Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1911-01-06
BUILDING & LOAN ASSN,
ORGANIZATION TO HELP WAGE
FARMERS BUILD HOMES
WOULD DO WELL IN LADYSMlTH
State Laws Govern and Protect the
Investor and the Borrower
Alike

A good many have been enquiring as
to the plan of a Building and Loan
association, and how it helps borrower
and at the same time is a good thing
for an investor. w. N Mackin, who
advocates the forming of such society
here, says it is mutual benefit to the
members, and is organized under a
state law which requires that the
money must be loaned on mortgage Sc
curity. Men who are not now putting
money in the bank would get the habit
of saving their earnings if they would
join such an association.
Suppose so people should pay into an
association to help them own their
homes $40 a month instead of paying
rent. That would give these people an
interest in life and in this city that
they never have had before.
If so persons would pay $40 month
for three months, there would be $500
which would make a possible loan of
$500 each to three of the members. 1t
would not be long before as many of
the members as might desire, could
make loans, for the borrowers would
continue to pay monthly instalments on
their loans instead of paying rent.
Below are given some extracts from
the law showing that such associations
must be strictly within the statute, and
subject to examination.
No corporation not organized under
these statutes shall be entitled to use
name embodying said words, except
that corporations now existing may
continue their present names.
Such local associations may be organ
lied and conducted under the general
laws relating to corporations except as
herein provided; but the articles of in
corporation, amendments thereof and
all papers relating thereto shall be filed
with the bank examiner, who may issue
the certificate Of Incorporation; but the
same shall not issue until a verified
copy of the bylaws adopted by the
association shall be filed with him nor
until the articles and bylaws shall have
been approved by the attorney-genera
and until such certificate be issued no
such association shall have legal exist
ence and only such bylaws, alterations
and amendments thereof as shall have
been so filed and approved shall be
deemed operative.
A member may withdraw his un-
pledged shares at any time by giving
thirty days written notice of such in
tention, and shall then be entitled to
receive the amount of dues paid in by
him, and such proportion of the profits
as the bylaws may prescribe.
Sixty days after the death of men,
Der his legal representatives shall be
paid the full amount of dues paid in and
interest thereon, less all charges due
on his stock.
A borrower may repay his loan at
any time. He shall be charged with
the amount of the original loan and in
terest, premium and fines in arrears.
All associations formed under this or
other similar law, or authorized to
transact in this state a business sim
liar TO that authorized to be done by
this chapter, shall be under the control
and supervision of the bank examiner.
The principle of this Association is
purely mutual. BY joining it each
member will share alike in it's profits,
and may borrow money for use and pay
it back easily by small monthly pay
ments.