Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1886-05-07
Savings. Loan and Duilding Association.

Savings, Loan and Building Association.
Wednesday night. May 5lh, the Medi-
\ cine Lodge Savings, Loan and Building
association was organized, and the fol-
lowing directors elected for the first
year: S. l.. Shreayes, J. w. McNeal.
! Henry burst, J. p. Hall, \. W. Johns
ton, DIR. b. Il. Burney and Capt. John
Rogers. Articles of incorporation and
bylaws were adopted. and in a few
days stock of the association can be
obtained by the public. The capital
stock is 100000, divided into shares of
500 each, to be paid in weekly install
ments of p cents per share. No mem
her is allowed to hold at one time more
than 10 shares of stock. Each member
subscribing for stock must pay a regis
tration fee of p cents per share and one
week. installment thereon. Any per-
son over the age of p years who SUBJ
scribes for one share of stock and signs
the articles and bylaws of the asso-
citation shall be member and allowed
one vote for each share of stock owned
by him. The annual meetings of the
association will be held the first Thurs
day of May; the monthly meetings of
directors the first Thursday in each
month, and the weekly meetings for
payment of dues will be on Thursday.
The seven directors elect from their
number a president, vice-president,
secretary and treasurer, and from the
! Cfnrk holders m of h..i
committee of three and an auditing
committee of three. 1t will be the
duty of the building committee TO pass
upon the sufficiency of security offered
for loans and audit bills for material
and work upon buildings erected with
money loaned by the association.
The money of the association shall be
loaned only to members of the associa-
ton. All loans shall bear interest at
the rate OF 10 per cent, payable monthly
in advance. Loans shall be made in
the order of application in writing,
filed with secretary, the applicant to
deposit sum sufficient to cover the
fees of the building committee, costs of
examining title. executing and record
ing, and interest for one month on the
amount of the loan applied for. Each
stakeholder shall be entitled to a loan
of 500 for each share of stock held by
him. Members securing loans shall
give to the association his bond or note
for the amount loaned, secured by
mortgage on unencumbered real estate
in Barber county, Kansas, owned in fee
simple by him, and shall assign to the
association one full share of stock for
each Sl00 loaned. The real estate to be
improved shall be worth at least one
fourth of the amount loaned, and the
money loaned shall be paid out only on
the report of the building committee
after auditing bills for work and ma
terial applied in making the improve
ments, and not more than three-fourths
of the amount loaned shall be paid out
before the completion of the improve
ment.
y policy Of insurance, in some good
company, OH improvements, payable to
the association, in such amount as the
directors may require, shall be deliv-
cred to the association, in such amount
as the directors may require, shall be
delivered to the association by the bor-
rover. In case an applicant to whom
a loan is granted shall fail to perfect
the same, or his security is rejected, he
shalt forfeit his deposit.
Any member failing to pay his iu-
stallments shall be fined 5 cents per
share Of stock held by him for each
week of delinquency, and any member
failing to pay his interest on money
borrowed shall be subject to the same
fine. If the installments upon stock
and interest upon Il loan shall be III ar
rears for more than three months legal
proceedings may be instituted to re-
cover the same.
Any stakeholder who has not pledged
his stock for loan, may withdraw
from the association by giving one
months written notice TO the directors.
when he shall be entitled TO receive the
actual amOut of his installments paid
in, less % per cent.
These, then, are the principal pro-
visions of the bylaws. To persons
; acquainted with the practical opera
) lions of a building association these
provisions are plain; but TO those who
have never operated in such an associa-
ton further explanation may be neces-
J sary.
Thus, supposing man takes $500
stock in the association. His weekly
dues, or installments on the stocb
would be SIPS per week, or S65 pei
year. If all of the stock of the asso,
citation is taken, the weekly dues alone
will amount to $3.50 per week, or Sl3,OOC
per year. If there is a demand fOI
money by the members, this entire
amount could be expended in improving
this city and at the same time in pro-
viding permanent homes for persons
who would otherwise be unable to own
their homes. The interest on loans is
fixed at 10 per cent. Then, member
to secure loan would have to get &
lot, unincumbered, of the value of one.
fourth Of the loan he would ask for, and
he would be allowed to borrow 500 OF
each share of stock he owned, on pay.
ing the interest. installmentS and Other
expenses provided by the bylaws. Sup
posing that he owned lot and wanted
to erect $500 house on the same, the
cost for the first year would be as fol
lows:
Fees for examining title, drawing papers,
w ...-- FlU Y,
mutation fee on his shares Of stock, at
: lnstallments ON his shares Of stock, -
r 65 0,
Interest on $500, NEUTRALITY-SUSPICIOUS.. 80 n
insurance, say ACKNOWLEDGEMENTS. u
, Total. ACKNOWLEDGEMENTS. SI3l .;