Montgomery County sentinel., 1962-10-04

10 ShCN az CfdV tcyeiffG 10 ~ HtS SHO-
section has expired, TIE Board sheH et.
dorSe EboH each cory of tie articles fled
for examination, ovey IFS Official sigma.
;Hre, 5ooyd "dbfrosed" or the Iord ''re-
fused" suih the date of SHch endorse
meRt. IN case Of refusal It shall return
one of the copies so endorsed to the
chairman of the proposed ineoypoYdtors.
In case of abProodi, one copy so en-.
dorsed ShdH be retained by tie Board;
the remaining copy so endorsed shall be
returned TO the chairman Aforesaid ;tio
shall file that copy tuith the State De-
pdrtment Of Assessments aud TdFdtioB
in accordance Nth the provisions Of this
Article. The corporation so formed shdH
haze no legal existeHce a.ii all COPIES
of TIE articles of incorporation have been
filed for record os herein directed. IN
THE EVENT OF A REFUSAL BY
TICLES OF INCORPORATION, THE
BOARD SHALL GIVE A WRITTEN
STATEMENT SETTING FORTH
THE BASIS FOR THE REFUSAL.
~ Upon final refusal TO grant the
proposed articles of incorporation, the
chairman Of the iHeorboyotors shall re-
fund TO the iRcorforators all funds de.
POSTED by them 81 decovddHee nth this
Section, subject 10 the payment Of all sE-
benses. The Director shall release the
bond delivered to him IN accordance
,e;th subsection (e) hereof upon satis-
factory assurance Of such payment and
refund
II Forfeiture Of charter for roM-ase.
Any association heretofore formed rhieh
shall not actively engage in business BY
yeeeivino money for free share accounts
or making mortgage loans sUithia NiHsty
(o0) days after the effective date Of this
Section, and dny association hereafter
formed phieh shall not actively engage 10
business By Yeceigin0 money for free share
accounts or making mortgage loans NTH.
III ninety (oO) days after the date afon
sutich It's legal CORPORATE existence shall
begin, shall forfeit It's corporate charter
for noii-aSe, upon entry of an order, 10
accordance suth Section f6fH of h;s
Article, finding no jast odaSe for failure
so octiyeiy to engage in business ord d.
yrctin0 the association TO cease and dis
solve lis business. A copy OF such order
shall, Abon fralify, be certified TO TIE
State Debaytmem Of Assessments dnd
Tdxation and, from The time Of receipt
BY said DEPARTMENT, the Posvers conferred
by idsU abon the dssociatioT shall be IN
OPERATIVE. nall and Void
I6JN. INDICATION OF 4 BUILD.
ING OR HOMESTEAD dSSoCl.
ALTON.
(a) Name indicating association. TIE
name of the CORPORATION shall Be such as
to indicate that Il Is Q building, sosin9'
and loan or homestedd association. Tht
boyision shdH be deemed TO Be complied
scith IL the name contains the words
"sdyinos association, building assSoei-
atom, "savinos and loan Gssoeiation'',
"bu;idiuo and loan association build
iso and Homestead association" or any
combination of these woYds. The ndme
need not BE- such as to indicate ftof H r
Q corporation.
(bj Conformity. OnIy those building,
savings and iodn or homestead osSoetd:
fions phich conform 10 tts Provisions OF
fkis Article shall BE- entitled TO coll hsr'
SelSes savings associations, building as
SociGtions, sayings and loan associations,
building and Loan associations, building
and kontsfedd associations or any eotibt'
Natiom of said spords.
1910. CHARTER AMENDMENT.
Any amendment to the charter puy-
suant 10 Sections 10 through i5 of this
Article shall be executed and fled NTH
the Board IN accordance sgith the pro-
eedares set forth in snb-Section 1ofM (e)
of this Article for fling of ortieles Of in'
CORPORATION, ercspt that The proyiSion re-
oairino nespstdbey publication of the fact
Of fling shall not 0tply. The fee for ~.
ino articles of amendment Nth the Board
shall be ten dollars $4,000, to be col
iecfed BY the Board.
Io1P. CAPITAL.
Iny association heretofore or hereafter
formed aHder this Article shall haze or
issue only one kind or class of shares or
stock and all the holders of Saeh shares or
stock shall hare equal rights as to voting,
earnings and assets, and any association
heretofore or hereafter formed shall haze
boiper of accepting subscriptions to and
bdyments on aeeoant of any number OF
shares OR stock sOithoiit limit and NTH
ont other CORPORATE action, nosUitkstdnd.
ing any Limitation OF the mursber of
shares or stock authorized BY the sSistino
charter Of saeh essoeistion.
