such time as the bylaws may prescribe, he or she shall be charged with legal interest, as prescribed in the bylaws, together with any expense incurred, and the loss in premium, if any, on a resale; and the money may be resold at the next stated meeting. In case of non-payment of instalments or interest by borrowing stockholders for the space of three months, payments of principal and interest, and fines, without deducting the premiums paid or interest thereon, may be enforced by proceedings on their security according to law.

SEC. 3113. A borrower who is not in arreas for dues, interest, fines, or assessments, may repay his loan at any time, and may, at the same time, withdraw from the association; and for that purpose he shall pay to the association or the officer thereof authorized to receive payment of dues or interest, the full face amount of the principal of his loan less the amount by him paid to said association as dues and assessments on his stock, with interest on such payments, from the time they were made, at eight per cent per annum, and less so much of the premium or discount paid by him on his loan for the priority thereof as shall bear the same proportion to the whole premiums by him paid which the unexpired time for which the loan was made bears to the whole time for which the loan was made; and, on such payment being made, the stock held by such person shall be delivered up to said asociation, and cancelled, and no new stock shall be issued therefor; and the officer of such association to whom such payment is made shall also immediately cancel and deliver up to such borrower his note and mortgage, or other evidence of said loan, and shall enter on the record of such mortgage a full satisfaction thereof; which entry shall be a complete satisfaction of said mortgage.

SEC. 3414. No premiums, fines, or interest on such premiums that may accrue to the said corporation, according to the provisions of this act, shall be deemed usurious; and the same may be collected as debts of like amount are now, by law, collected in this state.

SEC. 3115. No corporation or : ssociation, created under this act, shall cease or expire from neglect on the part of the corporation to elect officers at the time mentioned in their bylaws; and all officers elected by such corporation shall hold their offices, until their successors are duly elected.

SEC. 3116. Any building, loan fund, or savings association incorporated under or by this act, and those incorporated prior thereto, are 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 upon which such association may have or hold any mortgage, judgment, lien, or other incumbrance, or ground rent, or in which said associa tion may have an interest; and the real estate so purchased, or any other that such association may hold or be entitle to at the passage of this act, to sell, convey, lease or mortgage at pleasure to any person or persons whatever; and all sales of real estate heretofore made by such association, to any person or persons, are hereby confirmed and made valid.

SEC. 3417. All such corporations shall have full power to purchase lands, and to sell and convey the same, or any part thereof, to their stockholders or others, in fee simple, with or without the reservation of ground rents; but the quantity of land purchased by any one or said associations hereinafter incorporated shall not, in the whole, exceed fifty res、 nd in all cases the land shall be disposed of within ten years from purchase of ame. All building, loan fund, and savings associations are hereby authorized to make sale of and extinguish to any person or persons the ground rents created as aforesaid.

SEC. 3118. An act entitled "An act for the incorporation and continuance of building, loan fund, and savings associations," approved March 5, 1857, and also an act entitled "An act authorizing the organization of voluntary associations, and prescribing their duties and powers," approved March 7, 1873, and all other acts in conflict with the provisions of this act, are hereby repealed: Provided, however, that all

mentioned acts are saved from the effects of this repealing clause, and all building, loan fund, and savings associations, or corporations which have commenced proceedings under said acts, may proceed according to the provisions of this act.

SEC. 3419. All such associations shall have power to assess, in addition to amount provided in section four of this act [3410], the sum of twenty-five cents per month upon each share of stock, for the purpose of defraying the expenses of the association; which sum shall be payable with the regular instalment; and shall also have the power to provide in their bylaws for the assessment and collection of fines and penalties from delinquent stockholders for non-payment of dues, interest, instalments, and assessments; also to provide in their bylaws for the forfeiture of all the rights and immunities in the association of such delinquent members after a default of three months to pay the dues, interest, instalment, assessments, and fines; and also to provide, in case a borrower of money from such association shall fail and neglect to pay his dues, fines, assessments, interest, and instalments for a period of three months from the time the same shall become due and payable, that such failure and neglect shall work a forfeiture of all his rights and immunities as a member of said association and the whole sum loaned to him by said association shall become immediately due and payable, and may be collected, together with all such fines, dues, interest and instalments, by law.

