Fayette County herald. [volume] (Washington [Washington Court House], Fayette County, O. [Ohio]) 1860-1???, 1871-01-12
building and Loan AssooIa-

FaYotlo Building aud Loan AssOcia-
tiOn.
= This institution has been 10 successful
operation little short Of two years: It's
business infringement has been harmoni-
Gus, and the results Of the Institution
have been beneficial 10 assistipga number
Of our citizens TO comfortable homes, on
more favorable terms than could otherwise
q. have been obtained. There are different
views however, ia relation to the meaning
and intention Of certain provisions Of the
;, Constitution Of this Association.
!, The second section of the second article
: provides that "every stakeholder Of this
Association, shall pay the sum VI twenty.
five cents per share weekly, until each un-
redeemed share Of said stock, shall bo
worth in cash, two hundred dollGrs,"--
together with surplus sufficient to de-
fray all expenses, losses, DC. ,--when a
dividend is to be made, and mortgages
delivered up to the mostgagors, who have
fully complied with all the conditions Of
the mortgages.
From the provisions of this section, il
would seem that there could be no release
from the obligation to pay dues until the
weekly payments, interests on loans, DC,
had produced money enough to meet all ex'
penses, and to make each share worth 5000
in cash. This section cOntemplates lOaning
money by the redemption of shares, se-
cured by mortgage, which mortgage is to
be delivered to the mortgagor with all his
obligations, if he has fully complied with
all the requirements in the mortgage
This we understand by this section is to
be done at the final winding up of the
Institution.
In the first section of the fourteenth ar.
ticle, there is a provision for the redemp.
tiOn of shares, or for lOaning the money of
the Association, to the stock holders,
which is that "the money shall be given /
to the stock holder, who will pay the high /
Ssb pTelhlum JHeTSIOr. n
Under the provisions of the second sec
tion of the fourteenth article, shares may i
be redeemed or money borrowed, by
stock holder, Conditioned that he will
regularly pay the Association, during its
continuance, the weekly pay on each of his
shares of stock, and six per cent
interest, payable monthly on the amount
of money, advanced for the redemption Of
such share or shares; and upon giving the
further security of a mortgage transfer Of
an insurance policy, OF said premises"
We quote from the constitution:
Now the question is, "is borrower of
money under these provisions of this con.
titution, required to pay weekly dues
nd interest on che money he borrows, un. in
il the Institution winds up, or until all or
he unredeemed shares are worth two a.
un dred dollars each, or is he relieved ,vl
rom further payments when he has paid on
ack in weekly dues, the amount he has dr.
Orrowed, with the interest monthly, OF te,
le amount taken out2
We see nothing in the constitution up to va
lis point, that relieves the stakeholder, lar
ho has redeemed his shares fora certain an
mount of money, from paying weekly AM
ues, and interest on the amount he has Mr.
proved, up to the final winding up of the
e Institution. or until the unredeemed per
Iares are worth 5000 each; ii it takes ten of
more years to reach that happy day. wa
There is however, section in thesev I
enth article of this constitution, which and
mes to the relief of the borrower of wal
Oney from the Association. It's the first less
ction of the seventeenth article: A
ARTICLE XVII. ena
SEC. ] T.. Any member having taken a sep
IN, may obtain a release of bis property mn
paying back to the Association the diff. ner'
'ence between the dues he has paid in
d the amount borrowed, together with
nus of six dollars per share if returned 7
the first year of the working of this As Goo
sIation; if the second year, five dollars;
he third year four dollars if the fourth ien
lr, three dollars, and three dollsrs there desi
er, and his proportion of losses the As min
iation may have sustained during his A
DC, il returned before the -
shares are each worth two All
idred dollars. for t
The second section provides as follows. have
Eo 9. ANY member SO redeeming ceas metf
o be a member in such shares. tic,
has been understood by many that or rt
en- they had paid back in weekly W
s, the amount they had borrowed, plair
the interest thereon, they were done multi
ing, and that they were then entitled to invel
r mortgages and other obligations they by al
given for the use Of the loans, without On
her payment. But this idea seems not plain
e justified by the provisions of the con- ingto
ltion, and the mode by which a mem ofth
Of the ASSOCIATION can he dismembered Co
relieved from further obligations to have
Association, is by paying bonus as what
tired in the sections last quoted; and
as the right to select the time when he
cease to be member, and relieve him.
from further obligations. sor
-.-s--e- JOSH
Report Of Washington Union School, this /
be week ending Dec. 8, 1870: eed' "a
Present iSs tainly