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($ 3536-8.) Sec. 8. Bureau of building and loan associa-,
tionsThere is hereby established in the department of insurance a bureau to be known as the bureau of building and loan associations, which shall be charged with the execution of the laws of this state relating to building and loan associations. $8 O. L. 469.
($ 3836-9.) Sec. 9. Superintendent of insurance, ex-officio,
inspector-Compensation, bond, oath-Dep
uty inspectorThe chief officer of said bureau shall be known as the inspector of building and loan associations; the superintendent of insurance, shall, ex-officio, be also the inspector of building and loan associations, and as compensation for his services as such inspector he shall be entitled to receive the sum of one thousand dollars per annum. Before entering upon his duties, he shall give bond to the State of Ohio in the sum of ten thousand dollars, to be approved by the governor, conditioned for the faithful discharge of his duties, and the bond, with his oath of office and the approval of the governor indorsed thereon, shall be filed with the secretary of state.
The inspector may appoint a deputy, who shall be authorized to perform the duties attached by law to the office of inspector, during his absence or disability, and shall receive a salary of eighteen hundred dollars per year. He shall also appoint such other clerks or examiners as may be provided for by law. 88 0.
($ 3836-10.) Sec. 10. Duty of adjutant-general
The adjutant-general shall provide suitable accommodations for the conduct of the business of the bureau in the office of the superintendent of insurance and furnish the necessary furniture, etc., and the expense for the same shall be paid out of the state treasury, on the certificate of the inspector and the warrant of the adjutant-general. 88 O. L 469.
($ 3836-11.) Sec. II. Duty of inspector
It shall be the duty of the inspector to see that all the laws of this state, relating to building and loan associations, are faithfully executed.
88 0. L. 469.
($ 3836-12.) Sec. 12. Laws governing foreign associations
-Deposit-Certified copy of charter, etc.
Issue of summonsForeign building and loan associations doing business in this state, shall conduct the same in accordance with the laws of the state governing domestic associations, and no such association shall do any business in this state until it procures from the inspector a certificate of authority to do so. To procure such authority, such association shall comply with the following provisions:
First. It shall deposit with the inspector one hundred thousand dollars, either in cash or bonds of the United States or of the State of Ohio, or of any county or municipal corporation in the State of Ohio, satisfactory to the inspector.
Second. It shall file with the inspector a certified copy of its charter, constitution and by-laws, and other rules and regulalations showing its manner of conducting business together with a statement such as is required annually from all associations.
Third. It shall also file with the inspector a written instrument, duly executed, agreeing that a summons may issue against it from any county in this state directed to the sheriff of the county in which the office of inspector is situate, commanding him to serve the same by certified copy personally upon the inspector or by leaving a copy thereof at his office. The inspector shall, however, mail a copy of any papers served on him, postage prepaid, to the home office of such association. 88 0. L. 469.
($ 3836-13.) Sec. 13. Certificate of authority to do busi
nessWhenever such association has complied with the provisions of this act, and the inspector is satisfied that such association is doing business according to the laws of this state, and is in sound financial condition, he shall issue his certificate of authority to such association to do business in this state. Annually thereafter, upon the filing of the annual statement herein provided for, if the inspector shall be satisfied as aforesaid, he shall issue a renewal of such certificate of authority. 88 0. L. 469.
($ 3836-14.) Sec. 14. Collection of interest and exchange
of securitiesSuch 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 exchange them for other securities of equal value and satisfactory to the inspector. 88 0. L. 469.
($ 3836-15.) Sec. 15. Deposit to be held as security for
claimsThe deposit made with the inspector shall be held as a security for all claims of residents of this state against said association, and shall be liable for all judgments or decrees thereon, and subjected 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 inspector may release securities in his discretion, retaining sufficient to satisfy all outstanding liabilities. 88 0. L. 469.
(9 3836-16.) Sec. 16. Annual reports
Every building and loan association doing business in this state shall, annually, at the end of each fiscal year, or within forty days thereafter, make a full and detailed report in writing of the affairs and business of the association for the preceding year, and showing its financial condition at the end of said fiscal year. With the first report made by any association it shall also file a certified copy of its constitution and by-laws, or other rules and regulations, showing its manner of doing business. 88 0.
($ 3836-17.) Sec. 17. What annual report shall contain
The statement shall be in such form and contain such information as may be prescribed by the inspector of building associations. It shall be sworn to by the secretary, and its correctness attested by at least three directors, or an auditing committee appointed by the board. The original shall be filed with the inspector of building associations within forty days after the close of the fiscal year, and such an abstract thereof as the inspector may require shall be posted for sixty days in the office or meeting place of such association, and also published in some paper regularly issued in the county in which said association is located. 88 0. L. 469.
($ 3836-18.) Sec. 18. Inspector shall examine associa
tions; when-Expense of inspection-Proceedings of revocation of charter for illegal practices—Dissolution of association-Pro
ceedings for, shall be institutedThe inspector, when he has reason to suspect the correctness of any statement of an association doing business in this state, or that its affairs are in an unsound coudition, or that it is not conducting its business in accordance with law, may make or cause to be made by some person by him appointed for that purpose, an examination into the affairs of such association. The expense of all examinations shall be paid by the associations examined, except that the actual expense of the examination of an association organized under the laws of this state, shall be paid out of the fees paid by such associations to the inspector, as hereinbefore provided.
Should the inspector, upon examination, find any domestic association conducting its business in whole or in part contrary to law, or failing to comply with the law, he shall so notify the board of directors of such association in writing, and if, after thirty days, such illegal practices or failure continue, he shall communicate the facts to the attorney-general, who shall cause proceedings to be instituted in the proper court to revoke the charter of such association.
Should the inspector find, upon examination, that the affairs of any such association are in an unsound condition, and that the interests of the public demand the dissolution of such association, and the winding up of its business, he shall so report to the attorney-general, who shall institute the proper proceedings for that purpose.
88 0. L. 469.
(3 3836-19.) Sec. 19. Examiners; powers of
Such examiners shall have access to and may compel the production of all the books, papers, securities and moneys, etc., of the association under examination. They shall have power to administer oaths to and examine the officers and agents of such association as to its affairs. 88 0. L. 469. .
($ 3836-20.) Sec. 20. Publication of result of examina
tion-When the inspector deems it to the interest of the public, he may publish the results of such examination in some newspaper of general circulation in the county in which such association is located, if it be a domestic association, and in some newspaper in the city of Columbus, Ohio, if it be a foreign association. 88 0. L. 469.
(§ 3836-21.) Sec. 21. Authority of foreign association to
be canceled for illegal practicesShould the inspector 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 the city of Columbus. 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 on which a loan has been taken. 88 O. L. 469.
($ 3836-22.) Sec. 22. Fees to be paid to inspector
Foreign building and loan associations shall pay to the inspector the following fees, which shall be paid into the state treasury, to wit: For filing each application for admission to do business in this state, one hundred dollars. For each certificate of authority and annual renewal of same, fifty dollars; both foreign and domestic associations shall pay to the inspector for filing each annual statement, as follows: If the assets of the association, as shown by the statement filed, amount to $50,000.00 or less, $3.00; if more than $50,000.00 and less than $100,000, $5.00; if more than $100,000.00 and less than $250,000.00, $10.00; if more than $250,000.00 and less than $500,000.00, $20.00; if more than $500,000.00 and less than $1,000,000.00, $30.00; and if more than $1,000,000.00, $50.00. For each 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. Provided, however, that the inspector may retain from the fees so received by him up to the close of the fiscal year ending November 15, 1892, a sum sufficient to pay the salaries and necessary expenses of the bureau of building and loan associations up