Louchheim v. Richmond Mutual Building & Loan Ass'n

Citations

• 16 Pa. Super. 33
• 1901 Pa. Super. LEXIS 7

Syllabus

<p>Building and loan associations — Payment of money to secretary — Affidavit of defense.</p> <p>Provisions in the by-laws of a building and loan association that stated monthly meetings of the board of directors shall be held on a day specified “ at such hour and such place as the board of directors may designate, for the purpose of receiving from the stockholders the money due the association,” and that “the secretary shall attend at all meetings of the board of directors .... and shall receive all moneys due the association and pay the same to the treasurer as soon as he has made a record of the same,” do not prevent the payment of money at any other time than at the time of the regular meetings, nor is the secretary limited to the receipt of money at such meetings in the office of the association. These provisions give general authority to the secretary to receive moneys, and his receipt of them at any time and place binds the association.</p>