association within this state a license authorizing them to transact the business of a building and loan association for one year from the date of said license; to receive and place on file in their office the semi-annual reports required to be made by building and loan associations by this act; to supply each association with blank forms and such statements as the commissioners may require; to be made on or before the first day of October of each year, a tabulated report to the governor of this state, showing the condition of all institutions examined by them, with such recommendations as they may deem proper, accompanied by a detailed statement, verified by oath, of all moneys received and expended by them since their last report.

SEC. 6. The commissioners shall visit, once in every year, and as much oftener as they may deem expedient, every building and loan association doing business in this state. At such visits they shall have free access to the vaults, books, and papers, and shall thoroughly inspect and examine all the affairs of each of said corporations, and make such inquiries as may be necessary to ascertain its condition and ability to fulfil all its engagements, and whether it has complied with the provisions of law governing such associations; they shall preserve in a permanent form a full record of their proceedings, including a statement of the condition of each of said corporations, which shall be open to the inspection of the public during their office hours.

SEC. 7. To facilitate the examinations of the commissioners, as specified in the foregoing section, every association shall keep a book of records, written in ink, showing the values of the real estate security held in connection with each loan, and signed in each case by the appraiser, or officer, or committee of the association making such estimate value.

SEC. 8. Either of the commissioners may summon all trustees, officers, or agents of any such corporation, and such other witnesses as he thinks proper, in relation to the affairs, transactions, and condition of the corporation, and for that purpose may administer oaths; and whoever refuses, without justifiable cause, to appear and testify, when thereto required, or obstructs a commissioner in the discharge of his duty, shall be punished by a fine not exceeding one thousand dollars, or imprisonment not exceeding one year, or by both such fine and imprisonment.

SEC. 9. If the commissioners, upon examination of any corporation under their supervision, they find that such corporation has been violating the provisions of law governing such associations, or is conducting its business in an unsafe manner, such as to render its further proceeding hazardous to the public, or to those having funds in its custody, they shall notify the attorney general of such facts, and the attorney general, in his discretion, may apply to the judge of the superior court of the county in which such corporation is doing business, to issue an injunction restraining such corporation, in whole or in part, from further proceeding with its business until a hearing can be had. Such judge may, in such application, issue such injunction, and, after a full hearing, may dissolve or modify it, or make it perpetual, and may make such orders and decrees, according to the course of proceedings in equity, to restrain or prohibit the further prosecution of the business of the corporation, as may be needful in the premises; and may appoint one or more receivers to take possession of its property and effects, subject to such directions as may from time to time be prescribed by the court.

SEC. 10. And if either of the commissioners, having knowledge of the insolvent condition, or any violation of law, or unsafe practice of any association under their supervision, such as renders, in their opinion, the conduct of its business hazardous to its shareholders or depositors, and shall fail to report the same in writing to the attorney general, as required by this act, then such commissioner, on conviction thereof, shall be punished by a fine of not less than five thousand dollars nor more than ten thousand dollars, or by imprisonment in the county jail not less than one year nor more than two years, or by both such fine and imprisonment; and his office shall be declared vacant by the governor, and a successor appointed to fill his unexpired term.

SEC. 11. When receivers are so appointed, the secretary of the corporation shall make a schedule of all its property, and its secretary, board of investment, and other officers transferring its property to the receivers, shall make oath that said schedule sets forth all the property which the corporation owns, or is entitled to. The secretary shall deliver said schedule to the receivers, and a copy thereof to the commissioners, who may at any time examine, under oath, such secretary, board of investment, or other officers, in order to determine whether or not all the property which the corporation owns, or is entitled to, has been transferred to the receivers. SEC. 12. The commissioners, or one of them, shall at least once in each year, and as much oftener as they may deem expedient, examine the accounts and doings of all such receivers, and shall carefully examine and report upon all accounts and reports of receivers made to the proper court and referred to the commissioners by the court, and, for the purposes of this section, shall have free access to the books and papers relating to the transactions of such receivers, and may examine them under oath relative to such transactions.

SEC. 13. Upon the certificate, under oath, of any five or more officers, trustees, creditors, shareholders, or depositors of any such corporation, setting forth their interest and the reasons for making such examination, directed to the commissioners, and requesting them to examine such corporation, they shall forthwith make a full investigation of its affairs, in the manner provided.

SEC. 14. The commissioners, if in their opinion any such corporation, or its officers or trustees, have violated any law in relation to such corporations, shall forthwith report the same, with such remarks as they deem expedient, to the attorney general, who shall forthwith institute a prosecution for such violation, in behalf of the people of the state.

