The Key West citizen. [volume] (Key West, Fla.) 1879-current, 1939-09-07
CHAPTER 1910


Approved by the Governor May
20. 1889.
CHAPTER 1910
AN ACT To Amend Section 3 of
Chapter 1590S of the Laws of Flor
ida of 1888 as Amended by Chapter
1854 of the Laws of Florida of 1885
Relating to the Business. Operation,
Supervision and Liquidation of
Building and Loan Associations.
BE 1t Enacted by the Legislature of
The State of Florida:
Sec. l. That Section of Chapter
15SOS of the Laws of Florida of 1888
as amended by Chapter 1884 of the
Laws of Florida of 1885 be. and the
same is. hereby amended to read as
follows:
Sec. 3. First: Any Association
shall have power to loan or advance
to stockholders or members thereof
money OF the association. including
money PAD Tor capital stock as pro-
Vlded IN Section 6155. Compiled Cen
eral Laws of Florida. 1927, as amend
cd and TO secure payment of such
money and the performance of all
OF the conditions upon which the
loans are made by pledge of shares
IN said Association, and or by note.
or bond. and mortgage on real es-
tate situated in the State of Florida.
owned In fee by the borrower. which
mortgage shall be a first lien there
on. except taxes and special assess
mentS. and except the prior liens
held and owned by said Association.
provided, however, that nothing
herein shall be construed to pro-
hlplt any Association from accepting
additional collateral of any char
acter as additional security for the
nAXmRnf m a
summated: to loan funds of the AS
ISOLATION Except that portion of its
authorized capital stock specified in
Section 6155. of the Compiled Cen
eral Laws of Florida. 1927 as am
ended. upon the pledge of the
shares only of such Association
provided. that loans on stock shall
not exceed ninety per cent of the
Wlthdrawal value of stock at the
time it is pledged. All such in
debtedness. notes and bonds. shares
OF stock and mortgages securing
the repayment of such indebtedness.
notes and bonds shall be exempt
from the provisions of Chapters
l9lSI and 1879. Laws of Florida.
1881. ana any laws superseding same
or amendatOry thereof
Second. The bylaws of each AS
ISOLATION shall prescribe the manner
terest and the premium to be charg-
ed and the time and manner in
which the interest and premium. if
any. shall be paid. No such Assoc
citation Is required to maintain uni
formlty among loans made by il with
respect to rates of interest, maturity
or principal, plan of repayment.
amount and time of payment of in
stallmentS upon principal and 9TH
er terms, provisions and conditions
or such loans and the contract evil
denclng them. but may, when autho-
rlzed by its bylaws, make loans
with differences between them with
respect to rates of interest. maturity
OF principal. plan of repayment.
amount and time of payment of in
stallments upon principal. and 9th
er terms, provisions and conditions
of such loans and the contracts
evldencing them. and is authorized
TO make loans at such rate of in
terest and with such maturity of
principal, such plan of repayment.
such amount and time of payment
OF lnstallments upon principal. and
such other terms. provisions and
conditions of such loans and the
contracts evidencing them, as its
by laws. may prescribe. provided.
all loans shall conform to all re-
Qulrements of law with respect to the
character. extent and value of the
security therefor.
Third. No Building and Loan As
sociation shall make any loan either
directly or indirectly to any of it's
oHicers. directors or employees, pro-
vided. however. that loans NAV be
made to an officer. director or en-
ployee, if secured by a mortgage
upon his home or by an assignment
of the stock owned by him in the
association. Loans made to officers.
directors or employees. secured by
assignment of stock. shall not ex-
coed ninety (90%) per cent of the
Wlthdrawal value OF the stock at the
time the loan is made.
Fourth. Building and Loan As
sociations shall lend their funds only
on the security of their own shares
or on the security of first liens upon
homes or combination homes and
business property provided, how
ever, that not more than $40. 10000
shall be loaned on the security of a
first lien upon any one such pTOp-
erty. except that not exceeding 1877
of the assets of such Association
may be loaned on other improved
real estate without regard to said
$50. 000.00 limitation and without re-
gard to said fifty mile limit. but Sc
cured by first lien thereon.
klfth. In case mere Is not SUN
Gent demand for loans on the part of
stockholders on real estate mort
cages or the stock of the Associa-
ton. which are acceptable 10 the
board of directors. any Association
shall have the power to lend its
funds upon or purchase first mort
cages upon improved real estate.
provided. the loans secured by the
mortgage purchased or accepted as
collateral does not exceed 70% of
the fair value of the real estate
mortgaged. and also to lend its funds
upon or invest in the obligations of
the United States. State of Florida,
any County or Municipality of the
State of Florida. any Federal Home
Loan Bank or the Home Owners
Loan Corporation. and also 10 lend
its funds upon or purchase the stock
or promissorv notes of any other
domestic Building and Loan Asso-
citation. or invest in the saving
shares or investment shares of Fed
eral Savings and Loan Association.
doing business IN the State of Flor
ida.