The Jennings daily record., 1902-08-02


payments ma 7e shall be impaafed: az
TO the se; clement Otin:erest-due, u 10
installments ON shares. .(3) to reim-
bursement OF moneys paid for account
OF shareholder: provided. that. the
order OF imputatio may be changed
at the discretion OF the Board OF DIE
rectOrs.
Z. Any shareholder failing to make
the minimum payments required untll
penalty therefor five cents on each
share held by hi,a for such failure,
which shall be charged against such
provided any sharehsld- ).
er thus in default may have the penalty
therefor remitted by paying twice the
amount which he owes at the time OF
settlement.
8. Each share of stock which has
been in fore, for sixty days preceding
any stockholders meeting, and rerre-
sentod thereat, shall be entitled to one
vote: provided that no stockholder
shall be entitled 10 more than twenty
We votes in his own name, irrespec-
i tive OF The number OF shares held bv
him.
| 8. Any holder of running shares
who shall, for term of six months,
| fail to pay the weekly payments onhls
stock, shall by reason OF such failure,
and without notice. entitle the Associ-
alton to cancel such stock. and, from
such time, the amount paid thereon,
together with the accumulated profits,
shall cease to draw dividends, but be
held subject to The order OF such par
ty, and he shall be so notified by
notice mailed to him; and in case he
shall not within one year, call to re-
ceive same and surrender the certitl-
Cate, the said amount shall revert to
and become the paoperty OF the Asso-
citation.
/ 10. Shareholders shall have the
right to withdraw from the Associa-
tion the amount paid in together with
the accumulated profits due thereon at
the preceding dividend time, less any
charges and proportion OF losses, II
r any, upon filing written notice OF
wit I'D drawal, which shall be regis
tered by the Secretary in the order OF
, their receipt; and withdraw ng share
holders shall be paid in rotation, as
registered, out of the first unappro-
prlaoed money in the treasury.
PROV iGcd, that not more than one
half the monthly receipts shallev be
, led for he nrpose OF liqu!datins
Withdrawn, inaturcd or paid up shares,
unless there should be an over accu-
, mutation Of funds which can not be
\
: estate.
: II. Should there be an over accu-
5 mutation OF funds beyond the use OF
the Association, the board shall have
l the right to call in unpledged shares
/ for redemption, provided that paid W
i shares shall be called in first, in the
d reverse order of their issue, and shal
4 he redeemed for face value, plus inter
4 est ior tbe time intervening since tht
i last div ,:end, at the same rate as the
y last dividend declared; and should al
paid up shares be redeemed. then run
ming shares may be called in, the old
est shares to be redeemed first aud a
- their withdrawal value p:us lnteres
II for the time intervening since the dat
y, of the last dividend, at the same rat
~ as the last dividend declared.
- II. On the death of aLy stockhold
~ er whose shares are not pledged to tn
, Association, his or her legal repres
i entatives shall be entitled to receiv
'e in cash the withdrawal value of tn
shal es at the time OF the last paymen
made by the said deceased sharehold
IL er, less any unpaid fines or charges, o
m said representatives shall be entities
of to either transfer said shares to Others
n when legally authorized SO to do, o
I'd to continue the same by the paymeL
u OF he weekly install mentS: provided
I'd tina. said shares shall be Withdraw
IT, or transferred, or notice given Ofcoy
he tinuing within six months next follow
e. ing such death, and in default OF a.
he t on within that time, saio shares sha
es be treated as provided for i'll pars
ne graph y of this article.
l3. shares shall be transferable
to and duplicate certificates issued +.
It. lost certificates in such manner q
es may be provided in the Bylaws.
IA. On Jan. lst and july lst OF eaC
ol year the Board OF -.irectors shall Il
&c certain the earnings OF the Associatie
to for the proceeding six months, and u
~ OF s,.ch earnings they shall { ~ 3edu
ay all OF the expenses Of the associate
70. such time; ~ set aside TO the fur
for cOntiIyen ,OSSes, Suca an amOu
as they may deem best, until such CO
y GU tiugenL fund equals five per centOf Il
", entire Outstanding mortgage loan
'es which fund shall Le investld d asdire(
'is ed 10y the tioard; (3) the balance
~ said e;sruinSs shall be declared as
,Mp- M q dividend to the shareholders in t
'fs proportion 10 the value of stock
each member ut the time the precedil
", ou dividend was declared, and all pa
= ments made between such dividel
~. ~ periods shall begin to earn dividen
II. II. from the beginning OF the next sen
d' annual term.
e'e.r eer Is. The dividends declared on ru
W ol- ming stock shall be credited on t
rs, pass books of the members semi-a
~ nualy, and the dividends ON paid
hu sock shall be paid iu cash on t
on fourth Monday OF January and Ju
of each year.
=" ARuICLIT v.
the ~,
all me corporate powers ., ae > IS, 81
mt O Directors toconsist OF fifteen sioC
at h oldcrs, each of them owning at les