SEC. 15. To meet the expenses provided by this act, every building and loan association, or corporation or association doing business on the building and loan plan, shall pay, in advance, to the commissioners, its pro rata amount of such expenses, to be determined by an assessment levied upon the shares of each of such associations in force on the thirty-first day of December, eighteen hundred and ninety-two, pro rata, according to the par value of such shares; and annually thereafter the said commissioners shall levy, in a like manner, and collect in advance, a like assessment on the shares of all such associations in force as per report, herein provided for, to be made to said commissioners of the condition at the close of business on August thirty-first preceding.

SEC. 16. The collection of all moneys assessed, as herein provided, for the annual expenses, or forfeitable as fines for failure to make reports as herein specified, and due from any corporation or association coming within the provisions of this act, may be enforced by action instituted in any court of competent jurisdiction, and all moneys collected or received by the said commissioners under this act shall be deposited with the state treasurer, to the credit of a fund to be known and designated as the "building and loan association inspection fund."

SEC. 17. No association, after the expiration of the term for which a license has been granted to it by the commissioners of loan associations, shall continue to transact the business of a building and loan association without first procuring from said commissioners a renewal of such license, on the terms provided for by this act; and any corporation violating this provision shall forfeit the sum of ten dollars per day during the continuance of the offence; and any violation of this section by any officer of such association shall be a misdemeanor.

SEC. 18. Every building and loan association doing business in this state shall, once in every year, to wit: within twenty days after the expiration of its annual fiscal term, make a report, in writing, to the commissioners of loan associations, verified by the oath of its president and secretary, showing accurately the financial condition of such association at the close of said term. The report shall be in such

purpose, and shall specify the following particulars, namely: Name of the corporation, place where located, authorized capital stock, amount of stock paid in, the names of the directors, the amount of capital stock held by cach, the amount due to shareholders, the amount and character of all other liabilities, cash on hand, and the number and value of shares in cach and every series of stock issued by the association. All money received or disbursed by such associations shall be duly accounted for to the shareholders and to the commissioners of building and loan associations.

SEC. 19. Stockholders desiring to withdraw from any association, or to surrender a part or all of their stock, shall have power to do so by giving thirty days' notice, in writing, of such intention to withdraw. On the expiration of such notice, the stockholder so withdrawing shall be entitled to receive the full amo int paid in by him or her, together with such proportion of the earnings thereon as the bylaws may provide, or as may have been fixed by the board of directors; Provided, that not more than one-half of the monthly receipts in any one month shall be applied to withdrawals for that month, without the consent of the board of directors, and no shareholder shall be permitted to withdraw, whose stock is pledged as security to the association for a loan, until such loan is fully paid. Such withdrawals shall be paid in succession, in the order that the notices are given.

SEC. 20. The name "building and loa: association,” and all reference to the same, as "association" or "associations," 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, or investing the same for the mutual benefit of its members or shareholders, and whether issuing certificates of stock which mature at a time fixed in advance or not.

COLORADO.

LAWS OF 1889.

(PAGES 41-43.)

SECTION 1. All associations organized under the general incorporation laws of this state, for the purpose of the accumulation and loan of funds, the erection of buildings, the acquiring of homes, and the purchase, lease and sale of real estate for the mutual benefit of its members, shall be permitted to conduct such business with its members exclusively, and may receive money in payment for its shares of stock in such manner and upon such terms as are prescribed by its bylaws; may receive money on loan or on deposit, and may lend money to its members upon the stock of such corporation, upon real estate or upon such other security as by the bylaws provided, or by the board of directors determined; and all contracts between such companies and their members shall be deemed valid and binding in law.

SEC. 2. The shares of the capital stock of any such corporation shall not be more than two hundred (209) dollars each, instalments of which stock shall be paid at such time and at such place as the bylaws shall appoint; every share of stock shall be subject to a lica for the payment of unpaid instalments and other charges incurred thereon under the provisions of the charter and bylaws, and the bylaws may prescribe the forin and manner of enforcing such lien. New shares of stock may be issued in lieu of the shares withdrawn or forfeited; the stock may be issued in one or successive series, in such amounts as the articles of incorporation or the board of directors may determine; and any shareholder wishing to withdraw from the said corporation shall have power to do so by giving thirty days' notice of his or her intention to withdraw, when he or she shall be entitled to receive the amount provided by the bylaws or determined by the board of directors, less all fines and other charges; Provided, that at no time shall more than one-half of the funds in

the treasury of the corporation be applicable to the demands of withdrawing shareholders, without the consent of the board of directors, and that no shareholder shall be entitled to withdraw whose stock is held in pledge for security.

SEC. 3. Upon the death of any shareholder, his or her legal representatives shall be entitled to receive the full amount paid in by him or her, and legal interest thereon, first deducting all charges that may be due on the stock; no finęs shall be charged to a deceased member's account from and after his or her deceasc, unless the legal representatives of such decedent assume the future payments on the stock of such deceased shareholder.

