Folk v. State Capital Savings & Loan Ass'n

Citations

• 214 Pa. 529
• 63 A. 1013
• 1906 Pa. LEXIS 695

Syllabus

<p>Building and loan associations — Stock—Issue of full-paid, stock.</p> <p>A building and loan association commits no unlawful act in issuing full-paid stock, the dividends of which are not guaranteed but are limited in amount and payable only out of the profits, and the holders of which are entitled to no preference and have no advantage over other stockholders upon distribution in case of loss or insolvency; provided that the issue is incidental to the main business of the association and is intended to provide a fund from which loans may be made to the holders of installment stock.</p> <p>Building and loan associations — Withdrawal fee.</p> <p>A building and loan association incorporated under the laws of Pennsylvania has the right to establish a fixed withdrawal fee provided that it is a reasonable one, fairly approximating the proportion which upon the most accurate practicable calculation would appear chargeable against each share at the date of withdrawal.</p> <p>Building and loan associations — Employment of solicitors and collectors.</p> <p>Building and loan associations organized under the laws of Pennsylvania may employ collectors and solicitors in furtherance of the requirements of their business.</p>