Act May 5, 1870, sec. 576, Rev. Columbia. L., 1287. sec. 577, Rev. SEC. 624. EXECUTORS, AND SO FORTH, NOT PERSONALLY LIABLE. No person holding stock in such company as ex- Stat. District of ecutor, administrator, guardian, or trustee shall be per- Act Mar. 3, 1901, sonally subject to any liability as stockholder of such sec. 624; 31 Stat. company, but the estate and funds in the hands of such executor, administrator, guardian, or trustee shall be liable in like manner and to the same extent as the testator or intestate or the ward or person interested in such trust fund would have been if he had been living and competent to act and hold the stock in his own name. SEC. 625. EXECUTORS, AND SO FORTH, MAY VOTE.- Act May 5, 1870, Every such executor, administrator, guardian, or trustee Stat. District of shall represent the stock in his hands at all meetings of Act Mar. 3, 1901, the company, and may vote accordingly as a stockholder. sec. 625; 31 Stat. SEC. 626. PLEDGES OF STOCK.-No person holding stock Act May 5, 1870, in such company as collateral security shall be personally stat. District of subject to any liability as stockholder of such company. Act Mar. 3, 1901, but the person pledging such stock shall be considered as sec. 626; 31 Stat. holding the same, and shall be liable as a stockholder accordingly; and every person who shall pledge his stock as collateral security may, nevertheless, represent the same at all meetings and vote as a stockholder. Columbia. L., 1287. sec. 578, Rev. Columbia. L., 1287. Act May 5, 1870, sec. 579. Rev. stat. District of Columbia. L., 1287. SEC. 627. STOCK BOOK.-It shall be the duty of the trustees of every corporation formed under this subchapter to cause a book to be kept by the treasurer or secretary Act Mar. 3, 1901, thereof, containing the names of all persons alphabetic- sec. 627; 31 Stat. ally arranged, who are or shall within six years have been stockholders of such company, and showing their place of residence, the number of shares of stock held by them respectively, the time when they became owners of such shares, and the amount of stock actually paid in. SEC. 628. Such book shall, during the usual business hours of the day, on every business day, be open for inspection of stockholders and creditors of the company and their personal representatives, at the office or principal place of business of such company in the District where its business operations shall be located, and any stockholder, creditor, or representative shall have a right to make extracts from such books. SEC. 629. TRANSFERS.—A person in whose name shares of stock stand on the books of a company shall be deemed the owner thereof as regards the company, but if any such person shall in good faith sell, pledge, or otherwise dispose of any of his shares of stock to another and deliver to him the certificate for such shares, with written authority for the transfer of the same on the books, the title of the former shall vest in the latter so far as may be necessary to effect the purpose of the sale, pledge, or other disposition, not only as between the parties themselves, but also as against the creditors of and subsequent purchasers from the former, subject to the provisions of section six hundred and fourteen. Act May 5, 1870, sec. 580, Rev. stat. District of Act Mar. 3, 1901, sec. 628; 31 Stat. Columbia. L., 1287. Act May 5, 1870, stat. District of sec. 581, Rev. Columbia. Act Mar. 3, 1901, sec. 629; 31 Stat. L., 1287. Act May 5, 1870, sec. 582, Rev. SEC. 630. Such books shall be presumptive evidence of Stat. District of the facts therein stated in favor of the plaintiff in any Act Mar. 3, 1901, suit or proceeding against such company or against any sec. 630; 31 Stat. one or more stockholders. Columbia. L., 1287. sec. 583, Rev. Columbia. L., 1288. Áct May 5, 1870, SEC. 631. INSPECTION OF BOOKS.-Every officer or Stat. District of agent of any company who shall neglect to make any Act Mar. 3, 1901, proper entry in such book, or shall refuse or neglect to sec. 631; 31 Stat. exhibit the same, or allow the same to be inspected and extracts to be taken therefrom, as herein provided, shall be deemed guilty of a misdemeanor, and the company shall pay to the party injured a penalty of fifty dollars for any such neglect or refusal, and all damages resulting therefrom. Act May 5, 1870, sec. 584, Rev. Columbia. SEC. 632. Every company that shall neglect to keep Stat. District of such book open for inspection, as provided in section six Act Mar. 3, 1901, hundred and twenty-eight, shall forfeit to the United sec. 632; 31 Stat. States the sum of fifty dollars for every day it shall so neglect, to be sued for and recovered in the supreme court of the District. L., 1288. Act May 5, 1870, sec. 585, Rev. Columbia. L., 1288. SEC. 633. INCREASE OR DIMINUTION OF STOCK.