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majority of the trustees; and they shall within the said thirty days record the same in the office of the recorder of deeds of the District.

1870, sec. 566,

trict of Colum

1901, sec. 617;

L.,

SEC. 617. ANNUAL REPORTS.-Every such company shall Act May 5, annually, except insurance companies, within twenty days Rev. Stat. Disfrom the first of January, make a report, which shall be bia published in a newspaper in the District, which shall state,Act Mar. 3. the amount of capital and of the proportion actually paid 31 Stat. and the amount of existing debts, which report shall be signed by the president and a majority of the trustees, and shall be verified by the oath of the president or secretary of the company, and filed in the office of the recorder of deeds of the District.

1286.

Act May 5, 1870, sec. 567,

trict of Colum

SEC. 618. PENALTY FOR FAILURE.-If any company fails to comply with the provisions of the preceding section, Rev. Stat. Disany creditor of the corporation or other person interested bia. may by petition for mandamus against the corporation Act Mar, 3: and its proper officers compel such publication to be made, 31 Stat. L., and in such case the court shall require the corporation Act June 30, or the officers at fault to pay all the expenses of the 1902, sec. 618; pro- 32 Stat. L., ceeding, including counsel fees.

1286.

533.

Act May 5,

Rev. Stat. Dis

bia.

SEC. 619. FALSE REPORT.—If any certificate or report 1870, sec. 568, made or public notice given by the officers of any com- trict of Columpany in the pursuance of the provisions of this subchapter blaet Mar. 3, shall be false in any material representation, all the 1901, sec. 619 officers who have signed the same, knowing it to be false, 1286. shall be jointly and severally liable for all debts of the company contracted while they are stockholders or officers thereof.

31 Stat. L.,

use 1870, sec. 569. any trict of Colum

Rev. Stat. Dis

SEC. 620. STOCK OF OTHER COMPANIES NOT TO BE Act May 5, BOUGHT.-It shall not be lawful for any company to any of their funds in the purchase of any stock in other corporation.

bia. Act Mar. 3, 1901, sec. 620; 31 Stat. L., 1286. Act May 5,

trict of Colum3,

SEC. 621. LOANS TO STOCKHOLDERS.-No loan of money 1870, sec. 570, shall be made by any company upon the security, in whole Rev. Stat. Disor in part, of its own stock; and if any such loan shall be bia. made, the trustee or officer authorizing the same shall be,Act Mar. 3. responsible to the corporation therefor: Provided, That 31 Stat. nothing herein contained shall be held to release the bor-Act June 30, rower in such a case from liability to the corporation.

1901, sec. 621; L.,

1286.

1902, sec. 621; 32 Stat. L., 533.

1870, sec. 571,

bia.

SEC. 622. DIVIDENDS.-If the trustees of any company Act May 5, shall declare and pay any dividend the payment of which Rev. Stat. Diswould render it insolvent, or which would diminish the trict of Columamount of its capital stock, they shall be jointly and Act Mar. 3, severally liable for all the debts of the company then 1901, sec. 622 existing and for all that shall be thereafter contracted 1287. while they shall respectively remain in office.

31 Stat. L.,

Act May 5,

SEC. 623. If any of the trustees shall object to declar- 1870, sec. 572, ing such dividend or the payment of the same, and shall, Rev. Stat. Disat any time before the time fixed for the payment thereof, bia. file a certificate of their objection in writing with the Act Mar. 3, secretary of the company and with the recorder of deeds 31 Stat.

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1870, sec. 576,

bia.

1901, sec. 624; 1287.

1870, sec. 577,

of the District, they shall be exempt from the liability prescribed in the preceding section.

Act May 5, SEC. 624. EXECUTORS, AND SO FORTH, NOT PERSONALLY Rev. Stat. Dis- LIABLE.-No person holding stock in such company as extrict of Colum-ecutor, administrator, guardian, or trustee shall be perAct Mar. 3, sonally subject to any liability as stockholder of such 31 Stat. company, but the estate and funds in the hands of such executor, administrator, guardian, or trustee shall be liable in like manner and to the same extent as the testator or intestate or the ward or person interested in such trust fund would have been if he had been living and competent to act and hold the stock in his own name. Act May 5, SEC. 625. EXECUTORS, AND SO FORTH, MAY VOTE.-Every Rev. Stat. Dis- such executor, administrator, guardian, or trustee shall trict of Colum- represent the stock in his hands at all meetings of the Act Mar. 3, company, and may vote accordingly as a stockholder. 31 Stat. L., SEC. 626. PLEDGES OF STOCK.-No person holding stock in such company as collateral security shall be personally 1870, sec. 578, subject to any liability as stockholder of such company, Rict Stat. Dis- but the person pledging such stock shall be considered as holding the same, and shall be liable as a stockholder ac1901, sec. 626; cordingly; and every person who shall pledge his stock 31 Stat. Las collateral security may, nevertheless, represent the same at all meetings and vote as a stockholder.

bia.

1901, sec. 625;

1287.

bia.

Act May 5,

of ColumAct Mar. 3,

1287.

bia.

