Pawtucket tribune. (Pawtucket, R.I.) 1890-189?, 1895-07-29
CHAPTER 1871.

| III Inls StHtc.
1t is enacted by the General Assembly as fol.
| SECTION l. The name Building Loan Asso.
| citation used In this act shall include all cor
| porations, societies, organizations or associa'
| tions organized or Incorporated under tho
! laws OF any foreign country Of any state OF
territory OF tho United States, other than the
| state Of Rhode Island, which do saving and
| loan or investment business on the building
| society plan, whether mutual or otherwise,
and whether issuing certificates of stock
| which mature at q fixed time In advance
| not
SEC. 2. 20 building loan association included
under the definition In section one OF this act
shall directly OF indirectly transact any bust.
ness in this state until IL shall have:
FIRST. Appointed in writing the insurance
| commissioner OF this state 10 be its true and
| lawful attorney for the service Of process upon
IL and upon whom all lawful process In any
| action or proceeding against IL may be served
with the same legal force and validity as II
served on IL. which authority shall continue
In force ~ long AZ any liability remains out
standing against IL in this state. which said
power OF attorney shall be deposited In the
office OF the insurance commissioner and
copy OF said power of attorney duly certified
by him shall be received in evidence in all
courts OF this state; and service upon said at.
torney shall be deemed sufficient service upon
the principal.
sioner an application to transact business In
this state under the provisions of this act.
with a certified copy Of its charter. constitu-
ton, and bylaws, showing its method Of do
ing business and a statement OF its financial
condition sworn to by its president and secre-
tary, which must show that IL is possessed Of
actual paid In unimpaired and well invested
assets OF at least one hundred thousand dol
lars: and
THIRD. Received license from said nsur-
ance commissioner to transact business in this
state as is hereinafter provided.
SEC. 3. II shall be the duty Of the insurance
commissioner upon the receipt of an applica-
| tion from any building loan association to do
| business in this state to receive and file the
papers required by this act and to thoroughly
| examine che financial condition Of such build
Ing loan association and its methods OF doing
| business; and for making such examination
| he shall receive compensation from such
| building-loan associa tion as follows: For the
| first one hundred thousand dollars of net as
| sets. a fee OF fifty dollars and for each addi-
| tional one hundred thousand dollars of net as.
sets, or the major portion thereof, a. T.
tional fee Of five dollars but in no event shall
such compensation exceed one hundred dol.
lars.
SEC. 4. II the insurance commissioner be.
comes satisfied after examination that the
building loan association applying to do bust.
ness In this state is solvent and possessed OF
sufficient assets as provided by section two OF
this act and is conducting its business accord
ing to law, he shall issue to such building loan
association license to do business in this
state, for which said license said building
loan association shall pay fee Of twenty five
dollars, but II said examination made by
said insurance commissioner shall show said
building loan association to be insolvent Oh
not possessed of sufficient assets as provided
| by this act the said insurance commissioner
shall refuse to issue the license aforesaid and
OF his refusal, with the reasons therefor, and
| upon such refusal said building loan associa.
| tion applying for said license may appeal
within ninety days from the time il is mott.
| fed Of such refusal to the appellate division
| Of the supreme court for the county Of Provi.
dence. Upon the filing Of said appeal said ap'
pellant shall give bond In a sum not less than
| two hundred dollars to the state Of Rhode Is
| land, with surety satisfactory to the clerk of
| said court conditioned that IL said appeal is
not sustained to pay all lawful costs to be tax
| ed by said clerk.
Said appellate division of the supreme court
shall proceed to hear said appeal after the
manner Of equitable causes, and IL said appel.
| liant shall show to the satisfaction Of said
| court that IL IL entitled to be allowed 10 do
| business in this state under the provisions Of
| this act the court shall sustain said appeal,
| and II shall b. the duty Of said insurance com.
missioner to at once issue the license to said
| appellant in accordance with the provisions OF
this act
SEC. 8. Every building loan association ad.
| mitted to do business In this state under the
| provisions Of this act'shall file with the nsur
| ance commissioner on or before the first day
OF February in each year a statement Of its
| financial condition on the preceding thirty.
| first day Of December and statement Of the
amount and kind of business done in this state
| up to said date. and IL said building. loan as.
sociation shall refuse and neglect to file said
statement, or IL such statement so filed shall
| show said building. loan association To be in.
solvent, or not to be possessed Of sufficient
| sets in accordance with the provisions OF this
| act To transact business In Rhode Island, IL
| shall be the duty OF said insurance commits.
| sioner to revoke the license granted to said
| building loan association, the said building
| loan association TO have the right to appeal
| 10 the said appellate division OF the supreme
court for tho county OF Providence in the
same manner and with the same rights rs IL
| provided In section four of this act Provided,
| that the said insurance commissioner shall
make an examination OF the financial condi-
| tion of such building loan association M often
as once I'm two years, and may at any time ex
| anime into the financial condition of any
| building'loan association doing business in
| this state under the provisions of this act. for
which examination he shall receive the same
compensation as provided in section three OF
this act, and IL such examination In the opin
ion OF the insurance commissioner should
| show that the annual statement Of said build.
| ing loan association was false, or that said
building loan association Is not possessed OF
sufficient assets To transact business in Rhode
Island under the provisions Of this act. or
that said building loan association Is not con.
ducting its business In accordance with law,
" shall be the duty of said insurance commits
sioncr to revoke the license granted 90 said
building loan association, from which decision
ofsaid insurance commissioner the said build
ing loan association whose license II 40 revok'
ed shall have the right To appeal to the appel
late division of the supreme court for thu
county Of Providence, In tho same manner
and with the Same rights ~ provided In
ton four Of this act.
sEo. q. Every building. loan association ad.
uitted W do business under tho provisions Of