The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1915-03-02


ANsACT authorizing building and loan as
sociations to issue rural credit shares and
invest the in rural eTedit Loans
| Be it enacted by the Legislature of the
| State of Kansas:
incorporated under the laws of the State OF
Kansas may issue rural credit shares on
which definite or agreed rate of interest
or dividends may be paid. All dividends
thereon shall be distributed semi annually.
Payment said shares and the with
drawal of the amount credited to same or
any part thereof may be made in accord
ance with the provisions of the bylaws of
the association. but subject to the building
and loan laws of Kansas with reference 70
notice of withdrawal and the amount to
be used in any month for such pur-
poses No interest dividend shall be
forfeited any sum withdrawn on such
shares except such interest or dividend
as may have accrued since the dividend
date Immediately preceding the date OF
withdrawal. No entrance fees, premiums,
fines, fees or penalties shall be charged on
any such shares.
shares shall, whenever possible to do SO
with proper security, invest the amount
gage rural credit loans on farms in the
state of Kansas within the county in which
such association is located Provided now
ever, that any money remaining undisposed
of may be invested in such securities as
are now permitted for the investment of
the surplus funds of building and loan
See 3. Rural credit mortgage notes shall
draw a definite rate of interest, payable
semi-annually, but in no instance snail the
rate exceed by one and one-haf per cent
the average rate of interest or DIVIDEND
paid by said association on its rural credit
shares. Interest on sums past due shall
Sec. 4 Rural credit loans may be made
for any period not exceeding twenty years,
and when made for a period exceeding ten
wears must contain agreement for the
reduction of the principal OF the loan
through annual or semi-annual payments
Sec s. Every loan made or purchased
under the provisions of this act may De
paid in whole or in part at any interest
oxria d1fn
made at any time and shall cease to draw
interest Receipt OF such Paybmentsd upon
by credits in a pass book furnished each
borrower. -
shall be charged the borrower for obtain
ing a rural credit loan in accordance with
Sec. = The amount to the credit of such
rural credit. shares shall be exempt from
Sec. S. All acts or parts of acts in con
flict with the provisions of this act are
Sec. 9. This act shall take effect and be
in force from and after its publication IN
I hereby certify that the above Bill orig
mated in the Senate, and passed that body
February oath, 1913.
President of the Senate.
BURT Z. BROWN,
Secretary of the Senate.
Passed the House February 18th. 1915.
ROBERT STONE.
Speaker of the House.
I. E. LAMBERT,
Chief Clerk of the House.
Approved March 1, 1915.
ARTHUR CAPPER, Governor
State of Kansas,
Office of Secretary of State.
l. ]. T BOTKIN, Secretary of State of
the State of Kansas, do hereby certify
that the above and foregoing is correct
copy of the original enrolled bill now on
Gle in my office.
IN TESTIMONY WHEREOF, 1 have
hereunto subscribed my name
TSeaLl and affixed my official seal this
LIST day of March, 1915.
J. I. BOTKIN, Secretary of State.
By T.. A. CORNELL,
Asst Secretary of State.
First published in The Topeka State
Journal, March 2, 1915
Office of the City Clerk.
Topeka, Kansas, February %, 1915.
PROPOSALS.
Sealed proposals will be received at the
office of the city clerk until $50 O'Clock
p. M, Thursday, March IL, 1915 for the