The times. [volume] (Richmond, Va.) 1890-1903, 1894-01-11


five. may hereafter form building anu
loan association. for the purpose OF en-
couraeing industry, frugality ana nome
building and saving among It's meWpers'
upon being incorporated, as provided III
section il45, Code 1851. Building and loan
associations formed under this chapter,
or heretofore chartered or incorporated |
under said section or by special act, OF
formed or incorporated under the laws
OF any other State, which has complied |
with the laws Of this state. shall have |
the right to lend 10 the stockholders there |
OF. or 10 other persons the moneys ac- |
cumulated from time TO time, and the
right TO purchase land or erect houses. |
and 10 sell, convey, lease, or mortgage
the same at their pleasure TO their stock
holders or others. for the benefit OF their
stockholders. Such associations may ac-
quire. hold. convey. and cucumber all or
any property, real or personal. taken by
them as security, or otherwise acquired
by them in the due course OF business;
and may also secure the payment of loans,
and the performance OF the conditions
upon which loans are made, and the pay
ment OF the purchase-money for any prop
crty sold, by taking personal security or
by a mortgage or deed Of trust upon real
or personal property. and by a transfer
and pledge OF ifs stock. or otherwise.
Such association shall have the power to
establish and maintain. by its officers
and agents branch offices for the trans
action Of its business in as many places
as may be desired"
L. ami premiums.
-. II shall be lawful for every such assoc
citation or company 10 fix by its bylaws
the premium or bonus at which IL will
dispose OF the money in its treasury TO
It's stockholders and award or lend TO any
member or stakeholder the value Of any
shares held by him less such premium or
bonus; and the mode Of making the dis
posal, loan, or award, shall be fixed by the
bylaws; and TO charge and receive said
premiums in advance, or instalments, or
in default OF application for said money
by stockholders. it shall be lawful for
such companies or associations to lend the
! same 10 other persons on such terms as
! may be agreed upon and in such manner
as may be fixed by the bylaws. No per-
! son or corporation shall hereafter inter-
| pose the defence Of usury in any action
arising out Of any loan or advance of
money heretofore or hereafter made TO
any Of its members by any association.
Daee, 4 ..or,s nnu ans.
"3. Every such association may levy.
| issue single payment snares of stock. or
assess and collect from its stockholders
! dues or payments upon instalment Snares
of stock, the amount. time. and manner
| of the payment of the same TO be fixed
| by the bylaws. and said stock may be
paid off and retired as the bylaws shall
direct; and may levy. assess and collect
from members to whom loans have been
| made interest upon the par value OF
| the shares redeemed: and may levy, as
sess, and collect fines for the ncn-pay-
! ment OF periodical dues, or for failure
to comply with or perform any other obli-
cation or duty TO the association. The
| amount Of the respective fines shall be
fixed by the bylaws. and they shall be
imposed under regulations to be made by
the bylaws.
| ~. A borrower from such associations
may repay the loan at any time: but in
case Of the repayment thereof before the
| maturity of the loan the borrower shall
| pay such an amount for the privilege as
may have been agreed upon or is provided
for i'm the bylaws: and there shall be re-
| funded TO such borrower in case the
premium shall have been deducted in adj
vance, such proportion of the premium
bid as the bylaws may determine. Stock
holders Withdrawing voluntarily shall re-
| ceiVe such proportion Of the profits of the
| association, or such rate Of interest, as
may be prescribed by the bylaws.
-. Every such association shall adopt
bylaws for its government and the man.
! aEtmenl OF It's DuSlutSSs not litpiSiSirul
| with this act.'
81 BE It enacted by the General Assembly
Of Virginia, That no buiflng and loan
association or company shall be allowed
| to conduct any business or solicit the
sale Of stock. or offer TO lend money in
this State without having first obtained
a license therefor; nor shall any person
act as an agent for such company or as
sociation. Incorporated in this or any
l tot no or
citation he represents has obtained a Ii
cense in accordance with this act.
According to Csp,tL.
"2. The specific tax upon every such
company or association for the privilege
of doing any business in this State shall
| be $50; provided, the capital of such COM
pany or association actually paid in,
whether from paidup stock or partially
| paid stock. is not less than $1,000; if the
capital paid in is $4,000 and not more
than $50OOo. the tax shall be SO; if the
| capital paid In is not less than $4,000
| nor more than 100000 the tax shall be
500: if the capital paid in is not less than
100000 nor more than $4,000, the tax
shall be sl25; If the capital paid in is not
| less than $4,000 nor more than $4,000,
the tax shall be $3.50; If the capital paid
in Is not less than $4,000 nor more than
$780, 900, the tax shall be sl75; if the capt.
| tai paid in is 100000, the tax shall be
$3.50: provided that as to any nonresident
| building association or company doing
| business in the State. and which has
otherwise complied with the laws Of Nir-
GINA, shall pay the license tax under
the act upon the capital invested by such
company or association in this State. But
on capital exceeding 100000 the tax shall
| be $50 for each additional 100000 thereof
1t shall be the duty of each association,
on the first day of April of each year,
or within ten days thereafter, TO make
report in writing under oath Of It's CHIEF
accounting officer or agent, 10 the commits
sioner of the revenue for the district In
which the principal office or agency Is
situated of the amount of capital OF said
association or company, as provided. IN
this act. Any association or company OF
agent doing business in this State with
out having first obtained a. license there
for. shall pay a line Of not less than nifty
nor more than five hundred dollars. The
shares of any building fund company OF
association which has been assessed with
and has paid the specific tax provided Tor
in this bill, shall not be taxable in the
hands of the holder. nor shall any adj
ditional tax be imposed upon the capital
of the said companies or associations
provided that no city or corporation shall
impose a greater tax than is provided by
this bill. which tax can be levied only
in She place where the principal office OF
the company is located; provided that any
Imposing Tax.
The question Of bill for imposing n
tax on building and loan associations was
the subject of much discussion, and a