Kinney v. Columbia Savings & Loan Ass'n

MARSHALL, District Judge.

The defendant is a building association organized on the plan usually affected by such associations. It issues stock to subscribers, of a par value of $ioo per share. A small entrance fee is required, and the subscriber promises to pay to the association 70 cents per month on each share so issued. The funds accumulated by these monthly payments are used by the association — First, for the payment of its expenses; and, secondly, for the making of loans, to its shareholders. When the profits made .by the association from its loans and the monthly payments made by the…