STANDING THE PROVISIONS OF
OF THE SUBTITLE, IN ADDITION
TO FREE SHARE ACCOUNTS, ANY
ASSOCIATION ORGANIZED UN-
DER THE LAWS OF THIS STATE
PRIOR TO JANUARY l. 1861, AND
HAVING. AS OF THAT DATE,
FREE SHARE ACCOUNTS IN THE
MINIMUM AGGREGATE AMOUNT
REQUIRED IN SECTION 16iM (A)
OF THIS ARTICLE, AND AUTHOR
lied BY ITS CHARTER TO ISSUE
SHARES OR STOCK IN ONE OR
MORE CLASSES, NOT IN THE MA
TURE OF FREE SHARE ACCOUNTS
BORROWERS SHARES. MAY MAIN
TAIN AND ISSUE SUCH SHARES
OR STOCK AS MAY HAVE BEEN
AUTHORIZED TO BE ISSUED UN-
DER ITS CHARTER AND MAY
CONTINUE AS A BUILDING, saw.
INGS AND LOAN BUSINESS, SUR
JECT TO THE CONDITIONS PRE-.
SCRlBED HEREIN. HOWEVER, ALL
SUCH SHARES OR STOCK, RE.
CARELESS OF CLASSIFICATION,
ANY CHARTER OR BYLAW PRO.
VISION TO THE CONTRARY NOT
WITHSTANDING, SHALL BE qua.
RANTY STOCK, so TERMED AND
DESIGNATED, AND SHALL BE
AND REGULATIONS PROVIDED
NO ASSOCIATION SHALL QUAIL.
Fly UNDER THIS EXCEPTION UN-
LESS 1T SHALL HAVE SOLD AND
OUTSTANDING ON OR BEFORE
OCTOBER 1, 1861. AT LEAST
FIFTY THOUSAND DOLLARS (ss0,.
000.00) AGGREGATE AMOUNT OF
GUARANTY STOCK.
(Cl GUARANTY STOCK. GUAR.
ANTY STOCK SHALL CONSTI-
TUTE A SECONDARY RESERVE
OUT OF WHICH LOSSES SHALL
AvAILABLE RESERVES HAVE
BEEN EXHAUSTED. SUCH STOCK
SHALL: G) HAVE A PAR VALUE
OF ONE DOLLAR (si.o0) OR SUCH
GREATER AMOUNT AS THE AR
TICLES OF INCORPORATION MAY
DR4wABIE, EXCEPT AS SoPeo PRovIp. 1b.
ED IN SUBSECTION (D) (O QID
HEREOF, UNTIL ALL CLAIMS
AGAINST AND LIABILITIES OF
THE ASSOCIATION HAVE BEEN
FULLY SATISFIED AND ALL FREE
SHARE ACCOUNTS PAID OUT TO
THE HOLDERS THEREOF AT
THEIR WITHDRAWAL VALUE; (S)
BE ASSESSABLE IN THE HANDS
OF THE OWNER THEREOF TO
THE PAR VALUE AMOUNT THERE.
OF FOR THE FULL SATISFAC-
TlON OF ALL CLAIMS AGAINST
AND LIABILITIES OF THE AS.
SOCIATlON AND FOR THE PAY.
MENT OF THE WITHDRAWAL
VALUE OF FREE SHARE AC.
COUNTS TO THE HOLDERS OF
SUCH ACCOUNTS; ca BE EN-.
TITLED TO THE PAYMENT OF
DIVIDENDS ONLY AFTER DIVI.
DENDS HAVE BEEN DECLARED
AND PAID AT A RATE, TO BE ES.
TABLISHED BY THE BOARD BY
APPROPRIATE REGULATION BUT
IN NO EVENT TO BE LESS THAN
TWO PER CENT (2se) NOR MORE
THAN THREE AND ONFHATF
PER CENT 51ses), ON ALL FREE
SHARE ACCOUNTS UNDER THE
PROVISIONS OF SECTION i6iFF
OF THIS ARTICLE; (s) BE ISSUED
ONLY UPON CASH PAYMENT TO
THE ASSOCIATION OF NOT LESS