The Worthington advance., 1889-05-09
cations, except in the manner provided in
he next succeeding, section.

lie examiner from any examination made: by
him or from any report OF any examination
made by him or from the annual report afore'
it is conducting business in any un-
safe, unauthorized or dishonest man,
ner; he shall, by al order under his hand and
direct conformity with the requi; ements OF
its charter, and of the law. And when.
ever such corporation shall refuse or neglect
to to make SHeh report or as may
ply with such order as aforesaid, or when
ever it shall appear to the said examiner that
1t Is unsafe or inexpedient for any such cor
shall communicate the facts to. the attorney
general. who shall thereupon be authorized
to institute such proceedings against any
as or
vent corporations, or such other proceedings
as the occasions may require. And if such
corporation shall have been organized under
sae LAWS any other state or the
such communication, if in his judgment the
facts in the case are sufficient to warrant
such action, give notice to such corporation
in this state by such notice in ths
postotiice properly sealed and stamped, ad,
dressed to the said corporation at its ncipal
ofice IN the state where incorporated, and
thereupon said corporation shall cease to
have any right in this state, and said notice
may be published in the same manner as pro.
vided in section fourteen of this act.
Sec. 81. All officers of any building and
doing business in this state who sign or en-
dorse chocks, or handle any Of the funds OF
such association, shall give such bonds or
ance Of their duties as the board Of directors
may require. and no such officer shall be
deemed qualified to enter upon the duties Of
his office until his bond is approved by the
rs <J3 tIo 1tnn
with whom such bonds shall be filed; pro-
vided that the public examiner may require
of any association at any time such increase
of said bond, or additional sureties thereto,
or such increase Of said insurance as he may
deem necessary for the protection Of the
members. The penalty for failure of any
association to file and maintain the bonds or
policy, as required by the provisions of this
(S1OO) for each day such association trans
acts business after such bond has become due
under the provisions OF this act. Said bond
Or policy shall be held in trust for the benefit
and protection of the members of such asso.
citation, and shall be enforceable by any'lllem-
Der whenever cause of action shall accrue
thereon.
SEC 90. The name Building and Loan
Association" as used in this act, shall in-
clude oil corporations, societies, organiza-
tions or associations doing saving and loan
or investment business, on the building SO,
ciety plan. whether mutual or otherwise, aud
whether issuing certificates of stock which
mature at a time fixed in advance or not.
SEC. 20. Any officer, director or agent of
any foreign building and loan association, or
any other person whomsocver, who shall, in
this stale, solicit subscriptions to the stock
of such association, or who shall sell or issue,
Or knowingly cause to be sold or issued 10 o
ciation while such association shall not have
had the certificate OF the public examiner
authorizing it to do business in this state, as
herein prescribed, or has not deposited, as
required by this act. securities Of the value
and at the times herein prescribed, or before
said association has complied with all the
provisions. of this act, or when said associa-
ton shall have been notified and required to
discontinue business in this state, as herein
before provided, shall be guilty of Il misde-
meanor, and, upon conviction thereof, shall
be punished by fine of not less than one
hundred dollars nor more than five hundred
dollars, or by Imprisonment of not less than
ten days nor more than six months, or both
such fine and imprisonment, in the discretion
OF the court.
Sec. "a Any officer, director, or agent of
any building and loan association incorpo-
rated under the laws Of this state, or any
other person whatever, who shall sell Or is
sue, or knowingly cause to be sold or issued,
to any person not resident Of the county in
which the home office Of said association is
located. or in the counties Immediately ad-
1acent thereto, any stock OF said association,
while said association does not have on de-
post with the state auditor, as required by
this act, securities of the value, and at the
time herein prescribed, or while such associa-
ton shall not have the certificate of the pub
herein prescribed, shall be guilty of a mis-
demeanor, and upon conviction therefor
shall be punished by IL fine of not less than
one hundred dollars, and not more than five
hundred dollars, or by imprisonment of not
less than ten days, nor more than six months,
Or both such fine and imprisonment, in the
discretion of the court.
SEC. 25. Any premiums taken Tor loans
made Dy aQy association governed bV this act
shall not be considered or treated as interest
nor render such association amenable to the
Laws relating to usury.,
fore organized under the laws of this state
or Incorporated under this act are hereby
prohibited from hereafter creating or issuing
any preferred or non-contrihnting stock: but
this section shall not prevent the issue Of diff
ferent series of stock.
Sec. 27. Any shareholder whose stock has
not been declared forfeited in such associa-
pledged upon q loan may withdraw such
share or shares from the association at any
time after one year by giving at least sixty
days notice in writing to the secretary of his
tice the same may be considereda a withdrawal
by such person and the association may with
IN sixty days dispose of said stock and the
membe: shall assign the same for that pur-
pose. At the end of said sixty days the associn-
uon shall pay to the member SO surrendering
as follows If said stock is not more than
two years old all amounts paid in by such
member upon such stock, except the sum
paid as membership Zee and fines and the
amount set apart upon such shares by said
association as an expense fund, which ex-
pense fund however shall not exceed the
more than two ~ Years '' old, D the S'ora mems rs
Der upon such surrender shall receive in ad-
dition to the amount above specified ut least
hree-fourths of all profits standing to the
credit of such shares Provided, that not
more than one-half Of the monthly install.
ments received by such association for any
month shall be used to pay Withdrawals with
out consent of the board of directors. Pro-
vided, further, that the foregoing provisions
in relation to Withdrawals shall not apply to
any association heretofore organized under
the laws Of this state which has issued shares
OF stock that natures at fixed and definite
time, nor shall the provisions Of sections 2s,
~ and 81 Of this act apply to any such asso-
citation, but all stock hereafter issued bv any
such association shall have printed upon the
PACK OF every ! certificate, in large type, these
words: This stock has no surrender value
and cannot be Withdrawn until it fully ma.
| tures.' But this provision shall not be so
construed as to authorize any association
snch as have heretofore adopted that system
| and issued such stock, from issuing any
stock that shall mature at a fixed and definite
| time.
SEC. %. Whenever any such association
shall declare any of its stock forfeited for
non compliance of the holder with any of its
bylaws or regulations the said stock shall,
II one year old, be sold by said association at
amonthly meeting thereof to the highest
BIDDER and it is ism made the duty Of such asso-
offered at its then withdrawal value. and
! thereupon said stock shall be Cancelled; but
! II a higher bid is received, the person MAX
| ing the highest bid shall have such stock ns-
! signed to him. and upon such sale said asso-
| citation shall pay to the member so forfeiting
| his stock the withdrawal value thereof. as
! fixed in section twcnty-seven Of this act, less
him.
! SEC. %. Upon the death of a stockholder
In any such ASSOCIATION, except in eases
where the stock natures Mt a fixed and
| definite time as aforesaid, his heirs or per.
| sonal representatives shall, upon giving
| sixty days notice to the association. receive
from such association the then withdrawal
| value Of his shares agreeable to the provis
! Ions of section twenty seven of this act.
! SEC. 80. Every such association shall pro.
| vide in Its bylaws in what manner appiica,
,ions and bids for loans shall be received
and who shall be entitled to loans thereun-