The Republican. [volume] (Oakland, Md.) 1877-current, 1963-07-04
NOTICE

x Loan Association COnlHllSotOn-
ers has tentatively adopted the
following Regulations and will hold
a hearing on the Proposed Regu-
lations July "a, 1863 at 1870 AM.
in the State Roads Commission
Auditorium, 300 W Preston Street,
Baltimore /, Maryland. Any in
terestcd party having suggestions
regarding the Proposed Regula-
lions must submit his views in
writing to the Board no later than
Friday. July u, 1868, in order to
be heard at the hearing.
100. DEFINITION OF TERMS
1901 BRANCH OFFICE:
Branch Office as used in Sec
ton l61V is any office of an AS
sociation which is open to the pub
lie for the acccptc nee of free share
accounts. An office which other
wise fits this definition shall be
considered a branch office, with
in the meaning of Section 16lV,
even though such office shall be
the only office or also the princi-
pal office of an association.
1902 DELINQUENCY
A loan is delinquent when:
(a) In any - month period i'm
mediately preceding the date of
examination by the Department,
less than 75'o of the required week
ly or monthly payment of princi-
pal, interest and expenses have not
been paid or
tb) Taxes on the property which
is security for such loan have been
unpaid for a period of II months
after becoming due and payable.
Or
Cc) Ground rent issuing out of
the property which is security for
such loan has been unpaid for
roriod of months after becoming
due and payable; Or
I'd The premium for insurance
on the properly has been unpaid
for a period of 30 days after be-
coming due and payable.
1908 MARKET VALUE
Market value is the highest price
in terms of cash, or on terms
reasonably equivalent to cash
which a property will bring if
exposed for sale on an open mar
kct by an informed seller, with a
reasonable time to find a pur-
chaser buying with full knowledge
of all the uses and purposes to
which it is adapted and for which
ii is capable of being used, with
neither the buvCr or seller being
under cOmpulsion TO buy or sell.
1904 MORTGAGE:
Where the word mortgage" is
used in Sections $50 and 1917 of
Article %, and in these Rcgula-
tionS, il shall include mortgage,
deed of trust, or other security
instrument cVidCrcing or creating
the lien of the association upon
real or lcascholj property.
1O3 ACCOUNTING RECORDS
AND PRACTICES
1881 RECORDS:
Each Savings end Loan AsSocia-
ton shall keep adequate and ac-
curate books of accounts, includ-
ing a General Ledger and such
registers and subsidiary records
as may be essential No particular
system or method of accounting is
prescribed. other than the double
entry system written in the English
language. The General Ledger
shall be posted either with pen or
ink or by other permanent meth
DDS which shall show dates, ncCcS-
Sary explanatory details and post
ing references. All journal En-
tries. Cash Disbursements and
checks drawn shall be supported
by properly approved vouchers
and records posted in such man
nCr as to distinguish between cash
and non-cash items. TO the end
that the accounting procedures will
truly, accurately and honestly re-
fleet the affairs Of the association.
The books and records shall be
maintained in accordance with
generally accepted accounting prac-
tees and shall conform at all tines
with the Laws and Regulations Of
the United States and the State of
Maryland.
The association shall maintain
the following basic records:
Minute Book
Double Entry Cash Receipts and
Disbursements Book !
Free Share Ledger or Card Sys-
tenn
Mortgage Ledger or Card Sys-
tenn
General Ledger
Check Book including cancelled
checks, deposit receipts and bank
statements
Income Accounts
Expense Accounts
and such Other books and records
as may be requisite.
Such books and records shall be
posted promptly and shall be bal
anccd by the appropriate officer
or officers of the association no
less than twice yearly; such books
and records shall be available to
the duly constituted authority.
1892 DEFERRED INCOME:
In accounting. for purposes of
calculating income. items of de-
ferred income and initial loan
charges shall be interpreted as
provided in 1921, 1892, 1928,
1924, and 1925.
1921 ENTRANCE FEES
In accordance with Section 14t
ChN of Article 3 of the Annotated
Code of Maryland 1857 Edition
an association may charge entrance
fees authorized by its Articles of
Incorporation or bylaws, and may
take into immediate income such
entrance fees. Entrance fees shall
be within. the existing limits of
trade practices and customs.
1922 COMMISSIONS