The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1911-03-24
Published in The Topeka State Journal
March "a, 1911
HOUSE BILL No. 1905


An Act concerning building and loan asso-
Citations and amending sections 1857, 1850.
ter % of the General Statutes of 1909.
Be it enacted by the Legislature of the
State of Kansas:
%, General Statutes Of 1909, be amended
to read as follows: Sec 1857. Adoption
of bylaws. The shareholders of such cor
poration must make and adopt all neces-
sary bylaws, rules and regulations for
the. local government of the affairs and
business of the corporation; provided, that
the same shall not be inconsistent with
the constitution or laws of the state. A
lions must be filed in the office of the
bank commissioner before such corpora
ton can commence business, and such by
laws shall be approved in writing by the
bank commissioner, which approval may
be given or withheld in his discretion.
All amendments to bylaws must be sub
mitted to the bank commissioner for APP
p1'oval, and such amendments, when APP
proved by him, shall become operative.
Unless corporations organized hereunder
shall engage in business as provided in
this act within one year after date of issu-
certificate shall be deemed revoked
Sec. 3 That section 1860, chapter %,
read as follows: Sec. 1860 Powers. The
object of such corporations shall be the
accumulation of a capital in money, to be
derived from the payments by its men,
bers in periodical installments or other
wise, at such time and in such manner
as shall be provided in the bylaws. and
from the profits and Accommodations aris-
ing from the investments of such pay
ments. The capital SO accumulated by
shall not exceed in the aggregate and full
ultimate value the sum of ten million
dollars, and shall be divided into shares
of equal value; the ultimate value of such
shares shall not exceed one thousand dol
lars. Said capital may be issued in full
paid prepaid, deposit, or installment
shares, in such amounts and at such times
i and in such manner as may be provided in
the bylaws. Any such corporation may
also issue permanent stock, for which full
par value shall be paid at time of issue or
in monthly instal1ments of five dollars
per share, at the option of the purchaser,
and upon which permanent stock a full
may be paid which dividend
shall in no case exceed the per
cent of profit per annum acquired by any
such dividend is declared. The balance of
profits Cf any and the principal paid on
said stock shall not be paid to the holders
every other class of stock in its series, as
expressed in the certificate of such other
classes and all other liabilities of such
corporation, shall have been. fully liqui-
dated and paid. Payments of dues or in
stallments on shares shall commence and
date from the time provided in the by
| shareholder a certificate signed by the
president and secretary of the corporation,
and evidenced by its corporate seal, set
| ting forth, distinctly and clearly the class
| of stock for which he has subscribed. and
! the provisions IN the bylaws relating to
stock of the class. the dividend which it
| which it may have at any time. and shall
provide that a nonborrowing stockholder
| on Withdrawing shall receive not less than
the full amount Of the dues he has paid
| to the association Such certificate shall
| be deemed in all courts of justice to be
contract between the corporation and
/ the shareholder, and shall determine at
all times the liability of the corporation
to the holders Of its shares. It shall be