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and apportioned between the parties in the discretion of the court. If the court shall determine the proceedings for the or ganization of the district legal and valid and the proceedings for the voting and issuing of said bonds legal and valid, the board of directors shall then proceed to prepare a written statement beginning with the filing of the petition for the organization of the district, and including all subsequent proceedings for the organization of the district and voting and issuing of said bonds and ending with the decree of the court finding the proceedings for the organization of the district and the proceedings for the voting and issuing of the bonds, legal and valid, and shall present said written statement and the bonds to the auditor of public accounts; and such written statement shall be certified under oath by the board of directors of the district, and the auditor shall then examine said statements and the bonds so submitted to him and if he be satisfied that said bonds have been voted in conformity to law and are in all respects in due form, he shall record the statement and register the bonds in his office; and no such bonds shall be issued or be valid unless they shall be so registered and have endorsed thereon a certificate of said auditor showing that such bonds are issued pursuant to law, the data filed in the office of said auditor being the basis of such certificate; and the board of educational land and school funds is hereby authorized to invest such portion of the perpetual school funds of the state as in its judgment, it shall deem expedient in such irrigation bonds, registered as herein. provided: Provided, further, the provisions of this section with reference to the registration of irrigation district bonds shall be optional as to bonds that have heretofore been issued or are now being issued.

Sec. 2. Repeal. That said original Sections 383, 386, 414 and 455 of Chapter 8, and Section 3519 of Chapter 33, of the Revised Statutes of Nebraska for 1913 be and hereby are repealed.

Sec. 3. Emergency. Whereas, an emergency exists this act shall take effect from and after its passage.

Approved, April 25, 1917.

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AN ACT to amend Section 448, Revised Statutes of 1913, relating to the question of school bonds to vote of the electors, and to repeal said original section.

Be it Enacted by the People of the State of Nebraska:

Section 1. Amendment.-That Section 448, Revised Statutes of 1913, be amended to read as follows:

448 Sec. 84. School district bonds-submit to vote.-No bonds shall be issued until the question has been submitted to the qualified electors of the district, and three-fifths of all the qualified electors present, and voting on the question, shall have declared by their votes in favor of issuing the same, at an election called for the purpose, upon a notice given by the officers of the district, at least twenty days prior to such election.

Sec. 2. Repeal. That said original Section 448, Revised Statutes of 1913, is hereby repealed.

Approved, April 11, 1917.

CHAPTER 10.

(House Roll No. 560.)

[Introduced by Mr. Ainlay, by request.]

AN ACT to amend Sections 485-491 and 493 of the Revised Statutes of 1913, as amended in Chapter 14 of the Laws of Nebraska for 1915, and sections 488 of the Revised Statutes of 1913; all relating to associations organized for the purpose of raising money to be loaned among members and providing for the investment of idle funds of said association, and to repeal said original sections.

Be it Enacted by the People of the State of Nebraska:

Section 1. Amendment. That section 485 of the Revised Statutes of Nebraska for 1913 as amended by section one of chapter 14 of the laws of Nebraska for 1915 is hereby amended to read as follows:

485 Sec. 1. Building and loan associations-name-powers -limitation on loans.-Any Association of not less than five persons incorporated under the laws of this state, which shall be organized within this state for the purpose of raising money to be loaned among its members, shall in the furtherance of such purpose, and after having complied with the requirements of this chapter, be authorized and empowered to levy, assess, and collect from its members such sums of money, by rates of stated dues, fines, interest and premium on loans, as the corporation may provide for in its constitution or by-laws, and to exercise such other powers as are herein provided; every such corporation may, however, receive payments from its members in any amount, which, together with the balance formerly to the credit of the member thus paying, upon the books of the corporation, if any, shall not exceed the par value of the shares of stock held by him; provided no person shall hold in his own right more than Five thousand dollars ($5,000.00) of investment stock in any such corporation and that no person shall vote in his own right or as proxy more than Five thousand ($5,000.00) Dollars par value of stock in any such corporation.

