The herald., 1913-11-13

| tai stock Of this cooperation shall IL. I'VE
million dollars $4,000, OOO), represented
shares, hereinafter fully described, to-wit :.
/ tull paid shares, loan shares and savings
/ shares.
| Fuii Paid ShdrcS-Full paid shares shall
be issued from time TO time as the board of
| directors may determine In shares of one
| hundred dollars tSlOOUUl each. TO be paid
! in cash when issued, and shall earn diyi
dendS in cash and be withdrawals as here
| matter provided.
| Loan NhdrCs.-Thc loan shares shall be
worth the maturity value of one hundred
and nifty dollars tSlJO.UOD per share. and
shall be paid for by monthly iustallmentS
| Of AZ least two dollars lS-uOI per share
per month. and such payments shall he i'm
putcd 10 the obligations of the shareholder
/ In such manner as provided in the bylaws
in connection with the several plans Of
| loans. They shall earn dividends as here
! matter provided and shall be- withdraWiblc
/ IN payment on account Of loans. The in
~tuIlmrut shares now in force In connection
| with loans shall continue As loan shares
without change As originally issued.
! SH,uy> Shares Savings shares shall be-
| worth ID. maturity value of one hundred
| dollars ,Sluoupl per share. and shall Ice is
sued upon the payment OF one dollar ,SluuD
| per share for each share subscribed Sub
>criHin- shareholders shall have the right to
! make further payments on account Of the
| unpaid balance of the maturity value Of
! th"ir shares Al pleasure. They shall earn
| dividends ana shall he withdrawabIc as here
| matter provided
! Article VII Of the original charter Of this
! corporation was amended and re-euacted TO
| read aS follows
! ARTICLE EII.-DiyfGtudS-M the end
Of Tie semi-annual terms ending June Both
| and December 3lst, the undivided profits
I for such periods shall be distributed I'm the
I following order, to-wit. first. All the px-
| pcnSes Of the corporation for such period
! shall be deducted second, an amount equal
| 10 three go per cent Of the net earnings
| shall be set aside for contingent loss fund
| until such fund shall be equal to two and
! half - - per cent Of the outstanding
! loans: third, a semi annual dividend not ex-
ycedin- the rate Of six 90 Der cent Der
annum shall be paid In cash 10 the holders
| Of full paid shares and credited as payments
on account of the maturity value Of loan
and savings shares fourth out of the re-
naming profits II anv One-half of the
amount shall be credited TO the contingent
! loss fund and One-half shall De credited to
| the full paid loan and savings shares and
these amounts shall be paid ana credited as
regular dividends in the same manner as
regular dividends in amounts e0uaI 10 ono
| half Of one per cent Zoos nor com ! or
multIpleS thereof
Provided however, that when the con-
tingent loss fund shall be equal TO two and
one half @ l-2) per cent of the outstanding
loans then the entire remaining protits shai
be credited 10 the full paid loan and savings
shares to be paid and credited as special
dividends as above.
dividends on full paid shares shall be
computed from the dale Of issuance and on
loan and savings shares from the first of
the month following the date of PAYMENTS
Tho dividends darlar rod hy- tho h6,rJ ~
directors shall he final and conclusive upon
all shareholders
Article VIII of the original charter of
this corporation was amended and re-enact-
ed to read as follows:
ARTb'LE II-HithdrdrGIs- Members
NAV withdraw ful Maid shares or SAYINGS
shares 10y filing notice In writing at the Of
flee Of the corporation and shall receive the
amount 50 withdrawn together with ali divi-
bends previously declared or credited There
to. less any unpaid charges and n pro.rato
share Of LOSSES il any in excess Of the
amount of the contingent loss fund ApoII
cations for Withdrawals shall be Registered
and numbered in the order of their receipt
cordingly. as registered, upon the return and
proper cancellation of the certificate of stock
or paSSbOOk, but at no time shall more than
ono-half Of the monthly receipts from paw
mentS on account of shares and interest
only, be applied to 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 (31 Der cent nor
annum. from the end OF the previous semi.
annual term IN TO the first Of the month
previous to the date of withdrawal shall
be paid on amounts so withdrawn. provided
that 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 t3O) days or
less Applications for Withdrawals how
ever. shall be entitled in full 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 paw inter |
est and installmentS on his loan shares for |
six consecutive months the corporation as |
pledges of his shares, shall have the right |
to cancel said shares and apply the face |
value thereof to the liquidation OF his loan, |
and thereafter 10 foreclOse upon the mort
gage held by the corporation for the balance |
due it.
Should there ever be an accumulation Of |
funds beyond the use of the corporation, the
board of directors shall have the right to /
call in full paid shares for redemption, and |
should all full paid shares be redeemed, then
savings shares may be called in 10 be re-
deemed, provided that shares thus called in
shall be redeemed for their face value plus
interest at the rate per cent per annum of
the last dividend for the time intervening
since then. Notice Of such cancellation mail
ed to the address given when the shares
were Issued, or transferred, shall be sufi-
Client. In the cancellation of full paid or
savings shares, the board of directors shall
call them In in the inverse order of their
issuance.
Each share Of stock In force and repre-
Sented at any shareholders meeting shall be
entitled to one vote.
Married women and minors may hold
shares In this corporation as provided by
law.
All applications for membership shall be
subject TO the approval Of the board Of d.
rectors.
Article IN or the original charter of this
corporation was amended and re-enacted to
read as follows:
ARTICLE lA.-LOdnS.-All loans shall be
under the control and direction OF the board
Of directors, who shall have the power to
make such rules and regulations and bylaws