« ForrigeFortsett »
of the first publication of such notice and the first day of the term of tourt at which such default or preceeding is proposed to be taken. § of. The practice in proceedings under this Act shall be the same as in cases of chancery, except that it shall not be necessary for the complainant to file a copy of his pleadings. Suits and proceedings instituted under the provisions of this Act shall be placed on a separate docket by themselves, and stand for trial upon the call of such jocket at such times during any term of such court as the judge thereof shall order. § 7 g. Upon the hearing of the information, the court may decree a dissolution of such corporation, and upon the clerk of said court certifying to the fact that said court has decreed a dissolution of such corporation and filing such certificate with the Secretary of State, and same being entered by the Secretary of State in the records of his offee, the dissolution of such corporation shall be complete. § 7h. The court shall decree that the defendant corporation shall way the costs of the suit. Upon the failure of the defendant corporation to pay the costs, the State of Illinois shall pay the costs of the 5thlication notice necessary to procure service of notice on the defendant corporation. The fees allowed for the publication notice provided for in this Act shall be not exceeding twenty-five (25) cents for each corporation named in said notice, and in addition thereto ten dollars ($10.00) for the publication of said notice; the said twenty-five (25) cents per corporation and said ten dollars ($10.00) for the notice is to constitute full payment for the three nublications of said notice, and the certificate of the publisher that said publication was made. The costs of said publication shall be paid upon certified fee bills approved by the Attorney General, and shall be paid out of any moneys in the State Teasury, not otherwise appropriated. No other costs or charges shall He allowed or paid for any other services performed under the provisions of this Act by the State of Illinois. $ i. Whereas, an emergency exists, therefore, this Act shall take *fect and be in force from and after its passage. APPROVED April 29, 1919.
BUILDING AND LOAN ASSOCIATIONS.
§ 1. Definition. § 11. Power to borrow money. # 2. License—how obtained. § 12. Matured shares. # 3. Must organize and do business § 13. Withdrawals—voluntary. under the Act—penalty. § 14. Withdrawals—involuntary. ! 4. Meeting to organize. § 15. Advance on shares—balance— $ 5. Organization completed. settlements. i 5. Corporate rights. § 16. Deceased members. # 7. Directors—officers. $ 17. Membership fees—dues—penalty. * 8. Corporate existence not to cease § 18. Who may become subscribers— on failure to elect, etc. joint ownership. * 9. Officers' bonds. § 19. Loans. * 10. Capital to be accumulated. $ 20. Life insurance.
BUILDING AND LOAN ASSOCIATIONS-Concluded.
$ 21. Failure to give security for loan. § 34. Meeting of shareholders—reorganize—new management. § 22. Payment of loan—when premium ... • refunded. $ 35. Voluntary liquidation—duty of Auditor and receiver. § 23. Pre m i u m s, fines, etc., not usurious—stocks and notes not § 36. If Auditor finds association cat
to be taxed. not be reorganized—io report to Attorney General—duty of § 24. Morchase. etc., real estate— Attorney General—proceedings. wnen § 37. When association, may reorganize § 25. Consolidation of associations. *. go into voluntary liquid-ition.
§ 26. Existence may be extended. § 38. When a meeting of shareholders § 27. Annual reports to Auditor—pen- to be called—notice to be alties for not making, or given. making false or wrong reports. - - - § 39. Directors to present exhibit of
§ 28. Duties of Auditor—fees. the affairs—to be printed.
§ 29. Apportionment of profits—con- $ 40. Voting—adoption of resolution to tingent fund—dividends—un- reorganize or liquidate. divided profit fund.
§ 41. Power of shareholders at special § 30. Auditing committees—compensa- meetings.
§ 31. Auditor—duty—when assets are special meeting—c 9 m p 1 to impaired. record of all proceedings to be made—report—notice to be
§ 32. Auditor—receiver—special meet- published.
ing of stockholders—report. $ 43. When receiver may be appointed § 33. Receiver — duties of reports—
compensation. § 44. Repeal.
(House BILL No. 184. FILED JUNE 19, 1919.)
