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As to officers.

Directors of a Building and Loan Association are not empowered to pass by-laws.

Free Home Ass'n v. Edwards, 223 Ill. 126.

Loan Association's officers have the same powers as officers of other corporations.

Domestic Bldg. Ass'n v. Guadiano, 195 Ill. 222.

A contract between a Loan Association and its Vice-Presi dent to pay him for services he should perform as such officer, cannot be enforced-when.

Fritze v. Equitable B. & I.. Society, 186 Ill. 183.

The Secretary of a Loan Association is agent of the Association as to the duties and incidents of his office, so that actual notice to him of a prior mortgage unrecorded, is notice to the Association. He is not the borrower's agent in paying out money.

Inter-State Bldg. Ass'n v. Ayers, 177 Ill. 9.
Prairie State L. & B. Ass'n v. Nubling, 170 III. 240.

Rules as to stock.

Where a member of a Home and Loan Association pays $5 per month for his stock and interest of $5.84 on a loan he has secured, the Five Dollar payments do not reduce the principal of the loan, but have to do only with the stock. Nothing is credited on the loan until the stock has matured.

Hotchkiss v. Norwood Park Ass'n, 229 Ill. 248.

Stock in Building and Loan Association cannot be assessed to the owner for a back tax, where non-payment resulted from an exemption allowed by a statute afterward declared void. In re Appeal of Wilmerton, 206 Ill. 15.

Members of Loan Association who pay up and withdraw their stock before its maturity, are not entitled to profits of the Association.

Agnew v. Macomb B, & L, Ass'n, 197 Ill. 256.

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Check given by a Loan Association for withdrawal value of stock is a lien on funds of the Association in a bank, although withdrawn by receiver before payment of the check.

Rickert v. Suddard, 184 Ill. 149.

Surrender of stock and acceptance of a check for its withdrawal value, cancels membership in a Loan Association. Rickert v. Suddard, 184 Ill. 149.

Member of a Loan Association may withdraw his stock, when the association is insolvent, even though he has knowledge of such insolvency—when.

Young, Receiver, v. Stevenson, 180 Ill. 608.

Stock in a Loan Association may be matured by resolution of the directors, but where a resolution matures stock of a

certain series on which a certain sum has been paid, stock of that series on which less has been paid, remains unmatured.

Vierling v. Mechanics' S. Ass'n, 179 Ill. 524.

Assumpsit lies against Loan Association failing to pay value of stock after due notice of withdrawal.

St. L. Loan & I. Co. v. Yantis, 173 Ill. 321.

A fraudulent withdrawal of stock by the secretary of a Loan Association and appropriation of the funds does not cancel such stock so as to release the association.

Prairie State B. & L. Ass'n v. Nubling, 170 III. 240.

Loan Association stock cannot be declared matured until all payments upon it have been made. Contracts or by-laws to the contrary are illegal.

King v. International B. & L. Union, 170 Ill. 135.

By-law of Association that stock shall not be transferred until all dues are paid on it, creates a lien on such stock even in hands of transferee, for unpaid dues.

Wetherell v. 31st St. B. & L. Ass'n, 153 Ill. 361.

Inducing one to take stock in a Building Association and to borrow money, by means of laudatory circulars, held not fraudulent so as to justify setting contract aside.

Winget v. Quincy Bldg. Ass'n, 128 Ill. 67.

Rules as to members.

The amendments of the Homestead Loan Association Act in 1897-1899 do not impair the rights of parties in contracts issued before such amendments. They merely increase the privileges of stockholders who have borrowed money of the Association.

Hotchkiss v. Norwood Park Ass'n, 229 Ill. 248.

A stockholder in a Loan Association who has surrendered his stock and settled with the Association, but leaves his money with the Association on contract that he shall receive 6 per cent for its use, is a creditor, not a stockholder.

Brennan, Receiver, v. Gallagher, 199 Ill. 207.

Holders of matured stock in Loan Association-when not preferred creditors in receivership.

Columbus Bldg. Ass'n v. Kriete, 192 Ill. 128.

Member of Loan Association who bids for and receives a loan cannot afterward set up that there was no competitive bidding as required by statute.

