Page images

ACTS OF 1889.


SECTION 2. Every cooperative bank shall annually within twenty days after the last business day of October make a return to the commissioners of saving banks in such forn as may be prescribed by them, showing accurately the condition thereof at close of business on said day, which return shall be signed and sworn to by the secretary and treasurer of snch corporation. The president and fire or more of the directors shall certify and make oath that the report is correct according to their best knowledge and belief.

ACTS OF 1890.

CHAPTER 63. SECTION 1. The capital stock, corporate franchises and personal estate of cooperativo banks shall be exempted from taxation; but this act shall not be construed to exempt from taxation any real estate of such corporations.

CHAPTER 310. SECTION 1. Except as is hereinafter provided, no person, association or corporation shall carry on the business of accumulating the savings of its members and loaning to them such accumulations in the manner of a cooperative bank within this commonwealth, unless incorporated under the laws thereof for suclı purpose.

SEC. 2. The board of commissioners of savings banks may authorize any such association or corporation duly established under the laws of another state to carry on such business in the commonwealth, but said association or corporation shall not transact such business in this commonwealth unless it shall first deposit with the treasurer of the commonwealth the sum of twenty-five thousand dollars and thereafter a sum equal to fifteen per cent of the deposits made in such association or corpora tion by citizens of the commonwealth, the amount of percentage of deposits so required to be determined from time to time by said board of commissioners of sarings banks; or in lieu thereof the whole or any part of said sum may consist of any of the securities named in the first, second and third clauses of section twenty of chapter one hundred and sixteen of the Public Statutes and acts ainendatory thereof [providing for the investment by savings banks of deposits and income derived therefrom], at their par value, and the said deposit shall be held in trust by said treasurer for the protection and indemnity of the residents of the commonwealth with whom such associations or corporations respectively have done or may transact business. Said moneys or property shall bo paid out or disposed of only on the order of some court of competent jurisdiction made on due notice to the attorney general of the commonwealth, and upon such notice to the creditors and shareholders of such association or corporation as the court shall prescribe. For the purpose of ascertaining the business and financial condition of any such association or corporation doing or desiring to do such business, said board may make examinations of such associations or corporations at such times and at such places as said board may desire, the expense of such examinations being paid by the association or corporation examined, and may also require returns to be mady to them in such form and at such times as they may elect. Whenever, upon examination or otherwise, it is the opinion of said board that any such association or corporation is transacting business in such manner as to be hazardous to the public, or its condition is such as to render further proceedings by it hazardous to the public, said board shall revoke or suspend the authority given to said association or corporation, but this section shall not prevent such a bank or institution, incorporated under the laws of another state, from

Sec. 3. Every sueh person, association or corporation transacting business in the commonwealth at the time of the passage of this act shall, within sisty days after such passage, conform to the requirements of this act.

SEC. 4. Whoerer violates any provision of the preceding sections shall be punished by a fine not exceeding one thousand dollars; and any provision thereof may on petition be enforced by injunction issued by a justice of the supreme judicial court or of the superior court.

ACTS OF 1891.


SECTION 1. The commissioner of corporations may authorize any corporation subject to the provisions of (chapter]

one hundred and seventeen of the Public Statutes, and acts amendatory of * * said (chapter), to change its name, ipon notice and hearing, as hereinafter set forth: Provided, such corporation shall, previously to its application to the commissioner of corporations for change of its name, at a meeting called for that purpose have voted, by a vote of two-thirds of the stockholders present and voting at the meeting, to change its name and adopt a new one.

Sec. 2. Before authorizing a change of name, as provided in section one, the commissioner shall require public notice of the application therefor to be given, that all persons may appear to show cause, if any they have, why the application should not be granted.

Sec. 3. When such change of name shall have been authorized by the commissioner of corporations, a certified copy of his authorization of the same, together with a certificate setting forth the vote of the corporation to so change its name and adopt a new one, signed and sworn to by the president, treasurer and a majority of the directors, shall be filed in the office of the secretary of the commonwealth. And the commissioner shall require public notice to be given of the change so authorized; and on receipt of proof thereof the secretary of the commonwealth may grant a certificate of the name which the corporation shall bear, and which shall thereafter be its legal name, subject however to the provisions of chapter two hundred and fifty-seven of the acts of the year eighteen hundred and ninety-one.

SEC. 4. A corporation under its new name shall have the same rights, powers and privileges, and be subject to the same duties, obligations and liabilities as before such change, and may sue and be sued by its own name; but any action brought against it by its former name shall not be defeated on that account, and, on motion of either party, the new name can be substituted therefor in the action.

SEC. 5. The secretary of the commonwealth shall prepare and submit to the general court, together with the abstract of certificates required by section two of chapter one hundred and six of the Public Statutes, a statement of all names of the corporations changed under the provisions of this act.

