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LAWS OF 1890.
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 whien they have complied with the requirements of said section and shall have filed their certificate with the secretary of the territory and otherwise as requirod 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. Sueh 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 reqnirement 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 aet, may issue the stock thereof in series, and with such number of shares in each series as may snit 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 trasi 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 estato, creet buildings thereon for salo to the members of the association or others; and generally to tiso the funds of the associations for loans on real estate or the purchaso thereof, as the interests of the corporation may seem to require and as may be providel 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 dnes, fines premiums on loans, and interest on loans, as may bo provido:1 by the bylaws, and shall have and exerciso all other powers incident to, and proper to bo exercised to carry into effect tho general purposes of the corporation.
SEC. 8. So much of the carnings of the association as may be necessary shall be set apart for tho payment of expenses, including salaries to officers, servants and employés, and also the board of directors shall set aside annually or semi-annnally, as may bo roquired, 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 earnings and profits shall bo 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 forined 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.
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 tho 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 tho 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 receivo service or process for said corporation.
The license herein provided, shall be withheld, or revoked by the auditor whenever upon investigation ho is satisfied that such corporation is not solvent, and in the ovent of any such license being revoked, the auditor shall give notico 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 bo 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 feo 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 tho anditor 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 untruo statements, or that it is conducting its business ia 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 coatracts with its members and stockholders in this state, he shall report tho same to the governor, who shall thereupon commenco proceedings by writ of quo warranto, against such corporation, or association, requiring it to show causo why its licenso to do business in this stato should not be revoked. And any such foreign corporation or association, now doing business in this state, that shall refuso or noglcct to comply with the provisions of this act, within the spaco of ninety days after tho passage thercof, shall bo sleemed to bo doing business unlawfully; and if any agent, officer or employó of any such corporation or association shall do business in this state, or assist in, or knowingly permit tho sainc, unless such corporation or association has complied with tho provisions of tho laws of this stato, applicable to the same, lo shall be deemed guilty of a misclcmcanor, and upon conviction thereof, shall be fined not less than fifty dollars, zor more than one thousand dollars or bo imprisoned in tho county jail not less than thirty days nor more than ono year, or both, such fine and imprisonment at the discretion of the court. Any and all focs roccived by the anditor under the provisions of this act, shall be covered into the stato treasury.
average premium rate charged on real estate loans in certain representativo associations. 376-379
Borrowers and shareholders, number of...
average premium rate charged on real estato loans in certain representative associations. 376–379