The Republican., 1962-10-04

NttoHM Npi1ff m any O1te month Uf dtV
order. No association shall obIigafe IT.
sell 10 bay 7oifhdyd7odls on any flaH other
than as fr0gidcd in this Section Free
shareholders 7oho haze filed 5tyificn Gf-
fiicGfioH for ggittdvdsrdi shall remain free
share members as i0Hg as their Gbbiicd-
ti0HS remain on file. No di74drHds shall
be dcciared on that PORTION of an account
7eLlch has bfcn noticed fer gUthdrd1cal.
getich tor dis'ldend purposes is required
10 be declared from The latest trcaiom
additions 10 such account, as long as
SHth Application is oH file.
(bJ Plan Of aothdrd50ai. notices; 5Uifh-
dra'cHg accounts holders not creditors.
me fmdb!e or Pre- rata plan Of scith-
drd'cdiS is as f0ii05cS, on the first ddy
Of each month, each application schich
has been on file since the first day of
the ,tyecfdiHg month shall be raid its
rdtabie or FRA rata share At least oNe-
third (i/3) Of the receipts Of the asSoci-
alton from tS members during the pre-
cedHg calendar month, PrciHSiae Of iH-
ferfSt and expense account PAYMENTS
shall be afPlied on the first day of each
Wonth to the payment of applications
stjiich haze been on file since the first
day or the preceding month. Each SHc-
ceedn9 month each such application shall
recei7e its rdtabie or fro rata share Of
said receipts as aforesaid. each such ab-
Of each succeeding month auless 7Uifh-
drdscH in 7trit1g. Such limited Payment
on the first of each month, and snch re-
numbering. shall take fiace on the first
Gdy Of each subsequent month as i0Hg
as there are APPLICATIONS mfaid. AHy
association may affly TO 7tithdra;ralS an
amount larger than OHethrd (f/5) Of
such receipts as aforesaid bm cannot
ObIigGfe itself TO do SO. an notices Scifh
respect to an application for 5ritldrascai
as aforesaid shall be sent TO the dbbh-
cant by mail at his last address. Unless
the applicant shall dPPiy in fcrSOn or By
9yitiHg for snch sITthdyd7gdl 7ilfhiH thirty
(S0) days from the date of Snch notice,
no Payment on account of SRch dtbh-
cation shall be made and such GbtHcd-
tioH shall be cancelled Such 7cithdra;u-
ing members shall not at any time be
deemed creditors of said association,
either before or after the notice to 5yith-
drG5g, and said 7oithdyd7oiHg members
snail haze no right of action at Ia5g ar
IN equity against said association for the
repayment of any amount sought TO be
stithdrag,W mieSS and until default
shall occur in said payments as br07idPd
for ADORE, and then only at ld10, and 10
the extent Of the secured payments due
as db01e froVid9d.
10Y. DEFINITE RITE SECURE
TIES FORBIIDEN.
No association shall Issue, sell, neqoti-
ate. or advertise for sale either to mem
berS or the public any tyre of incest
ment security ether than free share Gc-
counts, GUARANTY STOCK "CWiSt-
mas and/or "aacation cin5' funds m
account Gcith it, No association shall
agree to ray, on any free share account,
a rate or amount. III di7TdeHdS or other
distributions, 'rhich is fired, This Sec
t,on shall not be construed, hoagcTer, to
exclude the fo'ler of an association to
boryoio money from banks, or other
I6Iz. INTESTMENTS OF ASSOCI-
ATOMS
Ia Po,gcr to INCEST In addition TO
the Investments Permitted to be made BY
associations organised under the la5cS of
this State. pursuant to Section $50 Of
this article, e7'eyy association shall haze
POSER to ingeH.
