interest thereon, first deducting all charges that may be due on the stock; but no fines shall be charged to a deceased member's account from and after his decease unless the legal representatives of such decedent assume the future payment of the dues on the stock.

SEC. 7. Married women may become subscribers to the capital stock of such association, and hold, control and transfer their stock in all respects as femme sole, and their stock shall not be subject to the control of, or liable for the debts of their husbands. Minors may become subscribers to and owners of the stock of such associations by guardian or trustee, and such guardian or trustee may withdraw the stock of such minor as provided in section 6, of this act. Provided: however that such guardian or trustee shall give bonds to the probate court in double the amount of the withdrawal value of such stock for the use of such minor.

SEC. 8. The board of directors shall hold such stated meetings at least once a month as may be provided by the bylaws at which the money in the treasury, if one hundred dollars or more, shall be offered for loan in open meeting, and the stockholder who shall bid the highest premium for the preference or priority of loan and comply with the provisions of the bylaws, respecting the awarding of loans, shall be entitled to receive a loan of one hundred dollars, less the premium bid, for each share of stock held by said stockholder. Provided: that no loan shall be made by said corporation except to its own members, nor in any sum in excess of the amount of stock held by such members borrowing: And provided that such stockholder may borrow such fractional part of one hundred dollars as the bylaws may provide. Good and ample real estate security, unincumbered except by prior loans of such associations shall be given by borrower, to secure the repayment of the loan. Prorided: however that the stock of such association may be received as security to the amount of withdrawal value of such stock.

SEC. 9. 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 may prescribe, he shall be charged with one month's interest together with any expenses incurred, and the money may be resold at the next stated meeting. In case of nonpayment of instalments interest or fires by borrowing stockholders for the space of six months, payment of principal and interest and fines without deducting the premium paid or the interest thercon, may be enforced by proceedings against their securities according to law, upon the order of the board of directors.

SEC. 10. A borrower may repay a loan at any time upon duly complying with the charter and bylaws in relation to repayment of loans.

SEC. 11. Corporations organized under this act being of the nature of cooperative associations, therefore no premium, fines, nor 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 other debts of like amount are collected by law, in this territory.

SEC. 12. No corporation or association 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 charter and bylaws and all officers elected by such corporations shall hold their offices until their successors are duly elected and qualified.

SEC. 13. Any loan or building association incorporated by or under this act is hereby authorized and empowered to purchase at any marshal's, sheriff's or judicial sale, or at any other sale public or private any real estate upon which such association may have or hold any mortgage, lien or other encumbrance and to sell, convey, lease or mortgage at pleasure to any person or persons whatever the real estato so purchased, but such association shall not have power to enter into as a business the buying and selling of real estate.

SEC. 14. The certificate of incorporation shall be substantially in the following

CERTIFICATE OF INCORPORATION.

The Secretary of the Territory of Utah; to all to whom these presents shall come greeting: Whereas, a statement, duly signed and acknowledged, having been filed and recorded in the office of the clerk of the probate court of the county of

ritory of Utah, on the

-day of

ter

A. D. for the organization ofbuilding and loan association of under and in accordance with the provisions of "An act to enable associations of persons to become a body corporate to raise funds to be loaned only among the members of such associations" approved the day of, a certified copy of which has been filed in my office; and whereas, a license having been issued to ▬▬▬▬▬ as commissioners to open books for subscription, to the capital stock of said company; and whereas; the said loan commissioners having ou the day of A. D. - filed in the office of the clerk of said court, a report of their proceedings under said license in accordance with the requirements of the statutes, a copy of which license and report has been also filed in my office. Now therefore I secretary of the territory of Utah, by virtue of the powers and duties vested in me by law, do hereby certify that the said loan association of

the laws of this territory.

building and

is a legally constituted and organized corporation under

In testimony whereof, I hereunto subscribe my name [and] affix the seal of said territory. Done at

this

day of

[GREAT SEAL.]

A. D.

Secretary of the Territory of Utah.

VERMONT.

The laws of this state contain no general legislation relating especially to building and loan associations.

VIRGINIA.

ACTS OF 1893-'94.

CHAPTER 516.

SECTION 1. Any number of persons, not less than five, may hereafter form a building and loan association for the purpose of encouraging industry, frugality and home building and saving among its members, upon being incorporated as provided in section eleven hundred and forty-five [general provisions concerning corporations], Code of Virginia. Building and loan associations formed under this chapter, or heretofore chartered or incorporated under said section, or by any general or special act, or formed or incorporated under the laws of any other state, which have complied with the laws of this state, shall have the right to lend to the stockholders or to other persons the moneys accumulated from time to time and the right to purchase land or erect houses, and to sell, convey, lease or mortgage the same at their pleasure to their stockholders or others for the benefit of their stockholders. Such association may acquire, hold, convey and encumber all or any property, real or personal, taken by them as security or otherwise acquired by them in the due course of business; and may also secure the payment of loans and the performance of the conditions upon which loans are made, and the payment of the purchase money for any property sold by taking personal security, or by a mortgage or deed of trust upon real or personal property and by a transfer and pledge of its stock. Such associations shall have the power to establish and maintain, by their officers and agents, branch offices for the transaction of their business at as many places as may be desirable.

