, 1874-11-18

l. w AO& 40
ISLANDS TO GRANT DIVERS FACILT.
TIES AND IMMUNITIES TO A CREDIT AS.
FOR SUGAR ESTATES IN ST.
CROTX.
-~0@s~-
When a Credit Association for Sugar Els.
tates in st. Croix has been formed, and has
statutes on the basis of the rules con.
in 9 of the present Ordinance, the
Government of the Danish West India Islands
is empowered to sanction the statutes of such
Association, and to grant the same the faciIi-
specified in 5 3.
The statutes of the Association shall be based
on the following principles:
a. Registered applications for participation
amounting to not less than 400, 900 dollars.
b. No possessor of landed property shall in
any case be admitted as participant for an
amount by which the lien thereby in
Cured exceeds 5.l0ths five tenthsl of
the value of the property offered as
security, said value being determined by
appraisement effected according to rules,
which shall not afford less security for
correct valuation than those contained in
Ordinance of 9Th May 1880, Off. Publioa-
ton of 30th April 1860, and which must
be specified in the statutes.
c. The amount of the bonds in circulation is
sued by the Association, must at no time
exceed the amount of the mortgage bonds,
issued by the participants and held as pro-
perty by the association.
d. For all the bonds issued by the Associa-
ton all those who have joined as p%artici-
pants, shall be jointly and separately re-
s~ponsible say with The full (lO-lOths)
appraisement value of the property in
question, if they have received FIVE -tenths
OF the said value as loan, and in the same
proportion TO the amount or their loan,
if said loan be less than five. tenths of the
appraisement value.
e The bonds issued by the association, drawn
on name or payable to the holder, shall
bear interest, and shall not BIZ issued for
any amount less than fifty dollars.
f. The participants of the Association shall
pay, besides the stipulated interest, a
suitable yearly percentage on their loan.
said percentage being determined in the
statutes, towards the amortization of the
loans in question.
a. 1t is incumbent on the Board of Directors
to publish a full and complete account
every year for the association, and to send
in quarterly ocOunt-extracts to Govern
ment.
h. Government is entitled to institute at any
time inquiry relative to the transactions of
the association, extending to all details of
the same. The expenses caused by the
exercise of the said control shall be defray-
ed by the association.
~ Subject to the sanction of Government, the
association shall appoint two auditors
regulations for the audit shall be framed
by Government.
k.) For the purpose of establishing an Amorti-
sation and Reserve-Fund, every member
shall, when admitted in the association,
make d cash payment of at least 2 per
cent, and thereafter every h~alfyear at
least / per cent of the loan granted him.
When, however, the Fund, by the accumu-
latiOn of the said payments and other con-
tributions thereto accruing, has increased
to S per cent. of the collective debt, the
half-yearly payment may with the per-
mission of Government be reduced, but
not to less than 1-16th, and it shall be
raised again to the original figure as soon
as the Fund, from any reason soever,
has decreased to less than S per cent.
If the Fund should sink below l per cent.
extraordinary contributions over and above
the regular payments shall at all events
be demanded.
~ When the association is obliged to take
over q mortgage, an amount of the bonds