The Providence news. (Providence [R.I.]) 1891-1906, 1895-07-29
CHAPTER 1851.


An ACT 10 Regulate tho Admission OF Foreign
Building.lo Associations 20 DO Busines,
In This State.
II is enacted by the General Assembly as fel
lows:
SECTION I. The name ''Building.Loan Asso
citation used in this act shall include all cor.
porations, societies, organizations OF assoca.
tons organized or Incorporated under the
laws OF any foreign country or Of any state on
territory Of the United States, other than the
state Of Rhode Island, which do a saving and
| loan investment business on the buildins
society plan, whether mutual OF otherwise
and whether issuing certificates Of stock
which mature al fixed time In advance on
not.
6rc. g. No buifding.foan association included
under the definition In section OF this ACT
shall directly or indirectly transact any bust
ness in this state until il shall have:
FIRST Appointed in writing the insurance
commissioner OF this state 20 be its true and
lawful attorney for the service OF process upon
| II and upon whom all lawful process in any
action or proceeding against IL may be served
| with the same legal force and validity as Il
served ON IL. which authority shall continue
In force rs long any liability remains ont
standing against II in this state, which said
power OF attorney shall be deposited I'm the
office OF the insurance commissioner and
copy Of said power of attorney duly certified
by him shall be received in evidence in all
torpey SHAH be- deomod sufficient service upos
the principal.
SECOND. File with said insurance commits
sioner an application TO transact business In
this state under the provisions of this act
with q certified copy OF its charter, constitu
tion, and bylaws, showing it's method OF do
Ing business and statement Of it's financial
condition sworn to by It's president and secro
I tary which must show that 1t is possessed Of
actual paid in unimpaired and well invested
assets OF at least one hundred thousand dol
lars: and
ance commissioner 10 transact business in this
state as Is hereinafter provided.
DEC. y. IL 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 the financial condition OF such build
tng-loan association and its methods OF doing
business and for making such examination
be shall receive compensation from such
building loan associa tion as follows: For the
first one hundred thousand dollars OF net as
| Sets a Zee OF hfty dollars and Tor each addi
tional one hundred thousand dollars Of net as
sets, or the major portion thereof, an add.
tonal fee OF five dollars but In no event shall
such compensation exceed one hundred dol.
lars.
SEC. 4 II the insurance commissioner DO
WINS rntisutu dlttT an examination tnat tne
building loan association applying TO do bust
ness In this state Is solvent and possessed Of
sufhcient 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 30 made by
said insurance commissioner shall show said
building loan association 10 be insolvent on
not possessed OF sufficient assets as provided
by this act the said insurance com missioner
shall refuse to issue the license aforesaid and
forthwith notify said building-loan association
Of his refusal, with the reasons therefor, and
upon such refusal said building loan associa-
ton applying for said license may appeal
within ninety days from the time IL is mott.
ned OF such refusal 10 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 II said appeal 10
not sustained to pay all lawful costs to be tax-
cd by said clerk.
Said appellate division of tho 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 1t Is entitled TO be allowed to do
business in this state under the provisions OF
this act the court shall sustain said appeal,
and IL shall be 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. B. Every building.loan association ad-
mitted 10 do business In this state under the
provisions OF this act shall file with the insur-
ance commissioners 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 a statement Of tho
amount and kind Of business done in this state
mp to said date, and IL said building loan as
sociation shall refuse and neglect to flle said
statement, or IL such statement so filed shall
show said building-loan association 20 be in
solvent, or not to be possessed OF sufficient rs
sets in accordance with the provisions OF this
act 10 transact business in Rhode Island ID
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 20 appeal
TO the said appellate division OF the supreme
court for the county Of Providence in the
same manner and with tho same rights as is
provided in section four OF this act Provided,
that the said insurance commissioner shall
make an examination OF the financial condi-
ton OF such building loan association as often
as once in two years, and may at any time OK.
anime into the financial condition Of any
building'loan association doing business in
this state under tho provisions OF this act for
which examination he shall receive the same
compensation as provided in section three OF
this act, and II such animation 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 os
sufficient assets 10 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,
II shall be the duty Of said insurance commits
toner 10 revoke the license granted TO said
building loan association, from which decision
OF said insurance commissioner the said build.
eng loan association whose license IL 10 revok-
ed shall have the right 20 appeal 90 the appel
late division Of the supreme court for the
county OF Providence, in the same manner
and with the same rights provided in sec.
tion four Of this act
SEC. O. Every building-loan association ad.
mittod to do business under tho provisions Of
his act shall before the FIRST day of February
In each year pay tax 10 the general treas
urer OF this state equal 90 one-fourth of one
per cent on the amount Of the capital actual
ly paid In 10 December thirty first of the pre-
oeiing year from residents Of this State less
Ill