The Worthington advance., 1889-05-09

passage, and shall be entitled to all the
privileges and benefits thereof without rein
Pfovided, That all such compantc, or ...o-
Citations incorporated prior to the passage Of
this act, not having at th4 time thereof se
curt curities s' to the amount Of twenty-five thop
A. D.'1ss9, in which to make tho full de.
posit Of said sum, as provided In section six
OF this act :,but all such associations shall de.
poslt al their securities during said time as
provided in said section.
SEC, "a. This act shall not apply
sociation organized under the lay
state. which confines its loaning
ness operations wholly to its count,
counties adjacent and adjoining the
vided, That any such association b
incorporated which desires to here's
fine Its business to adjacent counties
SAID, may file with the public exa
statement to that effect, and also &C
the names of those holding and the
held by them Of the stock Of said as
outside such counties, and SO long
association thereafter confines its
stock within the limits aforesaid it {
be subject to the provisions hereof,
sales Of stock outside the limits of So
ties made after filing Of such slater
any sba afec1GE OF
penalties prescribed in section "a of
Provided, further, That nothing IN
ton shall be so construed to prevent
fide sale or transfer Of the individual
any member of such association.
SEC. So. Every such association
assessed for and pay taxes upon
furniture and fixtures, and all real e
qufred In the course of its bpsiness,a
stockholder in such association shal
ssessed and pay taxes upon the sha
by him therein, the value of VIII
shares, Tor the purpose of taxation,
fixed at the withdrawal value the
provided in section twenty seven Of
except in cases of such associations I,
of which heretofore or hereafter issu'
mature at fixed time mentioned in section
twenty seven of this act. and the value of the
shares in any such association of all stock so
issued as aforesaid for the purpose of taxa
tion shall be fixed upon the basis Of the ag-
gregate amount paid in by member, togeth.
er with interest thereon at the rate of six (6)
per cent per annum computed on annual
rates.
SEC. SO. 1t shall he the duty of the secre.
tary of every such association incorporated
under the laws Of this state to make out and
transmit to the auditor Of every county in this
state in which said association shall! have
shareholders on the first day of May in each
year statement containing the names of
every person holding stock In such associa-
ton i'll such county, and the amount and
value Of the respective shares of such stock
at such date, upon the basis of its value as
f3Gd in this act and any failure to comply
such association, shall be deemed sufficient
cause for proceedings under this act for for
feiture OF the charter OF the association so
offending. The books and papers of every
such association shall also be open, at all
convenient times, for inspection by any as
SCISSOR desiring to make examination thereof
for purposes of laxatlen: Provided. that no
report shall be required under this section
upon stock pledged as collateral security for
loan. SO long as the amount of such loan ex-
ceeds the withdrawal value OF such stock as
fixed in this act, and when it shall exceed
such value then only as to such excess.
SEC. 81. 1t shall be the duty of every such
association not incorporated under the laws
of this state to make and forward to the pub
lie examiner upon the first day of May in
each year, q statement containing, the names
and the withdrawal value OF all its stock
held and owned by residents of this state,
together with the place of residence Of every
such stockholder, except those having loans
it shall be the duty Of the said public exam
iner to make out and forward to the county
auditors of the proper counties statement
of the stock held by them. And it shall be
the duty of the said county auditors, upon
receiving the statements provided for in This
and the foregoing sections, to furnish the as
SCISSORS of each town in his comfy having
such stockholders with the names of such
stockholders and the value OF their stock as
given in such statements, for the purpose of
assessment.
SEC. 80. The public examiner shall receive
and retain all the fees mentioned in this act,
and the same shall be in lieu of any allow
ance of clerk hire made necessary by the
extra labor required by the provisions of this
act.
SEC. 80. At least thirty days prior to any
citation, notice stating the time and place of
such meeting shall be deposited in the post
office at the headquarters of such association
directed to each member at his address as
the same appears at the time on the books of
the association and when SO deposited, post
age prepaid, shall be deemed a legal and suf
6e H a y h such no
amendment