SEC. 3120. All building, loan, and savings associations, legally organized or attempted to be organized under any statute of this state, shall not be deemed or held invalid by reason of the failure to have recorded in the recorder's office of the county wherein such association is located the articles of association before commencing business; but where the articles of association shall have been properly filed in the office of the secretary of state before commencing business, it shall be deemed and held to have been a sufficient compliance with the law; or where either of said acts have been done and not the other, the same shall be taken and held as a substantial and valid compliance with the law on the subject of organizing such associations; and where the articles of such association have, since the commencement of business thereof, been recorded in the recorders's office of the county wherein the association is located, or the same have been filed in the office of the secretary of state, or where such omitted act shall hereafter be done as directed by law, the same shall be held and taken as a substantial compliance with the law organizing building, loan, and savings associations; and all acts of the original directors, and their successors and officers of such association, and all business done, loans made, mortgages taken, moneys collected and disbursed in pursuance of the law in such cases, and in compliance with the constitution and bylaws of such association, are hereby legalized and made valid, and all members and contracting parties shall be deemed and held to be fully bound by their contract with such association.

ELLIOTT'S SUPPLEMENT OF 1889.

SECTION 840. Any number of persons, not fewer than ten, after at least one hundred shares of stock have been subscribed for, may associate themselves together for the purpose of organizing building, loan fund and savings associations, and for that purpose they shall make, sign and acknowledge in duplicate before some officer, capable of taking acknowledgments of deeds conveying real estate, a certificate of incorporation in writing, which shall state the corporation name adopted by the company, the object of its formation, the amount of its capital stock, the amount of capital stock already subscribed for, the number of its directors and their names, who shall manage the affairs of the company for the first year, and the name of the town or county in which its operations are to be carried on; and shall cause one of said certificates to be filed and recorded in the recorder's office of the county where the business is to be carried on, and shall file the other of said certificates in the office of the secretary of state.

SEC. 841. When the certificate of incorporation shall have been filed as aforesaid,

a certified copy thereof shall be evidence of the contents thereof; and the persons who shall have signed and acknowledged such certificate, and their successors, shall be a body politic and corporate, and in their corporate name may contract, sue, and be sued, and may hold and convey real estate and personal property as hereinafter provided. The business of the association shall be managed by a board of directors, who shall be stockholders of the association, and who shall be selected by the stockholders as the bylaws of the association may provide.

SEC. 842. The corporation shall have the power and franchise of loaning or advaneing to the stockholders thereof, at interest not exceeding the legal contract rate at the time, the moneys of the association accumulated from time to time, and the power and right to secure the repayment of such money and the performance of other conditions upon which the loans are made, by note or bond and mortgage, or upon note or bond secured by stock of the association or personal security, as well as the power and right to purchase real estate and improve the same, and to sell, convey, lease or mortgage the same, at its pleasure, to its stockholders or others for the benefits of the stockholders, or to loan the moneys of the association to others than its stockholders, at a rate of interest not exceeding the legal contract rate of interest, upon good and ample real estate or personal security, for the benefit of its stockholders, when there is no demand for loans on the part of the stockholders. The premiums taken by such association for the preference or priority in procuring loans made to stockholders shall not be deemed usurious, and in case of non-payment of instalments upon stock, or interest or premium by borrowing stockholders, for three months, payment of principal, premium and interest (without deducting the premium or interest paid) may be enforced by proceedings on their securities according to law.

