ceive a loan or advance of a sum of money equal to the full value of each share held by him, in the method provided for in the by-laws of such association. The said premium bid may be deducted in gross from the amount of the loan, or may be charged, and be required to be paid in proportionate amounts or installments, at such time during the existence of the shares of stock loaned or advanced upon as may be provided in the bylaws of the association: Provided, That where the stock of any association is issued in series or at different times, in such manner that all said stock will not mature at the same time, then the borrower shall pay only such proportion of the full premium as the number of months his stock lacks of being one hundred and twenty months old bears to one hundred and twenty months. Said association may provide in its by-laws that the bid for loans at its stated meetings, instead of a premium, shall be a stated rate of annual interest upon the sum desired, payable in periodical installments; such bid shall be the interest to be paid during the whole period of the loan or advance. A shareholder shall be entitled to borrow such fractional part of a share as the by-laws may provide. In case there shall be a balance of money remaining undisposed of at any stated meeting, the directors may, at their discretion, loan the funds so remaining on hand to others than stockholders on the security of prime unincumbered real estate: Provided, That any such association may by its bylaws dispense with the offering of its money for bids, and in lieu thereof loan or advance its money to members at such rate of interest or interest and premium as may be provided by the by-laws; such premium to be paid in gross or in installments. [Id., § 1398.] Premiums.- SEC. 162. Premiums for loans or advances as aforesaid shall consist of a percentage on the amount to be loaned, advanced, or borrowed, and shall be a charge, in addition to interest as aforesaid, on the amount loaned; and said premium shall be deemed and taken to be a consideration or bonus paid by the borrower for the present and immediate use and possession of the future or ultimate value of the shares so pledged, and shall, together with interest and fines paid, be received by said corporation as a profit on the amount of capital invested in said loan, and shall be ratably divided and distributed to the various shares, severalties and series of said capital. [Id., § 1399.] SEC. 163. The laws of Kansas concerning usury shall apply to all building and loan associations doing business under the provisions of this act; and the total sum received as premiums, fines and interest shall not exceed ten per cent. per annum on the money actually borrowed. [Id., § 1400.] Default; Recovery.- SEC. 164. Whenever, by reason of default in payment of loans or dues by members of such association, it becomes necessary according to the by-laws to bring suit on any mortgage for the purpose of collecting such loans, no greater sum shall be recovered than that actually due at the time of judgment. And whenever by the constitution or bylaws of any such association loans shall be made to its members by the share, for premiums, the amount for which judgment shall be rendered shall not be greater than the actual amount of money loaned, with interest to time of judgment at ten per cent. per annum, less the withdrawal value of the shares pledged as collateral security to the loan, the withdrawal value to be determined by the by-laws of the association in force at the time the shares were issued. [Id., § 1401.] Security.SEC. 165. For every loan or advance made as aforesaid, a non-negotiable and non-assignable note or bond secured by first mortgage on real estate shall be given, accompanied by a transfer and pledge of the shares of stock of the member or members so obtaining a loan or advance. Said shares so transferred and pledged shall be held by the corporation as additional or collateral security for the performance of the agreements, covenants and conditions of said note or bond BUILDING AND LOAN ASSOCIATIONS. and mortgage. Said note or bond and mortgage shall recite and set forth the number of shares transferred and pledged by the particular shareholder so borrowing, and the amount of money advanced thereon, and shall be expressed to be conditioned for the payment, at the stated meetings or at such other times as may be agreed upon, to the corporation, of the dues on the number of shares so pledged and advanced upon and the interest and premium upon the loan or advance for which said shares are pledged and said note or bond and mortgage given, together with all fines chargeable upon arrears of such payment, until said shares shall reach the ultimate value thereof or said loan shall be otherwise sooner canceled and discharged: Provided, however, That the shares of the particular corporation, without other security, may, in the discretion of the board of directors, be accepted as security for loans or advances to an amount not exceeding nine-tenths of the withdrawal value of such shares at the time, as shown by the books of such association. In case a shareholder shall neglect to offer security for a loan or advance within such a time as the by-laws may prescribe, or, offering security, the same shall not be approved or accepted by the board of directors, his right to such loan or advance shall be forfeited, and he shall be charged with and pay interest and premium at the agreed rate until the next stated meeting, together with all expenses incurred, if any; and the money so forfeited shall be subject to be reloaned at the next or any subsequent stated meeting. The provisions of this section shall apply to corporations heretofore organized as well as those hereafter to be organized. [Id., § 1402.] Non-payment by Borrower; Recovery of Loan.