The herald., 1914-07-09
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81 :55Riss sj5Ri E; atLALA'S GROCERY

installments and shall be issued in such man
ner as may be fixed by the bylaws; provides
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 % to the reimburse
ment OF moneys paid for account of share
holders, for taxes. insurance or otherwise
~ to the settlement OF interest due; C) 10
the installments and payments on shares
provided that the order of imputation may be
changed at the discretion of the board on
directors.
Shareholders shall have the right 10 with.
draw from the association the amount paid
in together with hte accumulated profits due
thereon al the preceding dividend time, less
any charges and proportion OF losses, II any,
upon filing written notices OF withdraw al
which shall be registered by the secretary In
the order of their receipt, and Withdrawing
shareholders shall be paid in rotation. as reg.
iistered. out of the FIRST unapproriated money
in the treasury. Provided, that not more
than ne-half the monthly receipts shall ever
be used for the purpose of liQuidating ma.
tured, withdrawn or paid up stock shares un'
less there should be an over-accumulstion Of
funds which cannot be loaned in the usual
manner upon real estate.
Should there be an over accumulation o,
funds beyond the use OF the association, the
board shall have the right TO call in unpledged
shares for redemption. provided that paid uI
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
rate to be then determined by the board of n
rectors; and should all paid up shares be re-
deemed, then current shares may be called
in, the oldest shares to be redeemed first anc
at their withdrawal value plus interest 70,
the time intervening since the date of the
mined by the board of directors. Shares shall
be transferable and duplicate certificates Is
sued for lost certificates, in such maner a.
may be provided in the bylaws.
On January and July /, of each year. tn,
board of directors shall ascertain the earning,
of the association for the preceding siS
months, and out of such earnings they shall
such time, and the balance remaining afte,
setting aside, if the directors see At, such ar
amount as they shall deem best, to a func
for contingent losses or a surplus account
shall be declared as a dividend to the share
holders. The dividends declared current
stock shall be credited on the pass-books o.
the members semi annually; and dividend,
within thirty days from the first of January
and July Of each year.
Article V.-The corporate powers of thI,
association shall be vested in and exer
cised by a board of directors, TO consist q
not less than nine more than thirty five
as may be fixed by the bylaws of this asso
citation, each of whom shall have in fore,
not less than ten shares of the stock Of thi'
corporation. They shall be elected by til,
stockholders on the second Wednesday il
March. 1917. and annually thereafter. Any
director ceasing to have in force ten shares