1901, sec. 627;

Act May 5, SEC. 627. STOCK BOOK.-It shall be the duty of the trusRev. Stat. Dis tees of every corporation formed under this chapter to trict of Colum- cause a book to be kept by the treasurer or secretary Act Mar. 3, thereof, containing the names of all persons, alphabetic31 Stat. L., ally arranged, who are or shall within six years have been stockholders of such company, and showing their place of residence, the number of shares of stock held by them respectively, the time when they became owners of such shares, and the amount of stock actually paid in.

1287.

Act May 5, 1870, sec. 580,

bia.

SEC. 628. Such book shall, during the usual business Rev. Stat. Dis hours of the day, on every business day, be open for intrict of Colum- spection of stockholders and creditors of the company Act Mar. 3, and their personal representatives, at the office or prinL., cipal place of business of such company in the District where its business operations shall be located, and any stockholder, creditor, or representative shall have a right to make extracts from such books.

1901, sec. 628;
31 Stat.
1287.

Act May 5, 1870, sec. 581,

bia.

1901, sec. 629;

1287.

SEC. 629. TRANSFERS.-A person in whose name shares Rev. Stat. Dis of stock stand on the books of a company shall be deemed trict of Colum- the owner thereof as regards the company, but if any Act Mar. 3, such person shall in good faith sell, pledge, or otherwise 31 Stat. dispose of any of his shares of stock to another and deliver to him the certificate for such shares, with written authority for the transfer of the same on the books, the title of the former shall vest in the latter so far as may be necessary to effect the purpose of the sale, pledge, or other disposition, not only as between the parties themselves, but also as against the creditors of and subsequent

purchasers from the former, subject to the provisions of section six hundred and fourteen.

1870, sec. 582,

SEC. 630. Such book shall be presumptive evidence of Act May 5 the facts therein stated in favor of the plaintiff in any Rev. Stat. Dissuit or proceeding against such company or against any bia. one or more stockholders.

trict of Colum

Act Mar. 3. 1901, sec. 630; 31 Stat. L., 1287. Act May 5,

trict

bia.

1901, sec. 631;

SEC. 631. INSPECTION OF BOOKS.-Every officer or agent 1870, sec. 583, of any company who shall neglect to make any proper Rev. Stat. Disentry in such book, or shall refuse or neglect to exhibit bct of Columthe same, or allow the same to be inspected and extracts Act Mar. 3, to be taken therefrom, as herein provided, shall be 31 Stat. L., deemed guilty of a misdemeanor, and the company shall pay to the party injured a penalty of fifty dollars for any such neglect or refusal, and all damages resulting therefrom.

1288.

bia.

Act May 5,

SEC. 632. Every company that shall neglect to keep 1870, sec. 584, such book open for inspection, as provided in section six Rev. Stat. Dishundred and twenty-eight, shall forfeit to the United trict of ColumStates the sum of fifty dollars for every day it shall Act Mar. 3, neglect, to be sued for and recovered in the supreme 31 Stat. court of the District.

SO

1901, sec. 632;

1288.

L.,

1870, sec. 585,

trict of Colum

1901, sec. 633;

SEC. 633. INCREASE OR DIMINUTION OF STOCK.-Any Act May 5, company which may be formed under this subchapter Rev. Stat. Dismay increase or diminish its capital stock, by complying bia with the provisions of this subchapter, to any amount Act Mar. 3, which may be deemed sufficient and proper for the pur- 31 Stat. L., poses of the corporation, and may also extend its business to any other business authorized hereby, subject to the provisions and liabilities of this subchapter.

1288.

Act May 5,

trict of ColumAct Mar. 3,

SEC. 634. Before any corporation shall be entitled to 1870, sec. 588; diminish the amount of its capital stock, if the amount Rev. Stat. Disof its debts and liabilities shall exceed the amount of bia. capital to which it is proposed to be reduced, such amount 1901, sec. 634; of debts and liabilities shall be satisfied and reduced SO 31 Stat. L., as not to exceed such diminished amount of capital.

1288.

Act May 5,

trict of ColumAct Mar. 3,

1288.

SEC. 635. Whenever any company shall desire to call 1870, sec. 588, a meeting of the stockholders for the purpose of increas- Rev. Stat. Dising or diminishing the amount of its capital stock, or for bia. extending or changing its business, it shall be the duty of 1901, sec. 635; the trustees or directors to publish a notice, signed by a 31 Stat. L., majority of them, in a newspaper in the District, at least three successive weeks, and to deposit a notice thereof in the post-office addressed to each stockholder at his usual place of residence, at least three weeks previous to the day fixed upon for holding such meeting, specifying the object of the meeting and the time and place when and where such meeting shall be held.

Act May 5,

trict of Colum

SEC. 636. If, at any time and place specified in the 1870, sec. 589, notice provided for in the preceding section, stockholders Rev. Stat. Disshall appear by proxy or in person representing not less bia. than two-thirds of all the shares of stock of the corpora- 1901, sec. 636; tion, they shall organize and proceed to a vote of those 31 Stat. L., present or by proxy.

