The La Jara chronicle., 1909-06-25

for each share taken tbut such fee in no
case shall be less than one dollar).
h. All dues of whatsoever description
back to the beginning of the fiscal year, to-
gctiier with the accumulation fee of five
cents a share for the first month. ten cents
IA share for the second month, fifteen cents
n share for the third month. and so on.
c. Twenty-Five cents for pass book.
SEC. .. Each stockholder of the Associ-
alton shall pay into the same. on each and
every monthly pay day as designated by
the Board, the sum of sixty cents per share
as installment dues. and five cents per
share assessment dues. and continue such
payments until such installments and the
dividends accruing thereon bring the
stock to the par value, when such stock
holders shall he paid one hundred dollars
for each such share maturing and the stock
shall revert to the Association.
SEC. 3. The fiscal year shall begin on
the first day of January and end on the
thirty first day of the following December.
ARTICLE V.
LOANS.
SECTION The method by which loans
shall be made and repaid shall he as fol
lows: The funds OF this Association, as
they accumulate in the treasury, shall he
to the stockholder being the first ap-
proved applicant, builders given prefer
ence.
SEC. 2. All loans shall bear interest at
the rate of one dollar "a month ON each one
hundred dollars borrowed, the interest be-
ing payable with the monthly dues in ad-
vance, and every such loan shall run to the
maturity of the stock pledged for it; pro,
vided, that loans secured by Association
stock with withdrawal value exceeding the
amount of the loan, may be paid of ON the
first Monday of any month thereafter and
loans on real estate may. either in one sum
or in successive installmcntS. at the cxpi
ration of one year from the date of the loan
be paid oil in either of the following ways
"a BY paying the amount of the note to
date without surrcndering the stock
pledged for it.
b. BY applying on the amount of the
note to date the stock pledged for it at its
withdrawal value, and paying the differ
ence in cash.
SEC. j. All securities of record for loans
made shall be executed in the name of {
Trustee designated by the Board.
SEC. t. Members borrowing on real cs
tate shall furnish abstracts certified up t,
date, insure all Improvements for the ben
eft of the Association delivering to it TIL,
I
vance of all subsequent improvements
which would in any way affect the terms
of the policy tsubject to a fine of twenty
| five dollars for each aud every omission)
/ and pay as the same fall due, all taxes
/ insurance premiums, assessments unt
liens of public nature; in default o
| which the Association may, at its option
advance the money therefor at the rate o
] two per cent. month, colleCtiblc Will
| the monthly dues.
SEC. >. Borrowers may take loan fo
one or more shares and shall at the same
/ time submit Il fun description of his or he
property offered as security, with the csti
/ mated value and income and such othc
/ Information as the Board may require
and shall, for each one hundred dollar.
] loaned transfer one share or more OF stoCI
/ to the Association as collateral security.
SEC. d. If the monthly installmcnts %
| interest on loan he suffered to remain
unpaid for a period longer than the tim,
specified in his or her trust deed to public
trustee, securing said loan, the Board a
Directors may compel repayment of tn
principal and interest by ordering proceed
ings on the note and mortgage according
I to law.