The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1914-04-25

soei''tion be and the same Ii here
ils ariented e read as teilows
cnd susA dividena as fhe
i5ieard q plseet6fs may decIate oil
tas Rslitsup Stock Tie me ntf Isl
& for period siS
months tblt tile said Board stall
never declare or nay a dividend On
the Paid-up Stock of greater per
cent than that declared or paid on
the stnstallment Stock: and also
such dividend as the Board Of Dirce-
tors may declare on the Ibstaiinast
Stock, same to be computed and paid.
OF credited as hereinafter DrDyidrd.7
RESOLVED: That Section ~ OF
the BYLAWS Of 'FairmoRt building
and Loan Association be and the
same is hereby amended 10 read as
follows:
Section 90. At the meeting hell
on Saturday evening of each week.
as provided IN Section is OF these
By-l4swsi II there be sufficient funds
in the Treasury OF this Association.
With which to. advance loan on at
least one share Of stock, the Secre-
tary, promptly at the hour Of eight
o'clock, shall ascertain, by "a bona
ftde auction sale, the stockholder
who will pay the highest weekly
premium for sail funds, and Il there
be no bid made therefor. at or above
the minimum permium. then. upon
such default OF bidders at or above
the minimum premium, said Secre-
tary may award to any slocEholder
applying therefor The value of the
shares held by said stockholder less
minimum premium; and. in either
event. the Secretary shall report in.
writing to the Board Of Directors,
at their next regular meeting, the
result Of such auction sale. The
said Board shall then grant the loan
to said highest biddt. provided he
had at tile time of making his bid
and has continued 10, have and still.
Las shares in this Association the
ultimate value of which equals or
exceeds the amount of the loan de-
sired; or to the stockholders award-
ed said money. as the case may be.
upon heing satisfied with the Sc
curity offered"
Any member being unable or not
desiring TO be present at such sale
may leave written authority with
the Secretary to bid for him, specf-
tying the amount of money desired
and the bid therefor he is willing to
make. The Secretary shall make
such bids in the order which they
are left with him."
RESOLVED: THAI Section % OF
The Bylaws of Fairmont Building
and Loan Association be and the
same is hereby amended to read as
follows:
section "a. All loans shall bear
interest at the rate of c per cent.
per annum payable weekly at the
rate of 10 cents per week per share.
This shall be In addition to the week;
ly premium provided for In Section
20 of these Bylaws"
RESOLVED: That Section 25 be
and the same is hereby amended by
striking out all Of the same and In
sorting in lieu thereof the follow
ing:
Section %. The minimum prem
ium for loans in this Association
shall be the sum of i've cents per
share per week. All premiums,
either the minimum or the highest
bid weekly premium. shall be paid
for a period in no event to exceed
seven hundred weeks (the time In
which it is estimated the Slow Ma
turing Stock will mature). or until
the maturity Of the stock upon which
the loan Is granted. provided the
same natures before the expiration
of said period of seven hundred
weeks. AL premiums shall be paid
In weekly installments.1
RESOLVED: That Section 2S OIL
the BYLAWS of Fairmont Building
ana Loan Association be and Inc
is hereby amended to read as
follows.
Section IS. The stockholders
who is the highest bidder for the
money " the Treasury Of tile Asso-
cialion, or to whom said money shall
be awarded, as. provided in stction.I
%, shall, Immediately after making.
his said bio, or being awarded loan
make formal application to ! tllel
Board Of Directors Of tile Associa9
ton for the loan of the money sue
sessfully bid by or awarded to him.
Said applicationsshallsc optainS SUCH
Information concerning the security
'Tered as the said Board may re-
luire and shall pass at once 10 the
Appraising Committee. WHO shall re-
'ort on the security offered as soon
IS possible and when the Board has
tgnifted its approval of the loan. the \
application shall pass to the attorl
ley'R who shall see that the neces-