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may, at their option, declare his shares forfeited; and at the time of such forfeiture the withdrawal value thereof shall be determined and stated, and the defaulting member shall be entitled to withdraw the same without interest, upon such notice as shall be required of a withdrawing shareholder. Whenever a borrowing member shall be six months in arrears in the payment of his dues, or interest, or premium, the whole loan shall become due, at the option of the board of directors ; and they may proceed to enforce collection upon the securities held by the association. The withdrawal value, at the time of the commencement of the action, of all shares pledged as collateral security for the loan, shall be applied to the payment of the loan, and said shares, from that time, shall be deemed surrendered to the association. [New section, in effect March 31, 1891.]

93 Cal. 306; 116 Cal. 414; 131 Cal. 341.

§ 640. Any such association may purchase at any sale, public or private, any real estate upon which it may have a mortgage, judgment, lien, or other incumbrance, or in which it may have an interest; and may sell, convey, lease, or mortgage the same at pleasure to any person or persons. [New section, in effect March 31, 1891.]

93 Cal. 309; 131 Cal. 341.

$ 641. Any association organized in pursuance of the provisions of this Act may borrow money for the purpose of making loans or paying withdrawals. [New section, in effect March 31, 1891.]

131 Cal. 342.

$ 642. Profits and losses shall be apportioned at least annually, and shall be apportioned to all the shares in each series outstanding at the time of such appointment, according to the actual value of such shares as distinguished from their withdrawal value. [New section, in effect March 31, 1891.]

131 Cal. 342.

$ 643. Any person of full age and sound mind may become a member of the association by taking one or more shares therein, and subscribing to the by-laws, and annexing to his signature his postoffice address. A minor may hold shares in the name of the parent, guardian, or next friend as trustee. The shares of stock in any such corporation held by any person, to the value of one thousand dollars, shall be exempt from execution. [New section, in effect March 31, 1891.]

131 Cal. 342.

$ 644. Every association organized under the provisions of this Act, and every other association doing a like business, shall annually make a full report, in writing, of the affairs and condition of such corporation, within thirty days after its annual meeting, to the Bank Commissioners of this State. Such report shall be verified by the oath of the officers making the same, and a copy of the same shall be delivered to every stockholder, from the office of the corporation, who may call for such report. Every association shall make any further reports which the said Commissioners may require, and in such form and as to such matters relating to the condition and conducting of the business of the association as such Commissioners may designate; and said Bank Commissioners may at any time examine into the affairs of any and every of said associations. Any willful false swearing in making and verifying said reports shall be deemed perjury. Any such association which shall fail to furnish the Bank Commissioners any such report required, within thirty days after demand, shall forfeit the sum of ten dollars per day for every day such report shall be delayed or withheld; which may be recovered in an action brought by the Attorney-General in the name of the people of this State; and all moneys so recovered shall be paid to the Treasurer of the State, who shall pay the same into the “Bank Commissioners' Fund.” The State Bank Commissioners shall annually publish a full report of the condition of all associations formed under the provisions of this title, and every other association doing a like business in this State, in the same manner as they are now required to do in reference to savings banks. [New section, in effect March 31, 1891.]

131 Cal. 342-344.

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$ 645. No mutual building and loan association, or pany, association, or corporation, organized under the laws of any other State or Territory, to carry on a business of a like character to that authorized by this title, shall be allowed to do business, or to sell their stock in this State, without first having deposited with the State Controller, or Secretary of State, the sum of fifty thousand dollars in money, or United States or municipal bonds of this State, or in mortgages upon real estate located within this State, as a guarantee fund for the protection and indemnity of residents of the State of California, with whom such companies, associations, or corporations shall do business; the funds so deposited to be paid by the custodian thereof to the residents of California only, and not then until proof of claim by final judgment has been filed with the custodian of said fund against such foreign company, association, or corporation. Any of the securities so deposited may be withdrawn at any time upon others, herein provided for, of like amount, being substituted in lieu thereof. Any person or persons who shall be found in this State as agent, or in any other capacity, representing such foreign company, association, or corporation, which has not complied with the provisions of this section, shall be deemed guilty of a misdemeanor, and upon conviction shall be punished by a fine not exceeding one thousand dollars, or imprisonment in the county jail not exceeding twelve months, or by both such fine and imprisonment. [New section, in effect March 31, 1891.]