SEC. 2. It shall be lawful for every such association or company to fix by its bylaws the premiums or bonus at which it will dispose of the money in its treasury

to its stockholders, and award or lend to any member or stockholder the value of any shares held by him, less such premium or bonus, and the mode of making the disposal, loan or award shall be fixed by the bylaws, and to charge and receive said premium in advance or in instalments, or in default of application for said money by stockholders it shall be lawful for such companies or associations to lend the same to other persons on such terms as may be agreed upon and in such manner as may be fixed by the bylaws.

SEC. 3. Every association may levy, assess and collect from its stockholders dnes or payments upon every share of its stock, the amount, time and manner of payment of the same to be fixed by the bylaws, and the said stock may be paid off and retired as the bylaws shall direct; and may levy, assess and collect from members to whom loans have been made interest upon the par value of the shares redeemed; and may levy, assess and collect fines for the non-payment of dues or for failure to comply with or perform any other obligation or duty to the association. The amount of the respective fines shall be fixed by the bylaws, and they shall be imposed under regulations to be made by the bylaws.

SEC. 4. A borrower from such associations may repay the loan at any time; bat in case of the repayment thereof before the maturity of the loan the borrower shall pay such an amount for the privilege as may have been agreed upon or is provided for in the bylaws; and there shall be refunded to such borrower, in case the premium shall have been deducted in advance, such proportion of the premium bid as the bylaws may determine. Stockholders withdrawing voluntarily shall receive such proportion of the profits of the association or such rate of interest as may be prescribed by the bylaws.

SEC. 5. Every such association shall adopt bylaws for its government and the management of its business not inconsistent with this act.

CHAPTER 633.

SECTION 1. No building and loan association or company shall be allowed to conduct any business or solicit the sale of stock or offer to lend money in this state without having first obtained a license therefor by payment of the tax herein specified, nor shall any person act as an agent for such company, incorporated in this or any other state, unless the company he represents has obtained a license in accordance with this act.

SEC. 2. The specific license tax upon every such company or association for the privilege of doing any business in this state shall be fifty dollars, provided the capital of such company actually paid in, whether from paid-up stock or partially paid stock, is not less than twenty-five thousand dollars; if the capital paid in is twenty-five thousand dollars and not more than fifty thousand dollars, the tax shall be seventy-five dollars; if the capital paid in is not less than fifty thousand dollars nor more than one hundred thousand dollars, the tax shall be one hundred dollars; if the capital paid in is not less than one hundred thousand dollars nor more than one hundred and fifty thousand dollars, the tax shall be one hundred and twenty-five dollars; if the capital paid in is not less than one hundred and fifty thousand dollars nor more than two hundred thousand dollars, the tax shall be one hundred and fifty dollars; if the capital paid in is not less than two hundred thousand dollars nor more than three hundred and fifty thousand dollars, the tax shall be one hundred and seventy-five dollars; if the capital paid in is four hundred thousand dollars, the tax shall be two hundred and fifty dollars, but on capital exceeding four hundred thousand dollars the tax shall be fifty dollars for each additional one hundred thousand dollars thereof: And provided that as to any non-resident building company or association doing business in this state, and which has otherwise complied with the laws of Virginia, shall pay the license tax under this act upon the

ciation on the first day of April of each year, or within ten days thereafter, to make a report in writing, under oath of its chief accounting officer or agent, to the commissioner of revenue for the district in which the principal office or agency is situ ated, of the amount of the capital of said association as provided in this act. Any association or agent doing business in this state without having first obtained a license therefor shall pay a fine of not less than fifty nor more than five hundred dollars. The shares of any building fund company which has been assessed with and has paid the specific tax provided for in this bill shall not be taxable in the hands of the holder, nor shall any additional tax be imposed upon the capital of the said companies. And it is provided that no city or corporation shall impose a greater tax than is provided by this bill, which tax can only be levied where the principal office of the company is located: it is further provided that upon any company doing business on a purely mutual plan and whose business is confined solely to the city or county where organized the tax shall be fifty dollars.

WASHINGTON.

HILL'S ANNOTATED STATUTES AND CODES OF 1891.

VOLUME I.-GENERAL STATUTES.

