Mueller v. Madison Building & Loan Ass'n

Citations

• 11 S.D. 43
• 75 N.W. 277
• 1898 S.D. LEXIS 69

Syllabus

<p>Under Comp. Laws, $$ 3167, 3177, providing that by-laws of building and loan associations shall be subordinate to the statutes, and that the shares of stock shall be subject to a lien for unpaid installments, which may be enforced in the manner prescribed by the by-laws, a building and loan association has no authority to adopt a by-law providing for the forfeiture, without sale, of the shares of its members, for nonpayment of dues and fines.</p>