AN ACT in relation to mutual building, loan and homestead associations. SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly: IWFFINITION.] Every association heretofore or hereafter organized under any law providing for the incorporation of building, loan and homestead associations, and every association heretofore or hereafter organized or incorporated under any law for the purpose of assisting its members to accumulate and invest their savings, by accumulating a fund from periodical payments on its stock, or otherwise, to be loaned among its members, shall ! known in this Act as a mutual building, loan or homestead associa1011. Associations organized under this Act may operate under either the serial, or the permanent plan, or both, as their by-laws may proYide. Associations issuing shares at fixed times, or in series, shall be known as serial associations, and associations issuing shares with a minimum payment, or when required, or without fixed dates of issue. shall be known as permanent plan associations. Such associations organized under the laws of this State shall be known as “domestic” associations, and those organized under the laws of any other state, territory or nation, shall be known as “foreign” associations. § 2. LICENSE. How ORTAINED.] Whenever any number of per* 9 loss than ten (10), may desire to become incorporated as a mutual building, loan or homestead association, for the purpose of ag. "mulating funds to be loaned to the members thereof only, they shall ise a statement to that effect under their hands and seals, duly *Lowledged before some officer in the manner provided for the acrowledgment of deeds. Such statement shall set forth the name of ... proposed association, the capital stock to be accumulated, its locaII and the duration of the association, which statement shall be filed I the office of the Auditor of Public Accounts. The Auditor of Pubst Accounts shall thereupon issue to such persons a license as comusioners to open books for subscription to the shares of stock of said sociation at such time and place as they may determine: Provided, overer, that the Auditor of Public Accounts may withhold the issuing of a license to commissioners to open books for subscription to the &ases of stock of said association if he is not satisfied as to the personal Joacter and standing of the officers or directors to be elected, or if o proposed location would not warrant the issuance of a charter, but I charter shall be issued to two associations having the same or similar
3. MUST ORGANIZE AND Do BUSINESS UNDER THE ACT-PENALTY..] It shall be unlawful for any company, association, corporation, organization or co-partnership, assuming to be a company or corporain, to transact business in this State for the purpose of receiving or opting moneys from their subscribers, contributors or members, in Istallments for the purpose of creating a fund with which to make oans to members only, unless such company, association, corporation, Iganization or co-partnership is organized and doing business under this Act, and whoever violates any provision of this section shall be onished by a fine of not more than one thousand dollars ($1,000). The same may be recovered in any court having competent jurisdiction the name of the People of the State of Illinois on the relation of the Auditor of Public Accounts for the benefit of the county wherein such person or persons, association or corporation is located. § 4. MEETING To organize.] That whenever two hundred shares or more of the capital stock shall be subscribed in cities, towns or vilages of fewer than five thousand inhabitants; and five hundred shares more in cities, towns or villages of five thousand inhabitants or more, the commissioners shall convene a meeting of the subscribers for the Furpose of electing at least five subscribers as directors, adopting byows and the transaction of such other business as shall come before them. Notice thereof shall be given by depositing in the postoffice, operly addressed to each subscriber, at least ten days before the time fixed, a written or printed notice, stating the object, time and place of such meeting. Directors of such corporations organized under this At shall be elected, classified and hold their office for such period of o as is provided by general law governing the election and classi*tion of directors, trustees or managers of corporations. § 3. ORGANIZATION compleTED.] The commissioners shall make **lloport of their proceedings, including therein a copy of the notice provided for in the foregoing section, a copy of the subscription list, *"P" of the by-laws adopted by the association, and the names of the *is elected and their respective terms of office, which report shall *"rn to by at least a majority of the commissioners and shall be
filed in the office of the Auditor of Public Accounts, and the Auditol of Public Accounts shall submit said by-laws to the Attorney General who shall report whether such by-laws conform to the requirements of this Act, and if approved by the Attorney General, the Auditor of Public Accounts shall thereupon issue a certificate of the complete organ ization of the association, making a part thereof a copy of all paper: filed in his office in and about the organization of the association, duly authenticated under his hand and seal of office; and the same shall be recorded in the office of the recorder of deeds in the county in which the principal office of the association is located. Upon recording said copy the association shall be deemed fully organized and may proceed to business. Unless any such association shall organize and proceed to business as provided in this Act