Chapter 303. To amend section six hundred and ninety-one of subchapter seven, building associations, of the Code of Law for the District of Columbia
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CHAP. 303.— An Act To amend section six hundred and ninety-one of subchapter seven, building associations, of the Code of Law for the District of Columbia. March 4, 1909.[[S. 6055](/us/bill/70/s/6055).][[Public, No. 332](/us/pl/70/332).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, That section six hundred andDistrict of Columbia. ninety-one, subchapter seven, of the Code of Law of the District of Columbia,Code amendment.Vol. 31, p. 1299. relating to building associations, be amended so that the same shall read:
Sec. 691. Objects.—The object of such corporation shall be theBuilding associations. accumulation of a capital in money to be derived from the savings and accumulations by the members thereof, to be paid into said corporation in such sums and at such times as may be designated by the bylaws of said corporation, from which the members thereof may obtain advances upon their shares of stock: *Provided*, That the Comptroller*Provisos.*Examination by Comptroller of the Currency.Vol. 31, p. 1299, amended. of the Currency, in addition to the powers conferred upon him by law for the examination of national banks, is further authorized, whenever he may deem it useful, to cause examination to be made into the condition of any building association incorporated under the provisions of this chapter, as well as any other building or loan association located or doing business in the District of Columbia.
TheExpense of examination.Limit. expenses necessarily incurred in making any such examination shall not exceed the sum of twenty-five dollars for the first five hundred thousand dollars or fractional part thereof of assets and the sum of ten dollars for each additional two hundred and fifty thousand dollars or fractional part thereof of assets, and be paid by such association to the Comptroller of the Currency at the time of the making of such examination:Report to the Comptroller. *And provided further*, That every building or loan association 1059 located and doing business in the District of Columbia shall make to the Comptroller of the Currency at least one report during each year, according to the form which may be prescribed by him, verified by the oat h or affirmation of the president or secretary of such association andOath. etc. attested by the signature of at least three of the directors.
The saidLiquidation, if insolvent. etc. Comptroller shall also have power to take possession of any company or association whenever in his judgment it is insolvent or is knowingly violating the laws under which such company is incorporated, and to liquidate the same in the manner provided in the laws of the United States in respect to national banks: *Provided further*, That from andRestriction. after the first day of July, anno Domini nineteen hundred and nine, no person, company, association, copartnership, or corporation shall conduct or carry on in the District of Columbia the kind of business named in this Act, without strict compliance in all particulars with the provisions of this Act: *Provided*, That building associations heretoforeExisting associations need not be Incorporated. organized and in actual operation before the passage of this Act need not be incorporated.
Any person, officer, or agent of anyPenalty for violation. company, firm, or corporation who shall willfully violate any of the provisions of this sect ion shall be deemed guilty of a misdemeanor, and shall on conviction thereof be punished by a fine of not more than one thousand dollars or by imprisonment not longer than two years, or by both said punishments, in the discretion of the court. That any willfulPerjury, etc. false swearing in regard to any certificate, or report, or public notice required by the provisions of this Act shall be perjury, and shall be punished as such according to the laws of the District of Columbia.
And any misappropriation of any of the money of any corporationMisappropriating funds considered larceny. or company, formed under or availing itself of the privileges of this Act, or of any building or loan association located or doing business in the District of Columbia, or any money, funds, or property intrusted to any such corporation, company, or association, shall be held to be larceny and shall be punished as such under the laws of said District.” Sec. 2. That there be added to the Code of Law of the District ofNew section to Code.
Columbia a new section, to stand as section six hundred and ninety- one a, and to read as follows: Sec. 691. a. That any building association incorporated or unincorporated,All building associations affected.Exception. organized and existing under the laws of any State or Territory, except the District of Columbia, to do or now doing, in the District of Columbia, a building association business or otherwise operating as a building association, shall be subject to all the provisions of the foregoing section of this Act in respect of the powers of the Comptroller or the Currency hereunder, and, any such association or corporationDeposit of securities with Comptroller. shall at all times keep on deposit with the Comptroller of the Currency in money or stocks, bonds or mortgages or other securities to be approved by said officer not less than ten per centum of itsMinimum amount. capital and surplus as security for its depositors and creditors, and as a guarantee for the faithful performance of its contracts, and may also make such further deposit of its assets as above described with the Comptroller for such purpose as it may from time to time desire so to do.
Approved, March 4, 1909.