-Any Stat. District of company which may be formed under this subchapter Act Mar. 3, 1901, may increase or diminish its capital stock, by complying sec. 633; 31 Stat. with the provisions of this subchapter, to any amount which may be deemed sufficient and proper for the purposes of the corporation, and may also extend its business to any other business authorized hereby, subject to the provisions and liabilities of this subchapter. Act May 5, 1870, sec. 586, Rev. Columbia. SEC. 634. Before any corporation shall be entitled to Stat. District of diminish the amount of its capital stock, if the amount Act Mar. 3, 1901, of its debts and liabilities shall exceed the amount of sec. 634; 31 Stat. capital to which it is proposed to be reduced, such amount of debts and liabilities shall be satisfied and reduced so as not to exceed such diminished amount of capital. L., 1288. Act May 5, 1870, sec. 588, Rev. SEC. 635. Whenever any company shall desire to call Stat. District of a meeting of the stockholders for the purpose of increasAct Mar. 3, 1901, ing or diminishing the amount of its capital stock, or for sec. 635; 31 Stat. extending or changing its business, it shall be the duty of Columbia. L., 1288. Act May 5, 1870, sec. 589, Rev. Columbia. the trustees or directors to publish a notice, signed by a majority of them, in a newspaper in the District, at least three successive weeks, and to deposit a notice thereof in the post office addressed to each stockholder at his usual place of residence, at least three weeks previous to the day fixed upon for holding such meeting, specifying the object of the meeting and the time and place when and where such meeting shall be held. SEc. 636. If, at any time and place specified in the Stat. District of notice provided for in the preceding section, stockholders shall appear by proxy or in person representing not less sec. 636; 31 Stat. than two-thirds of all the shares of stock of the corporation, they shall organize and proceed to a vote of those present or by proxy. sec. 590, Rev SEC. 637. If, on canvassing the votes, it shall appear Act May 5,1870, that a sufficient number of votes are in favor of increas- Stat. District of Columbia. L., 1288. ing or diminishing the amount of capital, or extending Act Mar. 3,1901, or changing the business of the company, a certificate sec. 637; 31 Stat. of the proceedings, showing a compliance with the provisions of this subchapter, the amount of capital actually paid in, the business to which it is extended or changed, the whole amount of debts and liabilities of the company, and the amount to which the capital shall be increased or diminished, shall be made out, signed, and verified by the affidavit of the chairman, and be countersigned by the secretary. SEC. 638. Such certificate shall be acknowledged by the chairman, and filed as required by section six hundred and six, and when so filed the capital stock of such corporation shall be increased or diminished to the amount specified in the certificate, and the business extended or changed accordingly; and the company shall be entitled to the privileges and provisions and be subject to the liabilities of this subchapter. Act May 5,1870, Stat. District of sec. 591, Columbia. Act May 5,1870, sec. 592, Rev. SEC. 639. A vote of at least two-thirds of all the shares of the stock of a company shall be necessary to an in- Stat. District of crease or diminution of the amount of its capital stock or the extension or change of its business. Columbia. Act May 5,1870, sec. 593, Rev. SEC. 640. COPY OF CERTIFICATE TO BE EVIDENCE.-A copy of any certificate of incorporation filed in pursuance Stat. District of of this subchapter, certified by the recorder of deeds to be Columbia. a true copy and the whole of such certificate, shall be sec. 640; 31 Stat. received in all courts and places as presumptive legal evi- L.,1288. dence of the facts therein stated. Act Mar. 3, 1901, Act Mar. 3, 1901,, sec. 687; 31 Stat. SEC. 687. CERTIFICATE OF ORGANIZATION.-Any five or more persons who desire to form an incorporated build- L., 1298. ing or homestead association, all being citizens of the United States, and a majority of them residents of the District of Columbia, may make, sign, seal, and acknowledge, before some officer authorized to take the acknowledgment of deeds, and file for record in the office of the recorder of deeds, a certificate, in writing, to the same Act Mar. 3, 1901, sec. 688; 31 Stat. L., 1299. Act Mar. 3, 1901, sec. 689; 31 Stat. L., 1299. Act Mar. 3, 1901, sec. 690; 31 Stat. L., 1299. Act Mar. 3, 1901, sec. 691; 31 Stat. L., 1299. Act Mar. 4, 1909; effect as that required in subchapter four of this chapter, aforesaid, for the formation of the corporations therein mentioned. SEC. 688. When such certificate shall have been filed for record as aforesaid, the persons who have signed and acknowledged the same, and their successors, shall become and be a body politic and corporate, in fact and in law, by the name stated in the certificate, and by that name have succession and be capable of suing and being sued in the courts of the District, and of purchasing, holding, and conveying such real estate as may be necessary to the conduct of its business, and to make reasonable by-laws not inconsistent herewith. SEC. 689. POWERS AS TO STOCK.