Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1900-02-13
MIR. BUCHANAN'S BILL
Text Of a Measure introduced by
wapello County Representative.
BUILDING AND LOAN COMPANIES
Provides for State Department OF
Such Association and an Inspector
Who May Appoint a Deputy
Other Provisions OF ELI,

Following is the text of the bill in
PRODUCED in the house yesterday by
Hon. A. w. Buchanan, representative
from Wapello county. 1T is a bill to
provide state department of building
and loan and savings and loan associa-
tions and establishing the Office of
state inspector of such associations.
Be it enacted by the general assem-
bly, of the state of Iowa:
Section1. There is hereby establish
ed a department to be known as the
department of building and loan and
savings and loan associations, which
shall be. charged with the execution of
the laws of this state.relating to build
ing and loan and savings and loan as
sociations.
Sec. 2. The chief officer of this de-
partment shall be known as the in
spector of building and loan and saw
ings and loan associations, and shall be
appointed by the governor for a term
of SIX years, and as compensation for
his services as such inspector he shall
be entitled to receive the sum of $1,S00
: per annum and. expenses as. provided
for in section nineteen hundred and
four (1904) of the code. Before enter
ing upon his duties he shall give bond
toithe state of Iowa in the sum of $10,-
600, to be approved by. the executive
council, conditioned for the faithful
discharge of his duties
Sec. 3. The inspector may appoint a
deputy, who shall be authorized topper
form the duties attached to the office
of inspector, and shall receive a salary
Of $1,000 per year.
Sec. 4. The custodian shall provide
u. E..
duct of the business of the department
in an Office in the capitol building,shall
furnish hthe necessary furniture, and
the expense for the same shall be paid
out of the state treasury on the certifi-
cate of the inspector
Sec. S. 1t shall be the duty of the
inspector to see that all the laws of the
state relating to building and loan and
savings and loan associations are
faithfully executed.
g. The inspector shall examine each
foreign building and loan and savings
and loan association doing business in
the state, each domestic local building
and loan and savings and loan associ-
alton and each domestic building and
loan and savings and loan associa-
ton once each year. The expenses
of all examinations so made shall be
paid as provided for in section nine
teen hundred and four Q904) of the
code.
Sec. Each foreign building and
loan and savings and loan association,
:. each domestic local building and loan
and savings and loan association, and
each domestic building and loan and
savings and loan association shall re-
new their certificate of authority once
each year, and shall pay for each an
nual renewal thereof as follows: Gas
shown by the statement fled:) For
amounts of $4,000 or less SIS; for
more than $4,000 and less than $780,.
900, SIS; for more than 100000 and less
than 100000, $40; for more than $780,.
900 and less than 100000, $50; fol
more than 100000 and less thaniS50O,
600, $50; for all larger sums, $40.
Sec. s. The inspector, when he has
reason to suspect the correctness OF
the statements of such associations do
ing business in this state, or that Its
affairs are in an unound condition, OF
that it is not conducting it's business
in accordance with law, shall make O,
cause to be made by his deputy, ar
examination into the affairs of sucl
association.
Sec. o. Should the inspector, upon
examination find any building and loar
Quoting its business in part or in whole
contrary to law. or failing to comply
with the law, he shall so notify sht
board of directors of such association
in writing, and if after twenty day: