Sec.  7.  It  shall  bo  unlawful  for  nny  bnilding  and  loan  association  to  do  business
in  this  stato  without  having  first  complied  with  the  provisions  of  this  act,  or  for  aoy
person  to  sell,  disiH)so  of,  or  offer  to  sell  or  dispose  of,  any  shares  of  stock  of  any
«uch  association  v/liich  has  not  complied  with  the  provisions  of  this  act,  and  aay
association  violating  any  of  the  provisions  of  this  act,  or  failing  to  comply  withauy
of  its  provisions,  or  nry  person  so  selling  or  offering  to  sell  or  dispose  of  stock  in
any  such  nKsociation  which  has  not  complied  with  the  provisions  of  this  act,  shall
bo  ducd  not  less  than  fifty  dollars  nor  more  than  one  thousand  dollars,  to  be  recov-
ered by  an  action  in  the  nanio  of  the  state,  and  on  collection  to  bo  paid  into  the
stato  treasury:  Proridcdf  that  building  and  loan  associations  organized  in  other
states,  having  heretofore  transacted  business  in  this  state  which  shall  not  havccoai-
plied  with  the  provisions  of  this  act,  shall  havo  tho  right  to  close  np  their  business
and  fullil  their  contracts  hcrctoforo  entered  into  with  citizeusof  this  state,  through
their  duly  authorized  agents,  without  being  subject  to  the  penalties  prescribed  by
this  act;  but  all  contracts  mado  after  tho  passage  of  this  act  by  such  associatioofl
not  authorized  to  do  business  in  this  state  at  the  time  of  making  such  contracts
shall  be  null  and  void.
INDIANA.
REVISED  STATUTES  OF  1881.