within six months after the date of such license, the license shall be deemed revoked and all proceedings thereunder void. All subsequent amendments or alterations of said by-laws shall be submitted to the Auditor of Public Accounts and approved by the Attorney General, and be recorded in like manner as the original by-laws before the same shall become operative; and only such by-laws as shall have been submitted, approved and recorded as herein provided shall be deemed operative. § 6. CorportATE RIGHTS.] Corporations formed under this Act shall be bodies corporate and politic for the period for which they are organized; may sue and be sued; may have a common seal, which they may alter or renew at pleasure. § 7. DIRECTORs—of FICERs.] The corporate powers shall be exercised by a board of directors of not less than five (5) in number, all of whom shall be bona fide shareholders in such association and residents of the State of Illinois. The officers shall consist of a president, Vice-president, secretary, treasurer and such other officers as the bylaws shall provide, to be elected at the annual meeting of the directors. The duties of the officers, their terms of office, the time and manner of their election, the manner of filling vacancies, the time of holding periodical meetings of the officers and shareholders, the manner of calling special meetings not provided for in this Act, the qualification of electors, and the manner of voting, shall be determined by the bylaws, when not provided for in this Act. Unless the compensation of the officers, directors, and committees shall be provided for in the bylaws, the directors shall fix and determine the same. The directors shall have all such powers not enumerated herein as are necessary and !. to enable such association to carry out the purpose of its organiZatl On. $ 8. Corporate EXISTENCE NOT to cFASE on FAILURE to ELEct, ETC.] No corporation or association, created under this Act, shall cose or expire from neglect on the part of the corporation to elect officers at the time mentioned in their charter and by-laws, and all officers elected by such corporation shall hold their offices until their successors are duly elected. § 9: OFFICERs' BoxDs.] Every person appointed or elected to any position requiring the receipt, payment, management or use of
money belonging to such association shall, within thirty (30) days After such appointment or election, become bonded with two or more good and sufficient sureties or in some good and responsible idelity insurance company, in such sum as the directors shall toire or approve. Such bonds shall be executed annually and shall be filed with the Auditor of Public Accounts of this State within ten days next after the approval thereof by the board of directors, and the fee for filing same shall be one dollar ($1.00). Such told shall be sufficient in amount to protect the association from loss by reason of malfeasance in office or failure to faithfully perform and discharge the duties of his position. No officer or employe who is required to give bond, shall be deemed qualified to enter upon the discharge of his duties until his bond shall have been approved by a majority of the board of directors by a written endorsement thereon and filed with the Auditor of Public Accounts as herein required. Any or or employe who shall neglect or refuse to file such bond at the time and manner as herein provided, shall be subject to a fine of not less than twenty-five dollars ($25.00) nor more than two hundred dollars ($200.00) and his office or position shall become vacant and shall he filled in the manner herein or in the by-laws provided. Such fine may be recovered in any court having competent jurisdiction in the name of the People of the State of Illinois on the relation of the said Auditor, for the benefit of the county wherein the said association is located, or in which such officer or officers may reside. § 10. CAPITAL To BE Accuxsus.ATED.] The capital to be accumulated shall be divided into shares having an ultimate value of one hundred dollars ($100.00) each. The shares shall be deemed to * personal property in the hands of the members, transferable upon the books of the association in the manner provided in the by-laws. Each shareholder shall pay to said association as a contribution to the capital thereof, the sum fixed as dues for each and every share held by him, until each share shall reach the ultimate value thereof. The shares may be issued as required or at certain periods designated in the by-laws, or in series, and subdivided into classes, each series or class providing a different payment of dues, payable in such amount or amounts, and at such time or times as the by-laws shall provide. Any such association, if the by-laws shall so provide, may issue shares with a minimum payment, or with a single payment and upon such single payment shares it shall be lawful for such association to make agreements with the holders thereof to waive participation in the genoral profits of the association in consideration of a fixed annual per ont of profit or interest to be paid, which shall in no event exceed the net earnings of the association. New shares may be issued in lieu of any shares withdrawn, redeemed, cancelled or matured, providing the ultimate value of the total number of shares outstanding at any "he time shall not exceed the authorized capital stock of the associato All shares heretofore issued by any association upon which intallments have been paid in advance, together with the interest allowed, or paid thereon, are hereby legalized and validated. Every share shall be subject to a lien for the payment of unpaid installments