(22) Withdrawal fee of an amount graduated according to the age of the shares upon which withdrawal is made. (23) One-fifth of the profits resulting from fines and premiums. The number of associations reported as operating under this plan and its modifications is as follows: LOCAL.-Alabama, 1; Arizona, 1; Arkansas, 1; California, 4; Colorado, 4; Connecticut, 7; Delaware, 5; District of Columbia, 9; Florida, 6; Georgia, 4; Illinois, 48; Indiana, 93; Iowa, 13; Kansas, 7; Kentucky, 65; Louisiana, 2; Maine, 8; Maryland, 168; Massachusetts, 18; Michigan, 7; Minnesota, 9; Mississippi, 6; Missouri, 33; Nebraska, 3; New Jersey, 16; New York, 206; North Dakota, 1; Ohio, 680; Oregon, 1; Pennsylvania, 148; Tennessee, 31; Utah, 2; Virginia, 18; Washington, 1; West Virginia, 6; Wisconsin, 8; total local associations, 1,640. NATIONAL.-California, 1; Illinois, 5; Kansas, 1; Kentucky, 2; Minnesota, 1; Mississippi, 2; Missouri, 3; New York, 5; Ohio, 2; Tennessee, 1; West Virginia, 1; total national associations, 24. PLAN 12. Withdrawing shareholders receive the dues paid in, with such proportion of the profits as the present value of their shares is of the maturing value. Illustration: In an association requiring payment of dues at the rate of $1 per share per month the apportioned profits at the end of the third year amount to $14 per share, which, added to the dues paid in, $36, makes the present value of a share $50; the maturing value is $200, and the present value is to the maturing value as 1 is to 4, or it is one-fourth thereof; therefore, a shareholder then withdrawing would be entitled to receive one-fourth of the profits, $3.50, in addition to his dues, making a total withdrawal value of $39.50 per share. If withdrawal is made upon shares before any profits have been apportioned thereto their holder receives the dues paid in. No withdrawal fees are reported as being charged in connection with this plan. The number of associations reported as operating under the plan, all of which are local, is as follows: Minnesota, 2; New York, 1; Tennessee, 4; total, 7. CHAPTER VI. GENERAL LEGISLATION RELATING ESPECIALLY TO BUILDING AND LOAN ASSOCIATIONS. The laws of the various states and territories, as reproduced in this. chapter, are only such general laws as relate especially to, or govern the organization and conduct of building and loan and similar associations, the general laws concerning corporations being omitted; but it is to be borne in mind that such general laws, when not in conflict with the statutes here published, have the same bearing upon building and loan associations as upon other corporations, and they should, therefore, be consulted in case information concerning the laws govern ing corporations generally is desired. ALABAMA. CODE OF 1886. SECTION 455. Building and loan associations doing business in this state are not required to return, as part of their taxable property, notes and mortgages made and executed to them by their stockholders or members for purchases, loans, or advances on stock made at the distribution of the funds thereof, if the stockholders or members obtaining such purchases, loans, or advances pay the tax levied and assessed on the whole value of the property so mortgaged; otherwise, such associations must return for taxation the amount of their capital held by the stockholders or members on such purchases, loans, or advances, and also the average amount of money held by them during the year preceding that for which their assessment returns are made. SEC. 1553. Three or more persons, associating as a building and loan association, may become a body politic and corporate in the mode, and with the powers and capacity in this chapter expressed; and such corporation may continue for twenty years. SEC. 1554. Such persons must file in the office of the judge of probate of the county in which it is proposed the association shall have its principal place of business, a declaration in writing, signed by each of them, stating— 1. The name and style under which it is proposed to incorporate such association. 2. The amount of the capital stock, and the number of shares into which it is divided. 3. The names and residences of the associates or subscribers to the declaration, and the principal place of business of the corporation. 4. The purposes of the corporation and the nature of its business, and such other matters as they may deem desirable. SEC. 1555. The judge of probate must record such declaration, and must issue to the subscribers, their associates and successors a certificate of incorporation, under the seal of his office, stating therein the filing and record of such declaration, the name and style of such corporation, the location or principal place of business |