The herald., 1917-08-02

$40 shares OF stock were present, or repre-,
sented, and voted at said meeting. and that
all OF said stock voted IN favor OF said
amendments, as will appear BY the here.
unto annexed certificate Of the commission.
ers in charge OF said meeting, appointed by
the president Of the A,s,clatIor
Now therefore for the purpose Of putting
SAID amendment, of record and carving sam,
into effect. the SAID appca-er, doe, hereby
declare that th. amendments So voted upon
and carried al said meeting were % A~'lclc,
III, N and V II the charter Of the A,,ocIa.
tiou. So that SAID Articles shall read As FOL.
lows. to-Slt:
Article IlI-The objects and plrroSr, OF
,hi, association are declared 10 be The accu.
mutation Of a fund from the amounts re-
&c! we'd IN full payment Of paid up shares, and
from iustallments paid on account OF run.
ming share, 5i the capital stock OF this coz.
p,r4t;on. rentals, interest on loans. and other
sources; sand fund 50 accumulated to be used
IN the purchase, building upon, improving
and repairing OF real estate. making loans
20 members vi thu, Association on mortgage
security. and ON stock o. tins ca~poratiou
all n such manner and on such terms and
conditions As may be provided by the by
Article W. The capital stock Of tn
.lrp.-t,,,- shall AZ, t,v- m Il,,r tS5 on OlI uU,
dollars. and Shall be issued in shares Of one
hundred tSlnuUOI dollars each
, The shares Of stock IN this CORPORA
zion may be OF two kinds.-"runu!ug shares
and paid up shares" Running shares"
shall be paid for in weekly or monthly in
stalimeuts OF at least TWENTY-FIVE cents pe-
week per share or in such other amounts or
At such 0th~ times as may be determined
by the board of directors paid IN" shares
shall be paid Tor in full az the da,e OF
their issue Running shares" NAV be con-
yerted into paid up shares" by the holder
paying the difference between the then value
and the face value OF such shares or when
the amoun, Of ins,allmerts PAID On such
shares, plus dividends declared thereon, shall
have reached face value. All shares shall be
issued At such times and under such Condi
tons as the board OF directors NAV deter.
mine.
;. The failure Of any owner Of running
shares for d term OF three months, T. make
the weekly OF monthly payments on his
stock as provided in the bylaws. shall. with
out notice, authorize the association % can
&C. said shares Of stock, and from such time
the amount paid thereon, together with aceu-
mu,ated profits shall cease 70 draw div
dcnds, bu: shall be held BY the association
subject 20 the order Of such party. and he
shall be 50 notified by notice mailed 70
him: and IN case he shall not within one
year thereafter call TO receive said amount
and surrender the certificate sand amount
shall revert 10 and become the property OF
me A>Noclat.2n
: SAa'cl"ldefS snail have the right to
"tld9a" from the ASSOCIATION the amount
P"id H. i'ge'"er with accumulated prohis
Idt llcit"h a. me preceding dividend time,
les Inc proportion OF loss, II any, upon
hHHs written notice o; withdrawal wnlcl
'AA.. De registered IN the order received, and
>uIA "';3dT2"a.s snail be PAID IN the order
registered, out not more than unc-hai the
monthly receipts shall be used Tor the pur-
pose "t paying Withdrawals, provided ;hat
me D"a'd may. IN lis discretion use more
Aan ouc-Adi OF the monthly receipts tor the
purpose o. paying mltured or Withdrawn
shares.
>. should there be an reorganization
o.! iuhd> 'eE'nd tAc use OF me AsS'tlltion
the board snail have the rght 10 call IN
lnp4cdged shares Tor redemption, provided
IN the reverse order OF their issue, and shall!
be redeemed ior lace value plus interest tor
the nme intervening since the las dividend
a the same rate the last dividend de-
slared; and should all paid up shares be
-edeerned. then running shares may be called
IN at their withdrawal value, plus interest
Tor the time intervening since the last divI,
dend a, the same rate as the last dividend
declared provided that the oldes. running
shares snail ne the hrst called
o. Shares shall be transferable, and dupl-
cate certificates issued Tor lost certificates
IN such manner as may be provided IN the
J. On January lst and July lst Of each
wear the Board OF Directors Shall ascertain
the earnings Of the Association for the pre-
lcding SIX months, and out OF such earnings
they shall % deduct all the expenses OF
the Association for such time; I9 set aside
from the balance at least three per cent as
a fund for the payment OF contingent losses
until such fund reaches two and one-haif
per cent of the outstanding loans, which
fund NAV he invested as directed BY the
Board: 90 the balance OF said earnings shall
be declared as a dividend to the stockhold.
ars in proportion TO the value of stock of
each member at the time the preceding div.
dend was declared and all payments on
running stock" made between such dvi- !
lend periods shall begin to earn dividends ,
from the beginning OF the next Semi-auuual
Term Paid Cp Stock" shall begin to earn
dividends thirty DAYS from date OF issue, but
shall no: receive a greater rate of dividend |
han running stock" The board shall have
he right to declare and pay lesser rate OF
dividend on the paid Up" Stock than on the |
running stock The Board shall have the |
light before the declaration of a dividend |
Is herenabove provided. to set aside at least
IN additional three per cent of the net earn. !
ngs at any dividend period for a reserve |
und until such fund reaches two and one |
lalf per cent of the outstanding loans; which |
und may be invested as directed by the !
Board.
s. The dividends declared on running |
stock" shall be credited on the pass books
II the members semi-annually, and the diyi. |
lends on paid up stock" shall be paid in |
ash not later than the fourth Monday of /
January and July of each year
Article N.-The corporate powers of this
Association shall be vested in and exercised
" a Board of Directors TO consist of not
more than twenty FIVE, and not less than ten
stockholders, each of whom shall own at
east five shares in his own name, who shall |
,e elected by the stockholders on the fourth !
r