Omaha daily bee., 1896-03-04
nurLD,Sc AND LOAN bill PASSES.
Iowa House Enncts n Measure to Cow
crn Thcsc AssncintIons


crn These Associations.
DES MONIES, March S.--(Special Tele-
eram)-Today the house passed the Building
and Loan association laws recommended by
the committee. 1t 10 a very comprehensive
measure, drafted for the purpose of obviating
any such affairs as that OF the Union which
brought out the peculiar Richmond methods
OF conducting such institutions. Its chief
provisions are embraced In the following sec
tlons:
Section s. The officers of such association
v'. Who syn or endorse. checks, or handle any
tunus or securities of such association shall
give good and sufficient bonds before enter
ing upon their duties to be approved by the
board of directors, for the faithful perform
ance of the same and safe keeping and
proper application of all moneys or property
coming into their hands and upon being
reelected to Office shall renew their bonds.
All such bonds shall be increased or addi-
Ionai securities required by the board OF
directors when the same becomes necessary
10 protect the interests of the association
or IT'S members but no director shall be ac-
eepted as surety on such bond, and the
directors shall be individually, Liable for
loss to the association or members caused
by their failure to comply with the pro-
be filed with and approved by the auditor
Sec G. The expense Of every such associa-
ton shall be paid from the earnings. or
frcm fixed charge provided for in the
by-law and said expenses shall not exceed
sioce eaTd s,, any snuIe ot tnfstaimemi afs,n,
over the maturity period, and 81 per year
Per share for full paid and prepaid stock.
Membership fees and expenses incurred in
making .oans shall not be deemed a part of
the associations expenses.
Section authorizes the associations to
with their articles of incornoration IN issue
stock to members. assess and collect fines
and premiums and interest as provided in
the bylaws. Not more than 100 shares can
be held by one person.
Section s fixes the nominal par value Of
each share of stock at 800; each share shall
entitle the holder to one vote, which may
be cast In person or by proxy, but no in
diVidual can mold as proxies over 10 per cent
OF the total stock, No person can be elected
TO once against the written op)ection OF the
executive council OF the state.
secuon y provides 1or an annual eXanina-
Iioh , ny SOME person approseu ny the au-
ultor OF puplic accounts al the cost OF tne
n lhe EXPENSE Vi WHICH, ID 'iii'i'eu
u slVV. a. A.. ait. ,,
Sec.on ~ 1ena'es W tne n,''S ~ VI oesa ntnt
iepU. % Vi 'nese "SSo''"''0"S Wy 'he ''a'e
Sti =, ,.,,,..- A., uo,,,,ou,,o,,.,o, 90
~ st, iis, 80 .ne iii, -, aoNs |
ar .h So s .h, IN STAY '"'S
te an ene'' VI ms ,, az, 80 M
auditor of The state anv s,ich association
is conducting its bnsiness Illegally or in |
of its articles of Incorporation or
bylaws. or is practicing deception upon
its members or the public, or Is pursuing
pan pan , e,an ny ir Us 10 atS @ t tl
affairs are in an unsafe Condition, he shall
notify the officers thereof, and IL il shall |
fail to amend its course or put its affairs |
upon safe basis, he shall ADVISE the at |
torhey seIierai 81 .Iie iavts, WHO silaii eake
in the manner pr6yided in his chanter
soct;on "a raouires reyocotion nt nor
tifcate of all assaciations convictad af yin- |
atins tho iaw
Soction "A nro,;a,s sor ,bo ,,,r;shr,or. 30 |
,ry oainer or diractor Who Shall nnoio