- SEC. 166. In case any borrowing shareholder shall for the period of six successive months fail to pay the dues, interest, fines and other charges required of him by the by-laws, or shall become indebted to such association in a sum equal to the gross amount of the dues, interest, fines and other charges for the period of six months, the association may proceed according to law to foreclose the mortgage given by such borrower as security for the loan, in which event the defaulting borrower, in addition to amount loaned as shown by the bond and mortgage given by such borrower, shall be charged with all dues, interest, premiums, fines, taxes and insurance due and in arrears, and shall have and be given credit for the withdrawal value of the shares pledged and transferred by him as aforesaid, in accordance with the rule hereinafter, in section number 16, provided for the withdrawal and cancellation of shares. Where the full amount of agreed premium has been deducted at the time of making the loan or advance, the borrower shall also be credited with one one-hundred-and-twentieth part of the amount of the premium for every month that the series in which the loan was made lacks of being one hundred and twenty months old; and the balance found to be remaining due over and above such credit, together with all expenses incurred in and about the foreclosure of said mortgage, shall be recovered and enforced on his security. If the amount realized from the sale of the property pledged for the loan or advance, less all legal charges, shall exceed the amount thus found due, the balance shall be paid to the delinquent borrower. [Id., § 1403.] SEC. Corporation may Buy and Sell Real Estate. 167. Any corporation created by or under this act is hereby authorized and empowered to purchase, at any sheriff's or other judicial sale, or at any other sale, public or private, any real estate upon which such corporation may have or hold any mortgage, judgment, lien, or other incumbrance, when the same may be necessary to protect said corporation, and to sell, convey or lease at pleasure the real estate so purchased, to any person or persons whomsoever. [Id., § 1404.] Repayment of Loan.-SEC. 168. A shareholder may pay a loan at any time, upon application to said corporation, by giving thirty days' notice in writing, upon such terms and con ditions as may be prescribed in the by-laws of the association. If there be no such by-laws, then, on a settlement of his account, such borrower shall be charged with the full amount of the money as originally received by him, together with all installments of dues, interest, premium, and fines, and other sums of money then remaining due and unpaid, and shall receive and be given credit, if he desires to surrender his shares, for the withdrawal value of the shares pledged and transferred by him as security for said loan, in accordance with the rule hereinafter (in section 16) provided for the withdrawal and cancellation of shares; and where the full amount of the agreed premium bid has ever been deducted at the time of making the loan or advance, then the borrower shall also be credited with one. one-hundred-and-twentieth part of the amount of the gross premium bid for every month that the series in which the loan was made lacks of being one hundred and twenty months old; and the balance found remaining due over and above such credit shall be received by said corporation in full satisfaction and discharge of said loan or advance: Provided, That all settlements made at periods intervening between stated meetings of the directors shall be made as of the date of the stated meeting next succeeding such settlement: And provided further, That a shareholder desiring to retain his shares and membership thereunder may, at his option, pay his loan, as above provided, without claiming credit for said shares as part payment of the amount of his debt, whereupon said shares shall be retransferred to him, and he shall assume and be entitled to all privileges of non-borrowing members, free, clear and discharged of and from any claim thereon by reason of said canceled loan or advance. [Id., § 1405.] Payments, when and how Made; and Shares, when and how Matured.- SEC. 169. Each shareholder shall pay to said corporation, at or before each stated meeting of the directors, or at any such time as may be provided in the by-laws, as a |