New Ulm weekly review. [volume] (New Ulm, Minn.) 1878-1892, 1891-04-29

tion OF the purchaser, until the full par
value Of one hundred dollars (Sl0O) is paid.
Such guaranty or permanent stock to be paid
dividend on the amount paid in, such divi-
dend rot to exceed the per cent of profits
earned by all classes or series Of stock at the
tins such dividend is declared. The balance
of profits (f any and the principal paid on
raid d, stocS not to be paid to holders Of same
stu"k shall have been fully liquidated and
pad by such association. Provided that tho
total amount Of guaranty or permanent stock
OF its par value issued by any association
shall not exceed at tho time of its issue
twenty COY per cent Of the amount of pay
mcnts to tho credit of all other classes Of
stock. No building and loan association
shall Issue any certificate Of shares until the
urst submitted to and approved by the
ruhlC examiner.
SIC. p. Any shareholder whose share o.
Fhares are not in arrears or pledged upon a
loan. shall be entitled to withdraw such share
or shares at any time twenty four GA months
from and after the date Of the first payment
on such share or shares, and not before such
date provided chat the board of directors
may. II they deem 1t 10 the interest of the as
Bo"iation, buy III the share or shares of any
ahnrCholf< desiring to Withdraw at pre-.
EiOUs da r.. paying therefor the sum paid in
Oh said SHARES, less such discount as may be
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
farther inslnllments 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, all monthly pay
mcnts made on account Of such share or
shares mot including admission fees or tnes)
lasS the following deductions:
FIFTY t3O} cents on each certificate In pay
mcnt for issuing and canceling the same, and
n q n
e contingent or reserve fund to be used by
the association TO meet any contingency or
loss In its business, from the depreciation of
It, securities or otherwise provided that if
the share or shares on which such notice Of
Withdrawal Is given are in arrears, q fine Of
ten (l"J cents per share for each thirty (5O)
days such share or shares are delinquent may
Dc deducted, in addition to the withdrawal
&c and charge for the reserve fund herein
before provided for). All stockholders who
90 not give the notice as herein provided,
failing TO make payments, shall be subject to
line of ten COY cents per share per month
for each month such payments are in arrears,
for period OF six 90 months after the last
payment made (5uch fines In the aggregate
hot 10 exceed the sum Of sixty (60) cents per
share. and at the end of sucn period Of six
t. months, If aIrearages and fines remain IN
paid, tho balance Of such monthly payments,
II any, after deducting the certificate
Ace, contingent fund, and fines as herein
frawal at q period not less than twenty.
four ga months from the date of the
first payment. on application Of the stock
holder. II such delinquent shares are not re-
Claimed or called for within twenty-four (2D
months from ths date Of the last payment,
the balance, II any. to the credit of such do
lnquen. 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
she association on account of such share or
shares, OF the payments made thereon; pro-
vidrd that such shares, which may have been
pledged rs collntera! for the payment Of a
Loan aud become delinquent, shall be ad-
$uS:ed as provided for i'll section of this act.
If such Withdrawing member has made
g Aty; four 80 or Or more payments ana less
&. - thir.y-six 1857 payments he shall re-
ST. the amounts paid less the deductions
provided for, and interest on such amount at
th' rate OF tive ~ per cent per nnnun for
the actual time the association has had the
payments il! excess Of twentF-four (2D
months; and If such withdrawing member
has made thirty (3D or more payments
an, :, less than forty eight (4s) payments he
durtons provided FOR, and Interest on
such amount at the rate of six (6)
cent per annum for the actual time
the association has had the payments In ex-
withdrawing member has made forty eight
(4H) payments and less than sixty Coy pay
nents he shall receive the amount paid In,
Jess the deduction provided for, and interest
cent per annun for the actual time the az
Eoclation has held tho payments in excess Of
tWcnty-tour GA months; and il such with
drawing member has made sixty (6o) or more
payments. and the stock has not reached q
nuturity value, he shall receive the amounts
pad in, less the deductions provided for,
Ind interest on such amount at the rate OF
siE"L l6) per cent per annun for the actual
time The association has had the payments;
provided: that the net profits Of the essocia.
