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An Act to incorporate The Home Loan and Building Association 1859 780 (1859)

handle is hein.slavery/ssactssc0429 and id is 1 raw text is: STATUTES AT LARGE A. D. 1850. AN ACT TO INCORPORATE THElIIOMELOAN AND BUILDING ASSOCIATION. No. 4456. 1. Be it enacted by the Senate and House of Representatives, now met and sitting in General Assembly, and by the authority of the same, That John S. Riggs, James Copes, John H-. Steinmeyer and James W. Brown, together with such other persons as now are, or hereafter may be, associated constituted a with thenm, be, and they are hereby, declared and constituted a body politic body corporato. and corporate, for the purpose of making loans of money, secured by mort- gage of real and personal property, to their members and stockholders, by the name and style of The Home Loan and Building Association ; the capital stock of said Association to consist of twelve hundred shares, with the privilege of increasing the same to two thousand shares, to be paid by successive monthly instalments of one dollar on each share, so long as the said Association shall continue; the said shares to be held, transferred, as- signed and pledged, and the holders thereof to be subject to such fines and forfeitures for defaults in their payments, as the regulations and by-laws of the said Association may prescribe. II. That the said Association shall have such number and succession of officers and members as shall be ordained and chosen according to the rules and by-laws made, or to be made, by them, for their government; and shall Powers a n d have power and authority to make such rules and by-laws as are not repug- rights. nant to the Constitution and laws of the land; to have and keep a coin- mon seal, and the same to alter at will; to sue and be sued, implead and be impleaded, in any Court of Law or Equity in this State; and shall have and enjoy all and every right and privilege incident and belonging to cor- porate bodies, according to the laws of the lind. III. That the funds of the said Association shall be loaned and advanced Conditions of to their members and stockholders, upon the security of real and personal Ioitus and estate, en such terms and conditions, and subject to such regulations, as may, from time to time, be prescribed by the by-laws of the said Associa- tion; and it shall, and may, be lawful for the said Association to hold such lands, tenements, and hereditaments, and such slaves, or other personal prop- erty, as may be bona fide mortgaged and conveyed to it by way of security upon its loans and advances, or purchased at sales made according to law, upon judgments or decrees at law or equity, for the recovery of their debts; and to sell, alien or otherwise dispose of the same, as they may, from time to time, deem expedient. IV. That if the funds of the said Association shall remain unproductive Mayloanfunds. and uncalled for, for the space of two months, by their own members and stockholders, it shall be lawful for the said Association to lend what may bo on hand to others than stockholders, at the rate of seven per centum per an- num, if it be safely invested, and be repaid within one year. 780

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