The Republican., 1962-10-04

and bO2RS and fdferS kcft by any officer,
agent, or employee, relating 10 0r Hf0H
7chich any record Of its business is RcH.
(b) FcdGdi examinations. The Dirfc-
ter in lien Of such examination and audit
may ACCEPT an examination end audit
made On dccetfcd BY tedcydi home loan
bank, the Federal Home Loan Bank
Board, or by the Fedcyai Sagmgs and
Loan Insurance Corboydti0H
IoIDD, APPORTIONMENT or
PROFITS
The boayd Of directors of any associd-
fion shall dfP0ytioH the PrOftS Of the
association, at least annually and as much
more often as the by-iaiJS may breycribe;
and each afforii0EmeW SidH b. made in
accordance 7gith the f0Ho;oHg procedure:
~ 4 fy0fPr ALLEGATION first shall be
made 10 the general reser9e tuii.
u,(2l ,ADDITIONAL ALLEGATIONS
SPECIAL RESERVES As THE
BOARD OF DIRECTORS MAY ES-
IABLiSH OR MAY HAVE ESTAB
81 Diyidends then may be declared
on all free share accounts in accordance
ggifh the Professions Of this Ayheie and
the by-la,1s of the association.
~ The residue Of such PrOfts may
be heid as 'mldi9ided Pr0ftS,' subject
to use in the same manner as PROFITS
generally.
I6iEE. PESERYES.
ga MmUWhbl dI0cati0n Each Gssoci-
alton shall maintain a general yeser7e
fund 'chich shall be Hsed solely for the
fVfOSe ot absorbing losses and to 5Uhich
The board Of directors shall allocate such
forti0H Of the associations Profits as the
b0drd may determine; except thar 9lteH-
eter the total amount of such feyer7e is
less thaH SiF fer cent (o96) of the az
grfgate saithd,Gsyal sdIHe Of the dSs0ria-
ton S free share accounts, the dHOC alton
to such reSer7e upon each dPP0rti0HmfHt
Of fr0ttS shall be not less than ten PER
cent (IO%o) Of the PrOftS being dFP0r-
toned, or such lesser PORTION as 7cW IN
crease SHch reSerVe to the required total
Gm0HNt.
(5J Special reserves. The board of di-
'ectorS may establish and maintain such
SPECIAL reserves as they may deem GdgiS-
able to 5vhiCh charges may be made as
the board Of directors may determine.
Io1FF. DIHIDENDS.
Ia Determined by board of directors;
restrictions. Subject to the restrictions
set forth in this .4rtcle and the dSy0ci-
atoms by-ldloS, the board of directors
from time to time may determine the
rate and the amount of di1idetdS to be
raid on free share accounts. H0-re1cr,
the declaration Of di5ideHdS on free share
accounts shall be subject to the toiIolpWg
restrictions: ~ II the total amount Of
the general reSer5e fund is less than that
required in Section 16fEE Of this .Ar-
ticie, no disidcHds shall be declared Mltl
the ALLEGATION frooided by said Section
has first been made, (2) DiVideHds shall
not be PAID at any time or under any
circumstances from capital or nneafned
surplus.
(J) Small accounts. 4 di7ideud need
not be aii0cated to any free share account
schich has a 5tithdrG7tdl 7diite Of less
than tateWy-f0e dollars (S25.O0) on the
record date 9yih respect to aohich the
di0ideHd is raid.
(cJ Resolution gO5eyluug diUideUdS.
The board of directors shall determine BY
resolution the method Of calculating the
amount Of any d1dfHd on free share
accounts, and the date on 7clich the same
as to be declared or credted.
IolGG. EXPENSES AND MEMO
RANDUM or SETTLEMENT
E1Ty association may require b0rro7p-
iHg members to ray all reasonable er-
PenSes incurred IN connection 7cith the
naklhg, closing, disbWSHg, extending,
SeadjHdiHg, releasing on reHetciHg Of
real estate loans. At each and crery
settlement there shall be furnished to
the b0Jt01cer memorandum Of settle
nieHt 7chich shall Sio70 in detail each and
f5eyy charge made IN connection soith
sad settlement. Nothing IN this sub
titie shall be construed as enlaygiHg,
changing, m0dUyWg or amending the
1NUg id1oS Of this State.
4oiHff. FRAACHISE TAX.
EVfry federal and domestic associ-
alton and foreign association admitted TO
Giy for the nSe of the State, IN dddi-
non TO any other tar IMPOSED by lac, a
tfdHchiSe tar to the amount Of oHe-0ne
hhHdredthS Of one FER cent (f/l06 Of
Ifo( 0t the aggregate 7pthdrG1tai gdlHe
0t rs Jree shares purchased in the State
Of Maryland, SAID tyee shares to be total
led as or Defenber 81 Of each and eTery
2ya~' 2y 1'G Sal' S. ef1Vy me Sd.a G4o"Nf ,,l
a"t ttt 1r1 r. cue 'tate 70 ne Co"'I"0"er q
n, . Iii LeT1"L Lt eS 0iItf Statf l"tfs' 9HeH
& +u' Stut .; oe IHyaote 'l%tnoH % p"'eSt az
~ ~ aI"f oH I otlof -1lf" ~ 81 eaGH
Jt,% Io%, '"tn = Ste'' .on'"IfH'ihg on -flyH -,
aII"-5 I5 G,a S".I t'| of hgf fa'd as
aDott iIoJIidfH' WeH me SH'd taF SHaH
tM'IuseHi't, XXI otp D~IreSt ~ al t"e y rdte 0J one
maJ u one Fef gem u P RI Jo' facn
mo''~ I " Ua,t'1H month ana u
S4'" ~ b ,u' of 10' Pg'a 0fJ"e me "T ddy
DeIe e"lDr JggA0""g; feHaHy OF
re feJ 'fH 2JoJ on tHe G"2Wif Me'f-
~ ";99'i - 0s u4uea. l. t0tgided's Ho.'e9f
";u' ~ t'asoH " "ly i@to 0j q'y I",
t.9's {"' t tSut'''oI ~, assoc aaron eH~tffeG
" ln'S olHt a'la @ doh9 business III! S"eh
CI"T y" non iS required 70 ray
IuN"4st tu' 10 S'l1 {"f'gn JWSd'ft'oH
CaSeG hP0N as Jfee %drfS PWcHaSed I"
!"e 2tGtt Gj W" ytaHd, WeH me fdF m