The Worthington advance., 1889-05-09

newed annually, together with statement
verified by the affidavit OF some officer OF
such association WHO has knowledge OF the
such association in such state at the time Of
the fling of such certificate, and in case any
securities taken in any such staie are not de-
posted there, then the same shall be depos1-
ted here, as required by this act.
SEC. 7. All interest and dividends and pre-
miums which may accrue ON securities held
by the state auditor. or such trust company
monthly payments Which may become pay
able on stock pledged as security for loans,
the mortgages for whicb are SO deposited, In
act &C may be collected @ m and retained by the @ as
sociation depositing such securities or mort
cages, so long as such association remains
and Faithfully all
shall have been fully paid to said corpora;
ton, the same may be surrendered by said
state auditor. or under his order. upon filing
Of the county where the real estate is sit
| uate, to the effect that the satisfaction of
such mortgage has been filed of record. or in
case no mortgage was taken then the afa:
corporation showing Judgment Any mort
gage upon which default has been made may
be surrendered as aforesaid upon filing with
the state auditor an affidavit sworn to BY the
president and secretary Of the association
owning the same, stating that such mortgage
is in default, and that it is withdrawn for the
purpose OF foreclosure.
! SEC. 8. No building or loan association or.
ganiZcd under the laws OF any other state,
| territory Or nation shall do business in this
| state unless such association shall have se-
| curties of the value of one hundred thou
sand dollars. and Of the character mentioned
| in this act on deposit in trust for all its mem
! bers and creditors with some responsible
| trust com pany, duly Incorporated under the
| laws of such state or territory in the United
States, or with some authorized officer of this
! or some other state of the United States. Ger
| tifcate Of such deposit shall be made to the
auditor of this state certifying the possession
! be surrendered without the authority or con-
| sent Of the auditor Or other authorized officer
| of the state or territory in which said COM
SEC. 8. Every building and loan associa-
ton organized under the laws Of any other
| state, territory or nation, shall, before com.
mencing to do business in this state
sa v WIN he Rnncd % M G1
charter or articles of Incorporation.
| Second-File with the public examiner of
this state the certificate of the authorized
officer Of another state, showing that securi-
| ties CT the value of one hundred thousand
dollars are on deposit with such state officer
or duly incorporated trust company, in trust
| for all the members and creditors of such
| building and loan association.
Third-File with the public examiner CT
this state duly authenticated copy of reso-
LUTON adopted by the board of directors of
|
that if any legal process affecting such asso-
| citation be served such examiner, and q
copy thereof be mailed, postage prepaid, by
the party procuring the issue of the same, or
| his attorney, to said association, addressed to
| its home office. then such service and mailing
Of such process shall have the same effect as
| personal service on said association i'll this
state, and also an agreement that said associ-
| alton will not remove any action commenced
| In any state court of this state against the
same to the United States court, and will pay
! every Judgment that may be taken against it
upon auy such action within sixty days after
| the final judgment shall have been entered.
| Fourth Pay to the public examiner twen-
! ty-five dollars as fees for filing the papers
| mentioned in this section.
| SEC. 10. When process against or affecting
| any foreign building and loan ASSOCIATION is
served on the public examiner, the same shall
be by duplicate copies, one of which shall
and the other by him Immediately mailed,
postage prepaid, TO the home office Of said
| association.
SEC IL. The word process in this act
or order whereby any action writ or pro-
ceedings shall be commenced, or which
| shall be issued in or upon any action, suit
or proceeding authorized by law in this state.
SIC. II. Services of process according to
| a stipulation provided in section 4 Of this act
shall be sufficient personal service on the
ASSOCIATION fling such stipulation:
| SEC. 13 When by the laws Of any other
| penalties. licenses, fees, deposits of money
or securities or other obligations or prohbi-
Citations of this state doing business in such
other state, territory or nation or upon their
agents therein. so long as such laws continue
IN force: the same obligations and prohibi-
tions OF whatever kind shall be imposed
upon all building and loan associations Of
such other state, territory or nation doing
business in this. state and upon their agents
here.
SEC. II. Any building and loan associa-
tion, organized under the laws Of any other
state or territory, that shall remove any action:
of this state to the United States court, or
that shall fail to pay any Judgment rendered
against 1t upon a suit in any court of this
state within sixty days after the, rendition Of
to make yearly statements to the public ex.
| aminer, as hereinafter mentioned, or state.
:nents OF the amount and value of its stock
held IN IN ths state s 3 as hereafter required or to
provided IN this act, or to do any other act re-
| qulred in this act to be done and performed
shall, upon failure or violation of the provis-
ions OF this act have no right or authority to
| 40 or transact any business within the limits
| Of this state. and the public examiner shall
thereupon cause notice of the termination of
such corporation and to be published in some
newspaper of general circulation at the capi-
tai OF the state, and shall communicate the
facts to the attorney general of this state
matter as the case may require. Provided,
any such corporation may be again author
| lzed to commence business In this state upon
such terms as the public examiner may deem
just and proper, and upon full compliance
with the provisions of this act.
SEC. Is. All building and loan associa-
tions heSeafter Incorporated in this state
| shall have an authorized capital of two mil
| lions OF dollars at the time Of the incorpora-
| ton.
Sec. 1G. Any building and loan associa-
ton heretofore or hereafter incorporated
| under the laws Of this state may at any time
| increase the amount of its capital stock or
amend its articles Of incorporation in any
other respect by a vote Of at least three
fourths of its board of directors. Provided,
that no such increase shall be made unless
authorized has actually been issued and the
| amount OF increase made at any one time
! shall not exceed the amount issued previous
to the time of such increase.
| SEC. II. Whenever any building and loan
association increases its capital stock or
otherwise amends its articles Of 'incorpora-
ton. as provided in this act, copy Of the
resolutions of the board of directors making
such increase or other amendment duly veri-
fed by oath Of the president and secretary of
such association, shall be filed in the Office Of
the register Of deeds Of the county in which
the home Office Of aid,association is located,
and in the office of the secretary of state,
and be published four successive times in
some daily or weekly newspaper published at
| the capltal OF the state, or In the county
where the association has its home office
Proof of which such publication shall be
filed in the office of the secretary Of state.
SEC. 1e. On or before the first day of Sep
tember in each year. every building and loan
association doing business in this or any
other state or territoryehall deposit with the
public examiner report Of its affairs and op-
eretons for the year ending on the thirtieth
day OF June Immediately preceding. Such
report shall be verified under oath by the
President and secretary, OR by three directors
to the following questions:
First-The amount of authorized capital
and the par value OF each share Of stock.
| SecondvThe number of shares sold during
the year.
Third-The number Of shares Cancelled and
Withdrawn during the year.
Fourth-Number of shares in force at the
end of the year.
| Fifth-A detailed statement Of the receipts
and disbursements during the year.
s1xthIA detailed statement Of the assets