The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1911-03-24

subject to a lien in favor of the corpora
| ton for the payment of unpaid INSTALL
ments. fines and other charges incurred
! thereon under the provisions OF the char
ter and bylaws. The bylaws may pre-
scribe the form and manner of enforcing
such lien New shares may be Issued IN
lieu Of any shares withdraWn' redeemed,
accumulated. shall from time to time be
loaned or advanced to members of the
| the prompt and continued payment of all
| dues, interest, premium, and fines, until
reach the ultimate and full value thereof.
The provisions of this section shall not
affect certificates of stock issued prior
| to the taking effect of this act
General Statutes of 1909. be amended to
vances; how made. The moneys accumu-
| lated from payments on account OF stock,
interest. premiums. and fines. as aa ore
ever. after due allowance made for al
necessary and proper expenses. and SUD
! ject to the provisions hereinafter In sec
| ton IS contained and set forth respecting
| the withdrawal and cancellation of shares.
offered to i SUCH - s1areholder or sharehold-
| ers who shall bid the highest premium for
the preference or priority Of right TO nave
ultimate value of one or more OF his or
| their respective shares; and such share
sha f be ented to eoeWe
loan or advance of sum of money equal
to the full value of each share held by
| him, in the method provided In the by
laws of such association; the said premium
| bid may be deducted in gross from the
| charged and be required to be paid in
| prOportionate amounts or 1nStaliments, at
SHARES si Of stonk loaned or advanced upon
| as may be provided in the bylaws or the
association: provided, that where the
stock of any association is issued in series
or at different times in such manner that
| all said stock will not mature at the same
| time, then the borrower shall pay only
| such proportion of the full premium as
| the number of months his stock lacks or
| being one hundred and twenty months old
bears to one hundred and twenty months
Said association may provide, in its by
| laws that the bid for loans at its stated
stated rate of annual interest upon the
| sum desired, payable in periodical install
be paid during the whole period of the
loan OF advance. Any such association
may, when so expressed in It's by-iaWs'
dispense with offering its money for bids,
and in lien thereof may loan or advance
| to its members at rate of interest 70
| in excess Of the ultimate or par value of
| his or her shares. A Shareholder shall be
entitled to borrow such fractlonai part OF
Sec. l. That section 1867 of chapter g.
General Statutes Of 1909; be amended st to
| Premiums for loans or advances as afore-
| said shall not be charged borrowers ex-
priority to have a loan or advance has
| been determined at public auction by
premium bid, and such premium Did snall
| consist of a rate per cent per annum on
| the amount to be loaned advanced or Dor
rowed, and shall be a charge in ADDITION
| to interest as aforesaid on the amount
| loaned or advanced. and said premium
| shall be deemed and taken to be con-
sideration or bonus paid by the borrower
for the present and Immediate use and
possession of the future or ultimate Vaiue
| Of the shares so pledged and snail; 70
gether with interest and fines pald, pc
received by said corporation as pro1It
on the amount of capital invested IN s S;I
loan and shall be ratably divided and DIS
| tributed to the various shares. severalties
and series of said capital
Sec. s. That section 1871. chapter %,
re enf1 as 7oIioMs: Sec ISL. forfeiture
and fines In case any member moi R pay az
pay dues for three months then the
shares of such member may, at the OPP
ton of the board, be forfeited by pay yin, z
the same amount as he would be entitled
to if he had voluntarily withdrawn, less
in NH his U payments for twelve months, then
his shares shall. ipso facto be Cancelled.
amount as if he had voluntarily with
drawn, less fines to date, and shall
ISOLATION. The amount so placed to his
credit shall be paid to him out of the
funds hereinbefore made available for the
rnent of dues must be provided for in the
bylaws. but the total amount of the fines
crued to the defaulted shares. All pay
ments made by a building and loan as
M for any Sc aEsf sisne
by the president and secretary: The name
of the payee. the amount paid, and the
purpose for which such payment Is made,
and the date of payment, shall be entered
on each order, check or draft. .,
| Sec. 6. That section 1880 of chapter 3,
General Statutes of 1909. be amended to
read follows: Sec. 1880: Examinations
n ~. 1t shall be the duty of the bank
commissioner, in person or one of his dep
utics, to make a full and careful examina-
ton of the affairs of any such association
once in every two years, or oftener IN ms
as herein provided. The OFFICER making
sucn examination shall have power to ad-
him deemed necessary and proper, and
compel the attendance of witnesses and
by like process and in like manner
, as is now provided by law te
and the production OF books and papers
, in actions at law in the courts of record
in this state; In every such examination,
and resources of the corporation general
ly, the mode of conducting and managing
its affairs. the action of its directors, the
. forded Its members and those by whom
its engagements are held. ard whether
law and it's bylaws are being complied
with in the administration of its affairs
practicable after such examination, for
, ward a report of such examination
/, together with Sucn suggestions as
to him may seem proper, to the
president of such association. The
refusal of any such corporation to permit
the examination of its affairs as required
by this act shall be sufficient cause fol
the institution of proceedings to wind VI
its affairs as hereinafter provided Fol
each examination the association exam.
ined shall pay the following fee: Two dol
lars for each ten thousand dollars OF
i assets or major fraction thereof; provid
, ed, that the minimum fee shall be ter
dollars Said fee shall be paid to the ex.
in duplicate, one to the association eX
| amined and one to the state treasurer.
! Sec. z. That SECTION 1881, chapter %
i General Statutes of 1909, be amended u
read as follows: Sec. 1881 Annual report
The said bank commissioner shall annual
: Iy report to the governor the financia
) condition of all associations on the 31s