131 Cal. 342.

$ 646. Any building and loan association, now existing and heretofore incorporated, desiring to continue its existence under the provisions of this title, may do so if the holders of a majority of the stock, at their regular annual meeting, or at a special meeting of the stockholders called for that purpose, shall so elect. The notice of the meeting, whether regular or special, shall state as one of the objects of the meeting, to vote on the question whether the corporation shall continue its existence under the provisions of this title; and the notice of meeting shall be published as required by section three hundred and one ; and, in addition thereto, a similar notice shall be mailed to each stockholder at his postoffice address. Within thirty days after the holders of a majority of the stock at any such meeting have voted to continue the existence of the corporation under the provisions of this title, the secretary of the corporation shall, under oath, make and subscribe, as such secretary, a certificate, in writing, stating the calling of such meeting, the fact that the holders of a majority of the stock voted to continue the existence of the corporation under this title, which shall be filed in the office of the County Clerk in which its original articles of incorporation have been filed, and shall file in the office of the Secretary of State a certified copy thereof, according to the provisions of section two hundred and ninetysix; and the Secretary of State shall issue his usual certificate, as provided in said section. Thereupon, such corporation shall be subject to all the provisions of this title, as though originally incorporated under the provisions hereof, except that no change in its name or amount of capital stock shall be made; but the name shall be the same as contained in the original articles. [New section, in effect March 31, 1891.]

131 Cal. 339, 341, 342.

§ 647. All corporations doing the business of building and loan associations in this State shall be subject to the provisions of this title relating to the Bank Commissioners. [New section, in effect March 31, 1891.]

93 Cal. 306; 116 Cal. 414; 131 Cal. 341.

$ 648. The name "building and loan association," as used in this Act, shall include all corporations, societies, or organizations, or associations doing a savings and loan or investment business on the building society plan, viz. : loaning its funds to its members or its shareholders, and whether issuing certificates of stock which mature at a time fixed in advance or not. [New section, in effect March 31, 1891.]

131 Cal. 342.

§ 648/2. [Repealed; March 22, 1903; in effect in sixty days.)

Note.—8 6481/2. This section is no longer necessary; the statute referred to therein, to wit: that of 1877-8, page 955, having been repealed. (Stats. 1897, p. 243.)

TITLE XVII.

Colleges and Seminaries of Learning. SEC. 649. How incorporated.

650. Term and power of trustees. 651. Reincorporation of existing corporations. § 649. Any number of persons who may desire to establish a college or seminary of learning may incorporate themselves as provided in this part, except that in lieu of the requirements of section two hundred and ninety, the articles of incorporation shall contain:

First–The name of the corporation ;
Second—The purposes for which it is organized ;

Third-The place where the college or seminary is to be conducted;

Fourth-The number of its trustees, which shall not be less than five nor more than fifteen, and the names and residences of the trustees. The term for which the trustees named and their successors are to hold office may also be stated. If it is desired that the trustees, or any portion of them, shall belong to any organization, society, or church, such limitation shall be stated;

Fifth-The names of those who have subscribed money or property to assist in founding the seminary or college, together with the amount of money and description of property subscribed.

$ 650. Unless otherwise provided in the articles of incorporation, the board of trustees shall, as soon as organized, so classify themselves that one fifth of their number shall go out of office every year, and thereafter the trustees shall hold office for five years. A majority of the trustees shall constitute a quorum for the transaction of business, and the office of the corporation shall be at the college or seminary.

The trustees shall have power :

First–To elect, by ballot, annually, one of their number as president of the board;

Second--Upon the death, removal out of the State, or other vacancy in the office, or expiration of the term of any trustee, to elect another in his place; provided, that where there are graduates of the institution, such graduates may, under such rules as

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