Show T 1 I I 1 AT AX ACT to enable associations of 0 persons to become a body corporate to raise for funds do to be loaned oay only among toong A the tho members embers Bl of such association SECTION 1 be it enacted by the govenor Gov erbor and Legis lati ve assembly the territory 0 of utah that whenever nol any number ot of p not ies I 1 es than five red dents of if th the e tory may way desire to become incorporated as it mutual building loan ana home bleed lead association lor for the purpose of loaning money to the members thereof only and for building and improving homesteads they shall make a statement to that effect under their baida balda and teal seal duly ar acknowledged before tome officer in the manner provided for the jent of deeds such statement hill pet aith alie tit e name of the corporation i po ration on I 1 ita capital capi titi e ocic is as locati arti nd he duration of that corporation shall be filed in in the ollice of the tile clerk of the probate cou cout t of oatlie file amrit anty olt 1 in n which the principal liace riace of t s of the corporation is 18 located abe clerk of bold sid court hall thereupon pon issue to such persons a lii ht erise ae as to open boe bolia for subscription to the capital stock of baid aid corp corporation ration a ia such time and paco place ae as they ma ins delorne e but no license licence shall be is ancito to two associations having the same name SEC 2 ae As soon as fifty shares or anore of the capital stock shall be subscribed the commissioners convene a meeting of the subscribe clys forthe for the purpose of electing directors officers adopting a charter and byle and the transacting of roch fuch other business ae as shall come before them notice shall be ghen given by positing eiting in the post odice office properly to each Pub subscriber scriber at least tn days before the time fixed a britten ci or r printed brotice stating the object tune time and place pla e of ol such meeting the number of directors directo rs and abe tb number and kind of of corporations organized under this act with their respective qualifications and term of office and the e time and manner of their of election remove ald re ignition shall be as agreed or stated in in the charter and by laws law SEC 5 3 the coining shall make in ake full fall a report of their proceedings including therein a copy of the tile notice provided for in the foregoing geltion a copy of the subscription list a copy of the tile charter and bylaws by laws adopted by the association and the names of the directors and officers elected and respective terms of office which report shall be sworn to by at least a majority of the commies commissioners boners and shall be filed and recorded in the office of the tile clerk of eaid said probate court said clerk shall thereupon isa ayne ie a certificate of th the e complete org of the corporation making a part thereof a copy of all papers filed in lis office in and about the organization of the corporation including a copy of the tile liccie lic nse issued as provided lor for in section 1 lot of this act and duly authenticated under bis his baad and seal of said court which certificate and papers shall be filed in the office of the secretary ol 01 the territory who shall the thereupon euion issue to said association a certificate of incorporation under the great seal of the territory in the manner and form prescribed in section 14 of this act winch certificate of incorporation shall be evidence of the duo due incont in corcor or alion liun of he the upon the issuance of such certificate of incorporation po ration tile corpor corporation alion shall ba be deemed fully organized and may proceed to busin budness bu iness eks and knieps euch buell company shall be organized and shall proceed to business as provided in in tills act within two years ears after af er the date of such license the license ard all proceedings shall be void SECA abc 4 corporal corporations ions formed form d u under rider this act shall be bod es corpora corporate to fr f r the th e period of not less than ten cor more that fifty years may way sue and be sued may have a commonweal common teal seal which bich they may alter or renew at pleasure SEC 5 the corporate powers shall be le exercised by bv a board of directors elected by and from the stockholders at their annual meeting who shall qualify as required by section 2270 of tile compiled laws of utah 1838 1883 provided the number of directors shall not bo to increased or diminished nor the term of cafice changed with out the consent of the owner 0 nera of oft two 0 thirds of cf the shares of stock the officers of the company shall consist of 9 a president vice president and a secretary a treasurer who shall ba be elected by tile stockholders t such annual from the members of such board and as lart in in the charter and bylaws by laws of tile ion further that the tile u tec ra tary only shall he be entitled to euch buch compensation as may be determined hy by the board of directors and Pro provided tided further that the tile treasurer and secretary shall give bonds with at least two sufficient sureties to bo be approved by the board of directors which shall be filed with w ith the clerk of eaid said court six 0 6 the shares of stock shall be one hundred dollars each and shall be deemed personal pere nal priority prO property rIty transferable upon the books book of the company in such manner as may be provided by the by lews lows and iyub therefore shall be made payable to the corp corporation oratio ri and shall be ue payable in such periodical installments and at such time or times as iball shall le be determined by the charter arid ad bylaws by laws birano but no periodical pay abent nenito to be made exceeding two doll loneack ion each share and every eliare of stock i shall be subject to alien a lien for the payment of unpaid installment and other charges irea incurred thereon und r the tile provisions provi eione of the tile charter and bylaws by laws and the bylaws by laws lavis may prescribe the form and ind manner of enforcing buch such lien now shares of stock may be issued in lieu of klisares or forfeited and the block may be issued in one or in several successive series as may be provided la in the charter and by lawa aw 8 and in uch inch amount not to exceeded the tile total capital capit alstock eatock As the board of direct ore pro may determine ind find any stockholder visiting to withdraw from the eaid said corporation shall have power to do EO so by giving w 0 days notice of his i intention to withdraw when bo be shall be entitled entitle A to receive the amount bald pa d in by him and such interest thereon or 0 r such proportion p r 0 or ion of the profits thereon as t the 1 b 1 I laws we may determine lees less all fines and other eb charges prot aided that at lit no time shall abre more than one half of the funds odthe