Page:1889 Territory of Dakota Session Laws.djvu/113

58 as its treasurer and shall appointa trust company as trustee to receive from it and from its treasurer all moneys of said corporation belonging to its loan fund to hold its securities and to perform such other acts of trust and guarantee as the directors of said loan corporation under its by-laws may authorize and direct.

§ 7. .] That any funds of such corporation not loaned fora period of more than 30 days and for which there is no sufficient demand under the provisions of the articles of incorporation and by-laws of the corporation may be loaned by the corporation at any rate of interest allowed by law upon any security approved and accepted by the board of directors of said corporation.

§ 8. .) Such corporation shall have power to borrow money upon debentures issued to it by the trust company holding its securities orit may borrow upon its securities direct under such restrictions and regulations as its by-laws may provide.

§ 9. .] The board of directors of such corporation shall have power in their discretion to retire the unpledged shares of stock of such corporation at any time after the third year from the date of issue of such stock and to enforce the withdrawal of the same in such manner and under such regulations as they may deem best for the interest of the corporation, They shall determine by lotor in any other impartial manner which shares shall be thus retired, but no unmatured stock shall be retired while any matured stock remains in force.

§ 10. .] All the laws of the Territory of Dakota respecting building and loan associations shall apply equally to corporations herein provided for except wherein such laws may conflict with the provisions of this act.

§ 11. .] That section one (1), of chapter thirty-four (34), of the laws of 1887, be and the same is hereby amended so as to read as follows, viz:

§ 1. .] The capital stock of any corporation created by this act shall be paid in at such times, amounts and places as the by-laws shall appoint; every share of stock shall be subject to alien for the payment of unpaid installments, and other charges incurred thereon under provisions of the charter and by-laws and the by-laws may prescribe the form and manner of enforcing such lien; new shares of stock may be issued in lieu of the shares withdrawn or forfeited, the stock may be issued in one or more successive series in such amount as the board of directors or stockholders may determine and any stockholder wishing to withdraw from the said corporation shall have power to do so by giving thirty days notice of his ог her intention to withdraw, when he or she shall be entitled to receive the amount paid in by him or her and such proportion of the profit as the by-laws may determine, less all fines and other charges; provided that at no time shall more than one-half the funds in the treasury of the corporation be applicable to the demands of with- drawing stockholders without the consent of the board of directors;