The Key West citizen. [volume] (Key West, Fla.) 1879-current, 1939-09-07

stockholders. but shall make a quar-
terly distribution of the net cash re-
ceived by it after payment of ex-
penses and charges as provided in
the preceding paragraph to all stock
holders on the same percentage
basis as if each stakeholder had
filed a written notice of intention
to withdraw and such distribution
shall be continued until the Asso-
clifton is finally liquidated. Or until
the losses are adjusted by a pro
rata charge to the account of each
stakeholder. or until the earnings re-
store the stock to par. After obtain
ing the consent and approval of the
Comptroller losses may be adjusted
pro rata by the segregation of the
assets into groups represented by
different series of stock.
Previous stocks may be cancelled
and new stock in various series is
sued in its place for each group OF
assets of old stock or for new invest
ment. When assets are segregated
to it. each series shall hold and own
such assets independently of other
series and have no interest in nor
obligation for the assets. debts, bur-
dens, nor obligations of other series.
Mutually of like interests shall be
maintained.
Fifth: Any payments, credits, divi-
dends or earnings upon any shares
of stock of a Building and Loan AS
sociation. which shares have been
pledged or assigned to it as security,
for loans made by it, at the option
of such Association. may be applied
by it directly to and credited upon
the mortgage indebtedness or loan,
or the interest thereon, or to any
charges. costs or expenses which
may accrue under the terms of any
pledge of such shares or any mort
gage securing such Indebtedness or
dividends or earnings may be so APP
piled as and when they may be made
loan; and such payments. credits,
or may have accrued, or at other
times. or from time to time at the
discretion of such Association; and
the time of reducing the amount of
debtedness or loan by reason of such
application or payments, credits, div
idendS or earnings, for the purpose
of calculating interest thereon, shall
be fixed by the Bylaws of the AS
sociation. or by resolution of the
board of directors.
Sixth: In the event any Associa-
ton is compelled to or does reduce
the dividends upon its stock below
LIli pCI(CIlI pei dItlluUl, IIlCD oil
payments on and all dividends or
earnings credited to stock pledged
in connection with loans shall be
applied directly upon the respective
loan for which such stock was
pledged. provided, however, that the
Association shall not be required
to make such application unless and
until the credits upon all of the
stock pledged to secure the particu-
lar loan equal the sum of One Hun
drcd ($100.O0) Dollars. or such 9TH
($l00.00) Dollars. as fixed by the by
laws or the contract with the Dor
rover of reducing the amount of the
time of reducing the amount of the
principal of such loan, by reason
of such application of payments,
for the purpose of calculating inter-
est thereon. shall be fixed by the
bylaws of the Association, or by
resolution of the Board of Directors
In the event of liquidation of any
Association. whether voluntary or
involuntary, all credits on stock
pledged as security for loans shall
be applied upon the particular loan
and all further payments on loans
for which such stock was pledged,
shall be applied in direct reduction
of the unpaid principal with inter
est at the rate fixed by laws where
no special contract exists
Sec. 2. All laws and parts of laws
in conflict herewith are hereby re-
pealed.
Sec. 8 This act shall take effect
upon its passage and approval by
the Governor or upon it's becoming
a law without such approval
Approved by the Governor May %.
1899.