ciation heretofore required to be deposited with the state auditor shall be hereafter deposited as in this act provided. Upon filing any mortgage, the treasurer shall receive a fee of fifteen (15) cents therefor, and upon withdrawal of the same he shall receive a fee of ten (10) cents therefor, to be paid by the association so filing or withdrawing it.

SEC. 39, (as amended by chapter 131, laws of 1891). The public examiner and state treasurer respectively shall retain all the fees by this act provided to be paid to them or either of them in lieu of any allowance for clerk hire made necessary by the extra labor imposed by this act, and they are respectively hereby authorized and empowered to make and execute any and all orders, releases, or other papers which the state auditor was heretofore authorized to make or execute in the premises.

SEC. 40, (as amended by chapter 131, laws of 1891). At least thirty (30) days prior to any annual or special meeting of the stockholders of any such association governed by this act, a notice stating the time and place of such meeting shall be deposited in the post office at the headquarters of such association, directed to each member to his address as the same appears at such time on the books of the association; and when so deposited, postage prepaid, shall be deemed a legal and sufficient notice of any such meeting; and there shall be attached to and accompany such notice any proposed amendment or amendments to the articles of incorporation of any such association, and a statement of any officers to be elected at such meeting. Any amendment so proposed and of which such notice shall have been duly given may be adopted at such meeting by the vote of two-thirds of the stock represented and voting thereat. Any member of such association entitled to vote at such meeting may vote in person or by proxy; but no person shall be appointed such proxy who shall not reside in the same county where the stockholder so appointing him resides at the time of such appointment, except that stockholders residing outside of this state may appoint proxies residing in any county in this state; and no person shall be appointed proxy in any case who is at the time an officer, agent or employé of any such association; and no person shall hold proxies to exceed five hundred (500) votes for any such meeting.

Upon all questions to be voted upon at such meeting the vote shall be taken by calling the roll of persons entitled to vote thereat, with the number of votes which each is entitled to cast, and the votes shall be by written or printed ballot, the form for which may be prescribed by the board of directors.

GENERAL LAWS OF 1891.

CHAPTER 27.

SECTION 1. To insure the thorough supervision of the affairs and the safety of the funds of mutual building associations in this state, every officer of any such association is hereby made subject to the same duties and penalties made applicable to the officers of public institutions of this state by an act of the legislature of this state, approved March twelve (12), one thousand eight hundred and seventy-eight (1878), entitled "An act to provide for the appointment and to prescribe the duties of a public examiner for the state of Minnesota," and also the acts of said legislature amendatory thereof; and the public examiner of this state is hereby given the same powers and jurisdiction, and there is hereby imposed upon him the same duties relative to mutual building associations or societies as are now imposed upon and granted to the public examiner of this state relative to the several public institutions of this state; Provided, nothing in this act shall affect or apply to any society or association which has its principal place of business in a city or village containing jess then ten thousand (10,000) inhabitants, and this act shall apply only to local building associations.

SEC. 2. After September first (1st), one thousand eight hundred and ninety-one (1891), no building association shall receive any moneys or transact any business in

this state, except to settle and close its unfinished affairs, unless it shall have obtained from the said public examiner a certificate stating its compliance with the provisions of this section; and thereafter shall keep said certificate conspicuously posted in the office of said association. Such certificate shall be in force for one (1) year, and for one (1) year only, and a new certificate shall be obtained from year to year, and for each such certificate such building association shall pay into the treasury of the state of Minnesota a license fee of ten dollars ($10) before receiving the same.

In making application for and as a basis for such certificate, the secretary and a majority of the directors of such association shall make out and report under oath to the public examiner a statement showing:

. 1. The full corporate articles of such association and a full copy of its bylaws then in force.

2. The name and address of each officer and the salary or fees received by each officer for the twelve (12) months next preceding its last annual meeting.

3. A copy of its last report.

Within thirty (30) days after receiving the aforesaid statement, the public examiner shall issue the yearly certificate above named; Provided, that if it appears from such verified statement that the association applying for such certificate is not complying with the law applicable thereto and such rules as said examiner may adopt for said societies, the public examiner shall refuse to issue such certificate. Said certificate may be recorded in the office of the register of deeds in the county where said society has its regular place of business.

SEC. 3. No corporation doing or claiming to do the business of a mutual building society shall have authority to engage in the business of buying and selling or dealing in real estate; Provided, however, that nothing in this section shall be taken as prohibiting any such association from securing the obligations due it and the repayment of its loans by taking mortgages on real estate, as provided by the laws and the statutes of this state or from purchasing, as provided by law, at any sheriff's, judicial or other sale, public or private, any real estate upon which such association may have or hold any mortgage or judgment or lien or other incumbrance, or in which such association may have an interest, or from selling, conveying, holding, leasing, mortgaging at pleasure any real estate so purchased or acquired; Provided also, that nothing herein contained shall prohibit any such association from obtaining or acquiring title, by deed or otherwise, to real estate on which it may hold any lien or security in whole or in part satisfaction thereof.

