Law of Building and Loan Associations

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Contents

CHAPTER
1
History in the United States
3
Construction of Statutes
6
Comparison with Other Corporations
7
The Name Misleading
8
Building and Loan Association Leagues
9
Nature and Purpose of Associations
10
Benefits to the Community
11
How Appropriation Is Made
130
Appropriation of Payments on Stock to Loan by the Associa tion
131
Appropriation of Payments on Stock to Loan by Borrower
132
Appropriation by Strangers
133
Appropriation by Agreement
134
solvent
135
The Maryland Rule
136
The Pennsylvania Rule
137

Different Plans of Associations
12
The Terminating Plan
13
The Serial Plan
14
The Permanent Plan
15
The Dayton or Ohio Plan
16
Bowkett or StarBowkett Societies
17
Guarantee Capital Stock Plan
18
ORGANIZATION AND MEMBERSHIP 19 Preliminary Organization
20
Advertising and Publicity
21
Fraternaliam of Associations
22
Method of Acquiring Membership
23
Who May Become a Member
24
Estoppel to Deny Membership
26
Rights of Members
27
Termination of Membership
28
Estate of Deceased Member
29
Necessity of Charter
31
The Application for the Charter
32
The Name of the Proposed Corporation
33
The Purposes for Which It is Formed
34
The Place Where the Business Is to Be Transacted
35
The Names and Residences of Subscribers and the Number of Shares Subscribed by Each
36
Whether the Premium or Bonus Bid Is to Be Paid in Advance or in Installments
37
Merger Its Economic Aspects
38
39a Merger Its Legal Aspects
39
CHAPTER IV
42
The Amount of Capital Stock
43
Double Shares
45
Certificates of Stock
46
Transfer of Stock
47
Transfer of Stock Held in Trust
49
Registration of Transfers
50
Lien of Association on Members Stock
51
CHAPTER V
53
Failure to Declare Stock Matured
54
Stock Improperly Declared Matured
55
The Value of Stock Before Maturity
56
Methods of Ascertaining Value of Stock
57
Investment of the Contingent Fund
63
MEETINGS AND ELECTIONS
86
Nomination and Election of Officers
90
Eight to Vote by Proxy
92
Votes Necessary to Elect
93
Removal of an Officer
94
CHAPTER Vm
95
Authority of Officers and Agents to Bind Association
96
When ByLaw Does Not Bind
98
100 When Act Not Binding
99
When Act Is Binding Although Not Expressly Authorized or Ratified
100
Delegation of Authority
101
When Payment of Money Is Binding Upon the Association
102
Agency of Defaulter the Test
103
Statements Made by Secretary as to Amount Due
104
CHAPTER IX
106
Officers and Members Not Generally Liable
107
Criminal Liability
110
CHAPTER X
113
Effect of the Loan on Membership
114
Power to Make Loans
115
Who May Make a Loan
117
Refusal of Association to Complete Loan
118
Refusal of Borrower to Complete Loan
119
Security for the Loan
120
121 What Is Sufficient Security
121
Application for the Loan
123
123 Term of Loan
124
Repayment of Loans
126
CHAPTER XI
127
What Is an Appropriation
128
Appropriation of Payments
129
Exception to the Pennsylvania Rule
138
138 The Illinois Rule
140
139 What Is a Premium
141
Validity of Statutes Authorizing Premium
142
Justification for Premiums
144
Kinds of Premium
145
144 The Net Premium Plan
146
The Installment Premium Plan
147
The Necessity of Competitive Bidding
148
The Auction
149
Effect of an Illegal Premium
150
Effect of Insolvency on the Premium Paid
152
CHAPTER XIII
153
Reason and Purpose of Fines
154
Regulation of Fines
155
CHAPTER XIV
157
Right to Withdraw
158
158 Who May Withdraw
159
Change of Bylaws or Statute as to Withdrawal
161
Funds at Disposal of Withdrawing Members
162
Liquidity
163
Steps Preliminary to Withdrawal
164
Status of Withdrawing Member
166
Withdrawal Value of Stock
168
165 Involuntary Withdrawal
171
CHAPTER XV
172
Right to Declare Forfeiture
173
Method of Forfeiture
174
Effect of Forfeiture
175
CHAPTER XVI
176
The Note
177
Form of the Mortgage
178
174 The Straight Mortgage
179
Purchase of Property Subject to Mortgage
180
Amount Due on the Mortgage
181
Satisfaction of Mortgage
182
Foreclosure of Mortgage
183
The Assessment of Damages
185
Purchase of Real Estate
186
CHAPTER XVII
188
Improper Borrowing
189
Borrowing Money from Other Associations
191
Federal Home Loan Bank
193
187a Reconstruction Finance Corporation
198
CHAPTER XVIII
199
Causes of Insolvency
200
Proceedings in Case of Insolvency
201
When the State Official Should Take Possession or a Re ceiver Be Appointed
203
Effect of Insolvency
204
Distribution of Assets of an Insolvent Association
206
State Supervision
208
CHAPTER XIX
210
Power to Make ByLaws
211
Authority of ByLaws
212
Validity of ByLaws
213
Amendment of ByLaws
214
Uniformity of ByLaws
215
CHAPTER XX
216
Statutes Exempting Associations
217
Amount of Tax
218
Exemption from Federal Taxation
219
APPENDIX
225
Illinois Mutual Building Loan and Homestead Associations Law
245
Indiana Building and Loan Laws
263
New Jersey General Building and Loan Association Act
282
New York Laws of Savings and Loan Associations and Savings
319
Ohio Building and Loan Associations Law
353
Pennsylvania Building and Loan Associations Law
371
Table of Cases
401
Index
423

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