SEC. 6. In the case of corporations not having a capital stock, a two-thirds vote of the persons legally qualified to rote in meetings of the corporation, and present and voting on the question of change, shall be sufficient, in lieu of the vote of the stockholders required by section one of this act; and in the case of corporations not having a president, treasurer and directors, the certificate of the vote of the corporation required by section three of this act shall be sufficient if signed and sworn to by the presiding and the financial officer and a majority of its other officers having the power of directors, by whatever name called.


Whenever, upon examination or otherwise, it is the opinion of the board of commissioners of savings banks that any association or corporation established under the laws of another state, for the purpose of carrying on the business of accumula

ting the savings of its members and loaning to them such accumulations in the manner of a cooperativo bank, anıl authorized to do bnsiness in this commonwealth, is transacting such business in a manner hazardous to the publie, or its condition is such as to render further proceedings by it hazardous to the public, said board sball revoke or suspend tho authority given to such association or corporation if it has been authorized to do business in the commonwealth as aforesaid, and if not so anthorized said board shall notify it to cease the transaction of such business; and in either case snch association or corporation shall thereafter have no authority to transact such business within the commonwealth. But nothing berein contained shall provent such association or corporation from loaning money upon mortgages of real estate located within the commonwealth.

MICHIGAN. HOWELL'S ANNOTATED STATUTES OF 1882. SECTION 3252. Any ten or more persons may associate and form a society, under the provisions of this act, for the purpose of receiving, loaning and investing money; but it shall not be lawful for such society to discount, buy, or sell commercial paper or exchange, to issue any letters of credit, nor to do any business pertaining to banking, except as in the receiving, loaning, and investing of money as herein provided.

Sec. 3253. The capital of such society shall consist of the amounts remaining therein, of the sums paid in on the shares which may be issued from time to time to the members thereof, and such shares may be of one or more denominations, but of amounts not less than twenty-five nor more than one hundred dollars each, and may either be paid up at once, or by periodical instalments, or by voluntary subseriptions.

SEC. 3254. Such society may receive loans or deposits of money from its members, or from other persons, partnerships or corporations, at interest not exceeding seren per centum per annum, or without interest, and for such timo certain, as may be agreed upon, and may issue its bonds, certificates, or other evidences of indebtedness therefor: Prorided, that such society shall not receive any such loans or deposits until such society shall have actually invested fifty thousand dollars of its paid in permanent stock capital in real estate securities, as provided in sections eight and nine (3259 and 3260) of this act.

SEC. 3255. The total amount of loans ou deposits received and not repaid by such society, under the provisions of the last preceding section, shall not at any time exceed two-thirds of the amount for the time being secured to such society by bonds and mortgages or notes and mortgages on real estate, as provided in sections eight and nine (3259 and 3260] of this act; it being the true intent of this section that at least one-third of the amount invested in the securities as aforesaid shall consist of the capital paid in by the members of such society; and it is hereby declared that, in case of the insolvency or winding up of such society, the parties making such loans or deposits shall be preferre: creditors of such society: Prorided, that if such society shall receive loans or deposits in excess of the limits prescribed in its articles of association, the directors and officers of such society receiving such loans or deposits on its behalf, shall be personally liable for the amount so received in excess: And prorided further, that no part of the capital of such society shall be at any time withdrawn from or repaid by such society, so as to affect or impair the amount of the capital required by this section to be invested in real estate securities, as a protection and guarantee for such loans or deposits.

Sec. 3256. It shall be the duty of every society formed under this act, to exhibit in some conspicuous place in its principal office, not later than two o'clock p. m., on the first business day of every month, and to continue the same in such place until

amonnt outstanding on the bonds and mortgages or notes and mortgages bold by such society, and the amount owing for loans and deposits made to or with such society, and what proportion such outstanding amount bears to such liabilities; such statement to be made up to the close of the next preceding month, and to be signod by the president and manager, and to be attested by the anditors of such society, and if any of such officers as aforesaid, shall wilfully make or knowingly consent to any false statement in such exhibit, he shall by so doing be deemed to havo committed a inis lemeanor, and shall, upon conviction thereof, be punished as provided in section twenty (3271) of this act.

Sec. 3257. The amount of stock of such society to be held at any time by any person, or by persons jointly, or by partnerships and corporations, shall not exceed the sum of five thousand dollars.

SEC. 3258. The liability of any inember of such society eliall be limited to double the amount actnally paid in and remaining with such society, together with the amount of any periodical instalments that may be due aud unpaid on any share or shares issued to him, except for labor performed for such society; and the liability for such labor may be enforced against any member, by action founded on this act, at any time after an execution against such society for such labor shall have been returned unsatisfied, or at any time after winding up or bankruptcy proceedings shall have been commenced by or against such society: Prorided, that if any member shall be compelled by such action to pay any claim for such labor, or any part thereof, ho shall have the right to call upon all the members to pay their part of the sum so paid by him as aforesaid, and may sue them, jointly or soverally, or any number of them, and recover in such action the ratable amount due from the member or members so sued.

