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real' property, or any interest therein, which in the aggregate exceeds in cash value the sum of two hundred thousand dollars. For any violation of the provisions of this section corporations forfeit their corporate rights and powers. On the application of any citizen to a court of competent jurisdiction, such forfeiture may be adjudged, and the judgment carries with it costs of the proceedings.
§ 563. Except for the purpose of winding up and settling its affairs, every homestead corporation must terminate at the expiration of the time fixed for its existence in the articles of incorporation, or when dissolved as provided in this part. No dividend of funds must be made on termination of its corporate existence until its debts and liabilities are paid; and upon the final settlement of the affairs of the corporation, or upon the termination of its corporate existence, the directors, in such manner as they may determine, must divide its property among its shareholders in proportion to their respective interests, or, upon the application of a majority in interest of the stockholders, must sell and dispose of any or all of the real estate of the corporation upon such terms as may be most conducive to the interests of all the stockholders, and must convey the same to the purchaser, and distribute the proceeds among the shareholders, or may at any time, when best for the interests of all the shareholders, cause the lands of the corporation to be subdivided into lots and distributed, by sale for premiums, at auction or otherwise, among the shareholders.
$ 564. Such premiums on lots may be made payable at the time they are bid off, and, if not so paid on any lot of land, the directors may immediately offer the same for sale again. If made payable at a future day, and any shareholder fails to pay his bid on the day the same is made due and payable, the directors may advertise and sell the shares of stock representing the lots of land on which the premiums remain unpaid, in the manner provided in the by-laws for the sale of shares on account of delinquent installments and premiums.
§ 565. The actual financial condition of all homestead corporations must, by the directors thereof, be published annually in the [a] newspaper published at the principal place of business of the corporation, for four weeks, if published in a
weekly, and two weeks, if published in a daily. The statement must be made up to the end of each year, and must be verified by the oath of the president and secretary, showing the items of property and liabilities.
§ 566. In any case in which a publication is required, and no newspaper is published at the principal place of business, the publication may be made in a paper published in an adjoining county.
Savings and Loan and Banking Corporations.
SEC. 571. May loan money-on what terms, how, and to whom,
and how long. 572. Capital stock, and rights and privileges thereof. 573. No dividends, except from surplus profits. To contract
no liability, except for deposits. 574. Property which may be owned by corporations, and
how disposed of. Restrictions in purchases as pro
vided above. 575. Married women and minors may own stock in their
own right. 576. May issue transferable certificates of deposit. Special
certificates. 577. To provide reserve fund for the payment of losses. 578. Prohibition on director and officer, and what vacates
office. 579. Definition of phrase "create debts." 580. Capital stock of banking corporations. [Repealed.] 581. Amount of money to be loaned on real estate, limited. 582. Persons not incorporated to comply with banking laws. 583. Dividends, how and when declared. 583a. Capital stock required to be advertised. 5836. Unclaimed deposits.
§ 571. Corporations organized for the purpose of accumulating and loaning the funds of their members, stockholders, and depositors, may loan and invest the funds thereof, receive deposits of money, loan, invest, and collect the same, with interest, and may repay depositors with or without interest. No such corporation must loan money, except on adequate security on real or personal property, and such loan must not be for a longer period than ten years. (Amendment in effect March 15, 1901.]
64 Cal. 123, 97 Cal. 222; 126 Cal. 415; 136 Cal. 442.
When savings and loan corporations have a capital stock specified in their articles of incorporation, certificates of the ownership of shares may be issued; and the rights and privileges to be accorded to, and the obligations to be imposed upon, such capital stock, as distinct from those of depositors, must be fixed and defined, either in the articles of incorporation or in the by-laws.
64 Cal. 123; 109 Cal. 401; 117 Cal. 160.
§ 573. The directors of sayings and loan corporations may, at such times and in such manner as the by-laws prescriba, declare and pay dividends of so much of the profits of the corporation, and of the interest arising from the capital stock and deposits, as may be appropriated for that purpose under the by-laws or under their agreements with depositors. The directors must not contract any debt or liability against the corporation for any purpose whatever, except for deposits. The capital stock and the assets of the corporation are a security to depositors and stockholders, depositors having the priority of security over the stockholders, but the by-laws may provide that the same security shall extend to deposits made by stockholders.
