Norwich bulletin., 1920-03-06

on real estate security and share loans or loans made on monthly pay ments paid in. The process usually followed in a real estate loan is to confer with the secretary who makes out an application for the amount desired. In our association this costs three dollars which fee goes to the appraisal committee composed of three persons, two of which must be members of the board of manage ment. Their report is submitted to the board of management at the next meeting and power of granting same rests with no one but the board The secretary or committee have. no individual authority. in the. matter. If the loan is granted by the board the application is then given to the attor- ney for the association who searches the title and prepares the necessary papers, the expense of same being borne by the applicant. When the attorney is ready for the check, the secretary draws an order on the treasurer which is also signed by the president After the treasurer has made and signed the check, it is sent to the secretary and president for their signatures and then forwarded to the attorney who constituencies the deal.
 A share loan is made by applying to the secretary at any regular meeting for an amount not to exceed the withdrawal value of your shares, which amount is divisable by %, as all loans are made in this multiple. To illustrate. if a share holder has s165 in the association to his credit, he can make share loan of $150 by pledging his shares and signing promisSory note. The interest on same being paid monthly together with the dues. For instance. sup pose the borrower has five shares the following month he would pay his regular dues for five dollars plus in terest at per cent, which on $150 is 75 cents per month. His total pay ment would then be $5.75 until such time as he had reduced his loan which can be done at his discretion in muliples of $25 at any meeting there by reducing his interest charge ac- cordingly. It requires about II l.; years or 13S payments for shares tc reach their maturity to s200 on a per cent. basis. If the borrower o. l any loan has not repaid same at ma turity, the amount is deducted iron 1 the value of his shares and a checl 1 given him for the difference. In thu case of a mortgage loan and qui 1 claim is rendered to offset the loan. Building and loan associations ar, under the supervision of the stat, bank commissioner and a report O 1 all items must be rendered to hin
 yearly, after which his men call a 1 their convenience upon the secretar,
 and make the necessary examination
 of the books and mortgages just tn
 same as they do in all the saving l banks throughout this state
 Are Run Economically.
 One feature of building and loal association is the economical manne in which they are run. They are co 1 operative and all persons in the sam
 series derive the same dividend pc
 share.
 The expanding of the Norwicl Building and Loan Association whicl
 has been in existence for the past 1 1-2 years is worthy of your consid | eration The encoura cement of thrif
 in your locality more prominent
 than heretofore is to be eommende | and further it gives them an oppor
 tunity of helping their fellow mar I know, from not only personal ex i perience but experience of other:
 that should you join this assoeiatio
 your only regret will be that you di