The Durham recorder. [volume] (Durham, N.C.) 1879-19??, 1890-05-21

per share per month, and ALL inter
est, fiues, premiums and profits Of all
kinds, AND NO PART or THIS FUND
CAN BE USED FOR xxrENsBs or ANY
KIND unlsss taxes hare 10 be paid
thereon.
TRANsrERABLE INTEREST.
Members may sell and transfer
their stock at any time upon pays
ment of loo transfer fee. The on
tire SUN paid on the stock, including
membership fee and oil accumulated
profits. represents the transferable in>
terest of each member and represents
the true selling value Of the stock.
/ WITHDRAWAL PRIvfLrGE.
| Members may withdraw from the
Association at amy time after 80 days
from date ofsubscription, and shall
be entitled to receive ali the money
paid on stock In monthly payments
and 6 per cent. annual interest, for
the average time. The membership
fee CANNOT be withdrawn.
/ REpUcIN sUnBER OF SHARES.
| At any time, if q member il sick OF
for any reason nnds that he il unable
to continue his pay ments on HE stock
he may return his certificate and re-
ceive . new one, Of the sams date ..
the old, for less number OF shares
The money paid on the old csrtifcstt
in monthly payments (exoept the I'D
mission fee) would be applied on chs
new one ~ far "a it would 60. Thu
. member who has carried ten share'
one year can get . new certificate fol
Eve shares which will be paid up fol
two years or new certificate fol
two shares paid up FIVE years
Il ~ FIsEs.
| If monthly payments are not pain
when due, . ine of FIVE cents . shar'
is imposed for each month the pay
ments may Do In arrears. AL fine
are placed 10 the LOAF fund % priests
Members are given ct least 81,
! months in which to pay up back pay
: ments.
Il PAYMENTS IN ADVANCE.
, Members may make pyments in I'D
. vance. IfmonthlY payments Cor 10
/. Iterest) are paid in advance for 81
4 months or more, . discount Will b
!. allowed at the rate of 9 per cent. pc
' annum for the average time.
al YoRFEITURE OF sTsCx.
Il IL payments on stock are sllowe
70 fall in arrears six months or more
the stock shall Be forfeited, and q
J payments made upon ID shall be ~
: piled TO pay up fines, and any bs
2 lace remsining after said faes ~
y paid shall be returned 30 the org
= nal owner, upon surrender Of his Gel
ti6cste Of stock TO the Association.
I'll PAID UP STOCK.
II This Association Issues speei,
4. certificates Tor stock fully paid ~
10 Paid up stock 10 sold 1t $50 per shal
u in advance 10 members who dcnre
Or make all their payments ut one tan
n. and thereby save themselves Il
De trouble Of making payments fro
4. month % month, TO msubersinvss
81 ing this way . dividend Of sir p
b. cent per annum, payable semi-s'
v nually, will be paid on The price /,
ey the stock. The dividend YOU
de therefore be SIS every six months /
ey ten shares costing $500.
r. The amount OF the dividend d
Quoted from the profits earned, n
balance being credited 10 the stoc
When the amount standing 10 &
eI credit ofths st5ckI equals 500, q
~ stock 10 deemed 70 have mature
- and the holder may withdraw Z
y same aud receive 800 per sha
're therefor. The amount which can
~ u.ed for expenses per share ID lin
D ed to 90 the first year and a. per ye
% thereafter. Menbess mag rithdrl
Us this stock and receive ne full amou
90 go paid therefor and . portion Of 3
ne profits n the Directors 20 elect,
~ any time after three monlhs; but d
additional profit shall not be h
ns than 2 per cent. per annum II vii
~ DRAM after one year.
81 Paid up stock, which does not Q
go title the member TO semi-annusl di'
~ bends. Is sold Tor $40 per share.
~ this kind Of stock Ia Withdrawn a
~ three naenths' and before mSsufi
n the holder 10 entitled 10 receive /
ne full smount paid for sane 'vifh 8 /
ae cent. dividend added and pert
N Of the profits II the Directors shsll'
20 elect during Che frss year, and q /
~ cent thereafter.
81 LOANS.
Each month ell the funds are LOO
ed 10 the membe-a The mend
Offering 10 psy the dues on and N
ne ture, the largest amosnt Of stock
OF each 500 borrowed, will be- enlitI
lip 10 the loans. This u called q D
'ed MUM. In order that all borrow,
~. may be served alike. the prsmium