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 agreeing that if any legal process affecting such association be served on said secretary of state, and a copy thereof 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 proceeding 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 [2014], 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, penalties, licenses, fees, deposits, or money or securities or other obligations or prohibitions are imposed on building and loan associations of this state doing business in such other state, territory, or nation, or upon their agents therein, so long as such laws continue in force, the same obligations and prohibitions of whatever kind, shall be 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 name "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 the building society plan, whether mutual or otherwise, and whether issuing certificates of stock which matures at a time fixed in advance or not. SEC. 2014. 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 issue, 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 fine 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 fine and imprisonment in the discretion of the court. SEC. 2014j. 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, issue 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 five hundred dollars, cr by imprisonment of not less than ten days or more than six months, or both such fine 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 the 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 secretary of each building and loan association, doing business in this state, shall, annually, 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 the business of the association during the year, exhibiting the following items: First. The amount of capital stock 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 pos gessed. 8. The amount derived from fines, forfeitures, lapses, or otherwise. Fourth. The liabilities of such association, specifying: 1. The value of the shares which shall consist of a statement of all monthly dues paid thereon, together with accumulated profits, showing the amount of each. 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. 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 insurance 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 act unless it shall be accompanied, at the time of filing, by a payment of twenty-five dollars to the commissioner of insurance for the benefit of the state. WYOMING. LAWS OF 1890. CHAPTER 29. SECTION 1. Whenever any number of persons not less than five 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 may make and execute articles of incorporation in accordance with section five hundred and one of the Revised Statutes of this territory, concerning the formation of corporations, and when they have complied with the requirements of said section and shall have filed their certificate with the secretary of the territory and otherwise as required by the general incorporation act, the persons who have so executed said certificate in duplicate with their associates and successors, shall be a body politic and corporate with the powers given to other corporations as to sueing, adopting a common seal and acquiring real and personal property by the general incorporation laws of Wyoming and shall continue in existence until the stock, by payment of dues, interest and other charges shall attain a par value. SEC. 2. Such incorporations when formed, are authorized and empowered, to levy, assess and collect from its members, such sums of money, by rates of stated dnes, fines, interest on loans, and premiums bid by members for the right of precedence in taking loans, as the corporation by its bylaws may adopt; also to acquire, hold, encumber and convey all such real estate and personal property as may be legitimately pledged to it on such loans or may otherwise be transferred to it in the regular course of its business. SEC. 3. The shares of stock of mutual loan and building associations shall be assessed at their cash value, but only the unredeemed shares of such stock shall be taxed and these shall be listed to the individnal owners thereof. SEC. 4. Whenever any number of persons not less than five desire to be incorporated as a benefit, building, loan and trust association, for the purpose of accumulating the savings and funds of its members, and lending the same to its members and others, they may make and execute certificates of incorporation in accordance with section five hundred and one of the Revised Statutes of Wyoming, concerning the creation and regulation of corporations and shall have filed one of said duplicate certificates with the secretary of the territory and the other with the county clerk of the county within which the principal office and place of business is located, and fully comply with the requirement of section five hundred and two of the Revised Statutes of Wyoming, the persons who have so executed said certificate, with their associates and successors, shall be a body politic and corporate with powers conferred on corporations by the general incorporation statutes of Wyoming. SEC. 5. Corporations formed under the provisions of section four of this act, may issue the stock thereof in series, and with such number of shares in each series as may suit the convenience of the corporation and as may be provided by the bylaws, Provided, that each series shall have its equitable share and participation in the profits and accumulations of the corporation according to the amount paid thereon. SEC. 6. Such corporation may issue a certain number of its shares as full paid stock to be called series "A," and the moneys arising from such full paid stock shall be used and retained by the corporation as a perpetual fund for purposes of loans and investmeats; Provided, that the full paid stock of any association formed under this act shall not be issued for a less amount than fifty thousand