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University of Colorado Law School Colorado Law Scholarly Commons Session Laws 1901-1950 Colorado Session Laws 1907 To Provide for the Inspection of Building and Loan Associations; and Making an Appropriation Therefor. Colorado General Assembly Follow this and additional works at: https://scholar.law.colorado.edu/session-laws-1901-1950 Recommended Citation Colorado General Assembly, "To Provide for the Inspection of Building and Loan Associations; and Making an Appropriation Therefor." (1907). Session Laws 1901-1950. 638. https://scholar.law.colorado.edu/session-laws-1901-1950/638 This Act is brought to you for free and open access by the Colorado Session Laws at Colorado Law Scholarly Commons. It has been accepted for inclusion in Session Laws 1901-1950 by an authorized administrator of Colorado Law Scholarly Commons. For more information, please contact rebecca.ciota@colorado.edu. Death result of acptdent three months prior thereto.Penalty for violation of this act.Repeal.Bureauestablished.Inspector anddeputy—qualifications.Sec. 24. In all cases where death shall result from aceident within three months from and after the date of Said accident the coroner of the county in which said death shall occur shall be notified before the deceased shall be prepared for burial or removed from the place where death occurs; and it shall he the duty of all doctors in attendance on deceased, and of any undertaker called to prepare deceased for burial, or any other person who has knowledge of the fact of any death, to give such notifi­cation.' Sec. 25. Any violation of this act shall he punish­able by a fine of not less than $100.00 and not more than $500.00, or by confinement in the county jail for not less than thirty days and not more than ninety days, or by both such fine and imprisonment.Sec. 20. That all acts and parts of acts inconsistent with the provisions of this act are hereby repealed.Approved April 9th 1907.252 BUILDING AND LOAN ASSOCIATIONS. [CL. 113,CHAPTER 113.BUILDING AND LOAN ASSOCIATIONS.INSPECTION. ■ .(S. B. No. 287, by Senator De Long.)A N  A C T  'TO  PROVIDE FOR TH E  INSPECTION OF BUILDING AND LOAN ■ ASSOCIATIONS; AND MAKING AN APPROPRIATION THERE­FOR.B eit Enacted by the General Assembly of the State of Colorado:Section 1. There is hereby established in the Aud­itor’s department of the State of Colorado a bureau to be known as the Bureau of Building and Loan Associations. The Auditor of State shall he ex-officio inspector of Build­ing and Loan Associations, and he shall appoint a deputy2u3who shall be the deputy inspector of Building- and Loan Associations, who shall be an accountant, and who is familiar with the general principles upon which associa­tions are conducted. Such deputy shall receive for liis services the sum of two thousand dollars ($2,000.00) per salary, annum, to be paid out of the State Treasury. Before en­tering upon his duties he shall give a bond executed by a Bona, responsible surety company to the State of Colorado in the sum of ten thousand dollars ($10,000.00), to be ap­proved by the Governor and Auditor of State, conditioned for the faithful discharge of his duties, and the bond, ■with his oath of office and the approval of the Governor oath, • and Auditor endorsed thereon, shall be filed with the Sec­retary of State. ■Sec. 2. All Associations heretofore organized shall Associations have on file on or before January 1,1008; and all A ssociate articles tions, heheafter organized, shall, before commencing busi- of ness, file a copy of their articles of incorporation and a ncorpcir'1 on- copy of their by-laws with the Inspector of Building and Loan Associations; and in like manner shall file copies of all changes in such articles and by-laws as soon as made.Sec. 3. On or before the first day of February and File report the first day of August in each year, every such associa-for ,6 months tion now existing or hereafter organized under the laws Member 3i of this State or any other State or Territory, shall file and Jline 3(>. with the Inspector, a report of its affairs and operations 1 for the six months ending on the thirty-first day of De­cember and on the thirtieth day.of June last preceding.Such report shall be verified by the oath of a majority of the hoard of directors of the association, and shall con­tain the following information: . First, the amount of contents of - authorized capital, the amount of paid-up capital, and reP°l't- the par value of each share of stock; Second, the number of shares issued during the preceding six months; Third, the number of shares canceled or withdrawn during said period; Fourth, the number of shares in force at the end of said period; Fifth, a detailed statement of receipts and disbursements, including an itemized statement of the expenses of conducting the business of said association during said period; Sixth, a detailed statement of the as--pr ( sets and liabilities at the end of said period. Provided, oeclm&er