Page:United States Statutes at Large Volume 31.djvu/1351

 FIFTY-SIXTH GONGRESS. Sess. II. on. sai. 1901. 1299 Sec. 688. When such certificate shall have been filed for record as c,§°g§gP°”*`·‘i°“·P°W‘ aforesaid, the persons who have signed and acknowledged the same,' and their successors, shall become and be a body politic and corporate, in fact and in law, by the name stated in the certificate, and by that name have succession and be capable of suing and being sued in the courts of the District, and of purchasing, holding, and conveying such real estate as may be necessary to the conduct of its business, and to make reasonable by-laws not inconsistent herewith. Sec. 689. Powmzs AS ro srooK.—Such corporation shall have power, P¤·W·=*¤¤¤ to Stockin its certificate of incorporation or in its by—laws, to provide that its shares of stock may be issued in series; to limit the number of shares which each stockholder may be allowed to hold; to rescribe the entrance fee to be paid by each stockholder at the time of)subscribing, and to regulate the installments to be paid on each shareand the times at which they shall be payable. It s all also have power to enforce ` the payment of all installments and other dues by such fines and forfeitures as its by-laws may from time to time provide. . Sec. 690. Any person applying for membership or stock after a E Q-,§§§;§§S€¤gg} egiggg month from the time of the incorporation may be required to pay on aiieriucorpcraciou. subscribing such bonus or assessment as may be fixed by said by—laws in order to lplace said new members or stockholders on a footing with the origina members and others holding stock at the time of such ap lication. _ gmc. 691. OBJ1=:c*1*s.-—The object of such corporation shall be the Objects accumulation of a capital in money, to be derived from the savings and accumulation by the members thereof, to be paid into said corporation in periodical installments, in fixed and certain sums, and in such amount as shall be designated by the by-laws, until the value of all the shares of stock in said corporation, and every series thereof, shall be equal to the nominal or par value thereof or of some multiple thereof, at which time said corporation shall cease to exist, and in the meantime to enable the members thereof, by obtainin advances upon their shares of stock, to purchase or erect homes for ignemselves. Sec. 692. ADvANcEMENTs.—The moneys accumulated from time to Ad"¤¤°€m°¤***- time shall be offered to such shareholder or shareholders as shall bid the highest premium for preference or priority of right to an advancement of the ultimate value of one or more of his or their respective shares. The said. remium shall consist of a percentage on the amount of the advance and) shall be deemed to be a consideration or bonus paid by the shareholder for the present and immediate use and ossession of the future or ultimate va ue of the share so advanced, and) shall not be deemed usurious. The said premium may either be deducted in advance from the amount to be advanced to the shareholder or be made payable in monthl installments, in addition to legal interest on the sum advanced, as the by-laws may provide. Sec. 693. For every_ advance made as aforesaid a bond in a penalt T &dB¤¤¤e;1€<%1¤;¤gr¢¤ ¤¤ equal to the ultimate value of the shares advanced may be required), mm B ' secured by a first mortgage or deed of trust on real estate, and a pledge of the shares advanced u on, as additional or collateral security, which bond shall be conditioned) for the payment at the stated meetings of the corporation of the monthly dues on the shares so advanced upon and the interest on the sum advanced, and the installments of premium, if made so ayable, and all fines chargeable upon arrears of payments, until saig shares shall reach their ultimate value aforesaid, or said advance be otherwise canceled or discharged. _ ' Sec. 694. PROF1*rs.—The shares advanced upon shall partici ate Promsequally with the other shares in the profits and the amounts paid) by the advanced shareholders, together with such proportion of the prohts accrued or such rate of interest as said by-laws may determine, the