The St. Mary banner., 1906-10-06
amounts as the Board Of Director
determine
PERMANENT STOCK.

! lars: and no further issuance beyon(
| that sum can be made without tht
authorization of the stockholders of the
Association in a meeting regularly called
for that purpose, and under the provis-
ions Of this charter. relative to the
amendment of the same.
Permanent stock shall be issued only
in payment Of its par value Of One Hun
dred Dollars per share in cash at the
date of the issuance and for such ,tddi
fonal amount III cash as the book value
Of such stock may be worth at the date
OF its issuance over and above its par
value.
Permanent stock shall be issued as ap-
piled for and shall commence its earnings
with the date of its issuance
A preferential dividend of eight per
cent per annum. payable four per cent
semi annually. January and July lst,
of each year shall be paid to the holders
of this stock from the net profits Of the
business of the Association for each half
year before any dividends are credited
or paid to any other form of stock is
sued.
| DRAWABLE and shall constitute "A per-
To this sotck there shall be apportioned
from time to time by the Board of Direc-
tors in their discretion from the surplus
profits of the business. after all dividends !
for that period have been apportioned
and provisions made for the contingent |
loss fund as required by law, a further |
dividend which Shall be known az PER- |
MANENT SURPLUS. which said sur
Inc cbn1l no ,l -. |
Association as the property of the hold
ers of Permanent stock, without interest
thereon. and which shall be NON |
WITHDRAWABLE
The Board of Directors shall in their
discretion have the right to retire at the
close of any semi-ann,lal period part |
Or all Of the Permanent Stock in force by
IA 'wn-thirds vote Of the Board In the
event of partial retirement Of the same,
each owner of permanent stock shall be |
required to surrender his certificate, and |
his holdings shall be reduced in the pro-
portion that the reduction contemplated
bears to the whole amount in force: pro-
vided that he receives in cash the full
book value of such amount of his hold
ings as surrendered by him. After notice
BY the Secretary of the amount required
i
thereon shall cease, whether the same |
De- promptly surrendered or not.
The pay ment of IA preferential divi- .
lend and the apportionment of a surplus
rom time to time t. this stock shall not .,
4 any way be considered by any holder +
+ other stock as an impairment in the ,
quality of membership or TO the preju-
Ice of his holdings: but as the full
~ ,IJv fnr no
Y NlTHDRAWABLE. permanently in j,
ested in the business of the Associa- f
ion. y
FULL PAID STOCK. s
Full Paid stock shall be issued only in II
aymcnt of its par value Of one hundred o
ol!ars per share in cash at the date of
absorption. Full Paid Stock Shall par >
cipate equally with the other stock |
Permanent stock excepfed) in the prof
$ Of the corporation in proportion to II
$ value and age u
Full Paid Stock shall be issued as sub p
ribbed for: and in settlement of Install II
ent and Dayton Stock as the same ma u
Tres: and shall commence its earnings 81
ON the date Of issuance. IT
All profits accruing to such stock shall {.
payable to the owners thereof in cash %
III
INSTALLMENT STOCK. y,
Instaliment Stock shall be worth the pl
aturty value of one hundred dollars 10
r share. and shall be issued upon the
ymert of at least one dollar per share m
+ each share subscribed. IN
Such stock shall be paid for by the sn
gular payment of twenty-five cents per 81
are per week. if unpledged. or the Gu
gular payment of twelve anG one half vi
nts per share per week, if pl edged as eA
curity for loan upon re'N estate. AZ
reinafter designated as STO, X DIS ha
CUNTS. and the further addition
ereto Of all the profits as shall be de-
lred upon the same. or
Said stock shall upon it's issuance tit
to share in the earnings of an
. corporation. and shall participate in MI
2 same equally with the otEer stock
ornament stock excepted) III proper
n to the actual worth and time Of each on
yment made on account of It's par ne
Iue. fe,
All profits accruing 10 such stock shall tn.
credited thereto as payments on ac- SOC
int of its maturity value.
Whenever the share OF any subscrib- ,
!. stakeholder by reason Of the pay
nts made thereon and the profits ,'''
dited thereto shall become worth the i"a
turity value of one hundred dollars !"
share. then said stock shall he deem ~.
fully paid for, and in its place shall :.
issued the same amount of Full Paid ins
ok. 10
he payment of twenty five cents per " s'o
re per week on unpicdged stock and oP'
twelve and one half cents per week ~
stock pledged for security for Stock s'''
counts shall be considered as the
limum payment, A3Iy multiple Of
Sc amounts per share per week car, be moi