Provided further, that in any association in which the value of its assets is more than $200,000.00 and does not exceed the sum of $500,000.00, borrowing members may hold stock to the amount of $10,000.00, and in any association whose assets exceed $500,000.00 and do not exceed one million dollars, borrowing members in such associations may hold stock in the amount of $20,000.00 and in associations whose assets exceed the sum of one million dollars, and do not exceed the sum of $5,000,000.00, borrowing members may hold stock to the amount of $30,000.00, and in any association whose assets exceed the sum of $5,000,000.00, borrowing members may hold stock to the amount of $50,000.00. Provided further, however, that at any meeting of any such corporation, where not less than fifty members are present, it shall be lawful for sufficient proxies to be held by those present to represent the majority of all the stock of the corporation. The words "Loan and Building Association," "Building Association," "Building and Loan Association," "Savings and Loan Association," or "Loan and Savings Association," shall form part of the corporate name of every such corporation. The capital stock of every such association shall consist of the accumulated payments made by its members and dividends credited thereon, and shall be represented by shares.

Ch. 10)

Building and Loans-Withdrawals

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Sec. 2. Amendment. That section 488 of the Revised Statutes of Nebraska for 1913, be amended to read as follows:

488 Sec. 4. Same-withdrawals.-Such constitution shall contain equitable provisions permitting any shareholder wishing to do so to withdraw all or part of his or her stock payments from the association at such times and upon such terms as the by-laws may provide, by giving written notice of such intention to withdraw to the Secretary or managing officer of the association, and, at the expiration of thirty days following the period of the next regular payment, or at any time thereafter, the member so withdrawing, or, if deceased, his legal representative, shall be entitled to receive, on demand, the amount paid in by him or her, less the admission fee and expense charge, and such rate of interest or proportion of the net profits, as the by-laws may determine, less all fines and other just and lawful charges. Should there have been, however, a net loss including actual and lawful expenses instead of a net gain, then such withdrawing shareholder shall receive the actual amount paid in, less his proportion of such net loss. At no time, however, shall more than one-half of the unloaned funds in the treasury of the association be applicable to the demands of the withdrawing shareholders without the consent of the Board of Directors.

No shareholder shall be entitled to withdraw where stock is. pledged as security for a loan, either from the association or from any other party.

The Directors may, in their discretion, under rules made by them in conformity with by-laws, retire any unpledged shares in the order of their issue, by enforcing withdrawals of the same, and the owners shall be paid the full value of their shares as determined at the last preceding distribution of profits, together with all dues paid since such distribution, less any unpaid fines: Provided, all shares which have reached matured value, and that may be outstanding, shall be first retired under the provision of this chapter.

Sec. 3. Amendment. That section 493 of the Revised Statutes of Nebraska for the year 1913, as amended in chapter 14 of the Laws of Nebraska for 1915 be amended to read as follows:

493 Sec. 9. Same-authorize investments. No loan shall be made by such association except to its own members, nor shall any loan be made to any member for any sum in excess of the

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par value of his stock, and the association shall have a lien on as many of the borrowers' shares as shall equal at their par value the nominal amount of the loan; good and ample real estate security unincumbered, except by prior liens held by such association, shall also be given by the borrowers. Provided, all loans made upon the security, real estate improved by the presence of building, shall not exceed in amount, two-thirds of the actual cash value of such security, and all loans made upon the security of any other form of real estate shall likewise not exceed an amount equal to two-fifths of the actual cash value of such security. Provided, further, the stock of such association may be received as security for a loan of the amount of the withdrawal value of such stock without other security. Provided, further, that any association may have the power temporarily to invest its idle funds or any part thereof to an amount not exceeding ten (10) per cent of its assets in bonds or interest bearing obligations of the United States or of the Federal Land Bank or of the State of Nebraska, or of any county, township, school district or other political division of the State of Nebraska, or of any incorporated city or village in the State of Nebraska. And provided further, that any such corporation may deposits its funds or any part thereof in any national or state bank and to receive therefor certificates of deposit or the usual bank pass-book credit subject to check.

No evidence of indebtedness taken by said association for the return of any loan shall be negotiable in form, and whatever be its form, every such indebtedness shall be non-negotiable in law, and no such debt or evidence of debt shall be assignable or transferable in any manner so as to prevent the discharge thereof by payments to the association, except that bonds and interest-bearing obligations in which temporary investments may be made as hereinbefore provided, may be converted into cash. as required by such association in the conduct of its business.

Sec. 4. Repeal. That sections 485 and 493 of the Revised Statutes of 1913 as amended in chapter 14 of the laws of Nebraska of 1915 and section 488 of the Revised Statutes of 1913 are hereby repealed.

Approved, April 25, 1917.

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