Montgomery County sentinel., 1962-10-04


JANUARY 1, 1869: ~ REQUIRE
THE USE, AT ALL TINES IN con.
NECTION WITH SUCH NAME,
THE PHRASE. IN PARENTHESES,
"STOCK CORPORATION; (2) A.
MEND ITS CORPORATE CHARTER,
IF NECESSARY. TO PROVIDE
THAT FREE SHARE ACCOUNT
TO VOTE on ALL MATTERS. As
HOLDERS MAY BE ENTITLED TO
VOTE. EACH SUCH FREE SHARE
ACCOUNT HOLDER TO BE EN-
TITLED TO THE VOTING RIGHTS
DEFINED IN SECTION 1910 OF
THIS ARTICLES; (5) MAKE SUCH
OTHER CHARTER AMENDMENTS
AS MAY BE NECESSARY FOR
sIONS AND REQUIREMENTS OF
GiSTERED MAIL TO EACH STOCK
HOLDER OF RECORD WHOSE
SHARES ARE DESIGNATED TO BE
GUARANTY STOCK UNDER THIS
SECTION A NOTICE I'd STATING
THE INTENTION OF THE AS
ISOLATION TO CONTINUE IN
THE BUILDING, SAVINGS AND
LOAN BUSINESS UNDER THIS
SECTION. CID DESCRIBING THE
PLAN UNDER WHICH THE AS
ISOLATION INTENDS TO COMPLY
WITH THE REQUIREMENTS OF
THIS SECTION, AND UID STAT
ING THAT WITHIN THIRTY (so)
DAYS OF THE MAILING OF SUCH
NOTICE THE STOCKHOLDER OF
RECORD NAMED THEREIN SHALL
HAVE THE RIGHT TO REDEEM
AT PAR ANY SHARES OWNED BY
HIM WHICH ARE DESIGNATED
STocKHoLDER ELECTS TO RE.
DEEM AS HEREIN PROVIDED,
THE ASSOCIATION SHALL MAKE
PAYMENT IN ACCORDANCE WITH
ANY REASONABLE PLAN, But
SUCH PLAN OF PAYMENT SHALL
BE FULLY EXECUTED NO LATER
THAN JANSUARY /; 1852; 81 70
ASsoGIATEoN AS SToIK S ISSUING HFTFR GnAEAM TAE
EFFECTIVE DATES OF THIS ACT
USE THE WORD ASSOCIATION"
AS PART OF ITS NAME.
(E) FUTURE ISSUE OF GUAR
ANTY STOCK. Q) ANY EXISTING
ASSOCIATION WHICH QUALITIES
FOR THE EXEMPTION TO SUB
SECTION (A) PROVIDED IN SUB
SECTION OBJ HEREOF MAY FROM
TINE TO TIME ISSUE ADDI-
TIONAL SHARES OF GUARANTY
STOCK, PROVIDED, HOWEVER,
THAT ANY SUCH ISSUE Shall
BE MADE IN ACCORDANCE WITH
A PLAN WHICH SHALL HAVE
BEEN FILED WITH AND APPROV-
ED BY THE DIRECTOR. THE d.
RECTOR SHALL APPROVE ANY
SUCH PLAN FILED WITH HIM IF
HE FINDS THAT N THE ASSOCI-
ALTON HAS COMPLIED WITH
THE PROVISIONS OF SUB-SEC-
T1ON Cd HEREOF, AND QD THE
PLAN IS FAIR: ANY APPLICANT
OR PROTESTING ASSOCIATION
NON.ACTION OF THE DIRECTOR
UNDER THIS SECTION MAY AP-
PEAL THEREFROM IN ACCORD.
ANCE WITH THE APPEAL PRONI-
SIONS OF SECTION 18Th RELAT.
ING TO ORDERS.
(2) ALL PROSPECTAE AND
ADVERTISING MATTER RELAT-
ING TO sUBSCRIPTIoNS lESls, FOR
SHARES OF GGARANTY sTocK
ARE NOT INSURED.
(s) NO ASSOCIATION SHALL
PAY TO ANY PERSON ANY COM
MISSION FOR OBTAINING ANY
SUBSCRIPTION FOR OR SALE OF
SHARES OF GUARANTY STOCK.
90 NO ASSOCIATION SHALL
GIVE OR OTHERWISE GRANT
ANYTHING IN THE NATURE. OF
GER, DIRECTOR, ATTORNEY, EN-
PLOYEE OR OTHER PERSON IN
CONNECTION WITH OR FOR THE
PERFORMANCE OF ANY SERV.
