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8 562. Forfeiture for speculating in or owning lands exceeding two hundred thousand dollars. Homestead corporations must not purchase and sell, or otherwise acquire and dispose of real property, or any interest therein, or any personal property, for the sole purpose of speculation or profit. Nor must any such corporation at any one time own or hold, in trust or otherwise, for its purposes, real property, or any interest therein, which in the aggregate exceeds in cash value the sum of two hundred thousand dollars. For any violation of the provisions of this section corporations forfeit their corporate rights and powers. On the application of any citizen to a court of competent jurisdiction such forfeiture may be adjudged, and the judgment carries with it costs of the proceedings. En. March 21, 1872.

$ 563. When corporation is terminated, and how. Except for the purpose of winding up and settling its affairs, every homestead corporation must terminate at the expiration of the time fixed for its existence in the articles of incorporation, or when dissolved as provided in this part. No dividend of funds must be made on terminacion of its corporate existence, until its debts and liabilities are paid; and upon the final settlement of the affairs of the corporation, or upon the termination of its corporate existence, the directors, in such manner as they may determine, must divide its property among its shareholders in proportion to treir respective interests, or, upon the application of a majority in interest of the stockholders, must sell and dispose of any or all of the real estate of the corporation upon such terms as may be most conducive to the interAsts of all the stockholders, and must convey the same to the purchaser, and distribute the proceeds among the shareholders, or may at any time, when best for the interests of all the shareholders, cause the lands of the corporation to be subdivided into lots and distributed, by sale for premiums, at auction or otherwise, among the share holders. En. March 21, 1872.

$ 564. Payment of premiums. Such premiums on lots may be made payable at the time they are bid off, and, if not so paid on any lot of land, the directors may imme.

diately offer the same for sale again. If made payable at a future day, and any shareholder fails to pay his bid on the day the same is made due and payable, the directors may advertise and sell the shares of stock representing the lots of land on which the premiums remain unpaid, in the manner provided in the by-laws for the sale of shares on account of delinquent installments and premiums. En. March 21, 1872.

$ 565. Annual report to be published. The actual financial condition of all homestead corporations must, by the directors thereof, be published annually in the [a] news. paper published at the principal place of business of the corporation, for four weeks, if published in a weekly, and two weeks, if published in a daily. The statement must be made up to the end of each year, and must be verified by the oath of the president and secretary, showing the items of property and liabilities. En. March 21, 1872.

$ 566. Publication in certain cases. In any case in which a publication is required, and no newspaper is published at the principal place of business, the publication may be made in a paper published in an adjoining county. En. March 21, 1872.

See act of March 23, 1874, relative to homestead corporations, Appendix, title Homesteads.

TITLE X.

SAVINGS AND LOAN CORPORATIONS. § 571. May loan money-on what terms, how, and to whom, and

how long. $ 572. Capital stock, and rights and privileges thereof. $ 573. No dividends, except from surplus profits. To contract no

liability, except for deposits. § 574. Property which may be owned by corporations. Restrictions

in purchases as provided above. $ 575. Married women and minors may own stock in their own

right. $ 576. May issue transferable certificates of deposit. Special cer.

tificates. § 577. To provide reserve fund for the payment of losses, § 578. Prohibition on director and officer, and what vacates office. $ 579. Definition of phrase "create debts.' $ 580. Banks, amount of capital stock required. $ 581. Restrictions on savings banks. $ 582. True names of persons engaged in banking must be shown. $ 583. Dividends-Surplus funds. $ 5a3a. Capital actually paid up must be published.

$ 571. May loan money-on what terms, how, and to whom, and how long. Corporations organized for the purpose of accumulating and loaning the funds of their members, stockholders, and depositors, may loan and invest the funds thereof, receive deposits of money, loan, invest, and collect the same, with interest, and may repay depositors with or without interest. No such corporation must loan money, except on adequate security on real or personal property, and such loan must not be for a longer period than ten years. En. March 21, 1872. Am'd. 1900-01, 295.

Cal.Rep.Cit. 64, 123; 97, 222; 126, 415 ; 136, 442.

