Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1913-08-22

come OF the assocination applicable for
loans, then the association may issue
Client to meet such demands for loans.
When such association shall
accumulate funds In excess Of it's re-
quirements for loans, then such paid
UP stock shall be retired in such man
ner as the bylaws provide or as the
board OF directors may determine.
Section 2013. $ Whenever any
shares are withdrawn, forfeited, re-
tired or surrendered the certia-
cate or certificates therefor shall be
surrendered and cancelled, and such
shares shall thereupon become the prop
erty Of the association, and in lieu of the
same new shares may be issued. =
In case Of partial withdrawal of stock
the certificate representing the same
shall be cancelled and a new certifi-
cate issued for the amount of stock
may be endorsed on the certificate
and endorsed by the member with
drawing the same on the stub of the
certificate book. Unpaid installments
be lien thereon, enforceable as in the
bylaws prescribed Payments of dues
or interest may be made in advance,
but no discount shall be allowed
credited therefor exceeding six per
cent per annum, nor for pay
ments exceeding in amount the regu-
lar payments for one year.
Section 2014 If member not
borrower be in arrears for more than
six months for dues, his shares,
at the option Of the directors,
may be declared forfeited The with
drawa1 value Of the shares at the
time of the first default shall be as
certained and all fines and other
charges deducted therefron and the
balance paid to such member.
A fDj4 4I hal
to participate in any profits OF the
association accruing after the last ad-
justment and valuation Of said shares
before said default, but shall revert
to the association freed from all interest,
claim or demand on the part of such
member or any person claiming under
him.
Section 2014-1. A member may
time by giving thirty days written
notice of such intention, and shall then
oe entitled to receive the amount IF
dues paid in by him, and such proper
prescribe less all fines, charges and
losses accrued or contingent, to the time
of the notice Of withdrawal as the board
Of directors may determine with no
dividends, interest or profits from the
time OF such notice. Provided, how
ever, that the amount Of dividends, in
terest or profits paid shall not exceed
the earnings apportioned or credited
to the shares Of stock withdrawn, -"
and further, that at no time shall more
than one-half OF the funds in the
treasury be applicable to the demands
of withdrawing members without the
consent of the directors.
Section 2014-2. Sixty days after the
death Of member his legal repre-
sentative may be paid the full
amount of dues paid in and
such proportion of the dividends or
earnings apportioned or credited to his
aha Of EtOnG tina hV-JaUl
provide, less all charges due on his
stock; provided that within such time,
If the shares be pledged for a loan,
the same be fully repaid. No fine shall
his decease unless future payments on
such shares be assumed by his legal
representatives.
Section 2014-3. When any
tured value payment of dues thereon
shall cease. Borrowers
shall be entitled to have their securi-
ties released and returned to
them. The holder of unpledged shares
shall be paid out Of the funds
of the association the matured value
thereof, with such rate Of interest or
dividends as shall be determined by
the bylaws from the time the direct
ors shall declare such stock to
have matured until paid. And when
such maturity is reached between the
dates Of adjustment, of profits the
holders of stock maturing shall,
in addition to the value thereof, be
entitled to interest or dividends at
such rate as may be fixed by the by
laws for all full months from the date
of the preceding adjustment, or they
may elect to continue payments of
dues until the next date Of adjustment
of profits, at which time they shall be
entitled to receive all dues paid and
profits apportioned; provided, that at
no time shall more than one-half Of
tIa nT,t "a occooia tinr1
be applicable to the payment Of ma
tured shares without consent Of the
directors; but they may, at any time
before maturity, retire unpledged
shares by enforcing the withdrawal Of
the same as prescribed in the bylaws
and articles of incorporation.
Section 2o14-4. -" The e
funds Of the association shall be .
loaned in the manner and upon the
terms prescribed in the bylaws; pro-
vided, that If the bylaws prescribe
the payment of a premium upon loans
without fixing the rate thereof or the
manner of bidding, such money shall
be offered for loan in open meeting,
and the member who shall bid the
highest premium for the preference or
priority Of the loan shall be entitled
to a loan for the full amount OF each
share of stock held by him, with in
terest at such rate as may be fixed
by the bylaws, provided the security
offered be satisfactory to the board of
directors. The premium bid may be
a certain sum or percentage on the
loan, to be deducted in advance from
the loan, or to be paid by certain per-
iodical installments during the exist
ence Of the loan as the bylaws may
prescribe.
Section 2o14-5. For every loan
made a nonnegotiable note or bond.
secured by mortgage upon real estate
situated in the county where such as
ISOLATION Is located, unincumbered ex-
cept by prior loans Of such association
shall be given, accompanied by a
pledge to the association of the shares
borrowed upon. Such pledge Of stock
shall be evidenced by the assignment
to the association and surrender of the
stock certificate or certificates repre-
senting the stock pledged. Provided,
that any association heretofore organ
| lied may make loans upon real estate
situated outside of the county where
such association Is located if author
lied thereto by it's articles or by
laws. Such mortgage shall have pri-
GRITTY over all liens upon the mort
gagged premises and the buildings and
| improvements thereon which shall be
subsequent to the recording of
such mortgage. The directors, in their
discretion, may dispense with said
| mortgage when the Withdrawal value
|