Source: http://dccode.elaws.us/code?no=26-2%7CI&e=8
Timestamp: 2020-01-27 08:08:51
Document Index: 119515654

Matched Legal Cases: ['§ 26', '§ 689', '§ 26', '§ 26', '§ 26', '§ 690', '§ 26', '§ 26', '§ 26', '§ 692', '§ 26', '§ 26', '§ 26', '§ 693', '§ 26', '§ 26', '§ 26', '§ 694', '§ 26', '§ 26', '§ 26', '§ 695', '§ 26', '§ 26', '§ 26', '§ 696', '§ 26', '§ 26', '§ 26', '§ 697', '§ 26', '§ 26', '§ 26', '§ 698', '§ 26', '§ 26', '§ 26', '§ 699', '§ 26', '§ 26', '§ 26', '§ 700', '§ 26', '§ 26']

§ 26-202. Powers as to stock.
Such corporation shall have power, in its certificate of incorporation or in its bylaws, to provide that its shares of stock may be issued in series; to limit the number of shares which each stockholder may be allowed to hold; to prescribe the entrance fee to be paid by each stockholder at the time of subscribing; and to regulate the instalments to be paid on each share and the times at which they shall be payable. It shall also have power to enforce the payment of all installments and other dues by such fines and forfeitures as its bylaws may from time to time provide.
(Mar. 3, 1901, 31 Stat. 1299, ch. 854, § 689.)
1981 Ed., § 26-502.
1973 Ed., § 26-402.
§ 26-203. Bonus to be paid by late subscribers.
Any person applying for membership or stock after a month from the time of the incorporation may be required to pay on subscribing such bonus or assessment as may be fixed by said bylaws in order to place said new members or stockholders on a footing with the original members and others holding stock at the time of such application.
(Mar. 3, 1901, 31 Stat. 1299, ch. 854, § 690.)
1981 Ed., § 26-503.
1973 Ed., § 26-403.
§ 26-207. Advancements--Payments of premiums.
The moneys accumulated from time to time shall be offered to such shareholder or shareholders as shall bid the highest premium for preference or priority of right to an advancement of the ultimate value of 1 or more of his or their respective shares. The said premium shall consist of a percentage on the amount of the advance and shall be deemed to be a consideration or bonus paid by the shareholder for the present and immediate use and possession of the future or ultimate value of the share so advanced, and shall not be deemed usurious. The said premium may either be deducted in advance from the amount to be advanced to the shareholder or be made payable in monthly installments, in addition to legal interest on the sum advanced, as the bylaws may provide.
(Mar. 3, 1901, 31 Stat. 1299, ch. 854, § 692.)
1981 Ed., § 26-507.
1973 Ed., § 26-406.
§ 26-208. Advancements--Security.
For every advance made as aforesaid a bond in a penalty equal to the ultimate value of the shares advanced may be required, secured by a first mortgage or deed of trust on real estate, and a pledge of the shares advanced upon, as additional or collateral security, which bond shall be conditioned for the payment at the stated meetings of the corporation of the monthly dues on the share so advanced upon and the interest on the sum advanced, and the installments of premium, if made so payable, and all fines chargeable upon arrears of payments, until said shares shall reach their ultimate value aforesaid, or said advance be otherwise canceled or discharged.
(Mar. 3, 1901, 31 Stat. 1299, ch. 854, § 693.)
1981 Ed., § 26-508.
1973 Ed., § 26-407.
§ 26-209. Advancements--Participation of all shares in profits.
The shares advanced upon shall participate equally with the other shares in the profits and the amounts paid by the advanced shareholders, together with such proportion of the profits accrued or such rate of interest as said bylaws may determine, the same as allowed on shares withdrawn not advanced upon, less all fines and a proportionate part of losses and other charges incurred.
(Mar. 3, 1901, 31 Stat. 1299, ch. 854, § 694.)
1981 Ed., § 26-509.
1973 Ed., § 26-408.
§ 26-210. Advancements--Redemption on failure to bid.
