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fixed by the bylaws, and they shall be imposed under regulations to be made by the bylnws; but such fines sball be uniform, and where they are imposed for default in the payment of dues, shall be in proportion to the amount of the dues for the failure to pay which they are imposed; but no member shall be fined more than once for tho samo default.

Sec. 28. A borrower from sueh association may repay the loan at any time; and in case of the ropayment thereof before the maturity of the shares pledged for said loan, there shall be refunded to such borrower, in case the premium shall have been deducted in advance, such proportions of the premium bid, as the bylaws may determine; but the borrower shall receive the withdrawing value of the shares pledged for said loan, and the shares shall revert back to the association. Stockholders withdrawing voluntarily shall receive such proportions of the profits of the association, or such rate of interest as may be prescribed by the bylaws. In case of default of a borrower to pay dues, interest or premium, for the period of three months, payment of the same, together with the full principal of tho loan, may be enforced by proceedings on tho securities according to law; and the money so received shall be paid into the treasury of the association; and if the moneys so recovered shall exceed the amount it would have required to repay the loan under the first part of this section, together with all the expenses incurred by the association, such excess shall be paid to such borrower.

Sec. 29. Every such association shall adopt bylaws, which shall embrace all the provisions of the four proceeding (preceding) sections, and such further provisions for its government and the management of its business, not inconsistent with these sections, as it may deom proper.

WISCONSIN.
ANNOTATED STATUTES OF 1889.

SECTION 2009. Any five or more porsons may form a mutual savings fund, loan or builling corporation, in the manner prescribed in chapter 86 (concerning the organization of corporations], and thereupon such corporations shall have all the powers and privileges and be subject to all the liabilities conferred and prescribed by this chapter, and such other powers conferred on corporations by these statutes as are necessary or proper to aecomplish the purposes prescribed by its articles of organization.

SEC. 2010. The capital stock of any such corporation, shall not exceed five million dollars in the aggregate, and no single series of stock, shall exceed fire hundred thousand dollars, and shall be divided into shares of not less than twenty-fire, nor more than two hundred dollars each. If any such corporation, heretofore or hereafter organized, shall have a capital stock less than tho sum of five million dollars, it may in the manner prescribed in section 1774, increase its capital stock to any amount, not exceeding the limit liereintofore fixed. But the resolution proposing such increase must be offered at the regular meeting, next preceding tho meeting at which tho samo shall be voted upon; payments for such stock shall be made in instalments, not exceeding two dollars cach, on each share, at such time and place as the bylaws shall prescribe; and every share of stock shall be subject to a lien for the unpaid instalments and other charges incurred theroon. The bylaws shall prescribe the form and manner of enforcing such licn. The stock may be issued in one or moro successive series, in such amount as tho board of directors or the stockholders may determino; and new shares of stock may be issued in lieu of shares withdrawn or forfeited. Any stockholder, wishing to withdraw from the corporation may do so by giving thirty days' notice of such intention, and shall then be entitled to receive the amount paid in by, him and such proportion of the profits as the bylaws may prescribe, less all fines and other

security, shall be allowed to withdraw; and at no time shall more than one-half of the funds then in the treasury be applicable to the demands of withdrawing stockholders, without the consent of the board of directors. Upon the death of a stockholder, his legal representatives shall be entitled to receive the full amount paid in by him and legal 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, after his decease, unless his legal representative shall have assumed the future payments on the stoek.

SEC. 2011. The bylaws of overy such corporation shall provide for the ratio and manner of voting by its members, and fix the time of holding periodical meetings at which the money in tho troasury shall be offered for loan in open meeting, and the stockholder who shall bid the highest premium for the loan shall be entitled to a loan of at least tho fall amount of a share for each share of stock held by him, but not exceeding the sum then in tho treasury and offered for a loan, upon giving good and amplo security upon property situato in the county where such corporation is located, or such other ample seeurity as the board of directors may accert, for the repayment of the loan; Prorided, that a stockholder may borrow such fractional part of the full amount of a sharo as the bylaws may prescribe. In caso the borrower shall noglect to offer sceurity or shall offer security that is not approved by the board of di. rectors, within tho timo prescribed by the bylaws, ho shall be charged with one month's interest, together with any exponse incurral, and the money shall be reloaned at the next periodical meeting. Tho premium bid by a borrower may be by a cortain sum or percentage on the loan, to be deducted in advance from the loan, or may be by certain periodical payments during the existence uf such loan, as thio bylaws may prescribe. In case of tho non-payment of instalments on shares, interest or premium by borrowing stockholders for the space of six months after duo, payment of the wholo principal and interest, without deduction of any premium paid, or interest thereon, may be enforced by proceedings on their securities according to law.

