standing indebtedness at any one time exceed ten per centum of the assets of the association. Before any money shall be borrowed, the board of directors shall first, by a majority .vote of all members, pass and record a resolution to that effect. (1) (Added by act approved June 16, 1897. In force July 1, 1897. L. 1897, p. 171; Legal News Ed., p. 130; (2) and as amended by act approved May 16, 1903. In force July 1, 1903. L. 1903, p. 126; Legal News Ed., p. 118.

82c. Matured shares.) § 5d. When the directors shall have declared any shares to have reached maturity, the owners thereof shall be entitled to receive such maturity value, with such interest, not exceeding the then legal contract rate, as the directors may determine, from the time of maturity until paid: Provided, That at no time shall the aggregate amount of such shares outstanding exceed twenty per centum of the assets of the association. (1) Added by act approved June 16, 1897. In force July 1, 1897. L. 1897, p. 169; Legal News Ed., p. 128; (2) and as amended by act approved May 16, 1903. In force July 1, 1903. L. 1903, p. 126; Legal News Ed., p. 118.

83. Capital to be accumulated.) § 6a. The capital to be accumulated shall be divided into shares having a maturity value of one hundred dollars each. The shares shall be deemed to be personal property in the hands of the members, transferable upon the books of the association in the manner provided by the by-laws. The shares may be issued at such time or times in such class or classes as the by-laws shall designate. The shares, if by the by-laws shall so provide, may be issued in series and be subdivided into classes, each class having a different periodical payment of dues, payable in such manner and in such amounts and at such time or times as the by-laws shall provide. Every share shall be subject to a lien for the payment of unpaid installments and such other charges as may be lawfully incurred thereon under the provisions of this act, and the by-laws may prescribe the manner of enforcing such lien. The payment of such dues shall continue on each share until the same shall have reached maturity value, or it is withdrawn or retired. All shares which have matured, or which shall have been cancelled, withdrawn or retired may be reissued as of a subsequent date or series.

All shares heretofore issued by any association upon which installments have been paid in advance, together with the interest allowed or paid thereon, are hereby legalized and validated. (As amended by act approved May 16, 1903. In force July 1, 1903. L. 1903, p. 126; Legal News Ed., p. 119.

83a. Withdrawals-Voluntary.) § 6b. Any member desiring to withdraw his shares from any association doing business in this State shall make a written application, which shall be received and filed in numerical order, and payments upon the same shall be made in the order in which they are filed. Such member shall be entitled to receive the full amount of dues paid in on his shares so sought to be withdrawn and such interest thereon as fixed in the by-laws, and in addition thereto such proportion of the profits apportioned thereto as the board of directors may, from time to time, by resolution determine, less such charges of the character enumerated in this act as may be due thereon. Provided, That the amount of such interest or profits paid on withdrawals shall not exceed the actual earnings of the shares sought to be withdrawn: Provided further, That at no time shall more than one-half of the funds of the treasury of the association be applicable to the demand of withdrawing members or the payment of matured shares without the consent of the board of directors: Provided further, That any member having pledged his or her shares as security for an advance, without security, may withdraw the same and receive the evidence of indebtedness given for such advance and such balance in cash, if any, as may be to the credit of such shares, but such withdrawal shall be subject to the same regulations in all other respects as in the case of shares not pledged. (1) Added by act approved June 16, 1897. In force July 1, 1897. L. 1897, p. 168; Legals News Ed., p. 128. (2) and as amended by act approved May 16, 1903. In force July 1, 1903. L. 1903, p. 126.*

83b. Advance on shares - Balance - Settlements.) § 6c. Any member who shall have obtained a loan or advance on his shares, and who shall have given real estate as security may, at any time, upon giving thirty days previous notice in writing, repay the same. On settlement such member shall be charged with the full amount of such loan or advance, together with any and all arrearages due thereon, or on the shares pledged, or appertaining to the security given, and shall thereupon be allowed as a credit the withdrawal value of the shares pledged as security, together with such other credits as may be returnable on account thereof, and the balance shall be received by the association in full settlement and discharge of such loan or advance: Provided, That all settlements made in periods intervening between stated monthly meetings of the directors shall be made as of the date of the stated monthly meeting next suc

* See Hotchkiss v. Norwood Park B. L. & H. Ass'n, 229 Ill. 248.

ceeding any such settlement: Provided, also, that any member electing to repay his loan or advance may, in lieu of repaying the same in full, elect to repay the same in part in even hundreds of dollars in cash, or he may elect to have applied as a credit on the amount due upon such loan or advance the then withdrawal value of the shares upon which such loan or advance may then be predicated; and, thereupon, the said shares shall be and become cancelled in proportion of one share for each one hundred dollars so applied as a credit; and the remaining uncancelled shares shall be transferred to and held as advanced or pledged shares of the then current series or date, and the obligation evidencing such loan or advance, and the mortgage or other security given to secure the same, shall not in anywise be prejudiced by any such transfer, whether such transfer shall have been provided for in the obligation evidencing such loan or advance and the mortgage securing the same or not; and, after the application of every such credit, the amount of such loan or advance shall forthwith be and become reduced in accordance with the amount so applied as a credit, and such advanced shareholder shall not thereafter be held liable for any greater amount than shall be remaining due after the application of such credits, except for arrearages and penalties occasioned by the shareholder's own default. (As amended by act approved April 24, 1899. In force July 1, 1899. L. 1899, p. 114.

