The Winslow mail., 1923-06-29

| successors are elected and qualified.
Article VIII.
Sec. l. The officers of this associ-
alton shall be president and two
| CD e-presidents, a secretary and
treasurer, who shall hold office
! for the term of one (I year, and
until their successors are appointed
and qualified. The directors shall
| from their members appoint the alb
owe named officers at their first meet
ing, after the regular annual meet
| ing of the stockholders except only
/ that the secretary and treasurer need
not be a director or directors. One
i person may be both secretary and
| treasurer, or one person may be Sec
retary and another treasurer, at the
option of the board of directors.
Said officers shall perform the duties
usually performed by such officers of
commercial corporations, but the
board of directors shall have power
to adopt bylaws defining and limit
ing the authority and duties of any
and all officers of this association.
See 2. The regular meeting of
stockholders shall be held on the sec
cond Monday of February in each
and every year after February, 1921,
for the election Of directors and the
transaction of such general business
as may properly come before the
stockholders at such meeting If
said Monday shall be a holidey, then
the said meeting shall be held on the
next business day. At such meetings
the secretary and treasurer shall
submit complete records showing the
financial condition Of the corpora
ton Each holder of stock shaft be
entitled to one vote for each share
of stock owned by him as shown by
the books of the association thirty
600 days prior to said stockholders
meeting which he may cast in person
or by written proxy.
Sec. 8. Special meetings of the
stockholders may be called by the
board of directors in the manner pro-
vided by law, and must be called
whenever the owners, as shown by
the associations books, of twenty
five per cent of the Guarantee Stock
Of the corporation in writing request
the board to call special meeting of
the stockholders.
Sec 4. Until their successors are
elected and qualified, the following
named persons shall be officers to-
this corporation, to-wit:
Name Office
Joseph J. Daynes, President and di-
rector
Wesley e. King, Vice-President and
Director.
Daniel Alexander, Vice-President and
Director.
Lon Fisher, Treasurer.
John B. Armstrong, Secretary
M. S. Rosenblatt, Director
N. j. Hansen, Director.
A. J. Bruneau, Director.
r. G. Abbey, Director.
Sec. 5. The maximum aggregate
compensation of all officers OF this
corporation shall never exceed one
per cent of the par value Of the sha-
res of stock subscribed for and in
force in any year, including the paid
up stock, and shall be paid to such
officers and in such amounts, and in
such manner as the hoard of direc-
ors may determine, and said board
of directors may at any time make
such changes in the persons to whom
such compensation shall be paid, the
amounts paid, and the manner Of
payments of such compensation as
they deem fit.
Sec. 6. Loans shall be made upon
improved or to be improved real es-
tate and secured by first mortgage
or trust deed. The amount of the
loan shall not exceed sixty per cent
Of the value of the property. The
rate of interest for loans and the
conditions and terms upon which
loans may be granted, shall be fixed
from time to time by the board of
directors.
Sec. Z. Stock loans may be made
to stockholders of the association
secured by the pledge of their shares
as collateral security after the stock
has been in force not less than three
(3) years, and the installments as
provided therein to be paid. Not
more than ninety per cent of the book
value of said stock shall be loaned.
Article TX.
There shall be two funds maintain.
ed by the association first, A Guar
antee Fund, and second, General
Fund"
The Guarantee Fund snail consist
of all moneys received on stock pay
ments of all classes of stock and all
profits earned except the moneys
paid into the General Fund as here
matter provided This fund shall
guarantee and pay the Investors
Guaranteed Dividend Stock eight per
cent per annum interest up the total
book value or the amount standing
to the credit of such stock on the
books of the company which amount
or book value shall be all moneys
paid on said investors Guaranteed
Dividend Stock, less all moneys paid,
thereon into the General Fund, of the
association as hereinafter provided,
as long as the maximum rate of in
terest for the state of Utah shall be
twelve per cent per annum. Should
the said maximum rate of interest
be reduced, then the said guarantee
after said reductions of eight per
cent per annum on said Investors
Guaranteed Dividend Stock shall be
reduced one per cent for each one
per cent that the said maximum rate