The Princeton union., 1891-05-07

u
guaranty or permanent stock for which the
full par value shall be paid at the time of
issue or in installments Of five dollars (S5)
on each share, from time to time, at the OPP
value Of one hundred dollars (SlOO) is paid.
Such guaranty or permanent stock to be paid
dividend on the amount paid in, such divi-
dend not TO exceed the per cent of profits
earned by all classes or series of stock at the
time such dividend Is declared The balance
of profits df any, and the principal paid on
said stock not to be paid to holders or same
until all lawful claims of every other class of
paid by such association. Provided that the
total amount OF guaranty or permanent STOCK
at its par value issued by any association
shall not exceed at the time OF It's issue
twenty [20) per cent of the amount of pay
mGntS to the credit OF all other classes or
stock. No building and loan association
shall issue any certificate OF shares until the
terms and conditions thereof shall have been
first submitted TO and approved by the
public examiner.
SEC ~ Any shareholder whose share or
shares are not in arrears or pledged upon
loan. shall be entitled to withdraw such share
or shares at any time twenty four (24) months
from aud after the date OF the first payment
on such share or shares and not before such
date; provided that the board of directors
may, II they deem 1t 10 the interest Of the as
sOciation. buy III the share or shares OF any
Shareholder desiring to withdraw at pre-.
NiouS date, paying therefor the sum paid IN
agreed upon and which shall not in any ease
exceed eight (S) per cent. Any such share.
holder may give notice Of withdrawal In
writing to the secretary OF said association
and the liability of said shareholder to pay
further iustallmeuts and right to share in
future profits shall cease with said notice.
Such Withdrawing shareholder shall be en-
titled to receive, at the end Of two years from
the date of his first payment, allmonthly pay
ments made on account OF such share or
shares (nOt including admission fees or ineS)
less the following deducuons:
Fifty (5O) cents on each certificate IN pay
ment for issuing and canceling the same. and
two (9) per cent Of the amount so paid in for
a contingent or reserve fund to be used by
the association to meet any contingency or
loss III its business, from the depreciation of
It's securities or otherwise (provided that il
the share or shares on which such notice of
withdrawal is given are in arrears, a fine of
ten llol cents per share for each thirty t3o)
days such share or shares are delinquent may
be deducted in addition to the withdrawal
fee and charge for the reserve fund here in
before provided for). All stockholders who
do not give the notice rs herein provided,
fal(ing to make payments, shall be subject to
tine OF ten (lO) cents per share per month
for each month such payments are in arrears,
for period OF six t6) months after the last
payment made (suCh fines in the aggregate
not 10 exceed the sum of sixty (60) cents per
share. and NJ the end Of sucn period of six
u months, ttNrrearages and fines remain un-
paid, the balance of such monthly payments,
fee. contingent fund, and fines as herein
provided. shall be subject to with
drawal nj n period not less than twenty
four PA months from the date of the
holder. If such delinquent shares are not re-
claimed or called for within tweuty-four (2N
months from the date OF the last payment
the balance, if any. to the credit of such de-
liuqueut shares, shall be transferred to the
Contingent fund herein provided for, and the
delinquent shareholder shall, from the time
OF such transfer, have no further claim upon
the association on account OF such share or
shares, or the payments made thereon; pro-
vided that such shares, which may have been
pledged as collateral for the payment of a
loan and become DELINQUENT shall be ad-
1usled as provided for i'll section Of this act.
If such Withdrawing member has made
twenty four (2+) or more payments and less !
than thir!y-six (36) payments he shall re- !
ce!ve the amounts paid less the deductions
provided for. and interest on such amount at
the rate Of five 81 per cent per annum for
the actual time the association has had the l
payments in excess Of twenty-four (24)
months: and If such withdrawing member
has made thtrty-six (36) or more payments
aud less than forty-eisht (4S) payments he
shall receive the amount paid in less the de-
durtons provided for, and interest on
cent per annum for the actual time
the association has had the payments in ex-
cess OF twenty four (2f( months; and if such
withdrawing member has made forty-eight
ments he shall receive the amount paid in,
less the deduction provided for, and interest
on said amount at the rate of seven C1) per
cent per anuum for the actual time the as
sociaLion has held the payments in excess Of
twenty-four ga months; and If such with
drawing member has made sixty (6O) or more
payments, and the stock has not reached
maturity value, he shall receive the amounts
paid in. less the deductions provided for,
md interest on such amount at the rate of
ielght y per cent per annum for the actual
time the association has had the payments;
provided that the net profits Of the associa.
ton for the time the association has had the
use OF all Of its funds shall amount to the
sum Of five CO., six co., seven q and eight
amounts paid in on all the shares in force at
the time such Withdrawals are made, and if
such profits are not sufficient when so COM
putcd. then the stock so withdrawn shall be
entitled to rate per cent, found to be earned
as net profits, during said period, such inter
est payments to be in all cases in lieu of such
profits Provided, further, that if by reason
or extraordinary losses that entire net profit
Is exhausted, the Withdrawing member shall
not be entitled to the interest herein named:
and If by reason of extraordinary losses. the
association is compelled to charge such losses
against ITS capital actually paid in, all with
drawing shares shall be subject to a pro rata
charge OF such losses with those remaining
undraWn. and in such case all payment here.
in provided shall be considered of no effect.
and the withdrawing member shall OnIv be
enttled TO such sums as may be found to be
due him after the adjustment Of such losses
among all shareholders. And provided, fur.
ther, that whenever the capital of an associa.
ton has been impaired by losses in excess OF
its reserve fund and profits earned, it shall
be the duty of the directors to suspend sales
Of all classes of stock until such losses have
pee been ia adjusted and distributed pro rata as a
force. And provided, further, that no
more than one-haf Ga) of the amount
received in payment on stock by such associ-
alton in any month shall be used to pay with
draWalS without the consent of the board Of
directors. And provided, further that any
assUri riatiOn that has issued shares maturing
at a definite period which finds that It's as
system to mature its stock at such period,
without unusual assessments, may, with the
consent of any stOckholder. settle and dis
charge his stock by paying to him at the ma
1t practicable, such sum as he had paid
into such association for monthlS dues and
withdrawal assessments, and such proportion
OF the profits as shall be mutually deemed by
them equitable.
SEC. IS Upon the death Of stockholder
In any such association, his heirs or personal
representatives upon giving sixty (6O) days
tuch association the then withdrawal value
of his shares agreeable to the provisions Of
secton " of this act
SEC. 29 Every such association shall pro-
vide in its bylaws in what manner applfca-
lions and bids for loaus shall be received
and who shall be entitled to loans there
under; such proportion Of the loan fund
shall be loaned upon such application as the
directors shall deem advisable; provided the
securities shall be in the character and
amount as required by this act: and pro-
vided further that the provisions of this sec
ton relating to bidding for loans shall not
apply to associations which fix the rate Of
Interest and premium in any other manner.
SEC. 30 All associations governed by this
pct may, in payment of their expenses, use a
spm not to exceed fourteen 04) per cent Of
their receipts for payments on stock. When
ever distribution Of profits is made and at
least twice in each year, each association
shall charge against the profits accrued four
fifths of such expenses; or, if there is not a
sulliclent amount of the profits to pay such
Part Oh ths expense incurred then the
Total amount of profits shall be charged
With expense and the balance of said four.
bfthS Of such expenses shall be carried as
Expenses Paid until the next report or dis
l:lbution of profits. The remaining one.ffth
Df such expenses shall, at the time of making
he charges to profits as herein provided, be
narrlpd TO tn no