Little Falls transcript. [volume] (Little Falls, Morrison County, Minn.) 1876-1894, 1891-05-08

on each snare, 1rOu tlH0 70 tluo. ~ tuo up
ton Of the purchaser. until the full par
value Of one hundred dollars ($l0O) 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 III any ana the principal paid on
said stock not to be paid to holders OF same
until all lawful claims Of every other class OF
paid by such association. Provided that tho
total amount Of guaranty or permanent stock
at its par value issued by any association
shall not exceed at the time OF its issue
c,ed all oshe9
stock. No building and loan association
shall issue any certificate OF shares until the
terms and conditions thereof shall have been
first submitted to aud approved by the
SEC q. Any shareholder whose share Of
shares are not in arrears or pledged upon
loan. shall be entitled to withdraw SUCH snare
Or shares at any time twenty four CA mouths
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
ISOLATION. buy in the share or shares OF any
shareholder desiring to Withdraw at pre-
vious date. paying therefor the sum paid In
Oh said shares less such discount rs 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
and The liability Of said shareholder TO pay
further installments 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, ali monthly pay
ments made on account Of such share or
shares (not including admission fees or hnes)
less the following deducuons;
Fifty t50) cents on each certificate IN pay,
ment for issuing and canceling the same, and
two C) per cent Of the amount SO paid IN for
. contingent or reserve fund to be used by
the association to meet any contingency or
loss In its business, from the depreciation OF
its securities or otherwise Crowded that II
the share or shares on which such notice Of
withdrawal is given are III arrears a hne OF
ten (l0) cents per share for each thirty l30)
days such share or shares are delinquent may
be deducted, in addition to the withdrawal
fee and charge for the reserve FIND herein
before provided forl. All stockholders who
do not give the notice rs herein provided.
failing to make payments, shall be subject to
a fine of ten (lOl cents per share per month
Tor each month such payments arc in arrears.
Tor period Of six (G) months after the last
payment made (such fines in the aggregate
not to exceed the sum Of sixty (6o) cents per
share. and at the end of sucn period OF six
g. months ifarrearages and fines remain I'M
paid. the balance Of such monthly payments.
II any, after dedncting the certificate
fee, contingent fund, and fines as heron
provided, shall he subject, to with
drawal at & period not less than twenty
FIRST payment. on application Of the stock
holder. If such delinquent shares are not re-
claimed or called for within twenty-four (2D
months from the date Of the last payment,
the balance if any. to the credit of such de-
unquent 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 Oh 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 q
loan and become delinauent, shall be ad-
1usled as provided for III section OF this act.
If such Withdrawing member has made
twenty fonr l24) or more payments and less
than thlrty-six (36) payments he shall re-
ceive the amounts paid less the deductions
provided for. and interest on such amount at
the rate Of five % per cent per annum for
months: and If such withdrawing member
has made thlrty.six C]6l or more payments
and less than forty-eisht (4S) payments he
auctions 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
(4s) payments and less than sixty (6W pay
ments he shall receive the amount paid in.
less the deduction provided for, and interest
on said amount at the rate OF seven az per
cent per nn,lUm for the actual time the as
sociation has held the payments In excess Of
twenty-four ca months; aud If such with
drawing member has mndc 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.
and interest Oh such amount at the rate of
eight ~ per cent per annum for the actual
time the association has had the payments;
provided. that the net profits of the ussOcia
ton tor the time the association has had the
use of all of its funds shall amount to the
sum Of FIVE (5). six 10y. seven ~ and eight
a. per cent per annun, computed on the
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
putetl. then the stock SO withdrawn shall be
entitled to a rate per cent. found to be earned
as net profits dnring said period, such inter.
est payments to be in all cases in lieu Of such
profits. Provided, further, that If by reason
OF extraordinary losses that entire net profit
Is exhausted, the Withdrawing member shall
not be entitled to the interest herein named :;
and II by reason of extraordinary losses, the
association is compelled to charge such losses
against it's capital actually paid in, all with
drawing shares shall be subject to pro rata
charge Of such losses with those remaining
undraWn. and in such case all payment here
in provided shall be considered OF 10 effect,
and the withdrawing member shall only be
entitled to such sums rs may be found to be
due him after the adjustment Of such losses
among all shareholders. Aud provided, fur
ther. that whenever the capital Of all 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
bee: adjusted and distributed pro rata as a
force. And provided. further, that no
more than one-half W. Of the amount
received in payment on stock by such ascot
alton In any month shall be used to pay with
drawals without the consent Of tho board of
directors. Aud provided. further, that any
association that has issued shares maturing
at n definite period. which finds that its as.
sets will not be SUFFICIENT under the mutual
without unusual assessments, may. with the
consent of any stOckholder. settle and dis
charge his stock by paying to him ut the ma
turity PERIOD or sooner, If its directors deem
INTO such association for monthly dues and
withdrawal assessments and such proportion
OF the profits rs shall be mutually deemed by
them equitable.
In any such association. his heirs or personal
representatives., upon giving sixty (6O) days
notice to the association, shall receive from
such association the then withdrawal value
of his shares agreeable to the provisions OF
section u Of this act.
SEC. 60 Every such association shall pro.
vidc in Its bylaws in what manner applica.
tons and bids for loans 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 id any other manner
SEC. 80. All associations governed by this
act may, in payment Of their expenses, use a
sum not to exceed fourteen 90 per cent OF
their receipts for payments on stock. When
ever distribution Of profits is made and al
least twice In each year. each association
shall charge against the profits accrued four
fifths Of such expenses; or, if there is not q
sufficient amount of the profits to pay such
part OF tn, expeuse incurred, then the
total amount Of profits shall be charged
with expense and the balance OF said four
fifths of such expenses shall be carried al
Expenses Paid until the next report or dis.
tribution Of profits. The remaining one fifth
of such expenses shall, at the time Of making
the charges 10 profits as herein provided, be
carried to an account to be called "Perma
nent Expense" which shall finally be paid HI
follows: Whenever any share Of stock bal
reached a maturity value the share OF perma
nent expense contributed by said share OF
stock shall be charged against it, and the
sum found after deducting such share OF
DermaEent expenSc Shall he deemed the true