Norwich bulletin., 1915-03-13
Fines For DeIinquents.

The rule is general among Saving and Lean associations to fine delin- quent shareholders which we do at the rate of two per cent. for each month in arrears, upon every dollar of dues. or interest due and unpaid. The system. of fines has fulfilled ad- mlrably the purpose for which it was designed and to the credit of depositors it may be said that fines do not con- stitute an important part of the in- come of the association. If share holder allows his payments to run be- hind more than six months he re- ceives official notice of the fact, and if he does not pay the arrears or a reasonable part of them within thirty days, the shares may be cancelled by the board of management and the withdrawal value of such shares re- turned othe depositors.
 Withdrawals.
 If change of circumstances or other contingencies make it advisable or necessary for a share houder to dis
 continue payments he may withdraw
 one or all of his shares by giving mo-
 tice (thirty days). Except in rare in- stances the depositors may obtain his
 money practically on demand, the thirty days clause being one of which
 associations may take advantage in case of heavy withdrawals. Borrowing.
 Shareholders in our association may borrow $25 or any multiple of $25, not exceeding the withdrawal value of the shares of the borrowers, without oth- CT security than the shares themselves, thereafter paying his monthly dues and the interest on the amount bor- 1 rowed. Repayments of the loan can be made at the convenience of the
 shareholder in amounts of $25, or null tiples of $25. Interest is charged at the rate of per cent.
 Real estate loans of the association are limited to 75 or 80 per cent. of the
 valuation of the property in question, | the loan being secured by first mortgage. Lean associations do not accept second mortgages for security. If working man wants a s3000 1 house and has 5000 the association will ordinarily furnish the money. The borrower of $2000 takes out ten shares,
 and besides ten dollars ($10) monthly l dues pays one twelfth of the annual l interest, which at the rate of 5 per
 cent. would be s8.34. A $6O0O loan is | the largest negotiated.
 When the shares mature they cancel | the mortgage, though the borrower | need not wait until the maturity of l the shares before reducing or cancel | ling the mortgages, payments of S25 or
 muitiples of $25 being accepted at any 1 time.
 Questions Were Answered. l MT Standish answered a number of | questions regarding the operation of | the building loan association and Sec l retary Pearson reported of the sue | cess of Woonsocket and Providence l associations.
 After the matter had been pretty thoroughly discussed on motion of Frank H. Smith tfse Chamber of Com merce endorsed the idea of a. building | and loan association and a rising vote of thanks was given MT. Standish. T Adjournment of the Chamber o1 T Commerce meeting was taken while C } W. Pearson. w. B. Manning and E. c Jewett retired as a committee to pro: l ganization.
 They reported the following wher ], they returned to the room: l President Frank H. Smith: vict president, William H. Cruickshank secretary, A. Ernest Cherry treasurer l H. R. Branche; board of management } c. H. Holbrook, G. L. Hewitt, Rober ) McNeely, Otto E. Wulf, T. c. Murphy C. W. Pearson, D. T. Shea, w. F. Les } ter and John F.. Vaughn. ! They were accepted and the follow. ing committees were named: On By-Laws-C. W. Pearson, Dr. L , L. Lapierre and A. E. Cherry. . On Incorporation-H. R. Branche l John B. Tanning and James A. His COX.
 Adjournment was taken to Mouda. evening, March P. at the rooms of tn Chamber of Commerce in the Trans . portation building.
 q Doughnuts, cheese and coffee wer
 served by the refreShment committed