Montgomery County sentinel., 1962-10-04

upon dEy Application not eFeeediHg ts.o
hundred dollars (y200.00) to Any one
account holder ~ oHy one month in any
order. No association shall obhodte It.
self to pay svitkdrduGls on any bldn otker
ttdn as ProVided IN this Section. Free
shareholders uho haze filed zUritten 40
Phedtton for teithdYdpdl shall remain free
share members as long as their abbiica-
tioHs remain on file. No dividends shall
br declared on that PORTION of a. account
wjsieh hdS been noticed for tcithdrd1ral,
tcbieh Tor diSidenS purposes is required
TO bt declared from the latest byeyious
additions to Sach account, as long as
SHeh DUPLICATION IS on file.
TO- PlGn OF t0ithdrdfgal; notices: svith-
drapiH1 accounts holders Not creditors.
Ihs ydtd6le or pro rata plan of scith.
drdadts IS as foliotUs: On the first day
OF each month, each application which
hdS been on file since the first day of
He Preceding month shall be paid its
rdtdbt or pro rata share. At least one
alton from its members during the bye-
ce6iHo calender month, exclusive of III
fsreSf dNd expense account Payments
shall be APPLIED on the first day of each
month to the payment of APPLICATIONS
uhicb haze been on file since the first
day Of the preceding month. Each sac
ceedih0 month each such application shall
receive its rdtdbie or pro rata share of
Sdid receipts as aforesaid; each such ob-
piicdtion shall be dssmsd relied the first
OF each succeeding month unless tUith-
drdsrH ~ uritino. Sad. limited saymcmt
Oh the first of each month, and such re.
numbering, shall take place Oh, the first
ddy OF each subsequent month as long
as there are applications Anbaid. AAy
association may apply to withdrawals an
anoant larger than ons-third (I/3) of
SHck receipts as aforesaid, bat cannot
obh0dts itself to do so. Al notices ioitb
respect TO an APPLICATION for ,ritidrdspaI
as Aforesaid sLaH be sent to the abbii-
cant By mail at his last address. Unless
the APPLICANT shall dbply iH person or BY
triting for sach fgitidrdSOdl scithin Niytv
(3O) days from the date of Sach notice,
no Payment on account of such abbE-
cation shall be made, aud Snch dbbiied.
tioH shall be cancelled. Such withdrd,g-
1tiG members SEdH not at dtiy time be
deemed creditors Of said association,
eitker before or after the notice to ,r'tI,.
droso, and said scittdyGaing members
shall haze no right OF action at idsv or
81 equity against said association for the
repdymeH of any amount sought to be
tVittdvcstr unless and until a defaalt
shall occur ~ said Payments as proSided
for dbo5e, and hen only at i1sV, and to
the eEtent of the secured payments due
as dbove Pro0ided.
1ofY. DEFINITE RATE SECURf.
TIES FORBIDDEN.
No association sidH issue, sell, aegoti-
ate, or odpertise for sale either TO nem-
bers or the public any tyte of invest-
ngent security other than free share ac-
counts, GUARANTY STOCK Christ.
MAS" dnd/or "s'dedtioH cilb" funds ~
account scith it. No association shall
agree to pdy, on any free share account,
rate or amount, in Dividends or Otler
distributions, ,viich is fired. This Sec
tion shall not be construed, to;revsy, to
exclude the tosycy of al association to
borroap money from banks, or other
similar borro;cirgs.
161z. INVESTMENTS OF ASSoCE
ATOMS.
(a) Po;rer to infsst In addition 10
TIE iHvsStments Permitted TO be made by
associations organised Under the ldsrs of
ttis State, pursuant TO Section $50 of
this Article, every association shall haze
fosUer to itTest:
reasonably anticipated TO be necessary or
convenient for tie Transaction of its bnsi-
ness, aud his shall include the Poscer
to derigs TeseHae, by rental or other
tcise, from any portion of such real
estate;
(2) in real estate purchased at dnctioH
sale, public or pris'dse. jsGicidl or other
rViSe, HboH spI:ieh tie association has
lien or claim. legal or Sqaitable:
~ IN real eStdte accepted BY the dSso-
citation in satisfaction of GHy obligation;
~ in real estate acquired By the GsSo-
citation M exchange for real estate
otnsd by the association:
(5) in real estate acquired BY tie dSso-
citation 10 connection ,e;th Sdi5GgiE0 tie
Valns of PROPERTY Oaned By the GSSoei-
atioH;
(6) in clatiels aud equipment neees-
Sdry 10 coMdaet IT'S business.
