Page:1889 Territory of Dakota Session Laws.djvu/115

60 authorizing it to continue business for the ensuing year, and the Secretary shall be entitled to a fee therefor of $5.00 to be paid by such Association. Any such Association shall also cause to Бе published for one month, a copy of said statement in at least one newspaper of general circulation, published in the county where the principal office or place of business of such Association is located.

§ 2. .] No Foreign Building and Loan Association or Corporation, having the words "Building and Loan" as a part of its name, shall be entitled-to do business in the Territory of Dakota, until it shall have made application to the Secretary for permission to do business in the Territory; and the Secretary shall have examined into the financial condition of such Associations and its method of doing business, and if the Secretary be satisfied upon such examination, that such Association is solvent and its method of doing business, such as is likely to be beneficial to all of its members alike, he shall issue a certificate of authority to such Association as provided for in Section 1, of this act, such Association having first published for three weeks, а true and complete statement of its financial condition, sworn to by its President and Secretary. iu at least one newspaper of general circulation, in each county in which such Association wishes to trausact business, and having furnished the Secretary an affidavit of such publication made by the publishers of such newspaper. For such examination the Secretary shall be entitled to the sum of ten dollars ($10) per day, and ten cents per mile for the distance actually travelled in making such examinations. The said certificate, shall entitle such Association to transact business in the Territory for one year only from its date, and annually thereafter during the month of January, such Association shall publish said statement in the manner above described and it shall be the duty of the Secretary to make an examination of such Associations as above stated, for which he shall receive the compensation above specified. No such Association shall be entitled to transact business until having first fully complied with the provisions of this section.

§ 3. .] As Building and Loan Corporations are aggregations of laborers, mechanics, workmen aud working women, which start without any paid up capital, and as these members only pay each month an assessment in proportion to shares, for the purpose of furnishing a home to each of its members in turn, which assessment stops the moment that every member has thus been furnished with such a home, these Associations are hereby declared to be benevolent institutions within the meaning of Section 2, Chapter 28, of the Political Code of 1877, and as the monthly assessments paid i in by the members of these Associations are immediately given to one member, to enable such member to build a home, and as such member immediately begins to pay taxes on the home thus erected, and as the shares held by such members merely entitle them, in the future, in their turn to get money to build homes,