83c. Withdrawals-Involuntary.) § 6d. The directors may, in their discretion, under the rules made by them in conformity with the by-laws, retire the unpledged shares, in the order of the issue of such shares, by enforcing withdrawals of the same, and the owners shall be paid the full value of their shares, as determined at the last preceding distribution of profits, together with all dues paid since said distribution, less any unpaid fines: Provided, That all shares which have reached matured value and that may be outstanding, shall be first retired under the provisions of this act. (1) (Added by act approved June 16, 1897. In force July 1, 1897. L. 1897, p. 169; Legal News Ed., p. 129; (2) and as amended by act approved May 16, 1903. In force July 1, 1903. L. 1903, p. 126; Legal News Ed., p. 119.

83d. Deceased members.) § 6c. Upon the death of a shareholder, his legal representative shall be entitled to receive the voluntary withdrawal value of the unpledged shares of the deceased. No fines shall be charged or profits credited to a deceased member's share from and after his decease, unless his legal representatives assume the future payments on such

shares. (1) (Added by act approved June 16, 1897. In force July 1, 1897. L. 1897, p. 169; Legal News Ed., p. 129.

83e. Membership fees-Dues-Penalty.) § 6f. A membership fee and a transfer fee, neither of which shall exceed twenty-five cents per share, may be charged, and all fees shall be accounted for as a part of the receipts of the association. Any association may impose a penalty for the non-payment of dues, interest and premium, at the time they shall fall due, which penalties shall in no case exceed the sum of ten cents per share per month; and it shall not be permissible to either compound or cumulate such penalties. (1) (Added by act approved June 16, 1897. In force July 1, 1897. L. 1897, p. 169; Legal News Ed., p. 129.

84. Who may become subscribers.) § 7. Married women may become subscribers to the capital stock of such association and hold, control and transfer their stock in all respects as femmes sole, and their stock shall not be subject to the control of or liable for the debts of their husbands. Minors may become subscribers to and owners of the stock of such association, which may be withdrawn in like manner as other stock and the receipt of such minors shall be a valid acquittance. (As amended by act approved May 16, 1903. In force July 1, 1903. L. 1903, p. 127.

85. Meeting of directors-Loan of money.) § 8. The board of directors shall hold such stated meetings not less frequently than once a month, as may be provided by the by-laws. At which meeting the money in the treasury shall be offered for loan in open meeting, and the shareholders who shall bid the highest premium, for the preference or the priority of loan, shall be entitled to receive a loan of one hundred dollars for each share of stock held by said shareholders; the said premium bid may be deducted from the loan in one amount, or may be paid in such proportionate amounts or installments, and at such times during the existence of the shares of stock borrowed upon, as may be designated by the by-laws of the respective association; Provided, That any such association. may, by its by-laws, dispense with the offering of its money for bids in open meeting, and in lieu thereof loan its money at a rate of interest and premium fixed by its by-laws, and either with or without premium, deciding the preference or priority of loans by the priority of the application for loans of its shareholders; And provided, That no loan shall be made by said association except to its own members, nor in any sum in excess of the amount of stock held by such members borrowing, but such shareholders may borrow such fractional

part of one hundred dollars as the by-laws may provide. Good and ample real estate security, unincumbered, except by prior loans of such association, shall be given by the borrower to secure the payment of the loan. Provided, however, That the stock of such associations may be received as security, to the amount of the withdrawal value of such stock; And provided, That the board of directors may by a two-thirds vote of all its members temporarily invest the funds of the association in the treasury in excess of the demands of the shareholders, in other securities, but such investment shall not exceed twenty per centum of the assets of the association. Any mutual building, loan and homestead association which may have heretofore been incorporated under the laws of the State of Illinois, may avail itself of all the power conferred by this act. (As amended by act approved May 16, 1903. In force July 1, 1903. L. 1903, p. 127.

85a. Life insurance.) The board of directors may require as additional security for any loan, life insurance on the life of the borrower or other person in an amount and in some company to be designated by them, or the borrower may do so involuntarily with the consent of the association. The policy of insurance shall be assigned to the association as collateral security for the loan, and in case of death shall be applied to its payment. The cost of such insurance shall be paid by the association from time to time when due, and deducted from the amount standing to the credit of the borrower on his stock, or from his subsequent payments of the same as other assessments. Other arrangements may be made for the payment of such insurance by the consent of all parties. (Added by act approved May 16, 1903. In force July 1, 1903. L. 1903, p. 128.

86. Failure to give security for loan.) § 9. In case the borrower shall neglect to offer security, or shall offer security that is not approved by the board of directors by such time as the by-laws may prescribe, he or she shall be charged with one month's interest, together with any expenses incurred, and the money may be re-sold at the next stated meeting. In case of non-payment of installments of interest and fines by borrowing stockholders for the space of six months, payment of principal and interest and fines, without deducting the premium paid or the interest thereon, may be enforced by proceedings against their securities according to law, upon the order of the board of directors.

87. Payment of loan-When premium refunded.) § 10. A borrower may repay a loan at any time, and in the event of