dollars. SEC. 7. Corporations formed under section four of this act shall have power to loan the funds of the association accumulated for that purpose to the members of the association and to others when thought advisable, taking notes secured by mortgage or trust deed; to buy in real estate where sold on forfeiture or otherwise; to make a debt secured thereby; to sell or otherwise encumber such real estate as the interests of the corporation may require; to buy real estate, erect buildings thereon for sale to the members of the association or others; and generally to uso the funds of the associations for loans on real estate or the purchase thereof, as the interests of the corporation may seem to require and as may be provided by the bylaws, and to raise money for these purposes, may levy, assess and collect from the members whose stock is not full paid, such sums of money by rates of stated dues, fines premiums on loans, and interest on loans, as may be provided by the bylaws, and shall have and exercise all other powers incident to, and proper to be exercised to carry into effect the general purposes of the corporation. SEC. 8. So much of the earnings of the association as may be necessary shall be set apart for the payment of expenses, including salaries to officers, servants and employés, and also the board of directors shall set aside annually or semi-annually, as may be required, from the carnings of the association, a sufficient sum to provide for any losses that may have occurred in the meantime, and the residue of the carnings and profits shall be transferred to the members borrowing and non-borrowing, ratably, according to the amount paid on the stock of such members, and to be paid to the members at such time and in such manner as the association by its bylaws shall provide. SEC. 9. The shares of stock of an association formed under said section four of this act, shall not be subject to taxation, but all moneys accumulated by the association and all property owned by it shall be assessed to the corporation as like property is assessed to individuals and such assessment shall be made in the county where the principal office and place of business of such corporation is located. LAWS OF 1891. CHAPTER 86. SECTION 1. Any corporation association or society, organized under the laws of any other state or government, and which is now permitted to do business in this state as a building and loan association, shall on complying with the provisions of this act, be licensed by the auditor, on the payment to him of a fee of twenty-five · dollars, to do business in this state; Provided, such corporation, association or society shall first deposit with the auditor, a certified copy of its charter, articles of incorporation, bylaws and a copy of its statement of business for the preceding year, sworn to by its president and secretary or like officers, showing a detailed account of expenses and income, the number of its stockholders, the number of shares of stock retired during the preceding year, the amount of its liabilities and assets, as well as any other information required by the auditor; and said corporation shall designate a person or agent residing in this state to receive service or process for said corporation. The license herein provided, shall be withheld, or revoked by the auditor whenever upon investigation he is satisfied that such corporation is not solvent, and in the event of any such license being revoked, the auditor shall give notice thereof by mail to the president and secretary of the corporation, and publish a notice thereof in a newspaper of general circulation, published in the city of Cheyenne, and no new business shall be thereafter done by it or its agents in this state. SEC. 2. Such corporation or association shall pay to the auditor, upon filing each annual statement, a fee of ten dollars; and in the event of its failure to make and file such statement on or before the first day of April of cach year, the auditor shall revoke its license, and thereafter, or until such statement is made, it shall be deemed to be doing business unlawfully, in this state. When the auditor shall have good reason to doubt the solvency of any foreign corporation, association or society acting under the provisions of this act, and when he is not fully satisfied with the certificate of the president and secretary, or other like officer, he may proceed to make an and should he find that it has made fraudulent or untrue statements, or that it is conducting its business in an irregular manner, or if he shall be of the opinion that any such corporation in this state is conducting its business fraudulently, or is not, in good faith, carrying out its contracts with its members and stockholders in this state, he shall report the same to the governor, who shall thereupon commence proceedings by writ of quo warranto, against such corporation, or association, requiring it to show causo why its license to do business in this state should not be revoked. And any such foreign corporation or association, now doing business in this state, that shall refuse or neglect to comply with the provisions of this act, within the space of ninety days after the passage thereof, shall be deemed to be doing business unlawfully; and if any agent, officer or employé of any such corporation or association shall do business in this state, or assist in, or knowingly permit the same, unless such corporation or association has complied with the provisions of the laws of this state, applicable to the same, he shall be deemed guilty of a misdemeanor, and upon conviction thereof, shall be fined not less than fifty dollars, nor more than one thousand dollars or be imprisoned in the county jail not less than thirty days nor more than one year, or both, such fine and imprisonment at the discretion of the court. Any and all fees received by the auditor under the provisions of this act, shall be covered into the state treasury. |