SEC. 2012. A borrower may repay a loan at any time, and in case of repayment thereof before the expiration of the term for which the loan was made, there shall, in all cases whero such premium was deducted from the loan in advance, be refunded to such borrower such-proportion of the premium paid as the part of the term unexpired bears to the whole term of the loan; and when a loan is collected by process of law, and the amount collected by the corporation exceeds the amount of the loan taken by tho Borrower, with the interest and charges, the money shall be reloaned at the next periodical meeting, and the excess recovered beyond the amount required to pay the loan, with interest and charges, shall be returned to the borrower from whom the money was collected, or his legal representatives; but in case the corporation shall havo issued its stock in series, such reloan shall be made only to stockholders of the same series, and if the preminm received for the reloan shall be greater than that originally given by the defaulting borrower, no part of such excess of premium shall be paid to him. Any defaulting borrower may, at any time after the securities given by him have been collected by such corporation, withdraw his stock upon tho samo terms prescribed in section two thousand and ten, but the corporation may rotain out of the moneys duo upon such withdrawal so much as may be requisito to savo it from loss in case the amount so collected shall not be sufficient to pay his loan with interest and charges.

Sec. 2013. No premiums, fines or interest on such premiums that may accrue to any such corporation under tho provisions of this chapter shall be deemed usurious.

SEC. 2014. Every such corporation may purchaso at sheriff's or other judicial sale, or at any other sale, public or private, any real estate upon which it may have or hold any mortgage, judgment, lien or other incumbrance, or ground rent, or in which it may have any interest, and sell, convey, lease or mortgage, at pleasure, the real estate so purchased, and such real estate owned by sucli corporation shall be subject to

assessment and taxation in the same manner as provided in case of other corporations or individuals, but such mutual corporations shall be exempt from the payment of taxes on their capital stock, instalments paid in, or securities taken for moneys loaned or advanced to their own members pursuant to the provisions of this chapter.

Sec. 2014a, (as amended by chapter 469, laws of 1891). No foreign building and loan association of any kind, and no foreign association or corporation representing itself to bo "a building and loan association,” or doing business on the building society plan, and no association or corporation organized under the laws of any other state or territory and doing business in the manner provided for “ mutual, loan and building corporations,” by chapter 93, of the Revised Statutes of this state, or upon any similar instalment plan, shall issue its shares, receive moneys or transact any business in this state unless such association shall have and keep on deposit with the state treasurer of Wisconsin, in trust, for the benefit and security of all its members in this state, one hundred thousand dollars to be held in trust as aforesaid, until all shares of such association, held by residents of this state shall hare been fully redeemed and paid off by such association, and until its contracts and obligations to persons and members residing in this stato shall have been fully performed and discharged; and upon such deposit the state treasurer shall renew his certificate for such deposit, and thereupon the commissioner of insurance may renew his certificate of authority to said association as hereinafter provided.

Sec. 2014b, (as amended by chapter 469, laws of 1891). The amount to be deposited as mentioned in section 1 (2014a], of this act, may consist of bonds or treasury notes of the United States, or national bank stock or bonds of this state or any other state of the United States, or any city, town or county of this state or any other state of the United States having legal authority to issue the same. All dividends and interest which may accrue on securities held by the state treasurer as provided for herein, and all dues or monthly payments which become payable on stock pledged as security for loans, the mortgages for which are on deposit with the state treasurer, in accordance with the provisions of this act, may be collected and retained by the association depositing such securities or mortgages, so long as such association remains solvent and faithfully performs all contracts with its members. Any securities on deposit as provided herein, may from time to time bo withdrawn if others of cqual value and of the character named in this section are substituted therefor. If any securities, as provided in this act, shall depreciate in value for any cause, new securities must be added so that the deposit may at all times be kept good, and of the value of one hundred thousand dollars.

Sec. 2014c. No building and loan association organized under the laws of any other state, territory or nation, shall do business in this state without having first paid the fees prescribed in this act, and obtained from the state treasurer of Wisconsin a certificate for the deposit so made as required by the foregoing provisions, and from the commissioner of insurance of this state a certificate of authority or license, authorizing said association to do business in Wisconsin, stating that such association has complied with all the provisions of this chapter and such certificate shall bo in force one year unless sooner revoked and shall be renewed from year to year, and unless so renewed and continued in force such association shall not do business in this state, and the state treasurer and commissioner may revoke such license whenever the deposit of sureties [securities) shall not be kept good and of the value of one hundred thousand dollars as provided in section 2 [20140] of this act.

SEC. 2014d. Every building and loan association organized under the laws of any other state, territory or nation shall, before commencing to do business in this state:

1. File with the secretary of this state a duly authenticated copy of its charter or articles of incorporation.

2. File with the state treasurer of this state the certificate of some financial officer of another state, or the president and secretary of some responsible trust company,

3. File with the secretary of this state, a duly authenticated copy of a resolution adopted by the board of directors of such association stipulating and agroeing that if any legal process affecting such association be served on said secretary of state, and a copy thercof be mailed, postage prepaid, by the party procuring the issue of the same, or his attorney, to said association addressed to its home office, then such service and mailing of such process shall have the same effect as personal service on said association in this state.