Banks cannot be created except under general laws: Const. Cal., art. XII, sec. 5.

Act relating to banking corporations repealed: See post, Appendix, title Banks and Banking.

Act compelling bank to publish statement of unclaimed deposits: See post, Appendix, title Banks and Banking.

Act providing for dissolution and winding up of savings banks and trust companies: See post, Appendix, title Banks and Banking.

$ 572. Capital stock, and rights and privileges thereof. When savings and loan corporations have a capital stock specified in their articles of incorporation, certificates of the ownership of shares may be issued; and the rights and privileges to be accorded to, and the obligations to be imposed upon, such capital stock, as distinct from those of depositors, must be fixed and defined, either in the articles of incorporation or in the by-laws. En. March 21, 1872.

Cal.Rep.Cit. 64, 123; 109, 401; 117, 160.

Increase of capital stock: See post, Appendix, title Banks and Banking.

$ 573. No dividends, except from surplus profits. To contract no liability, except for deposits. The directors of savings and loan corporations may, at such times and in such manner as the by-laws prescribe, declare and pay dividends of so much of the profits of the corporation, and of the interest arising from the capital stock and deposits, as may be appropriated for that purpose under the bylaws or under their agreements with depositors. The directors must not contract any debt or liability against the corporation for any purpose whatever, except for deposits. The capital stock and the assets of the corporation are a security to depositors and stockholders, depositors having the priority of security over the stockholders, but the bylaws may provide that the same security shall extend to deposits made by stockholders. En. March 21, 1872.

Cal.Rep.Cit. 64, 123; 109, 401; 117, 160 ; 119, 343.

Act prohibiting dividing or withdrawing of capital stock: See post, Appendix, title Banks and Banking.

$ 574. Property which may be owned by, corporations. Restrictions in purchases as provided above. Savings and loan corporations may purchase, hold and convey real and personal property as follows:

1. The lot and building in which the business of the corporation is carried on, the cost of which must not exceed one hundred thousand dollars; except, on a vote of two thirds of the stockholders the corporation may increase the sum to an amount not exceeding two hundred and fifty thousand dollars;

2. Such as may have been mortgaged, pledged or conveyed to it in trust, for its benefit in good faith, for money loaned in pursuance of the regular business of the corporation;

3. Such as may have been purchased at sales under pledges, mortgages or deeds of trust made for its benefit, for money so loaned, and such as may be conveyed to it by borrowers in satisfaction and discharge of loans made thereon;

4. No such corporation must purchase, hold or convey real estate in any other case or for any other purpose; and all real estate described in subdivision three of this sec. tion must be sold by the corporation within ten years after the title thereto is vested in it by purchase or otherwise;

5. No such corporation must purchase, own, or sell personal property, except such as may be requisite for its immediate accommodation for the convenient transaction of its business, mortgages on real estate, bonds, securities or evidences of indebtedness, public or private, gold and silver bullion and United States mint certificates of ascertained value and evidences of debt issued by the United States;

6. No such corporation must purchase, hold or convey bonds, securities or evidences of indebtedness, public or private, except bonds of the United States, of the state of California, and of the counties, cities, or cities and counties, or towns, or school districts of the state of California, or bonds of railroad or street railroad corporations owning property and having their principal place of business in the state of California, unless such corporation has a capital stock or reserve fund paid in of not less than one hundred thousand dollars. En. March 21, 1872. Am'd. 1873-4, 273; 1900-01, 659. Cal.Rep.Cit. 64, 123; 109, 401; 117, 160 ; 126, 416; 133, 613.

Subd. 6-136, 442. 8 575. Married women and minors may own stock in their own right. Married women and minors may, in their own right, make and draw deposits and draw dividends, and give valid receipts therefor. En. March 21, 1872.

Cal.Rep.Cit. 64, 123; 117, 160; 119, 343; 134, 405.

$ 576. May issue transferable certificates of deposit. Special certificates. Savings and loan corporations may issue general certificates of deposit, which are transferable, as in other cases, by indorsement and delivery; may issue, when requested by the depositor, special certificates,

nowledging the deposit by the person therein named of

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