N in such real estate as may be or
reasonably ANTICIPATED to be necessary or
cOu7cHicHt for the transaction Of It's bHSi-
ness. and this shall inclnde the fogrcr
to dcriae reaeHHe, By rental or 0ther-
soise, from any PORTION Of such real
estate;
~ in real estate purchased at auction
sale. public or Pirate, judicial or other
eriSe, nton 9oiich the association has
hen or claim legal or equitable;
81 in real estate accepted BY the dSSo-
citation in satisfaction Of any obligation;
~ III real estate acquired BY the dsS0-
citation IN exchange for real estate
O7,ned BY the association;
81 in real estate ACQUIRED bv the asso-
ci1tjou in connection Trifh saI5aging the
7,aJ,,e of brobeytv o-rued bv the aSyori-
otion.
ri IN cbotteJs oud eouibD,eut neces-
saw TO conduct lis business
Il, RVWAKIXGT LOANS TO MEM
REPS or COOPER HOUS-
ING PROJECTS SECURED BY THE
ASStGNNiENT or THEIR INTER.
EST 3;;1i OR F0TrITY ~ 4 Unit OF
SfrC1f Pp6fECT N0TWfTHSTAND.
INC; THE FACT THAT SUCH PRO-
IFCT As A WITOIE NAY RE SUR.
TECT TO A PRIOR lien AMI
T0TWITUSTANDiNG ANY OTHER
PR0VTSIONS or THIS ACT
(S) WITH RANKS INSURED BY
THE FFDFRAT DEPOSIT TNSITR-
ANCE CONFIRMATION.
nj TdIe To and Ioratiou of byobeytv.
Titie to 0U yeoI ect1te ebnH be fakcu and
beld in The naUie of the association. The
real or Ieasebod byobeytv ysernyiu1 auv
,uoyt1aoe authorized bv Section $50 Of
tbje 4ytjcIe ,baH be situate in tbjs STATE
nv ,rjtbjU n fftv (5Ol mile yadjnc of the
bTiVCfhql MQrWQUl office of the QSSOCid-
tjou
(c) Second ,uoytoooes. Auv ,uoyt0qoe
beH bv an nccorjati0u sbnH be n fyst
lien ffb0u such real or Ieaseiold byobeytv
crrebt that sucb uloytgn0e may be a
second lien If The first ien on said byob-
eytv is LeH bv the Gsror;atiou
16T44 pP0NOTTON4T ACTJYL-
TIES PPOBIBJTED
After the efecti7,e date Of This Sectiou.
mn acCociatiou shaU not oi7,e foy tbp obon.
ina of. UIaiufai,lin0 of. or ijicyeasi,,0 III,
amount Of ary Gccon,it. anv 0i7,e.G7rav
HAT has monetary 7,aI,e in eYresg OF
AN AMOUNT TO BE ESTABLISH
ED RY THE ROARD RY APpRO.
PIRATE CIRCULATION. THE
BOARD SHALL HAVE FULL POW
Err AND AUTHORITY FROM TINE
TO TINE TO CHANGE THIS
AMOUNT. THE MONETARY VAL
TTF OF ANY GTVF-ANAV so neon
SboH be tbe coet thereof IN NE otSoc;G.
tiom and the association shah kceS in if,
ycroydc foy n bey;oJ of M Jecst e;r /6J
ycays suitabie c7IdenCe of rrcI CoSt II
fbo 7ia,e.arf,ov jc bIycbos sed oy obto;,ed
bv the association tooetGey rotb IL, cou.
1Jectjou q,jtb oy nj lie caue t;r5e nc an.
otbey item, n, otbc, ;tc,,,s tron, he ,on,s
e,bbJ;ey ,,o, ;Jen,;roi ,Lns,,.,,;,h i, s,,.s
7'aJne rboU he Jcen,eJ ~ he ~. 'e' H., r,,r'
yent yeo,,ioy eeV;''o b,;cc nv cborae ~
The c,,b6Jey NJ, eebo,dt, eoJ.s nv J;Tboe!
t;a, tGarnef ~ g , ute Sa''s T I'SP0s
tbe oecoc;o,;o,, eL,T =, e,,.L ,,sa 49,,
ond beeb IN IL, yern,jr fo, n bas;oJ 81 ~
Jeost 81, IbI ,,',,s ;,,,,,JJ stSta,,,.,,.
Lv c,,rL enbhI,s .,,S S,.,'',Is,. a,Ii.',
6y;r. a, rfdra ~ que" ,,,J G H. 't'.g s
Lao;r, b,o.,;s;as,, ,f III. Se.,;a,, ,L, .o,,,
means n ,,i., .,,'' n scT ~ ''' S;tbos
III ~ - " T''F'se