The Winslow mail., 1924-07-04

lnotallmentS; to make loans to its
members and others on monthly re-
payment plan of principal and inter
est; to borrow and receive money for
loan purposes and to handle con-
tracts, stocks, bonds and other secur-
tiles for same; to finance the con-
struction of buildings on real estate
owned by the Association and other
persons and to sell, lease, mortgage
and otherwise contract with reference
thereto. To do each, all and every
thing that may be necessary or essen
t1al in and about the carrying out of
the objects aforesaid and all other OBJ
Jects and purposes permissible under
the laws of the State of Utah relating
to Building and Loan Associations
now in force or which may be here
matter enacted.
6. Any person may become and
continue to be a member of this AS
sociation by subscribing for one or
more shares of its stock and by
agreeing to and continuing to con-
form to the rules and bylaws of the
Association.
Any member, except a subscriber
to Guarantee Stock, may withdraw
upon such terms as shall be provided
for in his contract for purchase of
stock.
Losses shall be equitally distribut-
ed among the stockholders having due
regard to the liability of the guaran
tee stock as in these articles of in
corporation provided.
There may be deducted from pay
tC Inv TO Inv
tors Guaranteed Dividend Stock such
sums for expenses and commissions
as the bylaws provide, and in con-
formity to the requirements of the
State in which the stock is subscrib
ed for.
z. The authorized capital stock of
this Association is twelve million dol
lars divided into ten thousand shares
of Guarantee Stock of the par value
of $1,000 per share payable by the
subscriber $100 per share on sub
scription and the balance on call of
the Board of Directors, which said
call shall not at any time exceed zoe
per share nor can a call be made un-
der ninety-day periods, and when such
payments and accumulated dividends
thereon amount to $1,000 per share
said stock shall be fully paid, the prin-
cipal fund of which said stock shall
be held to guarantee the earning of
at least per cent annual interest,
compounded semi-annually, on all
funds to the credit of Investors Guar
anteed Dividend Stock.
At the time of issue of unsubscribed
guarantee stock, each Of the holders
of guarantee, stock. shall be given the
first refusal of his pro-rata share of
said stock in proportion to his pres
ent holdings, before the same shall
be otherwise sold. In addition to said
guarantee stock there may 1e issued
one hundred nineteen thousand shares
Of Investors Guaranteed Dividend
stock of the maximum matured value
of $4,000 per share to be sold to the
subscriber on such monthly install
ment plan as the Directors of the AS
sOciation shall by resolution provide.
S. The management of the affairs
o1 this Association shall be vested in
Board of Directors, which shall con-
sist of seven persons, divided into
three classes Directors of the first
class shall be two in number and
shall be elected for the term of one
year; Directors of the second class
shall be two in number and shall be
elected for the term of two years; Di-
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
10 hn1I zee fO1p Of
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 (50O shares of it's
Guarantee Stock of the par value of
ten dollars ($1000) 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.
g. The officers of this corporation
shall be a President, Vice-President,
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
stockholders, except only the secretary
and treasurer need not be a 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 ill the
vacancy of the unexpired term Of such
officer.
10. A majority of the Board of Di
rectors shall constitute q quorum.
II. The regular annual meeting CT
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