ICES FOR THE ASSOCIATION.
Cd LIST OF STOCKHOLDERS.
ANY ASSOCIATION WHICH HAS
ISSUED ANY OUTSTANDING qua
RANTY STOCK SHALL ANNUAL
LY FURNISH THE DIRECTOR A
LIST SHOWING THE NAME, AD-
DRESS AND NUMBER OF SHA.
OF GUARANTY STOCK, WHICH
LIST SHALL BE KEPT CONFIDEN.
TIAL BY THE DIRECTOR.
(G) ASSESSMENT. ~ ANY AS
ISOLATION WHICH QUALITIES
FOR THE EXCEPTION TO SUB
SECTION (2) HEREOF PROVIDED
IN SUBSECTION OBJ HEREOF
SHALL PREPARE A LIST SHOW
ING THE AMOUNT OF GUARANTY
JANUARY ], 1861. THE PAR VAL.
UE THEREOF AND THE PRO-
CEEDS THEREOF AS REFLECTED
IN THE FINANCIAL RECORDS OF
THE ASSOCIATION AS OF JANU-
AIRY /. 1861. THE PROCEEDS
FROM THE SALE OF SAID STOCK
SHALL BE SET APART TO THE
EXTENT OF THE PAR VALUE
AND SHALL BE MAINTAINED AS
TAI OF THE ASSOCIATION. ANY
PROCEEDS FROM SALE OR is
SUANCE OF SUCH STOCK AFTER
aSHAPs CONE Fart OF FySEi The fhXE6 FnXEb ASD Sf
PERMANENT CAPITAL OF THE
ASSOCIATION.
Cd IF 1T APPEARS FROM THE
FINANCIAL STATEMENT OF AN
ASSOCIATION, OR THE DIRECTOR
HAS REASON TO BELIEVE. THAT
THE CAPITAL OF AN ASSOCIA-
TON is IMPAIRED, THE DIREC-
TOR MAY EXAMINE THE ASSoCI-
FACTS, AND IF HE FINDS THAT
SUCH DEFICIENCY EXISTS HE
SHALL REQUIRE THE ASSOCIA-
TION TO MAKE GOOD SUCH DE-
FICIENCY WITHIN so DAYS Az
TER THE DATE OF REQUEST.
THE DIRECTORS OF EVERY AS.
ISOLATION UPON WHICH A RE-
QUEST TO MAKE GOOD A DEFI-
CIENcY is MADE. SHALL LEVY
GUARANTY STOCK TO REPAIR
THE DEFICIENCY. THE DIREC.
TORS SHALL CAUSE NOTICE OF
SUCH REQUEST TO BE GIVEN TO
EACH STOCKHOLDER OF SUCH
ASSOCIATION SHOWING THE A
MOUNT OF THE ASSESSMENT
WHICH THE STOCKHOLDER MUST
PAY FOR THE PURPOSE OF MAX.
ING GOOD SUCH DEFICIENCY.
Cd IF ANY STOCKHoLDER RE-
FUSES OR NEGLECTS TO PAY
THE ASSESSMENT SPECIFIED IN
THE NOTICE AFORESAID WITH
IN 90 DAYS FROM THE DATE OF
MAILING OR SERVICE OF SUCH
NOTICE, THE DIRECTORS OF THE
ASSOCIATION MAY SELL TO THE
HIGHEST BIDDER THE SHARES
OF STOCK OF SUCH STOCK
HOLDER. BEFORE SUCH SALE
THE DIRECTORS SHALL PUB
LISH NOTICE OF THE SALE FOR
10 DAYS IN A NEWSPAPER OF
GENERAL CIRCULATION PUBL
SHED IN THE COUNTY OR CITY
OF THUS STATE WHERE THE
PRINCIPAL OFFICE OF THE AS
SOCIATlON Is LOCATED, AND
SERVE A COPY OF SUCH NOTICE
OF SALE ON THE STOCKHOLDER
PERSONALLY OR BY MAILING TT
TO HIS LAST KNOWN ADDRESS
10 DAYS BEFORE THE DAY FIN.
ED FOR SUCH SALE.
(D FOR THE PURPOSES OF
THIS SUBSECTION; ~ IF TIE
VALUE OF THE ASSETS OF AN
ASSOCIATION AFTER DEDUCT
ING The AMOUNT OF ITS LA
VALUE OF ITS ITS Z ouTsTSSNbbIH1GE i 4 n = Z z
FREE SHARE ACCOUNTS re TEcS