MISCONDUCT OF DIRECTORS-What constitutes, penalty for. NAMES-At least five must be signed to articles of incorporation... NO PERSON AUTHORIZED TO CALL OR PRESIDE AT A MEET- NOTICE OF ELECTION OF DIRECTORS-Must be given, and how.. OBJECT-Articles of incorporation must state.... OBSTRUCTING A COMMISSIONER IN THE DISCHARGE OF HIS DUTY-Penalty for...... ORGANIZATION-Frauds in, penalty for.. Of Board of Directors... Р PAYMENT-Of assessments for expenses, etc., compulsory.... PREMIUMS ON LOANS. POWERS OF BUILDING AND LOAN CORPORATIONS-To levy fines.... PRESIDENT-Must be a Director, and how elected... PRESUMPTION-Director presumed to know condition of affairs... PRINCIPAL PLACE OF BUSINESS.. Change of. 383 357 376 367 64 377 377 368 64 377 378 362 372 372 357 365 REAL ESTATE-Certified copy of copy of articles of incorporation must be filed with County Clerk What may he held by Land and Building corporations............. REFUSING TO PERMIT INSPECTION OF BOOKS-Penalty for... REPORTS-Publishing false reports of condition, penalty for. To Building and Loan Association Commissioners RESIDENTS-Majority forming corporation must be... 373 369 379 384 384 38 369 383 372 384 47 371 98 386 357 65 377 SECRETARY OF STATE-Certified copy of articles to be filed with. Majority of subscribed stock must be represented at all elections.. SUCCESSORS-Directors to serve until successors are elected and qualified 14 362 T TAX-None to be paid on the issue of certificates of stock .. TESTIFY-Refusal to appear before the Board of Commissioners of VOTE OR ELECTION-May be set aside.. VOTING-At stockholders' meeting VIOLATIONS TO BE REPORTED TO ATTORNEY-GENERAL.. 20 26 365. 363 385 87 383 363 363 WRITTEN ASSENT-Of two thirds of stock sufficient to adopt by-laws without meeting.... Page 6. Eleventh and twelfth lines from bottom, the word "business" should read "license." Page 19. Excelsior Building and Loan Association, Loan No. 3, the "appraised value," $1,698 00, should be $6,500 00. Total, $16,698 00, should be $22,100 00. Net loss to Association, $11,240 34, should be $5,738 34. Page 22. Tenth line, $11,240 34, should be $5,738 34. Twentieth line, "Total" $157,281 70 should be $151,879 70. REPORT. OFFICE OF THE BOARD OF COMMISSIONERS OF THE SAN FRANCISCO, CAL., June 1, 1895. To His Excellency JAMES H. BUDD, Governor of the State of California: SIR: Herewith we present our Second Annual Report, showing the work of this Commission for the fiscal year from June 1, 1894, to May 31, 1895, inclusive. This report comprises statements in detail from 144 Building and Loan Associations, duly attested by the proper officers, and showing the status of each association at the close of its fiscal year, indicated by the date attached thereto. We have carefully verified all of these reports by comparison with the ledgers and other books of the associations, and satisfied ourselves that the assets and liabilities, receipts and disbursements, and statistical information are correctly stated. The results shown by these several statements, as well as by other and more detailed reports on file in this office, have been tabulated, and will be found in gross on the final sheets of this report. Totals obtained by this tabulation have been utilized for presenting, in condensed form, the operations of Building and Loan Associations as a whole, and by classes, and from these statements, in turn, we have calculated percentages and averages which will be of service to all who are interested in building and loan work, and to students of finance. We have also made deductions as to the general drift of building and loan business in this State, have discussed plans of operation, and suggested some improvements in method. The Building and Loan Associations of California are divided, for purposes of classification, as follows: Among these the distribution of business, as shown by aggregate assets, is as follows: The Building and Loan Associations of California have gross assets amounting to $21,500,520 01. They hold capital invested by members, $14,361,399 62; accrued earnings to the amount of $4,743,856 66; reserve profits, $530,358 25; advances, $70,137 84; making the total liability to stockholders, $19,705,752 37. The associations have loans outstanding which amount to $19,778,666 45, for which they hold as security real estate mortgages, bonds, and hypothecated stock to the amount of $36,553,601 31. During the past fiscal year the associations have collected from their members and depositors: Balance brought over.. $170,755 34 Borrowed on overdrafts and bills payable................ 1,154,940 70 Total receipts. --- 1,325,696 04 $12,799,040 00 Their aggregate disbursements during the same time have been: Leaving a balance of cash on hand of $356,434 87. The aggregate net profits of all associations for the fiscal year were $1,306,186 66. This amounts to 6.46 per cent on the average capital loaned out, which shows a prosperous state of business. The total membership of Building and Loan Associations is reported as 31,042. The number of borrowing members is 9,391. The average loan per borrower is $2,106 13. The average investment of stockholders is: In addition to the regular annual examination required by the law of 1893, which has been made in each case, we have also found it necessary to make many special examinations. In every case of complaint against a Building and Loan Association by a member or other interested party, we have investigated the same, and in many instances have secured adjustments of disputed claims. We have found it expedient to make special examinations in offices where one Secretary represents a number of associations. In such cases, without previous notice, we have called for a verification of the bank and cash balances of all the associations represented simultaneously; this to preclude the possibility of the Secretary borrowing the cash of one association to make his account good with another. |