of the treasury of the corporation be a table to the demands ot of withdrawing rs ing stockholders without the congeni ol 01 the board of directors and that no stockholder ock holder shall be entitled lo 10 withdraw w whose stock is held tn in pledge go for upon the death cf a hie legal represent aane shall bo entitled d to receive the tile nil q amount Il lount paid in by him on all hires not borrowed upon or pledged rothe ws collateral security and I 1 gal interest thereon first nul acting eting all charges that may way be ua e 0 on 1 the stock but no flees fines shall pe chaigen 11 toa to a deceased members mem bera acco account urit I 1 roii om and after his lie decease baless tile legal rep of euch uch decedent ail erime the future pay agn ment nt of the dues on the stock 9 sea c women may be rob subscribers to the tile capital capit a 1 astock etick 1 l euch such association and hold control nl nd transfer trana fer their stock in all re areces arec ts VA berjame pole and their stock shall lot not ha be sublet et to tile control of or lable liable fur fr the debts of their husbands may become sub bribers to ind nd owners of the stock of e euch uch acx abw nations lat iati ione ons by guardian or trustee and uch guardian or trustee may with araw raw the stock of euch such minor aa so pro v aided in section 6 of this act Jott Jed lo wever that euch such guardian or true I 1 T 77 r tee give ove bonde bonds to the probate court in n double the amount of 0 the withdrawal value of such stock for or the use me ol 01 euch such minor seca 8 the bowl board of directors shall III hold old such stated meetings at least once a month as may berovides be provided by the IY laiss 1 at which the mone money e in the treasury if one hundred d dollars ollars or more a shell I 1 al I 1 be offered forlorn for loan in in open meeting and the stockholder who shall bid the highest premium for the preference or priority of loan and com camily ply with tin the provisions of the tile by lams respecting the awarding of lona 1 6 hall be entitled to receive a loan joloff of one hundred dollars lees less the premium bid tor for each share of stock held by taid faid stockholder provided d thai that no loan shall be made by eaid said corporation except to ita its own members nor in any sum in excels of the mount amount of stock held by bucci u mem bera bers bo borrowing bor rowine rowing and provided Pron ded tha that such auch may lorrow borrow such fp f EC lional pirt part of one ono hundred dol are ars beethe bt lawe may provide good and amile ami ie realest real es ate tate security un on c except by prior loans aa of e icci shall be g ven by I 1 borr borrower hiir to the repayment of the loan provided however that lie the block stock of euth such association may he be ri rc as Fecu security rity to the a maunt of 0 s withdrawal a value of euch such stock pvc 0 9 in incase case tile borrower er dball neglect to offer or shall offer that is is nit na ni t approved bythe bourd board of directors by such time as the bylaws by laws may prescribe he shall be charged with witti one months interest together with any expenses incurred and the money may be resold old a lie the E next stated meeting in case of nonpayment of installments I 1 or interest or fines lines by borrowing borrow ing stockholders tor for tho the space of six six months payment of principal and interest inte reet and fines without deducting the premium paid or the interest thereon may be enforced by proceedings against their securities according to law upon the order of the board of directors SEC 10 A borrower may repay a lone at any soy time upon duly complying with w ith the charter and bylaws by laws in relation to repayment of lows loans SEC 11 corporations or org g nihed onder under this act being of the nature of operative cooperative co associations therefore no premium fines nor interest on oali BU h premiums that may accrue to the tile said corporation according to the provisions provie provi sons 0 of this act shall be deemed all durious and the tile fame may ma be col collected I 1 acted as other debts of like amount are collected by law in in this territory 12 no corporation or association created under this act net shall cease or expire from neglect on the part of the corporation to elect officer sat at the time mentioned in their ch charter arter and bylaws by laws and alt all officers e elected a by y such corporations shall hold fluid their r offices until their acors are duly elected end slid qualified SEC 13 any lon lo 1 n or building association incorporated by or order this act is is hereby authorized and empowered to purchase at any marshal chals s sheri sheriffs lre or judicial sale or oral at any other sale public or private any real estate upon wb which ch association may have or li ad id any mortgage lien or other incumbrance and to tell comey convey lease or mortgage at pleasure to any person or persons whatsoever the rea real ferson estate so purchased but such association shall not have to enter into as a buti the tile buying and belling selling of real estate SEC 14 the tha certificate of ancor I 1 po ration shall be in the tile following form certificate OF COK POll TERRITORY OF UTAH the secretary of the territory of utah to au all to altom these presents shall come corne greeting greding A statement Aeta sta ement duly signed and acknowledged having been filed and recorded in in the odice office of the clerk oi 01 the probate court of the c county of territory of utah antho on the day of A 1 for the of building and loan association of under and in accordance with the provisions of an act to enable Is associations batione of pers ins to become a body corporate to raise funds to be loaned only among the meni members beys of such associations approved the day of a certini delpy of which has aie been e n fi filed aed in in ray my office and a license having been sued to ae as commissioners commissi onera to open book books for subscription to the capital stock of caid paid company and where it cereas as the tile said ian I 1 an commissioners having ht ing on lie the diy daiy of A U D I 1 filed in tho office of the tire clerk of eaid said court a report proceedings 3 eaid said license ui in acc abc eirdance with the of the tile statutes a copy of which license and find report has been alao also filed in in my office isow now therefore I 1 secretary of the territory of utah by virtue of tho the powers and duties vertell beete 1 in me we by law do hereby certify that the said 11 building and loan association of is a legally constituted and organized corporation under the laws of this territory in whereof I 1 hereunto my name and affix the great seal eal of sad sa d territory duneal done at this ey day of A D aseal secretary of t the territory of utah SEC 15 thia this act shall take effect from the datlof date of its approval approved march 6 5 1890 |