The Winslow mail., 1924-07-04

H. Section There shall be
three funds maintained by this As
sociation:
1st A General Fund.
2nd An Investors Guaranteed Div
dend Stock Fund
3rd. A Surplus Fund.
In the general fund shall be placed
(a) All moneys paid by subscrib-
ers to guarantee stock;
(b) All moneys deducted from
payments made by subscribers to In
vestors Guaranteed Didivdend Stock
for expenses, commissions, or for
guarantee purposes.
Co All principal and interest paid
upon loans from said fund.
I'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 installments 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 requiredl 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 ma 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
withdrawal value of all stock sold in
said state and the guaranteed divi-
dends herein proved for may like
wise be proportionately reduced.
16. Dividends shall be declared and
credited semi-annually on Investors
Guaranteed Dividend Stock, the maxi
mum matured value of which shall be
$4,000 per share. Upon maturing of
said stock, by monthly installments
and dividends credited at the rate
aforesaid, said stock shall be liqui-
dated at the election of this corpora
tion or of the holder thereof provided
however, that not more than one-half
Q-2) of the funds of the treasury
shall be at any time used for the liq-
uidation or withdrawal of stock with
out the consent of the Board of Di-
rectors. All Withdrawals from the
Association shall be limited to such
terms and conditions as are prescrib-
ed in the Bylaws of this Association.
II. Whenever all cumulative inter
est on Investors Guaranteed Dividnd
Stock for all previous years shall have
been declared, as is provided for in
paragraph fifteen of these Articles,
and shall have been credited to said
stock and the accrued semi-annual in
terest for the current year shall have
been declared and credited to said
stock, the Board of Directors may
thereafter declare dividends Oh the
Guarantee stock, payable then or
thereafter out Of any remaining sur
plus or net profits.
IS. For guarantee purposes a
charge of not to exceed one per cent
shall be made on the par value of all
Investors Guaranteed Dividend Stock
for the purpose of covering the gen
eral expenses of conducting the bust
ness of the Association such other
and further charges shall be made
against the par value of said Inves-
tors. Guaranteed Dividend Stock as
may be provided and as may be fixed
in the Bylaws of the Association.