Lurton v. Jacksonville L. & B. Ass'n, 187 Ill. 140.

Member of Loan Association cannot recover payments made until he has given notice and withdrawn; or has matured his stock.

King v. International B. & L. Union, 170 Ill. 135.

Holders of paid-up stock in Loan Association cannot set up that it is illegal, and claim payments made as creditors. As between members they are members.

Gibson v. Safety Home Ass'n, 170 Ill. 44.

Loan Association stock issued fully paid will be considered the same as legitimate stock of the association; and its holders occupy the same position as other members.

King v. International B. & L. Union, 170 Ill. 135.

Building and Loan Association stockholders may be represented by proxy at meeting to increase assets-when.

Broadwell v. Inter Ocean H. & L. Ass'n, 161 Ill. 327 (335).

Stockholder in Building and Loan Association may begin action for a receiver-Attorney-General may intervene after receiver has been appointed, but only to forfeit the charter.

Broadwell v. Inter Ocean H. & L. Ass'n, 161 Ill. 327 (336). Corporations may become members of Building and Loan Association on same conditions as individuals.

Kadish v. Garden City L. & B. Ass'n, 151 III. 531.

Rule that loans shall be to members only and made at auction to the highest bidder, that stock shall be liable for unpaid installments, and that stockholder shall not withdraw while stock is pledged, held proper.

Winget v. Quincy Bldg. Ass'n, 128 Ill. 67.

Rule that where stock has matured, the loan on it shall be credited with the stock value, and so discharged, held good and legal.

Winget v. Quincy Bldg. Ass'n, 128 Ill. 67.

As to deposits.

Loan Association is not liable to pay back deposits wrongfully received by its absconding secretary, who agreed to pay

interest on same.

Columbus Bldg. Ass'n v. Kriete, 192 Ill. 128.

Loan Association specially authorized to receive deposits and act as a bank is subject to Banking Act-as to real estate. Henderson L. & R. Ass'n v. People, 163 Ill. 196 (203).

As to usury.

Usury exists in a loan by a Loan Association when the interest and premium exceeds legal interest, unless the provisions of the Loan and Homestead Act as to fixing premiums. are followed.

Cobe v. Guyer, 237 Ill. 568.

Garlick v. Mutual Bldg. Ass'n, 236 Ill. 232.

Usury in a note that has been cancelled can be pleaded as

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a defense to a new note if any of the original debt is part of the new note.

Cobe v. Guyer, 237 Ill. 568.

Usury to be an effective defense must be clearly shownon foreclosure by Loan Association.

Cobe v. Guyer, 237 Ill. 568.

Deducting interest and attorney's fees for examining abstract. of title, held not usurious.

Cobe v. Guyer, 237 Ill. 516.

Burden of proving usury is on one pleading it. Not shown here.

Garlick v. Mutual Bldg. Ass'n, 236 Ill. 232.

Premiums charged on loans by a Homestead Loan Association are not usurious if the premiums are secured on bids freely made by applicants for loans. The fact that but one applicant is present and bids, is sufficient.

Hotchkiss v. Norwood Park Ass'n, 229 Ill. 248.

A shareholder of a Loan Association who accepts a oan wrongfully made by the directors and pays usurious interest is not estopped from pleading usury, where he had no knowledge that the loan was not properly made.

Free Home Ass'n v. Edwards, 223 Ill. 126.

Loans by Loan and Homestead Association made in conformity with the Statutes governing such associations are not usurious, although more than legal interest is secured.

Free Home Ass'n v. Edwards, 223 Ill. 126.

Loans made in a way not authorized by statute are subject to the defense of usury, although authorized by a by-law of a Loan Association.

Collins v. Cobe, 202 Ill. 469.

What must be done by Loan Associations in making loans to avoid the defense of usury. (Sec. 8 Loan Association Act.) Borrowers' Bldg. Ass'n v. Eklund, 190 Ill. 257.

Exemption of Loan Association from defense of usury considered-must be within the statute.

Borrowers' Bldg. Ass'n v. Eklund, 190 Ill. 257.

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