SEC. 843. The capital stock of any corporation created by virtue of this act shall at no time consist in the aggregate of more than one millior. dollars, to be divided into shares of such denomination, not exceeding five hundred dollars each, as the bylaws of the association may prescribe: Provided, that the capital stock may be issued in series; but the stock in any such series shall not at any time exceed in the aggregate one hundred thousand dollars; the instalments in which the stock is to be paid, the times and place of payment, shall be as the bylaws may provide; but no periodical payment of such instalment shall be required exceeding fifty cents per week on each one hundred dollars of stock; the stock may be paid off and retired as the bylaws may provide. 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 constitution and bylaws; and the bylaws may prescribe the form and manner of enforcing such lien. In lieu of the shares withdrawn, forfeited, retired, or expired, new stock may be issued in one or in successive series, and in such amounts as the board of directors conformably to the bylaws may determine; but at no time shall the outstanding stock in any series exceed one hundred thousand dollars, nor of the association exceed one million dollars, or its capital as fixed by the certificate of incorporation. Any stockholder wishing to withdraw from such corporation may do so upon three months' notice given to the board of directors, when such withdrawing stockholder shall be entitled to receive the amount paid in upon the stock to be withdrawn, less all fines and other charges thereon: Provided, that when the withdrawal occurs after the expiration of one year from the beginning of the series in which the stock to be withdrawn was issued, he shall receive in addition to the amount paid in, less fines and other charges as aforesaid, at least legal interest on each instalment paid from the date at which the same was payable: Provided, that at no time shall more than one-half of the funds in the treasury be applicable to demands of withdrawing stockholders, unless the board of directors in its discretion shall order otherwise, and the board may, in its discretion, waive the notice herein before required as to any withdrawal;

legal representatives of any deceased shall be entitled to receive the full amount paid in by his decedent, with legal interest thereon, from the dates at which the same was payable, after deducting all fines and charges thereon. No fine shall be charged to a deceased member's account for any default occurring after his death, unless the legal representatives of the decedent shall have assumed the future payments on the stock.

SEC. 844. The number, function, qualifications and compensation of the officers of any such corporation, their terms of office, the times of their election, as well as the qualifications of the electors, and the votes and manner of voting, and the periodical meetings of such corporation, shall be determined by the bylaws of such association when not provided by this act.

SEC. 815. The directors shall hold stated meetings, at which the money in the treasury, if over the amount fixed in the constitution or bylaws as the full value of a share, shall be offered for loan in open meeting. The bylaws of the association shall prescribe the manner of awarding loans to its members, the time or times when the premium, if any, shall be paid, the rate of interest to be charged not exceeding the then legal contract rate, and the time when the interest shall be paid, whether monthly or quarterly in advance; or such association may provide in its bylaws that the loans shall be made to the members of the association who shall bid the highest premiums for the preference or priority in procuring loans (the premium to be payable at one time or [in] instalments), which member so bidding shall be entitled to receive a loan of not more than the amount fixed by the constitution and bylaws as the full value of a share for each share of stock held by him and then and there bid off. The premium shall be bid as of so much per share: Provided, that a stockholder may borrow such fractional part of the amount fixed by the constitution and bylaws as the full value of a share as the bylaws may provide. Good and ample real estate or personal security, as prescribed by the bylaws of the corporation, shall be given by the borrower, or in his behalf, to secure the repayment of the loan with interest, and also for the payment of the dues, unpaid premiums, if any, fines and charges that may be assessed upon the stock upon which the loan is made. 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 bylaws shall prescribe, he or she shall be charged with legal interest, as prescribed in the bylaws, together with any expense incurred, and the loss, if any, on a resale, and the money may be resold at the next stated meeting. In case of non-payment of instalments or interest, or unpaid premium, if any, by borrowing stockholders for the space of three months, payments of principal, interest, unpaid premiums, if any, and fines, without deducting premiums of interest paid, may be enforced by proceedings on their securities according to law. SEC. 846. A borrower, who is not in arrears for dues, interest, premiums, fines, or assessments, may repay his loan at any time, and may at the same time withdraw from the association, and for that purpose he shall pay to the association, or to the officer authorized to receive the same, the full face amount of the principal of his loan, less the amount by him paid to said association as dues on his stock, with interest on such payments from the time they were made, at not less than the same rate per cent per annum that he has paid to the association as interest upon his loan, and less so much of the premium or discount paid by him on his loan for the priority thereof as shall bear the same proportion to the whole premium by him paid, which the unexpired time for which the loan was made bears to the whole time for which the loan was made; and on such payment being made, the stock held by such person upon which his loan was made, shall be surrendered to the association and shall be cancelled; and thereupon the proper officer of such association shall immediately deliver to such borrower his note, or bond and mortgage, or other evidence of such loan, and shall also enter of record a full satisfaction of such mortgage, which entry shall be a complete extinguishment of such mortgage and the debt thereby secured. SEC. 847. No premiums, fines, or interest on such premiums that may accrue to said

