Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-04-11

alton. OF the monthly dues ON 3Gld
| shares, and the interest and premium
on payments in arrears. until SAID
loan has been repaid: provided, tnat
the shares. without other security
may, in the discretion OF the difcc-
to an amount not exceeding their
value as adjusted at the last auJusl-
ment and valuation Of shares before
the time of the, loan. II the Dor
isfactory to the directors. within the
time prescribed by the bylaws. his
right to the loan shall be forielted,
and he shall be charged with one
months interest and one montn
premium at the rate bid by him. 70
gether with all expenses. II any. IN,
Cured, and the money appropriated
for such loan may be RI. loaneo at tic
| next or any subsequent meeIins.
Sec. ITO. a borrower may repay q
loan Mt any time, upon application to
the association, whercupon, on set
Element Of his account. ne shaIi pe
charged with the. full amount OF tne
monthly instruments of interest, pre-,
MUM and fines in arrears; and snail
be given credit for the Withdrawing
value of his shares pledged ana
transit. rred as security, ana the baI-
ance shall be received by the ASSOC
citation in full satisfaction and DIS
charge Of said loan; provided tnat
| all settlements made at PERIODS IN
tervenins between stated meetings OF
the directors shall be made as OF
| the date Of the stated meeting next
succeeding such settlement; ana pro-
vided. that borrower desiring 10
retain his shares ana nlen1ner snip
Without claiming credit for his
| shares, whereupon said shares shall
he re-transferred to him and shall he
free from any claim by reason Oh
| Nj
Sec. III. Members who make de-
| fault i'm the payment OF their month.
ly dues. interest and premiums. shall
be charged fine not exceeding TWO
arrears No fines shall! be charged
after the expiration OF six months
from the first lapse in any such pay
ment nor upon 2 fine in arrears the
shares of member VINO continurs w
arrears more than six months shall.
at the option Of the directors. II the
| member fails to pay the arrears with
in thirty DAYS after notice. be de-
clared forfeited. and the withdraw-
| ing value of the shares at the time
of the first default shall be ascer-
tanned. and after deductinc all fines
and other legal charges. the balance
remaining shall he transferred 70 an
| account to be designated tho forfeited
share account. to the credit of the
defauIting member. Said member. II
not borrower. shall be entitled,
! upon thirty days notice. to receive
! the balance so transferred. without
| interest from the time Of the trans
| for, in the order of his turn. out OF
/ the funds appropriated to the pay
,rent Of Withdrawals. All shares so
forfeited or transferred snail cease
to participatc in any profits OF the
association accruing after the last
adjustment and valuation of shares
! before said default.
| Sec. 112. If orrowinE member IS
intn of
miums or fines for more than six
months. the directors may declare
the shares forfeited after one month
notice. If the arrears continue un-
ing member shall then be debited,
with the arrears of interest. pre-
miums and fines to date Of forfeiture.
and the shares shall he credited upon
the loan at their withdrawing value;
| The balance of the account may. and
after six months shall: be enforced
against the security by any legal
method. or by proceedings in equity.
for sale and foreclosure. jurisdiction
therefor being hereby specially given
| to the supreme judicial and supArlor
courts, to be exercised upon bill or
petition in summary manner me
! shares. the value whereof has been so
/ applied in payment. shall revert 10
| the corporation. and he held by It free
! from all interest. claim or demand
on the part of the borrower. or any
person claiming from % or Under Sadtr hin.
shareholder. his legal representatives
shall be entitled to receive the
amount of his unpledged shares. to
| he asrertained AS provided in section
one hundred and four for Withdraw
charged or profits credited to de-
ceased members account from and
after his .decease. unless his legal
representatives assume the future
] S1,2 q
| may assume under the same rights
| and liabilities of the deceased. Mon
eys received for the shares Of de-
ceased shareholder. or the shares
descend to the same persons and he
| distributed in the same manner as
money received from nolicy of life
! insurance on the life OF deceased
| person.
Sec. IA. The general accounts of
! every such association shall be kept
/ by double entry. The secretary shall
/ at least once each month make ana
declare a trial balance, which shall
| be recorded in book provided Tor
that purpose, and it shall at all times
be open to the inspection of the di-
rectors and shareholders of the as
ISOLATION. All moneys received from
| the members shall he reCeipted for
| by persons designated by the direct
| ors in pass book provided by the
| association for the use of and to be
held by the member. and said pass
! book shall he plainly marked with
the name and residence of the holder
| thereof the number Of shares held by
| him and the number or designation
| of the series or issue to which said
| shares respectively belong and the
date OF the issue of such series. il
| issued upon the serial plan. All mon
eys so received shall be originally
entered by the proper officer. in a
book to be called the cash book. and
as to show the name of the payer.
the number of the shares. the num-
Der or designation of the series. or
issues of the particular share, or
amount of dues. interest. premiums
and fines paid thereon. as the case
may be. Each payment shall be class
flied and entered in a column devoted
to its kind. Said cash book shall be
closed on the last day of the month
in which each stated meeting is held.
and shall be an exhibit of the re-
ceipt of all moneys paid by share
holders during said month. All pay
ments made by the association for
any purpose whatsoever. shall be by
orders. checks or drafts to be signed
by such officer or officers as the
board of directors in each association
| may designate. and endorsed by the
persons in whose favor the same are
drawn. The name of the payee. the
amount paid. and the purpose. object
or thing for which the payment is
made. together with its date. shall be
check or draft. The treasurer shall
dispose of and secure the safs-keep--
ing of all moneys, securities and
property OF the corporation. in the
manner designated by it's bylaws.
ssc he Sst THE pr0 annua anS ssm
annually or quarterly. to the shares
then existing. but shall be distributed