Echo de l'ouest. [volume] (Minneapolis, Minn.) 1883-1929, 1901-04-19


a larger sum is paid than on the prepaid
stock and upon which a partial dividend may
be paid annually out Of the full aiy tss,,s f az
portioned ~thereto) and may also ISSUE 1ul
paid stock upon which the par value Thereof
shall be paid in advance in the certlne ca
Of which stock the right Of withdrawal ms
be waived for a definite time, and upon Wnlci
full paid stock a full dividend or a dea1hte
dividend may be paid, which a. d ,lyoatn ea asaat
by all classes or series. OF stock at the
time the said dividend is declared. Any sucl
association may issue guaranty or pe rnaa1 n,
paid at the time OF issue or. in such install
ments, as may be provided in the bylaws o.
nent stock shall be entitled to receive dividends
IN no case exceed the per cent OF profits ea1neG
at the time such Dividend is declared. such
dividends to be credited to the, stock untli
fully paid and when, such stock is FULLY paia
holders thereof. The balance Of profits, II
any. and the principal paid on said S s,tsfIi
all lawful claims of every class of stock shall
have been fully liquidated and paid by such
association. No building and loan association
shall issue any certificates Of Shares until
the terms and conditions thereof shall nave
been first submitted to and approved by the
Sec. a. Amy holder of lnstallment or pre-
paid stock. whose share or shares are not
in arrears or pledged upon a loan, shall be
any time twenty-tour (24) months from and
after the date Of the first payment on such
share or shares. and not before such date.
if they deem it to the interest OF the asso-
citation, buy in the share or shares OF any
j vious date. paying therefor the sum paid IN
on said shares. less such discount as may be
| agreed upon. and which shall not IN any case
exceed eight ~ PEI. cent. :.
Any such shareholder may give notice OF
! withdrawal In writing to the secretary OF
the association, and the liability of such snare.
! holaar RI po W f,1rfhar fptqt1 1p1n Ot9 and right
to share in future profits shall cease with salu
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
n1ents made on account OF such share or
! shares not including admission fee or t1zles)
less the following Deductions:
Fifty (5O) cents on each certificate In pay
nlent for issuing and ca1celling the same, and
for a 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, provided that
If the share Or shares on which such notice
Of withdrawal Is given are in arrears; a
fine of ten QO) cents per share for each thirty
(aO) Gays such share or shares are delinquent,
may be deducted, in addition to the With
drawal fee, and charge for the reserve 1uno
All stockholders who do not give the notice
as herein provided, failing to make payments,
shall be subject to a fine Of ten Qo) cents
per share per month for each month such pay
ments are in arrears, for a period Of six
() months after the last payment made such
fines in the aggregate not to exceed the sum
OF sixty COY cents per share) and at the end
Of such period of six (O months, il the
arrearages and fines remain unpaid. the bal
ance of such monthly payments, II any, after
deducting the certificate fee, contingent FUNDS,
and fines, as herein provided, shall be subject
t to MisnaSawc a. at months q Psfi from Of the not aa tess Of 'n sls
first payment, on application Of the stock
holder. If such delinquent shares are not
reclaimed or called for within twenty-four
(24) months from the date OF the last pay.
nent. the balance, If any. to the credit OF
such delinquent shares, shall be transferred
the delinquent shareholder shall, from the time
Of such transfer, have no further claim upon
the association. on account OF such snare OF
shares or the payments made thereon
Provided, that such shares, which have been
pledged as collateral for the payment Of q
loan and become delinquent, shall be ad.
justed as provided for in section four a. of
this act. II such Withdrawing member has
made twenty-four (2p Or more payments. he
auctions provided for and th1ee-fourths OF
the net profits credited to the stock Of such
withdrawing shareholder. %
Provided further, that II by reason OF e1-
traordinary losses. the entire net profits are
exhausted, the withdrawing member shall not
be entitled to the profits herein named; and
If by reason Of Extraordinary losses, the as
ISOLATION is compelled to charge such losses
against it's 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 payments here
in provided for. shall be considered Of no
effect, and the withdrawing member shall
Gully be entitled to such sums as may be
found to be DUE him, after the adjustment OF
such losses aIaoag an shareholders. :. -,
be found thatasthe Capital OF an association
has been impaired by losses in excess OF its
the duty q. the directors to suspend sales OF
all classes Of stock until such losses have
been adjusted and distributed pro rata as a
Ana provided further, that no more than
one-half G1) Of the amounts received In pay
nents on stock by such association in any
month, shall be used to pay the withdrawal
| and maturity value of stock without the con-
! sent Of the board Of directors.
that has issued shares maturing at a definite
period, which finds that Its assets will not
be sufficient under the mutual system to ma
ture Its stock at such period without unusual
| assessments, may, with the consent OF any
| stakeholder, settle and discharge his stock by
paying to him at the maturity period, Or soon
| sum as he had paid into such association for
monthly dues and withdrawal assessments,
and such proportion Of the profits as shall
!, mutually be deemed by them equitable.
SEQ. %. Every association shall, in addition
to the contingent fund provided for in section
twenty-seven cd of this act, set apart out
of the net profits Of each year for q con-
tingent or reserve fund, the SUM Of not less
3, than five % per centrum and not to exceed
ten QV per centum Of such net PROFITS for
that year; such contingent Or reservs fund
! shall be used for the purpose Of making good
any losses that may be sustained by such as
| Sec. 20. Every such association shall pro-
vide in its bylaws Ia what manner appaicss-
tons al ana = u j., TOT or4t lGaas - sn 1alns pc reee1yea:
such proportion of the funds Of the associa-
ton shall be loaned upon such application
! vided the securities shall be Of the character
required by this act; and provided, further,
that the provisions OF this section relating to
bidding for loans shall not apply to associa-
tons which fix tho rate Of interest and pre-
MUM in any other manner.
SEQ. 80: Whenever q distribution OF profits
accrued. four-hfths as Of its expenses; Or
Cured, then the total amount Of the profits
b Ieala1 e' Of So said dIat four-a Mtla as Of such eHs
| penses shall be carried as expenses paid"
! until the next report or distribution Of profits.
shall, at the time Of making the charge to
profits as herein provided, be carried to an
account to be called Permanent Expense
ever any share OF stock has reached a maturity
value the shares Of permanent expense con-
charged against it. and the sum found after
shall be deemed the true maturity value OF
Sec. 81. All corporations heretofore organ
lied in this state. and doing business in this
or any Other eS,s state "a, as building alltt and loan as.
to all the provisions of this act, and shall
be entitled to all privileges and benefits there
| Of, without Incorporating.
| Sec. 81 Thts act shall not apply to any
, association organized under the laws of this
state, which confines Its loaning and business
operations wholly to its county and counties
adjacent and adjoining thereto; provided, that
any such association Incorporated which de-
sires hereafter to contne its business to ad-
jacent counties as aforesaid, may ae with
the public examiner a statement to that effect,
and also containing the names Of those holding
ASSOCIATION outside such counties, and so long
as such association thereafter confines it's sales
not be subject to the provisions hereof, and
any sales Of stock outside the limits Of said