CD BY MAKING LOANS TO MEN,
BERS OF COOPERATIVE HOUS-
ISS cRoESTs GR SEcTRER 4EIp By 1NTFR THE
EST OR EQUITY IN A UNIT OF
SUCH PROJECT, NOTWITHSTAND-
ING THE FACT THAT SUCH PRO-
JECT AS A WHOLE MAY BE SUB
JECT TO A PRIOR LIEN, AND
NOTWITHSTANDING ANY OTHER
PROVISIONS OF THIS ACT.
(s) WITH BANKS INSURED BY
THE FEDERAL DEPOSIT INSUR-
ANCE CORPORATION.
(b) Title to aud location of PROPERTY.
Title to all real estate shall BE- taken ctd
held iH the name of the association. The
real or isdSehoid property securing any
mortgage authorised BY Section $50 Of
this Article Shay Be situate in this State
or spithiH a fifty (50) mile radius of the
principal Maryland Office of the dSSocia-
tioH.
(e) Second mortgages. Any mortgage
held BY at association shall be FIRST
lien upon such real or ieGSehold property
excebt tdt such mortgage NAY BE-
second lien If the first lien or said prop
eTtv is held bV fle dssofidfioU
1914. PROMOTIONAL ACTIVI.
TIES PROHIBITED.
dfter the sfectivs date of this Section,
an association shaH not oige for tie OPEN
ing of, maintaining Of, or increasing the
amount OF, any account, any give-GdGy
that has a monetary palae ii excess OF
Ed Ed o 81 THE BOARD b fN BY ASPsRo APPRo.
PIRATE REGULATION. THE
BOARD SHALL HAVE FULL pow
ER AND AUTHORITY FROM TINE
TO TINE TO CHANGE THIS
AMOUNT. THE MONETARY VAL.
UE OF ANY GIVE-AWAY so oiven
shall be tie cost thereof to the dSsocid.
fioH aud the association shall kesp ii its
records for a period Of at least sir (6y
yearS suitable epidsnee of such cost. If
the gipe-dsody IS purchased or obtained
By the association together Nth, in eon-
nection stlth, or at the same time as an
other item or other items from the same
Snpflier, Not identical fhsreicith, such
pdiHe shall be deemed TO Be the then cur.
rent regular selling Price or charge of
the Supbhsr or sefdy6ts sales or DISPOSE
tio't thereof i's the quantity inciHded, and
the associations shall it such case obtain,
and keep IN its records for period of az
least sir 10 sears, signed Stdtement
By saeh sappiier of such regular selling
frtcf or ctdfOf. AZ usrd - the fore.
going provisions of this Section, the term
'qivs" means TO give, to sell or DISPOSE
Of toy. less than full MONETARY Tdlus as
ksreiHbsfoYe defined, or scisb dHy agree
"ienf or undertaking, contingent or other
ulSe, Tor fsPHrehdSs or Yedembtiou,
tchsther total or partial, or to offer,
promise, or agree to do any of the FORE
going. The term "oiVs-astay' medns Gny
money, property, service, or other thing
OF SdiHe, tehsshsr tangible or intangible.
I've term. account" means free share
account Of az association of rha.soeter
class or designation, accounts, share &C.
eontit, inVeStHsAt certificate, share sab
scriftion, and credit TO the account OF the
maker thereof other than credit on ae-
coifin of a loan by the association
IoIBB. REVIYdL OF CHARTER.
The charter of Any association hereto
fore or hereafter forfeited for Aor.pay-
nisnt OF tdxsS, or failure 10 file an c,s.
nndI REPORT Srith the State Department.
of Assessments and TdEGsion, may. al
dsy tinie, be revived as set forth iN Sec
ftoN IS OF this Article, tfortded that the
articles revival ShdD fyx BE- debyoyed bv
the Director asdsr Saeh terms and eon-
ditfonS as Nay be prescribed BY reouis.
fions Of the Board. .4ny association da-
oftelSd BY the action of the Director ~
deeHninG 10 offrote such drffcleS or 80