Sec.  3981;.  A  borrower  may  repay  a  loan  at  any  time,  and  in  the  event  of  the
repayment  thereof  before  the  expiration  of  the  [eighth]  eight  year  after  organiza-
tion of  the  association,  [or]  on  the  date  of  issue  of  the  series  of  stock  in  such  asso-
ciation on  which  the  loan  may  have  been  made,  there  shall  be  refunded  to  such
boriower  one-eighth  of  the  premium  paid  for  every  year  of  the  said  eight  years
then  unexpired :  Provided,  that  where  the  said  premium  has  not  been  deducted  from
the  loan,  but  paid  in  instalments,  there  shall  be  no  premium  refunded,  and  any
mutual  building  and  loan  association,  which  may  have  heretofore  been  incorporated
under  the  laws  of  the  state  of  Michigan,  may  avail  itself  of  all  the  powers  conferred
by  this  act:  Providedf  that  at  the  time  of  such  repayment  the  stock  upou  which  such
loan  is  based  shall  be  withdrawn  in  the  manner  provided  in  section  six  [3981/]  of
this  act  relative  to  withdrawing  stockholders.
Sec.  3981il'.  Corporations  organized  under  this  act  being  of  the  nature  of  coopera-
tive associations,  therefore  no  premium,  fines,  nor  interest  on  such  premiums  that
may  accrue  to  the  said  corporation,  according  to  the  provisions  of  this  act,  shall  be
deemed  usurious,  and  the  same  may  be  collected  as  other  debts  of  like  amount  may
be  collected  by  law  iu  this  state.
Skc.  398H.  No  corporation  or  association  created  under  this  act  shall  cease  or
expire  from  neglect  on  the  part  of  the  corporation  to  elect  officers  at  the  time  men-
tioned in  their  bylaws,  and  all  officers  elected  by  such  corporations  shall  hold  their
offices  tmtil  their  successors  are  duly  elected  and  qualified.