SEC. 4. All mutual building associations organized or to be organized under the laws of this state are hereby prohibited from hereafter creating or issuing any preferred or non-contributing stock, except in payment of matured contributing stock, and no stockholder in any such association shall have more than one vote. But this section shall not limit the power of such associations to create and issue different series of stock.

SEC. 5. Whenever any mutual building association shall declare any of its stock forfeited for non-compliance of the owner with any of its rules, bylaws or regulations, the said stock shall be sold at a regular monthly meeting of said association to the highest bidder; and it is made the duty of the officers of said association at any such sale to bid in the stock so offered at not less than its then withdrawal value, and thereupon the said stock shall be cancelled; but if a higher bid is received the person making the highest bid shall have said stock issued or assigned to him, and no fines or penalties shall be charged against any stock for more than twelve (12) months.

SEC. 6. Any shareholder in any such association whose share or shares are not in arrears and not pledged, may withdraw said share or shares from his association, at any time after it is six (6) months old, by giving at least sixty (60) days' notice in writing to the secretary of his intention so to do; and, upon the receipt of such

tioned in such notice shall cease; Provided, not exceeding one-half (4) of the subsequent monthly receipts of such association shall be used to satisfy withdrawn stock, unless the directors thereof otherwise provide.

SEC. 7. Every corporation hereafter doing business in this state which by its corporate articles or by its bylaws, or printed literature, claims to do or seeks to do the business of a mutual building association, or a mutual building society, shall be held to come under the benefits, provisions and restrictions of this act; Provided, however, that nothing in this act shall be taken or construed as in any way changing or affecting chapter two hundred and thirty-six (236) of the general laws of this state for the year one thousand eight hundred and eighty-nine (1889), entitled “An act relating to building, loan and savings associations doing a general business." SEC. 8. For the services required under this act the public examiner shall receive annually a sum equal to the aggregate amount paid into the treasury of this state under this act, said sum so paid to be in addition to such other compensation as he may be entitled to receive under any law or laws of this state, the same to be paid by the state treasurer in the same manner as other salaries of state officers are paid.

MISSISSIPPI.

ANNOTATED CODE OF 1892.

SECTION 851. A loan of money shall not be made by a corporation to any stockholder therein; but banks and building and loan associations may loan

SEC. 3317. A tax on privileges is levied as follows, to wit:

SEC. 3330, (as amended by act of February 10, 1894). On each building and loan association which loans money exclusively to its members, whose stock or shares represent monthly payments not exceeding five hundred dollars, $25.

On same whose stock or shares represent monthly payments of five hundred dollars or more and less than one thousand dollars, $50.

On same whose stock or shares represent monthly payments of one thousand dollars or more and less than fifteen hundred dollars, $75.

On same whose stock or shares represent monthly payments of fifteen hundred dollars or more and less than two thousand dollars, $100.

On same whose stock or shares represent monthly payments of two thousand five hundred dollars, $150.

On same whose stock and shares represent monthly payments of three thousand dollars or more, $200.

Which shall be in lieu of all other taxes, whether state, county or municipal, except on real estate; but only ten shares of stock, exclusive of the shares deposited with the association for loans, shall be exempt from taxation for any one person, and all shares in excess of ten owned by one person shall be taxed as solvent credits. Each building and loan association which does not require members to forfeit any part of their payments for inability or failure to pay dues, incorporated by any foreign country or other state of the Union, or whose principal office and domicile is not within this state, which shall establish agencies or branches in this state, shall be liable to a separate tax on each branch office or agency, and each of said agencies or places of doing business or collecting dues shall be considered, for the purpose of taxation, as a separate and distinct building and loan association, and shall pay the tax above required. But any association may pay a privilege tax of five hundred dollars and establish branches at will.

MISSOURI.

REVISED STATUTES OF 1889.

SECTION 2808. Any ten or more persons in any city or county of this state, who shall have associated themselves by articles of agreement in writing, as provided by law, for the purpose of forming a mutual saving fund, loan or building association, may be incorporated under any name or title designating such business: Provided, that no mutual saving fund, loan and building association or company, association or corporation, organized under the laws of any other state or territory to carry on a business of a like character to that authorized by this article, shall be allowed to do business or sell their stock in this state without first having deposited with the state treasurer the sum of one hundred thousand dollars, as a guaranty fund, for the protection and indemnity of the citizens of the state of Missouri with whom such companies, associations or corporations shall do business; the fund so deposited to be paid by the treasurer to the citizens of Missouri, only, and not then until, upon proof filed with the treasurer, he shall be satisfied that the claimant has sustained some loss by reason of his having done business with such foreign company, associ ation or corporation. Any person or persons who shall be found in this state as agent or in any other capacity representing any such foreign company, association, or corporation which has not complied with the provisions of this section shall be deemed guilty of a misdemeanor, and upon conviction shall be punished by a fine not exceeding one thousand dollars, or imprisonment in the county jail not exceeding twelve months, or by both such fine and imprisonment.

