The Worthington advance., 1889-05-09
11:sO.
34O.

D. F. No. 63c-AN ACT relating to building,
loan and saving associations doing gen
Be it enacted by the Legislature Of the State
srcrloS 'S i. Whenever any number Of per.
sons not less than ten desire to be incorpor-
the purpose of accumulating the savings and
funds of its members and lending them only
the funds so accumulated: they shall make
and execute written declaration to that e.
1ect In the form now provided by statute for
the execution of deeds of real estate to en-
ute the same to record. Said declaration
principal place OF business, which shall be
within the state, the limit of capital to be ac-
cumulated, the time of its duration, the
names and places of residence of such per-
and for the purpose herein expressed. When
so executed said declaration shall be filed
and recorded in the Office Of the secretary of
state, whereupon such officer shall issue
copy of such declaration under his certificate,
In proper form, setting forth the time and
place OF filing and recording thereof in his
1t1ce, which declaration and certificate shall
thereupon be recorded in the Office of the
register of deeds Of the county where said as.
Evciation islocated, and published once in
daily or weekly newspaper printed and pub,
!lshed and OF general circulation in said
requirements, and upon filing all affidavit Of
proof OF such publication in the Office Of the
secretary OF state the persons executing such
b
shall become corporate body.
SEC. 2. The name shall not be the same as
nor TOO closely resemble that in use by any
Jaws of this state. The words building and
loan association or savings and loan asso-
ciation," shall form part Of the
der this act shall be entitled to use name
embodying either said combination OF words,
Provided that associations now existing may
continue their present names.
SEC: 3. Each association shall adopt by
laws for its government and therein describe
the manner in which its business shall be
transacted, which bylaws shall be in con-
tormity with the provisions of this act and
open TO the inspection Of the public exam
iner and the members of the association at
Its home Office. All by laws shall be subject
20 the approval Of the public examiner be-
heretofore organized aud brought under the
provisions of this act shall within sixty days
from the passage hereof present its bylaws
any in such 6yaWs shai be- e
trary to the provisions Of this act or to the
Jaws OF this state or be detrimental to the in
terests OF the members of such organization
or against the public policy, he may, under
the advice and consent of the attorney gem
eral, require the same to be stricken out.
SEC 4 For every loan made note nom
on real estate shall be given which security
shall be in double the value Of the loan aud
satisfactory to the directors and shall be ac.
companled by a transfer and pledge of the
The shares SO pledged shall be held by tho
corporation as collateral security for the per-
formance OF the conditions of said note or
pond and mortgage; provided, that the shares,
OF the directors, he accepted as security for
the loans for All amount not exceeding their
w!hdrswai sha value , as provided by this act
SEC. .. Any such association may pur-
GhaSe at sale Dublic " nriyato anI- rool
estate upon which it may have a mortgage.
3udgment lien or other encumbrance, or in
which it may have any interest, and may sell,
convey, lease or mortgage the same at pleas
Sfe 10 any person or persons, but shall not
pthe1wise acquire or deal in real estate; pro-
Slded that any such association may acquire
eny !easehold interest necessary for the tran.
eaction of its business.
SEC. 6. Every building and loan associa-
1on heretofore or hereafter incorporated un-
Per the laws Of this state and governed by
This act shall deposit and keep With the state
eud1tor. or with duly chartered trust com
Psny OF this state, approved by the public
examlner In trust for all its members and
creators, all mortgages or other securities re-
Eeited by it IN the usual course of business
When deposited with trust company, such
COMPANY shall certify to the auditor the pos,
SESSION OF such securities, and the same shall
not be surrended without the authority or
sanction of the auditor.
crowded, that every such corporation here
sofore organized, not having or owning mort
gage or other securities to the amount of
twenty-five thousand dollars shall deposit
with the state auditor additional securities to
0ake, with the securities so owned and de-
posted. equal i'll value to said sum Of TWEEN
,tyhVe thousand dollars and every such cor
,POratlon hereafter organized under this act
ehall deposit and keep with the state auditor,
IN tru>t as aforesaid, securities of the value
OF twenty-five thousand dollars before com
Nenclng to do business. The securities men
loned i'll this provso shall consist Of bonds
Or treasury notes Of the United States, or ma
uonal bank stocks, or bonds of this state, or
my other state Of the United States, or of
any solvent city, county or town Of this state or
ehy other state of the United States. having the
legal authority to issue the same, and such
fecurltles may be withdrawn from time to
ume, when mortgage securities Of cores
PondlnS value shall be deposited as pro
v1ded III this act, or when other securities of
nke character are substituted therefor. and il
9nall be the duty of the public examiner from
Slme to time to examine said associations to
ascertain whether all its securities are depos-
Sted as required by this act.
Provided, that whenever required by the
PAWS OF any other state, territory or nation.
tl securities taken in such state bv any as
3ociation organized under the laws Of this
3tate and subject to the provisions Of this act
nay be deposited with some officer author
1ed to receive the same in such state under
3he laws thereof for the benefit Of its mem.
Dezs and creditors, ,butin every such case q Ger