The Irish standard., 1896-04-11
The PLAN NOW PERFECTED
The Hennepin Catholic Guild nj and
loan AsscciE-
ton.
IT OUGHT 70 MEET WITH APPROVAL.
After Some Delay Matters Have Been
Salts 'actnrily Ar.
ranged.
Minneapolis. Mimi. March 81, 1896

.tA ssss {
Minneapolis. Mimi, March 81, 1896
Dear. Sir:
The Court has ordered that the follow
ing plan of settlement be adopted and
has instructed the receiver to proceed to
close up the affairs of the association
without further delay. The terms of pay
ment and rate of interest is SO reasonable
that borrowers can easily make their
monthly payments where they are not
prepared to pay full balance, and / will
expect every borrower TO commence pay
iryents at once The monthly payment
plan will apply to contract as we'll as
balance due on mortgages. / must also
insist on having an insurance policy on
every building covered by mortgage 10
the association and unless it IS furnished
proceedings will be commenced to collect
the full amount due on mortgage.
THE PLAN.
"a Borrowers on real estate shall be
credited with an equated stock value
equal at maturity TO the amount bor-
rowed, and debited with all delinquent
dues, interest, fines and per cent Of
said stock value.
b. The balance due on each loan after
crediting the equated value of the stock
as mentioned in the foregoing paragraph
shall bear interest at the rate of 6 per
cent per anrium payable semi-annually
from February 1st, 1896, until the loan is
fully paid.
G. The time allowed to repay loans in
full shall be limited to three years and
six months from February 1st, 1896.
d. Borrowers who are unable to pay
the balance due on their loans at once,
or borrowers who are unable to pay one
third of the amount due in each year
shall be. permitted to pay an amount
that will equal not less than ten per
cent of the principal during the first year,
fifteen per cent during the second year,
fifteen per cent during the third year
and the full balance due on the principal,
including all taxes and insurance that
may be advanced on account of said
loan within six months after the expira-
ton of the third year, with interest on
all balances at six per cent per annum,
payable semi-annually, and all borrowers
shall be required to pay monthly IN
amounts equal to one-twelfth Of amount
required to be paid in each year, and If
any monthly payment is not paid when
due and remains unpaid for ninety days
the whole amount owing by such bor
rover is to be due and payable and the
receiver may foreclose the mortgage Sc
g. Borrowers shall be allowed to apply
free stock in payment of their loans at 80
per cent of the amount paid on said stock
as dues less fines, if any; the stock 10 be
surrendered and cancelled and the holder
| to receive no further benefits therefrom.
f. So far as it lies within the power OF
| the court, all borrowers shall be required
! to pay their taxes and to furnish fire in
| surance satisfactory to the receiver for
an amount equal to the balance due on
loans, if improvements will permit, with
loss payable to the receiver.
e. An amount equal to all payments
made as dues, less fine and five 90 per
1 cent of total amount of dues paid, shall
| be placed to the credit of each free stock
holder.
/ h. Whenever the amount Of cash on
hand shall equal ten (10) per cent of the
| total Liabilities, a dividend shall be de-
clared and paid to each free stockholder
excepting such stockholders as have all
ready withdrawn portion Of their
stock.
i. Members who have already with
| drawn portion of their stock in cash
| or otherwise shall not participate in any
dividend until an amount equal to the
amount they have withdrawn shall nave
/ been paid to every other stockholder
! j. Members shall be permitted TO ap-
| ply free stock in payment of real estate
| for an amount equal to all payments
| made on said stock as dues, less fines
| said stock to be surrendered and can
celled and the holder shall thereupon for
felt all benefits therefrom.
k. All surplus of assets over liabili-
ties and all profits from interest, rents
etc., including the 5 per cent of stock
value charged against both free stock
! holders and borrowers, shall be set aside
as "a reserve fund and after paying all
expenses of the receiver and losses il
any, the balance shall be. distributed tC
each member entitled to share therein ir
the following manner:
i First; If the amount so remaining is
equal to or less than the amount received
by said receiver from the per cent de-
Quoted from each free stockholder ant
borrower, then that amount shall be dis
tributed to each one entitled to share
therein pro rata;
Second; If the amount SO remaining il
his hands shall exceed the amount re
ceived from the 5 per cent retained al
aforesaid, then such excess shall be dis
tributed to each member entitled to share
! therein pro rata according to the age o
his stock. :
4 The foregoing is from an order of tht
Court filed March 81. 1896.
JOHN L. SMITH,
Receiver