780 AGRICULTURAL ECONOMICS 



herein prescribed shall forfeit to the commonwealth five dollars for each 

 day during which such neglect continues. 



SEC. 24. The board of directors shall expel from a credit union any 

 member who has not carried out his engagements with the credit union, 

 or who has been convicted of a criminal offense, or who neglects or refuses 

 to comply with the provisions of this act or of the by-laws, or whose private 

 life is a source of scandal, or who habitually neglects to pay his debts, or 

 who shall become insolvent or bankrupt, or who shall have deceived the 

 corporation or any committee thereof with regard to the use of borrowed 

 money; but no member shall so be expelled until he has been informed in 

 writing of the charges against him, and an opportunity has been given to 

 him, after reasonable notice, to be heard thereon. 



The amounts paid in on shares deposited by or members who have 

 withdrawn or have been expelled shall be paid to them, in the order of 

 withdrawal or expulsion, but only as funds therefor become available and 

 after deducting any amounts due by such members to the credit union. 



251. THE LENDING OF STATE FUNDS IN OKLAHOMA 1 



AN ACT to encourage and promote home ownership in Oklahoma; providing for 

 the investment of certain designated funds; authorizing the sale of bonds 

 against the securities taken, and the re-investment of the proceeds 



Be It Enacted by the People of the State of Oklahoma: 



SECTION i. The Commissioners of the Land Office are hereby 

 authorized and instructed to invest all monies now on hand or that 

 may hereafter be received from the sale of lands commonly known as 

 "State Educational Institution Lands" (same being section 13 or 

 lands taken in lieu thereof), and the "New College Lands," in first 

 mortgage on improved farm land in this State under such rules and 

 regulations as may be provided by said Commissioners of the Land 

 Office not in conflict with the following: 



(a) Not to exceed Two Thousand ($2,000) Dollars shall be loaned 

 to any one individual or family. 



(b) All loans shall be secured by first mortgage on farm lands 

 upon which the borrower resides, and holds as his homestead, and 

 the cash value of which, disregarding all improvements, is at least 

 double the amount of the loan. 



(c) Notes shall be drawn to run for twenty-three and one-half 

 years payment of 4 per cent of the full face value of each note to 

 be made semi-annually; at each payment, interest at the rate of 6 



1 Session Laws of Oklahoma, 1915. 



