COMPILED CODE - Iowa Legislature - State of Iowa

391
Tit. XX, Ch. 1. BUILDING AND LOAN ASSOCIATIONS. 8 5844.
TITLE XX.
BUILDING AND LOAN ASSOCIATIONS.
CHAPTER 1.
ORGANIZATION AND GENERAL REGULATIONS.
NOTE: Chapter heading changed from "Building and Loan Associations" to
the above to avoid having a chapter heading the same as the title heading.
SECTION 5844. Nature of business—statement.
1 All building- and loan or savings and loan associations, upon re-
2 ceiving the certificate from the auditor, shall have power, subject to
3 the terms and conditions contained in their articles of incorporation
4 and by-laws, to issue stock to members to be paid for in single, stated,
5 or monthly payments, but not more than ten thousand dollars of stock,
6 computed at par value, of any kind shall be issued to one person except
7 that any association having assets in excess of one million dollars
8 may issue to one person stock, computed at par value, not in excess
9 of one per cent of its assets ; to assess and collect from members such
10 dues, membership fees, fines, premiums, and interest on loans as may
11 in the articles of incorporation and by-laws have' been provided, and
12 the same shall not be held to be usurious ; to permit members, other
13 than holders of guarantee stock, to withdraw all or a part of their
14 stock deposits upon such terms and at such times as the articles of
15 incorporation and by-laws may provide; to acquire, hold, incumber
16 and convey such real estate and personal property as may be neces-
17 sary for the transaction of their business ; to make loans to members
18 on such terms, conditions and securities as the articles of incorpora-
19 tion and by-laws provide; said loans to be made only on real estate
20 security, or on the security of their own shares of stock, not to exceed
21 ninety per cent of the withdrawal value thereof.
22 It shall be the duty of the secretary of every such association
23 doing business in this state to prepare, on or before February fifteenth
24 of each year, a duly verified statement, showing the book value and
25 withdrawal value of a share of each class of stock in said association,
26 for each monthly period up to January first preceding, and file the
27 same with the auditor of state, which shall be preserved in his office.
28 The said association shall, on or before February fifteenth of each
29 year, mail to each shareholder a written or printed copy of the same.
30 In case of foreclosure, the borrower shall be charged with the
31 full amount of the loan made to him, together with the dues, interest,
32 premium and fines for which he is delinquent, and he shall be credited
33 with the same value of his pledged shares as if he had voluntarily
34 withdrawn the same.