Salt Lake Telegram | 1933-02-24 | Page 11 | Intent of Law Revised in Code

INTENT OF LAW REVISED!! CODE Chock of Raoorde on Building and Loan 8tatuto Ro vtala ' AJtaratJon How lha Intent at the law was arbl-tnruy arbl-tnruy altered by the code committee commit-tee Vaa revealed Friday In aa attempt at-tempt to follow the nmiriratlon of tha Notlan building and loan bill, now up for ronidrtioa before a senate com ml Use. The revised rods, pa seed by the present leg islstun, cams, a vlul smeadmont which was overlooked by the bouse end senate. It waa Inserted Insert-ed under the most peculiar at circumstances circum-stances and permits, la effect the In-vatsnnl In-vatsnnl of building and loan funds in gwvemmeot or its to bond or In tha aaeeta of any other building and loan erganlaalioB. That this waa aot the Intent of tha Ittt lag isleture, which lha new coda presumed to Improve apon, was clearly demorarUated by search ml the records. WORDS INSERTED When OS consideration of US Naa-lea Naa-lea building and loan bill was started la committee. It wa found that the coda committee bad Inserted three words Hi the act The three word "to Invest in" broaden the scope of the powers of building and loan associations, asso-ciations, and go beyond the truant af the Maxsdea bill of lZt. Tha Marsden bill which lha rode committee enlarged upon provided eOeaMoasd mm Peso twrteaai INTENT OF LAW REVISED III CODE ICaaUaaed fr.ea Pas Btevea). that "every building and loan io-cistlon io-cistlon shsll have the power to . . . loan aama to It stockholders, investors in-vestors and other on notes secured by mortgage ... or TO INVEST IN . . . permanent stock ot other building and loan associaUona. . . ." Tha capitals capi-tals are the words inserted by the code committee. Opposition to the Idea of permitting permit-ting building and loan assocutUonj to invest money brought out the fact that these three word war not Intended In-tended by Senator Maraden, author of the bill George Y. Wsllsce, attorney for the coda committee, recalled that they were inserted in the code by the committee com-mittee at tha urgent request of th group el building and loan associaUona. associa-Uona. REQUEST FOLLOWED "An Ogdcn attorney for on of the big building and loaa assoclitlon." ssid Mr. Wallace, "assured th committee com-mittee that tha word "to Invest in" were included In tha original bill and were lost in printing. A all the building and loan associations seemed to want these words Inserted, the committee complied with their request" re-quest" A search of th record in th ee-retary ee-retary ef state's office show that the significant words, "to invest In," wer not In th original Marsden bill. A search further showed th thre words wer not In tha amended bill. Going aUll further Into th records, the three words were not In. the engrossed en-grossed bllL Neither were they Included In th printed session lawa of 1829. Tha Ogden attorney, aaid Mr. Wallace, Wal-lace, asserted the attorney general had written the state bank commissioner commis-sioner (at that Urn W. H. Hadlock) assuring him the word should be In nd considered. - That the three words permitting the building and loan companies to invest in-vest la other companies or other curiUes pud their first plunge Into the light of day by way ot tha revised re-vised code Is born out by th record, rec-ord, and had no part In tha Intent, tha spirit nor th word of th 192S legislature.