The Jennings daily record., 1902-07-26
vided hy tae By-Isasps.s. :

f:stallments md Interest," sh1ll be duo
and payable weekly, On e1ch Monday,
ut the t,lIice OF the Association, and all
payments MAZE shall be inquired: ~
to the settlement OF interest due, icy to
on shares, t3) to reim-
bursement of moneys paid for account
Of shareholder; provided, that the
order Ofimput;: tito may be changed
ut the discretion OF the Board OF Di-
rectOrs.
I. Any shareholder failing to make
the minimum payments required until
five weeks are passed shall pay as
penalty therefor five cents on each
share held hy hin for such failure,
which shall be charged against such
shareholder; provided any sharehsld-
er thus indefault may have the penalty
therefor remitted by paying twice the
amount which he owes at the time of
settlement.
| 8. e ch share of stock which has
been in fore. for sixty days preceding
any stockholders meeting, and 1epre-
sented thereat, shall be entitled to one
vote: provided that no stockholdes'
| i've votes in his own name, irrespcc-
tive If the number of shares held bv
him.
| 8. Any holder of running shares
who shall, for q term of six months,
fail to pay the weekly payments on his
stock, shall by reason OF si,ch failure,
and without notice, entitle the Associ-
alton to cancel such ock, 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 a
notice mailed to him; aud in case he
! shall not within one year, call to re-
cate, the said amount shall revert to
and become the paoperty OF the Asso-
citation.
10. harehoiders 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, if
any, upon fling written notice OF
withdrawal, which shall be regis
tered by the Secretary in the order of
their receipt; and withdrawing share
holders shall be paid in rotution, as
registered, out of the first unappro-
priated money in the treasury.
Provided, that not lnore than one
half the monahiN receipts shallever be
Withdrawn, n.acurca or paid up shares,
un 'ess there should be an over accu
mutation of funds which can not be
10 ne in the usual manner upon real
estate.
IL. Should there be an over accu-
inulatiUA of lands beyond the use of
the Association, The board shall nave
the right to cali in unpleaged shares
for redemption, provided that paid up
shares shall be called i'll first, il the
reverse order Of their issue, aud shall
he redeemed for face value. plus inter-
est for the time intervening since the
last div .dend, at the same rate as the
last dividend declared; and should all
paid up shares be redeemed, then run
ming shares may be called in, the. old
est shares to be redeemed first and at
their withdrawal value plus interest
for the time intervening since the date
OF the last dividend, at the same rate
as the last dividend declared.
II. On the death OF aLy stockhold-
er whose shares are not pledged to the
Association, his or her legal repres-
eutatives shall be entitled to receive
in cash The withdrawal value OF the
shares at the time of the last payment
made by the said deceased sharehold
er, less any unpaid fines or charges, or
said representatives shall be entitled
to either transfer said shares to others,
when legally authorized SO to do, or
to continue The same by the payment
O. the weekly install ments: provided,
that said shares shall be Withdrawn
or transferred, or notice given ofcon-
tinuing within six months next follow
ing such death, and in default of ac-
t on within that time, saiu shares shall
be treated as provided for in para
graph 8 of this article.
IL. Shares shall be transfera BILE,
and duplicate certificates issued for
lost certificates in such Mauner as
may be provided in the Bylaws.
IA. On Jan. 1st and July lst of each
year the Board of directors shall as
certain the earnings of the Association
for the proceeding six months, and out
OF S ch earnings they shall ~ deduct
all OF The expenses OF the association
o. such time: e set aside to the fund
for contingent losses, sue an amount
as they may deem best, until such con-
tingehJ fund equals five per centof the
entire outstanding mortgage loans,
which fund shall be invested as direct
ed by the Board; (3) the balance of
SAID earnings shall be declared as
dividend To tie shareholders in the
proportion to the value of stock of
each member at the time the preceding
dividend was decla,ed, and all pay
ments made between such dividend
periods shall begir to earn dividends
from the beylnnaug of the next semi
annual ierm.
l5. The dividends declared on run
ming stock shall be credited on the
pass books of the members semi-an-
nually, aud the dividends on paid up
slOck shall be paid ia cash on the
fourth Monday OF January and July
of each year.
ARTICLE v.