The Winslow mail., 1923-06-22
l. hv written nrnXY.

D.
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 f. Until their successors are
elected and qualified. the following
named persons shall be officers to
this corporation, to-wit:
Name Office
Joseph ], 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
NJ. S. Rosenblatt, Director
N. j. Hansen, Director.
A. J. Bruneau, Director
r. G.. Abbey, Director
Sec s. The maximum aggregate
compensation of all officers of this
corporation shall never exceed one
per cent of the par yalue 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 d1rec-
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. s. 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
60 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, a General
Fund"
The Guarantee Fund shall 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
of interest for the state Of Utah is
hereafter reduced. The said Inves
tors Guaranteed Stock SHALL in ad-
dition to receiving the interest, as
aforesaid share in the earnings of
the association share for share, with
the Guarantee Stock, after said Guar
antee Stock has received eight per
cent per annum on the par value
thereof All dividents declared and
all interest paid, shall be charged to
said Guarantee Fund. All said in
terest and dividends and payments
of matured stock shall be made and
paid out of said Guarantee Fund in
the way, manner and order as pro-
vided by law.
The General Fund of the associa-
ton shall consist of the following:
First: All amounts charged for
making loans of the association;
Second: All loadings, membership
fees, penalties, ETC., which shall not
total more than two per cent per an
mum on the par value of all stock
of the association.
Third: Not more than an addition
al ten per cent of the par value of
any subscribed stock of the associa-
ton. All expenses, losses and COM
mission shall be charged to the Cen
eral Fund.
Article X.
Any person may become member
of this association by subscribing for
or purchasing one or more shares of
stock, or paying a memberhip fee
and agreeing to be governed by the
charter and bylaws of this associa-
ton.
Article VI.
The private property of the stock
holders of this association shall not
be liable for the corporations debts.
In witness whereof we have here
unto set our hands this the 23rd day
of October, 1920.
Joseph j. Daynes, Daniel Alexan-
J>1 A AT~111-