Imagens da página

such company can and will comply with all the laws of the state of Kansas relating to loan associations, will treat its patrons fairly, and is solvent, he shall issue a certificate to said association to do business in Kansas; and until such certificate is issued said company shall not transact any business in this state. The bank commissioner may at any time investigate the condition of any foreign loan association doing business in this state by authority, and if he finds the condition of said association to be such that it should be precluded from the right of doing business in this state, he shall revoke the authority of such asso ciation, and thereafter such association shall not be permitted to do any business in this state until such time as said bank commissioner may renew said authority by issuing a certificate to said company. Any person violating any of the provisions of this section shall be deemed guilty of a felony, and punished by imprisonment in the penitentiary not less than one year nor more than five years. [Id., § 1422.]

Certificate to be Issued.- SEC. 186. Whenever such association has complied with the provisions of this act and has passed a satisfactory examination and made the deposit required by this act, the bank commissioner shall issue his certificate of authority to such association to do business in this state. Annually thereafter, in the month of March, upon the filing of the semi-annual statement herein provided for, and shall pass a satisfactory examination, if deemed necessary by the bank commissioner, and has otherwise complied with the law, he shall issue a renewal of such certificate of authority. [Id., $ 1423.]

Association may Change Securities and Collect Interest.— Sec. 187. Such foreign association may collect and use the interest on any securities so deposited so long as it fulfills its obligations and complies with the provisions of this act. It may also, with the consent of the bank commissioner, exchange them for other securities of equal value, to be approved by the bank commissioner. [Id., § 1424.]

Securities Liable for Claims.- Sec. 188. The deposit made with the bank commissioner shall be held as security for all claims of residents of this state against said association, and shall be liable for all judgments or decrees thereon, and subject to the payment of the same, in the same manner as the property of other non-residents. Should any association cease to do business in this state, the bank commissioner may release securities, in his discretion, after one year's notice of the fact, retaining sufficient to satisfy all outstanding liabilities. [Id., § 1425.]

May Cancel Authority of Foreign Associations.Sec. 189. Should the bank commissioner find upon examination that any foreign association does not conduct its business in accordance with the law, or that the affairs of any such association are in an unsound condition, or if such association refuses to permit examination to be made, he may cancel the authority of such association to do business in this state, and cause a notice thereof to be mailed to the home office of the association and to be published in at least one newspaper published in Topeka, Kansas. After the publication of such notice, it shall be unlawful for any agent of said association to receive any further stock deposits from members residing in this state, except payments on stock which had been issued before such notice was published. [Id., § 1426.]

Fees to be paid by Foreign Associations.- SEC. 190. Foreign building and loan associations shall pay to the bank commissioner the following fees, which fees shall be turned over to the state treasurer: For filing each application for admission to do business in this state, one hundred dollars; for each certificate of authority and renewal of same, fifty dollars. Said foreign associations shall pay to the said bank commissioner for filing each semi-annual statement, as follows: If the assets of the association as shown by the statement filed amount to fifty thousand dollars or less, three dollars; if more than fifty thousand dollars and less than one hundred thousand dollars, five

[ocr errors][ocr errors]

dollars; if more than one hundred thousand dollars and less than two hundred and fifty thousand dollars, ten dollars; if more than two hundred and fifty thousand dollars and less than five hundred thousand dollars, twenty dollars; if more than five hundred thousand dollars and less than a million dollars, thirty dollars; and if more than one million dollars, fifty dollars; for cach copy of a paper filed in his office, twenty-five cents per folio; for affixing the seal of office and certifying any paper, one dollar. [Id., $ 1427.]

SEC. 191. It shall be unlawful for any foreign building and loan association to do business in this state without having first complied with the provisions of this act, and any such association violating any of the provisions of this act, or failing to comply with any of its provisions, except as otherwise specified in this act, shall be fined not less than fifty nor more than one thousand dollars, to be recovered by an action in the name of the state, and on collection paid into the stato treasury: Provided, That building, loan and savings associations organized in another state, having heretofore transacted business in this state, which shall not have complied with the provisions of this act, shall have the right to close up their business and fulfill their contracts heretofore entered into with citizens of this state, through their duly authorized agents, without being subject to the penalties prescribed by this act. [Id., § 1428.]

Stock subject to Execution.- SEC. 192. The stock in any building and loan company or association shall be liable to sale on execution issued from a court of record by the sheriff, and upon such sale it shall be the duty of the proper officer of said corporation or association to transfer and assign the same to the purchaser on its stock-book, and issue certificates to the purchaser reciting the fact of such sale, and thereupon the purchaser shall be entitled to all the rights, duties and privileges that the original owner had before the sale. [Id., § 1429.]

[merged small][ocr errors][ocr errors][merged small]

Exempted from Charter-Board Act.- Sec. 193. Builling and loan associations complying with this act are hereby exempted from all the provisions of an act entitled “ An act concerning private corporations,” approved January 7, 1899, and published January 11, 1899, the same being chapter 10 of the Session Laws of the special session of 1898. Section 1 of chapter 5 of the Laws of 1869; section 1, chapter 43 of the Laws of 1870; sections 1, 2 and 3 of chapter 65 of the Laws of 1875, and all other acts and parts of acts inconsi-tent with this act, are hereby repealed. [Id., $ 1430.]


Powers.- SEC. 194. Every canal corporation for the purpose of irrigation shall, in addition to the powers heretofore conferred, have power: First, To cause such examination and survey for its proposed canal to be made as may be necessary to the selection of the most advantageous route, and for such purpose, by its officers, agents or servants, to enter upon the lands or waters of any person. Second, To take and hold such voluntary grants of real and other property as shall be made to it to aid in the construction and maintenance of its canals, ditches and sluices. Third, To lay out a canal, not exceeding fifty feet in width, and to construct the same; and for the purpose of cuttings and embankments, to take as much more land as may be necessary for the proper construction and security of the canal or any of its branches, ditches or sluices. Fourth, To construct its canal across, along or upon any stream of water. Fifth, To furnish water for irrigation at such rates as such organization or corporation may by its by-laws and regulations prescribe. Sixth, To borrow such sums of money as may be necessary for completing and finishing or operating their canal, and to issue and dispose of their bonds for any amount so borrowed, and to mortgage their corporate property and franchises to secure the payment of any debt contracted by the corporation for the purposes aforesaid: Provided, That damages for any property appropriated by such corporation shall be assessed and paid for as is provided for in case of railroads. [Id., $ 1368.]

[ocr errors][merged small]
« AnteriorContinuar »