Report on Building and Loan Associations

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F. DeKleine Company, 1900 - Savings and loan associations
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Page 156 - ... shall pay to the secretary of state for the use of the state two dollars, to be included in the taxable costs of such plaintiff, and the secretary of state shall forthwith mail a copy of such process to such corporation at its general office or to the address of some officer thereof, if known to him.
Page 149 - 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 stockholders without the consent of the board of directors, and that no stockholder shall be entitled to withdraw whose stock is held in pledge for security.
Page 148 - State, and the same shall be recorded in the office of the register of deeds in the county in which the principal office of such company is located. Upon the recording of said copy the corporation shall be deemed fully organized, and may proceed to business.
Page 148 - The Commissioners shall make a full report of their proceedings, including therein a copy of the notice provided for in the foregoing section, a copy of the subscription list, a copy of the...
Page 154 - Should the inspector, upon examination, find any domestic association conducting its business in whole or in part contrary to law, or failing to comply with the law, he shall so notify the board of directors of such association in writing, and if, after thirty days, such illegal practices or failure continue, he shall communicate the facts to the attorney -general, who shall cause proceedings to be instituted in the proper court to revoke the charter of such association.
Page 152 - Any loan or building association incorporated by or under this act, is hereby authorized and empowered to purchase at any sheriff's or other judicial sale, or at any other sale, public or private, any real estate...
Page 150 - The said officers shall hold stated meetings, at which the money in the treasury, if over the amount fixed by the charter as the full value of a share, shall be offered for loan, in open meeting, and the stockholder who shall bid the highest premium for the preference or priority of loan, shall be entitled to receive a loan...
Page 150 - ... loan ; in case the borrower shall neglect to offer security, or shall offer security that is not approved by the board of directors by such time as the by-laws may prescribe, he or she shall be charged with...
Page 149 - ... deducting all charges that may be due on the stock; but no fines shall be charged to a deceased member's account from and after his decease, unless the legal representative of such decedent assume the future payment of the dues.
Page 151 - ... the date of issue of the series of stock in such association on which the loan may have been made, there shall be refunded to such borrower one-eighth of the premium paid for every year of the said eight years then...

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