Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1913-08-22

residing In this state shall have been
fully performed and discharged; the
securities comprising such deposit shall
first be approved by the COM
missioner of banking under the same
rules and regulations governing the
approval or securities OF trust
company banks; and upon such deposit
being made the state treasurer shall
issue certificate therefor, and there
upon the . commissioner Of banking
may issue his certificate of authority
to said association to transact business
in this state.
Section COLTS. The deposit to be
made with the state treasurer by any
foreign association may consist Of
bonds or treasury notes of the United
States, or bonds OF this or any other
state, or any city, town or county OF
this state any other state having
authority to issue the same, or mort
cages being first liens on real estate
located In this state. All dividends
and interest which may accrue on Sc
curities held by the state treasurer and
all dues and monthly payments which
become payable on stock pledged as
security for loans, the MORTGAGES for
which are on deposit with him, may
be collected and retained by the asso-
citation depositing such securities or
mortgages so long as such association
remains solvent and performs all con-
tracts with it's members. Any securi-
ties on deposit as provided herein, if
approved by the commissioner of
banking may from time to time be
Withdrawn If others of equal value and
Of the character named in this section
are substituted therefor. If any such
securities shall depreciate in value
new ones must be added, so that the
deposit may at all times be kept good
and of the value Of one hundred thousand
dollars. and it shall be the duty of the
commissioner Of banking to re-
woke the certificate of authority of any
such association whenever there exists
a n mr. "a lpr1 of lnh ncsif for
period of more than thirty days after
due notice to the association given
by such commissioner.
Section 2014-19. No foreign build
ing and loan association shall do bust
ness in this state without first having
paid the fees prescribed in this chap
ter and obtained from the state treas
urer certificate that the deposit re-
CURED by this chapter has been made,
and from the commissioner Of
banking a certificate of authority or
license authorizing it to do business
in this state. stating that such associ-
alton has complied with all the provi-
sionG Of this chapter; and such certificate
shall be in force one year unless sooner
revoked, and shall be renewed from year
to year, and unless so renewed and con-
tinued in force such association shall not
do business in this state.
Section 2014-20. Every foreign build
Ing and loan association, before commence
ing to do business In this state, shall:
Q File with the commissioner
Of banking a duly authenticated copy Of
it's charter or articles of incorporation and
bylaws, of its certificates of shares
and of all printed matter issued by it.
(2) File with the commissioner
of banking certificate Of the state Off
Ger having charge and supervision of such
associations in the state in which incor
porated, certifying that such association
Is legally incorporated and authorized to
transact business, and that similar asso-
Citations Incorporated under the laws Of
this state are permitted and licensed to
transact business in such state.
60 Pay to the commissioner of
banking twenty five dollars for filing the
papers mentioned in this section. Before
granting license to any such association
organized or incorporated under the laws
of any other state or foreign government
he shall require that every such associa-
| ton shall file in writing an appointment Of
the Z commissioner of banking or his
successor in office as the attorney upon
whom any summons, notice or process Of
any court Of this state may be served
and stipulate that service Of any such
summons, notice or process upon such at
torney, in any action brought upon any
cause Of action arising out of any bust
ness or transaction in this state, shall be
accepted irrevocably IS a valid service
upon such association, and copies of
said appointment, certified by the ~
commissioner of banking, shall be deemed
sufficient evidence Of his authority to ac-
cept service as the attorney on behalf Of
any such associa ton. Each such associa-
ton shall agree, in such appointment Of
attorney, that the license granted by the
commissioner Of banking shall
cease and be revoked in case such associa-
ton shall remove or make application to
remove into any court Of the United
States any action or proceeding COM
menced in any court of this state upon a
claim Or cause of action arising out of
any business or transaction done in this
state, and it shall be the imperative duty
of the commissioner of banking to
revoke any and every authority, license or
certificate granted to any such association
violating the provisions of this section,
and no such association shall have it's IL
cense or certificate of authority renewed
for three years after such revocation, and
shall agree that in the event of revoca-
ton of license such appointment Of the
commissioner of banking shall con-
tinue for the purpose Of serving process
for beginning actions upon any certificate
of stock or liability incurred or contracted
in this state while it transacted business
therein, so long as any liability shall
exist. When legal process against any
such association is served upon the y
commissioner of banking. he shall i'm
mediately notify the association of such
service by letter and inclose g copy of
the process served on him to said asso-
citation or to any person designated by
the officers thereof in writing. The plain
to the commissioner of banking,
at the time of such service, fee of two
dollars, which shall be recovered by the
plaintiff as a part of the taxable costs If
he prevail in the suit. The commits
sioner of banking shall keep record of all
process served on him, which record
shall show the day and hour when such
service was so made, and all the fees re-
ceived by him on account of the service
of such process shall be paid into the
state treasury.
Section 2014-21. When. by the laws Of
any other state or territory, any taxes,
fines, penalties, licenses, fees, deposits,
money, securities or other obligations or
prohibitions are imposed on building and
loan associations of this state doing busi-
ness in such other state or territory or
upon their agents therein, so long as
such laws continue in force, the same
obligations and prohibitions, of whatever
kind, shall be imposed upon all building
and loan associations of such other state
or territory doing business in this state
and upon their agents here.
Section 2014-22. The name building
and loan association, as used in this
chapter shall include all societies, orga-
nizations or associations doing a saving
and loan or investment business on the
building association plan, whether mu-
tual or otherwise, and whether issuing
certificates of stock or bonds, or any 9TH
err evidences of Indebtedness, whether the
TINA NJ he fixed or not.