Pawtucket tribune. (Pawtucket, R.I.) 1890-189?, 1895-07-29

insthimcnt snare, ana ourng ths nrst three
years from the date NJ said drst payment Ieus
the amount deducted for expenses and the
accumulation of q guaranty fund asAuthor.
ized by section eleven hereof. All stockholders
who do not give the notice as hereiH provided,
failing 10 maze payments, shall be subject TO
fine 10 be fixed by the bylaws not exceeding
i've cents per share por month for each month
or fraction thereof such payments arc In ar
rears. for period Ut six months after the last
payment made. such fines In ths aggregate
not ~ exceed the sum OF thirty cents Der
share. and at the end Of any period OF six
months, II arroarages and fines remain un.
paid, tho balance remaining OF the monthly
payments made shall be transferred To a sus.
penso account. and shall bo withdrawable aft
or one and within ten years with interest at
the rate Of three per cent per annum. II not
called for within this period tho amount
shall be transferred 10 "a guaranty fund, and
the delinquent shareholder shall, from the
time Of such transfer, be barred from prose-
cutting any claim against the association on
account Of such share or shares or the pay
ments made thereon: Provided, that such
shareSwhich may have been pledged col
lateral for "a loan and become delinquent. shall
be adjusted In such manner as shall be pro-
yidod by the bylaws OF such association. II
such Withdrawing members shares are thir-
ty'six and loss than forty ght months old he
shall be entitled To receive the amounts paid,
less said withdrawal fee hereinbcfore provid-
ht the rate of hve per cent. per annum for the
actual time the association has had tho pay,
ments, and II such withdrawing members
shares are forty eight or more months old he
shall be entitled 10 receive the amount paid
In, less said withdrawal fee. and the interest
on such amount at the rate of six per cent
per aDnum for the actual time the association
has had the payments; II snch Withdrawing
members shares are one hundred or more
months old, IN not previously matured, he
shall be entitled 10 receive the amount paid In.
less said withdrawal fee. together with at
least seyenty-five per cent Of the profits ap-
portiODed his share or shares: Provided, that
the net profits Of the association for the time
the association has had the use Of all the
funds shall respectively amount 10 the sum Of
three five and six por cent. per annum, com
puted on the amounts paid In on all the shares
In force at the time such Withdrawals are
made: and IL such profits are not sufficient
when 80 computed, then the stock 30 with
drawn shall be entitled 10 a rate per cent.
found TO be earned as net profits during said
period, such interest payments 10 be- in all
cases In lieu Of such profits: Provided further,
that II by reason Of extraordinary losses the
entire net profit Is exhausted, the withdraw
ing member shall not be entitled 10 the inter
est herein named and IL by reason OF extraor-
dinary losses the association Is compelled To
charge such losses against its capital already
paid in, all withdrawing shares shall be- sub
iect To "a pro rata charge Of such losses with
those remaining undrawn. and In such case
the withdrawing member shall only be
titled to such sums as may be found due him
after the adjustment Of such losses among all
Shareholders: And proyided further, that
whenever the capital Of an association has
been impaired by losses in excess of its guar.
anty fund and the profits earned, and in ex-
cess of the full amount Of its guaranty or per
manent stock should any such association Is
sue such stock, IL shall be the duty Of the di-
rectors TO suspend sales Of all classes OF stock
until such losses have been adjusted and dis
tributed pro rata charge upon the book
value OF the shares OF stock in force, the H.
ability OF any shareholder being hereby linn
tied to such book value: And provided fur
ther. that no more than one half of the amount
received in payment on stock by such sssocia-
tion in any month shall be used 10 pay with.
drawals, without the consent Of the board Of
directors.
SEC. 8. Upon the death Of a stockholder in
any such association, liability for further pay
ment on his shares shall thereupon cease, and
his legal representatives, upon giving thirty
days notice TO the association within six
| months after his decease. may withdraw his
| share or shares at the full book value there
Of AZ determined at the last apportionment OF
earnings and any payments which may have
been mede said shares thereafter, less said
! withdrawal fee hereinbefore provided.
SEC. 10. Every such association shall provide
| in its by laws In what manner applications
and bids for loans shall be received and who
| shall be entitled to loans hereunder, and all
| applications shall be acted upon in the order
| received: Provided, that the provisions Of this
| section relating to bidding for loans shall not
| apply to associations which fix the rate of in
terest and premium or payments in any other
manner
| SEC. IL. Every such association in payment
| of its expenses and the accumulation Of a
H,.xi all
| amount from their receipts each month not
| to exceed one-tenth of one per cent. on the
| par or maturity value Of each instalment share
then in force. and proportionate amount on
| other classes of shares.
SEC. IL. At least thirty days prior to any
annual or special meeting Of the stockholders
Of any such association, notice stating the
time and place Of such meeting shall be de-
posted in the post Office in the town or city
where such association Is required by its char
ter to have an Office or place Of business, di.
rected TO each member to his address as the
same appears at such time on the books Of
the association; and when 80 deposited, post.
age pre- paid, shall be deemed legal and suffi-
cient notice Of any such meeting; and there
shall be included in such notice any proposed
amendment or amendments to the charter OF
bylaws Of any such association, and q state
ment OF any officers TO be elected at such
meeting. Each member of such association
small Dt tHtltitQ W One VOte eIVneI IN person
or by proxy. Upon all questions 10 be voted
upon at such meetings. the vote shall be taken
by calling the roll Of persons entitled to vote
thereat, and the votes shall be ballot, IL de-
manded by any shareholder.
SEC. IL. All the officers Of any such associa-
tion who sign or endorse checks or handle any
funds of such association, shall give bonds or
fidelity insurance for the faithful performance
Of their duties as the board Of directors may
require. and no such officer shall be deemed
qualified TO enter upon the duties Of his Office
until his bond is approved by the board of di.
rectors and the insurance commissioner, with
whom the bond shall be filed Provided that
the insurance commissioner may require Of
any such association, at any time, such in.
crease of said bond or insurance ~ he may
deem necessary for the protection Of the
mem bors. II any such association shall fail to
fle und maintain the bonds or fidelity insur.
ance required by this section 10 shall forfeit
twenty Ave dollars for each day OF such de.
fault. TO be recovered 10y the insurance com.
missioner in the manner provided in section