Act Mar. 3,

1288.

Act May 5,

1870, sec. 590,

trict of Colum

bia.

1901, sec. 637;

1288.

SEC. 637. If, on canvassing the votes, it shall appear Rev. Stat. Dis that a sufficient number of votes are in favor of increasing or diminishing the amount of capital, or extending Act Mar. 3; or changing the business of the company, a certificate 31 Stat. L., of the proceedings, showing a compliance with the provisions of this subchapter, the amount of capital actually paid in, the business to which it is extended or changed, the whole amount of debts and liabilities of the company, and the amount to which the capital shall be increased or diminished, shall be made out, signed, and verified by the affidavit of the chairman, and be countersigned by the secretary.

Act May 5, 1870, sec. 591,

bia.

SEC. 638. Such certificate shall be acknowledged by the Rev. Stat. Dis- chairman, and filed as required by section six hundred trict of Colum- and six, and when so filed the capital stock of such corpoAct Mar. 3, ration shall be increased or diminished to the amount 1901, sec. 638; 31 Stat. L., specified in the certificate, and the business extended or changed accordingly; and the company shall be entitled to the privileges and provisions and be subject to the liabilities of this subchapter.

1288.

Act May 5,

1870, sec. 592,

SEC. 639. A vote of at least two-thirds of all the shares Rev. Stat. Dist. of the stock of a company shall be necessary to an inColumbia. crease or diminution of the amount of its capital stock or 1901, sec. 639; the extension or change of its business.

Act Mar. 3,

31 Stat. L.,

1288.

Act May 5, 1870, sec. 593,

bia.

SEC. 640. COPY OF CERTIFICATE TO BE EVIDENCE.-A copy Rev. Stat. Dis of any certificate of incorporation filed in pursuance of trict of Colum- this subchapter, certified by the recorder of deeds to be a Act Mar. 3, true copy and the whole of such certificate, shall be re31 Stat. L., ceived in all courts and places as presumptive legal evidence of the facts therein stated.

1901, sec. 640;

1288.

SEC. 641.

Refers to title and fire insurance companies.

SECS. 642, 643, and 644.

Refer to sale of unclaimed freight.

Act Mar 3,

1901, sec. 691;

1299.

Act Mar. 4, L., 1058.

SUBCHAPTER VII.

BUILDING ASSOCIATIONS.

SEC. 691. OBJECTS.-The object of such corporation 31 Stat. L., shall be the accumulation of a capital in money to be derived from the savings and accumulations by the mem1909: 35 Stat. bers thereof, to be paid into said corporation in such sums and at such times as may be designated by the by-laws of said corporation, from which the members thereof may obtain advances upon their shares of stock: Provided, That the Comptroller of the Currency, in addition to the powers conferred upon him by law for the examination of national banks, is further authorized, whenever he may deem it useful, to cause examination to be made into the

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condition of any building association incorporated under the provisions of this chapter, as well as any other building or loan association located or doing business in the District of Columbia. The expenses necessarily incurred in making any such examination shall not exceed the sum of twenty-five dollars for the first five hundred thousand dollars or fractional part thereof of assets and the sum of ten dollars for each additional two hundred and fifty thousand dollars or fractional part thereof of assets, and be paid by such association to the Comptroller of the Currency at the time of the making of such examination: And provided further, That every building or loan association located and doing business in the District of Columbia shall make to the Comptroller of the Currency at least one report during each year, according to the form which may be prescribed by him, verified by the oath or affirmation of the president or secretary of such association and attested by the signature of at least three of the directors. The said Comptroller shall also have power to take possession of any company or association whenever in his judgment it is insolvent or is knowingly violating the laws under which such company is incorporated, and to liquidate the same in the manner provided in the laws of the United States in respect to national banks: Provided further, That from and after the first day of July, anno Domini nineteen hundred and nine, no person, company, association, copartnership, or corporation shall conduct or carry on in the District of Columbia the kind of business named in this Act, without strict compliance in all particulars with the provisions of this Act: Provided, That building associations heretofore organized and in actual operation before the passage of this Act need not be incorporated. Any person, officer, or agent of any company, firm, or corporation who shall willfully violate any of the provisions of this section shall be deemed guilty of a misdemeanor, and shall on conviction thereof be punished by a fine of not more than one thousand dollars or by imprisonment not longer than two years, or by both said punishments, in the discretion of the court. That any willful false swearing in regard to any certificate, or report, or public notice required by the provisions of this Act shall be perjury, and shall be punished as such according to the laws of the District of Columbia. And any misappropriation of any of the money of any corporation or company, formed under or availing itself of the privileges of this Act, or of any building or loan association located or doing business in the District of Columbia, or any money, funds, or property intrusted to any such corporation, company, or association, shall be held to be larceny and shall be punished as such under the laws of said Ďistrict.

SEC. 691 a. That any building association incorporated Act Mar. 4, or unincorporated, organized and existing under the 190935 Stat. laws of any State or Territory, except the District of

L., 1058.

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