SEC. 4. Shares of stock upon which a loan has been made may be paid up in full by the borrower in such manner and upon such terms as provided by the bylaws; and when so paid, such share or shares of stock may be cancelled, and such indebtedness liquidated to the amount in value of such share or shares of stock so paid.

SEC. 5. Every such corporation before commencing business under its charter, shall file a copy of its bylaws with the secretary of state, and a copy also with the clerk and recorder of the county in which the principal business of such corporation is carried on, and shall likewise so file copies of all subsequent changes of such bylaws; and all such corporations now doing business in this state shall immediately file copies of their bylaws with the secretary of stato and also with the clerk and recorder of the proper county, and shall also so file all subsequent changes thereof.

CONNECTICUT.

The laws of this state contain no general legislation relating especially to building and loan associations.

DELAWARE.

REVISED CODE OF 1893.

(PAGE 573.)

SECTION 6 (of chapter 147, volume 17, Laws of Delaware). Any building or building and loan association created under this act shall, in addition to the other powers herein granted, have power to sell its accumulated funds to and among its stockholders at any premium which may be obtained for the same, and when such funds can not be loaned to any stockholder at par they may be loaned to any person not a stockholder at any rate of interest not exceeding six per cent.

(PAGE 583.)

SECTION 1 (of chapter 702, volume 19, Laws of Delaware). The certificate of incorporation of building, or building and loan associations to be created under the act entitled "An act concerning private corporations," passed at Dover, March 14, 1883, [chapter 147, volume 17, Laws of Delaware], shall not be required to state an amount of the capital stock to be paid in before commencing business, and no percentage of said stock shall be required to be paid in before the association shall be organized and commence business.

SEC. 2 (of chapter 702, volume 19, Laws of Delaware). Whenever any one of the corporators named in the certificate of incorporation, to be filed under the act of which this is a supplement, or any corporator named in any act of incorporation heretofore or hereafter passed in this state, or any commissioner appointed in any such act of incorporation to take subscriptions for capital stock, shall have died before the organization of such corporation, then, and in such case, the powers vested in such corporators or commissioners shall thereafter be vested in the survivor or

SECTION 1. Any

DISTRICT OF COLUMBIA.

UNITED STATES STATUTES AT LARGE.

VOLUME XXVII, CHAPTER 321.

building association or company

advertising for or receiving premiums, deposits, or dues for membership, incorporated under the laws of any other state, territory, or foreign government, and transacting business within the District of Columbia, shall publish in at least two daily papers printed in the District of Columbia semi-annually, during the months of March and September of each year, a full statement, under oath, showing their capital stock and the amount paid in on account of the same, assets, liabilities, debts, deposits, dividends and dues, as well as their current expenses during six months ending January and July preceding.

SEC. 2. Any such company, association, or institution failing to publish statements as required by the first section of this act shall forfeit its right to do business in said district, and thereupon it shall be the duty of said commissioners to revoke its license or permit to do business in said district:

FLORIDA.

#

REVISED STATUTES OF 1892.

SECTION 2205. The capital stock of a building and loan association shall at no time consist in the aggregate of more than one million dollars, to be divided into shares of such denomination, not exceeding five hundred dollars each, payable in lawful money of the United States, and in such number as the charter may specify. The capital stock may be issued in series, but no such series shall at any issue exceed in the aggregate five hundred thousand dollars, the instalments on which stock are to be paid at such time and place as the bylaws shall appoint. No periodical payment of such instalments shall be made exceeding two dollars on each share and such stock may be paid off and retired as the bylaws shall direct. Every share of stock shall be subject to a lien for the payment of unpaid instalments and other charges incurred thereon under the provisions of the charter and bylaws, and the bylaws may prescribe the form and manner of enforcing such liens; new shares of stock may be issued in lieu of shares withdrawn or forfeited. The stock may be issued in one or in successive series in such amount as the board of directors and stockholders may determine, and any stockholder wishing to withdraw from the association shall have power to do so by giving thirty days' notice of his intention to withdraw, when he may be entitled to receive the amount paid in by him less all fines and other charges, but after the expiration of one year from the issuing of the series such stockholder shall be entitled, in addition thereto, to such interest thereon as the bylaws shall prescribe at the time of the issuing of such stock, not exceeding the legal rate of interest. At no time shall more than one-half of the funds in the treasury of the corporation be applicable to the demands of withdrawing stockholders without the consent of the board of directors, and no stockholder shall be entitled to withdraw whose stock is held in pledge for security. Upon the death of a stockholder his legal representatives shall be entitled to receive the full amount paid in by him, and such rate of interest thereon as the bylaws of the association shall prescribe at the time of issuing such stock, first deducting all charges that may be due on the stock. No fine shall be charged to a deceased member's account from and after his decease unless the legal representatives of such decedent assume the further payment on the stock.

SEC. 2206. Building and loan associations incorporated under this chapter shall have the powers, and from the date of incorporation, when not otherwise provided