That each December report shall Include also the follow- report also ing: The total net dues received on outstanding stock, contain.Ch. 113.] BUILDING AND LOAN ASSOCIATIONS,Certificateissued.Penalty for failure to file.Stockholderrecoverpenalty.Inspect each association once a year.Thirty days' notice to correct abuses.Attorney Genera! apply for receiver— when. ’Fees.less insurance premiums and either membership or with­drawal fees, the net profits of the year then closing and the aggregate net profits on the outstanding stock for all preceding years. .Such association shall pay to the Inspector for filing such report a fee as hereinafter provided in section 5 of this act. Upon receiving such report, the Inspector of Building and Loau Associations shall issue his certificate to the association showing compliance with these provi­sions. If any officer of any such association shall fail to file such report as required by this aet, or if such report shall be delayed or withheld beyond the time when the same should be filed, such officer shall forfeit and pay the sum of ten dollars ($10.00) for every day such report is withheld or delayed; and-any stockholder of any such association, or any party in interest may maintain an action in his own name to recover such penalty, and the same shall he paid to the State Treasurer and credited to the fund provided for in section 5 of this act.Sec. 4. It shall be the duty of the Inspector to make examination of each association at least once each year to ascertain whether such association is conducting its business in accordance with the statutes governing the same. If he finds that any association is not conducting its business in accordance with such statutes he shall re­port in writing the facts to the directors of such associa­tion and if the directors do not correct the abuse within thirty days from such notice, he shall then communicate such facts to the Attorney General, who shall thereupon investigate the-condition of such association; and if upon such investigation the Attorney General shall he satisfied that such association is not conducting its business in accordance with the laws governing the same he shall apply to the District Court of the county where the prin­cipal office of such association is located, for the appoint­ment of a receiver to. take charge of the affairs of such association, and if it shall appear to such court that there has been such failure to conform to the provisions of the law as to imperil the solvency of such association or prejudice the interests of its stockholders, a receiver shall be appointed and the Court may make such further orders and decrees in the case as equity may require.Sec. 5. Every such association shall pay to the In spector for filing each semi-annual report as provided in254 BUILDING AND LOAN ASSOCIATIONS. [Gil. 113.section 3 of this act, fees as follows: if the assets of the association as shown by the statement filed .amount to two hundred and fifty thousand dollars ($250,000.00) or less, ten dollars ($10.00)'; if more than two hundred and fifty thousand dollars ($250,000.00) and not exceeding five hundred thousand dollars ($500,000.00), forty dollars ($10.00) ; if more than five hundred thousand dollars ($500,000.00), seventy-five dollars ($75.00); for each pa­per filed in his office, twenty-five cents; for affixing the seal of office or certifying any copy, one dollar. The fees named in this section shall be deemed to pay for all ex­aminations by the Inspector. All fees of every kind col­lected by the Inspector shall be paid into the State Treas­ury for the use of the State. -Sec. 0. The Inspector of Building and Loan Associ-inspector ations shall.keep and preserve in permanent form a fnll-lieei> record, record of his official acts, including a concise statement of the condition of each association- examined, and shall make an annual report to the Governor showing the gen-Make eral condition of all such associations, domestic and for-Bnnuai eign, doing business in this State. report.Sec. 7. There is '  hereby appropriated out of any Appropriation, funds in the state treasury arising out of the revenues for the year 190S, not otherwise appropriated, the sum of twenty-five hundred ($2,500.00) dollars for the payment of the salary of the deputy Inspector of Building and Loan Associations and expenses of his office for the year 1008. \  , -Sec. 8. In the opinion of the General Assembly Emergency, an emergency exists; therefore; this act shall take effect and be in force and effect on January 1, 1908.Approved April 17thf 1907. * 'Ch. 113.] BUILDING AND-LOAN ASSOCIATIONS. 255

To Provide for the Inspection of Building and Loan Associations; and Making an Appropriation Therefor.

https://scholar.law.colorado.edu/cgi/viewcontent.cgi?article=1637&context=session-laws-1901-1950

To Provide for the Inspection of Building and Loan Associations; and Making an Appropriation Therefor.

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