The herald., 1913-11-20

million dollars (S5,OOO,OOO) represented
and divided into three different classes of
shares, hereinafter fully described. to-wit
full paid shares, loan shares, and savings
shares.
run Paid NhGrCS.-Full paid shares shall
be issued from time 10 time as the board Of
directors may determine in shares of one
hundred dollars tSlOO.OOl each, to be paid
ia cash when issued, and shall earn divi-
dendS in cash and he WithdrawabIc as here
matter provided.
Loan ShuTcS.-The loan shares shall De
worth me maturity value OF one hundred
ana MY dollars lSlpuoVD pes share, and
shall be paid for by monthly iu>tallmentS
81 AT least TWO dollars tS2oul per share
per mOnth, ana Such payments shall be i'm
puird to Inc obligations Of the shareholder
IN such manner as provided IN the bylaws
IN connection win the several plans OF
loans. They snail earn dividends as here
matter provided ana shall b. WithdraWahle
in pHymeH, ON account ot loans. The in
>iailWrut shares no" IA force In connection
with loans shall c'nIinue as loan shares
without rAa4-e Us OIlSihalI! ISSUED.
SGrlpgS ShUrcs.- Savings shares shall be
worth the maturity value Of one hundred
dollars tSluuupb per share, ana SHAH ne Is
sued upon The payment OF one dollar lHI-oul
per share Tor each snare subscribed. sub
>rrihinE shareholders shall have the right 10
max" further payments on account Of the
unpaid balance OF the maturity value Of
their shares al pleasure. They shall earn
dividends and shall Ice withdrdwable as here
matter provided.
Articl" VII Of the original charter Of this
corporation was amended and re-euactcd to
read a follows
ARTICLE Nll.-DIrdDUdS.-.At the end
Of the >emi-auuual terms ending June Both
and December %lst. the undivided profits
for such periods shall be distributed in the
following order, to-wit first. all the ex-
Vyn>.> of the corporation for such period
shall De deducted; second, an amount equal
To three 80 per cent of the net earnings
shall be set aside for a contingent loss fund,
until such fund shall be equal 10 two and
half - 10 per cent Of the outstanding
loans third, a semi annual dividend not CX-
cecdin- the rate of six 90 per cent per
annum shall be- paid in cash TO the holders
OF fun paid shares and credited as payments
on account of the maturity value Of loan
and savings shares fourth, out of the re-
naming profits. If any, one-haif Of the
amount shall be credited To the contingent
loss fund and one-haif shall be credited TO
the full paid loan and savings shares, and
these amounts shall be paid and credited as
regular dividends In the same manner as
regular dividends. in amounts equal to one
half Of one per cent COOS per cent? or
muItipieS thereof
Provided. however. that when the con
tingcnt loss fund shall be equal TO two and
onc-h half - 1-2D per cent Of the outstanding
loans then the entire remaining profits shall
be credited to the full paid loan and savings
shares, to be paid and credited as special
dividends above.
dividends on fun paid shares shall be
computed from the daJe Of Issuance and on
loan and savings shares, from the first of
the month following the date of payments.
The dividends declared by the board of
directors shall be final and conclusive upon
all shareholders
Article VIII Of the original charter of
this corporation was amended and re-enact-
ed 10 read as follows:
ARTICLE Observation-Disclosures
may withdraw full paid shares. or savings
shares by filing notice in writing at the Of
ice of the corporation and shall receive the
amount 50 withdrawn together with all divi-
dends previously declared or credited there
to, less any unpaid charges and a pro-rata
share Of losses, If any. in excess of the
amount of the contingent loss fund. Appli-
cations for Withdrawals shall be registered
and numbered in the order Of their receipt
and Withdrawals liquidated in sequence. ac-
cordingly. as registered upon the return and
proper cancellation Of the certificate Of stock
or passboOk but at no time shall more than
onc-half of the monthly receipts from pay
mcnts on account Of shares and interest
only. be applied 10 the demands of the with
drawing members, without the consent Of the
board Of directors.
No dividends shall be paid on shares with
drawn between dividend periods, but inter-
est at the rate of three go per cent per
annum. from the end of the previous semi
annual term up TO the first Of the month
previous to the date of withdrawal, shall
be paid on amounts so withdrawn provided
that a dividend shall have been declared for
the previous dividend period. No interest
shall be paid on shares withdrawn which
have been in force for thirty 800 days or
less. Applications for Withdrawals, how.
ever. shall be entitled in fun TO any divi-
dends that may be declared while applica-
lions for withdrawal are pending.
Whenever a borrowing member defaults
on his loan contract by failing to pay inter
est and instalments on his loan shares for
six consecutive months, the corporation, as
pledges Of his shares, shall have the right
IL cancel said shares and apply the face
value thereof to the liquidation Of his loan,
and thereafter to fOreclOSe upon the mort
gage held by the corporation for the balance
que II. ,.,
cIouiu thStG ever oe an accumulation oI
i iundS W! omu lne use oI me ColpHIation, t.e
po III % GttJtVlS sndll nav lne iISnt 70
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w - S1, ""S 'eHN'N ""u ~
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make snch rules and TeguIatiops and bv-iaws
ra,nIoIin1 tho sSme aS ~ NAV deem necaS9
iSSNiH'Ah6 III S'iA"S 40 ~ HH"y uSShi hSSSS-