Advancements — Payments of premiums. The moneys accumulated from time to time shall be offered to such shareholder or shareholders as shall bid the highest premium for preference or priority of right to an advancement of the ultimate value of 1 or more of his or their respective shares. The said premium shall consist of a percentage on the amount of the advance and shall be deemed to be a consideration or bonus paid by the shareholder for the present and immediate use and possession of the future or ultimate value of the share so advanced, and shall not be deemed usurious. The said premium may either be deducted in advance from the amount to be advanced to the shareholder or be made payable in monthly installments, in addition to legal interest on the sum advanced, as the bylaws may provide. (Mar. 3, 1901, 31 Stat. 1299, ch. 854, § 692.) Prior Codifications 1981 Ed., § 26-507. 1973 Ed., § 26-406.
District of Columbia Legal Code