This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1895 Excerpt: ...per centum of such excess existing at said expiration of five years after tho date of its issuo; but when the withdrawal of Bhares is to be ...Read MoreThis historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1895 Excerpt: ...per centum of such excess existing at said expiration of five years after tho date of its issuo; but when the withdrawal of Bhares is to be enforced, tho shares to bo retired shall bo determined by lot, and tho holders thereof shall bo paid tho full valuo of their shares, less fines and n proportionate part of any unadjusted loss; and shares pledged fr share loans shall bo treated as unpledged shares. But this section shall not apply to associations maturing their shares in less than six years. Sec. 256. When each unpledged share in a given series roaches the valuo fixod by the bylaws, all payment of dues thereon shall cease, and the holder thereof shall bo paid out of tho funds of tho corporation the valuo fixed by the bylaws, with interest at the rate of six per cent a year from the time of such maturity to tho time of payment; but at no time shall more than one-half of the funds in the treasury bo applicable to tho payment of such matured shares without tho consent of tho directors; and when any scries of shares, either pledged or unpledged, reaches maturity between tho dates of adjustment of profits, or whenever shares aro retired between such dates, tho holders of such shares shall, in addition to tho valuo thereof, be entitled to interest at the same rate for all full months from the date of the preceding adjustment. Sec. 257. The moneys accumulated, after duo allowance made for all necessary and proper expenses, and for tho withdrawal of shares, shall, at each monthly or weekly meeting, bo offered to tho members according to their priority of right to a loan as fixed by the bylaws. Each Member whoso bid is accepted shall be entitled, upon giving proper security and complying with the bylaws, to receive a, loan equal to the par value of each share hel...Read Less
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