Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1889-05-23
ImInnnanra,s Nnw GAM.
q statute Regulating Buitding ana
EOnn Associations OF Interest 10
Neutrality-suspicious..

q statute Regulating Bnitdtng and
HiOnn Associations of hntercst 10
WiIn,instoniuns.
The Philadelphia Inquirer says; Much
interest has been manifested in financial
circles over the new inv passed in Mime
sofa fela<ing to building and loan ssso.
Citations. A large amount Of capital from
this city Is vested IN St Paul and Mime
gpolis Institutions OF this sort. An abstract
OF the law IL as follows. II Is Of interest
to oil interested Ia building associations :
The recently enacted law Of Minnesota
regarding building and loan associations
placea them practically under the Same
state regulation and supervision az state
bankE and savings banks. The following
are tbs important provisions; The words
"huilding and loan or savings and
loan" shall be part OF tho name. The by
laws shall be approved by the public eI-
aminer before going into effect. Loans
shall be made on non-negetiable notes Oh
bonds, seoursd by transfer Of shares and
| by frat mortgage on real estate, the value
OF which 10 double the amount loaned.
Such associations cannot deal In real
estate, excep. as 1t Is purchased by sale
under Its own mortgages or liens.
Each association IL required to deposit
sll its mortgages or securities with the
state auditor or with o duly chartered
trust company of tho state, approved by
the public examiner, and such securities
can only be surrendered by theauditor on
| the certificate of the register Of deeds Of
the county where morigaged property Is
located, that satisfaction Of such mort
gage has been Only filed, or au affidavit
Of an Off Ter OF the company that mort
gage Is in default and is wanted for pur-
pose of foreclosure.
On or before the LIST Of September OF
each year every association Is required TO
make to the public examiner full report
of its Gffairs and operations for the year
ending the Both Of June Immediately pre-
ceding, the report TO be verified by pres
ident and secretary or by the directors.
The report must cover the amount OF
capital and the par value of each share,
the number OF shares sold during the
year, the number OF shares withdrawn or
cancelled during tue year, tile number In
force at the end Of the wear, detailed
statement OF receipts and disbursements
and OF asHEts and liabilities. The penalty
for failing to file such report on or be.
fore September lat is $25 per day for
every day such report 10 delayed.
The public examiner Is required to
make an examination Of the affairs of
each association at least once year, and
powsr Is given to suspend the business
of any association found not to be com.
plying with the law. Officers handling
money are required to give bonds, ap-
+ girnUad hu Rtf1f Ia avaunsNaa lt,0
Citations are not subject to the usury
laws. Shareholders may withdraw after
one year, on 60 days notice, recsiving all
money paid in, less membership fee,
annual dues and iues. II share IL over
two years old, ihs owner shall receive
In addition, three-fourths OF all PROFITS
standing to credit OF such shares, pro.
yided not more than half the income Of
the association shall be used in payment
| OF withdrawing members in any month
without consent OF the directors. II
stock is declared forfeited by non oom.
pliauce with the bylaws, Auoh stock if
over one year old, shall be sold al q
monthly meetiug to the highest bidder,
and II no bid IN received the association
Is required TO bid IL In - its withdrawal
| vaiue and pay over . It to owner,
less lines and arrearaa pney may be
sold to highest bidder OF premium
may b. azgi " tbs ditectors. n, eio.o
tasa ttrss 90 oe5s VI the association shall
DC members " the board ci it.eatt q
Tsxes e.s sssessed ssa.siss $40 ssavoia-
tion on Office furniture and fixtures and
all real estate acquired in process of
business, and every stockholder residing
In the state is assessed on the withdrawal
value of bis stock Thirty dsys' notice
Ia required o annual aud special meet.
ipgs Of stockholders. Each share entities
the owner TO vote in person or BY
| proxy. Persons appointed az proxies
must reside in the aams county ss ap-
pointing member, excepting that mem.
beers residing in other states may sppoint
proxies residing in any county in this
state, provided that no proxy shall be an
officer, agent or employe Of the sssooia-
ton, and that no person shall hold to e.
coed 500 proxies.