Keystone State Building & Loan Ass'n v. Anderson

Citations

• 70 Pa. Super. 231
• 1918 Pa. Super. LEXIS 218

Syllabus

<p>Building and loan associations — Loans—Competitive bidding— Bids in writing.</p> <p>Where a person desiring to become a borrower from a building and loan association makes and signs a written application containing a bid of ten cents per share, and authorizing the secretary to act in making the bid, and the secretary at a meeting of the directors at which only directors are present, presents a number of similar applications, and the directors acting solely on the written applications grant all the loans at the rate of ten cents per share, such bidding is not competitive bidding within the meaning of the law, and a borrower cannot be charged with the amount of such premium in addition to a six per cent, charge.</p>