Page:United States Statutes at Large Volume 31.djvu/1352

 1 306 FIFTY—SIXTH CONGRESS. Sess. II. Ch. 854. 1901. — same as allowed on shares withdrawn not advanced upon, less all fines and a proportionate part of losses and other charges incurred. Sh§I;g¢=¤¤>¢i¤¤ of Sec. 695. Rnnnmprxon on SHARES.—Wh€TB advances from the ` funds on hand can not be made on satisfactory terms, the shareholders failing to bid therefor, the by-laws may rovide for the redemption of shares of stock, with the consent of the shareholders, and in case that can not be done, for the involuntary withdrawal and cancellation of shares, the said shares to be selected by lot, always from the oldest series, uiptilhexhauséteg, or the funds to be applied ratably among the owners o s ares o the same series. Shxggglgggivel of Sec. 696._WITHDRAWAL.—A shareholder shall be entitled to with- ` draw atany time, by giving such notice as the by·laws may require, where no advance has been made on his shares, in which case he shall be entitled to receive the amount of dues paid in by him on each of his shares, together with such proportion of the profits accrued or such rate of interest as said by-laws may determine, less all fines due and a Prwev- roportionate part of all losses an other char es incurred: Provided, glgitef fppde appli- ghat not more than one—half of the funds in the treasury at any time ` shall be csipplicable tg? tale élemgnis of the withdrawing shareholders wit out the consent 0 the oar o trustees. vé§1gggY,§¤¤¤¤ of ed- Sec. 697. Rnpamnnr on ADvANons.—A shareholder who has been . y sharehold-. . . . _m. advanced may at any time repay his advance upon application to the corporation, whereupon, on settlement of his account, he shall be charged with thevfsgll amount of the advance and of the accrued installments of the premium, if that has been added to the advancement and made payable in installments, together with all monthly dues, interest, and fines accrued and charged, and shall receive credit for all monthly dues paid on his shares an the profits thereon the same as are allowed under the by-laws on shares wit drawn not advanced upon, and, if the premium has been deducted in advance, with such proportion of the premium as the by-laws may direct, and the balance remaining due, _ over and above such credits, shall 'be received by said corporation in _,{"g°gQ”{§·whm mg satisfaction and discharge of said advance: Provided, That in case of ¢i·m¤¤ i¤¤¤1v<=¤t- the insolvency of the association, he shall not be entitled to credit for the ,» r · full amount of dues paid by him, but shall only be entitled to a dividend _ upon said amount, in common with the nonadvanced shareholders. F°‘f°““’°· Sec. 698. FoRnn1rUnn.—Any nonadvanced shareholder failing to i pay the installments due on his shares and the lines due from him for such time as the by-laws shall determine, shall forfeit his stock, but npag, on ap{pl{catio£i, receiveiafireturn of the amount paid in on account o is stoc ess the accrue nes. ` va*,};§§l‘”g*,{;,eQ,’g,gQ; Sec. 699.,FORECLOSURE.—ID case any advanced shareholder shall in arrears. etc. fail to pay all dues, interest, or premiums and shall be in arrears for any part of the same for the eriod of two months, the payment of the same and of the principal ofp the advance may be enforced by a foreclosure of the securities given for the same, and if upon a statement of account, as in case of a voluntary settlement of said advance, as hereinbefore authorized, there shall be any surplus of the proceeds of sale of the property given as security over the amount found due from such advanced shareholder, together with all costs incurred by the corporation, such surplus shall be paid to said defaulting shareholder, or his assigns, and his shares of stock so advanced upon shall be the property of the cor oration. i ,c{’;,§,@g,$,?§§,*f,Q*““* °“ Sec. 7 Og. REAL nstrArn.—Such corporation shall not invest its funds in any real estate except what is necessary for the conduct of its business, but may purchase such property at sales made upon foreclosure _ of mortga es prin satisfaction of judfnents or other iens held by it: .§{{§§'§,",;,m ,,,1,, P¢~0mJded,g[hat such property so pure ased be sold within a reasonable time thereafter. ‘’ ‘ c ‘‘ c ·‘ ·· v ‘