The Winslow mail., 1923-07-13

one installment upon such suitable
installment plans as the directors of
this corporation may by resolution
enact
The Investors Guarantee Dividend
Stock, when matured may be with
drawn by the owner thereof after
giving thirty days written notice to
the company of intention to with
draw. The Investors Guarantee Di-
yldend Stock may be withdraw be-
fore maturity and the surrender
value thereof received by the owner
OF said stock subject thereto, as the
directors of this corporation may de-
termlne from time to time by resolu-
tlon or as fixed by the bylaws Of the
corporation. All Withdrawals of In
vestors' Guaranteed Dividend Stock,
whether the same be made before or
after maturity, shall be paid from
the Investors Guarantee Dividend
Stock Fund in the way and manner
and as provided by law, the Articles
OF Incorporation and the bylaws of
this corporation"
BE 1T RESOLVED" That Article
x, of the Articles of Incorporation of
striking the whole Of said Article TX
is now written and substituting
therefor the following, to-wit:
Article TX. There shall be three
funds maintained by this corpora
ton:
l. Expense Guarantee Stock Fund
2.-Permanent Reserve Guarantee
Stock Fund.
3.-Investors' Guarantee Dividend
| Stock Fund.
1.-The Expense Guarantee Stock
Fund shall be credited with all load
ings, membership fees, fines, penal.
| ties, one-haIf of all forfeitures and
not to exceed one per cent per an
mum of the total amount of savings
deposits and said Expense Guarantee
Stock Funds shall bea charged with
all expenses Of management and all
or any part of said fund may be used
to defray such expenses.
1.-THE Permanent Reserve Guar
antee Stock Fund shall be credited
from the earnings of the corpora
ton with one-half of all forfeitures
and the whole of all gains resulting
from the withdraw of stock, and
shall further be credited with eight
per cent compounded, semi-annual
interest on the par value of said Per-
manent Reserve Guarantee Stock,
provided the Investors Guarantee
Stock Fund shall first have been Gre
dited with its guarantee and said
Permanent Reserve Guarantee Fund
shall participate hereafter with the
Investors Guarantee Stock Fund in
all amounts declared by the corpor-
alton as dividends on the proportion
that the issued Permanent Reserve
Guarantee Stock bears to the issued
stock of the corporation.
$50 long as the maximum rate
of interest provided under the laws
of the state of Utah shall be twelve
per cent per annum, the Investors
Guarantee Dividend Stock Fund shall
be credited from earnings with eight
per cent per annum interest COM
pounded semi-annually upon the tot
al amount standing to the credit of
such stock on the books Of the cor
poration which amount or book value
shall be all moneys paid on said In
vestors' Guarantee Dividend Stock.
less all moneys paid therefrom into
other funds of the corporation Should
the maximum sale of interest as al
lowed by the laws of the state of
Utah, be reduced below the present
maximum rate of twelve per cent
per annum then said guarantee of
eight semi annually shall be reduced
one per cent for each one per cent
that the said maximum rate Of inter
est allowed by the laws of the state
of Utah shall hereafter be reduced
All dividends and interest declared
or paid by this corporation and all
payments of matured stock shall be
declared and paid in the way, man
ner and order as provided by law,
these Articles of Incorporation and
the bylaws of this corporation"
THE INTERMOUNTAIN BUILD
ING AND LOAN ASSOCIATION as a
corporation organized and existing
under and by virtue of the laws of
the state of Utah, having its prin-
cipal place of business at Salt Lake
City, Salt Lake county, Utah, and
was incorporated by filing it's Artic-
les of Incorporation with the county
clerk Of Salt Lake county, Utah, on
the 18th day of November 1920 and
thereafter filing certified copy
thereof with the secretary of state
of the state of Utah.
IN WITNESS WHEREOF the said
Joseph J. Daynes, Jr., and the said
Thorvald L. Larsen, as such presid-
ent and secretary, respectively, of
the said INTERMOUNTAIN BUILD
ING AND LOAN ASSOCIATION have
here unto set their hands at Salt
Lake City, Salt Lake county, Utah,
the 9Th day of November, 1921.
JOSEPH J. DAYNES,
President.
Intermountain Building and Loan AS
CO0iotiOn