Where advances from the funds on hand cannot be made on satisfactory terms, the shareholders failing to bid therefor, the bylaws may provide for the redemption of shares of stock, with the consent of the shareholders, and in case that cannot be done, for the involuntary withdrawal and cancelation of shares, the said shares to be selected by lot, always from the oldest series, until exhausted, or the funds to be applied ratably among the owners of shares of the same series.
(Mar. 3, 1901, 31 Stat. 1300, ch. 854, § 695.)
1981 Ed., § 26-510.
1973 Ed., § 26-409.
§ 26-211. Withdrawal by shareholder.
A shareholder shall be entitled to withdraw at any time, by giving such notice as the bylaws may require, where no advance has been made on his shares, in which case he shall be entitled to receive the amount of dues paid in by him on each of his shares, together with such proportion of the profits accrued or such rate of interest as said bylaws may determine, less all fines due and a proportionate part of all losses and other charges incurred; provided, that not more than one-half of the funds in the treasury at any time shall be applicable to the demands of the withdrawing shareholders without the consent of the board of trustees.
(Mar. 3, 1901, 31 Stat. 1300, ch. 854, § 696.)
1981 Ed., § 26-511.
1973 Ed., § 26-410.
§ 26-212. Repayment of advances.
A shareholder who has been advanced may at any time repay his advance upon application to the corporation, whereupon, on settlement of his account, he shall be charged with the full amount of the advance and of the accrued installments of the premium, if that has been added to the advancement and made payable in instalments, together with all monthly dues, interest, and fines accrued and charged, and shall receive credit for all monthly dues paid on his shares and the profits thereon the same as are allowed under the bylaws on shares withdrawn not advanced upon, and, if the premium has been deducted in advance, with such proportion of the premium as the bylaws may direct, and the balance remaining due, over and above such credits, shall be received by said corporation in satisfaction and discharge of said advance; provided, that in case of the insolvency of the association, he shall not be entitled to credit for the full amount of dues paid by him, but shall only be entitled to a dividend upon said amount, in common with the nonadvanced shareholders.
(Mar. 3, 1901, 31 Stat. 1300, ch. 854, § 697.)
1981 Ed., § 26-512.
1973 Ed., § 26-411.
§ 26-213. Forfeiture of stock.
Any nonadvanced shareholder failing to pay the instalments due on his share and the fines due from him for such time as the bylaws shall determine, shall forfeit his stock, but may, on application, receive a return of the amount paid in on account of his stock, less the accrued fines.
(Mar. 3, 1901, 31 Stat. 1300, ch. 854, § 698.)
1981 Ed., § 26-513.
1973 Ed., § 26-412.
§ 26-214. Foreclosure of advanced shareholder's security.
In case any advanced shareholder shall fail to pay all dues, interest, or premiums and shall be in arrears for any part of the same for the period of 2 months, the payment of the same and of the principal of the advance may be enforced by a foreclosure of the securities given for the same, and if upon a statement of account, as in case of a voluntary settlement of said advance, as hereinbefore authorized, there shall be any surplus of the proceeds of sale of the property given as security over the amount found due from such advanced shareholder, together with all costs incurred by the corporation, such surplus shall be paid to said defaulting shareholder, or his assigns, and his shares of stock so advanced upon shall be the property of the corporation.
(Mar. 3, 1901, 31 Stat. 1300, ch. 854, § 699.)
1981 Ed., § 26-514.
1973 Ed., § 26-413.
§ 26-215. Purchase of real property.
Such corporation shall not invest its fund in any real estate except what is necessary for the conduct of its business, but may purchase such property at sales made upon foreclosure of mortgages or in satisfaction of judgments or other liens held by it; provided, that such property so purchased be sold within a reasonable time thereafter.
(Mar. 3, 1901, 31 Stat. 1300, ch. 854, § 700.)
1981 Ed., § 26-515.
1973 Ed., § 26-414.