The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1883-02-26
BUILDING ASSOCIATIONS.
The New Law Governing Them Passe'
II hrlThe LagIAlaIure.


Among the acts passed by the Legislature
OF aSs, none arSoi more interest or an.
portanLe toa large number Of citizens OF
Wheeling and OF the State at large, than the
law amending the Act concerning the form.
alton Of stock companies without special
charters. The changes in the law are relative
to building associations, the provisions gov.
ernipg which are so materially changed that
the entire Act will be read with interest by
persOns interested In these organizations. II
il as follows:
Building and loan associations formed
under this chapter my be for the
purpose OF raising money, as hereinafter pro-
vided, 10 be distributed among their mem.
bers, and by such members used In buying
Iauds or houses, or in building or repairing
houses, or in paying our liqutdaltng henson
houses and other real estate. In any case
where the money OF Ruy such association
shall be diverted from the purpose expressed
In the preceding section, such association
shall not be entitled 10 the privileges confer
red upon It in the succeeding section.
Every building and loan association may,
by It's bylaws, fix an ultimate value for the
shares Of its stock, 70 that the same be not
less than one hundred and thirty dollars for
each share, and at any time may pay In adj
vance to such member rs shall pay the high.
est premium therefor, at a bona 6de sale, the
ultimate value OF any shares held BY him
less such Premium or In default Of bidders
mt or above o minimum premium, may
award to n member the ultimate value Of any
shares held by him less such minimum pre-
MUM, the minimum premium n the mode
OF making and enforcing the award 10 be
| a.nl kU kIaa hu.Ia uYa AnRh RRRnNintinR NAV
also levy, assess and collect from It's mem
bers stated dues upon every share OF is
atock, the amount OF such dues 10 be fixed
By It's bylaws, hut not 70 exceed twenty-five
cents per week upon each share, and may
lew, assess and collect from members 10
whom the ultimate value OF shares
less the premium Us aforesaid shall
have been advanced or awarded, stated
dues upon each Of sucheshates, In addition 10
Lhoge assessed upon other shares but not ex.
ceedtng upon each alare three-fourths OF the
amount OF such other dues, which additional
dues shall be fixed by the bylaws. 1t may
also levy, assess and collect from its members
fines for delault In the payment OF any dues
or for failure 70 comply with or perform any
other obligation or duty TO the association.
The amount Of the respective fines shall be
liked by the bylaws, and they shall be I'M
puaeu lAuti itkAtpNShH WV tNHSS N
bylaws, but such lines shall be uniform and
| where they are for default In the payment Of
dues shall be in proportion TO the amount Of
the dues for the failure 10 pay which they are
imposed. But no member shall be fined
more than once for q failure to pay interest
or dues for the same default. The ttansac-
ton shall not be deemed usurious, although
any or all OF the dues, tines and premiums
shall exceed the legal rate OF interest on the
amount Of money received by the member.
Ia cases where there shall be an advance
or award 10 a member, OF the ultimate value
Of any shares, less the premium az aforesaid,
the association may take personal security or
4 miorgsge or deed Of trust upon real or per.
sonal property, or q transfer or pledge Of shares
Of itS stock, TO secure tho payment Of oil the
dues TO become due from such member, and
the payment OF any fines which may become
due from him. such association may acquire,
hold, convey and cucumber all such pro-
perty, real and personal, as'may be taken as
security. or may be otherwise transferred 10
It in the due course Gifts legitimate business,