The Winslow mail., 1924-06-13

rectors of the third class shall be
three in number and shall be elected
for the term of three years. At each
annual election the successors to the
| class of directors whose terms shall
expire in that year shall be elected
| to hold office for the term of three
years, so that the term of office of
one class of directors shall expire
in each year. No person shall be
| eligible to the office of director of
this Association who is not the owner
of at least fifty (50) shares of its
Guarantee Stock of the par value OF
ten dollars $4,000 per share as
shown by the corporations books. The
! Board of Directors shall have power
to remove any officer or director by
| two thirds vote of the directors.
8. The officers of this corporation
| shall be a President, Vice-President,
a Secretary and Treasurer, who shall
hold office for the term of one year
and until their successors are appoint
ed and qualified. The directors shall
from their members appoint the above
named officers at their first meeting
! after the regular annual meeting of
and treasurer need not be director.
One 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. Any
| officer of this corporation may re-
sign on giving thirty days written no.
tice to the Board of Directors and
the Board of Directors shall fill the
vacancy of the unexpired term of such
officer.
10. A majority of the Board of Di-
rectors shall constitute quorum.
II. The regular annual meeting of
the stockholders shall be held on the
second Tuesday of January in each
year for the election of Directors and
for the transaction of such general
business as may properly come be-
fore the stockholders at such meet
| ings. At such meetings the secre-
tary 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 own
| ed by him, which he may cast in per-
son or by written proxy. Special
meetings of the stockholders may be
called by the Board of Directors in the
manner provided by law and must be
called whenever the owners, as shown
by the corporations 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.
12 Until their successors are
81 fo1I iYoor
| named persons shall be the officers
of this corporation, namely:
George w. Watkins, President.
Ezra A. Waddoups Vice-President.
n A. Macdonald, Secretary Treas
| urer.
13. The maximum aggregate COM
pensation of all officers of this cor
poration shall never exceed one per
cent of the par value Of the shares of
stock issued in any calendar or fiscal
year.
IA. Section l. There shall be
three funds maintained by this AS
sociation:
1st A General Fund.
End An Investors Guaranteed Div
dend Stock Fund
3rd. A Surplus Fund.
In the general fund shall be placed:
| (a) All moneys paid by subscriD
ers to guarantee stock;
| Cb) All moneys deducted from
payments made by subscribers to In
vestors Guaranteed Didivdend Stock
for expenses, commissions, or for
guarantee purposes.
! (c) All principal and interest paid
unOn loans from said fund
(d) All interest paid upon loans
from Investors Guaranteed Dividend
Stock Fund and all fines and forfeit
ures.
! In the Investors Guaranteed Div
| idend Stock Fund there shall be
placed:
| (a) All insta1lments paid after de-
ducting the amounts provided for ex
penses, commissions, or guarantee
purposes.
b) All dividends declared upon
Investors Guaranteed Dividend Stock.
(c) Funds transferred from other
funds by authority of the B ard of
Directors of the corporation.
In the Surplus Fund shall be plac-
ed:
(a) All principal and interest coll
lected from loans from said funds.
(b) Any other transfers to said
fund required by the banking author
tiles of the State of Utah, or which
may be transferred to said fund by
authority of the Board Of Directors.
Section 2. Transfers may be made
from the Surplus Fund to other funds
whenever in the judgment of the
Board of Directors such transfer is
expedient, permissible or necessary
for the welfare of the Association.
Is. Investors Guaranteed Dividend
| Stock is guaranteed dividends at the
rate of 8 per cent per annum upon
the total amount standing to the
credit of such stock on the books of
the company, provided, however, if
the legal rate of interest allowable
upon moneys loaned in any state be
reduced by legislative enactment, the
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