The Coconino sun., 1923-08-17

protect the corporation and guarantee
all stock, bonds, securities and credi-
4 tors against loss.
8. Forty-eight thousand nine hum
4 dred shares of Investors Guaranteed
/ Dividend Stock of the matured par
value of one hundred dollars per share,
payable by the subscriber in one in
4 stallment upon such suitable install
4 ment plans as the directors of this
i corporation may by resolution enact.
The Investors Guarantee Dividend
Stock, when matured, may be with
drawn by the owner thereof after CIV
ing thirty days written notice to the
company Of intention to withdraw.
The Investors Guarantee Dividend
Stock may be withdrawn before ma
turity and the surrender value thereof
4 received by the owner of said stock
subject thereto, as the directors of
this corporation may determine from
time to time by resolution or as fixed
by the bylaws of the corporation. All
Withdrawals of Investors 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 by
laws Of this corporation"
"BE 1T RESOLVED, That Article
/ TX of the Articles of Incorporation Of
this corporation shall be amended by
as now written and substituting there
for the following, to-wit:
4 Article TX. There shall be three
funds maintained by this corporation:
l. Expense GUARANTEES Stock Fund.
2. Permanent Reserve Guarantee
Stock Fund.
8. Investors Guarantee Dividend
Stock Fund.
/. The Expense Guarantee Stock
Fund shall be credited with all load
i ings, membership fees, fines, penalties,
one-half of all forfeitures and not to
4 exceed one per cent per annum of the
! total amount of savings deposits and
said Expense Guarantee Stock Funds
shall be charged with all expenses of
management and all or any part of
said fund may be used to defray such
+ expenses.
/ 2. The Permanent Reserve Guaran-
/ tee Stock Fund shall be credited from
the earnings of the corporation with
1 one-half of all forfeitures and the
whole of all gains resulting from the
withdrawal of stock, and shall further
be credited with eight per cent COM
pounded semi-annual interest on the
par value of said Permanent Reserve
Guarantee Stock, provided the Inves-
tors Guarantee Stock Fund shall first
have been credited with its guarantee
and said Permanent Reserve Guaran-
tee Fund shall participate hereafter
with the Investors Guarantee Stock
Fund in all amounts declared by the
corporation as dividends on the pro-
portion that the issued Permanent Re-
serve Guarantee Stock bears to the is
sued stock of the corporation.
3. So long as the maximum rate OF
interest provided under the laws of
the state of Utah shall be twelve per
I cent per annum, the Investors Guar
antee Dividend Stock Fund shall be
credited from earnings with eight per
cent per annum interest compounded
senni-annually upon the total amount
standing TO the credit of such stock
on the books of the corporation which
amount or book value shall be all
noneys paid on said Investors Guar
antee Dividend Stock, less all moneys
paid therefrom into other funds OF
the corporation. Should the maximum
rate of interest as allowed by the laws
of the state Of Utah be reduced below
the present maximum rate of twelve
per cent per annum, then said guar
antee Of eight semi-annually shall be
reduced one per cent for each one per
cent that the said maximum rate of
interest allowed by the laws Of the
state of Utah shall hereafter be re-
duced.
All dividends and interest declared
or paid by this corporation and all
payments of matured stock shall be
declared and paid in the way, manner
and order as provided by law, these
Articles of Incorporation and the by
laws of this corporation"
THE INTERMOUNTAIN BUILD
ING AND LOAN ASSOCIATION is
corporation organized and existing
under and by virtue of the laws OF
the state of Utah, having its principal
place of business at Salt Lake City,
Salt Lake county, Utah, and was in
corporated by filing its Articles of In
corporation with the county clerk of
Salt Lake county, Utah, on the 18th
day of November, 1920, and thereafter
filing a 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 president
and secretary, respectively, of the said
INTERMOUNTAIN BUILDING AND
LOAN ASSOCIATION, have hereunto
set their hands at Salt Lake City, Salt
Lake county, Utah, the 9th day of No
vember, 1921.
JOSEPH J. DAYNES,
President,
Intermountain Building and Loan As
sociation.
THORVALD L. LARSEN,
Secretary,
Intermountain Building and Loan As
sociation.
corporate Seal.)
Amendment to Articles of Incor-
poration Of INTERMOUNTAIN
BUILDING AND LOAN ASSOCIA-
TION.
Filed in the Clerks office, Salt Lake
i -