SECTION 1599. Whenever any member [number] of persons not less than ten desire to be incorporated as a building and loan association for the purpose of accumulating the savings and funds of its members and lending them only the funds so accumulated, they shall make and execute a written declaration to that effect in the form now provided by statute for the execution of deeds of real estate, to entitle the same to record. Said declaration shall state the name of such association, its principal place of business, which shall be within this state, the limit of capital to be accumulated, the time of its duration, the names and places of residence of such persons, and that it is organized under this chapter for the purpose herein expressed. When so executed said declaration shall be filed and recorded in the office of the secretary of state, whereupon such officer shall issue a copy of such declaration under his certificate, in proper form, setting forth the time and place of filing and recording thereof in his office, which declaration and certificate shall thereupon be recorded in the office of the recorder of deeds of the county where such association is located, and published once in a daily or weekly newspaper, printed and published and of general circulation in said county. Upon complying with the foregoing requirement, and upon filing an affidavit of proof of such publication in the office of the secretary of state, the persons executing such declaration, their associates and successors, shall become a corporate body.

SEC. 1600. The name shall not be the same as, nor too closely resemble that in use by any existing corporation established under the laws of this state. The words "building and loan association," or "savings and loan association," shall form a part of the name, and no corporation not organized under this chapter shall be entitled to use a name embodying either [of] said combination[s] of words; Provided, that associations now existing may continue their present names.

SEC. 1601. Each association shall adopt bylaws for its government, and therein describe the manner in which its business shall be transacted, which bylaws shall be in conformity with the provisions of this chapter and the laws of this state, and at all times be open to the inspection of the state auditor, and the members of the association at its home office. All bylaws shall be subject to the approval of the state auditor before going into effect, and every corporation heretofore organized and brought under the provisions of this chapter shall, within sixty days from the passage hereof, present its bylaws to said auditor for approval, and in case any provision in such bylaws shall be contrary to the provisions of this chapter or to the laws of this state, or be detrimental to the interests of the members of such

organization, or against public policy, he may, under the advice and consent of the attorney general, require the same to be stricken out.

SEC. 1602. For every loan made, a note non-negotiable or bond secured by first mortgage on real estate shall be given, which security shall be double the value of the loan, and satisfactory to the directors, and shall be accompanied by a transfer and pledge of the shares of the borrowers to the association. The shares so pledged shall be held by the corporation as collateral security for the performance of the conditions of said note or bond and mortgage; Provided, that the shares, without other security, may, in the discretion of the directors, be accepted as security for the loans for an amount not exceeding their withdrawal value as provided by this chapter.

SEC. 1603. Any such association may purchase at any sale, public or private, any real estate upon which it may have a mortgage, judgment, lien, or other encumbrance, or in which it may have any interest, and may sell, convey, lease, or mortgage the same at pleasure to any person or persons, but shall not otherwise acquire or deal in real estate; Provided, that any such association may acquire any leasehold interest necessary for the transaction of its business.

SEC. 1604. Every building and loan association heretofore or hereafter incorporated under the laws of this state, and governed by this chapter, shall deposit and keep with the state auditor, or with a duly chartered trust company of this state, approved by the state auditor, in trust for all its members and creditors, all mortgage or other securities received by it in the usual course of business. When depos ited with a trust company, such company shall certify to the state auditor the possession of such securities, and the same shall not be surrendered without the authority or sauction of the state auditor; Provided, that every such corporation heretofore organized not having or owning mortgage or other securities to the amount of twenty-five thousand dollars shall deposit with the state auditor additional securities, to make, with the securities so owned and deposited, equal in value to said sum of twenty-five thousand dollars, and every such corporation hereafter organized under this chapter shall deposit and keep with the state auditor, in trust, as aforesaid, securities of the value of twenty-five thousand dollars before commencing to do business. The securities mentioned in this proviso shall consist of bonds or treasury notes of the United States or national bank stocks, or bonds of this state, or any other state of the United States, or of any solvent city, county, or town of this state, or any other state of the United States, having a legal authority to issue the same, and such securities may be withdrawn, from time to time, when mortgage securities of corresponding value shall be deposited, as provided in this chapter, or when other securities of like character are substituted therefor; and it shall be the duty of the state auditor, from time to time, to examine said associations, to ascertain whether all its securities are deposited, as required by this chapter; Provided, that whenever required by laws of any other state, territory, or nation, all securities taken in such state by any association organized under the laws of this state, and subject to the provisions of this chapter, may be deposited with some officer authorized to receive the same in such state under the laws thereof, for the benefit of its members and creditors; but in every such case a certificate of such deposit, showing the amount and character of such deposit, shall be filed with the auditor of this state, and renewed annually, together with a statement, verified by the affidavit of some officer of such association who has knowledge of the facts, showing all of the securities taken by such association in such state at the time of the filing of such certificate; and in case any securities taken in any such state are not deposited there, then the same shall be deposited here, as required by this chapter.

SEC. 1605. All interest, and dividends, and premiums, which may accrue on securities held by the state auditor, or such trust company as provided for herein, and all dues or monthly payments which may become payable on stock pledged as security