CORPORATIONS.
CHAPTER 40.
AUTHORITY TO EXTEND BUSINESS AND DEFINE POWERS AND PRIVILEGES.
AN ACT to Amend Section one of Chapter Thirty-four of the Laws of 1887 and to Authorize Building and Loan Corporations or Associations to Extend their Business Beyond the Boundaries of the Territory of Dakota, to Define their Powers and Privileges, and for Other Purposes.
Be it Enacted by the Legislative Assembly of the Territory of Dakota:
§ 1. Authority to extend business.] That any building and Joan associatiou or corporation incorporated or to be incorporated under and by virtue of the laws of the Territory of Dakota that wishes to extend its business outside of and beyond the boundaries of the said Territory of Dakota may do so upon complying with the provisions of this act.
§ 2. Statement of intention.] That such corporation or association shall insert in its articles of incorporation a statement of its intention to do business within and without the Territory of Dakota, or it shall amend its articles of incorporation by adding such a statement to them
§ 3. Managing board.] Such corporation shall have a board of directors of not less than five nor more than thirteen, who shall constitute the managing board of such corporation for all series issued.
§ 4. Minimum premium.] Such corporation may in its by-laws fix a per cent premium at less than which it will not be obliged to accept loans.
§ 5. Loan fund.] That not less than 83 per cent of all monthly dues collected from members of said corporation shall be put into a fund to be known as the loan fund, no part of which shall be used by said company for the purpose of paying its expenses or the expense of carrying on its business, excepting interest, taxes and insurance.
§ 6. Treasurer and trustee.] That any such corporation which may hereafter be incorporated shall designate a national bank
1889—8
