Spirit of the age. [volume] (Woodstock, Vt.) 1845-1913, 1896-12-19

sets or major portion thereof. IN addition.
al Tee OF five dollars. but In no event shan
such compensation exceed one hundred
dollar per year; and such association
shall also pay the actual expenses Of the
inspector Of finance while making such ex-
animation.
Fifth. 1t shall deposit with the treas
urer Of this State first mortgage securities,
to be approved by the inspector OF finance.
to ---e amount Of twenty-five thousand dol
lars: and the said deposit shall be he'd In
trust by the treasurer for the protection
and indemnity Of the residents OF this
State with whom such association or cor
poration have done or may transact bus!-
ness. 1t shall also nls with the inspector
Of finance, bond to the State for such an
amount as he may require, not more than
ten thousand dollars and not less than five
hundred dollars, with such sureties or Sc
curities as he may approve, conditioned
for the making of all returns and reports
required by this act. and the payment Of
all taxes that may be assessed against It,,
and In all things to comply with the laws
Of this State.
Sec. q All interests, premiums and dues
which may accrue on mortgages held by
the State treasurer as provided for herein
mak be collected and retained by the as
ISOLATION depositing such mortgages so
lont as such association remains solvent
and faithfully performs all contracts with
its members; and when any mortgage
shat have been fully paid to said corpora
| ton the same may be surrendered to 1t,
said company or corporation first de-
posting with the treasurer other first
mortgage securities to the amount OF those
with drawn, the same having been ap-
provo by the inspector of finance.
Secl 3. 1t shall be the duty of the in
spectSr Of finance to receive and file the
I 49,, t,Nx ynh1 10
examine the annual reports submitted by
foreign or nonresident building and loan
associations. II the inspector of finance
becomes satisfied, after an examination,
that an association desiring to do business
in this State S solvent and conducts its
business according to law he may issue
license to such association until the first
day Of January following; provided, that
such assOciatlon has complied with the
provisions of this act; but II 1t be found
nsolvent or Is being illegally conducted,
the inspector Of finance shall refuse TO is
sue the license Should the inspector of
finance refuse to grant license to any as
ISOLATION applying therefor that has COM
piled with the provisions of this act, such
association may appeal to the Court of
Chancery for the county of Washington,
which shall have Jurisdiction of the
premises.
self or his deputy shall make an annual
examination of the securities, records,
books, ind accounts of every foreign or
NONRESIDENT building and loan associa-
ton doing business in this State and file
report Of such examination in his office.
If 1t shall appear to the inspector OF
finance that any association licensed to do
business in this State has violated Its
charter, or Is conducting it's business in
q, ia shall
by an order under his hand, addressed to
such association, direct discont!nuance
Of such legal and unsafe practice; and.
whenever 1t shall appear to the inspector
of finance that it is unsafe or inexped.ent
for such association to continue business
in this State, he may suspend the license
heretofore granted to said association,
and may apply to the Court of Chancery In
any county of the State for an injunction
restraining such association from doing
business in this State; and such court shall
have power according to the usual course
of proceedings in equity, to grant or re-
fuse to grant said injunction; provided
such association is given reasonable notice
of such proceedings.
Seer. s. When by the laws Of any other
State, territory or nation. any taxes, fines,
penalties. licenses. fees. deposits of money
or securities or obligations or pro-
~
ing and loan associations of this
State, doing business in such other
State, territory or nation, or upon their
agnts therein. so long as such laws con-
tinue in force, the same obligations and
prohibitions of whatever kind shall be i'm
posed on building and loan associations of
such other State, territory or nation, do
ing business In this State, and upon their
agents here.
Sec. 6. All such foreign or nonresident
associations doing business in this State at
the time Of the passage of this act shall
comply with its requirements within sixty
days from the date when 1t goes into eff
feet; but such associations may continue
to do business in this State until the in
spector of finance has made the examina-
ton provided for in this act.
Sec. Z. All acts and parts of acts ncon-
sistent with this act are hereby repealed.
Approved November "a, 1896.