4. Pay to the secretary of state twenty-five dollars for filing the papers mentioned in this section.

Sec. 2014e. When process against or affecting any foreign building and loan association is served on the secretary of state the same shall be by duplicate copies, one of which shall be filed in the office of said secretary of state and the other by him immediately mailed, postage prepaid, to the home office of said association. The word * process” in this act shall include any writ, declaration, summons or order whereby an action, writ or procecding shall be commenced, or which be issued in or upon any action, suit or proceeding authorized by law in this state.

SEC. 2014f. Service of process according to a stipulation provided in section 4 [2014d], of this act shall be sufficient personal service on the association filing such stipulation.

SEC. 2014g: When by the laws of any other state, territory, or nation any taxes, fines, penaltics, licenses, fecs, deposits, or money or securities or other obligations or prohibitions are imposcd on building and loan associations of this stato doing business in such other state, territory, or nation, or upon their agents therein, so long as such laws continue in force, the samo obligations and prohibitions of whatever kind, shall bo imposed upon all building and loan associations of such other territory or nation doing business in this state and upon their agent here.

Sec. 2014h. The namo " building and loan association " as used in this act shall include all corporations, societies, or organization or association doing a savings and loan or investment business, on tho building society plan, whether mutual or otherwise, and whether issuing certificates of stock which matures at a time fixed in advance or not.

SEC. 2014i. Any officer, director, or agent of any foreign building and loan association, who shall in this state solicit subscriptions to the stock of such association, or who shall sell or issuo, or knowingly cause to be sold or issued, to a resident of this state, any stock of such association, while said association has not on deposit as required by section 3 [2014c], of this act, securities of the value of one hundred thousand dollars, or before said association has complied with all the provisions of this act, shall be guilty of a misdemeanor and upon conviction thereof shall be punished by a sing of not less than one hundred dollars or more than five hundred dollars, or by fine and imprisonment of not less than ten days or more than six months, or both such fino and imprisonment in the discretion of the court.

SEC. 2014]. Any officer, director, or agent of any building and loan association, incorporated under the laws of any other state, territory or nation who shall sell, issuo or knowingly cause to be sold or issued to any person in this state, any shares or stock of such association, or solicit any business for the same in this state while said association does not have in force a certificate of authority or license from the commissioner of insurance of this state authorizing such association to do business in Wisconsin, shall be deemed guilty of a misdemeanor and upon conviction thereof, shall be punished by a fine of not less than one hundred dollars or more than fivo hundred dollars, cr by imprisonment of not less than ten days or more than six months, or both such fino and imprisonment in the discretion of the court.

SEC. 2014k. No fines or any premiums offered or paid to secure preference or priority in making loans in any mutual building and loan association, shall be deemed usurious and tho same may be collected as debts of like amount are now collected by law in this state.

Sec. 20141. The president or vice-president and seeretary of each building and loan association, doing business in this state, shall, annnally, at the close of their respective fiscal year prepare and deposit in the office of the commissioner of insurance, a statement verified by their oath of tho business of the association during the year, exhibiting the following items:

First. The amount of capital stoek of the association in good standing, stating the amount subscribed during the preceding year.

Second. The amount of stock which has lapsed or been forfeited.
Third. The property or assets of the association, specifying:
1. The value of the real estate held by such association.

2. The amount of cash on hand in such association's office and, also the amount deposited in bank to credit of such association, specifying in what bank or banks the same is deposited."

3. The amount of loans secured by bonds or mortgages constituting first lien on real estate on which all interest is paid.

4. The amount of loans on which the interest shall be in arrears.
5. The amount due the association on which judgments have been obtained.
6. The amount of interest actually due and unpaid.

7. Any other property, rights, or credits of which the association may be possessed.

8. The amount derived from fines, forfeitures, lapses, or otherwiso. Fourth. The liabilities of such association, specifying:

1. The value of the shares which shall consist of a statement of all monthly ducs paid thereon, together with accumulated profits, showing the amount of caeh.

2. Losses arising from foreclosure of mortgages or otherwise. 3. The amount of money borrowed and security given for the payment thereof. 4. The amount of all other existing claims against the association. Fifth. The income of the association during the preceding year, specifying: 1. The amount of monthly instalments received. 2. The amount of interest money received. 3. The amount of income derived from other sources. Sixth. The expenditures during the preceding year, specifying: 1. The amount paid officers' salaries. 2. The amount paid agents. 3. The amount paid for office expenses and rent.

Seventh. Any other items which the commissioner of insurance may require. The said commissioner shall cause said report to be published in a newspaper published in the village or city wherein is located the principal office of such association, the cost of such publication to be paid by such association. For any failure to make and deposit such annual statement, or to promptly reply in writing to any inquiry addressed by the commissioner of insuranco in relation to the business of any such association, or for wilfully making any false statement therein, every such association or officer so failing or making false statement shall forfeit five hundred dollars, and for neglecting to file such annual statement an additional five hundred dollars for every month that such association shall continue thereafter to transact any business in this state, until such statement be filed, and no such statement shall be deemed to be complete under the provisions of this aet unless it shall be accompanied, at the time of filing, by a payment of twenty-five dollars to the commissioner of ir euance for the benefit of the state.

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