New Building-Loan Law Makes Important Changes

The signing of the Inman-Golden Building and Loan Act by Governor James Rolph, Jr., has given to California one of the best statgtes governing savings institutions of this type of any stati in tle nation-, according to a statement of H. S. Wanzer, president, California Building-Loan League, which sponsored the Act. Numbered among the many important changes which this new law provides are those sugges'ted by the Governor in his inaugural address.

H. L. Carnahan, State Building and Loan Commissioner, states that the new set-up for these institutions will result in the best possible organization of the business, improved supervisions and, in fact, will place the associations of California on a sounder basis than anywhere else in the country. Mr. Carnahan aided the California Building-Loan League throughout the entire preparation of the Act.

Among the changes provided by the new law and which should substantially strengthen the building and loan structure in this state, each association is required to have its books and accounts atidited by a certified or public accountant at least once each year in addition to the regular examinations by the Commissioner's staff. Authority has been given thi Commissioner to establish a uniform- system of accounting; to approve appraisers ofall associations and. where necessary, to levy assessments to restore impaired

Before granting a permit for association or branch in any showing of public convenience mrssloner.