COMPILED CODE - Iowa Legislature - State of Iowa

I? 5845-5852-al.
392
BUILDING AND LOAN ASSOCIATIONS. Tit. XX, Ch. 1.
35 In event that judgment is obtained against a borrower from a
36 building and loan association, no greater recovery shall be had than
37 the net amount of principal actually received, with interest thereon
38 at a rate not greater than twelve per centum per annum on the net
39 amount of loan actually received by and paid to borrower, with atatu-
40 tory attorney fees ; no evasion of .this provision shall be had by means
41 of any dues, membership fees, premiums, fines, forfeitures or other
42 charges, any agreement to the contrary, notwithstanding.
[C, '73, §§ 1185, 1186; C, '97, § 1898; S., '13, § 1898; 39
G. A., ch. 258, § 1.]
SEC. 5845. Forbidden stocks—rate of dividend.
1 No building and loan or savings and loan associations shall issue
2 guarantee stock, fully paid stock, or single payment stock, or any stock
3 of any other kind or name which shall receive fixed dividends, or is
4 not subject to all the liabilities of all other classes of stock of said
5 associations, except that it shall be lawful for such associations to
6 issue fully paid stock upon the payment by the holder thereof of the
7 par Value of such stock upon which the dividends to be declared shall
8 not exceed the sum named in said certificate of stock, but in no event
9 shall the dividend exceed eight per cent per annum nor the rate of
10 dividend declared upon the other stock of said association, which said
11 stock shall be subject to be called in and redeemed by the said associa-
12 tion by giving the holder thirty days' notice thereof.
[S., '13, § 1898-c; 39 G. A., ch. 258, § 2.]
SEC. 5850. Guardians—executors—trustees—minors.
1 Any guardian, executor, administrator or trustee shall have the
2 right to vote, manage and control the shares held by him in his rep-
3 resentative capacity.
4 Minors may become members and make withdrawals the same as
5 other members, unless notice to the contrary is given in writing to
6 said association by the parent or guardian of said minor.
[C, '97, § 1901 ; 39 G. A., ch. 258, § 3.]
SEC. 5852. Expenditures and expenses—compensation of officers
and agents.
[Repealed by 39 G. A., ch. 269, and the two following sections
enacted in lieu thereof.]
SEC. 5852-al. Expenditures and expenses.
1 All expenditures and expenses for management and conducting
2 the affairs of such associations, not including membership fees and
3 charges for closing loans, shall be paid from the receipts of interest,
4 premiums, and other sources of profit. Said associations may thus
5 use for expenses in any one year a sum not in excess of the following
6 percentages on their assets, as shown by the last annual report, to wit :
7 1. Associations with assets not in excess of one hundred thou-
8 sand dollars, three per cent per annum.
9 2. Associations with assets in excess of one hundred thousand
10 dollars but less than three hundred thousand dollars, two and one-
11 half per cent.