Page images
PDF
EPUB

The real estate of such association shall be subject to taxation in the same manner as provided by law in the case of other corporations and individuals.

not usury.

SEC. 9. The fees, dues, fines, interest, premi- Fees, fines, etc., ums, and other payments of money made, contracted for, or required to be made, by any member of such association, by virtue of or in conformity with the provisions of its constitution and by-laws, though the same may aggregate a greater amount, taking into account all the terms and conditions of payment to and from such member, than is or may be allowed by the laws of this state to be taken or collected as interest on ordinary contracts for the payment of money, shall not make any such payment or contract therefor usurious, but all such contracts may be enforced, and such fees, dues, fines, interest, premiums, and payments collected in the same manner as other debts on contracts not usurious; Provided, That the certificate of approval provided for in section 4 of this act, issued to such association, shall be conclusive evidence of such compliance with the requirements of this act as to entitle it to the benefits of this section; Provided further, That no association hereafter formed within this state, except such as hold such certificates of approval, shall be exempt from the operation of the usury law of this state.

SEC. 10. Every such association shall annually, Annual report. and at such other times as required by the auditor of public accounts, state treasurer, and attorney general, or any two of them, file in the office of the auditor of public accounts a statement, verified by the oath of its president or secretary and approved

Special reports.

False statements, entries, etc.

by three of its directors, in such form as may be prescribed by the auditor of public accounts, setting forth its actual financial condition and the amount of its assets and liabilities and furnishing such other information as to its affairs as the auditor of public accounts may require, and a copy of such annual statement shall be published in a newspaper of general circulation in the county where such association is located three consecutive times, and due proof of such publication by affidavit shall be filed with the auditor of public accounts.

Whenever the constitution of an association fixes a date for the close of its fiscal year, the annual report of such associations shall show its condition at such date; in all other cases such report shall show the condition of the association at the close of the calendar year and no other or further notice or statement of the amount of the existing debts of such corporation shall be required to be published or given.

The auditor of public accounts, state treasurer, and attorney general, or any two of them, shall have power to call for special reports from any such association, whenever in their judgment the same may be necessary or advisable. Any association failing to comply with the provisions of this section shall forfeit its charter rights.

SEC. 11. Every person who shall willfully or knowingly subscribe, or make or cause to be made, any false statement or false entries in any books of any association organized for the purposes set forth in section one (1) of this act, or exhibit false papers with the intent to deceive any person authorized to examine into the affairs of such association, or

shall make, state, or publish any false statement of the financial condition of such association, shall be deemed guilty of a felony, and upon conviction thereof shall be fined not exceeding ten thousand ($10,000) dollars, and be imprisoned in the state penitentiary not less than one nor more than five years.

of affairs of

SEC. 12. The person or persons appointed Examination under the laws of this state to make an examina-association. tion of corporations, firms, or individuals doing a banking business shall make an examination and report of every association organized under the laws of this state for the purposes named in section one (1) of this act, as often as shall be deemed necessary and proper, and at least once a year, and the rights, powers, duties, privileges, and compensation of such person or persons in connection with such examinations shall be the same as is or may be provided by law with reference to examinations of banks and corporations, firms, or individuals transacting a banking business, and such associations shall pay the same fees for such examinations as is or may be provided by law in case of the examinations of banks.

of receiver.

SEC. 13. Whenever it shall appear to the Appointment auditor of public accounts, state treasurer, attorney general, or any two of them, from any examination or report provided for by this act, that any building, homestead, or other association organized under the laws of this state for the purposes set forth in section one (1) of this act is conducting its business in an unsafe or unauthorized manner, or is jeopardizing the interests of its members, or that it is unsafe for such association to transact business,

Use of name.

Existing associations.

they shall communicate such facts to the attorney general, who shall thereupon apply to the supreme court or to the district court of the county where such association is located, or to a judge of either of said courts, for the appointment of a receiver to take charge of and wind up the business of such association, and if such fact or facts be made to appear, it shall be sufficient to authorize the appointment of a receiver and the making of such orders and decrees in such cases as equity may require.

SEC. 14. It shall be unlawful for any corporation hereafter organized under the laws of this state to use the words "Loan and Building Association," or "Building and Loan Association," as a part of its corporate name unless it shall have complied substantially with the requirements of this act, and every such corporation using such words unlawfully as part of its corporate name shall be fined at the discretion of the court in any sum not exceeding twenty-five ($25) dollars for each day it shall so unlawfully use such words as part of its corporate name.

SEC. 15. Any association now organized in conformity to existing laws of this state for the purposes set forth in section one (1) of this act which shall voluntarily comply with all the requirements of this act shall be entitled to all the benefits and privileges herein granted; any such association now organized shall be required to comply with the provisions of this act in the following particulars:

It shall, within ninety days after this act shall have become a law, file with the auditor of public

accounts a certified copy of its articles of incorporation, constitution, and by-laws, shall make and publish reports in full compliance with section ten (10) hereof, shall be subject to examination in all respects as provided in section twelve (12) hereof, and its affairs may be wound up in the manner provided in section thirteen (13) of this act, and before any amendment to either its articles of incorporation, constitution, or by-laws hereafter made shall become operative, a copy of such amendment shall be filed with the auditor of public accounts, and the auditor, together with the state treasurer and attorney general, shall examine the same, and if they or any two of them shall find that such amendment does not introduce any unjust or inequitable feature or provision, they or any two of them shall issue their certificate of approval and such amendment shall become valid. But if they or any two of them withhold such certificate, such amendment shall be of no effect.

associations.

SEC. 16. Every corporation, company, or associ-ing and loan ation contemplating doing business in this state and having for a part of its title or name the words "Loan and Building Association," "Building and Loan Association," "Savings and Loan Association," or "Co-operative Bank, Saving, and Investment Company," and every corporation, company, or association whose stock is payable by an accumulating fund in regular or stated periodical installments, and every corporation, company, or association doing a business in a form and character similar to that authorized to be done by section one (1) of this act, shall, if organized or incorporated any country, state, or territory other than the

in

« PreviousContinue »