The star-progress. (Opelousas, La.) 1917-1921, 1920-02-07

been put IN the ReneIal Iuuu. his
amount, after making the necessary
reserve, is hardly enough to justify
any dividends this year, but in all
probability we will be able to declare
such dividends for next year.
The members Of our loan commit
tee have worked hard and faithfully
this past year. They have had q
great deal of difficulty in getting out,
due to the excessive amount of rain,
and the horrible condition of the
roads. They have been compensat-
ed at $3.50 per day and expenses.
This has been some relief to them,
especially when we remember that up
to the past year all this work was
done gratis. However, $3.50 per day
| herdly pays a farmer to leave his
field or other work, especially when
he has to hire someone to take his
place. Many times our local apprais-
ers have put men in their places, pay
ing them $500 to $3.50 per day, so
that really they were not any ahead,
and in fact probably behind. There
! fore, ask you to pass a resolution
authorizing the Board of Directors to
pay the local appraisers $500 per
day and expenses. The income of the
Association will justify this, and l
assure you that it is we'll earned.
The members of the Board have
the right to pay themselves at the
rate of $3.50 per day or meeting, but
they decided thct, they would not do
this, and each one has donated the
necessary time for Board meetings.
desire to call the attention of our
members and applicants to certain
facts and conditions which have been
brought out this past year.
In case a borrower desires to sell
timber on land mortgaged to the Fed
eral Land Bank, he must obtain per-
mission both of this Association and
the Bank. There is certain rou-
tine to go through, and ordinarily the
permission will be given. 1t is neces-
sary that the applicant pay the ex-
penses incurred in appraising the
timber, ETC., and the charges have
been fixed. This will be explained in
detail to anyone interested.
A member may get part OF his
property released on certain condl-
lions, which will be fully explained to
anyone interested in this particular
thing. Here, again, the applicant
pays the expenses, which have been
fixed.
AS you all know, any lean may be
paid off at the end of five years, in
whole or in part. During the pas
year, however, the Land Bank has
obtained a ruling whereby it can can
eel mortgage before the five years
upon payment in full, plus one pei
cent interest per annum for the un
expired part Of the five-year term
That is, suppose loan has run TIVE
years, it can be retired upon paying
the balance due, plus interest at
IL per cent up to the time of pay
ment, plus / per cent per annum fol
the three years, or three per cent fol
the unexpired part of the five-yea,
term. Three of our members havt
availed themselves of this privilege
and have paid up in full.
A member of a farm loan assocla
ton may sell his place, of course, blu
it is optional with the Land Bank ant
the Association whether the pur
chaser will be permitted to become ;
member of the Association and retain
! B1G mortgage L w lAOb GAAAlAA SAAeN
would ever happen that this would b.
refused the purchaser; yet in cas-
the Board Of Directors or the LAM
Bank should be dissatisfied with tn
i my owner, the Bank would have tn
, right to foreclose. Therefore, it /
well for any prospective buyer o
property mortgaged to the Lam
Bank to make his application for tn
. transfer Of stock and membership, etc
before he finally purchases. Due t
i the fact that there is some little trou
BILE, expense and work in connection
! with this change of membership, tn
Board of Directors has put charg
, or fee of five dollars on the new mem
I Der, which must be paid in advance
: The fact that your loan committe
has had so much trouble to get out i
the country to make appraisals, show
! US the necessity of system of goo
/ roads. and the members of this AS
: ISOLATION should all be hard worker
for good reads.
: Should any member have 'littl
extra money to invest; l suggest tina
: he purchase Farm Loan Bonds, Nwhic
pay 4 IL per cent interest. You
Board intends to buy some with it
reserve.
l submit the following condense
, statements:
! ASSOCIATION FUNDS-GENEF
AL JAN. /, 1919, TO DEC.