64 Cal. 123 ; 109 Cal. 401; 117 Cal. 160; 119 Cal. 343.
§ 574. Savings and loan corporations may purchase, hold and convey real and personal property as follows:
1. The lot and building in which the business of the corporation is carried on, the cost of which must not exceed one hurdred thousand dollars; except, on a vote of two thirds of the stockholders the corporation may increase the sum
to an amount not exceeding two hundred and fifty thousand dollars ;
2. Such as may have been mortgaged, pledged or conveyed to it in trust, for its benefit in good faith, for money loaned in pursuance of the regular business of the corporation ;
3. Such as may have been purchased at sales under pledges, mortgages, or deeds of trust made for its benefit, for money so
loaned, and such as may be conveyed to it by borrowers in satisfaction and discharge of loans made thereon ;
4. No such corporation must purchase, hold or convey real estate in any other case or for any other purpose; and all real estate described in subdivision three of this section must be sold by the corporation within ten years after the title thereto is vested in it by purchase or otherwise ;
5. No such corporation must purchase, own, or sell personal property, except such as may be requisite for its immediate accommodation for the convenient transaction of its business, mortgages on real estate, bonds, securities or evidences of indebtedness, public or private, gold and silver bullion and United States mint certificates of ascertained value and evidences of debt issued by the United States ;
6. No such corporation must purchase, hold or convey bonds, securities or evidences of indebtedness, public or private, except bonds of the United States, of the State of California, and of the counties, cities, or cities and counties, or towns, or school districts of the State of California, or bonds of railroad or street railroad corporations owning property and having their principal place of business in the State of California, unless such corporation has a capital stock or reserve fund paid in of not less than one hundred thousand dollars. [Amendment in effect March 23, 1901.]
64 Cal. 123; 106 Cal. 401; 117 Cal. 160; 126 Cal. 416; 133 Cal. 613; 136 Cal. 442.
§ 575. Married women and minors may, in their own right, make and draw deposits and draw dividends, and give valid receipts therefor.
64 Cal. 123; 117 Cal. 160; 134 Cal. 405.
§ 576. Savings and loan corporations may issue general certificates of deposit, which are transferable, as in other cases, by indorsement and delivery; may issue, when requested by the depositor, special certificates, acknowledging the deposit by the person therein named of a specified sum of money, and expressly providing on the face of such certificate that the sum so deposited and therein named may be transferred only on the books of the corporation ; payment thereafter made by the corporation to the depositor named in such certificate, or to his assignee named upon the books of the corporation, or, in case of death, to the legal representative of such person, of the sum for which such special certificate was issued, discharges the corporation from all further liability on account of the money so paid.
64 Cal. 123; 109 Cal. 403; 117 Cal. 160; 119 Cal. 341; 136 Cal. 512.
$ 577. Savings and loan corporations may prescribe by their by-laws the time and conditions on which repayment is to be made to depositors; but whenever there is any call by depos, itors for repayment of a greater amount than the corporation may have disposable for that purpose, the directors or officers thereof must not make any new loans or investments of the funds of the depositors, or of the earnings thereof, until such excess of call has ceased. The directors of any such corporation having no capital stock must retain, on each dividend day, at least five per cent of the net profits of the corporation, to constitute a reserve fund, which must be invested in the same manner as other funds of the corporation, and must be used toward paying any losses which the corporation may sustain in pursuing its lawful business. The corporation may provide by its by-laws for the disposal of any excess in the reserve fund over one hundred thousand dollars, and the final disposal, upon the dissolution of the corporation, of the reserve fund, or of the remainder thereof, after payment of losses.
57 Cal. 602; 64 Cal. 123; 109 Cal. 401; 117 Cal. 160.
$ 578. No director or officer of any savings and loan corporation must, directly or indirectly, for himself or as the partner or agent of others, borrow any of the deposits or other funds of such corporation, nor must he become an indorser or surety for loans to others, nor in any manner be obligor for moneys borrowed of or loaned by such corporation. The office of any director or officer who acts in contravention of the provisions of this section immediately thereupon becomes vacant.
64 Cal. 123 ; 104 Cal. 476; 117 Cal. 160 ; 124 Cal. 291 ; 130 Cal. 257; 136 Cal. 442.
Receiving deposits, issuing certificates of deposit, checks, and bills of exchange, and the like, in the transaction of the business of savings and loan corporations, must not be con