The Appeal. [volume] (Saint Paul, Minn. ;) 1889-19??, 1901-04-20

pc paid annually out Of the full dividend APP.
paid stock upon which the par value thereof
snail be paid In advance in the certificate
Or which stock the right Of withdrawal may
tull paid stock a full dividend Or a definite
dividend may be paid, which dividend shall!
IN no >, case exceed the percent Of profits earned
by all classes or series Of stock at the
LIME the said dividend is declared. Any tsuch
association may issue guaranty or permanent
stock for which the full par value shall be
mnents' as may be provided in the bylaws OF
the association. Such guaranty or perma-
nent stock shall be entitled to receive dividends
by ali fully parScip at CLASSES Ia t Of stosE
at the time such dividend is declared. such
fully paid and when such stock is fully paid
the dividend shall be paid in cash to the
holders thereof. The balance of profits, if
be PAID to hodeRs Of eSe same uns
al lawful claims of every class of stock shall
nave been fully iiquidated and paid by. such
ASSOCIATION. No building and loan association
shail issue any certificates Of shares until
ths terms and conditions thereof shall have
peen hrst submitted to and approved by the
Sec. e.. Amy holder Of 1nstallment or pre-
pald STOCK, whose share or shares are not
IN afssa1s or pledged upon loan shall be
emitted to withdraw such share or shares at
any time twenty-Iour (24 months from and
s ateer Inc date of the first pay nrent on such
Provided. that the board of directions may,
If they deem it to the interest OF the asso-
e stat.9n buy In the share or shares cf amy
Vlous date, paying therefor the paid in
on said shares. less such discount as may be
agreed upon and which shall not in any case
exceed eight 80 per cent.
Any sucn shareholder may give notice of
withdrawal in writing to the secretary of
the association. and the liability Of such share
holder to pay further installments and right
to share in future profits shall cease with said
notice. -.
Such withdrawing shareholder shall be en-
utied to receive al the end Of two years from
the date Of his first payment, all monthly pay
neiyts made on account of such share or
shares (not including admission fee or fnes)
less the following Deductions:
FIFTY (oO) cents ON each certificate in pay
meat Tor issuing and cancelling the same, and
for q contingent or reserve fund to BE used
by the association to meet any contingency
or loss in it's business from the depreciation
G 81 It's It's securities or Otherwise Crowded that
O. OF WsthdraWa1 Is given are IN arrears, q
me me OF ten dV> cents per share for each thirty
(9O) Gays such share Or shares are delinquent,
may be deducted in addition to the with
drawal fee. and charge for the reserve fund
Ali stockhoiders o Who do do not give the notice
as herein provided. failing to make payments.
snail pc subject TO. fine OF ten 1O) cents
per snare per month for each month such pay
ments are in arrears, for a. period of six
90 months after the last payment made (such
nnes In the aggregate not to exceed the sum
of such period Of six g. months, # the
arrearages and fines remain unpaid, the bal
ance Of such monthly payments if any, after
and fines. as herein provided, shall bra subject
twenty-four (2N months from the date OF the
holder. II such delinquent shares are not
reclaimed or called for within tWenty-four
GD months from the date OF the last pay
ment, the balance, If any. to the credit of
such delinquent 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. on account Of such share or
shares or the payments made thereon.
that such sh hal wheh have been
loan and become delinquent shall be ad-
lusted as provided for In section four al, of
made twenty-four (aD or more M payments s he
shall. receive the amounts paid, less the de-
auctions provided for and three of
withdrawing shareholder.
Provided further, that If by reason of ez-
traordinary losses. the entire net profits are
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
in provided for, shall be considered Of NO
effect, and the withdrawing member shall
only be entitled to such sums as may be
such losses among all sharehoiders = -
. And provided, further, that whenever II eAall
be found that the capital OF an association
reserve fund and profits earned, it shall be
the duty OF the directors Ito suspend sales OF
all classes Of stock until such losses have
been adjusted and distributed pro rata as a
charge upon the shares OF stock in force
And provided further. that no more thar,
one-half oD of the amounts received In pay
a ton In,
month. shall be used to pay the withdrawal
and maturity value Of stock without the con
sent Of the board OF directors.
And provided further, that any association
that has issued shares maturing at 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
etockholder. settle and discharge his stock by
er if it's directors deem it practicable, such
sum as he had paid into such association for
monthly dues and withdrawal assessments,
mutually be deemed by them eaultable. 1''
SEQ %. Every association shall, in addition
to the contingent fund provided for in section
Of the net profits of each year tor a con.
tngent CT reserve fund, the sum Of not less
than Aye % per centum and not to exceed
that year.; such contingent Or reserve fund
shall be used for the purpose Of making good
any losses that may be sustained by such as
sec 70. Every such association shall pro-
vide vide in as bylaws u what manner applica-
and who shall be entitled to loans hereunder;
such proportion Of the funds of the assocaa.
ton shall be loaned upon such application
as the directors shall deem advisable; pro
vided the securities shall be Of the chsraates
that the provisions Of this section relating to
tions which fix the rate OF interest and pre-
MUM in any other manner.
Sec; 80 ~ Whenever hf eyer distribution Of profits
association shall charge against the profits
accrued, four-hfths (4-0 of it's expenses: o,
pros Is not such pars ot tSa Of
CURED, then the total amount of the profits
shell be 50 CHARGED with expense, and the
penses shall be carried as Expenses paid
until the next report or distribution Of profits
s Ia a ths Time Gs of @ Of 9uoh
profits as herein provided, be carried to an
account to be called Permanent Expense, "
which shall finally be paid follows: When.
ever any share OF stock has reached a maturity
value the shares Of permanent expense Con.
tributed by said share OF stock, shall BIZ
deducting such share of permanent expenses
shall be deemed the true maturity value OF
E. Sec. 81. All corporations heretofore organ.
lied in this state and doing business in this
' Or any other state as building and loan as
sociations. shall comply with and BE- subject
to all the provisions Of this act, and shall
be entitled to all privileges and benefits there
Of, without Incorporating. -
Sec: 81 This 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 conflne its business to ad-
jacent counties as aforesaid, may file with
the public examiner staterpent to that effect
and also containing the names Of those hoidine
the amount held by them, Of the stock of said
association outside such counties, and so long
as such association thereafter confines its sales
Of stock within the limits aforesaid 1t shall
not be subject to the provisions hereof, and
any sales Of stock outside the limits Of said
county may, after filing Of such statements
by any officers, director, or agent Of any as
ISOLATION, shall subject such person to all the
penalties prescribed in section twenty-four CA
Of this act; provided further. that nothing in
this section shall be construed to prevent
the bona flde sale or transfer Of the indi-
vidual stock Of any member Of such associa-