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


AN ACT to Amend Section 1 of
Chapter 159OS of the Laws of Flor
ida of 1893. Relating to the Business,
Operation. Supervisors and Liquida-
ton of Building and Loan Associa-
ton.
Be 1t Enacted by the Legislature of
the State of Florida:
Sec. l. That paragraph Section l
of Chapter 15908 of the Laws of the
same is hereby amended to read as
Sec. 1. First Any investing stock
holder in any Building and Loan
Association or the legal representa-
tive of any deceased investing stock
holder, whose stock is not pledged
for a loan. wishing to withdraw
from the Association shall be entitl-
ed to receive the full amount of dues
paid in upon the stock so withdrawn,
together with all declared unpaid
dividends thereon. less all fines and
other charges including a pro rata
share of the losses, if any, real or
contingent. provided
(a) The Withdrawing stakeholder
shall give ninety 600 days notice in
writing to the Association of his in
tention to withdraw. unless such no.
tlce is expressly waived in the by
laws or by resolution of the board
of directors. If the stock certificate
of any stakeholder provides a speci-
fled date for withdrawal then the
said notice of withdrawal shall be
deemed given the ninetieth (90th)
day preceding such fixed time; in all
other respects such stakeholder shall
be held to be a withdrawing stock
holder.
(b) In any event any Association
is not able to pay all Withdrawing
stockholders at the expiration of
said ninety 900 day period. then
such Association shall make no fur
Their payment to any Withdrawing
stakeholder regardless of priority of
notice, except upon the following
conditions and in the following man
ner. to-wit: Such Association shall
first pay the matured claims of all
its general creditors and set aside
sufficient funds to completely finance
all loans approved at the time the
applications of withdrawing stock
holders could no longer be met, and
thereafter such Association shall i'm
pound one-half of all money received
by it from the following sources:
Payments on shares of stock, pay
ments of principal on loans made to
its members. net income received by
1t from the lease or rental of its
property or other assets after pay
ing all fixed charges and expenses.
and money derived by it as principal
from the sale of assets; and such
money of each quarter of the calen-
dar year to those stockholders who
have given notice of their intention
to withdraw. and whose notices
were received by the Association not
less than ten days previous to such
distribution; provided, however, that
no distribution except final payment
shall be made unless the sum ac-
cumulated is sufficient to pay at least
one percent of the amount due each
withdrawing stakeholder. and proVid-
ed further that all accounts which
do not exceed Fixe $500 Dollars
may in the discretion of the board
of directors be paid to the respec-
tive stockholders in full in order to
save clerical and other expenses
and. provided further. that the pro-
visions. of this subsection OBJ shall
not apply to mortgages or securi-
ties now pledged or which may
hereafter be pledged to any Federal
Home Loan Bank.
Second All money received by the
Association and not impounded as
hereinbefore provided may in the
discretion of the board of directors
be used by the Association for the
payment of its operating or other
expenses ana Tor the protection and
conservation of its assets by pay
ment of taxes and other assessments
levied thereon insuring the same,
making repairs or otherwise. and
for the making of new loans as al
lowed by law.
Third: In the event the money
which may be retained by the AS
ISOLATION is not sufficient to pay its
operating and other expenses and
protect and conserve its assets. then
no new loans shall be contracted or
made. and before making any pay
ment or distribution to withdrawing
stockholders the Association shall
deduct from the funds impounded
such sum or sums as may be nee
eSSary to pay its operating and 9TH
er expenses, and TO pay all taxes.
liens. assessments insurance prem
iums. costs of repairs and other ex-
penses necessary for the protection
and conservation of it's assets and
shall pay the same or set aside a
cash reserve for such purposes.
Fourth: Whenever the capital of
any Association is impaired to the
extent of thirty per cent. it shall
allow no Withdrawing stakeholder
or stockholders any priority in cash
Withdrawals over the remaining