The Coconino sun., 1923-09-07

b0uN VI ulISCtUIS. OdIu OIllCEfS Sfldli
perform the duties usually performed
by such officers of commercial corpor-
ations, but the board of directors shall
have power to adopt bylaws defining
and limiting the authority and duties
of any and all officers Of this associa-
tion.
Sec. 2. The regular meeting of
stockholders shall be held on the sec
ond Monday of February in each and
every year after February, 1921, for
the election Of directors and the trans
action of such general business as
may properly come before the stock
holders at such meeting. If said Mon
day shall be holiday, then the said
meeting shall be held on the next busi-
ness day. At such meetings the sec
retary and treasurer shall submit COM
plete records showing the financial
condition of the corporation. Each
holder Of stock shall be entitled to one
vote for each share of stock owned by
him as shown by the books Of the as
sociation, thirty (30) days prior to
said stockholders meeting which he
may cast in person or by written
proxy.
Sec. 3. 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. A. Until their successors are
elected and qualified the following
named persons shall be officers to this
corporation, to-wit:
Name and Office:
Joseph ]. Daynes, President and Di-
| rector.
Wesley E. King, 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 shares
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 board of directors may deter
mine, 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 COM
pensation as they deem fit.
Sec 6. Loans shall be made upon
improved or to be improved real estate
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 col
lateral security after the stock has
been in force not less than three (3)
years, and the installments as provid-
ed 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, "(suar-
antee Fund.-" and second, General
Fund"
The Guarantee Fund shall consist of
all moneys received on stock payments
of all classes Of stock and all profits
earned except the moneys paid into
the General Fund as hereinafter pro-
vided. This fund shall guarantee and
pay the Investors Guaranteed Divi-
dend Stock eight per cent per annum
interest upon the total book value, or
the amount standing TO the credit of
such stock on the books of the COM
pany 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 interest 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, af-
ter said reductions of eight per cent
per annum on said Investors Guar
anteed Dividend Stock shall be reduc-
ed one per cent for each one per cent
that the said maximum rate of inter-
est for the state of Utah is hereafter
reduced. The said Investors Guaran-
Nteed Stock shall, in addition to receiv-
ing the interest, as aforesaid, share in
the earnings Of the association share
for share, with the Guarantee Stock,
after said Guarantee Stock has re-
ceived eight per cent per annum on
the par value thereof. All dividends
declared and all interest paid shall be
charged to said Guarantee Fund. Ali
said interest and dividends and pay
ments of matured stock shall be made
and paid out OF said Guarantee Fund
in the way, manner and order aG pro-
vided by law.
The General Fund Of the association
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.
n. e...1 80 IL. \ \