corporation, in addition to interest on any loan made by it, according to the provisions of this act, shall be deemed usurious, and the same may be collected as debts of like amount are now, by law, collected in this state.

SEC. 818. No corporation or association created under this act shall cease or expire from neglect on the part of the corporation to elect directors or officers at the time mentioned in its bylaws, and all directors and officers elected by such coroporation shall continue in office until their successors are duly elected.

SEC. 819. Any corporation organized under this act, and those incorporated prior thereto, are 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 upon which such corporation may have or hold any mortgage, judgment, lien, or other incumbrance, or in which such corporation may have an interest; and the real estate so purchased, and any other that such corporation may hold or be entitled to at the passage of this act, it may sell, convey, lease or mortgage, at pleasure, to any person or persons whatever; and all sale[s] of real estate heretofore made by any such corporation to any person or persons are hereby confirmed and made valid.

SEC. 850. All such corporations shall have full power to purchase real estate and to sell and convey the same, or any part thereof, to their stockholders or others in full fee simple, but the quantity of land purchased by any one of such corporation shall not, in the whole, at any one time, exceed fifty acres; and in all cases such real estate shall be disposed of within ten years from the purchase of the same.

SEC. 851. All such corporations shall have power to charge, in addition to the amounts heretofore provided by this act, a sum not exceeding twenty-five cents per month upon each share of stock, for the purpose of defraying the expenses of the association, which sum shall be payable with the regular instalment; to make assessments upon the capital stock to cover losses; and shall also have power to provide in their bylaws for the charge and collection of fines and penalties from delinquent stockholders for non-payment of instalments of dues, interest, premiums and charges; also, to provide in their bylaws for the forfeiture of all the rights and immunities in the association of such delinquent members after a default of three months to pay instalment of dues, interest, premiums, charges or fines, and also to provide, in case of a borrower of money from such association shall fail and neglect to pay his instalments of dues, fines, charges, interest or premiums, for a period of three months from the time the same shall become due and payable, that such failure and neglect shall work a forfeiture of all his rights and immunities, and the whole sum loaned to him by such association shali, at its option, become immediately due and payable, and may be collected, together with all fines, instalments of dues, interest and premium, if any, then unpaid.

SEC. 852. Infants may become stockholders in any corporation organized under this act the same as adults, and such infant stockholder[s] shall be subject to the same duties and liabilities as respects their stock as adult members. Any receipt, release, acquittance or discharge given to the corporation by an infant stockholder shall be binding upon the intant to the same extent as if such infant were of full age. SEC. 853. When, in case of any loan made by any such corporation, the borrower, or any other person furnishing security in behalf of the borrower, shall, as an inducement to the corporation to make the loan, represent to it in writing that he or she is over the age of twenty-one years, whereas in fact such person so represeating is under lawful age and the association is thereby deceived, and the loan is upon such representation made, neither such person so representing nor any one in his or her behalf shall afterwards be allowed as against said corporation to take advantage of the fact that he or she was not of full age, but such person shall be estopped by such representation.

SEC. 854. Any such corporation organized prior to the taking effect of this act, under any preexisting statute of this state, may accept the provisions of this act by