Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1900-04-12
1. council in making assessment and tax

il =
| alton.
Authorizes foreign corporations,o one
half of whose stock is owned by nom
resident aliens, who can not own real
estate in this country. 10 hold such
property as they held July 4, 1888, or
which has been acquired since on fore-
closure, for ten years, bona fide con-
tract to sell such lands being legalized
rs 4 sale, and all sales and contracts
since July 4, 1883, are legalized by this
act.
Authorizes the secretary OF state to
charge corporations the same fee on
renewal of their articles of incorpora-
ton as would be charged were the COR
poratioas newly organized. This mat
ter has been Il contention since 1898.
The law legalizes the charges made
to this effect since January of that
year.
Authorizing transfer of corporation
stock in railway and quasi-public cor
1 porations issued prior to October, 1897,
1 without stating on its face for what
| purpose it was issued,
Authorizing savings banks to take
| deposits amounting to ten times their
capital plus their surplus, and author
izing an indefinite surplus.
Granting to loan and trust compa-
MES the same rights as to amount of
/ deposits received as are given to state
and savings banks, that is ten times
the capital.
/ Revising the building and loan laws.
| Providing numerous additional re-
strictions to prevent building and loan
associations from expressing their bor-
II ctr hol All ovrapcec
must be paid from the receipts and no
association may spend to exceed $12,-
4 600 for expenses in one year. The linn
it of expense on associations having
less than 100000 assets is 3 per cent
per annum; up to 100000, 21a per
cent; up to 100000, 2A per cent; in
excess of 100000, 2 per cent, not to
j exceed $4,000. Fines and penalties
are abolished, except charge of 3
j cents per share of $500 for the first
months delinquency and certs per
share for each succeeding month may
be charged. The interest and premi-
um on loans must not exceed per
cent. BY three-fourths vote the
j board of directors non-borrowing
i their stock at book value. Withdraw
ING SllSiil llOl III any SdSC &
ceive less than they have paid in UNI
less losses have occurred. In case OF
foreclosure the mortgagor is entitled
to be credited with the total amount
of all payments made on stock to the
i association, and if the withdrawal val
ue is greater than the amount paid in,
he is to receive credit accordingly. In
any suit in which the recovery upon
~, 4
ed in plaintiffs petition all costs OF
suit, including attorneys fees, may be
taxed to the splaintiff. Provision is
made for associations going into vol
untary liquidation and consolidating
their businesswith another association
; The. act of 1898, legalizing the charg.
ing of usurious interest, is repealed
!, but associations are allowed to charge
not TO exceed - per cent interest or
: mortgage executed since October i
1897, and prior to the taking effect OF
this act, applying only to net amount
of loan actually received by the Dor
/, rover. The executive council is giver
power to revoke any certificate of /;
building and loan association wheneve,
it appears that it, is transacting bust
, ness Illegally or is unjust or oppressive
} to its members OF to the public. Th,
auditor of state is required to publish
a detailed statement of the salarie!
paid officers, with the names of officer.
: receiving such salaries. Association.
are prohibited from issuing guarante.
. stock, fully paid stock or any stock Of
| any other kind named which shall re
ceive fixed dividends or is not subject
to all the liabilities of all other classe.
of stock of the association, except tina
fully paid stock may be issued upor
I, the payment of the par value, and div
idends must not exceed 8 per cent mol
the rate OF dividend declared upon tn,
other stock of the association. Sucl
5 stock shall not be entitled to vote a
any stockholders meeting. Stock al
ready issued in violation of the the re
striction must be returned on or befor,
January /, 1901, by paying the amour
due in cash or by issuing stock permit
ted to be issued by this act.
Civil Laws.
$ Requires return on executions TO
5 sale of real estate to be made to til,
\ counties both from which the execu
! ton issued and where the real estat
is situated. 1t adds that provision t,
: section 1858 of the code.
Removes an ambiguity with refer
n ence to the invalidation of deeds in ex
D ecution sales where there is failure O
notice. phe old law conficted in it
: provisions. This act removes the con
tlict. Failure to give notice by the off
Ger making the sale, under the ole
law, was made in one section to inval
idate the sale, while in another it wa
provided that the officer should he liza
BILE but the sale was not invaGdated
The new law requires notice to the de
: PENDANT and Furnishes the officer bu
!. requires the court to set aside the sal
made.
Eliminates the necessity of accom-
, panying acknowledgements by non
resident notaries public with certif
, Gates from county officers to the etfec
that the notary has complied with tn
! law. The new law makes the attach
ment of the seal sufficient prima faci
evidence that the notary affiXing it ha
{ complied with the laws.
Provides that the prosecution il
: state cases may serve notice of wit
,J5i4;.opsf+o tbace