premiums that may accrue to any such cor
nOration under the provisions of this chapter
shall be deemed usurous.
SIC. 20l4. Every such corporation may purch-
ase at sherifs or other judicial sale CT at any
other sale, public or private. any real estate upon
/ which il may have or hold any mortgage, judg-
ment. lien. or other incumbrance. or ground rent
/ or in which It may have any interest, and sell
convey, lease or mortgage, at pleasure, the real
/ estate so purchased.