The herald., 1914-07-16
BREAD 2!';!!' ?p7 ;R!9
81 E55Rfss zj5Rf E; atLALA'S GROCERY.

installments and shall be issued in such man
ner as may be fixed by the bylaws; providen
that additional payments may be made at
any time or in any amount, at the option OF
the shareholder. Paid up stock shall be paid
for in full at the time OF issue. Minors and
married women may hold either kind OF
stock in their own right. Payments on cur
rent shares, installments and interest shall
be due and payable weekly or monthly at the
office of the association, and all payments
made shall be imputed Q) to the reimburse.
holders, for taxes. insurance or otherwise, +,
~ to the settlement of interest due; 90 to
the installments and payments on shares
provided that the order of imputation may be
changed at the discretion OF the board oI
directors
Shareholders shall have the right to with
draw from the association the amount paid
in together with hte accumulated profits due
thereon at the preceding dividend time, less
any charges and proportion OF losses, II any,
upon filing written notices OF withdrawal,
which shall be registered by the secretary In
the order OF their receipt, and withdrawing
shareholders shall be paid in rotation, as reg
stered out of the first unapproriated money
in the treasury. Provided, that not more
than one-haf the monthly receipts shall ever
be used tor the purpose pos OF s,r gqidIttins ma
less there should be an over-accumul alton or
funds which cannot be loaned in the usual
manner upon real estate.
Should there be an over accumulation OF
board shall have the right to call in unpledged
shares for redemption, provided that paid up
shares shall first be- called in, in the reverse
order of their issue, and shall be redeemed
for face value, plus interest for the time in
tervening since the last dividend period at a
rate to be then determined by the board of cl-
rectors; and should all paid up shares be re.
deemed, then current shares may be called
in, the oldest shares to be redeemed first and
at their withdrawal value plus interest Tor
the time intervening since the date of the
last dividend. at a rate to be then deter
mined by the board of directors Shares shall
be transferable and duplicate certificates IS
sued for lost certificates, in such maner as
may be provided in the bylaws.
On January and July |, of each year, the
board Of directors shall ascertain the earnings
months, and out of such earnings they shai,
deduct all the expenses of the association for
such time and the balance remaining, afte,
, setting aside il the directors see ft, such an
amount as they shall deem best, to a fund
for contir gent losses or a surplus account
shall be declared as a dividend to the share
holders. The dividends declared on current
stock shall be credited on the pass-books Of
the members semi mi-annually; and dividends
on paid-up stock shall be paid in cash
within thirty days from the first of January
and July of each year.
Article V.-The corporate powers of this
association shall be vested in and exer
cised by board Of directors, to consist o.
not less than nine or more than thirty-hve
as may be fixed by the bylaws of this ssso
citation, each of whom shall have in force
not less than ten shares of the stock of thi.
corporation. They shall be elected by tn,
stockholders on the second Wednesday il
March. 1917, and annually thereafter. Any
director ceasing to have in force ten shares