The Ocala banner. (Ocala, Marion County, Fla.) 1883-194?, 1903-08-28

Gully complies with all the require
roents OF law as TO deposits, securities
O. otherwise, and charged no higher
rates than other standard Insurance
companies doing business in the State
OF Florida
Sec. .. That this act shall take eff
feet from and after its passage and
approval by tho Governor, or upon its
becoming a law without such approval.
CBecame a law without the approval
OF the GOvernor)
CHAPTER 5I6s-CNo. So
AN ACT TO Amend Sections Two
Thousand Two Hundred and Five
(2205). Two Thousand Two Hundred
and Six (22O6), and Two Thousand
Two Hundred and Seven (2207), OF
Sub-Chapter Two CD, Of the Revised
Statutes of the State OF Florida, En-
cited Special Provisions for Building
and Loan Associations"
BE n Enacted by the Legislature OF
the State of Florida:
That Sections 2205, 1905, 1907 Of said
Sub-Chapter be amended 10 read as
follows.
2205. Amount, Series, Terms of Pay
r1ent and Withdrawal. The capital
stock OF a building and loan asSoCia-
gregate Of more than one million dol
lars, to be divided into shares Of such
denomination. not exceeding five hun
cred dollars each, payable in lawful
money OF the United States. and III
such number as the charter may Speci-
81. The capital stock may be issued
IN shares OF fractions OF shares. for
cash when desired. or be issued in
series payable ia installmeuts bat no
such series shall at any issue exceed
In the aggregate five hundred thousand
dollars. the insJallmeuts on which stock
are 20 be paid at such time and place
a. the bylaws shall appoint No period
ical payment Of such installments shall
be made exceeding two dollars on each
snare and such stock may he paid Oft
and retired as the bylaws shall direct.
Every share Of stock shall be subject
to a lien for the payment Of unpaid in
stallments and other charges incurred
thereon under the provisions OF the
charter ano bylaws. and the bylaws
rlay prescribe the form ana manner of
enforcing such liens: new shares OF
stock may be issued IN lieu OF shares
Withdrawn or forfeited. The stock may
De Issued IN one OF successive series in
suGn amount as the board OF directors
and stockholders may determine. and
any stockholGeT wishing 10 withdraw
crOm the association shall have power
70 Go SO by giving sixty days notice OF
his intention 10 withdraw, when he
may be entitled 70 receive the amount
paid IA - him less all fines and other
charges. but after the expiration Of one
year from the issuing OF the series suca
Etockhol6er shall be entitled. in addi-
ton thereto. 10 such interest thereon,
OF 20 such payment or credit of the
prodts from time 10 tine. as the by
laws may provide. At no tine shall
more than one half az the funds IN the
treasury Of the corporation be appliCa-
bic 20 the demands of Withdrawing
stockholders without the consent of the
board OF directors. and no stakeholder
shall be entitled % withdraw whose
stock Is held in pledge FOR security.
Upon the Death Of q stockhOlder his le-
gal Representatives shall be entitled to
receive the fun amount paid in by him
sno such rate OF interest or profit
thereon as the bylaws OF the aSsocia-
ton shall prescribe. FIRST deducting all
charges that may be due on the stock
no fne shall be charged TO a deceased
members account from and after his
cecesss unless the legal representatives
OF such oeCedent assume the further
payment on the stock
22o6. Stated. Building and Loan
Associations Incorporated under this
Charter shall have the powers and
not otherwise provided herein. snail be
governed managed and controlled as
foiioTS: They shall have the power and
franchise OF loaning or advancing to
the stockholders thereof the moneys ac-
cuIrUlated from time TO time, and the
power and right TO secure the repav-
rnent OF such money and the perform
anoe OF the other conditions upon which
the loans are TO be made by note or
bond secured by mortgage or other Sc
CllTtty. as wei as the power and right
% purchase or erect houses and to con-
vey, lease or mortgage the same at
pleasure to their stockholders or others
nor the benefit Of their stockholders in
such manner: also IN case of non-nay-
Haent OF installmsnts. premiums or in
Aerest by any stockholder for three
moncnS, payment OF principal. interest
eno zines without deduCtine the DrA-
YniuTrs paid or interest thereon. may BIS
sEsTorcsd by sale OF the shares at a
meeting Of the stockholders or by for
fetture At the withdrawal value thereof
and the net proceeds after deductin-
81 mes and arrearages with a propor-
donate part OF any losses. shall be paid
over 70 him, and thereafter he shall
cease 20 be a member Of the corpora-
tiou.
1907. Method OF Loans. Loans shall
Be made TO members only. Applications
tncTelog may ne considered uDOn Sc
cnrtties severelly offered. or the officers
may hold stated meetings ut which the
money IN the treasury, II over the
amount fixed by charter as the fun
value OF a share. shall be offered for
loan IN open meeting and the stock
ho4oer who shall bid the highest prem
tuE FOR the preference OF priority OF
koan shall be entitled 10 receive q loan.
NOT more th"n the amount fixed bv
Charter or constitution as the full value
or share shall be loaned for each
share OF stock held by sucn stockhold-
er, but a UtoClCn0lder NAV borrow s,Icb
fractional part Of the amount fixed nv
charter as the full value OF n share. as
NE constitution and bylaws NAV pro-
VIDE. Good and ample security as pre-
soribsd by the bylaws shall be given
by the borrower 10 secure the repav-
naent OF the loan. In case the borrower
shall neglect 70 offer security or shall
of1er security that Is not approved by the
board OF directors by such time as tha
bylaws may prescribe. he shall he
ena-ged with legal interest. together
WITH any expenses incurred and the
toee or premium, II any on sale and
the money may be TeSold at the next
stated meeirg. In case OF non navrnent
OF installment or interest by borrowing
stocRholders for the sDaCe OF thraa
months. payment OF PRINCIPAL and in
terost and all fines prescribed bv the
constitution and bylaws without 5a-
Quoting the premiums paid and interest
thereon. may be enforced nv proceed