HomeMy WebLinkAbout1897 ~
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Cbarter K (Rev.) # 2429
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more than =1.000. he ahaU be paid ;1,000 ia the redemption price'thereof. I! any notice of
order when reached and his withdrawal reqneet redemption ahall have been duly given, and if
, ehall be charged with such amount as paid and the funde necessary for such ndemption ahall
shaU be renumbered and placed at the end of have been aet aside ao ua to be and to continue
the liet of withdrawal r~queats, and thereafter. to be available !or that purpose. earninga upon
' upon again being reached, ahall be paid a like auch account ahall cease to aeerue imm and
amonnt, but not exceeding the withdrawal value after the date specifted aa the redemption date
- oi his savinga account, and until auch with- and aIt righta with reapect to ~aeh such account
drawal request shall have been paid in full. ahall shall forthwith, after such redemption date. ter-
continue to be so paid. renumbered, and re- minate, except onlq the righL of the holder of ~
placed at the end oi the withdrawal requests on record of such savinga account to receive the -
file: Proveded, That when any such request ia redemption price thereof without earninga.
~ reached ior payment, the association ahall so 8. Loana and inveatmenta. The association ~
~ ; advise the holder of auch savinga acoount by may make any loan or investment authorized by ~
? regiatered mail to his last address as recorded atatute and the rules and regulations made by
on the booka of the aasociation and, unless such the Home Loan Bank Board and in effect on '
~ holder ahal! apply in peraon or in writing for the August 15. ~949; it may make such additional .
' payment of auch wIthdrawal request within 30 loans and investmenta as may thereafter be
days from the date of the mailing of auch notice. authorized by ameiidments of the said rules and .
no payment on account of such withdrawal re- regulationa
quest shall be made and such request shall be 9. Power to borrow. The association may
cancelled : And provided furtlaer. That the borrow money in an aggregate amount not ex-
board of directora shall.have absolute right to ceeding one-half of its capital; the amount
pay on an equitable basia an amount not exceed• which may be borrowed from sources other than -
ing ~200 to any holder of a savings account or a Federal home loan bank shall not exceed one~-
accounts in any calendar month and without tenth of such capita~. Notwithstanding the -
~ regard to any other provisioa of this section, foregoing limitations, Lhe association may, with
~Vhen the assceiation is unable to pay all with- prior approval by the Federal Home Loan Bank
drawal requests within a period not exceeding Board, borrow from a Federal home loan bank
30 days from the date of receipt of written re- or from any Federal agency or instrumentality
quest therefor it ahall allot to the payment o! without limitation~ upon such terms and condi- ~
auch requests the remainder of the assceiation'a tions as may be required by auch bank or
receipts from all sources after deducting from agency. The asaociation may pledge and other-
total receipts appropriate ariiounts for ex- wise encumber any of its assets to secare its
, ~ penses, required payments on indebtedness, debts.
~ earninge distributable in eash to hoIders of sav- 10. Reaervea, aurplua, and distribution of
ings accounts, and a fund for general corporate earninga. The association shall maintain gen-
. purposes equivalent to not more than 20 percent eral reserves for the sole purpose of ineeting
of the association's receipts from holdera of its losses; such reserves ehall include the reserve
savings accounts and from its borrowera. required for inaurance of accounts. Any lossea
- Holders of savings accounts for which appIica- ~y t~ againat general reserves. If
tion for withdrawal has been made shall remain and whenever the generat reserves of the associ-
holdera of savings accounta until paid and shall ation are not equal to at least 10 percent of
not become creditors. capital, it ahall, as of dnne 30 and December
7. Redemption. .At any time sufiicient fands of each year. credit to such reserves an amount
are on hand, the association ahall have the right equivalent to at least b percent of it9 net earn-
_ ~ to redeem. by lot or otherwise as the board of inga for the 6 montha' period, or such amount
directore may determine, all or any part of any as may be re~uired by the Federal Savinga and
of its savinga accounts on 3une 80 or December Loan Ineurance Corporation, whichever ia
31, by giving SO days' notice o# auch redemption greater~ until auch reserves are equat to at least ~
by registered mail addreseed to the holder of 10 percent of the as.gociation's capital. As of
each auch savings account at his last sddress June 30 and December 31 of each year, after
se recorded on the booke oi' the aa~ociation, payment or provision for payment of all ex
The asaociation maq not redeem any of its eav- penses, credita to general reserves and auch
inga accounta when there is an impairment oi credits to surplus as the board of directors may
_ its capital or when it has any request for with- determine, and provision for bonus on savings
drawal which has been on flte and unpaid for accounts as authorized by regulations made by
• _ more than 80 days. The redemption price of the Federal Iiome Loan Bank Board, the board
each savings account redeemed shall be the full of directors of the association shall cause the
value thereof, as determLied by the board ot remainder af the net earnings of the associa-
directora, but in no event ahall the redemption t~on for the 8 months' period to be distributed
price be less than the withdrawal amount oi prnmptly on ita eavinga accounts, ratably, as
such savings accoun~ Ii a eavinge account declared by the board of directora, to the with-
which is redeeraed ia entitled to participate in drawal value thereof ; in lieu of or in addition
any reserve for bonus, the amount in such re. to such net earnings, any of the association's
serve for bonus which is properly allocable to surplua funda may be likewise diatributed.
such savings account ehall be paid as part of Such riet earninga shall be credited to savinga
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