Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1889-01-01

| following regulations of one association
| will show the workings of all:
| See. l Each share of stock will entitle
| the holder TO loan of S100, or a fFae-
| tieaal part thereof.
Sec. 2. The funds of this corporation
| shall be, as accumulated in the treasury ,
| offered and loaned by the board of d.
reetors among the stockholders entitled
| to borrow the same.
Sec. .. The borrower shall at the same
| time submit a full description of the
property offered as security, with the es-
tinated value and income, and such
other information as may be required and
at the same time of receiving the amount
loaned shall secure the repayment of said
loan interest, NJ the rate of u per cent /.
per annum, by satisfactory security, and
for every lean of 500, or fractional part
thereof lie shall, in addition there
to, traHsfer one share Of the stock to the
/ corpoiAti5n as collateral security, to-
| gether%i policy of insurance upon
improved property, and the interest on
all loans taken by stockholders shall be
! paid monthly in advance from the time
| of securing the same. In making loans
! to members no loan shall exceed rs per
cent of the estimated value of the real
estate upon which said loan is made.
Any stakeholder falling to provide secu-
rity satisfactory to the board for any loan
awarded him, shall pay interest at the
rate u per cent. per annum on said
amount for such time as said money of
the association shah lie idle through his
or her failure to give stch security and
such interest shall be assessed against the
member IS stock. All cost for acknowl-
edgements and recording of deeds, deeds
of trust, etc., shall be paid by the bor-
rover.
Sec f. When the shares of stock upon
which any loan has been made shall reach
the matured value Of 500 each, the
amount of the value of stock shall be
credited to the account of the borrower
owning the same, when the loan shall be
declared fully satisfied and paid, and the
stock shall be cancelled and revert to this
corporation.
Sec s. The funds of this corporation
may be loaned to any stakeholder to an
amount not exceeding the sum actually
paid in on each and every share of stock
held by him and which loan shall be Sc
cured by a transfer of the stock to the
corporation as collateral security.
Sec g. Investments in real estate may
be made at the discretion of the board of
directors, and they may dispose of same
to members of the association, upon such
terms and conditions as they may deem
proper: provided, at least two-thirds of
the whole board of directors may concur
in such purchase or sale.
Sec. Z. Any stockholder who has not
received a loan may Withdraw from this
association by giving notice to the board
of directors, when he or she shall
be entitled to receive the amount of
monthly dues actually paid in on his or
her stock, less any fines or penalties
which may be due from such member;
provided, that at no time shall more than
one-half of the funds. in the treasury of
the association be applicable to the de-
mands of withdrawing stockholders with
out the consent of the board of directors
In recording the history and success of
building and loan associations in Fort
Worth. it is necessary to go back To the
organization of the first one, in Noyem-
Der, 1881, viz: 'eThe Fort Worth which