Sec. 3259. Such society is hereby empowered to lay ont and invest its capital, or other moneys intrusted or in anywise belonging to such society, in the first place, in paying and discharging all costs, charges and expenses incurred ia the formation and management of such society; and the remainder of snch capital or other moneys, or so much thereof as may from time to time be deemed necessary, may bo advanced by way of loan to any person or persons, partnerships, or corporations in sums not exceeding two thousand dollars to any one borrower, as aforesaid, and upon security of bonds and mortgages or notes and mortgages, on unincumbered real estate, of at least double the value of such loans, or any part or parts of such capital, or other moneys, may be invested in the stocks or bonds of the United States, or of any of the so-called New England, middle, or north western states, or in any bonds lawfully issued by any county, city, or school district in this stato, and upon such terms and conditions as to such society shall scem satisfactory and expedient.

Sec. 3260. Every borrower from such society of a loan, secured by bond and mortgage or noto and mortgage on real estate, in accordance with section eight [3259) of this act, shall have the right to repay snch loan, together with interest, by certaiu periodical instalments, bereinafter called loan repayments, extending over such period not less than one nor more than ten years as shall be stated in such bond and mortgage or note and mortgage: Provided, that such interest shall not exceed ten per centum per annum, and shall be calculated on the amount or balance of prin. cipal from time to time owing: Provided also, that no such borrower shall be charged with or pay any commission in the way of premium or discount on the amount of loan so mailo to him on security as aforesaid.

SEC. 3261. In caso any borrower of a loan from sneh society shall desire to redeem his property before the expiration of the time limited or mentioned in his bond and mortgage or note and inortgage, for the repayment of such loan, he shall bo allowed to do so, at such time or at the end of such notice as shall be stated in or required by such society's bylaws, upon payment of any loan, repayments, or other sums of money due and unpaid, together with the amount of the present value of all loan repayments accruing or to become payable, according to the terms of such bond and

mortgage or note and mortgage, such present value to be found by discounting such loan repayments for the period at which each would become due, at the same rate of interest as is promised and secured to be paid for such loan, and nothing in this act shall authorize or sanction the charge or payment in such case of any other money by way of redemption fee or otherwise of such property.

SEC. 3262. In case any borrower of a loan from such society shall make default in the payment of any loan repayments or of any other moneys payable pursuant to the terms and requirements of his bond and mortgage or note and mortgage, or in the performance or observance of any duty or conditious enjoined by or contained in such bond and mortgage or note and mortgage, whereby the principal and other sums of money secured by such bond and mortgage or note and mortgage, are there upon to become immediately due and payable, the sum or sums to be paid, on a sale or foreclosuro, in settlement or discharge of such bond and mortgage or note and mortgage, shall be the amount of any past due and unpaid loan repayments or other moneys, and the amount of such attorney fee and costs as are secured by such bond and mortgage or note and mortgage, together with the amount of the present value of all the loan repayments remaining unpaid after the payment of past due loan repayments as above, such present value to be found according to the rule set forth in the last preceding section.

Sec. 3263. When all moneys intended to be secured by any bond and mortgage, or note and mortgage, given to any society formeil under this act have been fully paid or discharged, such society shall endorse upon such mortgage a receipt under the corporate seal of such society, signed by its president and manager in the presence of two witnesses, and to be acknowledged by said president and manager before a notary public, and such receipt shall discharge such mortgage without any reconveyance or resurrender whatever, and such receipt shall be in the following form:

The society limited, hereby acknowledge to have received all moneys intended to be secured by the within written mortgage, given by for the sum of -, dated - and recorded in the office of the register of deeds in and for the county of — , in liber —, on page of mortgages.

In witness whereof the corporate seal of such society is hereto affixed this day of --, in the year -, by order of the board of directors, duly made and recorded. (L. S.]



Manager. Sec. 3264. The persons proposing to form a society under the provisions of this act shall make written articles of association, which shall be signed and acknowledged before a notary public, and which shall state,

1. The name by which such society shall be knowo: Provided, that the word limited shall be the last word in such name;

2. The place in this state whero its principal office is to be located; 3. The purpose for which such society is formed;

4. Whether its capital is fixed, and, if so, at what amount, or whether it is to be of an amount varying from time to time;

5. The amount [amounts] of its several shares, and how designated, one class of which shall be known as permanent stock;

6. How such several shares may be paid;

7. What amount of capital, if any, will be actually paid in before commencing business;

8. The maximum extent, not exceeding the limits prescribed by section four [3255) of this act, to which such society is to receive money on loan or deposit;

« PreviousContinue »