The Portland daily press., 1890-12-09
LIABILITIES.
S191,3l6.S5
oans secured by mortgages on real

SISl.olo.oO
In the report of the special commission be-
fore mentioned, the bylaws under which
the association was acting were severely crit.
icised. aud frequent complaints were re-
ceived by the commissioners from members
who did not comprehend the contracts made
between themselves and the association, and
especially from those who did not under.
stand the provisions of the bylaws In rela-
tlon to the withdrawal Of members and in
relation to forfeitures or lapses from nom
payment OF dues. Accordingly. on the rec
ommendation of the commissioners, the by
laws have been revised, and every contract
OF the association with its shareholders is to
be plainly and specifically set forth on the
shareholders certificate, which is to contain
duplicate copy of his application for men,
bersaip, and table showing the withdraw
al value of each share, In semi-annual peri
DDS. until maturity.
No commissions of agents or expenses of
management, except legal expenses. are to be
taken from dues paid by members, except
during the first and third quarters of the
first year of the life of each certificate.
Forfeitures or lapses are abolished, and
each shareholders certificate is to show
what part OF his dues is used for expenses.
and what part will be returned to him in
cash at stated periods if he wishes to with
ment If he ceases payment and waits for the
maturity of the series of shares of which
his is part before withdrawing.
The legal representatives of deceased
member can withdraw his interest at any
time within six months after the deced-
ent's death.
At least one-half of the directors are to be
bonafide citizens of New Hampshire, and its
principal Office is to be at Manchester, N. H.,
where all its books, accounts and securities
are to be kept.
Securities of the association to the amount
of $4,000 are to be deposited with the New
Hampshire Trust Company as trustees.
A guaranty fund has been created, and 10
per cent of the net earnings of the associa-
ton is to be annually credited to this fund
until 1t equals 10 per cent of the liabilities of
the association to its members. This fund
is to be invested in such securities as meet
the approval of the bank c0mmissioners-in
other words, quick assets-and the fund is
to form part of the amount of securities Of
the association deposited with the New
Hampshire Trust Company as trustee.
No bylaw of the association is to be al
tered, amended or repealed, except at the
annual meeting of the association, or at
special meeting of the directors called for
that purpose, notice of the contemplated
change having been published foi three con-
secutlve weeks prior to said meeting in two
newspapers printed at Manchester. In all
cases the bank commissioners are to be noti-
fed Of any contemplated change of the by
laws.
The accounts of the association have all
been transferred to new set of books pre-
pared under the direction Of the commits
sioners in conformity with those now in
use in the large savings-banks of the state.
The aim of the commissioners has been
to have the bylaws so amended as to meet
the objections made thereto 10 the report of
the special commission before referred to,
and to have them conform as nearly as prac-
ticable to the general law governing local
building ami loan associations. Especially
have we sought to have all contracts of the
association with its members so plainly and
specifically set forth that there can be no
misunderstanding on the part of >harehold-
ers as to their provisions. This we think we
have accomplished All suggestions of the
commissioners were willingly complied with
by the association.
The ass ociation is transacting the business
of a building and loan association in accord
ance with the provisions Of its charter. Its
executive management is now in the hands
of Hon. j. c. Moore, editor of the Manches-
ter Union. Hiram ID. Upton, treasurer of the
N. ID. Trust Company, and g. p. Stewart.