The La Jara chronicle., 1909-07-02

for each share taken tbut such fee in no
case shall be less than one dollar).
b. All dues of whatsoever description
back to the beginning of the fiscal year, to-
gether with the accumulation fee of five
cents "a share for the first month. ten cents
a share for the second month, fifteen cents
a share for the third month, and SO on.
c. Twenty-Five cents for n 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
| 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 be 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 be as fol
lows: The funds of this Association. as
I they accumulate in the treasury, shall be
offered and loaned by the Board of Direct
ors to the stockholder being the first ap-
proved applicant builders given prefer
ence.
SEC. 2. All loans shall bear interest mt
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 OIL ON the
first Monday of any month thereafter. and
| loans on real estate may. either in one sum
or in successive installments, at the eNpi-
ration of one year from the date of the loan.
be paid off in either of the following ways:
a. BY paying the amount of the note to
date without surrendering the stock
| pledged for it.
b. BY applying on the amount of the
note to date the stock pledged for it at it's
withdrawal value, and paying the differ
| ence in cash.
SEC. B. All securities of record for loans
made shall be executed in the name of IA
| Trustee designated by the Board.
SEC. 4. Members borrowing on real es-
tate shall furnish abstracts certified up to
date insure all improvements for the ben
| eft of the Association, delivering to it the
policies therefor and notifying it in ad-
vance of all subsequent improvements
which would in any way affect the terms
of the policy (subject to fine of twenty
! five dollars for each and every omission) {:
and pay the same fall due, all taxes.
insurance premiums. assessments and
liens of public nature: in default of
which the Association may. at its option.
advance the money therefor at the rate of
two per cent. month. collectible with
the monthly dues.
SEC. ). Borrowers may take u loan for
one or more shares and shall at the same
time submit "a full description of his or her
property offered as security. with the csti-
mated value and income and such other
information as the Board may require
and shall, for each one hundred dollars
| loaned. transfer one share more of stock
| to the Association as collateral security.
SEC. 6. II the monthly installments or
interest on loan be suffered to remain
unpaid for II period longer than the time
specified in his or her trust deed to public
! trustee. securing said loan, the Board of
Directors may compel repayment of the
principal and interest by ordering proceed
ings on the note and mortgage according
to law.