ton for the time the association has had the
use OF all OF its funds shall amount to the
sum OF FIVE t5). six (G), seven "a and eight
tel per cent per annum, computed on the
amounts paid in on all the shares in force at
she time such withdrawals are made, and il
such profits are not sufficient when so COM
purj. then tho Etook so withdrawn shall be
enll!l"u To rate per cent, found to be earned
VI net profits, during said period, such inter.
est payments to be in all cases in lieu Of such
proiIis. Provided, further, that If by reason
of extraordinary losses that entire net profit
Is exhausted the T-ithdrn wing member shall
not De entitled TO the Interest herein named;
and II by reason OF extraordinary losses, the
ASSOCIATION Is compelled to charge such losses
against its ca piinl actually paid in, all with
drawing shares shall be subject to pro RITA
charge Of such losses with those remaining
un"raWn. and l.! such case all payment here.
in provided shall be considered OF no effect,
an the withdrawing member shall onlv he
eDl!I"Q 10 such sums as may be found to be
du| him after the adjustment of such losses
among Ill shareholders. Aud provided fur.
Their, tnGt whenever the ca pital of an associa-
tiOE has been impaired by losses in excess Of
ITS rc-cryc fund and profits earned, it shall
&c me DUTY OF the directors to suspend sales
Of nil classes Of stock until snch losses have
ben adjusted and distributed pro rata as a
Chd,$e upon the shares Of stock In
force. And provided. further, that no
more than onchalf 10 of the amount
received IN payne Mt on stock by such associ-
alton IN any month shall be used to pay with
dIa|als without The consent of the board Of
directors. Aud provided. further, that any
ass"clntion that has issued shares maturing
ct definite period, which fluids that its as
sets will not be sufficient under the mutual
system to mature Its stock at such period,
without unusual assessments, may, with the
consent of any s:ockholder. settle and dis
charge his stock by paying 10 him Mt the ma
suri'y PERIOD or sooner, II Its directors deem
1t pr;lrticGhln, such sum as he had paid
into such association for monthly dues and
TiihdrnWEl assessments, and such proportion
Of the profits as shall bs mutually deemed by
Them equitable.
Shr. ~ upon tho death Of a ssockholde.
in any such association. his heirs or personal
representatives,, upon giving sixty (50) days
notlrc 10 the association, shall receive from
such association the then withdrawal value
Of his shares agreeable to the provisions Of
GeCtOn " Of this act.
Sc. 20. Every such association shall pro-
vide in It's bylaws in what manner appl1ca-
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 rs required by this act: and pro-
Vided further, that the provisions of this SEQ
siou relating to bidding for loans shall not
apply to associations which fix the rate of
Interest and premium in any other manner.
SEC. 81. All associations governed by this
pct Ray, In payment of their expenses, use
fum not to exceed fourteen O4) per cent of
khcIr receipts for payments on stock When
over q distribution OF profits is made and at
least twice In each year, each association
shall charge against the profits accrued four
ff hs OF such expenses; or, if there Is not
bulicient amount of the profits to pay such
part Of the expense Incurred, then the
= Total amount of profits shall be charged
FiiA expense and the balance Of said four
htths Of such expenses shall be carried as
'EXpcnses, Paid until the next report OF dis
Eibution OF profits. The remaining one fifth
Of such expenses shall, at the time of making
he charges 10 profits as herein provided, be
BARRED to an account to be called "Perma.
pont Expense" which shall finally be paid as
follows: Whenever any share Of stock has
reached maturity value the share of perma-
nent expense contributed by said share Of
stock shall DO charged against 1t, and the
sum found after deducting such share Of