-Such corporation shall have power, in its certificate of incorporation or in its by-laws, to provide that its shares of stock may be issued in series; to limit the number of shares which each stockholder may be allowed to hold; to prescribe the entrance fee to be paid by each stockholder at the time of subscribing, and to regulate the installments to be paid on each share and the times at which they shall be payable. It shall also have power to enforce the payment of all installments and other dues by such fines and forfeitures as its by-laws may from time to time provide. SEC. 690. Any person applying for membership or stock after a month from the time of the incorporation may be required to pay on subscribing such bonus or assessment as may be fixed by said by-laws in order to place said new members or stockholders on a footing with the original members and others holding stock at the time of such application. SEC. 691. OBJECTS.-The object of such corporation shall be the accumulation of a capital in money to be 35 Stat. L., 1058. derived from the savings and accumulations by the members thereof, to be paid into said corporation in such sums and at such times as may be designated by the by-laws of said corporation, from which the members thereof may obtain advances upon their shares of stock: Provided, That the Comptroller of the Currency, in addition to the powers conferred upon him by law for the examination of national banks, is further authorized, whenever he may deem it useful, to cause examination to be made into the condition of any building association incorporated under the provisions of this chapter, as well as any other building or loan association located or doing business in the District of Columbia. The expenses necessarily incurred in making any such examination shall not exceed the sum of twenty-five dollars for the first five hundred thousand dollars or fractional part thereof of assets and the sum of ten dollars for each additional two hundred and fifty thousand dollars or fractional part thereof of assets, and be paid by such association to the Comptroller of the Currency at the time of the making of such examination: And provided further, That every building or loan asso ciation located and doing business in the District of Columbia shall make to the Comptroller of the Currency at least one report during each year, according to the form which may be prescribed by him, verified by the oath or affirmation of the president or secretary of such association and attested by the signature of at least three of the directors. The said Comptroller shall also have power to take possession of any company or association whenever in his judgment it is insolvent or is knowingly violating the laws under which such company is incorporated, and to liquidate the same in the manner provided in the laws of the United States in respect to national banks: Provided further, That from and after the first day of July, anno Domini nineteen hundred and nine, no person, company, association, copartnership, or corporation shall conduct or carry on in the District of Columbia the kind of business named in this act, without strict compliance in all particulars with the provisions of this act: Provided, That building associations heretofore organized and in actual operation before the passage of this act need not be incorporated. Any person, officer, or agent of any company, firm, or corporation who shall willfully violate any of the provisions of this section shall be deemed guilty of a misdemeanor, and shall on conviction thereof be punished by a fine of not more than one thousand dollars or by imprisonment not longer than two years, or by both said punishments, in the discretion of the court. That any willful false swearing in regard to any certificate, or report, or public notice required by the provisions of this act shall be perjury, and shall be punished as such according to the laws of the District of Columbia. And any misappropriation of any of the money of any corporation or company, formed under or availing itself of the privileges of this act, or of any building or loan association located or doing business in the District of Columbia, or any money, funds, or property intrusted to any such corporation, company, or association, shall be held to be larceny and shall be punished as such under the laws of said District. 35 Stat. L., 1059. SEC. 691a. That any building association, incorporated Act Mar. 4, 1909 or unincorporated, organized and existing under the laws of any State or Territory, except the District of Columbia, to do or now doing, in the District of Columbia, a building association business or otherwise operating as a building association, shall be subject to all the provisions of the foregoing section of this act in respect of the powers of the Comptroller of the Currency hereunder, and, any such association or corporation shall at all times keep on deposit with the Comptroller of the Currency in money or stocks, bonds or mortgages or other securities to be approved by said officer not less than ten per centum of its capital and surplus as security for its depositors and creditors, and as a guarantee for the faithful performance of its contracts, and may also |