§ 3796. Sales to be confirmed by court

The trustees or other officers of such religious society authorized to make such sale, exchange, or incumbrance, shall make return thereof to the court ordering the same, at such time as the court shall order, and thereupon, if the court is satisfied that the same has been made in all respects according to its order, it shall approve the same, and shall order that the proceeds be invested in other real estate for the use of such society, used in the payment of its debts, or otherwise invested or disposed of according to the prayer of said petition. 79 O. L. 108.

§ 3796a. Secret benevolent society empowered to invest reserve funds

That any secret benevolent association or society incorporated under or by the laws of the state, which shall have any reserve or accumulated funds, or moneys, held by them for the purpose of endowment of the widows, orphans, families, blood relatives or heirs of the members of such benevolent society or association, or for purely charitable purposes, shall have the right and power to invest such funds or moneys upon interest and shall take securities for such investment upon real or personal property, or otherwise, as such society or association may deem fit. 94 O. L. 354.

§ 3797. Savings and loan associations

The secretary of state shall submit the articles of incorporation of any savings and loan association received by him to the attorney-general, who shall, if the same are in conformity to law, and sufficient, certify thereto on the same, and the secretary of state shall then record the same; and no such association shall commence business with a subscribed capital of less than fifty thousand dollars, except in villages having a population at the federal census of 1880, or at any federal census to be taken hereafter, of less than twenty-five hundred, and in such villages no such associations shall commence business with a subscribed capital of less than twenty-five thousand dollars, which shall be divided into shares of one hundred dollars [each], nor until at least one-half of each subscription has been fully paid up. 86 (. L. 270.

"Associations with banking powers," referred to in Art. XIII, sec. 7, of

the constitution, embraces only banks of issue. Dearborn v. Northwestern Savings Bank, 42 Ohio St., 617.

By-law providing for lien on stock for debts due from holder, which provision appears on face of stock, is binding on stockholders and those claiming under them. Tomb & Felsh, assignee, 40 B. 186 (Sup. Ct.); see also notes to sec. 3808.

§ 2798. General regulations of such associations-

The signers of the articles of incorporation shall give at least three days' notice, personally served upon each stockholder, or thirty days' notice by publication, of the time and place of the meeting for the election of directors; the offices of secretary and treasurer of the corporation may be held by the same person; and at every annual meeting the directors shall make full report of the business of the preceding year, and the present financial condition of the corporation. 70 v. 40, $$ 5, 6, 7.

§ 3799. Deposits, and the payment thereof

The board of directors may prescribe the terms on which deposits shall be received and paid out, and the mode of transacting, managing, and conducting the affairs and business of the corporation; and the rules and regulations relating to the receipts and payment of deposits, and the interest thereon, shall be written or printed in the pass-books of depositors, shall not be altered so as to affect any deposit previously made, and shall be obligatory on such depositors. 70 v. 40, § 9.

§ 3800. Officers must give bond

The officers of such corporations, other than directors, shall, before entering upon the discharge of their duties, give bond to the corporation, to the amount required by the directors, and with security to be approved by them, for their fidelity and good conduct, and for the safe keeping and proper application of the funds of the association, and of such sums of money as may be placed in their charge by the depositors or others; and the directors may require an increase of the amount of such bonds whenever they deem it necessary. 70 v. 40, § 10.

§ 3801. Deposit by persons under disability

When deposit is made in any such association by a minor, or a female who is or thereafter becomes a married woman, the same shall be held for the exclusive right and benefit of such depositor,

free from the control or lien of any person, except creditors, and shall be repaid to the person making the deposit, and the receipt or acquittance of such minor or female shall be a sufficient release and discharge to the corporation for such deposit. 70 v. 40, SII.

§ 3802. Officers shall not borrow of the association

No director or other officer of such corporation shall borrow or use the funds of the corporation, except to pay the necessary and current expenses, to an amount greater than one-half of the amount of stock by him owned or held; nor shall any officer or director be surety, or in any manner an obligor, for any loan made by the corporation. 70 v. 40, § 12.

§ 3803. What real estate it may acquire

Such corporation may acquire, hold, and convey only such real estate as is necessary and convenient for the transaction of its business, and such as it may find necessary to purchase, at judicial sale or otherwise, to secure debts due it; but it shall not hold any real estate purchased to secure debts due it for a longer period than five years; and in all cases of loan upon real estate; the expense of searches, examination of certificates, and recording of papers, shall be paid by the borrower. 70 v. 40, § 13.

§ 3804. Interest may be paid on deposits

Such corporations may receive on deposit, for safekeeping or investment, all sums of money that may be offered for that purpose by tradesmen, clerks, mechanics, laborers, minors, or other persons, or by any religious or charitable society, or municipal corporation, or that may be ordered to be deposited by any court in this state having custody of money, and make investments thereof in the manner provided in this chapter, and may credit and pay such rates of interest thereon as may be agreed upon, not exceeding the rate allowed by law; and they may purchase and sell promissory notes, drafts, and bills of exchange, at such rates as may be agreed upon, and transact such other business as properly pertains to the business of such associations not forbidden by the constitution and laws of this state. 70 v. 40, § 14.

§ 3805. Stockholders to share ratably in increased stock— Upon any increase of stock, the stockholders at the time of such increase, shall each be entitled to a pro rata share thereof, upon the payment of its par value; but such right shall be forfeited if the amount be not paid within thirty days of the time fixed therefor by the directors by public notice. 70 v. 40, § 15.

§ 3806. Investment of funds-Discounts; interest; exchange-Advertisement of capital not paid in,

prohibited

Such corporations may invest their funds in the purchase of stocks, bonds or other evidences of indebtedness of the United States, stocks and bonds of the State of Ohio, bonds of any municipal corporation of this state, or school bonds of any municipal corporation, special school district or body politic in this state, issued pursuant to law, or in bonds issued by county commissioners within this state in pursuance of law, to such an amount as may be deemed proper, or the stocks or bonds of any state of the United States that has, for five years immediately preceding such investment, paid the interest on its bonded debt in lawful money of the United States, to the extent of ten per cent of their paid in capital and deposits, or in bonds or notes secured by mortgages on unincumbered real estate situated in the county where the association is located, or any adjoining county in this state, worth, exclusive of buildings, at least double the amount loaned thereon, unless accompanied with valid insurance upon the buildings thereon that will make the value of the real estate and insurance at least double the amount loaned thereon; but not more than seventyfive per centum of the amount of the paid in capital and deposits of any such association shall at any time be invested in such real estate securities. Such associations may discount notes and bills of exchange, and may take, receive, reserve and charge upon any loan or discount made upon any note, bill of exchange or other evidence of debt, interest at the rate allowed by law. Such interest may be reserved or taken in advance at the time of making the loan or discount; and for interest taken directly or indirectly in excess thereof, the associations shall be subject to the same penalties as natural persons; but in the purchase, discount or sale of a bill of exchange, payable at another place than the place of such purchase, discount or sale, the current rate of discount or