The West Virginian. [volume] (Fairmont, W. Va.) 1914-1974, 1917-01-22
BUILDING AND loan
BILL CAUSES TALK
Senator Godbeys Measure
Changes Loan Making
Regulations.
lspeeial Dlspateh to wegt virglnInnl


Special Dispatch to West Virsiuian)
CHARLESTON. W. Va, Jan. a.
While the railroad and oil and gas
companies are working together dur.
ing the present Legislature in keeping
tab on the bills presented they have
found nothing no far introduced that
affects their interests to a sufficient
degree to bring out a protest.
One OF the most talked about bills so
iar originating in the Senate is No. AZ.
introduced by Senator Cooley, of the
Eighth district, which proposes some
changes looking toward the further
regulation Of the business of building
and loan associations OF West Vir.
ginia.
The changes provided in this bill.
are for section 231S and 2319, chapter
81 of the West Virginia Code OIL ~. ..
While they are only two in number
they are vital, and the amendments
proposed are meeting with considera.
Die opposition.
1t is proposed to make the statutes
as follows, with the changes noted in
parenInesis:
Every such association shall have
the power to provide by its bylaws for
selling to the stockholders, who shall
bid the highest premium therefor the
money in the treasury, or in default OF
bidders at or above minimum prem
tum, may award to member the value
of any shares held by him less such
minimum premium; the minimum
premium and the mode of making the
award to be fixed by the bylaws. Or
such association may charge and re-
ceive the premium bid by q stockhold.
or for the priority Of right to such
loans, in periodical installments; but
the bylaws of every association shall
set forth whether the premium Did for
the proir right to loan shall be de.
Quoted therefrom in advance, or be
paid In periodical lnstallments But
whether the premium be deducted from:
the loan or paid in periodical install
ments, the transaction shall ('not' ap-
pears in the present law be deemed
usurious, cAlthough any ard all the
dues, and interest appears in the old
law )if premiums or interest shall ex-
coed the legal rate of interest on the
amount of money received by the
stockholders"
That section 1919 OF chapter 81 of
the Code shall be amended and re-en-
acted to read as follows:
Every such association may levy,
assess and collect from its stockhold-
ers, periodical dues, upon every share
OF its stock; the amounts of such dues
to be fixed by the bylaws; but n .
periodical payments to exceed two
dollars upon each share; and. said
stock may be paid OFF and retired as
the bylaws shall direct; and may
levy, assess and collect from mem
bers to whom loans have been made,
interest upon the par value of the
shares so loaned; but may not levy,
assess and collect fines for the non
payment Of periodical dues, or for the
failure to comply with or perform any
other obligation or duty to the asst
citation.
This amendment changes the OLD
law only to the extent that it cuts Oh
the following which appears in addi-
ton to the foregoing 2319 on the stat
ute book:
"The amount of the respective
fines shall be fixed by the bylaws:
but they shall be imposed under regu
lations to be made by the bylaws; but
such fines shall be uniform, and where
there are imposed by default in the
payment of dues, shall be in proportion
to the amount of dues for the failure
to pay which they are imposed; but no
members shall be fined more than
once for the same default"
FRED G. KING.