Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1900-03-01
GARD AFTER THEM.
Remley Pays His Respects to lswa
Building and Loan Associations.

Nemiey rays MS NeSpeetS 10 isWd
Building ana Loan ASSOCIATIONS.
Dps MorNEs, Feb. si.--Attorney Gem
80, p~n,ev,s o,;n;,ns rao.r5;ng thu
sns GYMS .Ao i""o
tue oulioing ana loan anu Insurance.
business OF Iowa, and the needed rem
edies therefor, were presented to the
iowa senate Yesterday. in replv To a
..nu.., e., ,h.. ~ 81 oror a
week ago. Ahey are eSeh mort sweep
ing than has been expected Accord
ing to Mr. Remley there are many cor
porations which NAV be classed undes
,h.s. hasas nov ao;n, h,s;nass of an
s,,
~ ssa, NM ., ~ vic Sta.e a nan aan
s o P 1885, y. Poope
M ney US NV pns 81.
any Par'iouar eorPoraeiA, "us Wv
,an VI nis onarsee arc emp
~ ing anu Y. suen ns'ure % " as
inc bringing out ot many Pfohnens
ln sa IN Tue s.ate VINO arr 1onh ,,ss
@ise SsSe'@.ions y, ING
WI" Sno. %L, hona -. ~
ses. u cuarges whioA naFe oooh
mace. Ms hehiey expresses the oPih-
on .nas neither .ns state exeSu; hse
sonhciI nor the attorney gehe!ai mas
~. 49," ~n ~.
these authorities In passing upon tne
business OF the corporations involved
His criticisms on the building and loan
h-.- - - =, -t a.. az.
pusihess 10 not 80 huch Apply u tne
domestic associations doing business ia
The State M IN the larger associations
4: t
Amounts by capitalists who desire TO
obtain exorbitant interest rates on
-
their investments ana are tnus 'crusn-
Ing the poorer Glasses. the ones which
the law was intended to benefit and
protect, His criticisms ON insurance
organizations are aimed at the class OF
eompanies known as tina farmers
n,,tfai. "a -. - ~ ,.,.ar I;fs
mutnais, anu soue OF inc larger hie
Insurance organizations. Many or
khesa comnanies according IN Mr..
p.,,I.,, -. o,5,,.t.1 T., J.o;daaI,
hcHiey' ere conuuctcu III ueciueuiy
loose manner, thus bringing all tho
Iowa cornpap;ea ;pto 6isrennta The
-sao,,, 1917 go, "a NJ. Par,.,ar Co.
roco"meuuations VI "f' he"toy ioi
changes in the laws explain largely
the fault he has TO find with the pres
.. -, "a, ..--.,,;. .La.o .>x.So-o-
ent metnous governing tnese coFPo1@
tons.
His recommendations in brief relat-
,ro 20 hn;ld;rn and Io.n .ssoc;a t;ons
s W sN,1ns "nu i'"n "'""''oA'
Hy~, 1ne sboph t,-,sa a,r mart n ths
,rtnciyal naid in nv the stool soidsrt 10 be useJ
lor expenses second. TSere should be a limit
upon the expenses OF the associations Third
Al guarSnteea Stock or preferred stsSs under nae,
dsSd. whether protiis have been earned or not.
should be eliminated. The power to impose
tines and forfeitures upon persons who fan 10
1nStAllmeQlR stock
tenoved. Fifth. The exemption Of building
and loan associations from the law OF usury
works 2 hardship which the former general
assemblies oould not have seen, In Mr. he ;
lay's opinion sixth. The executive coun3il
ought to be given more plenaiy power, inelud
ing the power u revoke the Ger tancate author
lztna the association to do business. Seventh
Provision should be made On which money
paid on stock by the party who has borrowed
theron, In case OF foreclosure, should be treated
70 an absolute payment on the money borrowed
together with the profits II any, credited GA
such stock. Eighth. Some provisions should
be made TO enable association to go into vol
untary liquidation. with suitable provision Tor
the protection OF tie borrowing member 1t
might be well also TO authorize the assignment
OF loans made by the uquidating association 70
,.ct 70 ths fights Of the Borrowing member 70
nave the amount paid on MS Stock credited on
such loan or 70 permit two or moro associations
20 e9nsSid ga, oy Sote ,. Inc
which the executive council or some oncer OF
che state should approve as equitable to all con.
oerned Ninth ohhpter OF the laws q the
swenty-seyenth general assembly. should DO
epealed It's eject was 70 make new ana aif'
terent contracts Tor those aheoted thereby,
which hns worked hardship In many Instances
In regard to the remedies needed in
AZ. ;,,,,-.no. cd. a. tnIIou,;,,. 90
sne insurance eoue' INC ioiio"inS feS
concentrations are made:
E,rs,-All articles Of Incarceration Of oyn.
oan,as and assacistjons inccrnorated under the
t. ~ ,hia stata as we'll as those fncornorated
= n,har s,a,as ss,,,lJ Ia snh,nitted 10 he rud
stnr ~ stste and att1rnev 1eneral Tar their an
$500 snS ,hass or,ceIs be anthorizei IN Az.
ssnnro,,s ali nians ahish 40 moi nrovjde nronar
sVRnnarS, - Inc ,,r,,as,jon ~, r. iIcy bpideT.
1880 II ~. ,nnpniss ard tIa,a ,sbich
,aLa asseas,oan,l an tSe m.anhers or he n 50.
dua ~ 80, nia,SSo $4,000 thn risht ~ ,naISa
saao1 SLY h,s,5 s, s 20 II, nihi,..S
49, issS saooIas Ia nv n,iic,ss W,ni,si
ISL ,iii,.I..e III tra,. ,nS