The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-04-19

a dividend bearing prepaid stock upon which
a larger sum is paid than the prepaid
| stock and upon which a partial dividend may
/ De paid annually out of the full dividend APP
portloned thereto) and may also issue full
! paid stock upon which the par value thereof
snail be paid IN advance in the certificate
| of which stock the right of withdrawal may
! be waived for a definite time, and upon which
! full 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 such
association may issue guaranty or permanent
stock for which the full par value shall be
! paid at the time of issue or IN such INSTALL
ments, as may be provided in the bylaws of
the association. Such guaranty or perma-
nent stock shall be entitled 10 receive dividends
IN no case exceed the per cent of profits earned
by all 1ullY paruelrNating GLASSES OF stock
at the time, such dividend is declared. suoh
SlVluehas TO De credited TO the stock until
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
any and the principal paid on said stock
not TO be paid TO holders of the same until
all lawful claims of every class of stock shall
nave been FULLY Hquidated and paid by such
association. No building and loan association
snail issue any certificates OF shares until
the terms and conditions thereof shall have
peen hrst submitted to and approved by the
Sec, ~. Amy holder of installment or pre-
paid stock. whose share or shares are not
IN arrears or pledged upon a loan, shall be
entitled 10 withdraw such share or Shares at
any time twenty-rour CAD months from and
after the GATE OF The first payment such
share or shares, and not before such date.
provided. that the board of directors may,
IL they deem it to the interest of the asso-
citation, buy in the share or shares of amy
stakeholder desiring to withdraw at a pre-
Nlous 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 90 per cent.
Any such 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 .o aa
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
ments made on account OF such share or
shares (not including admission fee or tines)
less the following deductions:
Fifty (0V) cents each certificate in pay
ment for issuing and caalcelling the same, and
two q per cent of the amount so paid in
for a contingent or reserve fund to be used
by the association to meet any contingency
or loss IN its business from the deprecati ton
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 (10) cents per share for each thirty
500 days such share or shares are delinquent
may be deducted, in addition to the with
draWal fee, and charge for the reserve fund
hereinbefore provided for.
All stockholders who do not give the notice
as herein provided, failing to make payments,
shall be subject to fine OF ten Q0) cents
per share per month for each month such pay
nents are in arrears, for @ period of six
fines in the aggregate not TO exceed the sum
of sixty 600 cents per share) and at the end
Of such period of six 90 months, IL the
arrearages and fines remain unpaid, the bal
ance of such monthly payments If any, after
deducting the certificate fee, contingent funds,
and lines, as herein provided shall be subject
to withdrawal at a period of not less than
twenty-four Cd months from the date Of the
first payment, application of the stock
holder. IF such delinquent shares are not
reclaimed or called for within twenty-four
(2D months from the date of the last pay
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
shares or the payments made thereon
Provided, that such shares, which have been
loan and become delinquent, shall be ad-
justed as provided for in section four "a of
IS af 6nrh ID nar m yn4 mas a
shall receive the amounts paid, less the de-
auctions provided for and three-fourths of
the net profits credited to the stock of such
withdrawing shareholder.
Provided further, that If by reason Of ex-
traordinaIy 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 its 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
effect, and the Withdrawing member shall
only be entitled to such sums as may be
found to@be due him, after the adjustments of
such losses among all shareholders. 8T~e.
And provided, further that whenever It shall
be found that the capital of an association
has been impaired by losses in, excess of It's
reserve fund and profits earned, it shall be
the duty of the directors to suspend sales of
all classes OF stock until such losses haye
been adjusted and distributed pro rata as a
charge upon the shares of stock in force.
And provided further. that no more than
one-ha1E va or tne amounts received In pay
ments 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.
And provided further, that any association
that has issued shares maturing at q 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
stockholder, settle and discharge his stock by
paying to him at the maturity period, soon
er if its directors deem it Practicable such
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.
Sec %. 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 a con-
tingent or reserve fund, the sum Of not less
than five (5) per certum and not to exceed
ten (1o} per centJm of such net profits for
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
ISOLATION. 4-.-
Sec 30 Every such association shall pro
vide in its bylaws in what manner applica-
lions and bids for loans shall be received
and who Shall be entitled to loans Hereunder:
such proportion Of the funds of the assocIa-
ton shall be- loaned upon such apnlica tion
as the directors shall deem advisable; pro-
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 the rate OF interest and pre-
|. MUM in any other manner.
SEQ. 30. Whenever a distribution of profits
is made and at least twice in each year each
association shall charge against the profits
accrued, four-ffths 40 of its expenses: or
if there is not a sufficient amount of the
profits to pay such part of the exepnse in
Cured, then the total amount of the profits
shall be SO charged with expense, and the
balance of said four-ffths (4-5l of such ex-
penses shall be carried Expenses paid
until the next report or distribution of profits.
The remaining one-hfth do of such expenses
| shall, at the time Of making the charge tc
| profits as herein provided, be carried to an
! account to be called Permanent Expense, y
! which shall finally be paid as 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 be
! charged against it, and the sum found after
/ deducting such share of permanent expenses
| said stock
Sec. 81. All corporations heretofore organ
| lied in this state, and doing business in this
| or any other state as building and loan as
| sociat1ons, 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 reincorporating.
| Sec. 81. This act shall not apply to any
association organized under the laws of this
state, which confines it's loaning and business
operations wholly to it's county and counties
adjacent and adjoining thereto; provided, that
any such association incorporated which de-
sires hereafter to confine it's business to ad-
jacert counties aforesaid may file with
the public examiner a statement to that effect
and also containing the names of those holding
the amount held by them, of the stock of said
ont AMI ln,np