The Republican., 1962-10-04


dorSe hPou each c0fy Of the articles filed
ty examination. oVcr It's official sigHa.
tWe 5porf "dffyo5cd' or the gp0rd "rr.
tHsed' ccith the date of such endorse
mfm. In case of refusal il shall return
one Of the COPIES SO endorsed 10 the
chairman Of me fr0foSed Wcoyfoyaiors.
IN case Of dPfr05ll, enc COPY SO en-
dorSed shall be retained by the Board:
the remaining cory SO endorsed shah be
returned TO the chairman aforesaid srh0
shall file that cory 7r.th the State De.
fdrtmeHt of Assessments and Tarafion
IN accordance 9riH the provisions Of this
AricIe. The CORPORATION SO formed shan
haze no legal existence untH all C0bcs
Of the articles Of INCORPORATION hare been
filed for record as herein directed IN
THE EVENT OF A REFUSAL. BY
THE BOARD TO APPROVE AR.
TlCLES OF INCORPORATION. THE
BOARD SHALL GIVE A WRITTEN
STATEMENT SETTING FORTH
THE BASIS FOR THE REFUSAL.
(2) UfoH final refusal to grant the
Proposed articles of incOrb bOrdtiOH, the
chairman of the incorboyators shall re-.
fund to the iHcorfordtors all funds de-
POSTED By them in accordance 5pHh this
Section, subject to the payment Of all er.
fPHSeS. The Director shah release the
bond deiirered to him in accordance
scih subsection (c) hereof Hton salts
factory assurance of such payment and
refund
n Forfeiture of charter for non.nse.
AHy association heretofore formed 5chich
shall not GctiVeiy engage III business BY
YeceiaDig money for free share accounts
or making mortgage loans scithiH ninety
(90) days after the efective date Of this
Section. and any association hereafter
formed gchich shall not dcfi7ely engage in
business BY recei7'ing money for free share
accounts or making mortgage loans scith.
IN ninety (oO) days after the date nbon
sthich its legal corporate existence shall
begin, shall forfeit its corporate charter
for n0HnSe, Hfon entry Of an order, IN
accordance 7cih Section 16IH Of this
Article, finding no Just cdnSe for failure
so dcti1ely to engage in business and d.
Fccting the association TO erase and dis
soire its business. 4 cory of snch order
shall, HfoH fudlty. be certified TO the
State Department of Assessments and
Tdrdtion and, from the time of rccejH
BY said Department, the foyacrS conferred
by ld7V upon the association shall be iu-
Ofyati5e. nall and 7oi
16tN. INDICATION OF 4 BUILD
ING OR HOMESTEAD .ASSOCL-
ALTON.
la Name indicating association. The
name Of the corporation shall be such as
to indicate that it is a building, sGgin1s
and loan or homestead association. This
to7ision shall be deemed to be complied
7oih if the name contains the 5voris
"sd5ings association, "bmlding asssoci-
alton, "sd5'ings and loan association,
"bmldHQ and loan association, "bnild-
ing and homestead association or any
combination of these cords. The name
need not be such as to indicate that il is
a CORPORATION.
III Conformity. Only those building,
sa7ings and lean or homestead associa.
tions 7cjiich conform to the provisions Of
this Articlc shall be entitled 70 cal them
selves savinqs associations. building as
sociations, sd5ings and loan association',
and Eomstead i'sg associations or any comb,
1910. CHARTER AMENDMENT.
Any amendment to the charter fny-
Hricle shaH be crccntcd and filed ,cah
the Board in accordance egih The pro-
cedives set forth in subsection 161M (r)
of this article for fling Of articles. of IN
co,royation. erlcst 4,. qt The r'osfi,fon f ,f re; re;
Of fling shall not Gffly. The fee for fl.
inq articles Of amendment 7cjth the Board
shall be ten dollars (S1O.0O), to be col
lected BY the Bodrd.
16fP. CAPITAL.
(A) ONLY ONE CLASS OF STOCK.
any association NefFtoJOe U HtfttiP
formed under this 4rticie shall hare or
Stock stock and Gmd ali the % Holdcys Of Of sn5h Shares or
stock shall haze equal rights as to 7oting
earnings and assets. and dny association
heretofore or hereafter formed shall haze
fo5rer of accepting subscriptions to and
payments on account Of any number Of
shares OR stock goithom limit and Io'th-
ing any limitation on the number of
charter of smch association. -
STANDING THE PROVISIONS OF
SUE SECTION (A) HEREOF. OR
OF THE SUBTITLE, IN ADDITION
TO FREE SHARE ACCOUNTS, ANY
ASSOCIATION ORGANIZED UN-
DER THE LAWS OF THIS STATE
PRIOR TO JANUARY !. 1861, AND
HAVING. AS OF THAT DATE,
FREE SHARE ACCOUNTS IN THE
MINIMUM AGGREGATE AMOUNT
REQUIRED IN SECTION 16lM (A)
OF THIS ARTICLE, AND AUTHOR
lied BY ITS CHARTER TO ISSUE
SHARES OR STOCK IN ONE OR
MORE CLASSES, NOT IN TIE Ma
TURE OF FREE SHARE ACCOUNTS
AND NOT IN TIE NATURE OF
BORROWERS SHARES, MAY MAIN
TAIN AND ISSUE SUCH SHARES
OR STOCK AS MAY HAVE BEEN
AUTHORIZED TO BE ISSUED UN-
DER ITS CHARTER AND MAY
CONTINUE AS A BUILDING, saw
1NGS AND LOAN BUSINESS, SUB
JECT TO THE CONDITIONS PRE-.
SCRIBED HEREIN. HOWEVER, ALL