Page:1889 Territory of Dakota Session Laws.djvu/114

Rh аnd that no steckholder shall be entitled te withdraw whose stock is held in pledge for security. Upen the death of the stockholder his or her legal representatives shall be entitled to receive the full ameunt paid in by him or her and legal interest thereon, first deducting all charges that may be due on thestock. No fines shall be charged to a deceased member's acceunt from er after his decease, unless the legal representatives of such decedent assume the future payment on stock.

The capital stock of any building and loan association heretofore incerperated oy te be incorporated may be increased or diminished and the other provisions of this aet made operative and applicable te building and loan asseciations incorperated er to be incorporated by a two-thirds vote of the beard ef directors of such corporation upon publishing in two newspapers of general circulation in the county in which such association is located for two weeks notice of intention to increase capital stock and upon filing with Secretary of the Territory а certified copy of the minutes of the meeting of the board of directors of such association at which it was voted to increase the capital stock together with proof of publication of the notice hereinbefore provided for.

§ 12. .] This act shall take effect and be in ferce from and after its passage and approval.

Approved February 15, IRR9.

CHAPTER 41.

FINANCIAL STATEMENTS AND EXEMPTION FROM TAXATION.

AN ACT Regulating the Business of Building und Loan Corporations.

Be it Enacted by the Legislative Assembly ef the Territory of Dakota:

§ 1. .] That all Building and Loan Corporations created by virtue of the Laws of Dakota Territory, shall annually on the first day of January, make a true and correct statement, verified by the oath of its President or Secretary, setting forth its actual financial condition, and the amount of its property and liabilities, which statement shall be forwarded to the Secretary of the Territory, not later than the tenth day of January, under a penalty of five hundred dollars ($500) to the Territory, to be recovered by indictment against the President, Secretary or Directors. And the Secretary upon receipt of such statement, if he be satisfied from the same, that such Association be solvent and conducting its business in a safe and conservative manner, shall issue to such Association a certificate