District of Columbia Statutes
§ 26-207 — Advancements — Payments of premiums.
District of Columbia·Title 26 Banks and Other Financial Institutions.·Ch. 2 Building Associations.·Subch. I General.
The moneys accumulated from time to time shall be offered to such shareholder or shareholders as shall bid the highest premium for preference or priority of right to an advancement of the ultimate value of 1 or more of his or their respective shares. The said premium shall consist of a percentage on the amount of the advance and shall be deemed to be a consideration or bonus paid by the shareholder for the present and immediate use and possession of the future or ultimate value of the share so advanced, and shall not be deemed usurious. The said premium may either be deducted in advance from the amount to be advanced to the shareholder or be made payable in monthly installments, in addition to legal interest on the sum advanced, as the bylaws may provide.
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Legislative History
Mar. 3, 1901, 31 Stat. 1299, ch. 854, § 692
Nearby Sections
15
§ 26-1001
Definitions.§ 26-1002
License required.§ 26-1003
Exemptions.§ 26-1004
License qualifications.§ 26-1006
License application.§ 26-1007
Bond or other security device.§ 26-1008
Application fee.§ 26-1009
Issuance of license.§ 26-1011
Special reporting requirements.§ 26-1012
Changes in control of a licensee.§ 26-1013
Examinations.§ 26-1014
Maintenance of records.