SEC. 2809. The articles of agreement mentioned in section 2808 shall set out: First, the corporate name of the proposed corporation, which shall not be the name of any corporation heretofore incorporated in this state for similar purposes, and actually carrying on business; second, the name of the city or town and county in which the office of the corporation is to be located; third, the amount of the capital stock of such corporation; fourth, the number of shares into which the capital is divided, and the par value of each share; fifth, the number of shares subscribed for, and that the first payment has been made thereon; sixth, the names and places of residence of the several shareholders, and the number of shares subscribed by each; seventh, the number of directors or managers, and the names of those agreed upon for the first year; eighth, the number of years the corporation is to continue, which in no case shall exceed fifty years; ninth, the purposes for which the association is formed. The articles of agreement shall be signed and acknowledged by any ten of the parties thereto, recorded in the office of the recorder of deeds of the county or city in which the corporation is to be located, and then filed and recorded in the office of the secretary of state.

SEC. 2810. The capital stock of any corporation created under this article shall at no time consist of more than 10,000 shares of not less than $100 each. The instalments on these shares are to be paid at such time and place as the bylaws shall appoint. The bylaws or the board of directors may, if they deem it advisable, allow interest not exceeding eight per cent on such instalments as are paid in advance. Every share of stock shall be subject to a lien for the payment of unpaid instalments, fines and other charges incurred thereon under the provisions of the charter and bylaws. The bylaws may prescribe the form and manner of enforcing such lien. New shares of stock may be issued in lieu of the shares that have been redeemed, forfeited or matured. The stock may be issued in one or in successive series, in such amount and at such time as the board of directors, the shareholders or the bylaws may determine. Any shareholder, or the legal representative of any deceased shareholder, wishing to withdraw from the said corporation, shall have power to do so, by giving thirty days' notice of such intention to withdraw, such notice being given at a regular meeting

time thereafter, the member so withdrawing, or if deceased, his legal representative, shall be entitled to receive, on demand, the amount paid in by him or her, and such proportion of the profits as the bylaws may determine, less all fines and other charges. Should there have been, however, a net loss, instead of a net gain, then such withdrawing shareholder shall receive the actual amount paid, less his proportion of such net loss. At no time, however, shall more than one-half of the unloaned funds in the treasury of the corporation be applicable to the demands of the withdrawing shareholders without the consent of the board of directors. No shareholder shall be entitled to withdraw whose stock is pledged as security for a loan, either from the association or from any other party. In case any member not having a loan from the association shall fail to pay dues or fines for six months, then the shares of such member may, at the option of the board, be forfeited by paying back to or crediting such member with the same amount as he would be entitled to if he had voluntarily withdrawn, less all fines and charges due. Should a member fail entirely in his payments for twelve months, then his shares shall ipso facto be cancelled, and he shall be credited with the same amount as if he had voluntarily withdrawn, less all fines and charges to date, and shall at once cease to be a member of the association. The amount so placed to his credit, either at six or twelve months, shall be paid to him or his legal representatives on demand, but shall not bear interest.

SEC. 2811. Every such corporation shall only lend its funds on real estate security, or on the security of its own shares of stock, such loans being made upon the terms and conditions and in the manner which shall be specified by its bylaws. No loans shall be made on shares of stock to an amount exceeding the instalments actually paid on such shares. Such corporation may, however, employ a portion of its capital stock in the purchase of real estate and the erection of buildings thereon for rent or otherwise. If at any time it shall happen that there is no demand by the shareholders for the funds of such corporation, then such funds may be loaned to others who are not shareholders, at such rate of interest as the directors may fix. No loans shall be made to members or others on personal security or on leasehold.

SEC. 2812. The directors of the corporation shall hold stated meetings, at which such sums of money as they may determine shall be offered for loan to all the members in open meeting. The shareholder who shall bid the highest for the preference, or priority of loan, shall be entitled to receive a loan whose amount shall not exceed the number of shares of stock held by such shareholder, multiplied by the par value thereof. A shareholder may, however, borrow on only a part of his shares, and also on such fractional part of a value as the bylaws may provide. Good and ample security shall be given by the borrower, to secure the monthly payments contracted to be paid by the borrower. In case the borrower shall neglect to offer security, or shall offer security that is not approved by the board of directors, at such time as the bylaws may prescribe, he or she shall be charged with any expenses incurred, and with interest up to the next regular meeting, when the money so loaned shall revert to the association. If at any time the unemployed funds on hand amount to one thousand dollars, the board of directors are authorized, if they deem it to the interest of the association, to draw lots among all the shares that have not borrowed, and compel them either to borrow in accordance with the bylaws, or to else sell their shares to the association at same value as received by a member who withdrew voluntarily. The manner of drawing such lots shall be fixed by the bylaws or the board of directors.

SEC. 2813. A borrower may repay a loan at any time. In case of the repayment of a loan before the expiration of the one hundredth month after the organization of the corporation, there shall be refunded to such borrower one per cent of the premium paid for every month of the said one hundred months then unexpired. If the borrower fails totally in his payments during the space of six months, or if the balance due by such borrower has been allowed to accumulate until it equals the sum of six months' dues and interest, then the board may, in its discretion, proceed at H. Ex. 209—38